Your Morning Snippets – August 10, 2021
Did you know that the Cotton candy was invented by a dentist. It is not known whether William Morrison had an ulterior motive for inventing the soft confection, but the dentist no doubt helped ensure others in his profession continued drawing in plenty of customers.
Happening in the Markets
Crude Oil: $70.32
Naira/US Dollar: N411.24/$ (NAFEX) | N509/$ (Parallel)
Happening in the Homeland
CBN: Digital Currency Would Be Critical National Infrastructure [ThisDay]
The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will be treated as a critical national infrastructure to protect it from operational and cyber-security risks. Read more
Green Africa gets operating certificate, schedules first flight Thursday [Punch]
Green Africa Airways Limited has obtained its Air Operator’s Certificate and is set to commence its first commercial flight on Thursday. Following the AOC received from the NCAA on Monday, a soft launch of the flight was scheduled to commence immediately. Read more
Lagos assumes full ownership of Lekki Concession Company, Toll Gate [DailyPost]
Lagos State Government has received the nod of the House of Assembly to assume full ownership of Lekki Concession Company (LCC). The privately owned company was the special purpose vehicle that executed the Lekki Toll Road Concession Project. With the endorsement of Governor Babajide Sanwo-Olu’s June 21 request, Lagos will now control the affairs of LCC and manage the Lekki toll gate. Read more
Happening In Foreign Lands
SoftBank Profit Falls as Tech Rally Cools [WSJ]
SoftBank said a decline in the value of many holdings in its investment portfolio sent its profit lower during the latest quarter, showing that headwinds are rising for the world’s biggest tech investor. Read more
WeWork rival IWG ‘cautiously optimistic’ on year after H1 losses widen [Reuters]
Office rental firm IWG Plc said on Tuesday it was cautiously optimistic about the rest of the fiscal year despite posting a bigger half-year loss, even as a resurgence in global COVID-19 cases and renewed lockdowns in some markets threaten the pace of recovery. Read more
China sues Tencent over WeChat Youth Mode [BBC]
Beijing prosecutors have filed a civil legal action against Tencent over claims its messaging-app WeChat’s Youth Mode does not comply with laws protecting minors. Youth Mode prevents younger users from accessing payments, playing certain games and finding nearby friends. Read more
Amazon, top Indian seller Cloudtail end ‘relationship amid regulatory heat
India mints first crypto unicorn even as doubts remain
Omnibiz gets $3M to digitize Nigeria’s informal B2B supply chain
Warren Buffett is buying more of his own stock as Berkshire profits surge
NNPC spends N492.05 billion on subsidy, salaries, other expenses in one month
FG targeting 50 billion-barrel oil reserves – DPR
Learn the Lingo
What is Free Float?
This refers to the portion of shares of a company that is held by the general public, excluding those owned by insiders and promoters of the company.
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