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Nigeria in 1min: Economic, Business and Financial Headlines – 271117

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November 27, 2017 8:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 271117 - In the week ahead, precisely the 30th of November 2017, Oil producing export countries (OPEC) will meet to determine whether to sustain the present cuts in production or further deepen the cuts in order to retain both market share and possibly beat up oil prices. Source Proshare Read More 

FG issues 175 waivers in five months, says importers abuse process - The Federal Government said out of the 318 concession applications received,  175 were processed from May 1 to November 24, 2017. Source Daily Trust Read More 

500 prominent Nigerians get tax status letters today - Tax status letters will be issued to no fewer than 500 high net-worth Nigerians by the Ministry of Finance today.It shows that the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS) is already paying off, according to Finance Minister Kemi Adeosun. Source Guardian Read More 

FG targets N62.5bn from luxury cars, cigarettes, alcohol’s duties - The Federal Government has proposed to generate additional N1tn non-oil revenue to reduce the deficit and loans in the 2018 budget. Source Punch Read More 

Domestic debt payment gulps N3.49tn in 32 months - In this report, captures the nation’s current dilemma of dwindling revenues and increasing debt burden, which has inspired debate on the country’s debt sustainability Source Punch Read More 

Q3’17: 22 manufacturing companies borrow N839.2bn - Amidst the country’s economic recovery phase and inability to raise long term capital from the Nigerian capital market, top 22 manufacturing companies listed across the sub sectors on the Nigerian Stock Exchange Source Vanguard Read More 

AfDB to invest $500m in Dev’t Bank of Nigeria - The African Development Bank (AfDB) said it is investing about $500 million in the Development Bank of Nigeria (DBN). Source Daily Trust Read More 

Nigeria spends N116b on palm oil importation - Despite the high exchange rate and its price, Nigeria has imported 450,000 tons of crude palm oil valued at N116.3billion ($323.1 million) since the beginning of the year, it was learnt at the weekend. Source THE NATION Read More 

Nigeria suffers $15bn post-harvest losses in tomato value chain - Inadequate storage, processing facilities and wastages in tomatoes value chain, cost Nigeria about $15 billion postharvest losses annually. Source THE SUN Read More 

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PROSHARE REGULATORS

Bank directors account for most non-performing loans – NDIC - The Nigerian Deposit Insurance Corporation has disclosed that from its examinations, most of the non-performing loans by the deposit money banks are insiders loan availed directors of the institutions. Source Daily Trust Read More 

Banks should collaborate with fintechs to improve financial inclusion —CBN - The Central Bank of Nigeria (CBN) has called on banks to collaborate with financial technology companies (Fintechs)   to improve level of financial inclusion in the country. Source Vanguard Read More 

CBN liquidity mop up to persist as N170bn hits interbank - Efforts by the Central Bank of Nigeria (CBN) to mop up idle cash (liquidity) is expected to persist this week, even as N170 billion inflow hit  the interbank money market. Source Vanguard Read More 

Digital currency trading is gambling, says NDIC - From the nation’s deposit insurer- the Nigerian Deposit Insurance Corporation (NDIC) came another strong warning at the weekend, for those allured by the high gains promised by promoters of digital currencies, saying that it is meddling with “uncertainty.” Source Guardian Read More 

PenCom releases new guidelines for voluntary contribution withdrawal - New guidelines to regulate Additional Voluntary Contributions’ withdrawals by workers have been released by the National Pension Commission. Source Punch Read More 

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PROSHARE MARKETS

NSEASI Extends Uptrend by 1.85%; Records 1.80% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +1.85% to close at 37,365.91 basis points as against +0.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +39.04%. Source Proshare Read More 

NASD USI Down by -0.4% WoW - NASD closed its trading day on Friday 24, November 2017 lower compared to last Friday. The Market Capitalisation shed 0.4% this week, closing lower at ₦406.30 billion against ₦408.30 billion previously. Source Proshare Read More 

Global Spectrum Set To List 800m Shares On NSE - Global Spectrum Energy Services (GSES) Plc, an indigenous oil and gas services company, said it had concluded arrangements for the listing of its 800 million shares on the Nigerian Stock Exchange (NSE). Source Leadership Read More 

Bond market closes positive as CBN maintains cut in OMO rates - The bond market closed the week on a relatively calm note, with slight buys on some maturities compressing yields by an average of 6bps. Average bond yield consequently declined to 14.59%, from 14.65% in the previous session. Source Proshare Read More 

Banks’ Borrowing From CBN Rises By 52% In One Week - Borrowing from Central Bank of Nigeria (CBN) by Nigerian banks rose by 52 per cent in one week, attributable to liquidity scarcity and banks demand for funds to participate in the special foreign exchange (FX) auctions conducted by the apex banking regulating body. Source Leadership Read More 

Attractive TB Yields Threaten Banks’ Savings Mobilisation - Although Nigerian banks have been aggressive in their savings deposit mobilisation strategies in recent times, a review of their financial results has shown that the response from customers has not been impressive. Source Thisday Read More 

UAC Shops for N15.4 Billion from Existing Shareholders - UAC of Nigeria Plc is currently shopping for N15.37 billion fresh capital from existing shareholders to boost its operations so as the record improved performance and deliver competitive returns to shareholders in the years ahead. Source Thisday Read More 

CBN Injects $498m in Forex Market in One Week - The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million. Source Thisday Read More 

FG allots N256m in November savings bond sales – DMO - The federal government has allotted N256.23 million in its November, 2019 and 2020 savings bond sales, according to the Debt Management Office (DMO). Source Daily Trust Read More 

NBET, firm sign power purchase pact on 40mw Dadin Kowa plant - Mabon Power Limited and Nigeria Bulk Electricity Trading Plc (NBET) have initiated a Power Purchase Agreement (PPA) to add 40mw to the electricity grid from its Dadin Kowa plant in Gombe State. Source Daily Trust Read More 

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PROSHARE BUSINESS

Gowon graces 2017 PEARL Awards, United Capital emerges overall winner - PEARL Awards the leading and premier awards ceremony for capital market excellence and performance in Nigeria, hosted its 2017 and 22nd edition since inception at the prestigious Eko Hotel & Suites in Lagos. Source Proshare Read More 

Algerian lawmakers approve budget calling for hikes in fuel prices, taxes - Algeria’s lower house of parliament on Sunday approved increases in subsidised gasoline and diesel prices for the third straight year as part of the 2018 budget, amid government attempts to compensate for a sharp fall in oil and gas revenues. Source Reuters Read More 

South Africa to outline "decisive" policy in 2018 after debt rating cut - South Africa will use its annual budget next year to outline “decisive” policy to strengthen its fiscal framework, the finance ministry said on Saturday after S&P Global Ratings cut its local currency debt to “junk” status. Source Reuters Read More 

S&P downgrades South Africa's local currency debt to "junk" status - S&P Global Ratings downgraded South African local currency debt to “junk” territory on Friday, citing a further deterioration in the country’s economic outlook and public finances, sending the rand tumbling. Source Reuters Read More 

Fitch keeps South Africa's credit ratings unchanged at BB+, stable outlook - Ratings firm Fitch kept both South Africa’s local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. Source Reuters Read More 

IMF credit to Chad delayed over Glencore oil debt - Chad’s stalled talks with Glencore on restructuring more than $1 billion in debt due to the trading firm has delayed the release of IMF funds for the struggling central African country until at least early next year, sources familiar with the matter said. Source Reuters Read More

Britain's Budget Is an Impossible Balancing Act - Pity Philip Hammond, the U.K.'s chancellor of the exchequer. His budget announcement today has to contend not just with the long-term fiscal implications of sluggish growth in productivity Source Bloomberg Read More 

Israel, Egypt Said to Discuss Gas Exports - Ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to a person with direct knowledge of the matter. Source Bloomberg Read More 

Airport Breaks World Record for Number of Flights in 24 Hours - Rising incomes and cheaper fares offered by budget carriers are fueling air travel in India, an aviation market set to be the third biggest behind China and the U.S. Source Bloomberg Read More 

Shell Joins Automakers to Offer Charging Stations Across Europe - Royal Dutch Shell Plc is linking up with some of the world’s biggest carmakers to expand its electric-vehicle charging business in Europe as it prepares for life beyond oil. Source Bloomberg Read More 

OPEC's No. 2 Producer Strains to Walk an Oil Pricing Tightrope - Iraq’s hitting a couple of speed bumps as it gears up for 2018 oil sales, after OPEC’s second-largest producer made unprecedented moves to sell one-off cargoes this year in addition to supplies under long-term contracts. Source Bloomberg Read More 

Energy Tycoon to Pour $4.6 Billion Into Southeast Asia's Boom - Gulf Energy Development Pcl’s billionaire founder Sarath Ratanavadi plans 150 billion baht ($4.6 billion) of investment in power plants over the next four years after the company’s listing this month. Source Bloomberg Read More 

Aramco, Sabic Sign Pact for $20 Billion Oil-to-Chemicals Project - Saudi Arabia’s two biggest companies signed an initial agreement to build a plant to process crude oil directly into chemicals, a project the partners estimate will have a final value of some $20 billion. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Bitcoin Guns for $10,000 as Cryptocurrency Mania Intensifies - Bitcoin is showing no signs of slowing down, blowing past $9,000 less than a week after topping $8,000 and now quickly closing in on five big figures. Source Bloomberg Read More 

Jeff Bezos’s Net Worth Just Broke $100 Billion - Jeff Bezos is the world’s newest $100 billion mogul. Source Bloomberg Read More 

Meredith to buy Time with help from the Koch brothers, but says they won’t have any influence - It’s official—Meredith Corporation will buy Time Inc. in an all-cash transaction valued at $2.8 billion. Meredith said today it agreed to pay $18.50 per share for all outstanding shares of Time Inc. As reported earlier this month by the New York Times, the deal, which is slated to close in the first quarter of next year, includes equity financing from the billionaire Koch brothers, who are known for supporting conservative policy. Source TECH CRUNCH Read More 

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