JPMorgan To Stop Settling Government Securities for Dealers In 2017

JPMorgan Chase & Co (JPM.N) will stop settling U.S. government securities transactions for most dealers by the end of next year as it streamlines its business, the bank said on Friday according to Reuters.

Fiat Chrysler Recalling 410,000 Vehicles

Fiat Chrysler Automobiles NV (FCHA.MI) said on Friday it is recalling nearly 410,000 vehicles worldwide because of a defect that can lead to a loss of propulsion.

The automaker said it will update software and replace wire harnesses to address the electronic issue that appears in a small number of vehicles. The recall includes 2015 model Chrysler 200 midsize sedans, Ram ProMaster City small vans, Jeep Renegade and Cherokee SUVs and some 2014 Cherokees. The recall includes about 323,000 vehicles in the United States, 35,500 in Canada and about 51,000 elsewhere.

China Sets To Move Towards Market Driven Exchange Rate

China has demonstrated commitment to moving toward a market-driven exchange rate, said a senior U.S. Treasury official, speaking on the sidelines of a meeting of G20 finance ministers and central bankers in Chengdu on Saturday.

America Applies To Seize $1 billion of Assets Linked To Malaysian Investment Firm

America justice department has begun processes to seize more than $1 billion of assets from a Malaysian investment company, 1DMB, who was accused of purchasing assets with funds siphoned out of the firm. It is the largest single action the department has ever launched.

The goodies concerned include luxury properties, artworks by Van Gogh and Monet, and a jet, according to court filings. Authorities say 1MDB’s money was also spent on gambling and used to make the “Wolf of Wall Street”, a film about a high-living swindler starring Leonardo DiCaprio. It was made by a production company co-founded by Riza Aziz, the stepson of Malaysia’s prime minister, Najib Razak. (A spokesman for the firm, Red Granite Pictures, said neither it nor Mr Riza had done anything wrong.

Verizon Sets To Buy Yahoo’s Internet Business

Verizon Communications Inc. is nearing a deal to buy Yahoo Inc.'s core internet businesses, an agreement that would end a tumultuous period for the beleaguered internet company, reports Reuters.

FCMB Launches First Flexx Hub For Youths

First City Monument Bank (FCMB) Limited said it is set to launch its first Flexx Hub, an exclusive banking arena for its youth customers who hold a Flexx account.

The flagship Flexx Hub, according to the bank is located at Lagos University Teaching Hospital, adding that the bank unveiled a week-long launch event began this week Monday.

CBN to Fund $697m Forward Contracts Friday, Naira Pressure to Ease

The Central Bank of Nigeria (CBN) will today fund the one-month forward contracts of $697 million on the interbank FX market, effectively improving dollar liquidity in the market, as the accounts of customers that hedged against the dollar through their banks last month will get their accounts credited, ThisDay has reported.

Asian Stocks Down On Friday After Weak Corporate Results Halt Wall Street’s Record

Asia stocks slide as weak results halt record Wall Street run, yen holds gains after the Bank of Japan governor downplayed the need for "helicopter money" stimulus, according to Reuters.

European markets are also likely to open lower, with financial spreadbetter CMC Markets expecting Britain's FTSE 100 .FTSE to open down 0.2 percent, and Germany's DAX .GDAXI and France's CAC 40 .FCHI to start the day 0.4 percent lower.

GM and Isuzu Back out Partnership On Midsize Truck Production

General Motors Co (GM.N) and Isuzu Motor Co have agreed to cease collaboration on the development of midsize pick-up trucks made in Asia, ending a joint product development relationship that dates back to the mid-2000s.

Japanese automaker Isuzu said on Friday the two companies had ended the deal under which Isuzu since 2014 had been producing pick-up trucks at its plant in Thailand, which the two companies had marketed under their own brands around the world.

Oil Turns Positive As U.S. Crude Inventories Fall By 2.3m Barrels, Says EIA

Oil prices turned positive after earlier falling to a two-month low on Wednesday as government data showed a ninth consecutive decline in crude stockpiles.

U.S. commercial crude stockpiles fell by 2.3 million barrels to a total of 519.5 million barrels, the Energy Information Administration reported.

The report matched an earlier assessment from industry group the American Petroleum Institute.

Lafarge Records Loss of N30.18bn In Six Months

In a report provided to the Nigerian Stock Exchange, Cement and building solutions provider, Lafarge Africa Plc, recorded a loss of N30.184bn as of June 30, 2016.

The firm’s revenue also dropped to N107.364bn from N152.178bn recorded the same period last year.

Lafarge, in a statement, said it recorded a cash generation of N20bn, completed the 100 per cent ownership of United Cement of Nigeria Limited. It recorded success in its N60bn bond issuance, as the funds were fully utilised to refinance Unicem’s third party naira debt.

​ Nigeria’s Economy Has Almost Collapsed – CBN

The Central Bank of Nigeria has said that the Nigeria’s economy is heading for doom if nothing urgent is done in the next few months. THE Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, made this known yesterday during a closed-door meeting with senators.

It was  gathered that the CBN governor told the senators that it was frightening that the nation was experiencing economic stagnation and inflation at the same time, explaining that ordinarily, both were not supposed to happen simultaneously. inflation A source said he expressed concern that the economy was gloomy, stagnant and worsening as a result.

Unilever Sets To Buy Dollar Shave Club For $1 Billion

Unilever is to spend a large sum of $1 billion to acquire Dollar Shave Club.This was made known in a statement by the company.

Terms of the deal were not disclosed. However, a source confirmed to CNNMoney that the price is close to $1 billion.

Michael Dubin, Dollar Shave Club's founder, will continue to serve as its CEO. Dubin said the company had "long admired Unilever's purpose-driven business leadership and its category expertise is unmatched."

"We are excited to be part of the family," Dubin said.

Bank Of Industry Signs $100m Pact With NCDMB On Local Content Development

The Bank of Industry (BoI) and Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) to facilitate the disbursement of $100 million to operators in the oil and gas sector for local content development.

Under the agreement, the bank will serve as the custodian and manager of the $100 million Nigerian Content Intervention Fund (NCI Fund) to meet the funding needs of manufacturers, service providers and other key players in the nation’s oil and gas industry.

Specifically, the NCI Fund will be disbursed to operators in the sector at a single digit interest rate of eight per cent with a tenor period of between one to ten years.

Furthermore, the Fund will attract a moratorium of 12 months and a maximum of $10 million obligor limit for operators seeking to access the fund.

Nigeria’s Economy to Shrink by 4.1 Per Cent As A Result Of Brexit-IMF

The International Monetary Fund (IMF) has projected a shrink of 4.1 per cent in Nigeria’s economy down from the earlier projection of 2.7 per cent, to berth at a negative growth rate average of -1.8 per cent.

Effectively, what the current updated global economic growth rate outlook released yesterday means is that Nigeria’s economy will be in full recession this year.

According to the IMF, which is the global economic policy advisory establishment, the new outlook also cuts Nigeria’s 2017 growth projection from the earlier 1.1 per cent to -2.4 per cent.

The new economic outlook is against the backdrop of the risk of the recent exit from the European Union by Britain.

Profit Taking Weighs On Asia Stocks, Dollar Holds Gains

Report by Reuters

 

Profit taking weighed on Asian stocks on Wednesday after a record run on Wall Street showed signs of petering out, while the dollar hovered near a four-month high against a basket of currencies following upbeat U.S. data.

Investors' risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the European Union.

Nintendo Stock Loses Ground On Report Of Pokemon GO Delay For Japan

Nintendo Co's (7974.T) shares on Wednesday gave up some of their meteoric gains made on the record-breaking success of its Pokemon GO mobile game, hurt in part by a reported delay for the game's introduction in Japan.

 Technology news site TechCrunch said that game developer Niantic Inc had planned to launch Pokemon GO in Japan on Wednesday but had canceled it, citing a source as saying that the company was worried the hype generated by the game would overload its servers.

  

Wall Street Sets Records Again, Led By Tech, Bank Stocks

 Wall Street closed slightly higher on Monday to mint new record highs for the S&P 500 and the Dow industrials, fueled by Bank of America's better-than-expected profit and a major tech sector acquisition.

SoftBank's $32-billion deal to buy British chip designer ARM Holdings (ARMH.O) lifted U.S. chip stocks, and the technology sector led the way higher on the S&P 500. The tech-heavy Nasdaq rose more than the S&P and the Dow.

Fitch Affirms FirstBank, GTBank Stable Outlook On Viability Ratings

Fitch International credit rating agency has affirmed the viability ratings of First bank Nigeria Limited and Guaranty Trust Bank Plc. Fitch affirmed the Viability Ratings (VR) for FirstBank of Nigeria Limited at “B” while it affirmed the GTBank’s Viability Rating (VR) at ‘b+’. 

EFInA Releases $2m Grant To Support FCMB Financial Inclusion Drive

Enhancing Financial Innovation & Access (EFInA) has released $2 million (564,000,000) Innovation Grant to support First City Monument Bank (FCMB) Limited with its “Group Lending and Agency Banking” project,which provides financial services and access to credit facilities for the financially excluded population.