Finance Students & Associates-FINSA (UGBS)♨
                🇬🇭8th March, 2019
                ⏰6:00pm

BUSINESS SPACE📈
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📡 Fuel prices increase; crosses 5 cedis mark

Prices of petrol and diesel have gone up beyond GH¢5.00  at some fuel stations in the country. Checks at two of the major Oil Marketing Companies, Total and Shell showed a 24 pesewa increase of the prices of both Diesel and Petrol. Both are now selling at GH¢5.18. Goil and Allied Oil on the other hand are yet to adjust their prices, still selling Petrol and Diesel at GH¢4.94. The IES which predicted the current increase says it as a result of a 6.33% rise in average Brent crude price, as well as an 8.81% and 5.56% increase in prices of Gasoline and Gasoil on the international market respectively.

📡 GEXIM holds maiden fair

The Ghana Export-Import Bank (GEXIM) has organised it's maiden fair to showcase it's support to local businesses that are engaged in manufacturing for export as well as imports. The exhibition was attended by businesses that displayed some of their products which they have been able to manufacture with the support of Exim Bank Ghana. The Head of Corporate Affairs and Marketing-Exim Bank Ghana, Richard Anane in an interview with the B&FT urged manufacturers to take advantage of opportunities offered by the bank to expand their businesses.

📡 Seven demonstrate against luxury vehicle tax

Seven Associations including the vehicle and Asset Dealers Association on Thursday embarked on a demonstration to protest the luxury vehicle levy. The members of the Associations presented a petition to the ministry of finance. The levy which was introduced during the 2018 mid-year budget review has its yearly charge ranges between GH¢1,000 to GH¢2,000 and it affects vehicles with engine capacity above 3.0litres. The secretary of the Vehicle and Asset Dealers Association, Nana Owusu Duodu, expressed their resolve to embark on countless protests to ensure a reversal of the levy.

📡 We've not abandoned Ayensu Starch factory - Management

The Minister of Trade and Industry, Alan Kyeremanteng expressed dissatisfaction about the way Tiberias was managing the factory when he was answering questions on the floor of parliament last week. The management of Tiberias Ghana Limited, the majority shareholders of the Ayensu Starch Factory has however rejected claims that it had abandoned the facility. The company in a statement said it had gone to great lengths to ensure that the plant is running after it took over the factory in 2016. They claim to have invested over $20m in retooling and refurbishing the factory to improve its operations and yield.

|Policy Rate in Ghana - 16.0%|

|Inflation Rate in Ghana - 9.00%|

|Treasury bills rates|
Period        Discount Rates       Interest Rates
91 - Day           14.1868%                  14.7085%
182 - Day      14.0676%                  15.1320%
364 - Day        15.2749%                   18.0287%

Foreign News💤
⚖ A hedge fund steps into Nigeria's $9bn corporate dispute

Nigeria potentially faces the largest financial liability in history, and a hedge fund is coming to collect. The legal and political drama involves a deal between the country and a tiny natural gas company that was scuttled after the sudden death of Nigeria's president in 2010. The company, Process & Industrial Developments (P&ID), sued and won a staggering judgement, now worth $9bn. But it's spent years trying to get the country to pay that award, equivalent to almost 2.5% of its annual gross domestic product. Now a hedge fund managed by VR Capital Group had taken a large stake in P&ID.

⚖ 'Justice will have its day': Beijing bsvjs Huawei's lawsuit against US government

China's government affirms it's support for Huawei's lawsuit against the U.S. government. Wang Yi, China's top diplomat says Beijing supports the legal move by Huawei. He describes it as a tech giant protecting itself from being "victimized like silent lambs." Huawei filed it's lawsuit on Thursday, claiming that a ban on U.S. government agencies buying it's telecommunication equipment is unconstitutional. American government officials - along with outside legal and technical experts - say there's a risk that Huawei could use it's equipment to further Beijing's intelligence gathering operations.

⚖ Norway gives $1 trillion wealth fund approval to dump some oil stocks

Norway took a half step toward divesting oil and gas stocks in its massive $1 trillion wealth fund, approving the sale of smaller exploration companies while sparing the biggest producers such as Royal Dutch Shell Plc and Exxon Mobil Corp. After more than a year of deliberation, the government on Friday approved excluding 134 companies classified as exploration and production companies by FTSE Russell, including Anadarko Petroleum Corp., Chesapeake Energy Corp., Cnooc Ltd. and Tullow Oil Plc. The proposal would see the fund sell about $7.5bn in stocks.

⚖ Shanghai stocks plummet more than 4%: China's trade recession has started to emerge

Shares in mainland China crumble on Friday. The significant losses in Chinese stocks came as overall sentiment in Asia was downbeat for the day. All major Chinese indexes closed the day deep in negative territory. The Shanghai composite plunged 4.4%, the Shenzhen component tumbled 3.248% and the Shenzhen composite dropped 3.791%. The CSI 300, which tracks the largest share in the mainland, plummeted nearly 4%.

|Daily Interbank FX Rates|
Currency          Pairs Code   Buying    Selling
U.S Dollar                USDGHS 5.2076    5.2128
Pound Sterling         GBPGHS 6.8194    6.8282
Swiss Franc           CHFGHS    5.1662    5.1710
Canadian Dollar      CADGHS 3.8768    3.8808
Euro                      EURGHS 5.8490    5.8556
Chinese Reminbi     CNYGHS 0.7758    0.7759

🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.thebftonline.com 
www.wikipedia.com
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Term of the day📚
🤔 Recession
A recession is a significant decline in economic activity that goes on for more than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade.

🤔 What are some measures to put in place to boost an economy in times of recession?
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📍Compiled & edited by:     
Philip Elike Gagah
Agnes Boatemaa Appiadu