Nigeria in 1min: Economic, Business and Financial Headlines – 020518

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Wednesday, May 02, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

Manufacturing PMI Stands at 56.9% in April 2018 from 56.7% in March 2018 - The April 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period April 12 - 23, 2018. Source Proshare Read More 

Nigeria’s unemployment, poverty rates increased in 2017 – World Bank  - Nigeria’s unemployment and underemployment rates increased in 2017, the World Bank has said. Source Punch Read More 

Nigeria earns $402m from Cashew in 2017- Faseru - The National President, National Cashew Association of Nigeria, NCAN, Tola Faseru,  has disclosed that the production of the commodity has increased from  about 90,000 metric tonnes in 2011 to  220,000 metric tonnes at the end of 2017 translating to about $402million. Source Vanguard Read More 

NSC to partner NEXIM on national shipping line - The Executive Secretary of the Council, Hassan Bello of the Nigerian Shippers’ Council (NSC) has said it is partnering with the Nigerian Export- Import Bank on how to float a sustainable national carrier. Source Daily trust Read More 

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PROSHARE REGULATORS

CBN captures 31m Nigerians in Bank Verification Number Project - THE Central Bank of Nigeria CBN, has captured no fewer than 31 million account customers in its Bank Verification Number, BVN, project aimed at ensuring unique identifier in the Nigerian banking industry. Source Vanguard Read More 

CBN test reveals loopholes in banks’ anti-money laundering system - Majority of the Deposit Money Banks in the country failed an anti-money laundering system examination conducted by the Central Bank of Nigeria, a report by the CBN has revealed. Source Punch Read More 

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PROSHARE MARKETS

Market Closes April 2018 Red as SEC Publishes Report for Enhancing Commodities Trading Ecosystem  - Nigerian Equities Market closed the month of April 2018 further lower as NSEASI sheds -0.57% as against -4.21% loss recorded in the month of March 2018. Market YTD return stands at +7.91% at the end of the month under review. Source Proshare Read More 

GTI Top-5 Stock Picks for 300418 - Activity on the Nigerian equity market in the week under review closed in the northward as traders ramp up buying momentum in the light of strong Q1 2018 corporate performances reported in the outgoing month. Source Proshare Read More 

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PROSHARE BUSINESS

For Every Bribe Taken, There Is A Bribe Given - This paper proposes the adoption of a framework that would supplement the 1997 Fund’s Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the “1997 Governance Policy”). Source Proshare Read More 

FG bans production, importation of codeine containing syrups - The Federal has ordered immediate ban on issuance of permits for the importation of codeine as active pharmaceutical ingredient for cough preparation.Minister of Health, Professor Isaac Adewole, who gave the directive yesterday in Abuja, said the move became necessary due to the gross abuse Codeine usage has been subjected to in the country. Source Guardian Read More 

IMF approves new three-year loan arrangement for Malawi - The International Monetary Fund (IMF) has approved a new three-year $112.3 million loan arrangement for Malawi to assist the southern African country’s economic and financial reforms. Source Reuters Read More 

IMF approves next disbursement under Ghana's aid deal - The International Monetary Fund’s board on Monday approved the next disbursement of about $191 million under Ghana’s aid program, while urging the West African country to take further steps to address its high debt. Source Reuters Read More 

Ghana to Recruit Public-Sector Trainees to Fight Unemployment - Ghanaian President Nana Akufo-Addo said his government will enroll 100,000 young people with graduate degrees in a special public-service program designed to combat youth unemployment that was launched on Tuesday. Source Bloomberg Read More 

Saudi Contractors Still Struggle With Payment Delays - Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, threatening a nascent economic recovery in the kingdom. Source Bloomberg Read More 

OPEC Production Dips as Group Keeps Over-Delivering on Cuts Deal - OPEC continues to over-deliver on its production cuts, with output falling further last month as the group nears its goal of rebalancing the oil market. Source Bloomberg Read More 

A Goldman Trading Desk That Once Had 500 People Is Down to Three - Many Wall Street traders are concerned about being replaced by machines in the future, but at one Goldman Sachs Group Inc. unit it’s already happened. Source Bloomberg Read More

Oil steady on Iran sanction worries, but surging U.S. supplies cap market - Oil prices were stable on Wednesday, supported by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains. Source Reuters Read More 

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PROSHARE FINANCE

Why Every Nonprofits And NGOs Needs Insurance To Manage Risk - A common misconception about nonprofits is that they’re simply too small to be at risk for liabilities and their employees will be protected because of their status as humanitarians. Source Proshare Read More 

PROSHARE TECHNOLOGY

Blockchain Co-inventor Joins Australian Blockchain Investment Mgt Firm, First Digital Capital - First Digital Capital, the Australian blockchain investment manager, today announced it had retained blockchain co-inventor W. Scott Stornetta, Ph.D. as Chief Scientist and established presences in New York, Geneva, London and Hong Kong.  Source Proshare Read More 

UK Cryptocurrency Industry Urges MPs To Back Plans For Regulation - CryptoUK, the self-regulatory body set up to represent the sector, has set out new plans for HM Treasury to make cryptocurrency investment a regulated activity under the Financial Conduct Authority (FCA). Source Proshare Read More 

Apple surprises with solid iPhone sales, announces $100 billion buyback - Apple Inc on Tuesday reported resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks, reassuring investors that its decade-old smartphone invention had life in it yet. Source Reuters Read More 

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