Nigeria in 1min: Economic, Business and Financial Headlines - 270320

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Friday, March 27, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: @NGRPresident


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    COVID-19 Health Updates

    • On the 26th of March 2020, fourteen (14) new confirmed cases of COVID-19 recorded in Nigeria
    • Till date, sixty-five (65) cases have been confirmed, three cases have been discharged and one death from COVID-19 recorded in Nigeria
    • Of the fourteen (14) new cases reported on the 26th of March, twelve (12) are in Lagos State and one(1) in FCT and (1) in Bauchi
    • All new cases have mild to moderate symptoms and are currently receiving care.
    • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities. Source NCDC Read More


    COVID-19 Corporate Updates March 27, 2020

    Proshare Nigeria removes payment on its Market Analyst platform; makes credible market data available to the public. Read More 

    BUA Group Donates N1bn to Support COVID-19 Response - BUA Group through the BUA Foundation has donated N1bn in cash to support the efforts of the Federal Government in strengthening national response to the coronavirus (COVID-19) pandemic in Nigeria. Source BUA Group Read More

     CBN Governor's Speech At The Nigerian Private Sector Coalition Against COVID-19 - Ladies and Gentlemen, Good afternoon. As a follow up to the series of engagements and releases from the Central Bank of Nigeria in response to the impact of the COVID-19 on the Global and Nigeria economy, the CBN has, in the last few days began engaging Nigeria compatriot stakeholders in the private sector on how to provide support to the Federal Government in procuring equipment and materials to combat the menace of this unfortunate pandemic in Nigeria. Source CBN Read More

    COVID-19 Tax Measures - LIRS Extends Filing Deadline for Annual Returns - Following measures introduced by the Federal Government to ameliorate the impact of the Coronavirus disease (COVID-19), the Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing annual tax returns for employees and self-employed persons by two months from 31 March 2020. Consequently, the new filing deadline for the returns is 31 May 2020. Source Wole Obayomi, KPMG Nigeria  Read More 

    COVID-19 and AGM by Proxy: Lessons from GTBank Approach - It is no longer news that the outbreak of the coronavirus pandemic (COVID-19) has brought about changes in the way we live and work including the holding of statutory meetings by companies. Source Saheed Kiaribe Read More 

    COVID-19: AFREXIM Bank Rolls Out $3bn Facility To Support African Member States - The African Export-Import Bank (Afreximbank) has announced a $3-billion facility, named Pandemic Trade Impact Mitigation Facility (PATIMFA), to help African countries deal with the economic and health impacts of the COVID-19 pandemic. Source AFREXIM Read More 

    UBA Pledges N5bn (U$14m) To COVID-19 Relief Support Across Africa - United Bank for Africa Plc (UBA) today announced a donation of over Five Billion Naira (N5 billion or USD14 million), through the UBA Foundation, to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic. Source UBA Read More 

    COVID-19: Joint Statement by the FCA, FRC and PRA - The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have today announced a series of actions and issued a series of statements. Source The Bank of England  Read More 


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    PROSHARE ECONOMY 

    MPC - Think Twice or You Sink! FDC Aligns With TheAnalyst Opinion that the CBN is Trapped - In an unexpected move, Nigeria's MPC decided to keep its benchmark interest rate unchanged at 13.5%p.a. Analysts were almost unanimous in their opinion that the committee would cut rates by 50 to 100bps as a way of complimenting the fiscal stimulus required to avert a recession or at best reduce its potential impact. Source FDC Ltd Read More 

    Cesium - The Most Important Metal You've Never Heard Of - The 5G revolution, American military defense, and even time itself are dependent on this one critical metal that China monopolizes and that the U.S. is desperate to get more of. The metal is Cesium, and it's quite possible you've never even heard of it--yet, global dominance, which depends on technological superiority, can't happen without it.  Source Charles Kennedy of Oilprice.com Read More 

    The Hottest Startup Of 2020 Is Cleaning Up Your Commute - We've come a long way in a short time since ride-sharing emerged as a mainstream offering. Now, there's even an app that lets consumers participate in one of the biggest trends of the decade without leaving an environmental footprint.  Source Joao Peixe of Oilprice.com Read More 

    CBN Publishes Approved Service Charter - SERVICOM is an acronym for 'Service Compact with all Nigerians'. It is a pledge by all Government Institutions to deliver service to the public in a timely, fair, honest, effective and transparent manner. Source CBN Read More  

    Local Airlines Shutdown Over 70 Per Cent Traffic Slump - Some of the airlines though cited solidarity with the government's efforts to contain the spread of coronavirus pandemic; the business is not sustainable with about 30 per cent load factor recorded on Tuesday, Wednesday and Thursday. Source Guardian Read More 

    IMF Drums Up Support For Emerging Markets, Developing Economies - Georgieva told an Extraordinary G20 Leaders' Summit yesterday in Washington DC, the US capital, that developing economies were hard hit from the COVID-19 pandemic as a rash of withdrawals by foreign investors resulted in capital flight from those markets, coupled with the drastic drop in commodities' prices. Source The Nation Read More 

    IEA Boss Warns Demand Will Plunge By 20 Million Barrels Per Day - As 3 billion people in the world remain confined to their homes except to leave to get necessities, activity around the globe is falling—and oil demand along with it. Exacerbating the issue, Birol said, was the oil price war between Saudi Arabia and Russia. Source Oilprice Read More 

    Buhari Not Flown Abroad- Presidency - Presidency has berated the authors of an audio message that indicates that President Muhammadu Buhari and the Chief of Staff to the President, Abba Kyari were secretly flown out of the country for treatment, describing it as false. Source Businessday Read More


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    PROSHARE MARKETS

    CBN Suspends FX Sales to BDCs Until Further Notice - We write to acknowledge the receipt of your letter dated March 24, 2020 on the above subject. While thanking you for the observations raised, we wish to sincerely appreciate the role your Association has played in the stabilization of the exchange rate in the country in the past months. Source CBN Read More 

    Somber Day in the Fixed Income Space as the MPC Maintains Rates across All Boards - The Bonds Markets traded on a quiet note, as axes were few and far between across the curve. We saw very few order-driven demands on the mid-end (2028s), as market players traded cautiously ahead of today's Bond PMA outcome. Yields compressed by an average of c.11bps across the benchmark bond curve. Source Zedcrest Capital Read More 

    Summary of FGN Bond Auction Results For March 2020 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 12.5000% FGN MAR 2035 (New Issue 15-Year Bond) & 12.9800% FGN MAR 2050 (New Issue 30-Year Bond). Source DMO Read More 

    GOLDBREW Lists 752.51m Additional Shares Arising from Placement to Pan Marine Investment Ltd - An additional 752,508,000 ordinary shares of Golden Guinea Breweries Plc (the Company) were today, Thursday, 26 March 2020 listed on the Daily Official List of The Nigerian Stock Exchange (The Exchange). Source NSE Read More 

    STERLNBANK Declares N10.6bn PAT in 2019 Audited Results, Proposes N0.03K Final Div. (SP:N1.08k) - Sterling Bank Plc, Banking company  in Financial Services  sector announced 1% Gross Earnings growth in Q4'19 Result. Source NSE Read More 

    Global Stocks Up On $2tn US Relief Package - A Wall Street rally powered global gains in stocks on Thursday despite a record number of new unemployment filings in the United States, as traders focused on the unanimous passage of a $2tn coronavirus relief bill in the US Senate and the possibility of more stimuli to come. Source Punch Read More


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    PROSHARE BUSINESS 

    France Plans $4.3bn Support Package For Start-Ups - A report by Bloomberg on Thursday quoted Digital Minister Cedric O as saying on a radio programme on Wednesday, "Our goal is for start-ups to pass that crisis and then continue with their growth. Start-ups represent between one-sixth and one-fifth of jobs created in France today, so it's extremely important." Source Punch Read More 

    FG Releases N10bn to Lagos to Fight COVID-19,  NCDC Gets N5bn - The presidency disclosed Thursday night that the federal government had released N10 billion requested by the Lagos State Government to contain the spread of COVID-19 in the state. Source Thisday Read More 

    Chevron Cuts 2020 Capital Spending By $4bn - Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20 per cent in response to the oil price collapse, it said Tuesday. Shale oil and gas output from the Permian Basin is expected to be about 125,000 barrels per day, b/d of oil equivalent, or 20 per cent below prior guidance by year-end, Chevron said in a statement. Source Leadership Read More


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    PROSHARE TECHNOLOGY   

    Broadband Penetration in Need of a Leg-up; Internet Subscriptions Stood At 128.4m in January 2020 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 128.4 million in January, representing y/y growth of 13%. The figure implies density of 65% in a population estimated at 198 million, placing Nigeria well above the African average of around 16% as indicated by McKinsey. Source FBNQuest Research Read More 

    COVID-19: Cyber Risks, Insurance and Us - Reality has happened upon us as we have to do more online than we have ever done, no thanks to COVID-19 and the lockdown option. A necessary reminder, therefore, especially to those who are just joining the rest of us, is that the criminals amongst us have equally upped their activities and looking for who to "kill". Like a virus, no one is exempted from the attacks by cyber criminals.  Source Ekerete Ola Gam-Ikon Read More


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    PROSHARE FINANCE

    COVID-19: FirstBank Focussed on Solving Education Challenges Facing Parents - The CEO of FirstBank Dr. Adesola Adeduntan has announced that the Bank in partnership with government and other stakeholders is extending its attention to immediate needs in our society in the face of the widespread COVID-19 by putting in place complementary efforts in education to support students and minimize the disruption to education resulting from schools' closure.  Source Firstbank Read More 

    #Coronanomics: Understanding A Virus From An Islamic Economic Perspective - Dr. Aliyu Muhammad - As the global coronavirus pandemic continues to surge in terms of the socio-economic impact across nations, Dr. Aliyu Dahiru Muhammad, Deputy Director, Training & Linkages, International Institute of Islamic Banking and Finance, Bayero University Kano gave insights into what he termed "Econovirus" from an Islamic economic perspective" in a recent discussion with WebTV. Source WebTV Read More 

     

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