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Nigeria in 1min: Economic, Business and Financial Headlines - 280323

Mar 28, 2023   •   by   •   Source: Proshare   •   eye-icon 462 views

PROSHARE MARKETS

Investors Lose N622bn as NGXASI Declines by 2.08%; Overnight Rate Contracts to 17.13%; BDC Rate Closes Flat at N745 - The NGX All-Share Index declined by 2.08% to close at 53750.77 basis points as against 0.06% loss recorded previously to close at 54,892.53 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N622bn loss. YTD, the NGXASI Stands at +4.88%. Source Proshare Research Read More

Lafarge FY 2022: 5-Year Revenue Highly Moderated by Rising Finance Costs - Nigeria’s post-COVID-19 economy was fast to bounce out of recession but slow in re-establishing sustainable supply chain networks at pre-pandemic prices. War between Russia and Ukraine, disruption to commodity supply chains and rising energy prices translated to higher domestic production costs, a fall in real effective consumer demand, and consumer inflation anxiety. Source Proshare Research Read More

 

PROSHARE ECONOMY

Saudi Aramco Expands Operations, Acquires 10% Stake in China’s Rongsheng Petrochemical - Saudi Aramco, one of the leading oil and gas companies, has announced that it is expanding its operation through the acquisition of a 10% stake in China’s Rongsheng Petrochemical. The investment is valued at $3.6bn and is poised to deepen Aramco’s activities in the downstream sector globally. Source Proshare News Read More

World Bank Warns of 'Lost Decade' in Global Growth Without Bold Policy Shifts - Average potential global economic growth will slump to a three-decade low of 2.2% per year through 2030, ushering in a "lost decade" for the world's economy, unless policymakers adopt ambitious initiatives to boost labor supply, productivity and investment, the World Bank warned on Monday. Source Reuters Read More

Ghana Hikes Rate More Than Expected to Rein In 53% Inflation - Ghana’s central bank lifted its key interest rate by more than expected — extending its steepest phase of monetary tightening — to ensure inflation decelerates at a faster pace. Source Bloomberg Read More

 

PROSHARE REGULATORS

Credit Suisse AT1 Wipeout Not a Template for EU, UK Insurers’ RT1 - The decision by Swiss authorities to fully write down Credit Suisse’s Additional Tier 1 (AT1) notes, without imposing full losses on the bank’s equity, does not imply that EU and UK authorities will treat insurers’ Restricted Tier 1 (RT1) instruments the same way, Fitch Ratings says. Source Fitch Ratings Read More

SEC’s Coinbase Fight Puts Exchange, Crypto Survival on the Line - The SEC’s decision to target Coinbase Global Inc. for enforcement actions sets the stage for a protracted legal battle that threatens the top US crypto exchange and potentially the entire US digital assets sector, legal and industry analysts say. Source Bloomberg Read More

Binance CEO CZ, Crypto’s Most Powerful Man, Has More Than ‘FUD’ to Worry Him Now - “I’m not an anarchist,” Changpeng Zhao once said. “I don’t believe human civilization is advanced enough to live in a world with no rules.” But now that the US Commodity Futures Trading Commission has sued Zhao and his Binance cryptocurrency exchange for alleged violations of derivatives regulations, the world is finding out how the most-powerful person in crypto responds when he himself is the one being accused of breaking the rules. Source Bloomberg Read More

 

PROSHARE BUSINESS

Saudi Aramco in Deal with Chinese Partners to Build Refinery - Saudi Aramco and its Chinese partners will start building a huge refining and petrochemical complex in the Asian nation, accelerating a development that was paused during the pandemic. Source Bloomberg Read More

First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A. - The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina. Source Federal Deposit Insurance Corporation Read More

 

PROSHARE TECHNOLOGY

US Regulator Sues Top Crypto Exchange Binance, CEO for 'Willful Evasion' - The world's biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program. Source Reuters Read More

Parts of Twitter Source Code Leaked Online, Court Filing Shows - Some parts of Twitter Inc's source code have been leaked and the social media platform owned by billionaire Elon Musk is seeking information on the person responsible, a legal filing showed. Source Reuters Read More

US CFTC Takes Legal Action Against Binance, Crypto Markets Fall - The commodity futures trading commission (CFTC) has initiated legal action against leading cryptocurrency exchange Binance for allegedly violating the Commodity Exchange Act by operating without proper registration and compliance measures. Source Crypto.News Read More

CIBN Boss Urges Auditors to Embrace Emerging Technologies, Enhance Risk Management - The President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Mr Ken Opara has urged auditors of banks to embrace technology and adopt understanding of risk management in a bid to attract Millennials and Gen”Z into auditing profession. Source THISDAYLIVE Read More

 

PROSHARE FINANCE

FG Amends the National Housing Fund Act; Contribution Voluntary for Private Sector Employees - The National Housing Fund (NHF) was established by the NHF Act of 1992 to mobilise funds that will facilitate the provision of affordable houses for Nigerians. Under the NHF law, every Nigerian earning the National Minimum Wage or above is required to contribute 2.5% of their monthly basic salary to the NHF. The funds mobilized will be made available to contributors at affordable interest rates to own houses. Source NECA Read More

Ecobank Takes “Financial Planning Education” to Schools - Ecobank Nigeria last week embarked on financial education for Secondary School students across the country on personal financial management including savings, budgeting, and investment being part of activities to commemorate the Global Money Week (GMW). Source Ecobank Read More

 

PROSHARE MSME

Review Cashless Policy, Small Business Owners Tell FG - Small business operators under the aegis of Micro, Small and Medium Scale Enterprises have asked the Central Bank of Nigeria to review its cashless policy to enhance business growth. Source Punch Read More

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