Nigeria in 1min: Economic, Business and Financial Headlines - 220120

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Wednesday, January 22, 2020 / 7:10 AM / By News Aggregator / Header Image Credit: NSE


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PROSHARE ECONOMY 

A Little Better Message in the New WEO; 2020 Global Forecast Trimmed from 3.4% to 3.3% - The IMF's latest World Economic Outlook (WEO) has trimmed its global growth forecast for this year from 3.4% to 3.3%, and penciled in 3.4% for its first projection for next year. Source FBNQuest Research Read More   

IMF and World Bank Differ on Nigeria's Growth Outlook - Yesterday, the International Monetary Fund (IMF) released its Global Economic Outlook where the fund announced it expects global growth to slow in 2020 to 2.9% (World Bank - 2.5%) from an estimated 3.6% in 2019. Source CSL Research Read More                                                                                       

The Global Social Mobility Report 2020 - Equality, Opportunity and a New Economic Imperative - Globalization and the Fourth Industrial Revolution have generated great benefits to society, raising the living standards of billions and lifting millions out of poverty. But they have also exacerbated inequalities in our societies. Source World Economic Forum Read More  

FY 2020 Outlook: Treading Uncharted Waters - We expect improvement in the domestic economy on the back of the structural changes that began in 2019. Notwithstanding, per capita income is likely to remain frail with scope for further changes in consumption patterns and, possibly, excess capacity for a few companies. Source CardinalStone Research Read More

Oil Falls Despite Major Outage In Libya - 210120 - Oil prices pared gains in early trading on Tuesday, as a new virus in China raised fears of an economic slowdown. Even substantial oil supply disruptions in Libya couldn't keep prices up. Source Oilprice Read More

PFAs Invest N7.40tn In FG Securities, Infrastructure - About N7tn of the N9.99tn pension fund assets has been invested in the Federal Government securities by Pension Fund Administrators. Latest data from the National Pension Commission also showed that the PFAs raised their investment in infrastructure to N40.52bn as of November 30, 2019. Source Punch Read More

AfDB,DFID To Provide $80m Infrastructure Support - The African Development Bank and the Department for International Development  are partnering to provide $80m infrastructure support for African countries.In a statement, the President, AfDB, Dr Akinwumi Adesina, said this while delivering his speech during at the UK-Africa Investment summit, "Sustainable infrastructure forum," in London. Source Punch Read More


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PROSHARE REGULATORS                     

2020: FCCPC To Focus On Robust Enforcement, Consumer Education - Babatunde Irukera - According to Dr. Babatunde Irukera, chief executive officer, FCCPC, robust enforcement and consumer education will be the key pillars of its activities to drive its mandate in the Nigerian business environment and economy. Source WebTV Read More 

FCA To Get Tough On Financial Advisers After Pensions Misselling - The Financial Conduct Authority said on Tuesday it had launched a two-year probe into the sector, including whether savers are receiving unsuitable pensions advice and the levels of compensation available when things go wrong. Source FT Read More 

 

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PROSHARE MARKETS 

Investors Lose N127.64bn As NSEASI Dips By -0.83%; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.83% to close at 29,462.76 points as against +0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.76%. Source Proshare Markets Read More 

Significant Downtrend Recorded in Global Growth; Major Economies Negatively Affected - There has been a significant downtrend in global growth. Major economies such as the United States of America (USA), China, Japan, Germany etc. have been negatively affected.  Emerging markets and developing economies such as Brazil, India, China, Mexico and Russia have been a part of this crisis. Source Proshare Read More


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PROSHARE BUSINESS

Subsidy May Rise As Fuel Marketers Demand Higher Margins - The Federal Government may have to spend more on petrol subsidy as oil marketers in the country have called on the Petroleum Products Pricing Regulatory Agency to increase margins on the product now to prevent the a collapse of the nation's fuel distribution system. Source Punch Read More 

25 Gencos' Earnings Drop to 29.4% in Five Months -  The 25 electricity generation companies (Gencos) that produce and supply electricity in Nigeria have had their monthly payments for power supplied to the country's national grid cut down to an average of 29.4 per cent from about 80 per cent that was recorded in 2018. Source Thisday Read More 

Oil Theft Fueled by Insufficient Penalty, Others, Says FG -  It also said the other reasons why oil theft has continued to thrive in the country were because of active market for sale of the product, weak measurement mechanism and non-inclusion of host communities in containment strategies that exist. Source Thisday Read More 

Nigerian, UK Investors Sign N153.4bn Commercial Deals - The deals were sealed during the inaugural UK-Africa Investment summit which was attended by 21 African countries, African leaders, UK and African businesses, international institutions and young entrepreneurs in London. Source Punch Read More

 

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 PROSHARE TECHNOLOGY   

Citi Launches $150m Impact Investing Fund for US-based Firms Applying Innovative Solutions - On January 17, 2020 Citi announced the launch of the $150 million Citi Impact Fund that will make equity investments in "double bottom line" private sector companies that have a positive impact on society.  Source Read More 

BIS: Central Bank Group To Assess Potential Cases For Central Bank Digital Currencies - The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions. Source BIS Read More 

Vodafone Group Exits Facebook-Led Libra Currency Group - Britain's Vodafone Group PLC (VOD.L) has left the entity that manages the Facebook Inc (FB.O) led effort to launch Libra, a global digital currency, Libra Association said on Tuesday. Source Reuters Read More 

 

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