Fitch Ratings Affirms Wema Bank’s BB-, Stable Outlook

 

Fitch Ratings, a global leader in credit ratings and research, has affirmed Wema Bank’s Viability Rating (VR), saying it has a stable outlook.

The agency also affirmed the Long-term National Rating (Wema) at (BBB-) to reflect the improvement in creditworthiness over time relative to the best credits in Nigeria.

In Fitch’s opinion, the banking industry will remain challenging considering volatile and low oil prices, continued disruptions in oil production and constraints regarding the forex liquidity.

South Africa Investigates Possible Insider Trading At Discovery

South African regulators are probing  possible insider trading at Discovery after shares fell sharply the day before a downbeat trading update in February, the insurer said on Wednesday.

Discovery shares fell 5.5 percent on Feb. 16, a day before South Africa's biggest health insurer said it expected a fall of as much as 55 percent in first-half profit.

US Wholesale Inventories Rise Slightly, Sales Extend Gains

U.S. wholesale inventories rose marginally in May as automobile stocks tumbled; suggesting inventory investment likely remained a drag on economic growth in the second quarter.

The Commerce Department said on Tuesday that wholesale inventories edged up 0.1 percent. Inventories for April were revised up to show a 0.7 percent gain instead of the previously reported 0.6 percent increase.

Inventories are a key component of gross domestic product changes. The component of wholesale inventories that goes into the calculation of GDP - wholesale stocks excluding autos - increased 0.4 percent in  May.

Tesla’s New Model X SUV Costs From $74, 000

 Tesla just put a cheaper version of its Model X SUV on the market. The Model X is a luxury SUV and it still costs like one. Prices for the new Model X 60D start at $74, 000.

That would be $66,500 after a $7,500 federal tax credit, which is how Tesla usually prefers to talk about its prices.

Tesla (TSLA) boasts on its website that it comes to just $768 a month after "estimated savings," including the much lower cost of electricity compared to gasoline.

The 60D has a 60 kilowatt hour battery for an estimated driving range, on a full charge, of 200 miles. That's compared to 237 miles for the $83,000 Model X 75D or 257 miles in the $95,500 90D.

Alleged N81b Debt, MRS Denies Owing AMCON

MRS Holding has denied owing the Asset the Asset Management Corporation of Nigeria (AMCON) N81 billion.

The downstream oil firm said it was not indebted at all to the corporation, insisting that it fully paid a syndicated loan it took from a consortium of local lenders.

In a statement issued yesterday, the MRS Holdings management said: “Our attention has been drawn to a recent publication by the Asset Management Corporation of Nigeria alleging that MRS Holdings Limited is indebted to it in the sum of N81 billion and that the Corporation has instituted Suit No: FHC/L/CP/923/2016 to wind up the company over the inability of MRS to pay the alleged debt.”