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Nigeria in 1min: Economic, Business & Financial Headlines – 060917

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September 6, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
Nigerian Economy Emerges from Recession; GDP Grows by 0.55% in Q2’17 from -0.91% in Q1’17 - In the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55% (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016. Source Proshare Read More 

August 2017 Purchasing Managers' Index: Six Months In Positive Territory - FBN Capital released today the latest reading (No 53) of our manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector.  Source Proshare Read More 

NCP approves privatization of Afam power plant, recapitalization of BOA - The National Council of Privatization, Chaired by Vice-President Prof Yemi Osinbajo (SAN) has approved the privatization of the Afam power plants 1-5 and the restructuring/recapitalization of the Bank of Agriculture.  Source Proshare Read More  

How EIA Guestimates Keep Oil Prices Subdued - The EIA has once again undercut its previous estimates for U.S. oil production, offering further evidence that the U.S. shale industry is not producing as much as everyone thinks. Source Proshare Read More  

Manufacturing PMI Stands at 53.6% in August 2017 from 54.1% in July 2017 - CBN - The August 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria during the period August 7 - 11, 2017. Source Proshare Read More  

Understanding The Disconnect Between Employment And Inflation With A Low Neutral Rate - Overall, the U.S. economy remains on solid footing, against the backdrop of the first synchronized global economic growth we have seen in many years and accommodative financial conditions. Source Proshare Read More  

CPS: 21 PFAs Generate N6.5tn Assets in 12 Years - The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets. Source Thisday Read More 

African airlines posted highest freight volumes in 7 years - IATA - African carriers posted the largest year-on-year increase in demand of all regions in July 2017 with freight volumes growing 33.7 percent - the second fastest monthly rise in seven years - the International Air Transport Association (IATA) has said. Source Daily Trust Read More 

Report: Only 1% of Nigerians Enjoyed During Economic Boom - Only the top one per cent of Nigerians enjoyed while the level of inequality increased during the oil boom that predated the recent economic recession in the country, a report has stated. Source Thisday Read More 

 

PROSHARE REGULATORS
FSB: Key Standards For Sound Financial Systems - The Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) has been added by the FSB to its list of Key Standards for Sound Financial Systems. Source Proshare Read More  

 

PROSHARE MARKETS
Stock Market Opens The Week Negative as NSEASI Dips by -0.28% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.28% to close at 35,504.62 basis points as against -0.35% depreciation recorded previously. Source Proshare Read More

ETI Signs $250m Senior Unsecured Loan Facility - Ecobank Transnational Incorporated, ETI, the Lome-based parent company of the Ecobank Group, today signed a five-year senior unsecured loan facility of USD 250Million from Deutsche Bank AG. Source Proshare Read More

SEC clears Oando, approves planned AGM - The Securities and Exchange Commission has given approval to Oando Plc to conduct its Annual General Meeting hitherto slated for September 11, 2017. Source Punch Read More

London Remains No 1 World’s Financial Centre 2017, Dubai and J’borg is 10 and 39 - London remains the leading hub, offering a still unbeatable combination of size and international appeal. It continues to attract, as well as generate, the largest number of foreign direct investment projects in financial services: 232 and 532, respectively, for the four years to the end of 2016. Source Proshare Read More 

Intermittent Power Supply In Nigeria Has Become An Intractable Problem - Intermittent power supply in Nigeria has become an intractable problem. The award of a $5.8bn contract for the construction of a 3,050MW hydropower station was greeted with scepticism rather than euphoria.  Source Proshare Read More  

Bankers’ Institute Seeks Interest Rate Reduction - The President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, has saidthat the current high interest rate charged commercial banks is stifling the growth of businesses. Source Thisday Read More 

CBN injects $250m in FX market - The Central Bank of Nigeria (CBN) yesterday injected another $250m into various segments of the inter-bank foreign exchange market. Source Daily Trust Read More 

Oil rises, gasoline falls as US refineries restart - U.S. oil prices rose on Tuesday and gasoline fell as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch. Source Daily Trust Read More 

BEDC, Thames, Delta sign MoU for 20MW Isoko power plant - Efforts at ensuring that over 200 commercial entities around Ozoro, in Isoko Local Government area of Delta State benefit from power supply got a boost, as Benin Electricity Distribution Plc (BEDC) signed a Memorandum of Understanding (MoU), with Thames Energy Limited, and the Delta State Government on the construction of 20megawatts power plant in the area. Source Guardian  Read More 

AfDB approves $55m for solar projects - The Board of Directors of the African Development Bank (AfDB) Group has approved three senior loans for a total amount of $55 million to finance three solar PV Projects under the second Round of the Feed-in-Tariff (FiT) Programme in Egypt Source THE NATION  Read More 

‘Nigeria spends N722bn on expertise importation’ - The Managing Director of Air Peace Limited, Mr. Allen Onyema, has said that the aviation industry loses over N722.8bn ($2bn) annually to import technical expertise. Source Punch Read More 

PROSHARE BUSINESS
Farming helps grow South African economy out of recession - South Africa emerged from a recession in the second quarter as agriculture helped the economy expand more than expected, official figures showed on Tuesday, strengthening the rand and bonds. Source Reuters Read More 

Supreme Court Ruling erases a whooping Sh 130 Billion from NSE Market Cap! - Kenya’s stock market has lost a whooping Sh 130 Billion in just two trading sessions after a decision by the Supreme Court to annul the August 8th Presidential election due to the electoral body’s ‘failure to carry out the election in accordance with the constitution. Source KWS Read More 

Egypt signs memo with China on $739 mln of funding for new train to capital, minister says - Egypt signed on Tuesday a memo of understanding with China worth about $739 million for an electric train to a new capital the north African country is building, the Egyptian investment minister said. Source Reuters Read More 

Largest Africa Economies Need More Growth to Cut Joblessness - A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Source Bloomberg Read More 

Stocks Fall, Bonds Rally Amid Korea, Irma Threats: Markets Wrap - U.S. stocks slipped while Treasuries rallied the most in 10 months as tensions with North Korea mounted and another Atlantic hurricane threatened to make landfall. Source Bloomberg Read More 

Egypt Clears Multibillion-Dollar FX Backlog - Egypt has cleared a multibillion-dollar backlog of foreign-currency requests from importers and foreign companies since floating the pound in November, a central bank official said, the latest sign that the economy is recovering from a paralyzing dollar shortage. Source Bloomberg Read More 

Australia's Economy Expands Slower Than Forecast; Currency Drops - Australia’s economy expanded slower than forecast last quarter as a slump in non-residential construction partly offset higher household and government spending. The currency fell. Source Bloomberg Read More 

Moody’s Cuts Oman Banking Outlook on Weaker Government Support - The outlook for Oman’s banking sector was cut to negative by Moody’s Investors Service to reflect a reduction in the government’s ability to support the country’s banks, weaker economic growth and tightening liquidity. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Enjoy Seamless Payments with FirstBank’s Mvisa QR Code - First Bank of Nigeria Limited in partnership with Visa has introduced the Mobile Payments Solution – mVisa. This mobile solution allows customers pay for goods and services by scanning a QR code using the FirstMobile App on their smart phones. Source Proshare Read More  

Only 110,000 phone users upgrade to 4G - Only 110,000 of 151million active telecom subscribers in the country have so far upgraded to the fourth Generation/Long Term Evolution technology, more than 10 months after a commercial launch in the country by four mobile operators, a Daily Trust finding has shown. Source Daily Trust Read More 

The smartphone is going to die - and these tech companies are leading the race to kill it - From April to June, tech's biggest companies all held their annual mega-events, laying out their grand visions for the next 12 months or so. Source WEF Read More 

WhatsApp announces free Business app, will charge big enterprises - WhatsApp is gearing up to finally monetize its messaging app by charging large enterprise businesses for tools to better communicate with customers. Source TECHCRUNCH Read More

PROSHARE MSME
London Stock Exchange Group Identifies 1000 Most Dynamic SMEs In Europe - Today, company CEOs featured in the report will be welcomed at the European Parliament by European Commission Vice President Valdis Dombrovskis, Xavier Rolet, CEO, London Stock Exchange Group, Roberto Gualtieri MEP, Markus Ferber MEP, Kay Swinburne MEP and Ramon Tremosa MEP to launch the second annual edition of London Stock Exchange Group’s 1000 Companies to Inspire Europe report, celebrating Europe’s most dynamic and fast growing SMEs. Source Proshare Read More

 

 

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