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Nigeria in 1min: Economic, Business & Financial Headlines – 250917

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September 25, 2017 7:00 AM / Proshare News

PROSHARE ECONOMY
What To Expect From The Markets This Week – 250917
- The National Bureau of Statistics made available Nigeria’s debt profile for the first half of 2017. According to the recently released report, Nigeria’s foreign debt hit $15.5 billion as at 30th June 2017. Source Proshare
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Nigeria’s economy to further spike as OPEC extends exemption of crude oil cut
- Nigeria has had another extension granted her in respect oil production output ceiling thereby raising hope of her recovering fully from the economic recession from which she has just marginally exited recently. Source Businessday
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Power firms, gas producers disagree on dollar-denominated pricing - The denomination of the price of gas sold to electricity generation companies in the United States dollars is sending ripples across the entire value chain of the Nigerian electricity supply industry. Source Punch
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MPC: Advocacy and The Total Eclipse of Analysis - “Reading the policy stance and future guidance of some MPC members at the July and September 2014 meetings, and the shift between both meetings, suggest an ad-hoc monetary policy reaction function, which should not replace a medium-term strategy for monetary policy based on solid economic analytical rigour.” Source Proshare
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Likely Split Decision At MPC, Status Quo To Be Maintained - As the Monetary Policy Committee (MPC) meets on September 25/26, the financial and business community will be awaiting with bated breath the outcome of one of the most important and symbolic meetings of the committee in recent times. Source Proshare
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Cashew Nut Exports Increased Significantly by 463% to $37m in Q2’17 - Brent crude steadied at $56.32pb as the markets seem to have factored in the possibility of higher compliance rate amongst oil producers. Source Proshare
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Quantitative Easing and World Growth Buoy Global Rating Outlooks - Global rating outlooks remain on an improving trend and are on balance less negative than at the start of the year across most rating sectors. Source Proshare
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QoQ Rebound in Air Passenger Traffic -Drawing on data provided by the Federal Aviation Authority of Nigeria, the National Bureau of Statistics (NBS) has released its latest report on air passenger traffic. Source Proshare
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Blackpace Group Brings Potato Production & Processing to Rwanda and Nigeria - The government of Nigeria and Rwanda have signed a multimillion dollar deals with a Nigerian investor. Source Proshare
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Achieving Prosperity Through Agriculture in Africa - The just ended 2017 African Green Revolution Forum (AGRF) “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Africa” provided a platform for global and African leaders to develop actionable plans to transform African agriculture. Source Proshare
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7th Africa Green Revolution Forum - The Abidjan Communiqué Decisions and Commitments - The Seventh African Green Revolution Forum (AGRF) was held in Abidjan, Côte d’Ivoire, from 4 to 8 September, 2017 as a premier platform for global and African leaders to develop actionable plans to move African agriculture forward. Source Proshare
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Protecting wildlife is a sovereignty challenge - Africa often makes headlines in the international media for poaching, which I deplore and strongly condemn. Source Proshare
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Mozambique focuses on agriculture to alleviate youth unemployment - Relative peace and stability since 1992, when the country’s civil war ended, has made Mozambique attractive to investors. Source Proshare
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National Collateral Registry: 20,684 Movable Assets Valued at N392bn on the NCR Platform - In my maiden press briefing upon assumption of office in June 2014, I stated that one of my vision was to create a people centered Central Bank of Nigeria. Source Proshare
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Goldman Sees Eskom as Biggest Risk to South African Economy - Debt and corruption scandals at Eskom Holdings SOC Ltd. make the utility the biggest risk to South Africa’s economy and the government needs to replace its management, Goldman Sachs Group Inc. said. Source Bloomberg
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Merkel hangs on to power but bleeds support to surging far right - German Chancellor Angela Merkel won a fourth term in office on Sunday but Europe’s most powerful leader will have to govern with a far less stable coalition in a fractured parliament after her conservatives haemorrhaged support to a surging far right. Source Reuters
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USAID Announces $550m Humanitarian Assistance for Nigeria, Others - Nigeria will benefit from the United States’ $550 million humanitarian assistance to countries ravaged by food insecurity. Source Thisday
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Minister Inaugurates Laboratory to Detect Stolen Crude Oil - The Minister of Science and Technology, Dr. Ogbonnaya Onu, has inaugurated an advanced bio-resources laboratory centre in Odi, Bayesla State to detect stolen crude oil in the‎ country. Source Thisday
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Trump slaps travel restrictions on North Korea, Venezuela in sweeping new ban - President Donald Trump on Sunday slapped new travel restrictions on citizens from North Korea, Venezuela and Chad, expanding to eight the list of countries covered by his original travel bans that have been derided by critics and challenged in court. Source Reuters
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Oil holds gains as producers say market rebalancing - Oil prices stood little changed on Monday, keeping most of their gains from the previous session to hold near their highest levels in months, as major producers meeting in Vienna said the market was well on its way towards rebalancing. Source Reuters
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PROSHARE REGULATORS
NAICOM introduces four operational guidelines - The National Insurance Commission has introduced four different forms of operation guidelines in the insurance sector. Source Punch
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NSE, SON to enforce engineering codes, standards - The Nigerian Society of Engineers and the Standards Organisation of Nigeria have resolved to work together to enforce engineering codes and standards among practitioners across the country. Source Punch
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CBN, SEC Impose N214m Fine On 5 Banks Over Market Infractions - The  apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN)  and Securities and Exchange Commission (SEC) have sanctioned five commercial banks N213.7 million between January and June 2017 over 26 market infractions. Source Leadership
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NCC Reassures Investors As Standard Bank Targets Nigeria’s $68bn Telecom Market - In its avowed mandate to regulate the telecommunications sector in line with global best practices and sustain investors’ confidence in Nigeria’s $68 billion telecom market. Source Leadership
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PROSHARE MARKETS
Implications of the Proposed Acquisition of PPC by DANGCEM - Last week Dangote Cement (DangCem) announced that it is in talks with PPC of South Africa regarding a potential acquisition of 100% of PPC’s share capital. Source Proshare
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UBN Rights Issue: Tactical or Strategic? - Union Bank of Nigeria (UBN) is looking to raise N49.7 billion via rights issue of 12.1 billion ordinary shares. Source Proshare
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Month of August Recorded Inflow into the ETFs Market - The month of August recorded inflows into the Exchange Traded Funds (ETFs) market in Nigeria, driving up market capitalization to N6.1Billion (+1.43%M-o-M from July levels). Source Proshare
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A Celebrity Listing crashes Japanese Exchange’s Party – On Japan’s newest exchange, fame pay off. That may not be so great for investors though. Source Reuters
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Take Five: World Markets Themes for the Week Ahead – Following are five big themes likely to dominate the thinking of investors and traders in the coming week. Source Reuters
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FX Window Records $1.323bn Transactions in One Week on Soaring Investor Confidence - Total trade value for the week was a marked improvement, compared to the $803.1 million recorded in the preceding week. Source Thisday
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Euro slips 0.4 percent after German election surprise - The euro slipped in early Asian trading on Monday after Germany’s election showed surging support for a far-right party that left Chancellor Angela Merkel scrambling to form a governing coalition. Source Reuters
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Fortis MfB set to raise N10bn bond on NSE - Fortis Microfinance Bank, MfB, Plc is set to raise N10 billion corporate bond on the floor of the Nigerian Stock Exchange, NSE. Source Vanguard
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Standard Alliance embarks on share reconstruction - Standard Alliance Insurance Plc has announced plans to embark on share reconstruction to enable the board and management reposition the company, create more value to its shareholders, improve the company’s standing in the market place and put the company in a strong position to declare dividend. Source Vanguard
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Banks’ liquidity: NUBIFIE urges FG to inject TSA fund into financial system - National Union of Banks, Insurance and Financial Institutions Employees, NUBIFIE, has recommended that funds in the Treasury Single Account, TSA, be injected into the banking system to re-energize the sector and the economy in general. Source Vanguard
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PROSHARE BUSINESS

EU Seeks More Protection for Uber-style Jobs – The European Commission wants more social protection and rights for casual workers, such as those in the “gig economy”, and others with non-standard contracts to try to tackle growing social inequality. Source Reuters
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PROSHARE FINANCE
From Nursery to University: Emerging Market Investors buy into Education – Two decades after Yusuf Karodia launched Mancosa, a distance learning school to teach South Africans business skills, he sold up to UK private equity firm Actis. Source Reuters
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Wema Bank Shows Support for Education in Nigeria with Educational Awards - Wema Bank Plc. the pioneer of Nigeria’s first fully digital bank ALAT has continued its support for education through its annual Wema Educational Awards. Source Proshare
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Why some insurance companies MDs will be sacked – NAICOM - National Insurance Commission (NAICOM) on Friday said it would sack managing directors of insurance companies that refused to settle indisputable insurance claims. Source Daily Post
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Eko Atlantic Gets First Occupant as ABC Orjiako Acquires Afren Tower - The first building to be completed in Nigeria’s cutting-edge city of the future, Eko Atlantic, has been acquired by oil magnate and Chairman of Seplat Petroleum Development Company Plc, Dr. ABC Orjiako. Source Thisday
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Sovereign Trust records 32% growth in investment income in 2016 - SOVEREIGN Trust Insurance Plc said it has recorded a growth of 3.3 percent in its balance sheet size and 32 percent in its investment income respectively for the year ended December 2016. Source Vanguard
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PROSHARE TECHNOLOGY
China is cracking down on Cryptocurrencies - China's crackdown on "initial coin offerings" may be much wider than first thought, with the wording of the crackdown potentially making all cryptocurrency trading illegal. Source
WEF  

Internet Giants, once above the fray, on the defensive in Washington – Internet Giants, including Alphabet’s Google and Facebook, are moving to compromise on several major policy issues as they adjust to an abrupt shift in the political winds in Washington. Source Reuters
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FIA Announces 20 FinTech Startups Chosen For Innovators Pavilion - FIA announced that 20 companies have been chosen to exhibit in the Innovators Pavilion at the 33rd Annual FIA Expo in Chicago, ASA on October 17 – 19, 2017. Source Proshare
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“Better Than Blockchain”: Digital Financial Instrument - Professor Mike Aitken AM, CEO of the Capital Markets Cooperative Research Centre (CMCRC) and Australian Innovator of the Year, described a new trading and settlement technology as “better than blockchain” at an Innovation Summit in Sydney this week.
Source Proshare
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FINMA Implements New Fintech Rules in Circular On Public Deposits With Non-Banks - The revised Banking Ordinance of April 30 2014 regarding new financial technology (fintech) regulations entered into force on August 1 2017. Source Proshare
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When was the last time someone paid you for buying things? - If you are like us, you detest carrying cash around. Like, how many wads can fit in those super-on-brand jeggings? And what about when you try to pay at the POS machine with your card and there is no network link-up? Source Proshare
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IDDA3: Sahara Group advocates digital revolution at UN meeting - The Executive Director at the Sahara Group, Tonye Cole has said the industrialisation of Africa in the next decade must be owned and led by Africans with key support from the private sector as well as regional and multilateral organisations. Source Vanguard
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SAP is buying identity management firm Gigya for $350M - SAP, the German enterprise software giant, today announced an acquisition to strengthen its hybris e-commerce division. It has acquired Gigya, a firm that helps online properties manage customer identities and profiles. Source TechCrunch
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Twitter is testing a Twitter Lite Android app, first in the Philippines
- Twitter today has nearly four times as many monthly active users outside the U.S. as it does in its home market — 260 million versus 68 million — and this week it quietly launched a new app in an effort to boost those numbers further. Source TechCrunch
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UBA emerges best at Interswitch Awards - United Bank for Africa (UBA) Plc, has emerged best institution in two esteemed categories at the Interswitch Awards and Gala. Source Vanguard
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PROSHARE START-UPS
This Startup Is Luring Top Talent With $3 Million Pay Packages - China may have a reputation for low wages and sprawling factories. But in a sign of changing times, one startup founder has embraced a strategy of paying top employees the highest salaries in the market -- and so far it's working. Source Bloomberg
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