Your Morning Snippets – August 13, 2021
On this day in 1979, BusinessWeek’s cover proclaims THE DEATH OF EQUITIES: “Only the elderly, who have not understood the changes in the nation’s financial markets, or who are unable to adjust to them, are sticking with stocks…. the U.S. economy probably has to regard the death of equities as a near-permanent condition — reversible some day, but not soon…. It turns out that this “near-permanent condition” will last three years to the day.
The infamous cover went on to precede a multi-decade bull market that is still powering on.
Happening in the Markets
Crude Oil: $68.63
Naira/US Dollar: N411.24/$ (NAFEX) | N515/$ (Parallel)
Happening in the Homeland
FG hikes vehicle number plate, driving license rates by 50% [Punch]
THE Federal Government has commenced the implementation of new rates for vehicle number plates and driving license across the country. According to the Joint Tax Board, Nigerians will now pay N18,750 for standard private and commercial number plates against the old rate of N12,500. Read more
Divestment: Wood MacKenzie Values Shell’s Equity in JV Assets at $2.3bn [ThisDay]
The road to the planned sale of Royal Dutch Shell’s assets in Nigeria appears clearer now, with Wood MacKenzie, a leading global oil and gas consulting firm, putting the total value of Shell Petroleum Develop Company (SPDC), the subsidiary it proposes to totally divest from, at about $2.3 billion. Read more
2021 first-half investment in crypto surpasses 2020 record – KPMG [Punch]
Investment in blockchain and crypto in the first half of 2021 was more than 100 per cent of all investments in blockchain and crypto in 2020. This was disclosed in KPMG’s ‘Pulse of Fintech H1’21’ report. According to the report, investments in crypto have soared past the previous annual record high set in 2018. Read more
Bankers: Customers abusing forex requirement [TheNation]
The Bankers’ Committee has raised the alarm that bank customers have started abusing the ban on the sale of foreign exchange (forex) by Bureaux de Change (BDCs). Rising from their meeting yesterday, the bankers said they have seen incidents of customers presenting fake documents such as expired passports, invalid flight tickets or open tickets that are cancelled after they acquire the forex. Read more
Happening In Foreign Lands
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman [Reuters]
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant.Read more
EdTech platform Emeritus raises $650 million from SoftBank, Accel, others[Reuters]
Emeritus, an EdTech platform used by some of the world’s top universities and other educational institutions for online courses, said on Thursday it raised $650 million in a funding round led by SoftBank Group Corp’s Vision Fund 2 and Silicon Valley venture capital firm Accel. Read more
Lord of the Rings: Amazon moves show to UK from New Zealand [BBC]
Technology giant Amazon’s TV and film business is moving production of its multi-million dollar Lord of the Rings series to the UK from New Zealand. The as-yet-untitled fantasy epic is set thousands of years before the events in JRR Tolkien’s books The Hobbit and The Lord of the Rings. Read more
Soccer superstar Messi is being partly paid in crypto by PSG[CNBC]
Messi signed a two-year deal with PSG this week, with an option for a third, that will net him an annual salary of $41 million plus bonuses. PSG said on Thursday that Lionel Messi’s wage package includes the cryptocurrency “$PSG Fan Tokens.”Read more
81% of women entrepreneurs in Middle East, Africa own digital businesses
40% Of Vehicles Imported Into Nigeria Are Stolen, Says Minister
Olam looks to raise about $3 billion via food ingredients London IPO
TikTok reinforces privacy controls for teenagers
SEC secures AfDB grant to boost investor protection, regulation
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