Nigeria in 1min: Economic, Business and Financial Headlines - 030820

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Monday, August 3, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • August 2nd 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 43841 cases (New: 304)
  • Discharged:  20308
  • Deaths: 888: (New 5)

Source: NCDC Read More


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PROSHARE ECONOMY 

Roads: Concrete Vision, Asphalt Competition, Looking Ahead - Splitting hairs over road construction has been a classic challenge in Nigeria over the past two decades as poor road infrastructure continues to plague domestic supply chains and hurt manufacturing competitiveness. Source Proshare Research Read More 

How to Start a Profitable Tomato Farming Business in Nigeria with Limited or No Experience - Many Nigerian successful entrepreneurs/ financial institutions, banks, private equity are looking for a way to divest their businesses. The current crisis in the Oil sector makes it perfectly clear, that food is more important than anything else. Source Joop van der Vinne Read More

Economic Turmoil Leaves Oil Trapped At $43 - OIR 310720 - Oil prices retreated on Thursday after the U.S. posted a horrific second quarter GDP figure. Prices steadied in early trading on Friday, pushing crude benchmarks back to familiar territory - roughly $40 for WTI and $43 for Brent. Source Tom Kool of Oilprice Read More


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PROSHARE REGULATOR 

NSE Proposes Rules on Outsourcing of Functions and Shared Services, Fintech Collaborations - The Nigerian Stock Exchange (The Exchange) is proposing the following new rules as additions to the Rulebook of The Exchange (Dealing Members' Rules): Proposed Rules on Outsourcing of Functions and Shared Services; Proposed Rules for Broker to Fintech Collaborations. Source NSE Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 030820 - The U.S Federal Open Market Committee (FOMC) is expected to decide on its benchmark interest rate later today. Of all economic indices competing for attention, we believe measures to stimulate economic growth from the COVID-19 pandemic will take centre stage. Source Proshare Content Read More 

Corporate Earnings For The Week Ending 300720 - 32 in All - OKOMUOIL records 58% growth in earnings to emerge as the firm with highest growth in earnings while TRIPPLEG records 64% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending - 290720 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded +1.09% gain WoW while the NASD OTC closed negative with -0.81% loss. Source Proshare Markets Read More 

NASD OTC Market CAP Decreased By -0.18% WoW to Close At N514.80bn - The Coronavirus Pandemic has no doubt affected the Nigerian and the global economy. The Educational Sector is also a part of the receiving end. According to UNESCO, more than 1.5 billion students and youths across the planet are affected by school and university closures due to the COVID-19 outbreak. Source NASD Plc Read More


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PROSHARE BUSINESS

The Many Sides of CEO Compensation - In Nigeria, the sectors that appear to be the most rewarding in terms of executive remuneration are the oil & gas sector, banking sector, telecommunication sector as well as the consumer goods sector.  MTN's CEO, Mr. Moolman led the list of the highest-paid CEO in Nigeria in 2019. Source Proshare Research Read More 

Executive Pay and Theoretical Approaches - There is a popular notion which postulates that it is the role of the executive directors of a company to create value and profits for the company. The question that arises in people's minds is; should executive directors receive an increase and performance-related remuneration if no value is created? Source Proshare Research Read More

Between 2019 and 2020: Understanding The New Realities of CEO Remuneration - In 2019 CEOs where beginning to gain confidence in the economy as gross domestic product grew steadily out of the negative growth rates between 2016 and 2017, as recession blues passed away. Source Proshare Research Read More

CBN Disburses N152.9bn for 61 Manufacturing Projects - The Central Bank of Nigeria has disbursed N152.9bn for 61 manufacturing projects under parts of its intervention funds. The Central Bank Governor, Godwin Emefiele, disclosed this in a report on his communique at the last Monetary Policy meeting, which was obtained on Friday. Source Punch Read More

Fed's Kashkari Suggests 4-6 Week Shutdown; Says U.S. Congress Can Spend Big on Coronavirus Relief - The U.S. economy could benefit if the nation were to "lock down really hard" for four to six weeks, a top Federal Reserve official said on Sunday, adding that Congress can well afford large sums for coronavirus relief efforts. Source Reuters Read More

Vehicles: FG Inaugurates Committee on Alternative Fuel - The Federal Government has inaugurated an Autogas and Natural Gas Vehicles Committee with the aim to drive the adoption of gas as an alternative fuel for vehicles in Nigeria. Source Punch Read More

Foreign Reserves Drop By $673.13m in Two Months - The country's foreign reserves fell by $673.13m from $36.57bn on June 1 to $35.89bn on July 28, the latest figures from the Central Bank of Nigeria showed on Thursday. Source Punch Read More

Firms Foresee Positive Economic Outlook in August - CBN Survey - A Central Bank of Nigeria (CBN) survey has shown that firms are optimistic in their outlook on the economy in August with a confidence index of 33.7, away from negative outlook of -7.9 index points they expressed on the economy in July. Source Vanguard Read More

Malabu: Shell Writes Down OPL 245 Licence - Multinational oil and gas giant, Royal Dutch Shell, said it would write down its investment in the controversial Malabu Oil Prospecting Licence (OPL) 245 offshore field in Nigeria. Source The Nation Read More


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PROSHARE FINANCE 

Collaboration Between Industry and Academia, Key to Developing Islamic Finance In Nigeria - Collaboration between Islamic finance practitioners and academia will be vital to the development of Islamic Finance Law in Nigeria. Dr. Umar Oseni, Chief Executive Officer and General Counsel, International Islamic Liquidity Management Corporation… Source WebTV Read More

COVID-19: Dealing with The Economic Implications of The 2020 Eid-al-Adha - Eid-al-Adha is a time for forgiveness, kindness and compassion which are the qualities and essence of Islam. As the world continues to face the unprecedented circumstances and health challenges caused by the novel COVID-19. Source WebTV Read More

Africa Re to Disburse US$ 3.3 million for the Fight Against COVID-19 in Africa - The African Reinsurance Corporation (Africa Re), the premier reinsurance group in Africa, has announced the disbursement of the sum of US$ 3.3 million to assist stakeholders in the ongoing fight against the Covid-19 pandemic in the continent. Source Africa Re / ICP Media Read More

PFAs Invested N7.2tn in Government Securities-Report - The Pension Funds Administrators invested N7.2tn of the total assets under the Contributory Pension Scheme in the Federal Government's securities as of the end of May. Source Punch Read More


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PROSHARE MSME 

Elumelu Advocates Collaborations to Boost Africa's Fortunes, The Next Key Investment Destination - The Group Chairman, United Bank for Africa (UBA) Plc, Tony O. Elumelu has said that the Coronavirus pandemic has presented a perfect opportunity for foreign investors to invest in Africa, owing to the huge opportunities that are inherent in the African economy. Source UBA Group Read More

BoI increases SME loans by 56% - The Bank of Industry said the total amount it disbursed to the Micro, Small and Medium Enterprises segment in the country in 2019 rose by 56.3 per cent to N53bn year-on-year from N33.9bn disbursed in 2018. Source Punch Read More


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