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Media Highlights 17-08-2022
(Source: CardinalStone Research, Date: 17-Aug-2022)

 

Global Market News

 

Biden signs Inflation Reduction Act into law, setting 15% minimum corporate tax rate "" CNBC

After more than a year of debate over costs, taxes, tax credits and regulations, President Joe Biden finally signed his sweeping tax, health and climate bill into law "” albeit a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year. Click Biden signs Inflation Reduction Act into law, setting 15% minimum corporate tax rate (cnbc.com) for more.

 

Oil prices edge up from 6-month lows after drop in U.S. stockpiles "" Reuters

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Click Oil prices edge up from 6-month lows after drop in U.S. stockpiles | Reuters for more.

 

Political News

 

2023: Internal squabble threatens Delta PDP's cohesion "" The Nation

As preparation for next year's governorship election gathers momentum, a pall of uncertainty hangs over the fate of the Peoples' Democratic Party (PDP) in Delta State, after an Abuja High Court disqualified its flag bearer, Sheriff Oborevwori from contesting the election. Click 2023: Internal squabble threatens Delta PDP's cohesion The Nation Newspaper (thenationonlineng.net) for more.

 

Peter Obi, Ortom, Duke, others meet Wike in Rivers "" Guardian

Labour Party presidential candidate, Peter Obi, has again visited the Rivers State Governor, Nyesom Wike, in his private residence as the 2023 elections draw closer. Click Peter Obi, Ortom, Duke, others meet Wike in Rivers | The Guardian Nigeria News - Nigeria and World News "” Politics "” The Guardian Nigeria News "" Nigeria and World News for more.

 

Macroeconomic News

 

Power generation falls by 503MW, workers threaten strike "" Punch

Nigeria's power generation dropped by 502.7 megawatts on Tuesday as members of the National Union of Electricity Employees and their counterparts in the Senior Staff Association of Electricity and Allied Companies grounded the nationwide operations of the Transmission Company of Nigeria the same day. Click Power generation falls by 503MW, workers threaten strike (punchng.com) for more.

 

FG to launch $750 million World Bank-backed programme "" Punch

The Presidential Enabling Business Environment Council, on Tuesday, unveiled its plans to kickstart a $750 million World Bank-funded programme in January next year. Click FG to launch $750m World Bank-backed programme (punchng.com) for more.

 

CBN raises interest rate on naira savings deposits to 30% of MPR "" This Day

The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR). Click CBN Raises Interest Rate on Naira Savings Deposits to 30% of MPR "" THISDAYLIVE for more.

 

Resolve $753 million, N1.61 billion debts, Reps orders NPA"" Punch

The House of Representatives' Committee on Public Accounts, on Tuesday, ordered the Nigerian Ports Authority to immediately call a meeting with firms operating Nigeria's ports to determine their actual indebtedness to the Federal Government. Click Resolve $753m, N1.61bn debts, Reps orders NPA (punchng.com) for more.

 

China aims to surpass EU's trade with Africa in a decade "" Guardian

The Africa-China relationship is moving into a new phase with the latest policy initiatives, development strategies and financial pledges as tools for enhancing deeper and broader engagement by 2035. Click China aims to surpass EU's trade with Africa in a decade "” Business "” The Guardian Nigeria News "" Nigeria and World News for more.

 

Indigenous contractors urge IOCs to release NDDC's withheld unpaid funds "" This Day

The international oil companies (IOCs) in Niger Delta region have been urged to release all unpaid funds accruing the Niger Delta Development Commission (NDDC) since its establishment in 2000. Click Indigenous Contractors Urge IOCs to Release NDDC's Withheld Unpaid Funds "" THISDAYLIVE for more.

 

Naira slides to N683/$ at parallel market as FX demand intensifies "" The Nation

Naira has dropped to N683 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market. Click Naira slides to N683/$ at parallel market as FX demand intensifies The Nation Newspaper (thenationonlineng.net) for more.

 

 

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