Nigeria in 1min: Economic, Business and Financial Headlines – 140819

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Wednesday, August 14, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @NGRPresident

 

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PROSHARE ECONOMY

Oil Price Risk Has Shifted To The Downside - The US Federal Reserve cut interest rates July 31 for the first time since the 2008 financial crisis in an effort to keep the US’s long-running economic expansion on course. Source Oilprice Read More 

Oil Soars As The U.S. Delays Trade War Tariffs - Oil shot up more than 4 percent on Tuesday after the U.S. said it would delay the 10 percent tariff on some Chinese products, including laptops and cell phones. The move eased fears over the fallout from the trade war.  Oilprice Read More

No More Forex For Food Import, Buhari Tells CBN - Nigeria has achieved food security, President Buhari declared on Tuesday.Because of this, he directed the Central Bank of Nigeria (CBN) to stop release of foreign exchange for food import. Source TheNation Read More

 

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PROSHARE REGULATORS

CBN Targets 95% Financial Inclusion Rate By 2024 - The Central Bank of Nigeria (CBN) Governor and Chairman of the National Financial Inclusion Steering Committee, Godwin Emefiele has set a target of 95 per cent financial inclusion rate for Nigeria by 2024. The plan is part of commitment to further enhance the level of financial inclusion in the country and by implication sustain inclusive economic growth. Source TheNation Read More

CBN Issues Banks New Consumer Protection Rules - The Central Bank of Nigeria (CBN) has issued new Consumer Protection Guidelines to improve the quality of banking. The regulator has directed commercial banks to provide a Key Fact Statement (KFS), giving a summary of key information on loans to consumers. Source TheNation Read More

 

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PROSHARE MARKETS

Dangote Sugar Plc H1 2019 Earnings Update - Revenue And Cost Pressures Dampen Outlook - Dangote Sugar Refinery (DSR) reported H1 2019 Revenue of N80.4bn, a 4.4% y/y decline from H1 2018 Revenue of N84.1bn. Intense competition within the Industrial client business segment, continued influx of smuggled sugar and possible price cuts pressured Revenue. Source CSL Research Read More 

Presco Plc Q2 2019 Results: Lower Prices Weigh on Profit - Presco published its Q2 2019 results, which showed a lower turnover on the back of weak prices of Crude Palm Oil (CPO) in 2019. Source Investment-One Read More 

Why FG’s Bonds Were Oversubscribed In 2019 - The office has raised the sum of N3.1 billion from the savings bonds which are targeted at retail investors. Official data published on the DMO website shows that retail investors showed more interest in the three-year savings bond where they staked N2.38 billion with a total of 1,980 number of subscriptions compared to N541.07 million with a total of 1,109 number of subscriptions which they invested in the two-year savings bond. Source Dailytrust Read More 

 

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PROSHARE BUSINESS

African Air Traffic Soars By 11.7% Amid Global Demand Surge - Air traffic demand in Nigeria and other African countries improved by 11.7 per cent in June as part of the global upsurge of 5.0 per cent compared to June 2018.The International Air Transport Association’s (IATA) global passenger traffic results for June 2019 showed a steady improvement from 5.1 per cent in May. Capacity rose 7.7 per cent, and load factor jumped 2.6 percentage points to 70.5 per cent. Source Guardian Read More 

Pension Funds To Hit N10tr By Dec - Going by the steady growth projection of pension funds assets, the funds may hit N10 trillion by December. The funds, which has been growing at the rate of over N100 billion monthly, since January 2019, stood at N9.33 trillion in June. Source TheNation Read More


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