Nigeria in 1min: Economic, Business and Financial Headlines – 161018

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Tuesday October 16, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

NCDMB Partners Dangote Refinery on Local Content Implementation-Nigerian Content Development and Monitoring Board (NCDMB) has praised the management of Dangote (Petroleum Refinery and Petrochemical Free Trade Zone Enterprises (DPRP) over its adherence to the local content law in the execution of its projects and declared its intention to further partner with it for effective implementation of the Local Content policy in the country. Source Proshare Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas – September 2018-Average price paid by consumers for premium motor spirit (petrol) increased by 1.9% year-on-year and 0.3% month-on-month to N147.30 in September 2018 from N146.90 in August 2018. Source Proshare Read More 

Again, Court Blocks INEC’s Accounts Over N17.258bn Judgment Debts - The Federal High Court in Abuja on Monday ordered the accounts of the Independent National Electoral Commission with the Central Bank of Nigeria to be blocked over the commission’s alleged refusal to pay a judgment debt of N17.258bn to a creditor. Source Punch Read More 

Nigeria Losing 500mmscf Of Gas Daily – NNPC - The Nigerian National Petroleum Corporation stated on Monday that on a daily basis, over 500 million standard cubic feet of gas were being shut in by producers as a result of the problems in the power sector. Source Punch Read More 

2017 Budget Achieved 86% Performance – Udoma - The federal government 2017 budget recorded an 86 per cent implementation, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has disclosed. Source Vanguard Read More 

Half World Population Lives On Less Than $5.50 Per Day – World Bank - According to the Bank, economic advances around the world mean that while fewer people live in extreme poverty, almost half the world’s population – 3.4 billion people- still struggles to meet basic needs, the World Bank said. Source Leadership Read More

 

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PROSHARE REGULATORS

SEC Mandates All CMOs to Register With Their Respective Trade Associations-The Commission hereby draws the attention of all Capital Market Operators to Rule 25(1)(a) of the SEC Rules and Regulations (as amended) on Membership of Self-Regulatory Organizations (SROs). Source Proshare Read More 

Forward Looking Regulatory Practice: Anticipating Management Of Financial Risks From Climate Change - Today the PRA has published a consultation paper on a draft supervisory statement (SS) which sets out expectations regarding firms’ approaches to managing the financial risks from climate change. Source Proshare Read More

 

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PROSHARE MARKETS

SEC Allays Fears on Market Performance-Acting Director General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk has assured investors in the Capital Market that there is nothing to fear on the performance of the market as the 2019 election approaches. Source Proshare Read More 

Money Market Rate Decreased Marginally as OVN and OBB Fell to 19.75% and 19.17% Respectively-The money market rate decreased marginally last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 19.75% and 19.17% respectively. Consequently, the average money market rate fell by 2.22% to settle at 19.46% due relatively buoyant system liquidity until Thursday and Friday mop up to close at cN50bn. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week – 151018-Last week, the local bourse posted a positive performance despite an overall bearish sentiment fueled by political uncertainties and higher yields in the US. Source Proshare Read More 

Stock Market Halts Two-Day Gaining Streak as NSEASI Dips by -0.13% to Open The Week Negative-Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 32,413.48 basis points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.24%. Source Proshare Read More 

OPEC Sees Weaker Oil Demand In 2019 As Rivals Output Surge - The Organisation of Petroleum Exporting Countries (OPEC) has cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably U.S. shale drillers. Source Daily Trust Read More 

Oil Prices Rise Towards $85pb As Asian Shares Slip - Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism, despite a rebound in global equities. Not helping the mood, oil prices increased and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West. Source Leadership Read More

 

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PROSHARE BUSINESS

Executive Order 6 : Experts, Groups React to Decision-Last week  Friday, a Federal High Court in Abuja upheld the constitutionality of the Executive Order 6 signed by President Buhari on July 25, 2018 which allows the interim seizure of assets linked to investigation, ongoing criminal trials and other related offences. Source Proshare Read More 

CCNN, Kalambaina Cement Merger Gets Regulatory Approval - The Cement Company of Northern Nigeria Plc says it has got an approval from the Securities and Exchange Commission and the Nigerian Stock Exchange on its proposed merger with Kalambaina Cement Company Limited. Source Punch Read More 

Dangote Cement Introduces Blocmaster To End Building Collapse - As part of efforts to end cases of building collapse in the country, Dangote Cement has come out with Dangote BlocMaster Cement. Source Guardian Read More 

IPO Flop Sounds Alarms For Egypt Before $6 Billion Selling SpreeA bleak debut for Sarwa Capital’s stock would have been bad enough but it may also be an omen for Egypt’s plans to raise over 100 billion pounds ($6 billion) in its state divestment drive. Source Blomberg Read More 

 

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PROSHARE TECHNOLOGY

Everything You Ever Needed To Know About Mobile Security and 3 Other Guides For Digital Security-The ExpressVPN blog features advice, explanations, reviews, information security updates, online privacy, politics, ExpressVPN products, and all the things about which we are passionate. Source Proshare Read More 

The Big Blockchain Lie-With the value of Bitcoin having fallen by around 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. Source Proshare Read More 

Google Latest To Withdraw From Saudi ConferenceAlphabet Inc’s Google on Monday became the latest company to drop out of a business conference in Saudi Arabia. Source Reuters Read More 

The World Federation Of Exchanges Responds To Global Financial Network (GFIN) Consultation - The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has today responded to the Global Financial Innovation Network (GFIN) Consultation Document. Source Proshare Read More 

Facebook Bans Misinformation on Voting Methods on Its SitesFacebook Inc., the world’s largest social network, said it’s banning misinformation on its platform about how people can vote or whether their vote will count, broadening its policies to prevent voter suppression ahead of the U.S. midterm elections. Source Blomberg Read More  

 

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PROSHARE FINANCE

President Obasanjo And Atiku Abubakar: A Reconciliation, Not An Endorsement - I have deliberately made this explanatory note long because I think it is necessary that people make up their minds based on the facts, given my central role in the event. I note that Sheikh Gumi has already told his own side of the story. I feel obliged to state my own side so that Nigerians can have a clearer picture of my own involvement. Sadly, I personally did not read President Obasanjo’s statement until two days later on the Internet since I was not physically in the hall. Source Proshare Read More

 

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