Today’s Business Day Newspaper Headlines Tuesday 18th June 2019.

Today’s Business Day Newspaper Headlines

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Financial storm encircles 36 states as FAAC falls steadily
Tue, 18 Jun 2019
Nigerian state governors may be in for a tough time as revenue derived from the federation account continues to decline, largely as a result of falling value of crude oil exports. A slowdown of revenue from the federation account would make it harder for state governments to effectively execute their budgets, especially the capital expenditure []
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BUY OR SELL OLD AND NEW CARS, PARTS, CAR MATERIALS AS CAR MART NG LAUNCH IN NIGERIA

Renewed trade war, lower output trigger weaker growth in emerging markets
Tue, 18 Jun 2019
The massive portfolio outflows recorded in emerging markets (EMs) last month on the heels of renewed trade spat between world’s two biggest economies, coupled with weaker industrial output of countries in the space has significantly weighed down on growth of EMs. According to the Washington-based International Institute of Finance, growth forecast for EMs is projected []
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FMDQ, UNEP, others champion Lagos Financial Centre for sustainability
Tue, 18 Jun 2019
With the global momentum towards building sustainable financial systems, the increasing significance of environmental, social and governance (ESG) factors on financial sector development and the growth in green and sustainable finance initiatives world over, the City of Lagos recently joined 23 other international financial centres, including London, New York, Paris, Geneva, Hong Kong, Shanghai, Seoul, []
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Delay in Azura II take-off worsens Nigeria’s power woes
Tue, 18 Jun 2019
The inability of Azura Power Holdings to move ahead with its planned expansion of its Azura power plants that would have added additional 1,000 megawatts of electricity to the national grid may have compounded Nigeria’s power woes. The phase I of the Azura project, the 461MW open cycle gas turbine Azura-Edo power station, was completed []
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Beer accounts for 12% of total liquid consumption in Nigeria, juice 3% ‘ Research
Tue, 18 Jun 2019
Share of beer drink in the overall liquid consumption in Nigeria is 12 percent as at 2017, a report by Tetra Pak West Africa has revealed. Global average of beer consumption of total liquid market is 10 percent. This means that more beer is consumed in Nigeria. According to the report quoted by Chi Limited, []
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Artificial intelligence is the future, data is the new oil
Tue, 18 Jun 2019
Bayo Adekanmbi, the chief transformation officer, has reiterated that the days when oil was the dominant global economic trading commodity is coming to an end, postulating instead that data is the new oil. ‘We need to start seeing data as a productivity catalyst, because data can save lives. Data is the new oil, therefore, the []
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IBM expands quantum computing program to Africa
Tue, 18 Jun 2019
In a bid to accelerate quantum research and drive educational opportunities in quantum computing in Africa, global technology company, IBM, has collaborated with the University of the Witwatersrand (Wits University) in South Africa to drive expansion of its quantum computing program in the continent. Quantum computing is the area of study focused on developing computer []
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Estate agents new tick with online pictures deepens challenges in finding apartments
Tue, 18 Jun 2019
Due to the high cost of acquiring properties in Nigerian cities, many have resulted to renting apartments, but getting suitable accommodation has now become more difficult than building one. This is because the fresh tricks by estate agents who post nice pictures of available apartments for rent online without actually having them. Checks by BusinessDay []
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Real Estate firm, Gravitas, encourages environmental livability, sustainability in community
Tue, 18 Jun 2019
One way or another, the livability and sustainability of an environment translates into the wealth and well being of people in both urban and rural communities which is why Gravitas Investments, a real estate development firm, recently encouraged and even enabled people in a Lagos community to be conscious and sensitive to their environment. The []
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Updated: Inflation rate accelerates to highest level in 2019 as food prices soar
Tue, 18 Jun 2019
Nigeria’s inflation rate rose at a faster pace in May to the highest level this year as food prices continued to increase, according to data released by the National Bureau of Statistics (NBS) on Monday. The Composite Price Index (CPI), which is a measure of the general change in the prices of consumer goods []
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Foreign Direct Investment has not dropped, says CBN
Tue, 18 Jun 2019
The Central Bank of Nigeria (CBN) on Monday said Foreign Direct Investment (FDI) into the country has not dropped. The regulator said this in reaction to the news item on Reuters quoting World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment (FDI) to African countries. The report alleges a decrease of over []
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Inflation rate accelerates to highest level in 2019 as food prices soar
Tue, 18 Jun 2019
Nigeria’s inflation rate rose at a faster pace in May to the highest level this year as food prices continued to increase, data from the National Bureau of Statistics (NBS) reveal on Monday. The Composite Price Index (CPI), which is a measure of the general change in the prices of consumer goods and services purchased []
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Wema Bank Nigeria Plc: Increased interest income underpins profit
Tue, 18 Jun 2019
It is end of free money for banks as the precipitous drop in yields on government securities continues to undermine revenue, as interest income from treasury bills has been growing at a slow pace. Of course, the low yield environment means profit will grow at a snail pace compared to mid 2017 through the third []
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Investors book N40bn loss as stock market searches for new triggers
Tue, 18 Jun 2019
Investors at the Nigerian Stock Exchange (NSE) recorded N40billion loss on Monday June 17 as market continues to search for new catalysts to propel growth. At the sound of trade closing gong by 2:30pm on the Nigerian Stock Exchange, it All Share Index (ASI) declined by 0.36percent from 30,046.70 points to 29,936.33 points. Also, the []
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WorldRemit unveils new product for business payments to Nigeria
Tue, 18 Jun 2019
Leading digital money transfer company, world Remit, has launched WorldRemit for Business; this is a new service that enables small and medium-sized business owners to quickly pay employees and contractors in 140 countries worldwide, including fast-growing markets such as Nigeria, Ghana, Kenya, and South Africa. WorldRemit’s low fees and exchange rates are shown upfront and []
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Why Erkki Liikanen should be the ECB’s next boss
Tue, 18 Jun 2019
One of the biggest jobs in Europe is up for grabs: head of the European Central Bank (ECB). It sets interest rates across much of the continent, supervises banks and underwrites the euro, used by 19 countries with 341m citizens. The ECB’s outgoing boss, Mario Draghi, who steps down in October after eight years in []
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