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Financial market data gulps $28.5 billion from stakeholders – NSE 

The total spending of stakeholders on all financial market data, analysis and news, has gulped not less than $28.5 billion so far.

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Nigerian Stock Exchange, NSE CEO Oscar Onyema, NSE Graduate Trainee Programme, NSE, VAT, Financial market data gulps $28.5 billion from stakeholders, says NSE , NSE lifts R.T. Briscoe’s shares suspension , NSE lifts suspension on Guinea Insurance’s, Niger Insurance’s shares , NSE to implement new free float rule from Jan 2 

The total global spending by stakeholders on financial market data, analysis and news, has gulped not less than $28.5 billion so far. The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Oscar Onyema made this known at the fourth edition of the NSE Market Data Workshop recently held in Lagos. 

[READ MORE: Med-View, Union Bank, Lafarge, 48 others risk NSE’s sanction]

Onyema explained that there had been a global increase in the general consumption and spending on financial market data and market data analytics, stretching beyond the market data typically provided by stock exchanges for equity trading. 

“Market commentators have estimated the value of total spending on all financial market data, analysis and news at about USD28.5 billion while the potential market size of financial information is valued at USD 50 billion, according to McKinsey estimates. 

 “Despite the evolving needs of consumers demanding for financial information globally, Nigeria still has low inclination towards investments, according to a research by FSDH, which reported the savings ratio in Nigeria as one of the lowest among selected countries including China, India, Kenya, Malaysia, South Africa, United Kingdom, and USA. The ratio of mutual fund assets to Nigeria’s Gross Domestic Products (GDP) is also very low at less than 1%, despite the growth of mutual funds in the country in recent times.” 

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Why this matters: Trading and business decisions at large often have a financial impact. The decisions, however, carry direct effect on the bottom line resulting in either losses or gains in the capital market. All the data an investor can be able to harness can be helpful in making intelligent and timely investment decisions. 

[READ ALSO: NSE promotes investment diversification, as it holds 4th Market Data Workshop]

What you should know: The emergence of big data and advanced business intelligence came as a result of the increasing demands from capital market operators. It is pertinent to note that financial trading markets have always relied heavily on data analysis. 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business News

Covid-19: Moscow commences mass vaccination of Sputnik V shot

Moscow has commenced the distribution of Covid-19 vaccine, Sputnik V, through 70 clinics on Saturday, December 5, 2020,

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COVID-19 vaccine from Russia

Moscow has commenced the distribution of Covid-19 vaccine, Sputnik V, through 70 clinics on Saturday, December 5, 2020, marking Russia’s first mass inoculation against the disease that has infected over 2.4 million people in the country.

According to a report from Reuters, while making the disclosure, Moscow city’s coronavirus task force said that the Russian-made vaccine would first be made available to doctors and other medical workers, teachers and social workers because they have the highest risk of exposure to the disease.

The Russian capital, Moscow, which is the epicentre of the country’s coronavirus outbreak, reported 7,993 new cases overnight, a sharp increase from 6,868 that was recorded a day earlier and well above the reported daily infection rate of around 700 that was recorded in early September.

Mayor Sergei Sobyanin, on his personal website, wrote, “Over the first five hours, 5,000 people signed up for the jab – teachers, doctors, social workers, those who are today risking their health and lives the most.”

The age limit for those expected to receive the vaccine is capped at 60 years. It, however, bars people with certain underlying health conditions, pregnant women and those who have had respiratory illnesses for the past two weeks from being vaccinated.

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What you should know

It can be recalled that the Russian President, Vladimir Putin, in a televised government meeting, announced the registration of its first Covid-19 vaccine in what was described as a step ahead of any other vaccine development.

The Covid-19 vaccine, Sputnik V, which was developed by Gamaleya Research Institute of Epidemiology and Microbiology, in collaboration with the Russian Direct Investment Fund (RDIF), was certified to be 92% effective in protecting people from the virus infection.

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Russia has developed 2 Covid-19 vaccines namely, Sputnik V which is backed by the Russian Direct Investment Fund, and another by Siberia’s Vector Institute, with final trials for both yet to be completed.

Scientists have raised concerns about the safety and speed at which Russia had registered and approved its vaccine, giving the regulatory go-ahead for it and launching mass vaccinations before full trials to test its safety and efficacy had been completed.

The Sputnik V vaccine is administered in two injections, with the second dose expected to be given 21 days after the first.

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Around the World

US House passes reform bill to decriminalize marijuana

US Congress has passed a sweeping legislation that would decriminalize marijuana at the federal level.

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The 116th US Congress passed a reform legislation to decriminalize marijuana and expunge non-violent marijuana-related convictions and prosecution.

The bill, however, moves to legislate H.R. 3884, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019, under a closed rule.

According to a statement made by the House Judiciary Committee Chairman, Jerry Nadler, the MORE Act is a commonsense bill that will make a tangible difference in the lives of millions of Americans, as it is tied around ideals of racial, economic, and moral justice.

However, the bill still has to pass through the US Senate, but it is likely that the Senate would pass it, given the uncertainties around it and owing to the non-inclusion of a cost estimate in the committee report, according to Clause 3(d) of rule XIII.

However, US representative for the eastern part of Bronx in New York, Alexandria Ocasio Cortez, tweeted that 68% of Americans support marijuana legalization.

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This year, South Dakota, Arizona, Montana, and New Jersey joined 11 other states in legalizing it. Yet, the federal government still classifies pot as a dangerous drug. The Senate must listen to the American people and vote on this bill.

Why this matters

The bill, if finally passed by the senate would decriminalize cannabis, and also provide for reinvestment in certain persons adversely impacted by the war on drugs, through the expungement of certain cannabis offenses and for other purposes.

Thus, leading to the delisting of marijuana from the federal list of controlled substances and expunge some marijuana convictions for nonviolent criminals.

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The bill would also ban the denial of federal public benefits to a person on the basis of certain cannabis-related conduct or convictions.

What they are saying

The House Judiciary Committee Chairman, Jerry Nadler, representing parts of Manhattan and Brooklyn said:

There is no reason for cannabis to be classified as a federally scheduled substance under the Controlled Substances Act. The MORE Act deschedules cannabis, allowing states to establish their own marijuana regulations and providing medical marijuana access to veterans in need.”

“The MORE Act is a common-sense bill that will make a tangible, real difference in the lives of millions of Americans. I’m proud of this bill centered around ideals of racial, economic, and moral justice.”

“I’m so proud that the MORE Act passed the House by a bipartisan vote of 228 to 164. I introduced this bill to provide restorative justice, modernize America’s cannabis laws, and deliver meaningful investments to America’s communities & small businesses.”

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Co-chair of the Congressional Cannabis Caucus, Earl Blumenauer, representing Oregon’s 3rd Congressional District, while speaking at Capitol Hill during the House session on Friday said:

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We are here because we have failed three generations of Black and Brown young people, whose lives can be ruined or lost, by selective enforcement of these laws.

This Legislation will end that disaster. It’s time for the Congress to step up and do its part”

What you should know

  • Recreational marijuana is currently legal in 15 states and Washington DC, while Medical marijuana is legal in 34 states of the 50 States of the USA.
  • The MORE Act has seen a lot of criticisms by people who believe the bill is an unserious bill, as there is zero interest in moving this bill in the Senate and zero interest in supporting it in either the current administration or the incoming one.
  • Earlier this week, Republican Senate Majority Leader, Mitch McConnell, criticized the House for passing the cannabis bill, instead of focusing on a COVID-19 stimulus bill that both parties reportedly have agreed upon.

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Business

US Government removes visa reciprocity fees for Nigerians from December 3

The US government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the US.

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The United States government has announced the removal of all visa reciprocity fees for Nigerian citizens seeking visas to the US with effect from December 3.

This disclosure was made through a statement titled, ‘Update on removal of visa fees for Nigerian citizens by the US Government,’ by the Federal Ministry of Finance on Saturday, December 4, 2020, and signed by the ministry’s Spokesperson, Ferdinand Nwonye.

The Federal Government revealed that this positive development follows the removal of excess visa application, processing and biometric fees for United States citizens applying for Nigerian visas by the Nigerian Government.

The statement from the Foreign Affairs Ministry reads, “The Ministry of Foreign Affairs wishes to inform that the United States Government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the United States.

“The positive development is in line with the removal of excess visa application, processing and biometric fees for the United States citizens applying for Nigerian visas by the Nigerian Government. The United States Government has therefore eliminated reciprocity fees for Nigerian citizens with effect from December 3, 2020.”

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The foreign affairs ministry, in the statement, also advised prospective travellers to the United States to visit www.travel.state.gov for details.

What you should know

  • It can be recalled that in 2019, the Donald Trump administration had imposed the reciprocity fee for all approved non-immigrant visa applications by Nigerians. This fee was charged in addition to visa application fees for only applicants who were issued visas.
  • While imposing the additional reciprocity fees, which ranged from $80 to $303 depending on the class of visa, the US Embassy in Nigeria disclosed that the reciprocity fees were a fallout of unsuccessful talks with the Nigerian government over the reduction of visa fees it charged United States citizens.

 

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