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Media Highlights 06-12-2023
(Source: Cardinal Stone Research, Date: 06-Dec-2023)

Global Market News

 

Asia markets rebound across the region from Tuesday's broad sell-off "" CNBC

Asia-Pacific markets rebounded across the region following a broad sell-off on Tuesday. Investors assessed Australia's third-quarter GDP numbers, as well as the Reuters Tankan survey for Japan in December, which showed improving business sentiment among large Japanese manufacturers. Click https://www.cnbc.com/2023/12/06/asia-markets.html for more

 

China state banks selling dollars for second day to support yuan "" Reuters

China's major state-owned banks were selling U.S. dollars in the onshore spot foreign exchange market for a second day on Wednesday to support the yuan currency, three sources with knowledge of the matter said. The yuan has come under renewed depreciation pressure after rating agency Moody's on Tuesday cut its outlook on China's government credit ratings to negative from stable, citing expectations of slower economic growth and property market risks. Click https://www.reuters.com/markets/currencies/china-state-banks-selling-dollars-second-day-support-yuan-sources-2023-12-06/ for more

 

Macroeconomic News

 

NLC seeks new national minimum wage commensurate with cost of living "" Sun

Nigeria Labour Congress (NLC) has said negotiation of a new national minimum wage in 2024 would be based on the prevailing cost of living in the country. Its President, Joe Ajaero, said this at the ongoing 19th edition of the NLC 2023 Harmattan School, organised by the Congress, yesterday, in Abuja. Click https://sunnewsonline.com/nlc-seeks-new-national-minimum-wage-commensurate-with-cost-of-living/ for more

 

Devaluation: External reserves fall $1.65bn in six months "" Punch

Nigeria's foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria tried to unify the country's foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters' Window of the foreign exchange market to ensure the free float of the national currency against the dollar and other global currencies. Click https://punchng.com/devaluation-external-reserves-fall-1-65bn-in-six-months/ for more

 

NCDMB proposes 3 new modular refineries in 2024 "" Leadership

The Nigeria Content Development and Monitoring Board (NCDMB) has revealed that three more Modular refineries will start operation in the country by 2024. The executive secretary of the board, Engr. Simbi Wabote stated this on Tuesday during the opening ceremony of the 12th edition of the practical Nigerian Content Forum held at the Nigeria Content Tower in Yenagoa, the Bayelsa State capital. Click https://leadership.ng/ncdmb-proposes-3-new-modular-refineries-in-2024/ for more

 

AfDB approves $1b insurance facility for farmers "" The Nation

The African Development Bank Group plans a-$1 billion facility to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. The facility was praised by the World Food Programme (WFP), development agencies, insurance companies and the private sector during a side event at COP28 in Dubai. Click https://thenationonlineng.net/afdb-approves-1b-insurance-facility-for-farmers/ for more

 

FG seeks N35bn to revive Ajaokuta steel "" Punch

The Minister of Steel Development, Shuaibu Audu, has requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company. The ministry's Chief Information Officer, Tine-Iulun Maureen, in a statement, said the minister revealed this when he received a delegation from Stanbic IBTC Bank, at its headquarters on Tuesday in Abuja. The minister said the collaboration with financial institutions was to seek the best financing options to re-start the light Steel Mill in Ajaokuta and kick-start iron rod production. Click https://punchng.com/fg-seeks-n35bn-to-revive-ajaokuta-steel/ for more

 

Company News

 

Airtel to generate 34MW electricity In Lagos "" Daily Trust

Airtel Africa on Tuesday launched Airtel (...Nxtra" ), a new data centre business founded on a commitment to meet the continent's growing needs for data centre capacity and to serve the fast-growing African digital economy. The first major Nxtra facility in Lagos will deliver 34 MW of total power, the telecom company said yesterday. It said Nxtra aims to build one of the largest networks of data centres in Africa with high-capacity data centres in major cities located strategically across Airtel Africa's footprint, complementing its existing edge sites. Click https://dailytrust.com/airtel-to-generate-34mw-electricity-in-lagos/ for more

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