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Media Highlights 29-02-2024
(Source: Cardinal Stone Research, Date: 29-Feb-2024)

Global Market News

 

Asia stocks sputter before US inflation data; yen gains- Reuters

Asian equities were mostly weaker on Thursday, while the dollar and U.S. Treasuries were largely steady ahead of crucial U.S. inflation data that could provide fresh clues on when the Federal Reserve will cut interest rates. Click here for more

US lawmakers reach deal to temporarily avert government shutdown"" BBC

Top US lawmakers have reached a tentative deal to avert a partial government shutdown ahead of a Friday deadline to approve funding. Four funding bills will now be extended to 8 March while the rest of the budget will be extended to March 22. Click here for more

 

 Macroeconomic News

 

1,068 oil projects to attract $22.8bn investments "" FG "" Punch

About 1,068 oil and gas projects approved between 2022 and 2023 that are currently ongoing across the country are to attract a total of $22.8bn, the Federal Government announced on Wednesday. Click here for more.

 

Subsidy removal: Petrol import crashes by 990million litres monthly - Punch

The Minister of Information and National Orientation, Mohammed Idris, on Wednesday, said the importation of Premium Motor Spirit, popularly called petrol, into Nigeria has reduced by 50 per cent since the withdrawal of subsidy on the commodity. Click here for more.

 

FG detains 2 Binance executives in crackdown on cryptocurrency ""Leadership

Two senior executives of Binance have been detained in Nigeria as Federal Government tries to rein in speculation on the Naira by cracking down on cryptocurrency exchanges. Click here for more.

 

Tinubu Off To Qatar For Business, Investment Forum, Others"" Leadership

Honouring an invitation by His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, President Bola Ahmed Tinubu will depart Lagos and embark on a two-day official visit to the State of Qatar on Thursday, February 29, 2024, to further strengthen cooperation between the two nations in several areas, including security, cultural exchange, and economic development. Click here for more

  

FG to crash drug prices gets $1bn from AfreximBank"" Punch

President Bola Tinubu will sign an executive order to bring down the cost of drugs in Nigeria, which has been on the rise. Click here for more

 

Company News

 

Nestle posts N104bn loss over naira depreciation"" Punch

Consumer goods company, Nestlé Nigeria Plc, has recorded a N104.03bn loss before tax in 2023 on the depreciation of the naira. Click here for more.

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