Your Morning Snippets – July 28, 2021
On this Day in 1971, Wells Fargo launches the world’s first stock-index fund with $6 million from the pension fund of Samsonite Corp. The trader executing the orders for the new fund immediately acquires the sarcastic nickname “Discount Diane.”
Happening in the Markets
Crude Oil: $71.96
Naira/US Dollar: N410.15/$ (NAFEX) | N505/$ (Parallel)
Happening in the Homeland
In rare courage, CBN weakens BDC operations, stops FX funding [Guardian]
The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Read more
Nigeria’s capital importation fell to $875.62m in Q2 [Punch]
The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1.91bn in the first quarter of 2021. Read more.
CBN Releases $200m to Banks to Quell FX Speculation [ThisDay]
The Central Bank of Nigeria (CBN) yesterday released a total of $200 million to all commercial banks in the country as part of efforts to meet dollar demand for legitimate end users in the country. Read more.
IMF Raises Nigeria’s Growth Forecast for 2022, retains Growth Projections for 2021 [ThisDay]
The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2022 by 0.3 per cent to 2.6 per cent compared to its earlier projection in its April edition while it retained its growth forecast for 2021. Read more.
Happening In Foreign Lands
Barclays resume dividends, buybacks as first half profits almost treble [Reuters]
Barclays reported first half profits nearly trebled as it followed Wall Street rivals in reaping bumper investment banking fees from frenzied dealmaking, while COVID-19 pandemic-related bad loan charges remained low. Read more.
Apple’s iPhone hot streak is going to run into the global chip shortage [CNBC]
Apple reported a blowout quarter on Tuesday, driven by sales of iPhones, which were up 50% annually to $39.57 billion in sales. Read more
Twitter ‘acqui-hires’ the team from subscription news app, Brief [Techcrunch]
Twitter’s recent acquisition spree continues today as the company announces it has acqui-hired the team from news aggregator and summary app Brief. Read more.
U.S. consumer confidence at 17-month high; business spending on equipment strong [Reuters]
U.S. consumer confidence inched up to a 17-month high in July, with households’ spending plans rising even as concerns about higher inflation lingered, suggesting the economy maintained its strong growth clip early in the third quarter. Read more.
Agriculture: N736.51 billion disbursed to 3,734,939 smallholder farmers – CBN
IMF warns that inflation could prove to be persistent and central banks may need to act
CDC Urges Vaccinated People To Mask Up Indoors In Places With High Virus Transmission
Piggyvest acquires Savi.ng, a wealth management app to expand its Nigerian base
Former eBay employee gets 18 months in prison for ‘abominable’ cyberstalking campaign
Learn the Lingo
What is Austerity?
Austerity measures refer to government policies that aim to reduce public sector debt. Uncontrolled increases in a country’s public debt tend to increase financial instability within the country and can, if left unchecked, cause a national or even regional recession.
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