Nigeria in 1min: Economic, Business and Financial Headlines – 070918

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Friday, September 07, 2018 / 7:10 AM / Proshare News
 

PROSHARE ECONOMY

Merchandise Trade Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure - The total value of Nigeria’s merchandise trade was N6,569.98 billion in the second quarter of 2018, which was a -8.89% contraction from the figure recorded in Q1, 2018 (N7,211.12 billion) and a 14.56% growth from Q2, 2017 (N5,734.80 billion). Source Proshare Read more 

Proshare WebTV Discourse on CBN Policies and Nigeria’s Economy - In a recent edition  of the Proshare WebTV economic discourse, Tope Babalola of the economy desk speaks on the  initiatives of the Central Bank of Nigeria; the  Differentiated Cash Reserves Requirement, DCRR And Corporate Bonds initiatives designed to incentivize Deposit Money Banks (DMB) to increase lending to key sectors like Agriculture and Manufacturing that can stimulate economic growth. Source Proshare Read more 

FIRS plans nationwide tax audit - The Federal Inland Revenue Service (FIRS) has said the agency would commence tax audit across the country. Source THE NATION Read more 

World’s top pension funds hit $18.1tr - The 300 largest pension funds in the world grew assets under management by 15.1 percent in 2017 to reach a combined value of $18.1 trillion, a study has showed. Source THE NATION Read more 

FG refunds N21bn housing fund to retirees - The Federal Mortgage Bank of Nigeria (FMBN) said it has refunded over N21.4 billion National Housing Fund (NHF) to 216,650 retirees across the country. Source Daily Trust Read more 

FG Rakes N3.5tn Taxes in Eight Months - The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, thursday disclosed that the federal government realised N3.5 trillion from various taxes in the first eight months of 2018. Source Thisday Read more 

Nigerian Ports Record Mixed Performance as Vessel Traffic Decline 2.3% in Q1 - Despite efforts by the Nigerian Ports Authority (NPA) to ensure the nation’s ports run efficiently, Nigerian ports recorded mixed fortunes in the first quarter (Q1) of 2018. Source Thisday Read more 

‘USAID spends $400m annually on devt interventions in Nigeria’  - The U.S. Agency for International Development (USAID) has said it spends at least $400 million annually to intervene in development programmes across Nigeria. Source Daily Trust Read more

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PROSHARE MARKETS

Stock Market Maintains Negative Sentiment as NSEASI Dips Further by -0.88% - Equities market closed today on a negative note, as NSEASI depreciated by -0.88% to close at 34,110.22 basis points as against -1.49% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.81%. Source Proshare Read more 

One Week After CBN Fines –MTN Share Price Drops by 31.06%; DIAMONDBNK and STANBIC Also Drop - Just one week after the CBN fine, the shares of MTN Group trading on the Johannesburg Stock Exchange has so far dropped by -31.06%. Source Proshare Read more 

CBN Debits the Account of Stanbic IBTC Bank In Respect of N1.886bn Regulatory Fine - Following our earlier announcement to The Nigerian Stock Exchange (“NSE”) on 30 August 2018, in respect of the penalty of N1.886 billion imposed by the Central Bank of Nigeria (“CBN”) on our banking subsidiary Source Proshare Read more 

Moody's Places MTN Group's Ba1 Ratings on Review for Downgrade - Moody's Investors Service ("Moody's") has today placed MTN Group Limited's (MTN or Group) Ba1 corporate family rating (CFR), Ba1-PD probability of default rating (PDR) and the Aa3.za national scale corporate family rating on review for downgrade. Source Proshare Read more 

11 DISCOs’ debts to NBET, MO hit N112bn in Q1’18 – NERC - Nigerian Electricity Regulatory Commission, NERC, has disclosed that the nation’s 11 Electricity Distribution Companies, DISCOs’debts to Nigerian Bulk Electricity Trader, NBET, and Market Operator, MO, are still below 30 percent as they paid only N51.2 billion of the N163.1 billion issued to them in the first quarter of 2018, Q1’18. Source Vanguard Read more

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PROSHARE BUSINESS

South Africa Q2 current account deficit narrows to 3.3 pct/GDP - c.bank - South Africa’s current account deficit narrowed to 3.3 percent of gross domestic product (GDP) in the second quarter, from a revised 4.6 percent of GDP in the first quarter, central bank data showed on Thursday. Source Reuters Read more 

Emerging Stocks Fall Into Bear Market; More Pain Expected - Expect more short-term pain, investors said, after emerging-market stocks tipped into a bear market. Source Bloomberg Read more 

Oil Set for Weekly Loss as Emerging-Market Contagion Fears Grow - Oil is poised for the biggest weekly decline since mid-July as a rout in emerging markets raises contagion fears while government data showing growing inventories at a key U.S. storage hub also weighed on prices. Source Bloomberg Read more 

84.2 million registered to vote in 2019, says INEC - At least 84.2 million Nigerians are registered to vote in the 2019 general elections, according to the Independent National Electoral Commission. Source Punch Read more

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PROSHARE TECHNOLOGY

British Airways hacked with details of 380,000 bank cards stolen - British Airways said that the personal and financial details of customers making bookings between August 21 and September 5 had been stolen in a data breach involving 380,000 bank cards. Source Guardian Read more

 

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