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Nigeria in 1min: Economic, Business and Financial Headlines - 210323

Mar 21, 2023   •   by   •   Source: Proshare   •   eye-icon 480 views

PROSHARE MARKETS

Investors Lose N22.78bn as NGXASI Declines by 0.09%; Overnight Rate Contract to 12.70%; BDC Rate Appreciate to Close at N748 - The NGX All-Share Index declined by 0.09% to close at 54886.04 basis points as against 0.04% gain recorded previously to close at 54915.61 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N26.78bn loss. YTD, the NGXASI Stands at +7.09%. Source Proshare Research Read More

UBS Acquires Credit Suisse for US$3.25bn - Global Investment Banking Group UBS in a historic deal acquired Credit Suisse (CS) for US$3.25bn. According to reports from Bloomberg, UBS Group AG agreed to buy Credit Suisse Group AG in a government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets. Source Proshare News Read More

Global Banking Turbulence Prompts Wall Street Banks to Trim Hawkish Fed Bets - Goldman Sachs is expecting a pause this week from the U.S. Federal Reserve after a year-long rate increase campaign as Wall Street banks scale back their hawkish expectations in the aftermath of the ongoing global banking turmoil. Source Reuters Read More

 

PROSHARE ECONOMY

MAN Enjoins Incoming Government on Revival of Distressed Industries, FX Unification - The Manufacturers Association of Nigeria (MAN) has enjoined the incoming administration to initiate steps that would herald the revival of closed and industries in the countries, especially in the North-east and also direct the Central Bank of Nigeria (CBN) to prioritise availability of foreign exchange to manufacturers within its first 100 days in office. Source THISDAYLIVE Read More

Marginal Oil Fields: 16 Firms Get Dev’t Plans, 10 Others Record Progress - In a statement, the commission gave a progress report of the companies after concluding the 2020 marginal oilfield bid round. It said: “The strategy has already yielded positive results with 16 companies submitting Field Development Plan (FDP), two already commencing unitization processes, six re-entries and two having gone through the Extended Well Test (EWT).” Source Daily Trust Read More

Sanwo-Olu Approves 20% Increment in Lagos Workers’ Salaries, Commences Payment - Lagos State Governor, Babajide Sanwo-Olu, has approved the implementation of the 20 per cent increase in the salaries of civil servants in the state. Source The Daily Bell Read More

Oil Declines 3% over Demand Concerns - Crude oil prices declined amidst demand concerns following news that UBS will buy struggling Credit Suisse fails to assuage worries over the ongoing banking crisis in the United States. Source Market Forces Africa Read More

 

PROSHARE REGULATORS

FDIC to Break up SVB, Seeks Separate Sale of Private Unit - The Federal Deposit Insurance Corporation on Monday decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposit unit and its private bank after failing to find a buyer for the failed lender last week. Source Reuters Read More

UK Banking System ‘Safe And Sound’ After Credit Suisse Buyout, Bank Of England Says - The Bank of England (BoE) has insisted Britain’s financial system is “safe and sound” in an effort to calm nerves as markets prepare to reopen in the wake of the emergency sale of Credit Suisse to UBS. Source INDEPENDENT UK Read More

Bank Crisis, Sticky Inflation to Spur Rate Hikes in Africa’s Biggest Economies - Central banks in Africa’s biggest economies are poised to raise interest rates this month to contain sticky inflation and deter a selloff in their assets exacerbated by the collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG. Source Bloomberg Read More

SEC Emphasises Need For Savings, Personal Finance For Youths - As the world celebrates the Global Money Week from March 20-26 2023, the Securities and Exchange Commission (SEC), has again emphasised the need for children and young people to develop sound financial habits, knowledge, attitudes, and behaviours from a young age. Source INDEPENDENT NG Read More

FIRS Chief Urges Tax Administrators to Be Tech Savvy - Tax administrators must keep up with the dynamics occasioned by disruptive new technologies of the 21st century, and arm themselves with the necessary skills, capacity and character for effective and efficient tax administration in the fourth industrial revolution age. Source Market Forces Africa Read More

 

PROSHARE BUSINESS

Oil Trader, Jean-Marc Cordier, Joins NNPC - Mr Jean-Marc Cordier, a former Vice President of the Abu Dhabi National Oil Company (ADNOC), has joined the services of the Nigerian National Petroleum Company Ltd (NNPC). Source Market Forces Africa Read More

Law Firm In Talks With Credit Suisse Bondholders About Potential Lawsuit After $17 Billion Wipeout - Credit Suisse bondholders are pursuing potential legal action after the value of the bank’s convertible bonds was written down to zero following takeover by rival UBS. Source Market Watch Read More

Nigeria, Japan Trade Hits $10b - The Nigeria and Japan trade volume stands at $10billion annually with the expectations the trade volume will rise as both countries progress and concentrate on building stronger partnership. Source The Nation Read More

 

PROSHARE TECHNOLOGY

Taiwan Financial Regulator Says Will Oversee Crypto Currencies - Taiwan's Financial Supervisory Commission will be the main overseer of crypto currencies on the island, the head of the regulator said on Monday. Source Reuters Read More

E-bills Payment Falls By 44% Over Cash Crunch – NIBSS - The value of electronic utility payments fell by 44.86 per cent in February despite the Central Bank of Nigeria’s naira redesign policy aimed at growing cashless transactions. Source Punch Read More

Bitcoin Fans Look to $30,000 as Next Target as Trouble Swirls Around Banks - With Bitcoin staging a staggering rally in recent days amid turmoil within the global banking system, its advocates are now turning to the coin’s next important milestone: $30,000. Source Bloomberg Read More

Amazon Deepens Tech-Sector Gloom with Another 9,000 Layoffs - Amazon.com Inc (AMZN.O) on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. Source Reuters Read More

 

PROSHARE FINANCE

Uber, Lyft Trade Group Asks Biden's Labor Nominee to Explain Position On Gig Workers - A trade group representing rideshare and delivery companies such as Uber (UBER.N) and Lyft (LYFT.O) is asking President Joe Biden's nominee to lead the U.S. Department of Labor, Julie Su, to explain her position on worker-classification rules. Source Reuters Read More

First Republic Shares Tumble Again as Liquidity Fears Linger - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. Source Reuters Read More

 

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