Nigeria in 1min: Economic, Business & Financial Headlines - 270716

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July 27, 2016 6:25 AM / Proshare News  

PROSHARE ECONOMY
A Welcome Early Start on the 2017 Budget - The local media has reported a presentation in Abuja yesterday by the federal budget and national planning minister, Udo Udoma, on the 2017-19 Medium-Term Expenditure Framework. Source Proshare Read More  

27.5m Nigerian Traders Don’t Pay Tax – FIRS -Over 27 million traders in the country do not pay tax to the coffers of government thereby making zero contribution to the national treasury. Source Leadership Read More 

Local exports to Europe remain banned - Minister - Three more years have been added to the ban on products export from Nigeria to Europe due to poor standards in product quality and packaging, Minster of Agriculture, Mr Audu Ogbe has said. Source Daily Trust Read More 

Kwara govt releases N1.2bn for teachers’ salaries - Kwara State Government has released N1.2 billion for the payment of teachers’ salaries, even as Governor Abdulfatah Ahmed approved a five-man panel of enquiry to probe alleged irregular mass recruitment in the state Teaching Service Commission. Source Vanguard Read More 

Buhari inaugurates $1.46bn Abuja-Kaduna rail service -  President Muhammadu Buhari on Tuesday inaugurated the $1.46bn Abuja-Kaduna train service. Source Punch Read More  



PROSHARE REGULATOR

CBN Communiqué No. 108 of the MPC Meeting – July 25-26, 2016 - The Monetary Policy Committee met on 25th and 26th July 2016 against the backdrop of fragile global and domestic economic and financial conditions. The Committee evaluated the global and domestic macroeconomic and financial developments in the   first seven months of 2016 and the outlook for the rest of the year. In attendance were 8 members. Source Proshare Read More 

Personal Statement of Members at the 107 MPC Meeting of May 23-24, 2016 - The macroeconomic condition has remained challenging since the beginning of the year with the performance of key variables pointing to increasing fragility of the domestic economy Source Proshare Read More

PROSHARE MARKETS
Stocks regain bargain confidence after 4.08% loss in last 6days - The equities market closed today on a positive note, as NSE ASI appreciated by 1.14% to close at 27,945.02basis points, compared with the 0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.43%. Source Proshare Read More 

Flour Mill of Nigeria Reports Pre-tax Loss of –N8.3bn in Q4’16 - Late yesterday, the NSE published Flour Mills of Nigeria’s Q4 2016 (end-Mar) results which showed pre-tax and after tax losses of –N8.3bn and –N4.3bn respectively, compared with PBT and PAT of N4.0bn and N6.8bn in Q4 2015.Source Proshare Read More 

Top 5 Breakout Stocks as Sell-Down gains momentum - The sustained price correction on the Nigerian bourse continues to gain tempo as daily average loss in the last 11days moved up to 0.90% from 0.55% recorded in the previous session- This has put Month-to-date loss at -4.65% as at end of July 19, 2016 trading session. Source Proshare Read More 

FBNH Declares N35.9bn Profit; Records 10.5% PAT decline in Q2'16,(SP:N3.45k) - Source Proshare Read More 

GSK declares 60 kobo special dividend to shareholders - GlaxoSmithKline Consumer Goods Nigeria Plc has announced the declaration of a special dividend of 60 Kobo per share to shareholders. Source Guardian Read More 

UBA Denies Alleged Involvement in Turkey Coup - The United Bank for Africa Plc Tuesday denied any involvement in the recent failed coup in Turkey, saying a Turkish newspaper report linking it with the high treason was false and spurious. Source Thisday Read More 

EFInA backs Lotus Capital with $250,000 grant - The Enhancing Financial Innovation & Access (EFInA) has given a technical assistance grant of $250,000 to Lotus Capital Limited, to support the “Lotus Health is Wealth Savings Plan”. Source THE NATION Read More 

Vandalism: power dips by 4,446Mw - Power supply on Sunday dipped by 4,446Megawatts (Mw), following attacks on gas pipelines by various militant groups in the Niger Delta. Source THE NATION Read More 

Bauchi owes Disco N1.6bn in electricity bills - Jos Electricity Distribution Plc said on Tuesday that it disconnected Bauchi State Government facilities over  N1.6 billion electricity bills owed the company Source Punch Read More 

NNPC to upgrade cooking gas plants with N600bn - The Nigerian National Petroleum Corporation (NNPC) says it is pursuing a growth plan which will require up to $2bn (about N600bn) to revamp Liquefied Petroleum Gas (LPG), cooking gas, plants and build new Compressed Natural Gas (CNG) plants across the country in the next five years. Source Daily Trust Read More 

NNPC’s Gas Supply to Power Plants Down by 50% - The Nigerian National Petroleum Corporation (NNPC) has said that the volume of gas available to thermal power plants in the country has nosedived by 50per cent, from 1,400million standard cubic feet of gas per day (mmscf/d) to barely 700mmscf/d due to renewed vandalism of gas pipelines. Source Thisday Read More 



PROSHARE BUSINESS

Yen Plunges and Japan Stocks Rebound on Stimulus Bets; Oil Sinks - The yen plunged the most in more than an week and shares in Tokyo snapped a three-day slide amid speculation Japan’s government is preparing to announce its stimulus plans. Gold fell ahead of the Federal Reserve’s interest-rate review, while crude extended its slump. Source Bloomberg Read More 

Fitch downgrade of South Africa's domestic debt a risk to sovereign rating - Treasury -  Fitch's downgrade of South Africa's local debt to just one step above speculative grade could push the country's sovereign rating into "junk" territory, the Treasury said on Tuesday. Source Reuters Read More 

PROSHARE TECHNOLOGY
Telephone unique subscriptions in Africa now 557m - More than half a billion people across Africa are now subscribed to mobile services as the continent continues to migrate rapidly to mobile broadband networks. Source Guardian Read More  

E-fraud volume increases by 683%  -  The total electronic fraud volume recorded in 2015 increased significantly, by 683%, compared to 2014, an annual report by the Nigerian e-Fraud Forum (NeFF) has shown. Source Daily Trust Read More 

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