May 28, 2022

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FINANCE MORNING FOR 24TH NOVEMBER 2016

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FINANCE MORNING FOR 24TH NOVEMBER 2016



Special Economic Zones project attracts $1bn funding— Enelamah

The Minister of Industry, Trade and Investment says the proposed six Special Economic Zones (SEZs) project being undertaken by the Federal Government has attracted $ 1billion funding supports from foreign development partners.

Dr. Okechukwu Enelamah, who disclosed this in Abuja while giving a status report on the implementation of the ministry’s objectives, said the project when developed will solve infrastructure disadvantages faced by local manufacturers. Source: Vanguard. Read More.

2017 draft budget based on unrealistic assumptions —Senate ON NOVEMBER

A draft budget framework for 2017 submitted to the National Assembly by President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, the Senate said yesterday.

The budget plans include spending a record N6.866 trillion to pull the economy out of recession, assume oil production of 2.2 million barrels a day and an exchange rate of N290 to the U.S. dollar.Source: Vanguard. Read More.

Twitter Promises to Take Action Against Developers Violating Policy (TWTR)

The rampant bullying and “trolling” that occurs on Twitter, Inc. (TWTR) has been cited as top reasons Twitter hasn’t been acquired by the likes of Salesforce.com, Inc. (CRM) or the Walt Disney Company (DIS), despite the advantages Twitter could bring to an acquirer.

The company has also drawn criticism for allowing developers to use its publicly available data for surveillance. ACLU has said that government agencies use third-party groups to track activists on Twitter. Source: Investopedia. Read More.

Facebook May Allow Third-Party Groups to Censor Content in China (FB)

We knew there was a reason Mark Zuckerberg inhaled all that polluted air during his jog in China’s Tiananmen Square in March. Facebook (FB) has been quietly trying to regain access to the Chinese market.

The New York Times has learned from three current and former employees that the company is developing software to prevent posts from appearing in people’s news feeds in China. According to the report, “Facebook does not intend to suppress the posts itself. Instead, it would offer the software to enable a third party — in this case, most likely a partner Chinese company — to monitor popular stories and topics that bubble up as users share them across the social network. Facebook’s partner would then have full control to decide whether those posts should show up in users’ feeds.” Source: Investopedia. Read More.

Jan Koum Has Sold More Than Half His Facebook Stake Since Whatsapp Was Acquired

WhatsApp cofounder Jan Koum sold $42.8 million worth of Facebook FB -0.49% stock in the past week, according to regulatory filings. These sales are just the latest in a long string of transactions for the young billionaire, who has sold more than half of his stake in Facebook since WhatsApp was acquired by the social media giant in 2014.Source:: Forbes. Read More.

Why Online Shopping Fraud Is Expected To Jump 43% This Holiday Season And How To Protect Yourself

The holiday shopping season isn’t all wish lists, massive sales and beautifully wrapped gifts.

Unfortunately, along with millions of transactions comes a high incidence of fraud — and the nature of that fraud is changing this year due to the shift over the last year or so to EMV, or chip, cards. Source: Forbes. Read More.

Ukraine corruption and Russian aggression both on table at EU summit

Conflicting objectives are likely to trouble a top-level meeting between Ukraine’s President Petro Poroshenko and senior EU officials in Brussels.
The summit is supposed to discuss anti-corruption measures demanded by the EU in exchange for visa-free travel.
But Ukraine’s foreign minister said the focus must be on Russian aggression and extending economic sanctions.
Kiev is also concerned about Donald Trump’s praise of the Russian president during the US presidential campaign. Source: BBC. Read More

Skyscanner sold to China travel firm Ctrip in £1.75bn deal

Skyscanner, the UK-based travel search business, has been bought by Ctrip, China’s biggest online travel firm.
The deal values Skyscanner at about £1.4bn ($1.75bn).
The firm, which has its headquarters in Edinburgh, is available in more than 30 languages, with about 60 million monthly active users.
It was set up to let users compare prices from different travel sites when searching for flights, hotels, and rental cars. Source: BBC. Read More.


Data shows U.S. economy strengthening on eve of Trump presidency

New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter.

The brightening economic outlook received a further boost from other data on Wednesday showing a jump in consumer sentiment this month following the election of Donald Trump as the next president. Consumers embraced the business mogul’s victory, which they viewed as positive for their personal finances and the economy’s prospects.Source: Reuters. Read More.

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