Invesco files with SEC for Bitcoin ETF without direct BTC exposure

Your Morning Snippets – August 09, 2021

On this day in 1936, during the Berlin Olympics, African American track star Jesse Owens wins his fourth gold medal of the Games in the 4×100-meter relay. His relay team set a new world record of 39.8 seconds, which held for 20 years.

Happening in the Markets

Bitcoin: $43,537.50
Ethereum: $2,940.65
Gold: $1,804.42
Crude Oil: $70.32
Naira/US Dollar: N411.24/$ (NAFEX) | N510/$ (Parallel)

Happening in the Homeland

Petrol landing cost hits N249/litre, deregulation remains uncertain [Punch]

The landing cost of Premium Motor Spirit (petrol) imported into the country has increased to a new high of N249.42 per litre on the back of high global crude oil prices. The further rise in the landing cost of petrol means increased subsidy as the pump price of the product remains steady at N162-N165 per litre. Read more

Forest Capital Acquires of Kayvee Microfinance Bank [ThisDay]

Forest Capital, the investment subsidiary of Farmforte Limited, has acquired Kayvee Microfinance Bank as part of its strategic imperative to create greater synergy between socio-economic empowerment, agriculture, and the finance sector. Read more

FG’s Debt Obligation to CBN [ThisDay]

Despite government’s argument to the contrary, there are increasing fears that its borrowing binge is pushing the country towards insolvency, or at best, a debt trap. Read more

Wema Bank Mulls Acquisition or Merger, to Raise N40bn Through Rights Issue [ThisDay]

The management of Wema Bank yesterday hinted that “it is considering” the acquisition of a fintech firm or a merger with another commercial bank, as part of its growth plans. Speaking in Lagos during the company’s half-year 2021 investors/analysts presentation (virtually), the bank’s Deputy Managing Director, Moruf Oseni, said a merger and acquisition (M&A) was part of its plan to ensure organic growth. Read more

Happening In Foreign Lands

TikTok owner ByteDance aims for Hong Kong IPO by early 2022 [Reuters]

ByteDance, the Chinese owner of short video platform TikTok, has revived its plan to go public with a listing in Hong Kong by early 2022 after addressing Chinese regulators’ concerns, the Financial Times reported on Sunday. Read more

Virgin Atlantic Reportedly Looking at Stock Exchange Listing [TheStreet]

Richard Branson’s Virgin Atlantic is considering an initial public offering and a possible listing on the London Stock Exchange to reinforce the company’s finances as it banks on a rebound in transatlantic travel, according to a Sky News report. Read more

Verizon and AT&T plan post-pandemic 5G marketing blitz, even as consumer use cases remain unclear [CNBC]

Verizon and AT&T shelved 5G marketing campaigns that emphasized out-of-home consumer use cases during the pandemic. Consumers are still uncertain about clear 5G benefits, which may slow adoption. Verizon hopes a 5G network that can function as a replacement product to cable broadband will help boost subscribers. Read more

Aramco posts nearly 300% leap in second-quarter profit as oil demand recovers [CNBC]

Saudi state oil giant Aramco reported a stunning 288% increase in net income to $25.5 billion for the second quarter, while maintaining its dividend of $18.8 billion, as big oil benefits from higher prices and a recovery in worldwide demand. Read more

Snippets

Alibaba fires manager accused of sexual assault; CEO calls for change after ‘shameful’ incident
Companies Scrap Plans for Fall as Virus Cases Rise
Anticipated $3.4bn SDRs from IMF, $6.2bn Eurobond Issuance Lift Naira at BDC, Parallel Markets
Germany drops probe of former Deutsche Bank board member over Wirecard
U.S. Senate trudges toward passing $1 trillion infrastructure bill
Invesco files with SEC for Bitcoin ETF without direct BTC exposure

Learn the Lingo

What is a Junk Bond?

Junk bonds are bonds that carry a higher risk of default than most bonds issued by corporations and governments. Junk bonds represent bonds issued by companies that are financially struggling and have a high risk of defaulting or not paying their interest payments or repaying the principal to investors. [Investopedia]

About Thrive

We are a financial education company focused on helping young professionals acquire the knowledge, develop the attitude, build the confidence and gain access to the opportunities they need to exercise the money management decisions that would help them navigate the path towards abundance.

Upcoming Events

Basics of Investing Workshop – August 14
Basics of Personal Finance Workshop – September 18

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