Nigeria in 1min: Economic, Business and Financial Headlines – 160819

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Friday, August 16, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @UBAGroup


 

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PROSHARE ECONOMY

Why Gold Prices Are About To Skyrocket Even Higher - The gold bears have finally caved under the deafening barrage of fiscal and geopolitical catalysts, from Fed hints to intensely brewing conflict with Iran. But there is one key trend that stands to push gold up beyond $1,700--regardless of the day's news. Source Oilprice Read More

FIRS Public Notice On Deduction At Source of WHT And VAT On Compensation Paid By Principal Companies - The Federal Inland Revenue Service (FIRS) issued a Public Notice today, 14 August 2019, directing taxpayers, particularly companies in the Fast Moving Consumer Goods sector, to deduct and remit withholding tax and value added tax on the “compensation” due to their distributors, dealers and agents. Source KPMG Nigeria Read More  

A Rising Tide Lifts All Boat - H1 2019 Review And H2 Outlook - In the first half of the year 2019, the Nigerian economy stabilised, at a growth rate of 2.01%, figures from the most recently released quarterly GDP estimates from the National Bureau of Statistics (NBS) show. Source Greenwich Research Read More

FG Mulls Recapitalisation Strategy For Power Companies - Following the debate of either to recapitalise or repossess the electricity companies unbundled from the defunct Power Holding Company of Nigeria (PHCN), Vice President Yemi Osinbajo has disclosed of a new strategy to recapitalise them through a new electrification road-map. Source Guardian Read More

 

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PROSHARE REGULATORS 

CBN Warns MFBs Against Hoarding Lower Currencies - The Central Bank of Nigeria has warned microfinance banks in the country against hawking and hoarding of lower denomination currencies under its latest intervention. The CBN gave this warning, when it released its guidelines for the disbursement of lower denominations of the naira through microfinance banks across the country. Source Punch Read More

 

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PROSHARE MARKETS

Access To FX For Food Imports: 10 Reasons Mr President Should Reconsider This Directive - Nigeria is not food sufficient, available data suggests the contrary. Stopping FX allocation to importers of foods will have unintended consequences. Source Taiwo Oyedele Read More 

Investors Lose N14.71bn As NSEASI Dips By -0.11% - Equities market closed today on a negative note, as NSEASI depreciated by -0.07% to close at 27,052.93 points as against -0.82% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.93%. Source Proshare Markets Read More 

Consolidated Hallmark Insurance Plc Announces Update On NAICOM’S Recapitalization Directive – As you may have become aware, the National Insurance Commission (NAICOM), on May 20, 2019 announced an increase in the minimum capital for insurance company business in Nigeria, with an effective date of June 30, 2020. Source NSE Read More 

 

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PROSHARE BUSINESS

China Invests $16bn In Nigeria’s Oil Sector - China National Offshore Oil Corporation has invested $16bn in Nigeria’s oil and gas sector.  CNOOC’s Executive Vice President, Mr Lu Yan Ji, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, announced this on Thursday. Source Punch Read More 

SEC Releases Videos For Investors On Choosing And Working With A Financial Professional - The Securities and Exchange Commission today released a series of short educational videos designed to provide ordinary investors with basic information about choosing and working with a financial professional. Source US SEC Read More

Trump Says China Talks 'Productive'; Beijing Vows Tariff Retaliation - U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept 1. Source Reuters Read More

Apple Says It Supports 2.4 Million U.S. Jobs - The iPhone maker said its direct workforce grew from 80,000 to 90,000 in the 2-1/2 years since its last U.S. job estimate. But most of the estimated growth came from companies such as Broadcom Inc which make parts in the United States for Apple products and from third-party software developers making apps for Apple devices. Source Reuters Read More

 

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