Morning Beats

Intels decides revenue sharing formula with FG – NPA

The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share.Punch

Naira records marginal gain, closes at 362/dollar

The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market.Punch

Fuel scarcity may continue, IPMAN warns

The Independent Petroleum Marketers Association of Nigeria has warned that the ongoing scarcity of petrol, which started since December 2017 may continue if the right steps are not taken by the authorities to address the problem.Punch

Will redenominating the naira improve its value?

The answer to this question is no. We shouldn’t give the naira artificial value, it would be counterproductive.Punch

Buhari warns ECOWAS against hasty single currency implementation

President Muhammadu Buhari has warned member countries of the Economic Community of West African States against hasty implementation of the single currency programme being planned for the sub-region by 2020.Punch

Oil installations still under threat, says NIMASA

The Nigerian Maritime Administration and Safety Agency has said that oil and gas installations in the country are daily confronted by diverse threats and that security agencies must come together to protect the maritime domain.Punch

Private refineries’ll improve petroleum products, production –Baru

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has said that the combined efforts of the NNPC and output from private refineries will impact positively on production of petroleum products.Punch

Nigeria earned N972.3bn from VAT in 2017 – NBS

The National Bureau of Statistics on Wednesday released the sectoral report for Value Added Tax for the 2017 fiscal period, stating that the country generated a total of N972.34bn from VAT.Punch

Modular refineries: FG contacts IFC, CBN for funding

The Federal Government on Wednesday said it had commenced talks with financial institutions in order to provide funds for investors who were interested in investing in modular refineries.Punch

Illegal dredging, piracy hampering Rivers Port operations – Manager

The Port Manager, Rivers Port Complex, Abubakar Umar, has said that operations at the port are hampered by illegal dredging, hijacking and piracy, among other forms of insecurity.Punch

GE, Marinus Energy to build waste gas-to-power plant in Ghana

GE Power and Marinus Energy has unveiled a pilot project to capture Isopentane gas to generate electricity.The Nation

Homework to develop luxury homes

A real estate firm Homework Development and Properties Limited has started work at one of its new mini-estates.The Nation

Equities in marginal gain as financial stocks rebound

Nigerian equities traded almost on the balance yesterday at the Nigerian Stock Exchange (NSE) as bargain-hunting in financial services stocks counterbalanced continuing selloff in other sectors to sustain the positive overall market position with a marginal gain of N3 billion.The Nation

Govt to end gold mining abuse

The Federal Government will, in the next few months, end the indiscriminate mining and exportation of gold.The Nation

Petrol marketers seek N240/$1

Petrol marketers are insisting on the exchange rates of not more than N240 per dollar to import and recoup  their investment, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Operation Controller, Mr. Mike Osatuyi, has said.The Nation

Netherlands, Nigeria to deepen economic cooperation 

The government of Netherlands will work with the Nigerian government to improve economic cooperation and investments in key sectors of the Nigerian economy.The Nation

Delta to build three modular refineries

Delta State Government is to buld three modular refineries of 10,000 barrel/day capacity each this year.The Nation

FIRS eyes N6.747trn tax revenue

The Federal Inland Revenue Services (FIRS) said it is targeting N6.747 trillion as tax revenue this year.The Nation

Afreximbank counsels SMEs on innovative financial solutions

Entrepreneurs have been advised to consider innovative financial solutions like factoring and credit insurance to grow their business and enhance regional integration.Vanguard

How MSMEs can access DBN funds — Okpanachi
Managing Director of Development Bank of Nigeria (DBN), Tony Okpanachi, has been counseling owners of Medium, Small and Micro Enterprises (MSMEs) in Nigeria on how to access funds from the bank.Vanguard

Entrepreneur canvasses single digit interest loan for SMEs
An entrepreneur and Chief Executive Officer of Rare Gems Limited, Talatu Ogunlana, has called on the federal government to allow Small and Medium Enterprises (SMEs) access capital at a single digit interest rate to help fast-track economic development and increase employment in the country.Vanguard

KFC falls fowl in Britain with chicken run
Hundreds of KFC outlets remained shut in Britain on Wednesday due to a supply crisis, leaving fans craving a fix of deep-fried chicken.Vanguard

Power supply worsens as TCN records 6 systems collapse
The nation’s epileptic power situation is set to worsen as Transmission Company of Nigeria, TCN, recorded six systems collapses in January 2018.Vanguard

Shilling exposed as IMF withdraws dollar cover

The Kenyan shilling has been left exposed to the turbulence of foreign exchange markets after it emerged that the International Monetary Fund (IMF) stopped Nairobi’s access to a Sh152 billion ($1.5 billion) precautionary facility seven months ago.Business Day Kenya

Drought cuts BAT pay to farmers by 12pc

British American Tobacco (BAT)  payments to farmers dropped by 12 per cent (or Sh100 million) to Sh1.2 billion in the 2017 season as leaf deliveries were lower than in 2016 due to drought and floods, the company has said.Business Day Kenya

Oserian seeks nod to produce solar power

Flower grower and exporter Oserian Development Company has applied for variation of its two megawatt (MW) geothermal power generation licence to include harnessing of solar energy.Business Day Kenya

Oil falls as dollar recovery thwarts investor sentiment

Singapore — Oil prices fell on Thursday, pulled down as a firmer dollar outweighed a report of a decrease in US crude inventories.Business day

Asian stocks slip as concern about US rates sours sentiment

Sydney — Most Asian share markets followed S&P 500 futures lower on Thursday as speculation of faster increases in US interest rates soured risk appetite globally.Business Day

Busy day ahead on the JSE for market watchers

Thursday is an extremely busy day for market watchers, with at least a dozen JSE-listed companies scheduled to release results.Business Day

Oil eases as dollar recovers with Opec talking of extending its output curb for years

London — Oil prices eased on Wednesday, under pressure from a recovery in the value of the dollar from last week’s three-year lows and from an expected rise in US crude production.Business Day

Futures higher as market reacts positively to budget speech

South African futures gained on Wednesday as markets reacted positively to Finance Minister Malusi Gigaba’s first budget speech.Business Day