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Media Highlights 21-05-2024
(Source: CardinalStone Research, Date: 21-May-2024)

Global Market News

Oil prices fall on fear of high U.S. interest rates depressing demand"” Reuters

Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. Click here for more.


Stocks inch lower, dollar firm as Fed focus intensifies; crypto soars "” Reuters

Asian stocks drifted lower while the dollar held firm on Tuesday as investors awaited minutes of the Federal Reserve's latest policy meeting to gauge the timing and extent of possible interest rate cuts this year. Click here for more.


Macroeconomic News

FG, UAE plan new oil exploration deal "”Punch

The Federal Government, on Monday, urged the United Arab Emirates to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. Click here for more.

Port Harcourt refinery begins operation July"" Punch

The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu. Click here for more.

FG has reached 75% of domestic borrowing target for 2024, says DMO "” The Guardian

The Director General of the Debt Management Office (DMO), Patience Oniha, said the federal government has so far raised N4.5 trillion out of the N6 trillion domestic borrowing target in the 2024 budget. Click here for more.

NAFDAC, NEPC partner on export "”Punch

The National Agency for Food and Drug Administration and Control has partnered with the Nigeria Export Promotion Council and other stakeholders to tackle the issue of the rejection of exports overseas. Click here for more.

NDDC inaugurates N248 million substation in Edo "”Punch

The Niger Delta Development Commission on Monday commissioned an injection substation in Amufi, Ikpoba Okha Local Government of Edo State worth N248 million to boost power supply in the state. Click here for more.

Company News

Airtel Africa repays $550 million bond "” Punch

Telecommunications and mobile money services provider, Airtel Africa, has revealed that its subsidiary, Bharti Airtel International (Netherlands) B.V., has repaid in full its $550 million bond maturing Monday. This was disclosed in a corporate filing with the Nigerian Exchange Limited signed by Group Company Secretary, Simon O'Hara on Monday. Click here for more.

UBA seeks shareholders' nod for N500 billion recapitalisation, marks 75 years anniversary"” Leadership

United Bank for Africa (UBA) has said, it will, this Friday, seek shareholders' approval on its recapitalisation plans, assuring that, as a bank with international licence, it will recapitalise to the tune of N500 billion before the deadline. Click here for more.

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