Business &Economic News Round-Up - Monday, 16th July, 2018

DOMESTIC

Chinese oil firm to invest $3bn in Nigeria The management of China National Offshore Oil Corporation has expressed its readiness to invest additional $3bn in its existing stakes in offshore... Readmore>>>

FAAC to probe N90bn revenue underpayment by FIRS The Federation Account Allocation Committee has expressed its readiness to probe the N90bn allegedly underpaid into the Federation Account... Readmore>>>

Currency in circulation falls to N1.93tn The currency in circulation fell for the third consecutive month in June, with economic experts describing it as a positive trend for the nation’s inflation.... Readmore>>>

Conoil promises shareholders higher returns on investment Conoil Plc, a petroleum marketing company, has said it will build a stronger financial position and create higher value for its shareholders to maintain.... Readmore>>>

Saham Unitrust records 28% growth in gross premium Saham Unitrust Insurance Nigeria Limited recorded an increase in gross written premium by 28 per cent from N1.92bn in 2016 to N2.486bn in the... Readmore>>>

Mutual Benefits pays N160m dividend Mutual Benefits Assurance Plc has said it will reward its shareholders with N160m dividend for the 2017 financial period.... Readmore>>>

Trading in Chinese Renminbi to Commence Before End of July, Says CBN The Central Bank of Nigeria (CBN) yesterday disclosed that trading in the Chinese Renminbi would commence before the end of this month... Readmore>>>

Equity Market Reverses Downtrend, Gains 0.45%. The equity market closed higher today, gaining 0.45% to reverse downtrend of three consecutive trading days. Market breadth closed negative, recording 17 gainers against 26 losers. Readmore>>>

INTERNATIONAL EU’s Tusk calls on China, U.S., Russia not to start trade wars European Council President Donald Tusk said on Monday China, the United States and Russia had a duty not to start trade wars and called on the three countries... Readmore>>> Oil prices ease on potential supply hikes; Trump-Putin eyed Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases... Readmore>>> China second-quarter GDP growth cools as factory output weakens, trade row flares China’s economic growth slowed as expected in the second quarter as the government’s efforts to tackle debt risks crimp activity and an intensifying trade war with... Readmore>>>

Asian shares fall as China data points to slowing growth Asian shares were lower on Monday after data from China showed the world’s second-largest economy slowed slightly in the second quarter, and as investors... Readmore>>>

Dollar pauses near six-month top ahead of big economic indicators Major currencies held around recent ranges on Monday thanks to a lull in China-U.S. trade skirmishing and as investors await key data from the... Readmore>>>