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Nigeria in 1min: Economic, Business & Financial Headlines – 140817

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August 14, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 140817 - Operations carried out through the Automated teller machine (ATM) in the second quarter of 2017, stood at N3.42 trillion. This reflective a 1.3% increase in value compared to the previous quarter, as it stood at 3.7% to GDP. Source Proshare Read More 

Pension Fund Hits N6.5trn - The nation’s pension funds, under the Contributory Pension Scheme (CPS), grew to about N6.5 trillion as at the end of July 2017, even as the number of pension contributors rose significantly to 7. 6 million, LEADERSHIP has exclusively gathered. Source Leadership Read More 

FG’s school feeding programme gulps N6.2bn in 14 states - The Federal Government has so far spent N6.2bn on its National Homegrown School Feeding Programme during the academic year that ended in August. Source Punch Read More 

FG needs 100,000 tractors to meet agriculture targets – Udoma - The Federal Government has said the country needs more than 100,000 new tractors to achieve production targets in the nation’s agricultural sector. Source Punch Read More 

DMO’ll support FG to bridge revenue, expenditure gap – Oniha - The Director-General of the Debt Management Office, Ms. Patience Oniha, says the agency will support the Federal Government to bridge the gap between country’s revenue and expenditure. Source Punch Read More 

Unverified N30trn allegation against 63 firms disincentive to investment – LCCI - Lagos Chamber of Commerce and Industry (LCCI) sees the unverified N30 trillion allegation against 63 companies as a disincentive to investment. Source BUSINESSDAY Read More 

Africa’s Working-age Population to Grow by 450m in 20years - The working-age population in Africa is projected to  grow by about 70 per cent or 450 million over a period of 20 years, spanning 2015 to 2035, said the  Africa Competitiveness Report 2017. Source Thisday Read More

 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 110817 – ZENITHBANK Declares N75.32bn PAT in Q2 2017 Results - One of the two quoted companies recorded growth in revenue while the other recorded decline in revenue. Source Proshare Read More 

NASD USI Up by +1.4% WoW - NASD closed its trading day on Friday 11 August 2017 higher compared to last Friday. The Market Capitalization closed the week 1.4% higher at ₦412.80 billion against ₦407.75 billion previously. Source Proshare Read More 

Market Resumes Uptrend as NSEASI Inches Up by +0.25%; Records +2.07% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.25% to close at 38,198.60 basis points as against -0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +42.14%.  Source Proshare Read More 

Investors, exporters FX market hits over $1bn turnover in one week - Investors’ & Exporters’ (I&E) FX window grossed a total of $1.10 billion in trade for the week ended August 4, 2017, 33.16 percent increase from $822.73 million recorded the previous week, data from the FMDQ Securities Exchange show. Source BUSINESSDAY Read More 

Kachikwu: Lack of Access to Finance Hampering Construction of 33 Private Refineries - The difficulties faced by private investors in accessing finance to complete detailed engineering analysis and commence construction work after obtaining the approval to construct (ATC) is the major challenge that hampers the execution of majority of the 33 private refineries licenced by the federal government Source Thisday Read More 

Local insurers lose 90% of big risks to foreign firms - The nation’s insurance sector may be far from meeting the local content objectives of the Federal Government as it is currently losing about 90 per cent of the big risks in the economy to foreign underwriters. Source Guardian Read More 

Global Insurance M&A drops in H1‘17 to a 2-yr low - The volume of completed mergers and acquisitions (M&A) in the global insurance industry continued dropping during the first six months of 2017 to 170 deals, compared to 186 deals reported for the second half of 2016. Source Vanguard Read More

U.S. approves N360m grant for development of modular refinery in Nigeria - The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos. Source Guardian Read More 

Chinese banks begin funding oil, gas projects in Nigeria - Chinese banks have made commitments to bring in as much money needed to finance oil and gas investments in Nigeria, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said. Source Daily Trust Read More 

US, FG back 20,000bpd oil refinery in Lagos - The construction of a 20,000-barrels-per-day crude oil refinery in Lagos by a Nigerian petrochemical and refining company has received a major boost with the signing of a grant by the United States Trade and Development Agency. Source Punch Read More 

Electricity: Lafarge to add 30MW to grid in 2018 - Lafarge Africa Plc says it has concluded plans to inject about 30 mega watts of electricity into the national grid by 2018. Source Punch Read More 

PROSHARE BUSINESS
Skye Bank launches #SkyeXperience to boost seamless banking service - As part of its resolve to drive efficient and convenient financial services for its customers, through digital solutions, Skye Bank launched the #SkyeXperience platform. Source Proshare Read More 

China's Economic Growth Dials Back - China’s economy showed further signs of entering a second-half slowdown, as curbs on property, excess borrowing and industrial overcapacity began to bite. Source Bloomberg Read More 

Signs of Wage Growth Start to Appear in Euro Zone's North - After delivering the euro zone’s fastest pace of economic growth in the first quarter, Finnish workers have had enough belt-tightening and are now demanding pay rises they say are only fair given the rebound in exports. Source Bloomberg Read More 

Libya's Oil Output Disrupted by Security Threats, Shut Terminal - Libya’s biggest oil field has reduced crude production by more than 30 percent in recent days and the Zueitina export terminal ceased loadings over the weekend, throwing the OPEC country’s output back on a downward spiral. Source Bloomberg Read More 

Without Oil, North Korea Sanctions Won't Stop Kim - The curbs on everything from lead and fish exports to shady North Korean companies coincide with a deadly drought that’s ruining crops, darkening an already dire humanitarian picture. Source Bloomberg Read More 

Domestic Consumption Fuels Surge in Japan's Economic Growth - Japan’s economy grew for a sixth straight quarter, extending the longest expansion in more than a decade, as a strong pick-up in demand at home compensated for softer exports. Source Bloomberg Read More 

Egypt streamlines industrial licensing to boost investment - Egypt announced executive regulations on Sunday for a new industrial licensing law it says will slash bureaucracy and decrease the waiting time for new projects, reforms it hopes will draw badly needed investment. Source Reuters Read More 

Egypt to reduce imports of LNG to 80 cargoes in 2017/18 year - Egypt is planning to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that began in July, Petroleum Minister Tarek El Molla told Reuters on Sunday, down from the 118 cargoes imported last year. Source Reuters Read More 

Ghana's gold, diamond output to drop as govt curbs small-scale mining - Ghana's gold output is likely to drop sharply in 2017 because of curbs on the small-scale mining that lifted production last year but was causing damage to the environment, a government official said on Saturday. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
Bitcoin just passed $4,000 - 24 hours ago the cryptocurrency was trading below $3,700. About an hour ago it surged passed $4,000 and has no signs of stopping. It’s now trading around $4,135.00. For reference, a week ago Bitcoin hit an all-time high as it passed $3,000 for the first time. Source TechCrunch Read More 

 

 

 

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