Business and Economic News

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CAPITAL MARKET
Stock market sheds 0.17%
The Nigerian stock market shed 0.17% to close at 27,697.12 points. Similarly, Market Capitalization shed N16.08 billion, representing 0.17% decline to close at N9.52 trillion.
SOURCE: GTI Research
SEC urged to release securitization rules, as FG plans $25b fund for infrastructure
To further deepen the nation’s capital market and boost investors’ confidence, the Minister of Finance, Mrs Kemi Adeosun has urged the Securities and Exchange Commission (SEC) to ensure that the rules on securitization are released as soon as possible
SOURCE: Guardian-Read>>
Union Bank appoints new chairman
Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari.
SOURCE: Guardian-Read>>
Oando introduces synthetic lubricant
Oando Marketing Plc., Nigeria’s largest oil retailer, is expanding its range of lubricant products with the introduction of synthetic lubricant, the Oleum SYN, for use with premium motor spirit-based engines.
SOURCE: Guardian-Read>>
‘PPP, panacea to unemployment’
The three tiers of government have been urged to tackle unemployment through Public Private Partnership (PPP).
SOURCE: Guardian-Read>>
‘Most sub-standard goods not from China’
Contrary to the understanding of most Nigerian consumers, many of the substandard products in the country may not have been imported from China after all.
SOURCE: Guardian-Read>>
ECONOMIC NEWS
Nigeria requires $7.5bn for transmission upgrade
The Transmission Company of Nigeria (TCN) would require about $7.5 billion to improve on its ageing transmission infrastructure across the country.
SOURCE: Guardian-Read>>
End petrol scarcity in two weeks, Senate tells Kachikwu
The Senate on Thursday asked the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to end the current scarcity of petrol within two weeks.
SOURCE: Guardian-Read>>
All banks sound, stable, says CBN
The Central Bank of Nigeria (CBN) has defended the stability of the banking system, saying no Nigerian bank is “experiencing stress.”
SOURCE: Guardian-Read>>
POLITICS
Virgin Atlantic: Reps summon ministers over job losses
The House of Representatives on Thursday summoned the Minister of Labour/Employment, Dr. Chris Ngige, and the Minister of State for Aviation, Mr. Hadi Sirika, over the decision of Virgin Atlantic Airways to lay off its Nigerians crew members and other employees.
SOURCE: Guardian-Read>>
Declare me gov-elect, James Faleke tells INEC
ALTHOUGH the electoral umpire has fixed December 5 for supplementary governorship election in Kogi State, an enduring solution to the constitutional crisis over the polls remains elusive.
SOURCE: Guardian-Read>>
Governor Ayade wonders: How can one say Cross River State is poor?
Governor Benedict Ayade of Cross River State, a former senator, a professor of environmental studies was in Lagos for an interactive session with relevant stakeholders involved in the forthcoming Calabar Festival.
SOURCE: Guardian-Read>>
Taraba Tribunal Ruling Deepens Democracy – Erubami
The Nigerian Voters Assembly (VOTAS) has said that the recent ruling of the Taraba State election petition tribunal that sat in Abuja will deepen the nation’s democracy.
SOURCE: Guardian-Read>>
Neglected FG roads causing Lagos gridlock – APC
The Lagos State chapter of the All Progressives Congress says the gridlock the state has been experiencing was caused by Federal Government roads which have been neglected for many years.
SOURCE: Guardian-Read>>
WORLD NEWS
 
SE Asia Stocks-Most fall; Thai telecom shares continue slide
Most Southeast Asian stock markets fell on Friday, tracking losses in Asia amid expectations of additional stimulus from the European Central Bank, with weak manufacturing data weighing on Thai stock market and in Singapore.
SOURCE: Guardian-Read>>
India’s cenbank says repo bids rise to 179.47 bln rupees
The Reserve Bank of India said on Friday it accepted all 38 bids for 179.47 billion rupees ($2.69 billion) at its three-day repo auction, through which it injects liquidity into the banking system.
SOURCE: Guardian-Read>>
Draghi to the Rescue With Geopolitics Spiking as Fed Withdraws
As 2015 comes to a close, Mario Draghi is again trying to keep the European economy on track.
SOURCE: Guardian-Read>>
Tesco to pay up $12m to settle accounting scandal US lawsuit
The grocer has agreed a settlement with US stakeholders, but will admit no liability
SOURCE: Guardian-Read>>

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