May 28, 2022

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FINANCE MORNING FOR 28TH NOVEMBER, 2016

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FINANCE MORNING FOR 28TH NOVEMBER, 2016


CBN slashes dollar supply to BDCs by 46%
The Naira has come under fresh pressure in the parallel market having depreciated to N473 per dollar following the decision of the Central Bank of Nigeria (CBN) to slash dollar sales to Bureaux De Change (BDCs) by 46 per cent. Financial Vanguard investigations revealed that last week, the CBN sold $8,000 to each BDC through Travelex Nigeria Limited.  This represents 46 per cent decline when compared to $15,000 usually sold per week to each BDC. Source: Vanguard. Read More.
Foreign consortium/NNPC to build $340m Ethanol plant in Benue
MAKURDI—A consortium based in the United Kingdom, in collaboration with the Nigerian National Petroleum Corporation, NNPC, is to invest over $340 million in the establishment of an ethanol plant in Benue State.
Governor Samuel Ortom, who made this known in a state-owned radio programme monitored in Makurdi, said the project would be executed to further boost the federal government’s renewable energy policy. Source: Vanguard. Read More.
Sentiment Analysis Report – W/E November 25, 2016
The Diagnosis 
Analysis of the market activity in the week ended November 25, 2016 technically revealed waning bearish tendency while investors displayed active opportunistic buying tendency.

Also, an extensive analysis revealed a active accumulation pattern while investors displayed improved risk appetite, particularly in Financial Services, Conglomerates and  Consumer Goods sectors. Source: Proshare. Read More.
CBN injects $867m as dollar scarcity pushes naira to 473
The Central Bank of Nigeria (CBN) has given access to about 7,792 requests for foreign exchange valued at over $867 million to manufacturers and other strategic actors in the Nigerian economy, to ease forex scarcity.

Forex scarcity in the system had pushed the naira to 473 per  dollar, as the Department of State Service (DSS) continue to clamp down on forex dealers across the country.

But in a statement by Isaac Okorafor, acting director, corporate communications department, on Thursday in Abuja, CBN stated that the access was in continuation of its resolve to ease foreign exchange pressure on manufacturers. Source: The cable. Read More.
Divorcing? How to Split Up Retirement Nest Eggs
When you are in the midst of a divorce, the emotional toll itself is hard enough to manage. However, there are also many thorny financial issues that will need to be addressed. A legal separation will most likely involve the division of your retirement plan assets which, if not done properly, can create big tax headaches and other issues down the road.   The type of retirement plan, whether it be an IRA or qualified plan determines the rules that will apply to you. 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.

A survey of 125 retailers representing 13% of online sales projects that online fraud attempts will rise 43% this year over last. Source: Forbes. Read More.
Pizza and piggy banks: The lighter side of India’s cash crisis
Nobody likes waiting. Nobody likes long lines.
But for millions of Indians, standing in line for hours at a bank or ATM has become unavoidable following the government’s sudden decision to withdraw all 500 and 1,000 rupee notes from circulation.
For the past two weeks, anyone wanting to exchange the banned notes or make a deposit has faced a lengthy wait.
But all that waiting has produced a few humorous and heartwarming moments. Here’s a sample: Source: CNN. Read More.
Stocks week ahead: Sizing up Black Friday; O’Hare strike; U.S. jobs
1. Black Friday biopsy: How much did Americans splurge on shopping’s biggest weekend? Decent, but not if you’re a brick-and-mortar location.
Buoyed by strong online traffic, sales surpassed $3 billion for the first time with roughly $1 billion of it coming from mobile devices. But data shows that sales from physical retailers dipped 5 percent over the two days, while the number of transactions fell 8 percent as shoppers skipped the crowds to shop at home. Source: CNN. Read More.
Samsung Electronics to consider split: Seoul Economic Daily
South Korea’s Samsung Electronics Co Ltd (005930.KS) will consider splitting itself into two as proposed by U.S. activist hedge fund Elliott Management, Seoul Economic Daily reported on Monday citing an unnamed source.

A split would allow the heirs of the founding Lee family to strengthen their grip on the global smartphone leader, the crown jewel of the Samsung Group business empire. Elliott proposed a split in October to boost shareholder value. Source: Reuters. Read More.
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