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Nigeria in 1min: Economic, Business and Financial Headlines – 291117

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November 29, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

One-day Quarterly Conference on ‘Nigeria’s Economic Outlook’, to hold on 14 December 2017 - Economic Associates (EA) will host a one-day quarterly conference on Nigeria’s Economic Outlook on Thursday, 14 December 2017 at Radisson Blu Hotel & Anchorage, Ozumba Mbadiwe Street, Victoria Island, Lagos.  Source Proshare Read More 

2018 budget projections unrealistic — Senators - Some senators yesterday described the  projections contained in the  2018 budget proposal presented by President Muhammadu Buhari as unrealistic. Source Daily Trust Read More 

Nigeria owes World Bank Group $7.8b - A new report has shown that Nigeria owes 51 per cent of its cumulative $15.35 per cent external debt to the World Bank Group. Source THE NATION Read More 

Fed Govt takes over Lagos Trade Fair Complex over N6b debt - The Federal Government has finally taken over the Lagos International Trade Fair Complex (LITFC) over alleged breach of agreement by the concessionaire, Aulic Nigeria Limited. Source THE NATION Read More 

Adeosun: only 40m Nigerians pay tax - Out of 70 million taxable adults in Nigeria, only 40 million pay taxes, the Minister of Finance, Mrs. Kemi Adeosun has said. Source THE NATION Read More 

Pension fund hits N7.2tr - Nigeria’s pension fund assets under the  Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September  from the N7.094 trillion recorded in August. Source THE NATION Read More 

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AfDB boosts agric with $10m equity investment - The Board of Directors of the African Development Bank Group (AfDB) yesterday approved $10 million equity investment in Phatisa Food Fund2 (PFF2) to boost agriculture and nutrition across Africa. Source THE NATION Read More 

Africa Capital Works Fund wins $15m AfDB equity investment - The Board of Directors of the African Development Bank (AfDB) has approved a $15million equity participation in Africa Capital Works Fund. Source THE NATION Read More 

Global hedge fund industry hits $3.2tr - A survey conducted by the International Organisation of Securities Commissions (IOSCO) has indicated that the global assets under management (AUM) of hedge funds have increased over the past two years by 24 per cent to $3.2 trillion. Source THE NATION Read More 

Auto dealers lose N1.7b to customs, army raids - The Association of Motor Dealers of Nigeria (AMDON) yesterday lamented that its members lost about 400 vehicles valued at N1.7billion to incessant raids by officials of the Nigeria Customs Service (NCS) and the Army. Source THE NATION Read More 

Import prohibition attracts $10b investment, says CBN - The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the import prohibition policy of the apex bank has attracted investment valued at $10billion into the country. Source THE NATION Read More 

OPEC Will Extend The Cut - There will be an OPEC deal extension—no matter the public tussling between opposing forces in the industry cartel—if the world's largest oil producers are really determined to end the supply glut.  Source Proshare Read More 

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PROSHARE REGULATORS

Good Practices for the Termination of Investment Funds Report Seek to Protect Investors - The Board of the International Organization of Securities Commissions (IOSCO) on Thursday, November 23, 2017  published 14 good practices on the voluntary termination of investment funds that seek to protect investors’ interests during the termination process. Source Proshare Read More 

PROSHARE MARKETS

Market Resumes Uptrend as NSEASI Inches Up by 0.68% - Equities market closed today on a positive note, as NSEASI appreciated by +0.68% to close at 37,503.73 basis points as against -0.31% depreciation recorded previously. Source Proshare Read More 

A Good Job by the DMO in the Circumstances - The DMO can be content with last week’s monthly auction of FGN bonds. It offered N100bn, raised N88bn (US$290m) and attracted a total bid of N105bn. Source Proshare Read More 

FCMB Group Q3 2017 Results: Earnings to Receive a Boost Following Acquisition - FCMB Group’s (FCMB) Q3 2017 results were broadly in line with our forecasts. Nevertheless, we have increased our 2017-18E earnings forecasts by around 7% on average on the back of the expected boost to earnings from the consolidation of Legacy Pensions Managers (Legacy).  Source Proshare Read More 

Global Spectrum Energy Services Lists on the NSE - The Nigerian Stock Exchange (NSE) on Monday, November 27, 2017, listed by introduction, eight hundred million (800,000,000) ordinary shares of Global Spectrum Energy Services Plc at N5 Per Share on its Main Board.  Source Proshare Read More 

Fitch Rates Nigeria's USD Notes 'B '- Fitch Ratings has assigned Nigeria's USD1.5 billion 6.500% senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625% senior unsecured notes due 28 November 2047 the final rating of 'B+'. The final rating replaces the expected rating of 'B+(EXP)' that Fitch assigned on 15 November 2017.  Source Proshare Read More 

CBN Boosts Forex Market with $210m - The Central Bank of Nigeria (CBN) on Tuesday, November 28, 2017, announced the injection of another $210,000,000 to boost liquidity in the inter-bank Foreign Exchange Market.  Source Proshare Read More 

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Interbank money market resists N90bn liquidity mop up - Efforts by the Central Bank of Nigeria (CBN) to mop-up liquidity from the interbank money market proved abortive as the N90 billion treasury bills (TBs) issued on Monday was undersubscribed by 47 percent. Source Vanguard Read More 

Pakistan has commenced buying Liquefied Natural Gas - Pakistan has commenced buying Liquefied Natural Gas (LNG) as part of efforts to deepen the economic relationship with Nigeria. Source BUSINESSDAY Read More 

Oil falls on doubts over extending output cuts, surprise rise in U.S. crude stocks - Oil prices fell on Wednesday on doubts OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories. Source Reuters Read More 

Kashimbila Dam to gulp another N50bn – commission - The Fiscal Responsibility Commission (FRC) says the Kashimbila Multipurpose Dam will gulp another N50 billion for its completion. Source Vanguard Read More 

‘Discos’ force majeure notice jeopardising power generation’ - The force majeure notice recently issued by power distribution companies and their disapproval of the eligible customer regulation of the Nigerian Electricity Regulatory Commission are jeopardising power production in the country. Source Punch Read More 

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PROSHARE BUSINESS

Dangote is pride of black race-Kano Governor - President/CE, Dangote Group, Aliko Dangote has been described as the 'Pride of the Black Race'. Governor of Kano state, Dr. Umar Ganduje, who was speaking at Dangote Special Day, Monday said Nigeria is lucky to be blessed with someone like Aliko Dangote who has made Nigeria and indeed, Africa proud in different ways. Source Proshare Read More 

Stakeholders harp on robust PPP, at 2017 BusinessDay Education Summit - To achieve and attain a viable and dynamic Nigerian education system, that meets global market demands stakeholders have called for a robust public and private partnership. Source Proshare Read More 

Nestle, Cuba lay first stone for $55 million coffee and biscuit factory - Cuba and Swiss firm Nestle (NESN.S) on Tuesday laid the first stone of a $55 million coffee and biscuits factory joint venture in the Mariel special development zone, the latest major foreign investment in the Communist-run island. Source Reuters Read More 

Zambia says 'must have' $1.3 bln IMF loan in place in 2018 - Zambia expects to host a mission of the International Monetary Fund (IMF) before the end of the year and hopes to have a $1.3 billion loan deal in place in early 2018, Treasury Secretary Fredson Yamba said on Tuesday. Source Reuters Read More 

Sudan looks to unify currency rates by January -c.bank governor - Sudan will take new measures to unify the exchange rates of its pound currency by next January, the central bank said on Monday, as the country grapples with a stubborn black market and a dwindling supply of dollars in the official banking system. Source Reuters Read More 

Africa Seeks Investment to Stem Migration as EU Summit Begins - European and African leaders gathering in Ivory Coast have an opportunity to confront one of the biggest sore points between the two continents: migration. Source Bloomberg Read More 

Saudi Prince Released After $1 Billion Deal, Official Says - Prince Miteb bin Abdullah, one of the most senior Saudi royals detained in the kingdom’s declared crackdown on corruption, has been released after reaching a settlement deal believed to exceed the equivalent of $1 billion, an official involved in the anti-graft campaign said. Source Bloomberg Read More 

Bank of Canada Sees Financial System Vulnerabilities Easing - The Bank of Canada is optimistic higher interest rates and regulatory efforts to rein in risky borrowing will make the country’s financial system more resilient, though the process could take time to unfold and the outcome remains uncertain. Source Bloomberg Read More 

AT&T and Time Warner say proposed merger is 'pro-consumer' - AT&T Inc (T.N) and Time Warner Inc (TWX.N) argued on Tuesday that their proposed $85.4 billion merger was “pro-competitive” and “pro-consumer”, as they sought to refute U.S. Justice Department allegations that the deal breaks antitrust law. Source Reuters Read More 

Japan Retail Sales Disappoint After Weak 3Q Consumption - Japan’s retail sales fell short of expectations in October, raising questions about an expected rebound in consumption after a weak third quarter. Source Bloomberg Read More 

North Korea Says Nuclear Program Completed After New ICBM Test - North Korean leader Kim Jong Un said his regime’s nuclear program is completed after firing a missile that put the entire U.S. in range. Source Bloomberg Read More 

Alberta Raises Economic Growth Forecast as Oil Industry Recovers - Alberta’s oil-driven economy is growing more than the Canadian province had expected, by a healthy 4 percent this year, as its main industry recovers from a three-year downturn. Source Bloomberg Read More 

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PROSHARE FINANCE

Why Income Funds are Preferable to Savings Accounts - Have you for once considered what value you get from putting money in your bank savings accounts over a period of time? Perhaps at best for conventional saving account products, you may earn interest below 5% per annum if you do not withdraw from the account over a certain period. Source Proshare Read More 

PROSHARE TECHNOLOGY

FG opts against $550m Chinese loan for communications satellites - The Federal Government has backed out of a plan to take a loan of $550m from the Chinese Export and Import Bank for the construction of two new communications satellites. Source Punch Read More 

Sequoia, Tencent, TPG look to invest in Uber alongside SoftBank - It’s not just SoftBank and Dragoneer that are looking to buy Uber shares from the employees and other shareholders when the tender offer launches, likely later today. Source Tech Crunch Read More 

Uber inks its first mobile wallet deal in Southeast Asia - Seeking to rise to increased competition, Uber has inked its first payments deal in Southeast Asia after it announced a partnership with Vietnam-based mobile wallet service Momo. Source Tech Crunch Read More 

Canadian hacker pleads guilty in huge Yahoo hack case - A Canadian citizen has pleaded guilty to aiding Russian intelligence officers in a 2014 hack of Yahoo that exposed as many as 500 million accounts. Source Tech Crunch Read More 

Bitcoin tops $10,000, taking 2017 gains to 940 percent - Virtual currency bitcoin soared to an all-time high above $10,000 on Tuesday on major exchanges and digital currency indexes, including the widely followed Luxembourg-based trading platform BitStamp. Source Reuters Read More 

Vanguard Founder Jack Bogle Says ‘Avoid Bitcoin Like the Plague’ - Bitcoin has been on a spree, but legendary investor Jack Bogle doesn’t think you should pull your money from the S&P 500 just yet. Source Bloomberg Read More 

Novogratz Says Crypto Will Be ‘Biggest Bubble of Our Lifetimes’ - One of the biggest bitcoin bulls on Wall Street says cryptocurrencies are in a massive bubble. He’s still starting a $500 million fund to invest in them. Source Bloomberg Read More 

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