PROSHARE ECONOMY

Euro Zone Inflation Hits Record 8.6% as the European Central Bank Prepares for its First Rate Hike in 11 Years - Euro zone inflation reached a new record high in June just ahead of the European Central Bank’s first rate increase in 11 years. Headline inflation came in at 8.6% (year-on-year) for last month, according to preliminary figures from Europe’s statistics office Eurostat released Friday. Source CNBC Read More

Oil Prices Slip as Recession Fears Rumble on, Tight Supply Stems Losses - Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia. Source Reuters Read More

Nigeria’s External Reserves Depreciated by $1.37bn in Six Months - Despite the increasing price of crude oil, Nigeria’s external reserves depreciated by $1.37billion or 3.37 percent in the first six months of 2022 to $39.16billion as of June 30 from $40.52 billion it closed in 2021, data obtained from the Central Bank of Nigeria (CBN) daily reserves’ movement has revealed. Source THISDAYLIVE Read More

PROSHARE MARKETS

What to Expect from The Markets This Week - 040722 - Federal, state, and local governments shared N680.78bn for the month of May 2022. Analysts worry about the decrease in federal allocations and the possibility of states being faced with fiscal challenges. Source Proshare Research Read More

DMO: FG Raised N1.84trn Via Bond to Bridge 2022 Budget Deficit in H1 - The federal government in first half (H1) of 2022 raised a total of N1.84 trillion through the FGN bond market to finance the N6.26trillion 2022 budget deficit, the Debt Management Office (DMO) FGN Bond auction results have revealed. Source THISDAYLIVE Read More

PROSHARE BUSINESS

NIBSS Data Shows Nigeria Needs to Get Better at Fighting Fraud - Data from the Nigeria Interbank Settlement System (NIBSS) show that fraud volumes and values are not going down. The volume of fraud successfully carried out has increased by almost 4x between 2019 and 2021. Source Stears Business Read More

FG Begins Request for Proposals Phase of Airports Concessions - The federal government has commenced the Request for Proposals (RfP) phase of the Nigeria Airports Concessions Programme (NACP). The Federal Ministry of Aviation said this in a recent statement on its website. Source THISDAYLIVE Read More

NPA Receives First Vessel at $1.5bn Lekki Deep Seaport - Ahead of the commencement of commercial operatison at the $1.5bn Lekki Deep Seaport in September this year, the Nigerian Ports Authority (NPA), on Friday, received the first-ever vessel at the seaport. Source LeadershipNG Read More

PROSHARE TECHNOLOGY

Moove Secures $20m Debt Funding from British International Investment - The British International Investment (BII), the UK government’s Development Finance Institution (DFI), has announced on Thursday that it has invested $20 million in debt funding in Nigeria’s mobility financing startup Moove. Source TechCabal Read More

Exclusive: Meta Slashes Hiring Plans, Girds for 'Fierce' Headwinds - Facebook-owner Meta Platforms Inc (META.O) has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees on Thursday, as he warned them to brace for a deep economic downturn. Source Reuters Read More

PROSHARE FINANCE

Why Nigeria Needs More Shariah-Compliant Mutual Funds in the Capital Market - Nigeria needs more Shariah-compliant mutual funds, equity funds and even exchange-traded funds, ETFs. The creation of these asset classes would deepen the capital market, attract more ethical retail investors and boost liquidity. Source Bukola Akinyele-Yisau Read More