PROSHARE ECONOMY

Tier 1 Reclassification: Asian Banks: Eyeballing the Tigers - Four Asian banks led a global ranking of the top four banks by revenue, profit before tax (PBT), shareholders fund, asset size, and customer deposits as of June 2021, with total revenue of US$295.51bn. Source Proshare Research Read More

Weak Chinese Demand Weighs on Oil Prices - OIR 100622 - Just as it seemed COVID-19 was disappearing from the energy agenda, the reimposition of lockdown restrictions in Shanghai and Beijing reminded the oil markets that pandemic-related demand losses were still a threat. Source Tom Kool of Oilprice Read More

Central Banks Are Still Far Behind the Inflation Curve - New York – Major central banks have lost the plot when it comes to fulfilling their price-stability mandates. In April 12-month US consumer price index (CPI) inflation was at 8.3%, down slightly from 8.5% in March, and the US Federal Reserve’s preferred inflation gauge. Source Project Syndicate Read More

FG’s Borrowing from CBN Hits N19tn, Inflation May Worsen – Report - The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn as of December 2021 to N19.01tn as of April 2022. Source Punch Read More

PROSHARE MARKETS

What To Expect from The Markets This Week - 130622 - The number of registered electricity users across the country has remained t at 10 million for the past two years, NERC data indicates. This would suggest that registration has stalled. Although the proportion of registered power users (4.7 million) that have been metered rose sharply to 47% in 2021.Source Proshare Content Read More

PROSHARE BUSINESS

Nigeria’s FDI Doubles to $4.8b, Says UNCTAD - Nigeria is West Africa’s largest recipient of Foreign direct investment (FDI) as its flow doubled to $4.8 billion in 2021, mainly because of a resurgence in investments in the oil and gas sectors. Source The Guardian Nigeria Read More

FAO: Global Food Import to Hit Record High of $1.8trn in 2022 - The Food and Agricultural Organization of the United Nations (FAO) says global food import bill is on course to hit a new record high of $1.8 trillion in 2022. The agency said this in its latest food outlook report released on Thursday. Source TheCable Read More

Surge in Food Prices will Hinder Poverty Alleviation Progress in Nigeria – World Bank - The World Bank has warned that the rising trend in prices of food items will reverse the progress of poverty alleviation in Nigeria. The World Bank gave this warning in a report titled, Global Economic Prospects, released over the weekend. Source Vanguard Read More

PROSHARE TECHNOLOGY

CBN: We’ll Introduce USSD Code for eNaira Transactions - The Central Bank of Nigeria (CBN) has announced plans to introduce an unstructured supplementary service data (USSD) code to improve the adoption of its eNaira. Source TheCable Read More

Pantami Tasks Stakeholders on Tech Breakthroughs to Boost Economy - The minister of Communications and Digital Economy ministry, Prof. Isa Ali Ibrahim (Pantami), has tasked players at the tech ecosystem to leverage on breakthroughs in medicine, technology and science to boost the Nigerian economy. Source LeadershipNG Read More

PROSHARE FINANCE

High Inflation: Why Investors Should Adopt Non-Interest Finance Products - Adopting non-Interest finance products as alternative sources of investment can help investors navigate a high inflation environment. Mr. Ridwan Sanusi, Founder of Smart Halal Investor Club, made the point while giving his views on non-interest finance opportunities for investors in a high inflationary environment. Source Bukola Akinyele-Yisau Read More

Contributory Pension Gains N640bn in Four Months, Hits N14tn - Total assets under the Contributory Pension Scheme rose by N640bn in four months to N14.06tn in April, according to figures from the National Pension Commission released on Friday. Source Punch Read More