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Media Highlights 18-08-2022
(Source: CardinalStone Research, Date: 18-Aug-2022)

 

Global Market News

 

UK inflation jumps to new 40-year high "" The Guardian

British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession. The Consumer Prices Index (CPI) accelerated to 10.1 percent last month from 9.4 percent in June, the Office of National Statistics said. Click UK inflation jumps to new 40-year high | The Guardian Nigeria News - Nigeria and World News "” World "” The Guardian Nigeria News "" Nigeria and World News for more.

 

US weekly jobless claims rise to 262,000, highest since Nov 2021 "" Business-standard

Initial jobless claims in the US last week rose to 262,000, hitting a new high since November 2021, the US Labour Department reported. In the week ending August 6, the number of Americans filing for unemployment benefits increased by 14,000 from the previous week's downwardly revised level of 248,000, according to a report released on Thursday by the Department's Bureau of Labour Statistics (BLS). Click US weekly jobless claims rise to 262,000, highest since Nov 2021 | Business Standard News (business-standard.com) for more.

 

Fed minutes show more rate hikes in the pipeline, but pace could slow "" Reuters

Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting. Click Fed minutes show more rate hikes in the pipeline, but pace could slow | Reuters for more.

 

Political News

 

Appeal Court restores Okorie as Ebonyi PDP Chairman "" The Nation

The Chairman of Peoples Democratic Party (PDP), Ebonyi State, Tochukwu Okorie has hailed the judgment of the Court of Appeal which restored him as the substantive chairman of the party in Ebonyi State. The Court of Appeal Abuja Division nullified and set aside the judgement of the FHC of April 13, 2022, which installed Mr. Silas Onu as Chairman PDP Ebonyi chapter and restored Okorie as substantive Chairman of the party in the state. Click Appeal Court restores Okorie as Ebonyi PDP Chairman The Nation Newspaper (thenationonlineng.net) for more.

 

Osun LG election holds October 15, PDP kicks "" Punch

Osun State Independent Electoral Commission has said local government elections in the state would hold on October 15. The OSIEC chairman, Mr Segun Oladitan, disclosed this at a press briefing in Osogbo on Monday. He said, ...The commission is happy to inform you and the general public that the local government elections in Osun State shall be conducted on October 15, 2022. Click Osun LG election holds October 15, PDP kicks (punchng.com) for more

 

Macroeconomic News

 

States get N472 billion World Bank-assisted fund "" Punch

The Federal Government, on Wednesday, revealed that states had received N471.9 billion of the $1.5 billion World Bank-assisted States Fiscal Transparency, Accountability and Sustainability Programme for Results. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this at the launch of the States Charter to sustain fiscal transparency, accountability and sustainability reforms at the State House Banquet Hall, Abuja. Click States get N472bn World Bank-assisted fund (punchng.com) for more.

 

Shell paid $1.88 billion royalty, taxes in two years "" The Nation

Shell Companies in Nigeria have paid $1.886 billion on royalty and taxes to the Federal Government between 2020 and 2021. The firm also said it spent over $1.6 billion on contracts to indigenous firms during same period. The figures, contained in a 2021 briefing note of the company, showed that Shell paid $986 million in corporate taxes and royalties to the Nigerian Government in 2021 alone. Click "ËœShell paid $1.88b royalty, taxes in two years' The Nation Newspaper (thenationonlineng.net) for more.

 

Electricity workers call off strike, businesses count losses "" Punch

Businesses and other power consumers were thrown into darkness on Wednesday as the industrial action embarked upon by electricity workers, which lasted for almost one day, led to the total shutdown of the national power grid. Click Electricity workers call off strike, businesses count losses (punchng.com) for more.

 

Lagos Blue Rail Line Nears Completion as Engineers Launch Final Track Beam "" ThisDay

The race to the completion of the 27-kilometre Lagos Blue Line Rail Mass Transit has begun with the launch of the last track beam (T-beam) of the rail track yesterday. Governor Babajide Sanwo-Olu witnessed the historic moment and personally flagged off the engineering procedure held at the site of the iconic Marina station of the rail project. Click Lagos Blue Rail Line Nears Completion as Engineers Launch Final Track Beam "" THISDAYLIVE for more.

 

Mobile transactions rise by N8.9 trillion in three years "" Punch

Mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022. They have risen from N289.12bn to N9.27tn, according to data from the Nigeria Interbank Settlement System. This is as the value of cheque transactions fell by 31.42 per cent, from N2.67tn in January to July 2019 to N1.83tn in the corresponding period of 2022. Click Mobile transactions rise by N8.9tn in three years (punchng.com) for more.

 

Customs make N68 billion from manufacturers in six months "" Punch

The Nigeria Customs Service said that it collected a total of N68bn from manufacturers of beer, spirits and other alcoholic drink, between January and June 2022. The National Public Relations Officer, NCS, Timi Bomodi, announced this in a statement recently. He also said that in June, the service commenced collection from producers of carbonated and sugary drinks. Click Customs make N68bn from manufacturers in six months (punchng.com) for more.

 

No Respite For Operators As Aviation Fuel Hits N903 "" Daily Trust

The development has put pressure on airline tickets with passengers paying as much as N200,000 for a return Lagos-Abuja ticket; while Lagos-Kano return is between N150,000 and N200,000 depending on the time of booking. Click No respite for operators as aviation fuel hits N903 | Dailytrust for more.

 

Oil firms spill N711 billion in crude oil, degrade the environment ""Punch

Environmental rights activists have raised the alarm over the continuous environmental degradation as estimation puts the total value of oil spilt by operators in the Niger Delta at N711bn. Data obtained by The PUNCH from the Nigerian Oil Spill Monitor, an arm of the National Oil Spill Detection And Response Agency, NOSDRA, revealed that a total of 23 896 barrels of crude oil was spilt by 18 firms last year. Click Oil firms spill N711bn crude oil, degrade environment (punchng.com) for more.

 

Company News

 

MTN seeks collaboration with Fed Govt on 70% broadband target "" The Nation

MTN Nigeria has stressed the need for collaboration between it and the Federal Government to achieve 70 per cent broadband internet penetration in urban and rural areas by 2025 in accordance with the National Broadband Plan. Click MTN seeks collaboration with Fed Govt on 70% broadband target The Nation Newspaper (thenationonlineng.net) for more.

 

 

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