Business Nigeria's Economic, Business and Financial Headlines – Things You Need To Know [15/07/16]

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Here are today's current and latest business and financial headlines in Nigeria

Nigerian Breweries Reports Q2 2016 Results; PBT Declines by 36% YoY -The NSE, yesterday, published Nigerian Breweries’ (NB) Q2 2016 results which showed that PAT of N8.6bn fell by -24% y/y. Although sales of N79.8bn declined marginally by 2% y/y, a combination of factors including a 9% y/y rise in opex, a 447% y/y increase in net interest expense and a gross margin contraction of -333bps y/y to 46.0% resulted in PBT declining by -36% y/y

- NLNG appoints another Shell executive as MD/CEO - The Board of Directors of the Nigeria LNG Limited on Thursday approved the appointment of Mr. Tony Attah as the new Managing Director and Chief Executive Officer of the company


- Naira declines to 363 as dollar scarcity continues - The naira fell further to 363 against the dollar at the parallel market on Thursday, as the scarcity of foreign exchange continued to weigh on the value of the local currency at the interbank and parallel markets.

Others:

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- RMAFC wants VAT raised to 10%

- FIRS to go after airlines, others for evading tax

- Dangote jobs to stimulate Ghana’s economy

- Reps probe 27 states over application of N690b bailout funds

- FBN Capital signs first-time MoU for research with Oxford Business Group

- Sanusi Wants Flexible Exchange Rate System Fully Implemented

- Investors lose N53bn in 2 days amid profit taking

- FG has identified 1,000 dormant revenue lines – Adeosun

- Gross Official Reserves Decline by US$20m in June 2016 - CBN

- Non-oil exporters’ unpaid claims hit N123bn

- Local Carriers to Save N26.5bn Annually from Waiver on Tariffs

- El-Rufai Speaks: The Solution to Nigeria's Erratic Power Supply

- Skye Bank’s Shares Drop Further By 8.42%


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