Nigeria in 1min: Economic, Business and Financial Headlines – 150819

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Thursday, August 15, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Easy Money: Time to Create Buffers - Many central banks in both advanced and developing countries are adopting an expansionary monetary policy stance in order to stimulate economic growth. The monetary policy strategies differ in each country. Source FSDH Read More

FIRS Issues Deadline For VAT Remittance - The Federal Inland Revenue Service has said all companies must remit value-added tax and withholding tax by the 21st day of every month. It disclosed this in a public notice on Wednesday signed by its Chairman, Mr Babatunde Fowler, noting that some companies had been found not to deduct these taxes at source. Source Punch Read More

Falling Oil Price Won’t Change Our Production– NNPC - Nigeria will not alter the production adjustments agreed upon between Organisation of Petroleum Exporting Countries and Non-OPEC countries despite recent volatility in global oil prices, the Nigerian National Petroleum Corporation has said. Source Punch Read More

 

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PROSHARE MARKETS

TOTAL H1 2019 Earnings Update: TOTAL Gyrates To Now-Familiar Tunes - Revenues for Nigeria’s largest downstream player took a further hit in Q2:2019, dragging half-year performance to an abysmal close. Sales of Petroleum products declined by NGN4.11bn (6.41%), while Lubricant trading expanded by only NGN91.50mn (+0.68%). Source Meristem Research Read More 

CONOIL H1 2019 Earnings Update: Upstart Or Genuine Contender? - Yet again, CONOIL applied its extensive retail footprint to grow revenue to NGN72.22bn (+32.56%) in H1:2019, reflecting the considerable topline growth witnessed across the industry. Source Meristem Rersearch Read More 

H1 2019 Earnings Update: SEPLAT Remains On Track To Deliver Solid Gains - SEPLAT’s H1:2019 results affirmed a key fact we previously asserted – this is a company with genuine growth potential. Overall revenue came in at NGN108.97bn, 3.98% higher than the prior corresponding financial period (NGN104.79bn). Source Meristem Research Read More 

Renewed Sell-Offs on T-Bills Push Yields 1.3% Higher WoW to 12.6% as PMA Holds Today - Last week, the Treasury Bills (“T-Bills”) secondary market performance started on a mildly bullish note as market players showed interest on short-term bills in the first trading session due to the high system liquidity (N191.7bn positive) on Monday. Source Afrinvest Research Read More 

President Buhari Directs CBN To Stop Providing Forex For Food Importation To Nigeria - President Muhammadu Buhari has directed that the Central Bank of Nigeria should stop providing forex for food importation into the country. The President disclosed this when Governors under the ruling All Progressives Congress, APC party visited him in Daura, Katsina State. Source Proshare Read More 

Nigerian Stock Market Maintains Downtrend As NSEASI Dips By -0.82% - Equities market closed today on a negative note, as NSEASI depreciated by -0.82% to close at 27,083.11 points as against -0.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.83%. Source Proshare Read More 

CBN Auctions N34bn Treasury Bills - The Central Bank of Nigeria (CBN) held a treasury auction on Wednesday to try to lure foreign investors. According to Reuters, traders said the central bank asked them to increase their rates at a bills auction on Wednesday compared with rates that the bank paid at the last sale in July. Source Thisday Read More

VIDEO: As the world potentially heads toward a global recession, nearly every central bank in the world is cutting rates or thinking of doing so. But is that the right strategy? Watch Marcus Ashworth and Ferdinando Giugliano debate on monetary policy. Source Bloomberg Opinion Watch Video

VIDEO: "What happened today is broader than just the Fed. It's about global economic weakening," says Mohamed A. El-Erian. China and the rest of Asia is decelerating very quickly, and that's a major driver of what's going on. Source Bloomberg Opinion Watch Video

 

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PROSHARE BUSINESS

NBCC To Establish Centre in London, To Facilitate UK-Nigeria Trade - As part of its objective in facilitating trade between the United Kingdom and Nigeria, the Nigerian-British Chamber of Commerce, NBCC  is set to establish a centre in London, to facilitate trade between both countries. Source Proshare Read More

Ecobank Engages a New Set Of Graduates In Training - In keeping with its talent development strategy, a new set of Graduate Trainees have commenced their entry level development programme at the state of the art Ecobank Nigeria Academy in Lagos. Source Ecobank Read More

China Curbs Gold Imports As Trade War Heats Up - China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows. Source Reuters Read More

 

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PROSHARE TECHNOLOGY  

Fintechs To Drive CBN's Financial Inclusion Target - Following a recent meeting between the Central Bank and the Bill and Melinda Gates Foundation, the apex bank raised Nigeria’s financial incluion target to 95% from 80% set in 2012, and extended the target year to 2024 from 2020 previously. Source CSL Research Read More

Q2 2019 Fintech Funding Topped $8.38bn - Funding in Q2’19 got a boost from 25 $100M+ rounds worth approximately $5B in funding. Mega-rounds were largely to established, late-stage (Series D and Series E+) fintech startups. Source CB KInsights Read More 

 

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