Nigeria Gets $3.35bn in IMF’s Historic $650bn SDR Allocation

Your Morning Snippets – August 04, 2021

On this day in 1961, Barack Obama, 44th United States President (Democrat: 2009-17) and first African-American president was born in Honolulu, Hawaii. Happy 60th Birthday, President Obama.

Happening in the Markets

Bitcoin: $37,838.30
Ethereum: $2,486.96
Gold: $1,810.80
Crude Oil: $72.41
Naira/US Dollar: N410.67/$ (NAFEX) | N508/$ (Parallel)

Happening in the Homeland

Leadway Assurance Launches HMO to Deepen Health Insurance Penetration [ThisDay]

Leadway Health Limited, a new health maintenance organisation (HMO) established by the Leadway Assurance, has unveiled a range of healthcare service offerings targeted at improving and fostering access to quality health and wellbeing solutions to Nigerians. Read more

Nigeria Gets $3.35bn in IMF’s Historic $650bn SDR Allocation [ThisDay]

The Board of Governors of the International Monetary Fund (IMF) has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion (about SDR 456 billion) to boost global liquidity. The Washington-based institution which disclosed this in a statement yesterday, revealed that Nigeria would be allocated about $3.35 billion out of the sum. Read more

NIPOST to be unbundled before December, says minister [Punch]

The Minister of Communications and Digital Economy, Dr Isa Pantami, has said that the Federal Government will soon unveil policies aimed at unbundling the Nigerian Postal Services. Read more

ECOWAS recommends legislations against roaming charges, cybercrime [Guardian]

A Joint Committee of the ECOWAS Parliament has issued some recommendations asking Member States to develop legislation to fight cybercrimes in their jurisdictions as well as implement effectively, the elimination of roaming charges in the region. Read more

Happening In Foreign Lands

PepsiCo to Sell Tropicana, Naked Juice Brands [WSJ]

The snacks-and-beverage company plans to sell Tropicana and other juice brands to private-equity firm PAI Partners in a deal valued at roughly $4.5 billion. Read more

Li Auto: China Tesla rival plans Hong Kong secondary listing [BBC]

Chinese electric car maker Li Auto has said it plans to raise as much as $1.9bn (£1.4bn) in a secondary listing of its shares in Hong Kong. Shares in the Tesla rival are already traded on the Nasdaq stock market in New York. Li Auto is the latest Chinese company to raise money closer to its home country in recent months. Read more

US household debt soared to nearly $15 trillion last quarter [CNN]

A surge in credit card spending and home purchases caused US household debt to increase by $313 billion, or 2.1%, in the second quarter, according to the Federal Reserve Bank of New York. That’s the largest nominal jump since 2007 and the biggest percentage increase in seven and a half years. Read more

Philip Morris sells its 18,000 acre Marlboro Ranch [MSN]

Philip Morris has sold its 18,000-acre Montana home of the Marlboro Ranch to the owners of the ultra-exclusive Yellowstone Club. Marlboro Ranch, a working ranch with an ‘Old Western Town’ was bought by the tobacco giant in 1999 as a marketing tool. Read more

Snippets

WhatsApp photos and videos can now disappear after a single viewing
At $500 million valuation, Kuda Bank becomes Nigeria’s 7th most valuable bank
Nissan’s battery partner to spend over $450 million on new plant in Japan
Sony posts Q1 profit jump on pandemic demand for devices and content
There’s now a subscription service for college textbooks
Foreign investors withdraw N116.72bn from stock market in six months

Learn the Lingo

What is Hostile Takeover?

A hostile takeover, in mergers and acquisitions (M&A), is the acquisition of a target company by another company (referred to as the acquirer) by going directly to the target company’s shareholders, either by making a tender offer or through a proxy vote. The difference between a hostile and a friendly takeover is that, in a hostile takeover, the target company’s board of directors do not approve of the transaction. [CFI]

Request an Invitation to the #ThriveTribe

We are currently inviting a select group of about 50 people to join the pilot launch of our financial education community, which we’ve dubbed the #ThriveTribe.

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

And we will share the joining details.

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