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Business News Brief – July 22, 2015

22
Jul

PUNCH

Oando, 27 others lift NSE index by 0.92% – The Nigerian Stock Exchange All-Sharimg-collageIndex began the week on a positive note, extending the gains recorded at the close of trading last week after 11 consecutive days of losses.[Read More…]

Wema Bank’s half-year profit drops to N1.17bn-Wema Bank Plc said its net interest income was N9.06bn, down from N9.71bn in the first half of last year, while profit before tax stood at N1.17bn, down from N1.70bn in H1 2014.[Read More…]

New development bank to rival World Bank, others-The New Development Bank, which was formally launched in Shanghai on Tuesday, by Brazil, Russia, India, China and South Africa, has the vision of serving as a more responsive alternative to major financial institutions such as the World Bank.[Read More…]

Buy back into Chinese equities – SocGen-It’s time to buy back into Chinese equities, Societe Generale said in a note on Tuesday.[Read More…]

Ghana revises GDP fiscal deficit to 7.3%-Ghana has revised its target for the budget deficit this year to 7.3 per cent of its Gross Domestic Product, wider than the initial estimate of 6.5 per cent.[Read More…]

LEADERSHIP

NLNG Earns $85bn From Gas Exports- Nigeria Liquefied Natural Gas Company Limited (NLNG), a joint venture between the government and foreign oil majors, has earned about $85 billion from exports of liquefied natural gas (LNG) since its inception 15 years ago.[Read More…]

Lafarge Africa Plans 220mw Power Plant In Ogun-Lafarge Africa Plc has said that its newly constructed 220 megawatts (mw) power plant at Ewekoro, Ogun, will commence operations in October.[Read More…]

THE GUARDIAN

Nigeria’s light sweet crude falls to $50.10 a barrel-Crude oil prices struggled to stay around $50 yesterday, amid persistent concerns over global oil glut as against the $53.79 it recorded the previous day.[Read More…]

DataPro re-affirms Sterling Bank’s BBB rating-DataPro, a leading Credit Rating Agency (CRA) yesterday re-affirmed Sterling Bank long-term rating of BBB with a stable outlook for the year 2015/2016 A release signed by DataPro Managing Director/CEO[Read More…]

Airtel offers four African units to French firm for $1 billion-BHARTI Airtel is in exclusive talks to sell four of its African subsidiaries to France’s Orange SA which may earn the world’s third-largest telecommunications firm around $1 billion (Rs 6,400 crore).[Read More…]

THISDAY

New Electricity Tariff: Court to Rule on NERC Application Tomorrow- Thursday rule on an application by the Nigeria Electricity Regulatory Commission (NERC), seeking to discharge the ex-parte order restraining the commission from implementing the new electricity tariff billed to be effective from June 1, 2015.[Read More…]

Work to Commence Soon on $1.5bn Petrochemical Plant in Akwa Ibom- Akwa Ibom State Governor, Udom Emmanuel, has said work would soon commence on the $1.5 billion petrochemical plant located in Ibeno.[Read More…]

Lion’s Head, United Capital Appointed ALCB Fund Managers- Lion’s Head and United Capital Asset Management have been appointed Fund Managers on the African Local Currency Bond Fund (ALCB). The Fund was established on behalf of the German Federal Ministry for Economic Cooperation and Development.[Read More…]

Benue Government Presents N12bn Supplementary Budget- Governor Samuel Ortom of Benue State has presented a supplementary budget of over N12billion to the Benue State House of Assembly for consideration and possible passage.[Read More…]

THE NATION

World Bank to rebuild Northeast with $2.1b-THE World Bank yesterday announced a $2 billion package to help the economy of the Northeast back on its feet.[Read More…]

Stanbic IBTC eyes N20.4b rights issue-The Stanbic IBTC aims to offer a N20.4 billion ($102.6 million) rights issue this year. It will also seek shareholders’ vote to distribute a scrip dividend to boost its capital base, the lender said.[Read More…]

Importers spend N6.3tr on vehicles in five years-The Federal Government has said importers of vehicles at the country’s gateways spent $31.67 billion (about N6.3trillion) on vehicles’ imports and other motorised equipment between 2009 and 2013.[Read More…]

Diaspora remittances rise by $900m-Of the $21.9 billion remitted into the country last year, only 25 per cent of the funds passed through the banks, according to FBN Capital, an investments and research firm. In 2013, Diaspora remittances were $21 billion.[Read More…]

Sub-Saharan African M&As hit $15.3b-World’s leading source of intelligent information for businesses and professionals, Thomson  Reuters has released the quarterly investment banking analysis for the Sub-Saharan Africa region.[Read More…]

RUETERS

European shares fall, pulled down by drugmakers-European shares retreated on Tuesday from their six-week high in the previous session, with healthcare leading the market lower after Novartis reported quarterly incomes below analysts’ expectations.[Read More…]

Ghana revises 2015 economic growth, budget deficit – finmin-Ghana has revised its 2015 budget deficit target to 7.3 percent of gross domestic product (GDP) from 6.5 percent previously and cut its economic growth estimate to 3.5 percent to 3.9 percent, Finance Minister Seth Terkper told parliament on Tuesday.[Read More…]

BLOOMBERG

More Debt Traders Seen at Risk as European Banks Report Results – Where will the new leaders of Europe’s top securities firms scale back to increase returns? If the second quarter is any guide, their bond-trading operations could bear the brunt.[Read More…]

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