Nigeria in 1min: Economic, Business and Financial Headlines – 230818

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Thursday, August 23, 2018 / 7:00 AM / Proshare News
 

PROSHARE ECONOMY

Loss of WHT Credit Looms as FIRS Mandates Reconciliation of WHT Credit Position in 15 Days - Federal Inland Revenue Service (FIRS) has started inviting taxpayers for reconciliation of their withholding tax (WHT) credit positon with FIRS’ records summarised in the taxpayer’s K-Card (tax position card). Source Proshare Read more 

Nigeria’s oil revenue hits $26bn in seven months - Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year. Source Punch Read more 

Kwara Revenue Board Injects N13.5bn in Special Projects - The Chairman of the Kwara State Internal Revenue Service (KWIRS), Dr. Muritala Awodun wednesday disclosed that the agency has injected about N13. 5 billion to the state’s special infrastructure development fund (IF-K), since the fund was inagurated in September 2016. Source Thisday Read more 

Airlines’ Domestic Passengers Drop by 30% - Passenger traffic on domestic routes in the country dropped by over 30 per cent in the first half of 2018, compared with same period last year Source Thisday Read more 

Low consumer confidence hits Shoprite sales in Nigeria - Shoprite Nigeria recorded its slowest sales growth in years as the popular retailer struggled to grow sales in an economy battling declining consumer Source BUSINESSDAY Read more 

Power sector ‘lost N324.3b’ in eight months - New data from the advisory power team in the office of Vice-President Yemi Osinbajo has shown that the power sector has lost N324.3bilion this year, due to gas constraints and poor distribution network. Source THE NATION Read more 

Crude Oil Price Hits Two-week High at $74 as US Inventories Drop - Crude oil price Wednesday hit a two-week high above $74 per barrel as an industry report showing a sharp drop in United States crude inventories and the country’s sanctions on Iran pointed to tighter supplies. Source Thisday Read more

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PROSHARE BUSINESS

Saudi Arabia reportedly calls off Aramco IPO and disbands advisers - Saudi Arabia has scrapped its plans to list shares of state-owned energy giant Aramco on stock exchanges, Reuters reports. Source CNBC Read more 

Egypt targets $11 bln foreign investment in 2018-19 vs $7.9 bln in previous year - Egypt plans to attract $11 billion in foreign direct investment in the current 2018-19 fiscal year, up from $7.9 billion the year before, Planning Minister Hala al-Saeed said on Wednesday. Source Reuters Read more 

South Africa's consumer inflation rises to highest in ten months in July -  South Africa’s headline consumer inflation rose to its highest in ten months in July as the cost of transport and household goods increased, but some analysts said the central bank was unlikely to raise interest rates. Source Reuters Read more 

Goldman to Shut Two Hedge Funds Run Out of Asia - Goldman Sachs Group Inc. is shutting two hedge funds run by people based in Asia, according to people with knowledge of the matter. Source Bloomberg Read more 

U.S., China Resume Trade Talks as Trump Imposes New Tariffs - The revival of trade negotiations between the U.S. and China after a months-long standstill has generated new hopes in financial markets that an all-out trade war between the world’s two largest economies may be averted. Source Bloomberg Read more 

Turkey’s Meltdown Hits Japanese Mom-and-Pop Investors - Individuals who snapped up high-yielding bonds denominated in lira and other foreign currencies find themselves sitting on large paper losses Source WSJ Read more

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PROSHARE TECHNOLOGY

SEC Quashes More Bitcoin ETF Pitches in Another Blow to Crypto - The U.S. Securities and Exchange Commission rejected another round of attempts to list exchange-traded funds backed by Bitcoin, blocking ETFs from ProShares, GraniteShares and Direxion on concern prices could be vulnerable to manipulation. Source Bloomberg Read more

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PROSHARE MSME

Diamond Bank disburses N1b under SME lending scheme to boost financial inclusion - Diamond Bank Plc, has demonstrated its support for Small and Medium-Scale Enterprises (SMEs), with the disbursement of over N1billion under the cash flow-based SME lending scheme. Source Guardian Read more

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