Nigeria in 1min: Economic, Business and Financial Headlines – 020118

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January 2, 2018 7:20 AM / Proshare News 

PROSHARE ECONOMY

2018 Outlook on the Nigerian Economy: The Need for an Even Keel  - The Nigerian economy exited a negative territory in 2017 as Gross Domestic Product (GDP) grew by o.55% in the second quarter of 2017. Source Proshare Read More

Shettima presents N170.3billion budget for 2018 - Governor Kashim Shettima of Borno State has presented a N170.3billion budget to the State House of Assembly (BOSHA), for appropriation for the 2018 fiscal year. Source Guardian Read More 

Buhari inaugurates Nigeria’s first inland dry port Thursday - President Muhammadu Buhari will on Thursday inaugurate Nigeria’s first inland dry port in Kaduna State. Source Punch Read More 

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PROSHARE MARKETS

Stocks Trading at Their Nominal Value as at 29122017 - Nigerian stock market closed year 2017 with a better performance as it also recorded positive market breadth. Source Proshare Read More 

NSE 30 firms have effective corporate income tax rate of 20 % - Companies on the Nigeria Stock Exchange (NSE) paid ₦50.8billion less in tax as at the third quarter of 2017. Source BUSINESSDAY Read More 

3 Banks Account For N45.49trn Forex Turnover In 11 Months – FMDQ - FMDQ OTC Securities Exchange has revealed that three deposit money banks accounted for N45.4 trillion foreign exchange turnover transactions in 11 months. Source Leadership Read More 

Saudi Arabia sets new gasoline prices - Saudi Arabia is set to raise local gasoline prices on Monday, state news agency SPA reported. Source AL ARABIYA Read More 

Oil posts strongest year opening since 2014; Iran unrest pushes up crude - Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia Source Reuters Read More 

Kachikwu: FG to Review NNPC’s $6bn Oil Swaps - Apparently scandalised by the acute petrol scarcity, which marred the Yuletide celebrations, the federal government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts of the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More 

Nigeria flared 23% more gas in Q3 2017 – NNPC - The amount of natural gas flared by oil and gas companies operating in the country increased by 23 per cent in the third quarter of last year compared to what was recorded in the previous quarter. Source Punch Read More 

Nigeria loses N260b through exchange of crude oil with petroleum products - The Nigeria Extractive Industries Transparency Initiative (NEITI) 2015 Oil and Gas Industry Audit Report, showed that the country recorded a net loss of $723 million (N260 billion) from getting refined products through Offshore Processing Arrangement (OPA) in 2015. Source Guardian Read More 

‘NNPC distributed 1.3b litres in October’ - The Nigerian National Petroleum Corporation (NNPC), distributed 1.352.86 billion  litres of white products across the country in October, 2017. Source THE NATION Read More 

Oman projects a budget deficit in 2018 on low oil price - The Gulf state of Oman adopted on Monday its 2018 budget projecting a deficit of $7.8 billion due to low oil prices, but said the shortfall is declining. Source Guardian Read More 

Global coal demand to hit 5.534bn tonnes by 2022- IEA - The International Energy Agency, IEA, has said that global coal demand will be subdued over the next five years, growing at just 0.5 percent a year, marginally higher than current levels, due to lower consumption in China. Source Vanguard Read More 

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PROSHARE BUSINESS

China Stocks Start 2018 Strongly, Dollar Weakens: Markets Wrap - Chinese equities started the year with gains, led by the H-share index in Hong Kong, as property stocks soared and a gauge of manufacturing strength beat expectations. Source Bloomberg Read More 

Australian Home Prices Fell in December in Bellwether for 2018 - Australian home prices fell in the final three months of 2017, the first such decline in almost two years, as the nation’s biggest market Sydney continued to cool. Source Bloomberg Read More 

Singapore's Economy Grows Faster Than Estimated - Singapore’s economy finished 2017 on a solid footing, allowing more room for policy makers as they consider raising taxes and tightening monetary policy this year. Source Bloomberg Read More 

Sweden could stop using cash by 2023 - Sweden is moving away from cash in favor of cards and mobile payment apps. According to a new study, the nation is on track to leave cash behind completely by 2023, though retailers expect to still accept cash for a couple more years after that. Source WEF Read More 

China targets 2018 rail investment of $113 billion, lowest since 2013 -  China’s national railway operator said on Tuesday that the country plans to invest 732 billion yuan ($113 billion) in rail fixed assets in 2018, its lowest target since 2013. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Bitcoin Starts New Year by Declining, First Time Since 2015 - For the first time since 2015, the cryptocurrency began a new year by declining, extending its slide from a record $19,511 reached on Dec. 18. Source Bloomberg Read More 

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