Nigeria in 1min: Economic, Business and Financial Headlines – 130918

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Thursday, September 13, 2018 / 7:50 AM / Proshare News

 

PROSHARE ECONOMY

H2 2018 Consumer Goods Outlook - Topline To Remain Volume Driven- Following the release of the H1 2018 results of companies under our consumer goods coverage, we remain slightly optimistic in our view of top line performance in the second half of 2018.Source Proshare Read More 

Master Bakers Association Threatens to Increase The Price of Bread Due to Rising Costs of Inputs- The Master Bakers Association is threatening to increase the price of bread in response to rising costs of inputs. Source Proshare Read More 

$8.9b lost annually to post-harvest wastage, says NIRSAL - Nigeria loses $8.9 billion annually to agricultural post-harvest losses as a result of poor and unsecured haulage system Source THE NATION Read More 

Labour Issues FG 14-day Ultimatum Over New Minimum Wage - Organised labour comprising the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and United Labour Congress (ULC) have demanded that federal government should do all that is necessary to ensure that the Tripartite Committee negotiating the new minimum wage is allowed to conclude its work within 14 days. Source Leadership Read More 

2019 Elections: Why Nigeria Needs Quality Leaders to Emerge-At a recent forum, Dr Obiageli Ezekwesili, Former Minister of Education in Nigeria, while speaking on the forthcoming 2019 general elections made a strong case for quality leaders to emerge in order to ensure a transformation in the socio-economic landscape of the nation. Source Proshare Read More 

FEC approves 3 draft bills to be forwarded to National Assembly - The Federal Executive Council (FEC) has approved three draft bills that would soon be forwarded to the National Assembly for passage into law. Source Daily Trust Read More 

AfDB Board Okays Policy on Non-sovereign Operations - The Board of Directors of the African Development Bank Group (AfDB) wednesday approved its policy on Non-sovereign operations (NSO). Source Thisday Read More

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PROSHARE MARKETS

NSEASI Closes Below 33,00bpts as Sell-off Continues; Thanks to Big CAPs- Equities market closed today on a negative note, as NSEASI depreciated by -3.46% to close at 32,292.79 basis points as against -0.48% depreciation recorded previously. Source Proshare Read More 

Yield Curve Nears Inversion as DMO Clears 1-Year Bill at 15.60% eff. Yield - The Bond market remained flat on the day, as market players continued to stay on the sidelines. We witnessed some continued interests on the mid-tenors (26s -28s) at c.15.10% - 15.15%, whilst we saw slight sell on the 2036s up to c.15.49% at the close of trading. Source Proshare Read More 

London Slips From Top Spot In Global Financial Centre Rankings, New York Now No 1 – Full List- The Z/YEN Global Financial Centres Index (GFCI 24) released today found New York overtaking London to take the index top spot for first time since March 2015. Source Proshare Read More 

Focus on N435.7bn under-recovery, Discos tell NERC - The Association of Nigerian Electricity Distributors has asked the Nigerian Electricity Regulatory Commission to focus on the N435.7bn under-recovery by electricity operators in the country rather than being distracted by the activities of the body. Source Punch Read More

 
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PROSHARE BUSINESS

Erdogan Names Himself Turkey Wealth Fund Chairman in Shakeup - President Recep Tayyip Erdogan appointed himself chairman of Turkey’s sovereign wealth fund and got rid of the entire management staff that had presided over two years of inaction. Source Bloomberg Read More 

Chinese Company Running Kenyan Rail Line Wins Oil-Terminal Deal - China Communications Construction Co., the firm running Kenya’s new railway, won a bid to build an oil terminal that will boost discharge capacity more than 10-fold from an existing facility, according to port authorities. Source Bloomberg Read More 

Kenyan central bank fines five banks a total of $3.89 mln - Kenya’s central bank on Wednesday said it had fined five commercial banks a total of 392.5 million shillings ($3.89 million) in connection with the theft of funds at the National Youth Agency, a government body said. Source Reuters Read More 

South Africa's business confidence index falls in August -  South Africa’s business confidence fell in August to 90.5 from 94.7 in July after activity was hit by a decline in merchandise export volumes, a weaker rand and higher inflation, a survey showed on Wednesday. Source Reuters Read More 

Gold slips amid U.S.-China trade war concerns - Gold fell on Wednesday, but remained stuck in a narrow trading range as investors worry about a simmering trade war between the United States and China. Source Reuters Read More 

Oil prices fall as economic concerns counter tightening supplies - Oil prices fell on Thursday, reversing some of the strong gains from the previous session, as economic concerns raised doubts about ongoing fuel demand growth. Source Reuters Read More 

Saudi Arabia Raises $2 Billion in Islamic Bond Sale - Saudi Arabia raised $2 billion through the issuance of notes due January 2029, completing the kingdom’s external funding requirements for the year. Source Bloomberg Read More 

U.S. Proposing New Round of Trade Talks With China - The Trump administration is giving Beijing another chance to try to stave off new tariffs on $200 billion in Chinese exports, asking top officials for a fresh round of trade talks later this month, people briefed on the matter said. Source WSJ Read More

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PROSHARE TECHNOLOGY

Broker Charged With Fraud And Unlawful Distribution Of Unregistered Cryptocurrency Securities FINRA-announced yesterday that it filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts, charging him with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called HempCoin. Source Proshare Read More 

SEC Sets Up Special Committee On Fintech For Capital Markets-technology driven market was initiated today at the Fintech Learning Series held today for all staff of the Securities & Exchange Commission (SEC) in Abuja by the Fintech Association of Nigeria when Ms. Source Proshare Read More 

Active Voice Subscribers Increased by 0.09% in Q2 2018 – NBS-Telecoms data for Q2 2018 reflected that a total of 162,522,772 subscribers were active on voice as against 149,309,815 in Q1 2018 which represented 0.09% increase in subscribers' base. Source Proshare Read More 

Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash - The Great Crypto Crash of 2018 looks more and more like one for the record books. Source Bloomberg Read More 

Nigeria Woes Sees MTN's Market Value Sink Below Safaricom - Once Africa’s largest wireless carrier by market value, MTN Group Ltd.’s shares have been pummeled by a regulatory crisis in Nigeria. Source Bloomberg Read More 

$10.1bn demand makes local listing challenging, says MTN - A $10.1bn demand by Nigerian authorities from South African telecoms group, MTN, makes its planned debut stock market listing in the country “pretty challenging and awkward,” the group’s chief financial officer said on Wednesday. Source Punch  Read More 

Danbatta: Telecoms Investment Surpasses $70bn in One Year - The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has put the value of the contribution of the telecoms sector to the country’s Gross Domestic Product (GDP) at over $70 billion. Source Thisday Read More 

Telecoms operators need $450b for 1.5 billion offline users - The United Nations (UN) has estimated that to connect the next 1.5 billion that are yet to come online across the globe, telecoms operators would need over $450 billion. Source Guardian Read More

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PROSHARE REGULATOR

Additional Regulatory Guidelines for the Operation of the Redesigned CRMS-Further to the Redesigned CRMS Go-Live in February 2017 and release of regulatory guidelines for some, attached document provides additional guidelines relating to: Source Proshare Read More

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PROSHARE MSME

#CIBNBFC2018: Stakeholders harp on collective efforts to boost MSME Clusters in Nigeria - Stakeholders at the 11th edition of the annual banking and finance conference organized by the Chartered Institute of Bankers of Nigeria, are calling for concerted efforts to build strategic clusters for SMEs in the country. Source Proshare Read More

 

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