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Media Highlights 17-05-2024
(Source: CardinalStone Research, Date: 17-May-2024)

Global Market News

 

Oil set for weekly gain on signs of improving demand "” Reuters

Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Click here for more.

 

Asian stocks ease on uncertainty over timing of U.S. rate cuts "” Reuters

Asian stocks inched lower on Friday as traders pondered the near term U.S. monetary policy path after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing. Click here for more.

 

Macroeconomic News

 

Tinubu okays payment of N3.3tn power sector debts "” Punch

As part of the measures to tackle incessant power outages in the country, President Bola Tinubu has approved the gradual payments of power sector debts estimated at over N3.3tn. Click here for more.

 

Crypto exchanges begin delisting of naira on platforms"" The Sun

Following the directives of the Office of the National Security Adviser and the Securities and Exchange Commission (SEC) that the naira be delisted from Peer-to-Peer Trading platforms, the exchanges have begun implementing same. Click here for more.

 

FAAC: FG, States, LGAs share N1.2trn in May"” The Sun

The three tiers of government shared N1.208 trillion as May 2024 revenue disbursement from the Federation Accounts Allocation Committee (FAAC). The figure is N1 billion above the N1.1trn that was disbursed in April. Click here for more.

 

Exporters seek FG's intervention as revenue dips"” The Sun

Stakeholders in Nigeria's manufacturing export sector have said the industry is facing a crisis, with revenue experiencing a significant decline and have called on the federal government to intervene and address the situation. Click here for more.

 

Senate halts debate on electricity tariff hike, knocks NERC, DISCOs"” The Sun

The Senate, yesterday, halted moves to adopt a report of the Committee on Power, which recommended the suspension of the ongoing implementation of the new electricity tariff hike. Click here for more.

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