Nigeria in 1min: Economic, Business and Financial Headlines - 201119

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Wednesday, November 20, 2019 / 7:08 AM / By News Aggregator / Header Image Credit: WebTV

 

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PROSHARE ECONOMY 

Headline Inflation Up Again, Puts The MPC On The Spot - As widely anticipated, headline inflation increased for the second straight month to 11.61% in October. This represents a 0.37% rise from 11.24% in September and a 17-month high. Source FDC Read More 

Taxation Of On-Line Transactions - Implications On Domestic Revenue Mobilisation - Taxes are statutory charges imposed by government on consumption, income and gains of individuals and corporate entities. Source Abiodun M. Aina Read More 

World Bank, ECOWAS Plan $225m Electricity Project - The World Bank has concluded pact with the Economic Community of West African States (ECOWAS), to embark on a $225 million regional power project, aimed at achieving universal access to electricity. Source The Guardian Read More 

Court Bars 22 Banks From Accepting MasterCard Transactions - A Federal High Court in Lagos has granted an interim order restraining 22 banks from honouring any MasterCard transaction bearing the logo of the National Identity Card Management Commission (NIMC). Source The Nation Read More

2020 Budget Threatened As Finance Bill Suffers Setback - The plan by the Federal Government to shore up its revenue base by amending seven Acts of the National Assembly relating to taxes suffered a major setback in the Senate on Tuesday. Source Punch Read More

Average Fare For Intercity Journey Increased By 0.59% To N1,636.86 MoM in October 2019 - NBS - The Transport fare watch report for October 2019 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Average Price of 1kg of Rice Increased By 2.55% YoY to N382.57 in October 2019 - NBS - Selected food price watch data for October 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -4.23% and increased month-on month by 1.24% to N462.46 in October 2019 from N456.81 in September 2019... Source NBS Read More

  

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PROSHARE REGULATORS 

CBN Recorded $11.69bn Forex Inflow In Q3 - Central Bank of Nigeria says it recorded a total of $11.69bn foreign exchange inflow in the third quarter of 2019. The amount, it stated, showed a decline of 6.7 per cent over what it recorded in the previous quarter. Source Punch Read More

  

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PROSHARE MARKETS 

Election Pledges Heighten UK Fiscal Risks - Spending plans from the two largest UK political parties suggest that the period of budget deficit reduction is over, Fitch Ratings says. We anticipated fiscal loosening when we affirmed the UK's 'AA' sovereign rating in October but, while the scale and timing remains uncertain, risks to our fiscal projections have risen substantially. Source Fitch Ratings Read More 

ARAACAM Set to hold its 2019 Annual Conference on November 26, 2019 - The Association of Reporting Accountants and Auditors in the Capital Market (ARAACAM) is set to hold its 2019 Annual Conference on November 26, 2019. The Conference is poised to focus on "Public Trust in Corporate Financial Reporting" and "Corporate Financial Reporting in a Digital Age". Source ARAACAM Read More 

Nestle Nigeria Q3 2019 Results Review: 2019-20E Sales Growth Ests. Below 10% - Nestle Nigeria's (Nestle) earnings of N10.6bn declined by around -9% y/y and missed our forecast by 20%. In Q3, sales for Nestle's Beverage segment grew by 8% y/y to N25.9bn and continues to grow in importance. Source FBNQuest Research Read More

Investors Gain N23.34bn As Market Sentiment Closes Positive; NSEASI Inches Up By 0.18% - Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 26,739.44 points as against -0.60% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.93%.  Source Proshare Markets Read More 

Pearl Awards 24th Year Edition Holds In Lagos on November 24, 2019 - The stage is now set for the glamorous occasion where corporate titans are celebrated - 2019 PEARL Awards Nite. The coveted Awards for the Nigerian Capital Market comes up on Sunday November 24, 2019 at the prestigious Eko Hotel & Suites Lagos, with this year's theme tagged "Celebrating Sustainable Leadership and Resilience". Source Pearl Awards Nigeria Read More 

NSE Wins Awards for Promoting CSR Reporting and Delivering Efficient In-House Legal Support - The Nigerian Stock Exchange ("NSE" or "The Exchange") is pleased to announce that it has received the "Best Corporate Social Responsibility Initiative (Promoting Sustainability & Reporting)" and the "Capital Market In-House Team of the Year" awards at 2019 Marketing World Awards and ESQ Nigerian Legal Awards respectively. Source NSE Read More

  

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PROSHARE BUSINESS 

Access Bank Plc Appoints Dr (Mrs) Ajoritsedere Awosika As Board Chairman; Mosun Belo-Olusoga Retires - The Board of Directors of Access Bank Plc (the Bank) is pleased to announce that its Chairman, Mrs. Mosun Belo-Olusoga will be retiring in January 2020. Source NSE Read More

CBi Tasks Operators In Eastern Nigerian Ports,To Actively Engage The PSSP Platform - The Convention on Business Integrity, CBi, called on operators and stakeholders at the Eastern ports and terminal axis, to engage the Port Service Support Portal, PSSP, domiciled in the Nigeria Shippers Council but designed to drive efficiency and accountability in the sector. Source WebTV Read More 

Regulators Discuss Nigeria As Compelling Destination for Capital - At the concluded 2019 Nigerian capital market conference hosted by the FMDQ securities exchange, key players in the financial market discussed Nigeria as a compelling destination for investment capital.  Source WebTV Read More 

Rabiu Umar Of Dangote Group Joins Pearl Awards Board - Organizers of Nigeria's premier Awards institution - PEARL Awards Nigeria renown for rewarding operational excellence and outstanding performance in the nation's Capital Market has sworn in a new member to its Board on Monday November 18, 2019. Source Pearl Awards Read More

Electricity: Govt's N1.5tn intervention ineffective, unsustainable says AfDB - Government's intervention in Nigeria's power sector has not only been ineffective but also unsustainable, the African Development Bank has said. Source Punch Read More 

FG to conduct oil licensing round 2020 - The Group Managing Director, Nigeria National Petroleum Corporation, Mr Mele Kyari, has said there will be a licensing round for ultra-deepwater assets next year. Source Punch Read More 

NNPC spends N1bn daily, petrol subsidy hits N19.37/litre - Data obtained from the Petroleum Products Pricing Regulatory Agency on Tuesday showed that the Nigerian National Petroleum Corporation was subsidising the cost of Premium Motor Spirit consumed across the country by N19.37 per litre. Source Punch Read More 

Nigeria Still Attractive for Investment Despite PSC Terms, Says ExxonMobil - The Managing Director of ExxonMobil in Nigeria, Mr. Paul McGrath, yesterday, said that the Nigerian oil industry and the economy in general, were still attractive for investment. Source This Day Read More

Chevron, Total, Shell others to divest $27 billion assets - International Oil Companies (IOCs), including ExxonMobil, Chevron, BP, Total, Shell, and ConocoPhillips are planning to sell assets worth $27.5 billion in bid to invest in new regions, new research by Rystad Energy has said. Source The Guardian Read More

Stocks Drop With U.S. Yields on U.S.-China Tension: Markets Wrap - Asian stocks and American equity futures fell after the U.S. Senate passed legislation supporting Hong Kong protesters, triggering a renewed warning of retaliation from China and potentially complicating U.S.-China trade talks. Source Bloomberg Read More

Beijing tariff demands may expand U.S.-China 'phase one' trade deal significantly - WASHINGTON (Reuters) - A "phase one" trade deal between the United States and China was supposed to be a limited agreement that would allow leaders from both countries to claim an easy victory while soothing financial markets. Source Reuters Read More

Roger Brown - Seplat's New Boss on The Block - Proshare in the course of the year 2019 published its CEO Remuneration Report where it noted that Seplat Petroleum Development Company Plc ("Seplat") had one of the highest earning chief executives in the country, but only after major Telco giant MTN's, Ferdy Moolman... Source Teslim Shitta-Bey, Managing Editor Read More

  

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PROSHARE FINANCE 

The H1 2019 Nigeria Real Estate Market Review - The supply side of the residential real estate market continues to show signs of life. Tenants, yet to recover from the weak economy pushed for better rents to Landlords who conceded - but only negligibly. Source NorthCourt Read More

 

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