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Nigeria in 1min: Economic, Business & Financial Headlines – 220917

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September 22, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
Nigerian Banks Sector Update For September 2017: Steadying The Ship - The recession of 2016 and the devaluation of the naira have led to a heightened risk environment for the banks sector. Loan growth for our universe averaged -1% between December and June 2017.  Source Proshare Read More 

After Recession : A Need for Policy Change? - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates at the current levels, while the fiscal authority continues to implement policy measures to sustain more growth. Source Proshare Read More 

Some Cracks Emerging In The Group of Eight - Our chart captures exchange-rate movements over the past two years, marked initially by the fx scarcity triggered by the oil price slide in mid-2014. Source Proshare Read More

Reformed Pioneer Status Incentive in Nigeria: Any Contradiction to Tax Revenue Drive? - The Federal Government of Nigeria recently approved the eligibility of 27 additional industries for possible grant of pioneer status incentive (PSI). Source Proshare
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Mining sector generates N4.96bn in two years, says RMAFC - Mr Shettima Abba-Gana, Acting Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC) says the mining sector was generating less than capacity due to activities of illegal mining. Source BUSINESSDAY Read More 

FG institutes 11 man task force on Airports regulatory matters - The Federal government has instituted an 11 member committee to address the lingering regulatory issues in all the airports across the country. Source BUSINESSDAY Read More 

‘70% of frozen chicken consumed in Nigeria is smuggled’ - The Data Analyst and Farmer Satisfaction Representative, Amo Group of Companies, Mr. Alaba Yunusa, has said that 70 per cent of the chicken consumed in Nigeria is imported. Source Punch Read More 

 

PROSHARE REGULATORS
Emerging Market Regulators Committed to Strengthening Sustainable Finance and Cyber Resilience - Leading emerging market regulators met this week in Colombo, Sri Lanka, at the IOSCO Growth and Emerging Markets (GEM) Committee annual meeting and conference hosted by the Securities and Exchange Commission of Sri Lanka. Source Proshare Read More 

 

PROSHARE MARKETS
NSEASI Pares Gain by -0.05% to Resume Downtrend - Equities market closed today on a negative note, as NSE ASI depreciated by -0.05% to close at 35,188.97 basis points as against +1.04% appreciation recorded previously. Source Proshare Read More

BEST Inc., Largest US IPO Of A Chinese Company This Year, Lists On The NYSE - The American Depositary Shares of BEST Inc. (“BEST”), a leading Chinese supply chain technology firm, began trading yesterday on the New York Stock Exchange (NYSE) under the ticker symbol “BSTI.” Source Proshare Read More

The CBN’s New Confidence in FX Policy - Our chart captures exchange-rate movements over the past two years, marked initially by the fx scarcity triggered by the oil price slide in mid-2014. Source Proshare Read More  

Reserves Holding Up Very Well - Gross official reserves increased by US$980m in August to US$31.8bn. Since the recent low at end-October there has been an accumulation of US$7.9bn. Source Proshare Read More  

Wema Bank launches N50 billion Commercial Paper Programme - Wema Bank Plc. has announced the issuance of a N50 billion Commercial Paper (“CP”) programme, having received requisite regulatory approval. Source Proshare  

Nigeria lags peers in REITs market growth, lists only 3 in 10 years - Slow growth is, perhaps, the best expression with which to capture how the Real Estate Investment Trusts (REITs) market is progressing in Nigeria given that only six real estate firms have been able to float the trust and only three out of the six have listed theirs in the country’s stock exchange Source BUSINESSDAY Read More 

NSE Fines Ekocorp, 29 Others N373 Over Non-compliance To Regulatory Requirements - The Nigerian Stock Exchange (NSE) has listed Ekocorp, Thomas Wyatt and Africa Alliance Insurance Plc leading the N372.5 million fine over inability to meet the Exchange regulatory requirements. Source Leadership Read More 

Firms complain of naira shortage to buy dollars - A Central Bank of Nigeria requirement that companies back forward dollar purchases with naira is drying up supplies of the local currency. Source Punch Read More 

Foreign investors drive treasury bills subscription in excess of N418bn - CENTRAL Bank of Nigeria, CBN, yesterday, raised N215.9 billion from an auction of the Nigerian Treasury Bills, which was N75 billion more than the N140.9 billion it originally planned to raise. Source Vanguard Read More 

OPEC and Allies Gives Mixed Signals Over Further Action on Cuts - On the eve of a gathering in Vienna, OPEC and its allies gave mixed signals on what they might do next in their bid to clear a global oil glut. Source Bloomberg Read More 

Oil prices hit $57 as OPEC meets - Oil prices were largely up yesterday as traders waited to see whether oil- producing countries set to meet in Vienna, Austria would extend production limits to reduce the global crude glut. Source THE NATION Read More

States Free To Build Own Power Plants – Fashola - The federal government yesterday said it is not against state governments developing their own power projects to support development and supply of incremental power. Source Leadership Read More 

Power generating firms owe banks N356bn - Electricity generation companies currently owe Deposit Money Banks a total of N356bn, while the power sector lost over N500bn revenue in 2016 alone. Source Punch Read More

 

PROSHARE BUSINESS
The World’s Richest Soccer Club Made $789 Million This Year - British soccer team Manchester United (manu, +1.46%) is on a tear. It won two major tournaments (the Europe League Cup and the EFL Cup) and hauled in a massive £581 million ($789 million) during financial 2017. Source FORTUNE Read More 

S.African c.bank defies expectations by keeping rates at 6.75 pct - South Africa’s central bank kept its benchmark repo rate at 6.75 percent on Thursday, defying expectations of a cut based on easing inflation pressures and a sluggish recovery from a recession in the first half of the year. Source Reuters Read More 

S&P Strips Hong Kong of AAA Rating After China Downgrade - S&P Global Ratings cut Hong Kong’s credit rating a day after it downgraded China for the first time since 1999, a move that reflects the "strong institutional and political linkages" between the special administrative region and the mainland, the ratings firm said. Source Bloomberg Read More 

Boeing Lands $11 Billion 787 Deal From Resurgent Turkish Air - Turkish Airlines said it intends to purchase 40 of Boeing Co.’s 787-9 Dreamliners, a long-awaited deal that signals the carrier’s rebound following a terrorist attack on its Istanbul hub last year. Source Bloomberg Read More 

Nestlé Makes Billions Bottling Water It Pays Nearly Nothing For - In rural Mecosta County, Mich., sits a near-windowless facility with a footprint about the size of Buckingham Palace. It’s just one of Nestlé’s roughly 100 bottled water factories in 34 countries around the world. Source Bloomberg Read More 

Danish Government Will Cut Tax on Cheapest Cars to 85% From 105% - Denmark will lower the tax rate on the cheapest cars to 85 percent from 105 percent in a move that will cost the government about 600 million kroner ($100 million) next year. Source Bloomberg Read More 

Africa's Richest Man Ups Ante for PPC With Cash, Share Offer - Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fueling a bidding war. PPC’s shares rose. Source Bloomberg Read More 

Namibia's economy contracts 1.7 percent in second quarter - Namibia’s economy shrank by 1.7 percent in the second quarter of this year after a revised contraction of 1.7 percent in the first quarter, the statistics agency said on Thursday. Source Reuters Read More 

Zimbabwe to pay $1.8 billion in foreign arrears only when economy is stronger: finance minister - Zimbabwe’s Finance Minister on Wednesday said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve. Source Reuters Read More

 

 

PROSHARE TECHNOLOGY
Financial Regulators of Japan and Abu Dhabi Global Market Cooperate on FinTech - The Financial Services Agency of Japan (‘FSA’) and the Financial Services Regulatory Authority (‘FSRA’) of Abu Dhabi Global Market (‘ADGM’) today announced the completion of a framework for co-operation to promote innovation in financial services in Japan and ADGM. Source Proshare Read More 

US SEC Statement: Approach On Cybersecurity, Risks & Markets - Data collection, storage, analysis, availability and protection (including security, validation and recovery) have become fundamental to the function and performance of our capital markets, the individuals and entities that participate in those markets, and the U.S. Securities and Exchange Commission ("Commission" or "SEC"). Source Proshare Read More

UK's FCA and Hong Kong Insurance Authority Sign Fintech Co-Operation Agreement - The Financial Conduct Authority (FCA) announces today that it has entered into a co-operation agreement with the Hong Kong Insurance Authority (IA) to enhance collaboration in supporting Fintech innovation.  

Financial Regulators of Japan and Abu Dhabi Global Market Cooperate on FinTech - The Financial Services Agency of Japan (‘FSA’) and the Financial Services Regulatory Authority (‘FSRA’) of Abu Dhabi Global Market (‘ADGM’) today announced the completion of a framework for co-operation to promote innovation in financial services in Japan and ADGM. Source Proshare Read More 

Microsoft confirms plans for a new flagship store in Regent Street opposite Apple - Shopping may be turning into an increasingly virtual exercise, with people buying goods online and through apps, but there is no denying the power of a physical in-store experience — a lesson that Microsoft is taking to heart. Today the company announced it will be opening a new flagship store in London in Regent Street near Oxford Circus — just a stone’s (or an iPhone’s) throw from the Apple flagship store that saw a huge revamp a year ago. Source TECH CRUNCH Read More 

 

 

 

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