Nigeria in 1min: Economic, Business and Financial Headlines – 281217

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December 28, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY

Nigeria’s Economic Indicators in 2017 - It is pertinent to say that the performance of the economy has been very impressive during the year as the economy exited recession in Q2 2017 after five consecutive quarters of contraction while inflation has also dropped consistently from 18.75% in January 2017 to 15.90% in November 2017, making it the tenth consecutive slowdown in headline inflation rate. Source Proshare Read More 

FAAC Disburses N532.76bn in November 2017 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N532.76bn to the three tiers of government in November 2017 from the revenue generated in October 2017. Source Proshare Read More 

Foreign debt servicing gulped $197.29m in Q3 – DMO - Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday. Source Punch Read More 

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A Tentative Recovery in Distributions; FAAC Payout Amounted to N610bn in December 2017 - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N610bn (US$1.99bn) in December (from November revenues).  Source Proshare Read More 

State of the Nigerian Polity: The Way Forward by Joe Abah - Dr. Joe Abah is a seasoned Nigerian administrator and erstwhile Director-General of the Bureau of Public Sector Reforms, a critical  parastatal in the federal civil service of Nigeria. Source Proshare Read More 

Masari signs into law N213bn as 2018 budget - Governor Aminu Bello Masari of Katsina State has on Wednesday signed into law the sum of N213 billion as budget for 2018. Source Guardian Read More 

Govt creating better environment to attract investments – Udoma - The Minister of Budget and National Planning, Senator Udo Udoma, has said the government is putting in place adequate measures to attract fresh investments into the country. Source Punch Read More 

JPMorgan fined $2.8m for improper safeguarding of Nigerian securities - JPMorgan Chase & Co, which has presence in Nigeria, has paid $2.8m fine to the United States regulator to settle charges that its broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries including Nigeria over more than eight years. Source Punch Read More 

DSO: Nigeria to gain N900bn, says NBC DG - The Director-General, National Broadcasting Corporation, Mr. Kawu Modibbo, on Wednesday said no fewer than $2bn or N900bn would be injected into the Nigerian economy as one of the benefits of the Digital Switch Over. Source Punch Read More 

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PROSHARE MARKETS

Market Opens the Week on a Negative as NSEASI Dips by -1.64% to Close Below 38,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.64% to close at 37,889.57 basis points as against +0.45% appreciation recorded previously. Source Proshare Read More 

Stocks Off and Near 52-Week Highs and Lows as at 221217 - 52-week high or low is the highest and lowest price a stock has traded at during the previous year and it is considered an important factor in determining a stock’s current value as well as predicting its future price movement or direction. Source Proshare Read More 

Zimbabwe, Malawi Stock Markets Lead African Markets in 2017 as Ivorian BRVM-10 Top Losers - The performance of African Stock markets so far in 2017 has been very impressive, looking at the current YTD performance, as most indices trade in the green zone. Source Proshare Read More 

Slight uptick in Bond Yields amid Profit Taking on the 10-yr - The bond market opened today on a relatively calm note, but turned slightly bearish towards the end of trading, due to some profit taking on the 10-yr (2027) bond which caused yields to rise by about 6bps across the curve. Source Proshare Read More 

FG Raises N7bn From Savings Bond In 10 Months - The federal government has raised a total sum of N7.3 billion in the past 10 months from its savings bond introduced in March 2017 to boost domestic investors’ participation in the bond market. Source Leadership Read More 

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Foreign tourist numbers up 23 percent in Tunisia in 2017 - The number of foreign tourists in Tunisia rose by 23 percent in 2017 compared with the previous year, official data showed, indicating that a vital industry crippled two years ago by Islamist attacks is recovering. Source Reuters Read More 

Russia Sees OPEC and Co Exit Oil Cuts Pact Very Smoothly - OPEC and its non-OPEC allies led by Russia will exit the production cuts deal very smoothly, and could extend supply restrictions in some form to ensure they would not be flooding the market, Russia’s Energy Minister Alexander Novak told Reuters in an interview published on Friday. Source Proshare Read More 

How Will Fossil Fuels Fare In 2040? - Fossil fuels have been the dominant source of energy for global economic prosperity for over 150 years. In 2016, fossil fuels overwhelmingly account for over 85 percent in global total primary energy consumption (TPEC)—but what role will they play in 2040 and beyond? There’s an ongoing debate among various agencies, researchers and academia whether the role of fossil fuels will significantly diminish. Source Proshare Read More 

OilPrice Intelligence Report: Oil Holds Steady Through Holidays - The World Economic Forum, the Institute of Electrical and Electronics Engineers, the MIT Technology Review, prestigious national laboratories, and a slew of other experts are buzzing about this new element that will transform the energy industry. Early investors are already reaping the benefits. Source Proshare Read More 

Kachikwu accuses companies in crude-for-product deal of profiteering - Ibe Kachikwu, Nigeria’s minister of state for Petroleum Resources has said Nigeria would review the list of companies allowed to participate in the Direct Sale of Crude Oil and Direct Purchase of Products (DSDP) programme on suspicion of profiteering and lack of capacity as fuel queues resurfaced to mar the Christmas holidays. Source BUSINESSDAY Read More 

Kaduna refinery produced 236m litres of PMS in first quarter’ - The Kaduna Refining and Petrochemical Company (KRPC) says it produced over 236.48 million litres of Premium Motor Spirits (PMS), otherwise known as petrol, for domestic consumption in the first quarter of 2017 amid technical challenges. Source Guardian Read More 

Fed Govt approves LPG extraction plant for Green Energy - The Federal Government has approved  the establishment of a liquefied Petroleum Gas (LPG ) extraction plant at Ikuru Town, Rivers state for  Green Energy International Limited, the Operator of the Otakikpo marginal field in OML 11. Source THE NATION Read More 

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PROSHARE BUSINESS

Nigeria's Top Ten News Makers in 2017 - We took a look at the Influential's, Executives and Political news-makers whose actions and thought have contributed to the corporate existence of our great nation in 2017. e Proshare Read More 

Fundamental Conditions Augur Well for Asia-Pacific Corporates in 2018 - Fitch Ratings forecasts a stable sector outlook in 2018 for its rated portfolio of 356 Asia-Pacific corporates. Source Proshare Read More 

Arab World Won't Be Led by Tehran or Ankara, U.A.E. Says - The Arab world needs to come together under Saudi-Egyptian leadership to push back against the ambitions of regional rivals Iran and Turkey, a U.A.E. minister has said. Source Bloomberg Read More 

Asian shares at one-month highs, copper stays near four-year peak - Asian shares rose to a one-month high on Thursday and were on track for their best annual performance since 2009, while commodity-driven currencies were buoyed by a strong copper, which held near a four-year peak. Source Reuters Read More 

Oil prices near 2015 highs on tight market - Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend. Source Reuters Read More 

Copper Rallies to Three-Year High as China Plant Halts Output - Copper in London surged to the highest in almost four years after China ordered its top producer to halt output to combat winter pollution, fueling a rally this year driven by optimism about demand and supply disruptions at mines. Source Bloomberg Read More 

PROSHARE FINANCE

#INK is creating a new way for artists to monetize and share their works through #Blockchain  - In a presentation at BlockShow Asia, Daniel Zhai, COO of Blockchain startup INK Labs Foundation, introduced the company’s Intellectual Property Assets Exchange built on the Qtum Blockchain. The platform will help artists both protect and monetize their creative works. Source COINTELEGRAPH Read More 

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PROSHARE TECHNOLOGY

2nd National Fintech Conference set to hold in January 2018 - Premised on the magnificent outcomes and feedback from the 1st edition, the 2nd National Fintech Conference and supporting events organised by Fintech Associates Ltd, Fintechstage Italy, Chartered Institute of Bankers of Nigeria Center for Financial Studies (CIBNCFS) and other credible local and foreign partners promise to further explore emergent trends and developments within the financial technologies ecosystem. Source Proshare Read More 

9mobile: Banks postpone December 31 handover - The December 31, 2017 deadline for the handover of 9mobile, Nigeria’s fourth largest telecommunications service provider to one of the five potential investors has been postponed to January 2018 Source BUSINESSDAY Read More 

Apple’s Tim Cook Gets 74% Bonus Boost After Sales, Profit Rebound - Apple Inc. Chief Executive Officer Tim Cook received a 74 percent increase in his annual bonus for fiscal 2017 as the iPhone maker posted higher revenue and net income, after a rare decline a year earlier. Source Bloomberg Read More 

Bitcoin Resumes Slide After Biggest Rally in Two Weeks - Bitcoin fell below $15,000 after the cryptocurrency’s biggest rally in two weeks ended a rout that wiped more than $9,000 off the price. Source Bloomberg Read More 

South Korea to impose new curbs on cryptocurrency trading - South Korea’s government said on Thursday it will impose additional measures to regulate speculation in cryptocurrency trading within the country. Source Reuters Read More 

PROSHARE MSME

African Presidents Draw Strong Consensus For Inclusive Growth at Africa 2017 - African presidents reached a strong consensus to focus on regional integration, inclusive growth and youth empowerment in order to achieve continued and sustained growth on the continent at the Africa 2017 Forum in Sharm El Sheikh, Egypt. Source Proshare Read More 

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