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Nigeria in 1min: Economic, Business & Financial Headlines – 090117

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January 9, 2017 6:40 AM / Proshare News 

 

PROSHARE ECONOMY
2017 Budget - Navigating Through A Cloudy Atmosphere - The General election in America is over, which has led to an ease off in earlier political headwinds. While the president elect is pushing for a slash in corporate and personal taxes, so as to stir up both household spending and real investment spending by firms. Source Proshare Read More 

2017 Budget: Focus on States -As the National Assembly prepares to deliberate on the 2017 Federal Budget of Nigeria, estimated at N7.3trillion the focus shifts to  States; key actors in the economic development of the nation. Source Proshare Read More 

Unremitted N450bn: FG Issues new guideline for calculating surplus - To prevent further revenue leakage through non-remittance of its agencies' operating surpluses, the Federal Government has come up with a template that it believes will solve the problem Source Punch Read More 

Slashed import tariffs will cut production cost- Manufacturers - Manufacturers and trade experts predict that the Federal Government’s decision to slash import tariffs on raw materials and machinery will cut production costs, boost input inflows and rejuvenate activity in Nigerian seaports. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN reduces weekly forex sale by 25% as Nigeria’s Eurobonds appreciate - THE Central Bank of Nigeria (CBN) last week reduced its weekly foreign exchange sale to banks by 25 percent, even as prices of Nigeria’s Eurobond rose amid renewed investor’s interest. Source Vanguard Read More 

 

PROSHARE MARKETS
Sentiment Analysis Report - WE January 06, 2017 - Analysis of the market activity in the week ended January 06, 2017 technically revealed  active speculative tendency while investors were cautiously opportunistic in the week. Source Proshare Read More 

NASD USI Down by -1.25% WoW - As at Friday, 06 January 2017, the index closed at 618.55 points (down 1.25% on previous close of 626.39 points). Source Proshare Read More 

Corporate Earnings for the Week Ending January 06, 2017 - Source Proshare Read More 

Jaiz Bank to list N37b shares on Stock Exchange - Jaiz Bank Plc, Nigeria’s first non-interest commercial bank, has secured the approval of the council of the Nigerian Stock Exchange (NSE) to list its entire issued share capital on the Exchange. Source THE NATION Read More 

Non-performing loan ratio crashes to 13.4% - As Economic recession continues to weigh on the banking sector, non-performing loans ratio in the banking industry has crashed further above the Central Bank of Nigeria's five percent threshold Source Punch Read More 

Banks push mobile payment as transactions rises 200% to N12bn - The value of transactions via mobile payment rose by 200 percent to N12 billion in eleven months, reflecting efforts by banks and non-bank financial institutions to encourage Nigerian to use their phones for banking and payment transactions. Source Vanguard Read More 

Firstmobile has achieved N1.3tr transaction value – First Bank DMD, Shobo - Banking is tough and competitive all over the world. The decline in crude oil price, dollar shortages and economic recession made it tougher for Nigerian banks last year, with non-performing loans rising rapidly to almost N2 trillion. Source Vanguard Read More 

Access Bank boosts liquidity with N35bn Commercial Paper - ACCESS Bank Plc has said that its N35 billion Commercial Paper would boost its liquidity management efforts in line with global best practices. Source Vanguard Read More 

NNPC commissions audit of refineries - The processes and processing unit of Nigeria's three refineries in Kaduna, Port Harcourt and Warri are currently being audited by licensors. Source Punch Read More 

Angola cuts oil production after OPEC agreement - Angolan state oil company Sonangol has cut output by 78,000 barrels per day to (bpd) to 1.673 million bpd as part of an OPEC agreement to lower supply from Jan. 1, it said in a statement late on Friday. Source Reuters Read More 

NUPENG begins 3-day warning strike, Wednesday - NIGERIA Union of Petroleum and Natural Gas Workers, NUPENG, is set to begin a three-day nationwide warning strike on Wednesday, over disputes with International Oil Companies, IOCs, especially indiscriminate sack of workers without benefits and refusal to allow their workers to join union. Source Vanguard Read More 

 

PROSHARE BUSINESS
Fiat Chrysler Announces Plans to Invest $1 Billion in the U.S. - Fiat Chrysler Automobiles NV will invest $1 billion toward making three new Jeep models in the U.S., plus a Ram heavy-duty pickup now built in Mexico, as President-elect Donald Trump pressures the auto industry to hire workers and produce vehicles above the border. Source Bloomberg Read More 

China Reserves Slumped $320 Billion Last Year as Yuan Tumbled - China’s foreign currency holdings fell for a sixth month in December, bringing last year’s drop to $320 billion as the yuan posted its steepest annual slide in more than two decades. Source Bloomberg Read More 

Bitcoin Extends Loss After China’s Central Bank Warns Investors - Bitcoin extended Friday’s tumble amid concern China will tighten rules on the digital currency to curb capital outflows. Source Bloomberg Read More 

Offshore Yuan Slips, Aussie Stocks Rally, Oil Down: Markets Wrap  - The offshore yuan extended its decline following Friday’s biggest loss in a year, while most other Asian currencies also slid, led by South Korea’s won. Australian shares continued a rally that’s seen the benchmark index gain every day since the year started. Oil halted a three-day advance. Source Bloomberg Read More 

Dubai Stocks Lead Middle East Gains as Traders Seek Dividends - Dubai stocks gained the most in the Gulf, led by Emaar Properties PJSC, as investors hunt for dividends ahead of earnings season. Insurers in the emirate rose on merger speculation. Source Bloomberg Read More 

Zimbabwe Bank Suspends Use of Visa Cards as Cash Crunch Worsens - CBZ Holdings Ltd., Zimbabwe’s largest bank, suspended the use of Visa Inc. cards for local transactions as the country struggles to cope with a cash shortage. Source Bloomberg Read More 

McDonald’s Sells Control of China Business to Citic, Carlyle - McDonald’s Corp. has entered an agreement to sell 80 percent of its operations in China and Hong Kong to a consortium including Citic Ltd. and Carlyle Group LP. Source Bloomberg Read More

 

PROSHARE TECHNOLOGY
Alleged Money Laundering: Court Orders MTN To Forfeit N8bn To FG - Justice Abdulaziz Anka of the Federal High Court in Lagos has ordered the temporary forfeiture of the sum of N8 billion allegedly belonging to MTN Communications Limited to the Federal Government. Source Leadership Read More 

 

 

 

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