Nigeria in 1min: Economic, Business & Financial Headlines – 070913

Proshare

July 09, 2013/ The Analyst

Economy
President to seal $1.1bn Chinese infrastructure loans - The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said President Goodluck Jonathan’s visit to China will finalise $1.1bn in low-interest loans for much-needed infrastructure, from airports and roads to a hydropower plant. Source: - Punch Read More

Nigeria: Growth on the Back of High Commodity Prices - How Sustainable? - Huge structural imbalances exist against the backdrop of the Nigerian economy’s over-reliance on oil. The dependence of the economy on a single resource has led to the neglect of other sectors which were key drivers of the economy in the 1950s-60s, in particular the agricultural and solid minerals sector. Source: - Proshare Read More
 
Jonathan: Agriculture Attracts $8bn Investment - President Goodluck Jonathan yesterday said the agriculture sector has attracted over $8 billion as investments in the last 12 months. The president disclosed this at the opening of a two-day summit tagged: ‘Realising the Potential of African Agriculture,’ organised by the Rockefeller Foundation in Abuja. Source: - Thisday Read More

‘Diaspora Nigerians invested more than foreigners in 2012’ - Nigerians in the Diaspora invested much more in the country than foreign direct investors last year, the Minister of Information, Mr. Labaran Maku, said on Monday. Source: - Punch Read More

FG, UNIDO inaugurate platform to boost investment - The Federal Government and the United Nations Industrial Development Organisation on Monday launched an Investment Monitoring Platform that would boost rapid industrialisation of the country.The platform, which was launched by the Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, will also help to generate useful data to guide decision-making for both local and foreign investors.  Source: - Punch Read More

Electricity consumers, NERC disagree on fixed charge increase - Nigerian Electricity Regulatory Commission refuted the increase in charges, stressing that electricity tariff for each passing year had been scheduled since 2011. Source: - Punch Read More

Policy / Regulations
CBN to partner Bill Gates on financial strategy - The Central Bank of Nigeria is to partner with the Bill and Melinda Gates Foundation for the effective implementation of the Nigerian National Financial Inclusion Strategy. Source: - Punch Read More

CBN to review Agent Banking guidelines - The Central Bank of Nigeria (CBN) has said it will be taking a second look at the Agent Banking Guidelines it issued months back. Speaking yesterday at the launch of the Geospatial mapping of Financial Institutions in Nigeria in conjuction with the Bill and Melinda Gates Foundation (BMGF), CBN Governor, Sanusi Lamido Sanusi said it is important to review the guidelines because of initial challenges the banking practice is facing. Source: - THE NATION Read More

Financial services consumers only 20% of telecom network – Sanusi - The Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, on Monday, in Lagos, spoke of the need to extract more value from the existing telecom services provided to ensure financial access Source: - Daily Independent Read More
 
Capital Market
Proshare Daily Stock Picks for Tuesday, July 09, 2013 - Proshare-Picks: These stocks below have experienced some unusual market activity, screened after last session (08 July 2013).  A daily review of the charts uncovers stocks that have recently started out on new trends, stocks breaking out of a consolidation pattern, or stocks that have had Positive breakouts for some other reason. Source: - Proshare Read More
 
Stocks swing southward on speculation, NSE ASI dips by -0.37% - The equities market closed today on a negative note, as the NSE ASI depreciated by -0.37% to close at 36,790.14 points, compared with the appreciation of +1.14% recorded previously. Its Year-to-Date (YTD) return currently stands at +31.02%. Source: - Proshare Read More
 
Top -5 Nigerian Equities League Week 8th July, 2013 - The Nigerian Equities Market closed the week ended 05/07/2013 on a high. The market gained 2.17% to close week’s trading in the green, wrapping up a week of mixed feelings as both the bulls and the bears struggled to assert themselves on the market. Source: - Proshare Read More

NSE warns new brokers against market abuse - The Nigerian Stock Exchange has urged stockbrokers to desist from any activities that can constitute market infractions. The Chief Executive Officer, NSE, Mr. Oscar Onyema, said this at the induction ceremony for the newly qualified dealing clerks on the NSE on Monday. Source: - Punch Read More
 


Investors Newsbeat
Resort Savings seeks national status, to raise N3.5bn - Resort Savings and Loans Plc has announced plans to change its status from regional to a national mortgage bank after the completion of its ongoing initial public offering and rights issue.The company has on offer 3.2 billion shares of 50 kobo at 51 kobo per share, and one-for-three rights issue of 3.7 billion shares at 50 kobo per share. Source: - Punch Read More
 
Chevron invests $4bn in Nigeria - Chevron Nigeria Limited said it has invested about $4 billion (N640 billion) in the Nigerian economy as at the end of 2012. In a statement announcing the launch of its 2012 Corporate Social Responsibility Report, the General Manager, Policy, Government & Public Affairs, Mr. Deji Haastrup, also said that the company had executed projects worth more than $22.3 million through its various community development programmes. Source: - Vanguard Read More

Access Bank AUM hits 200% growth - Access Bank UK Limited, the wholly-owned subsidiary of Access Bank Plc, has declared that its Assets Under Management, AUM, in the private banking and asset management business has increased by over 200 percent to US$18.5 million by the end of 2012. Source: - Vanguard Read More

Oando to Build N16bn IPPs for Lagos, Abuja Airports - An indigenous oil company, Oando Plc, has concluded  discussion with the federal government to provide long-term, uninterrupted power supply to the Murtala Muhammed International Airport (MMIA), Lagos and Nnamdi Azikiwe International Airport (NAIA), Abuja through the establishment of an Independent Power Supply project (IPP) at the cost of $100 million (N16 billion). Source: - Thisday Read More
 
Money Market
The Nigeria Bond Watch - Review and Outlook @080713 - The major highlights of the review week are the persistent issuance of OMO bills by the CBN and an observed interest from pension funds. Source: - Proshare Read More

Fitch Affirms 8 Nigerian Banks’ Ratings, Downgrades UBN - Fitch Ratings, an international rating agency, Monday affirmed its Long-term Issuer Default Ratings (IDR) on eight Nigerian banks, even as it downgraded Union Bank of Nigeria Plc (UBN).A statement from Fitch listed the banks whose ratings it maintained to include Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB), Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc and the Long-term National Ratings of Stanbic IBTC Bank Plc. Source: - Thisday Read More

Commodities
Nigeria loses N191bn to crude theft, vandalisation - Nigeria has suffered a shortfall of N191billion ($1.23 billion) in the first quarter of 2013, due to drop in crude oil production. The Nigerian National Petroleum Corporation (NNPC), attributed the drop in production to crude oil theft and the vandalism of major oil pipelines in the oil-rich Niger Delta region. Source: - Vanguard Read More
 
Oil discovery: ‘Lagos deserves derivation’ - Recently, Afren Plc and Lekoil Limited announced the discovery of oil in Lagos. The discovery has thrown up a lot of issue with regard to Lagos becoming an oil producing state. In this interview with Olasunkanmi Akoni, the State Commissioner for Energy and Mineral Resources, Mr. Taofiq Tijani, sheds light on the perspectives of the state regarding some of these issues. Excerpts: Source: - Vanguard Read More

NNPC to acquire divested assets of IOCs - Nigerian National Petroleum Corporation, NNPC, Monday, said it will acquire the divested assets of International Oil Companies, IOCs, in Nigeria. The NNPC has also borrowed about N224 billion ($1.4 billion) from the international financial market to settle the N496 billion ($3.1 billion) indebtedness of its subsidiary — the Pipeline and Products Marketing Company, PPMC — to importers of petroleum products into the country over the last three years. Source: - Vanguard Read More

Nigeria, China in new oil sale deal - Nigeria and China are in a new deal for crude oil sale as United States’ dwindling crude imports from Nigeria began to take its toll on the country’s economy. Source: - Daily Independent Read More

Oil dips; market awaits OPEC, US supply reports - The price of oil finished with a small loss Monday as traders waited for potentially market-moving news at midweek. Source: - AP News Read More

Gold Advances Most in a Week as China’s Inflation Accelerates - Gold rose the most in a week after data showed China’s inflation accelerated more than estimated in June, boosting demand for the precious metal as a hedge. Gold for immediate delivery climbed as much as 1.5 percent, the most since July 1, to $1,255.18 an ounce and traded at $1,253.57 by 12:21 p.m. in Singapore. Prices climbed 1.1 percent yesterday as the Dollar Index declined from a three-year high. Source: - Bloomberg Read More

People

Dangote, U.S., UK move to help Nigeria break black gold’s curse - Foreign governments, such as the United States, and private companies, led by Dangote, lead efforts to help Nigeria see beyond petro-dollars, writes Reuters. Down a winding dirt track in this sleepy village in northern Nigeria lies a corn farm which looks much like the dozens that surround it. The difference is, this one is turning a profit. Source: - THE NATION Read More
 
Politics
I’ll be satisfied when no Nigerian is hungry —Jonathan - President Goodluck Jonathan on Monday said his job as the leader of the country could only be complete when no Nigerian went to bed hungry. Source: - Punch Read More

Govt may extend emergency rule in Borno, others - The Federal Government  may change its  mind on the possibility of  calling off the emergency rule in Borno, Yobe and Adamawa states before the expiration of the   initial six months recommended by the 1999  Constitution, investigation by The PUNCH has revealed. Source: - Punch Read More
 
FG, Boko Haram to sign ceasefire deal - The Federal Government on Monday announced  it had “reached an understanding” with the militant Islamic sect,  Boko Haram, which would lead to the signing  of a ceasefire deal with the group. Source: - Punch Read More

Britain set to ban Islamic sect, other - Britain is set to ban Boko Haram in a move that makes membership of or support for the organisation a criminal offence. Source: - THE NATIONS Read More

Amaechi’s suspension: Judge withdraws from suit - THERE was a twist yesterday in the suit by the Governor Rotimi Amaechi of Rivers State in which he is challenging his suspension by the ruling peoples’ Democratic Party (PDP).The suit could not go on. Source: - THE NATIONS Read More

Global Markets
Asian Stocks Advance on Profit Outlook; Rupee, Gold Rise - Asian stocks rebounded from the biggest slump in the regional benchmark in two weeks, and credit risk declined after Alcoa (AA) Inc. started the U.S. earnings season with results that beat analysts’ estimates. Gold jumped the most in a week, while South Korea’s won and India’s rupee rallied. Source: - Bloomberg Read More

Europe's Oil Majors Should Focus on Shareholders - The mantra for resource companies this year is how not to spend it. As commodity prices, particularly for metals, have faltered, so has investors' patience with companies shovelling cash into expansion projects with dwindling return prospects. Heads have rolled at big mining companies, with new bosses promising to cut growth in capital expenditure. Source: - WSJ Read More

Buffett Donates $2.6 Billion In Berkshire Hathaway Shares to Gates Foundation, Other Charities - Warren Buffett, one of the world’s most benevolent billionaires, just keeps on giving. This time he has donated approximately $2.6 billion to the Bill and Melinda Gates Foundation and four other charities. Source: - Forbes
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Why gold crashes as global turmoil continues - Gold is down more than 25% from its recent highs, leading some observers to declare it on track for its biggest one-quarter decline since the Bretton Woods system collapsed in 1971. Source: - Forbes Read More

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