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Nigeria in 1min: Economic, Business and Financial Headlines – 081217

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December 7, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

The 2018 Budget and the Fear of Secular Stagnation -A budget is a country’s most important document as it provides the needed hindsight on the policy objective of the movement coupled with the tools available.  Beyond the importance that characterise every budget as mentioned earlier, the 2018 budget does enjoy an overriding importance and why? Source Proshare Read More

FAAC:Federation revenue declines by N25.3bn in Oct - The Federal, States and Local Government in the month of October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September. Source Daily Trust Read More 

N17 billion had been raised under VAIDS – FG - Over 2,000 properties in Abuja are now in jeopardy, as the Federal Inland Revenue Service, FIRS, is taking steps to seize them on account of the failure of their owners to pay taxes. Source Vanguard Read More 

Lagos State Govt. shuts 11 hotels over N354.75m tax evasion - The Lagos State Internal Revenue Service (LIRS) on Thursday shut 11 hotels, restaurants and event centres over alleged failures to remit their taxes under the Hotel Occupancy and Restaurant Consumption Laws of Lagos State 2009. Source Vanguard Read More 

Chinese bank approves $42.5m loan for Enugu housing scheme - CHINESE  biggest bank, the Industrial and Commercial Bank of China, ICBC, has approved $42.5 million loan for a multi housing development scheme, HELIU residences in Enugu. Source Vanguard Read More 

The One Indicator OPEC Must Watch - "We will not let go of our current approach until we reach a balanced market," Saudi oil minister Khalid al-Falih said Monday at a news conference in Riyadh.  Source Proshare Read More 

525,000MT of tomatoes under threat as Kano Tiga Dam shutsdown - Nigeria is on the brink of witnessing another round of tomato scarcity, as the Ministry of Water Resources has shut down Tiga Dam which provides irrigation to over 10,000 tomatoes farmers in Kadawa community in Kano State Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

Total Direct Remittance To CBN Hits N1.8trn In 9 Months - Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, a data obtained by LEADERSHIP has revealed. Source Leadership Read More 

PROSHARE MARKETS

Market Extends Six-Day Gaining Streak; NSEASI Inches Up by 1.17% - Equities market closed today on a positive note, as NSEASI appreciated by +1.17% to close at 39,534.14 basis points as against +1.51% appreciation recorded previously.  Source Proshare Read More 

Analysts Confidence in FirstBank Share Price Justified; Records 153.43% YTD Appreciation - Like other banking stocks, the share price of FBNH has seen a significant appreciation in the year 2017. Yesterday, December 06, 2017, the bank’s share price hit N8.49k to push its YTD return to +153.43%. Source Proshare Read More 

Again, FirstBank Share Price Moves Up by 6.12% Today; Hits N9.01k - The share price of FBNH today closed at N9.01k, up by +6.12% to maintain positive sentiments towards the stock while UBN and FIDELITYBK were the only stocks that outperformed FBNH at the end of today’s trading  period as they both recorded +10.11% and +7.56% gains respectively. Source Proshare Read More 

NSBAG launch: ASHON to operate N50bl commodities exchange in Q3, 2018 - The Association of Stockbroking Houses of Nigeria (ASHON), plans to operate a N50bl commodities exchange in Q3, 2018 as part of its efforts in supporting and driving the Agriculture sector in Nigeria. Source Proshare Read More 

States’ Debt Burden Essentially Domestic - In as much as they have limited alternatives for generating revenue, most state governments have suffered more from the slide in the oil price since mid-2014 than the FGN. Source Proshare Read More 

Julius Berger Nigeria Plc Set to Effect Changes on it Board - Further to the Notice given on November 20, 2017 on the changes on the Board of Directors, Julius Berger Nigeria Plc.  ("Julius Berger’) would like to inform the Market that the Board of Directors of the Company at its meeting on December 7, 2017. Source Proshare Read More 

Sustained decline in Fixed Income yields as Market Players stay bullish - The Bond market maintained its bullish run in today’s session with sustained demand witnessed especially on the 5-, 10- and 20-yr bonds.  Source Proshare Read More 

Oil Prices Slipped 0.26% in Sympathy with A 5% Slump in Copper Prices - A 4.4% increase in the benchmark to $47pb indicates an intention to increase expenditure and reduce fiscal spending. This is an impudent but economically rational move. Source Proshare Read More

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250,000-barrel refinery for Ogun State - Another private refinery to be sited in Ogun state will be the second private initiative in the petrol industry in the country, after the Dangote’s 650,000-barrel-a-day refinery, which is expected to be completed in 2019. Source Daily Trust Read More 

Oil workers to begin nationwide strike December 18 - The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has issued a 7-day ultimatum to the Federal Government. Source Daily Trust Read More 

FAAC: States to Partake in Reconciliation of NNPC Figures - The various states of the federation will now be part of the reconciliation team of the Nigerian National Petroleum Corporation( NNPC) revenue for the federation account to avoid discrepancies Source Thisday Read More 

Kachikwu Rolls Out Emergency Plan to End Petrol Scarcity - Following the directive by the Federal Executive Council (FEC) to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to end the fuel shortages by the weekend, the minister yesterday rolled out short-term measures, which he said would end the fuel scarcity. Source Thisday Read More 

We’ll complete Egina project for $16bn – Total - Total Upstream Nigeria Limited has said the Egina deep-water project is expected to be completed in the fourth quarter of 2018 for the initial budget of $16bn. Source Punch Read More 

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PROSHARE BUSINESS

China's financial system has three important 'tensions,' the IMF says - An almost two-year long study of the Chinese financial system by the International Monetary Fund found three major tensions that could derail the world's second-largest economy. Source CNBC Read More 

World Bank cuts Kenya's 2017 economic growth estimate to 4.9 pct - The World Bank has cut its 2017 growth estimate for Kenya’s economy to 4.9 percent, which would be the slowest annual expansion in five years, due to drought, sluggish credit growth and a prolonged election season, it said on Thursday. Source Reuters Read More 

Mozambique's CPI slows to 7.15 percent y/y in November - Mozambique’s annual consumer price inflation slowed to 7.15 percent in November from 8.35 percent in October, the National Institute of Statistics said on Thursday. Source Reuters Read More 

China Exports Jumped in November as Import Gains Signal Strength - China’s exports unexpectedly jumped as global demand remained firm, while import growth in the world’s second-largest economy continued to outpace sales abroad. Source Bloomberg Read More 

Morgan Stanley Says China Partner Is Open to Cede Control - Morgan Stanley’s partner in its Chinese securities venture is willing to give up control as the government prepares to remove a foreign ownership cap, according to the U.S. bank’s Asia-Pacific co-Chief Executive Officer Wei Christianson. Source Bloomberg Read More 

GE Ranks First in 2017 Downsizing After 12,000 More Job Cuts - General Electric Co. already has the distinction of being the worst performer in the Dow Jones Industrial Average this year. Now it’s taken the lead among U.S. companies in announcing the most job cuts. Source Bloomberg Read More 

TSA Failed to Plan for PreCheck’s Popularity, Watchdog Says - The Transportation Safety Administration failed to plan for the popularity of its PreCheck program, causing staffing headaches and a backlog of paperwork, according to a new report. Source Bloomberg Read More 

Zimbabwe to Cut Spending, Relax Its Black Ownership Laws - Zimbabwe will trim spending and increase tax revenue next year and relax laws that require black citizens hold majority stakes in companies as it looks to restore confidence and boost economic growth, Finance Minister Patrick Chinamasa said. Source Bloomberg Read More 

Gold Beaten Down in Worst Week in Seven Months on U.S. Rate View - Gold is heading for the biggest weekly drop since May as investors anticipate higher U.S. interest rates, and progress on tax reform buoys the dollar. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Black Friday Falls Short On the Street - Another Black Friday came upon us. The biggest retail period of the year failed to fundamentally shift underlying trends in spending as depressed income and less promotion remained the culprit. Source Proshare Read More 

Nigeria’s broadband to increase to 30% by 2018 - The Executive Vice Chairman of Nigeria Communications Commission (NCC), Prof Umar Danbatta, has restated his commitment to ensure that Nigeria increases its broadband from 24 to 30 percent by 2018. Source Daily Trust Read More 

IFIS secures CBN’s approval, crosses 10,000 agents’ mark - A commercial Super-Agent licence has been granted to Interswitch Financial Inclusion Services (IFIS), a subsidiary of Interswitch Group, by the Central Bank of Nigeria (CBN). Source Guardian Read More 

FG approves ‘partial’ sale of NIPOST - The Federal Government has approved a partial sale of the Nigerian Postal Service (NIPOST), the Minister of Communications Adebayo Shittu has said. Source Daily Trust Read More 

Bitcoin plummets more than 12 percent to below $15,000 - Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session. Source Reuters Read More 

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