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Media Highlights 09-06-2023
(Source: CardinalStone Research, Date: 09-Jun-2023)

Global Market News

 

China's factory deflation steepens as demand wanes "" Reuters

China's factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery. Click China's factory deflation steepens as demand wanes | Reuters for more

 

India predicted to outshine China as Asia remains a bright spot for global growth- CNBC

Economic growth in India is expected to outpace that of China this year and next, according to the Organization for Economic Cooperation and Development. In its latest global economic outlook report, the OECD predicted India, China and Indonesia would top gross domestic product projections for 2023 and 2024. Click India predicted to outshine China as Asia remains a bright spot for global growth (cnbc.com) for more

 

Political News

 

Wike, 4 other PDP Integrity Group members visit Tinubu "" This Day

The members of the G-5 Integrity Group of the opposition Peoples Democratic Party (PDP) including Governor Seyi Makinde of Oyo state met with President Bola Tinubu at the State House, Abuja. Other members of the group who arrived the seat of government at about 4.21pm are former Governors Nyesom Wike (Rivers), Samuel Ortom (Benue), Ifeanyi Ugwuanyi (Enugu) and Okezie Ikpeazu (Abia). Click Wike, 4 Other PDP Integrity Group Members Visit Tinubu - THISDAYLIVE for more

 

10th House: 35 South-East Members-elect Endorse Abbas, Kalu As Speaker, Deputy"" Leadership

The Communication Adviser to Tajudeen Abbas and Benjamin Kalu Campaign Group, Ikenga Imo Ugochinyere, has commended House of Representatives members-elect from the South-East region for adopting Hon. Tajudeen Abbas and Hon. Benjamin Kalu, for positions of Speaker and Deputy Speaker of the incoming 10th House. Click 10th House: 35 South-East Members-elect Endorse Abbas, Kalu For Speaker, Deputy (leadership.ng) for more

 

BVAS didn't transmit presidential election results, INEC adhoc staff tells court"" Sun

Two subpoenaed witnesses of the Peoples Democratic Party (PDP) and its candidate, Atiku Abubakar, yesterday, admitted at the Presidential Election Petition Court (PEPC) that the Bimodal Voter Accreditation System (BVAS) failed to transmit the results of the election after the collation. Click BVAS didn't transmit presidential election results, INEC adhoc staff tells court "" The Sun Nigeria (sunnewsonline.com) for more

 

Macroeconomic News

 

Manufactured exports decline by 40% "" NBS"" Punch

The National Bureau of Statistics' Foreign Trade Statistics report, released on Monday, indicates a significant 40 per cent decrease in the value of traded manufactured goods in Q1 2023, which declined from N219bn in the corresponding quarter of the previous year to N131.1bn. Click Manufactured exports decline by 40% "" NBS (punchng.com) for more

 

World Bank lists Nigeria among countries with "˜high food security concern'"" Guardian

The World Bank has retained Nigeria alongside Afghanistan, Somalia, South Sudan and Yemeh as hotspots of global food security concerns, raising a red flag on the governments' capacity to weather the storm. It is not the first time Nigeria would feature on the list but the World Bank's latest Food Security Update says the countries ...remain of highest concern for the June to November 2023 outlook" . Click World Bank lists Nigeria among countries with 'high food security concern' | The Guardian Nigeria News - Nigeria and World News "” Business "” The Guardian Nigeria News "" Nigeria and World News for more

 

Financial inclusion: Mixed reactions trail NIBSS new electronic transfer fee - Sun

Economic analysts have shared divergent opinions on the recent reduction of transaction processing fees for Nigerian Inter-Bank Settlement System (NIBSS) Instant payment. The NIBSS had announced that it will slash transaction processing fee for its Instant Payment from N5 to N3.75k effective from July 1, 2023. Click Financial inclusion: Mixed reactions trail NIBSS new electronic transfer fee "" The Sun Nigeria (sunnewsonline.com) for more

 

FG Approves Eco-Friendly Deep Blue Industrial Park "" Daily Trust

The federal government has given approval for the first zero fossil energy emission-free trade zone in the country. The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, during the handing over ceremony of the park's license, said it commences a deliberate regime for zero fossil energy emission in the country. Click FG approves eco-friendly Deep Blue Industrial Park - Daily Trust for more

 

Eurozone slips into recession"" The Nation

Eurozone entered a technical recession in the first three months of 2023 as soaring energy prices and rising interest rates drove inflation higher. The eurozone is made up of 20 member countries of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender. Click Eurozone slips into recession | The Nation Newspaper (thenationonlineng.net) for more

 

800 petrol tankers converted to supply gas "" Marketers"" Punch

Oil marketers are currently converting some of their trucks to start supplying gas to filling stations in order to dispense Compressed Natural Gas to vehicles that run on gas. It was gathered on Thursday that about 800 tankers that formerly transported petrol to filling stations, were being converted by marketers to start moving gas to retail outlets. Click 800 petrol tankers converted to supply gas "" Marketers (punchng.com) for more

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