Nigeria Weekly Report - Treeline Research Publication 01 Jan 2016

Newsletter from
Treeline Business Solutions
Week Ending
Jan 01, 2016
“If a stock doesn't act right don't touch it; because being
unable to tell precisely what is wrong; you cannot tell
which way it is going.”
- Jesse Livermore
NIGERIA BUSINESS HIGHLIGHTS
INDIA BUSINESS HIGHLIGHTS
 Central Bank of Nigeria said that the nation's foreign exchange
 Indian government has approved a proposal to increase the
reserves declined to USD 29.13bn as at Dec. 29. The nation's
external reserves stood at USD 34.47bn on Dec. 31, 2014.
budget for implementation of solar rooftop systems to INR
5,000cr from INR 600cr under the National Solar Mission.
 Nigeria has opened talks with China for financing & construction
 Central government has cleared a proposal to float JV companies
of two new communication satellites at a cost of USD 701mn.
 Nigeria said it was expecting telecom giant MTN to meet a dead-
line for paying a USD 3.9bn fine, despite the South African operator challenging the penalty in court.
 Federal Government has concluded plans to revamp the mori-
bund coal industry in Enugu State.
 National Union of Petroleum and Natural Gas Workers said that
the union would stop supplying petroleum products to Lagos
State government over N224mn debt.
 Ogun State House of Assembly passed the State's 2016 Appropri-
ation Bill of N200bn comprising N89.9bn recurrent expenditure
and N99.3bn capital expenditure.
 Nigeria’s Minister of State for Petroleum said the nation's refin-
eries had been repositioned to produce not less than 10 million
litres of Petrol per day.
 United Capital Plc has closed a deal in which it raised USD 250mn
with equity participation from Ministry of Railways and state
governments to mobilise resources for rail projects.
 The INR 40,000cr National Investment and Infrastructure fund
has been set up and its chief executive will be finalised by January end, the Finance Minister said.
 Cadila Healthcare Ltd received a warning letter from US Food and
Drug Administration about its Moraiya formulation facility and
Ahmedabad bulk drugs facility.
 GIC Housing Finance Ltd will buy up to 16% held by Nomura As-
set Management in their mutual fund joint venture with Life
Insurance Corporation.
 Mahindra Group announced the inauguration of its Bio-CNG
plant in Mahindra World City, Chennai.
 United Spirits is seeking approval from its shareholders to report
sick to BIFR as its accumulated losses touched 86% of peak net
worth during the past four fiscal years.
fresh capital for Orion Group in one of the largest syndicated
transactions structured by an African investment banking institution in 2015.
 The Delhi High Court instructed the income-tax department not
 Nigeria is to commence freighting of petroleum products from its
 GMR Infrastructure Ltd said it has agreed to buy the stake of
various seaports and refineries for onward distribution to consumers in the hinterlands by rail, Transport Minister said.
to give any fresh assessment against Vodafone for assessment
year 2011-12 till February 18.
private equity investors in GMR Airports Ltd.
 Thyrocare Technologies Ltd has filed draft papers with market
regulator SEBI for its initial public offering.
GLOBAL BUSINESS HIGHLIGHTS
 The number of Americans filing new claims for unemployment benefits rose last week. Initial claims for state unemployment benefits rose 20,000 to
a seasonally adjusted 287,000 for the week ended Dec.26.
 Apple's Italian subsidiary has reportedly agreed to pay EUR 318mn following an investigation into tax fraud allegations.
 American Airlines Group said its unit U.S. Airways Group merged with the company, to integrate operations following a merger in 2013.
 Lockheed Martin said it would deliver a total of 78 C-130J Super Hercules aircraft to the U.S. government as part of a contract, worth USD 5.3bn.
 Vroom & Dreesman, the largest Dutch department store chain, has declared itself insolvent. The company employs about 10,000 staff at 67 stores
and hopes to remain open after a reorganisation of business.
 Puerto Rico will default on its debt for the second time in five months, but will pay the bulk of USD 1bn due on Jan. 4, including its most senior debt.
COMPARATIVE WEEKLY MARKET PERFORMANCE
6.6%, 28642
1.4%, 19034
1.1%, 7946
1.1%, 26118
0.3%, 66.08
CHART OF THE WEEK
TREND IN COMMODITY PRICE INDEX
Source: Yardeni Research
-1.4%, 1060
-2.4%, 3539
Shanghai
Gold
-1.3%, 794
MSCI EM
Dow Jones
USD INR
BSE Sensex
NSE Nifty
Nikkei
Nigeria
-0.7%, 17425
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