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Nigeria in 1min: Economic, Business & Financial Headlines – 141116

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November 14, 2016 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
FG spent N750bn on infrastructure in five months – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said that the Federal Government is determined to invest massively in infrastructure, sort out issues around the ease of doing business and encourage patronage of made-in-Nigeria goods in a bid to reflate the economy. Source Punch Read More 

FG to List NNPC on Stock Exchange after Restructuring - The federal government plans to list the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange, once it concludes its reforms of the country’s petroleum sector, the latest draft national oil policy has revealed. Source Thisday Read More 

FG to Refund Each State N20bn for Federal Projects - The Speaker of the House of Representatives, Hon. Yakubu Dogara, has disclosed that the federal government will refund about N20 billion to each state for funds they had spent on federal projects in their states. Source Thisday Read More

FG saves N48bn from Treasury Single Account - The implementation of the Treasury Single Account by the Federal Government has resulted in a monthly savings of N4bn in cost of funds such as bank charges, accounts maintenance cost and others imposed by Deposit Money Banks. Source Punch Read More

FG plans special tax for SMEs - The Federal Government is in the process of designing a special tax for Small and Medium-scale Enterprises in the country as a way of ameliorating the challenges of multiple taxation being faced by operators in the sector. Source Punch Read More

MTEF: FG, NASS to resolve impasse this week - The Federal government and the National Assembly may resolve the Medium Term Expenditure Framework (MTEF) impasse this week, Daily Trust has gathered. Source Daily Trust Read More

Benue begins construction of N36bn cargo airport - Construction process for the N36 billion Makurdi cargo airport in Benue State has been flagged off, the facilitator has said. Source Daily Trust Read More

Foreign interest in Nigeria cools off; UK funding remains top - Despite the massive devaluation of the Naira, foreign portfolio investors have continued to adopt a wait and see attitude toward Nigeria hoping for further devaluation of the naira. Source Vanguard Read More 

W’Bank: Natural Disasters Force 26m People into Poverty, $520bn Loss Yearly - The impact of extreme natural disasters is equivalent to a global $520 billion loss in annual consumption, and forces some 26 million people into poverty each year, a new report from the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR) has revealed Source Thisday Read More 

FG Deploys N1bn for Revamping of Abuja Airport Runway - The federal government has deployed about N1billion for the rehabilitation of the Nnamdi Azikiwe International Airport runway. Source Thisday Read More 

 

PROSHARE MARKETS
Sentiment Analysis Report – W/E November 11, 2016 - Analysis of the market activity in the week ended November 11, 2016 technically revealed active pessimitic tendency while investors continue to display cautious approach towards equities. Source Proshare Read More

NASD USI Down by -0.31% WoW - As at Friday, 11 November 2016, the index closed at 609.46 points (down 0.31% from previous close of 611.38 points). Source Proshare Read More

Corporate Earnings for the Week Ending November 11, 2016 - Source Proshare Read More 

VP Osinbajo visits NSE, harps on effective PPP - Vice-President Yemi Osinbajo has emphasized the need for an effective public-private sector partnership, believing it is vital or reviving the Nigerian economy. Source Proshare Read More 

DMO selects banks for $1bn Eurobond sale - The Debt Management Office has selected some banks to manage the planned sale of $1bn Eurobond, according to a Reuters report. Source Punch Read More 

Devt Bank Takes Off in January, Says Adeosun - Development Bank, planned to provide funding for existing and start up Small and Medium Enterprises (SMEs), will commence operation in January 2017 with a capital of $1.3 billion, the Minister of Finance, Mrs. Kemi Adeosun has disclosed. Source Thisday Read More 

Stock Exchange suspends trading on Ikeja Hotel - Authorities at the Nigerian Stock Exchange (NSE) have suspended trading on the shares of Ikeja Hotel PLC in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company. Source THE NATION Read More 

Banks shun energy financing over N3tr exposure - Deposit Money Banks’ (DMBs) commitment of over- N3trillion in the energy sub-sector is discouraging the financial institutions from further financing of energy and power projects, The Nation has learnt Source THE NATION Read More 

UACN launches mandatory takeover for Portland Paints - UAC of Nigeria (UACN) Plc is launching a mandatory takeover bid to acquire additional equity stake in Portland Paints and Products Nigeria (PPPN) Plc. Source THE NATION Read More 

FG proposes single regulator for petroleum sector - With a new aggressive National Gas Policy, Nigeria is intensifying a push for a single regulatory agency for its petroleum sector in a move to reduce the current regulatory overlaps. Source BUSINESSDAY Read More 

Gencos blame govt for N200m electricity debts - To allay fears associated with low electricity supply during dry season in Nigeria, the Association of Power Generation Companies (APGC), at the weekend, Source BUSINESSDAY Read More 

N2.1bn debt: Skye Bank takes over Obat Oil’s depot - A Federal High Court in Lagos has granted an application by Skye Bank Plc to take over Obat Oil and Petroleum Limited’s depot over an alleged N2.1bn debt. Source Punch Read More

Nigeria worries as oil prices tumble - Fears about early resuscitation of Nigeria’s economy has heightened as oil prices tumbled at the global market on Friday by more than three per cent after the Organisation of the Petroleum Exporting Countries said October output reached another record of 33.64 million barrels per day, up 240,000 bpd from September. Source Punch Read More

 



PROSHARE BUSINESS

Mozambique's central bank orders closure of Nosso Banco - Mozambique's central bank has ordered the closure of privately owned Nosso Banco, it said at the weekend, less than two months after a liquidity crunch and bailout of the southern African nation's fourth largest bank, Moza Banco. Source Reuters Read More 

Zambia to cut budget deficit, sees higher 2017 GDP growth - Zambia has proposed measures to curb its budget deficit at a time when slumping commodity prices have seen the country face mine closures, rising unemployment, power shortages and soaring food prices. Source Reuters Read More 

Brexit Costs U.K. $82 Billion in Lost Company Spending: Study - U.K. businesses have delayed or canceled investments worth 65.5 billion pounds ($82 billion) since the vote to leave the European Union, with more than 40 percent of large companies scaling back, a survey showed. Source Bloomberg Read More 

Banks Lure $30 Billion Deposits as Indians Struggle to Find Cash - Indian government’s surprise move to ban high-denomination banknotes on Nov. 8 has seen lenders lure 2 trillion rupees ($29.8 billion), as customers across the nation queue for hours to deposit the old bills. Source Bloomberg Read More 

Chinese Bonds Headed for Longest Run of Losses in Three Years - Chinese sovereign bonds headed for the longest losing streak in three years, driving the yield curve to the widest in two months, as accelerating inflation and signs of an improving economy damped demand for the safety of government debt. Source Bloomberg Read More 

China Home Sales Value Rose 38% in October From Year Earlier - China’s new home sales growth slowed in October from a year earlier, suggesting the push by policy makers to rein in runaway prices is getting traction. Source Bloomberg Read More 

China Pumps the Brakes on U.S. Dealmaking After Trump Win - Chinese buyers keen to continue 2016’s rapid dealmaking under a Donald Trump presidency are being given one piece of advice: Wait and see. Source Bloomberg Read More 

U.S. 30-Year Yield Hits 3% as Pimco Says Rates May Be Bottoming - A global bond rout is intensifying, sending U.S. 30-year yields above 3 percent for the first time since January, on speculation Donald Trump will increase spending to boost the world’s largest economy. Source Bloomberg Read More 



PROSHARE STARTUPS

BOI Disburses N36bn To Agro-allied Sectors In 2016 - The Bank of Industry (BOI) has disclosed that it has disbursed over N36 billion within nine months in 2016 to agro-allied sector of the economy in the country. Source Leadership Read More 

 

 

 

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