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Media Highlights 07-12-2023
(Source: CardinalStone Research, Date: 07-Dec-2023)

Global Market News

 

Asia markets fall as investors assess trade data from China "" CNBC

Asia-Pacific markets slumped across the board, mirroring moves on Wall Street as investors assessed trade data from China and Australia. China's November trade numbers surprised expectations, with exports climbing 0.5% and imports falling 0.6% year on year. Economists polled by Reuters expected a 1.1% year-on-year drop in exports and a 3.3% climb in imports. Click https://www.cnbc.com/2023/12/07/asia-markets.html for more

 

Oil prices regain ground after falling to six-month lows "" Reuters

Oil prices recouped some of their losses in early Asian trading but remained at the lowest levels since June, after falling in the previous session on high U.S. crude output and gasoline inventories. Brent crude futures rose 32 cents, or 0.43%, to $74.62 a barrel by 0116 GMT. U.S. West Texas Intermediate crude futures rose 33 cents, or 0.48%, to $69.71 a barrel. Click https://www.reuters.com/business/energy/oil-prices-regain-ground-after-falling-six-month-lows-2023-12-07/ for more

 

Macroeconomic News

 

FG to spend N100bn on auto-gas, CNG buses, EVs "" Punch

The Presidential Compressed Natural Gas Initiative says N100bn has been earmarked to facilitate the deployment of CNG buses across the nation. This information was contained in a statement released on Wednesday. The initiative noted that part of the fund would be used to fund the adoption of auto-gas and electric vehicles, paving the way for a more sustainable and economical future in mass transit and transportation. Click https://punchng.com/fg-to-spend-n100bn-on-auto-gas-cng-buses-evs/ for more

 

NNPC seals deals to deliver LNG to domestic, Int'l gas markets "" This Day

The Nigerian National Petroleum Company Limited (NNPC) yesterday announced that it had signed two major agreements to deliver Liquefied Natural Gas (LNG) to the domestic and international gas markets. The national oil company in a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, said the move aligned with its efforts to further boost natural gas utilisation in the country and enhance Nigeria's gas revenue. Click https://www.thisdaylive.com/index.php/2023/12/07/nnpc-seals-deals-to-deliver-lng-to-domestic-intl-gas-markets for more

 

Federal Govt taps non-interest finance to achieve $1trn GDP growth "" Leadership

Minister of finance & coordinating minister of the economy, Mr Wale Edun has said federal government will tap into non-interest finance market to drive its $1 trillion GDP growth target by investing massively in infrastructure. ...The funding that has to be raised, non-interest financing will be a critical part of it," Mr Edun said yesterday at the 1st SEC Nigeria-IFSB International Forum on Non-Interest Capital Markets in Abuja. Click https://leadership.ng/federal-govt-taps-non-interest-finance-to-achieve-1trn-gdp-growth/ for more

 

Cardoso approves new CBN service charter "" This Day

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday approved the reviewed Service Charter of the bank. The Charter is a requirement of the Business Facilitation Act (BFA) 2022, for driving the ease of doing business in the country. The central bank governor said the second edition of the charter supports the bank's vision of being a ...People-focused central bank" . He said the CBN, being a responsible corporate citizen was committed to ensuring full compliance with the laws and regulations of the country and other international obligations. Click https://www.thisdaylive.com/index.php/2023/12/07/cardoso-approves-new-cbn-service-charter for more

 

Stop tax waivers, concessions already granted to corporate entities, Senate to FG "" Vanguard

The Senate has asked the Federal Government to as a matter of urgency, stop tax waivers and concessions already granted to corporate entities as the country was losing huge revenue to such practices. According to the Senate, all companies should pay their taxes in full to the government coffers and then request for a rebate, if need be. Click https://www.vanguardngr.com/2023/12/stop-tax-waivers-concessions-already-granted-to-corporate-entities-senate-to-fg/ for more

 

Switches, supper agents, others to be disconnected from instant payment system "" Guardian

The Nigeria Interbank Settlement System (NIBSS) has called for the disconnection of switching companies, payment solution service providers (PSSPs) and super agents (SAs) from the instant payment outwards system. Click https://guardian.ng/business-services/switches-supper-agents-others-to-be-disconnected-from-instant-payment-system/ for more

 

Cash scarcity worsens as banks ration withdrawals "" Sun

Strong indications emerged yesterday that the agonies and pains of recent Naira redesign are here again as Nigerians have continued to lament another round of cash crunch in banking halls, ATMS and other outlets across the country. This is happening despite a recent Central Bank of Nigeria clarification that the deadline for the withdrawal of old naira currency notes from circulation earlier scheduled for December 31, 2023 has been postponed indefinitely. Click https://sunnewsonline.com/cash-scarcity-worsens-as-banks-ration-withdrawals/ for more

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