Morning Beats

Too Battered to Fail: Bonds in the Gulf Are a Safe Place to Hide

Investors’ appetite for risk is back, but most of the issues that soured the mood across emerging markets last week are a tweet away from flaring up again. When that happens, the Gulf’s beleaguered bonds will offer refuge.Bloomberg

Investors Are Getting Worried About an Inverted Yield Curve

To Citigroup Inc., the chances are slim that the U.S. enters a recession anytime soon. Officials at the Federal Reserve feel the same way.Bloomberg

World Bank: Nigeria’s, others’ GDP will rise to 3.1%

Sub-Saharan Africa is on course for economic growth of 3.1 per cent this year, the World Bank said yesterday. This is marginally slower than it previously forecast but faster than last year’s, thanks to rising commodity prices.The Nation

Shell gets 12-year $40-100/bbl operational benchmark

Royal Dutch Shell has pegged its operational outlook at between $40 and $100 per barrel of oil from this year to 2030.  It however noted that prices could move above or below this range.The Nation

$210m cash for West Africa’s coastal communities coming

The West African Coastal Areas (WACA) Resilience Investment Project, partly funded by the Global Environment Facility (GEF), has been approved by the Board of the World Bank GroupThe Nation

Court stops planned sale of 9mobile

An Abuja  Federal High Court has halted the planned sale of 9mobile, following opposition to the move by some aggrieved shareholders.The Nation

Consumers knock DisCos for excess billing, poor performance

It was a no-holds-barred talk in Lagos when customers hit the electricity distribution companies (DisCos) hard for giving them (consumers) outrageous bills without commensurate or power supply.The Nation

‘Poor quality meters will worsen power sector’s woes’

The Nigerian Electricity Management Services Agency (NEMSA) has warned that low quality meters  will worsen the power sector problems if not addressed.The Nation

Insider abuse: Banks to pay N20m fine, says Rep

The House of Representatives is proposing a N20 million daily penalty on banks to curb insider abuse and arrest  the threat posed by Non Performing Loans (NPLs)  to the financial system stability of the country,The Nation

OPEC June meeting to review oil production cut deal

Organisation of Petroleum Exporting Countries (OPEC’s) next meeting in June will be a chance to review its oil production cut agreement, but the group, according to Kuwait’s Oil Minister Bakheet al-Rashidi,  will continue with cuts through 2018.The Nation

IMF describes Nigeria’s debt servicing ratio as extremely high

THE International Monetary Fund, IMF, has once again expressed concerns about  Nigeria’s debt servicing capacity, as the size of the total debt keep rising against its revenue.Vanguard

Rising debts pose risk to Nigeria, other emerging economies, says IMF

The International Monetary Fund (IMF) on Wednesday warned that rising public debts in emerging economies may constitute direct risk to financial stability.Vanguard

LASG to begin N844bn 4th Mainland Bridge in June

THE Lagos State Government, yesterday, disclosed that works on the proposed Fourth Mainland Bridge, earlier estimated to gulp N844 billion, would commence before the end of the year as a new investor will be announced by June this year.Vanguard

NSE trading nosedive by 0.04% after two days growth

Transactions on the Nigerian Stock Exchange (NSE) on Wednesday nosedived by 0.04 per cent after appreciating for two-consecutive days.

CBN injects fresh $210m into forex market

The Central Bank of Nigeria has intervened with another sum of $210m in the foreign exchange market to meet the requests of customers, as the regulator continues its efforts to maintain a stable exchange rate for the naira.Punch

Reps okay Gwarzo’s suspension as SEC DG

The House of Representatives has endorsed the suspension of the Director-General of the Securities and Exchange Commission, Mr. Munir Gwarzo, by the Minister of Finance, Mrs. Kemi Adeosun.Punch

Nigeria to grow by 2.1% this year, says IMF

The International Monetary Fund says Nigeria, the sub-Saharan Africa’s most-populous nation and top crude producer, will grow by 2.1 per cent this year, matching the lender’s estimate released in January.Punch

FIRS seals 19 firms over unpaid taxes

The Federal Inland Revenue has sealed 19 companies over their alleged failure to fulfil their tax obligations.Punch

Naira depreciates to dollar

The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 traded on Tuesday.Punch

Why Treasury is opposed to a CDF-type fund in counties

The Treasury has opposed a bill seeking to create an equivalent of the Constituency Development Fund at the ward level, saying it claws back the fiscal powers of county executives.Business Daily

China has contingency plans to deal with US trade frictions - top official

China has various contingency plans and policy reserves to deal with trade frictions started by the United States, the country’s top economic planner said on Wednesday.Business Daily