Business News in Brief

Naira gains marginally against dollar at parallel market

The Nigerian currency, naira, gained 50 kobo against the dollar to close at N360 while the Pound Sterling and the Euro traded at N462 and 411, respectively.

At the Bureau De Change segment, the dollar was sold at N360, while the Pound Sterling and the Euro traded at N462 and N411.

Trading at the investors’ window saw the naira closing at N364.3 as market turnover stood at 148.67 million dollars.

Meanwhile, the CBN has continued to inject liquidity at the foreign exchange market in defense of the naira.

British MPs reject May’s Brexit deal

Just as was predicted an overwhelming majority of British MPs rejected the Brexit deal negotiated with the European Union by Prime Minister Theresa May.

The parliamentarians by a vote of 432 to 202 rejected the deal, with the Labour leader Jeremy Corbyn promptly tabling a no confidence vote in the government.

The defeat of the proposal was the most crushing ever suffered by any government in history.

May in a last-gasp bid had tried to salvage her plan for taking Britain out of the European project after nearly five decades,

Stakeholder denies that Togo's Ecobank faces Nigerian Investigation

Ecobank is not under investigation in Nigeria, the chief operating officer of South Africa’s Nedbank, which owns 21 percent of the Togo-based lender, said on Friday.

A newspaper report that Nedbank’s West African associate was subject to an investigation by Nigeria’s accountancy regulator spooked investors sensitive to any prospect of costly fines in the country, driving down Nedbank’s share price by more than 4 percent.

Apple Plans new $11b Investment in U.S.

Apple Inc said on Thursday it would invest 1 billion dollars to build a second campus in North Austin, Texas and another 10 billion dollars for new data centres over the next five years.

This is aimed at creating 20,000 jobs in the U.S.

The announcement follows a promise by Apple in January to invest 30 billion dollars in the U.S. and comes as companies with major manufacturing operations outside America have been facing political pressure to ramp up investments at home.

PZ Cussons warns of Weakening Demand, Nigeria Challenges

Soap and cosmetics maker PZ Cussons Plc warned on Thursday it was facing weaker consumer demand across its main markets, with its dominant African business hampered by a weakened economy and currency in Nigeria.

The owner of the Imperial Leather brand faced major disruptions in getting goods into Nigeria, and first-half contribution to profits from the west African country, its single largest market, would be lower than a year earlier, Reuters reports.

OPEC Works on Deal to Cut Oil Output

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are working toward a deal this week to reduce oil output by no less than 1.3 million barrels per day.

It added that Russia’s resistance to a major cut was so far the main stumbling block.

OPEC would meet on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production.

Teleology takes over 9Mobile

Teleology has formally taken over control of Nigeria’s troubled telecommunication company, 9mobile, by appointing a new board of directors, headed by 54 year-old Nasiru Ado Bayero.

Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new non-executive director of the new 9Mobile.

The appointment of the board followed the exit of the CBN appointed board and the transfer of ownership of the firm to the new investors, Teleology Nigeria Limited.

Oil gains after Saudi paves way for an output cut

Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said Organization of Petroleum Exporting Countries, OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.

Saudi Energy Minister, Khalid al-Falih said that OPEC and its partners had agreed with technical analysis which showed a need to cut oil supply next year by around 1 million bpd from October levels to avoid an unwelcome build-up of unused crude.

Local News Roundup: #BuhariWAEC; #KeyamoBCO

WAEC Presents Confirmation of Result to Buhari
The Registrar of West African Examination Council (WAEC) Iyi Uwadiae has presented attestation and confirmation certificate to President Muhammadu Buhari at the Presidential Villa, Abuja.

The Registrar presented only the attestation certificate because by law it cannot present a new certificate having allegedly issued the first one which the President said was with the Military Board.

Nigeria to get first new listing in 4 years ending IPO drought

Nigeria will next week break a 4-year drought for stock market listings when Skyway Aviation Handling Company (SAHCO) starts the process for making its debut on the Nigerian Stock Exchange.

SIFAX Group, which wholly owns SAHCO, will sell 406,074,000 shares in the aviation services firm via the stock exchange from 12 Nov to 19 Dec, the Bureau of Public Enterprises said in a statement.

The statement did not mention SAHCO’s valuation or how much shares were expected to sell for.