Nigeria in 1min: Economic, Business and Financial Headlines – 150618

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Friday, June 15, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Nigeria’s Foreign Trade: Review and Implications- According to the National Bureau of Statistics (NBS), Nigeria’s trade balance improved by 20.95% to N2.18trn ($7.14bn) in the first quarter of 2018, as the country recorded increases in both exports and imports. Source Proshare Read more 

Average Water Transport Fare Increased By 0.57% MoM in May 2018 – NBS-The Transport fare watch report for May 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source Proshare Read more 

Nigeria’s Inflation Declines Again To 11.61% In May- Nigeria’s headline inflation dipped for the 16th consecutive month to 11.61% in the month of May from 12.48% in April, in line with analysts’ expectations and general consensus. Also noteworthy is the fact that core and food inflation as well as urban and rural inflation declined. Cumulatively, inflation rate has declined by 3.52%, supported mainly by the base year effects. Source Proshare Read more 

Nigerian airlines sold tickets worth N505.2bn in 2017 – NCAA - Nigerian Civil Aviation Authority, NCAA, said, Thursday, that domestic and international airlines operating in Nigeria sold tickets worth N505.2 billion in 2017. Source Vanguard Read more 

Airline operators suspend VAT remittance - Airline Operators of Nigeria (AON) have stopped remittance of Value Added Tax (VAT) to the Federal Government with effect from June 14 Source Daily Trust Read more 

Nigeria’s agric export earnings N5b, says Ogbeh - The Minister of Agriculture Audu Ogbeh yesterday said Nigeria’s agricultural export earnings have increased by 180 per cent, hitting over N5 billion in the last one year. Source THE NATION Read more 

Nigeria, Others Lose $160tr Due to Earning Gaps - Globally, countries are losing $160 trillion in wealth because of differences in lifetime earnings between women and men. Source Thisday Read more 

Nigeria Loses $5bn Annually to Lopsided Bilateral Agreements - Nigeria loses over $5 billion annually in the aviation industry which includes about $2 billion repatriated per annum by foreign airlines and unserviced Bilateral Air Service Agreement (BASA). Source Thisday Read more
 

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 140618 - The equities market recorded mixed performance – the listed equities market recorded 0.67% gain WoW while the NASD OTC dropped by -0.4% WoW. Source Proshare Read more 

NSEASI Dips Further By -0.26% as Stock Market Extends Losing Streak- Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at 39,031.72.  basis points as against -0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.79%. Source Proshare Read more 

Funding rates Crash below 5% as CBN Holds off on OMO ahead of Sallah Break - The bond market traded on a relatively quiet note, with yields ticking slightly higher by c.2bps on average, mostly driven by client flows on the medium to long end of the curve. Source Proshare Read more

Forex: CBN Gives Retail SMIS $343.06m Boost  - The retail Secondary Market Intervention Sales (SMIS) has received a boost of $343.06 million from the Central Bank of Nigeria (CBN), following the Bank’s intervention in the Foreign Exchange market on Thursday, June 14, 2018. Source Proshare Read more 

PZ Cussons invests N60b in oil palm estates - PZ Cussons has reiterated its resolve to deepen investments in the palm oil sector with N60 billion. Source THE NATION Read more 

US, Korean Consortium to Invest $10bn in 4,185MW Ebonyi Power Project - A consortium of investors from the US and South Korea has offered to invest the sum of $10 billion in the Ebonyi Independent Power Project (EIPP) by the end of September. Source Thisday Read more

 
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PROSHARE REGULATORS

CBN, banks offer 10% incentive to importers with Renminbi invoice - The Central Bank of Nigeria (CBN) in collaboration with the deposit money banks is offering 10 percent mark-up as an incentive to importers of machinery and equipment with Renminbi invoice. Source BUSINESSDAY Read more
 

PROSHARE BUSINESS

CFA Nigeria Holds Workshop On Corporate Governance and Financial Reporting Quality on June 25- The Chartered Financial Analysts (CFA) in Nigeria is set to host a workshop on Corporate Governance and Financial Reporting Quality, on June 25, 2018 at the Wheatbaker Hotel, Lagos. Source Proshare, Read more 

CFA Society Nigeria Holds GIPS Sensitization Session On June 22- The Chartered Financial Analysts (CFA) Society in Nigeria is set to host its Global Investments Performance Standards (GIPS) market sensitization session at the Wheatbaker Hotel, Lagos on June 22nd, 2018 from 8am to 1.30pm. Source Proshare, Read more 

The Draft Nigerian Code of Corporate Governance 2018 For Your Input- The Financial Reporting Council (FRC) has unveiled the draft of the Nigerian Code of Corporate Governance (NCCG) 2018, the outcome of a 15-member committee set up in January to review the October 2016 suspended National Code. Source Proshare, Read more 

Trump Approves Tariffs on $50 Billion of Chinese Goods - President Donald Trump has decided to impose tariffs on about $50 billion in Chinese imports, according to two people familiar with the matter, in a move likely to escalate trade tensions between the world’s two biggest economies. Source Bloomberg Read more 

Oil Closes Below $67 as Saudis Predict `Inevitable' Supply Rise - Crude rose for a fourth consecutive day as a halting of oil loading from two key ports in Libya offset concerns about a phase-out of supply limits by OPEC and allied producers. Source Bloomberg Read more 

China and India Want to Buy More U.S. Oil to Counter OPEC - Two of Asia’s largest crude buyers are considering teaming up to buy U.S. supplies and counter OPEC’s dominance in the world’s biggest oil market. Source Bloomberg Read more 

Millionaires Now Control Half of the World's Personal Wealth - Personal wealth around the globe reached $201.9 trillion last year, a 12 percent gain from 2016 and the strongest annual pace in the past five years, Boston Consulting Group said in a report released Thursday. Source Bloomberg Read more

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PROSHARE MSME

FG disburses loans to 4,000 Edo SMEs - The Federal Government has disbursed loans to over 4,000 beneficiaries of the Government Enterprise and Empowerment Programme in Edo State. Source Punch Read more


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PROSHARE TECHNOLOGY

Google To Open AI Research Lab in Accra, Ghana; First In Africa- Tech giants are pouring money into artificial intelligence. Baidu and Google spent between $20 and $30 billion on AI in 2016 alone, according to research from McKinsey. Source Proshare, Read more 

Cryptocurrency tether used to boost bitcoin prices, study finds - There is evidence that tether, a digital currency pegged to the U.S. dollar, may have been used to manipulate the price of bitcoin BTC=BTSP and other cryptocurrencies, according to a research paper released by the University of Texas on Wednesday. Source Reuters Read more
 
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