Your Morning Snippets – August 02, 2021
On this day in 1776, members of Congress affix their signatures to an enlarged copy of the Declaration of Independence. Fifty-six congressional delegates in total signed the document, including some who were not present at the vote approving the declaration.
Happening in the Markets
Crude Oil: $73.73
Naira/US Dollar: N411.58/$ (NAFEX) | N515/$ (Parallel)
Happening in the Homeland
First Bank’s NPL improvements restores investor confidence [Nairametrics]
The recent turnaround and improvement in the Non-performing loans of First Bank of Nigeria Limited (FirstBank) have been a major boost in the Bank’s quest to reinforce its leadership of the financial services industry in Nigeria. Read more
Seven African exchanges inch towards shared trading [Guardian]
Cross-border trading is set for a lift as the African Securities Exchanges Association (ASEA) has signed a contract to roll out an African Exchanges Linkage Project (AELP) link technology platform for routing orders and trade confirmations among stockbrokers on NGX and six exchanges. Read more
AfBD to provide women $150m for agriculture [Punch]
The African Development Bank plans to provide $150m financing to women in the agricultural sector in a move to close the gap in financing for women in Africa by the end of 2021. Read more
Nigeria’s loans from World Bank, AfDB rise to $14.35bn under Buhari [Punch]
Nigeria’s liabilities to the World Bank and the African Development Bank rose from $7.14bn to $14.25bn between June 30, 2015 and March 31, 2021, data obtained from the Debt Management Office have shown. Read more
Happening In Foreign Lands
Twitter’s Dorsey leads $29 billion buyout of lending pioneer Afterpay [Reuters]
Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, will purchase buy now, pay later (BNPL) pioneer Afterpay Ltd for $29 billion, creating a global transactions giant in the biggest buyout of an Australian firm. Read more
Tech Startup Financing Hits Records [WSJ]
The world’s largest investment funds are descending on Silicon Valley with unprecedented financial force, roiling the once-niche business of tech startup funding and crowding out traditional venture capitalists. Read more
Oil prices fall on worries over China economy and higher crude output [Reuters]
Oil prices fell on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. Read more
A huge movie studio is set to be built in the UK for the likes of Amazon and Netflix [CNBC]
A vast new movie studio is set to be built just outside London as part of an effort to tempt the likes of Amazon and Netflix to make more blockbusters in the U.K. The development, which is subject to planning permission, is being funded by Blackstone Real Estate Partners and Hudson Pacific Properties. Read more
FG refunds N143 billion to 5 states for road projects
Manufacturers Back CBN’s Ban of FX Sale to BDCs
NESG urges FG to intensify actions for economic growth
HSBC’s Profit Rises as Pandemic Provisions Recede
Goldman Sachs to raise pay for junior investment bankers
Learn the Lingo
What is an Emerging Market Economy?
An emerging market economy refers to a country that is in the process of developing its economy to become more advanced. It generates low to middle per capita income and is rapidly expanding due to high production levels and significant industrialization. Emerging market economies make up 80% of the world’s population and almost 70% of the world’s GDP growth.
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The #ThriveTribe is designed to be financial education hub with a weekly line up of learning events that will provide you with everything you need to know to become the Chief Financial Officer of your life. One of the best parts of being part of the #ThriveTribe is the discounts you would get from partner financial services firms.
If you are interested in joining our paid community, kindly request an invitation https://bit.ly/ThriveTribeInvitation
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