Nigeria:APC, PDP at war over source of bailout funds

By Clifford Ndujihe, Henry Umoru, Anayo Okoli, Samuel Oyadongha, Simon Ebegbulem, Dayo Johnson, Demola Akinyemi, Gbenga Olarinoye, Dapo Akinrefon, Levinus Nwabughiogu & Marie-Therese Nanlong

ABUJA — THE Presidency and the national leadership of the People’s Democratic Party, PDP, were sharply divided, yesterday, over the sources of the N804.7 billion relief package being worked out to bail out many states of the country from their unpaid salaries burden.

While the PDP said that a significant amount of the princely sum came from savings left behind by the out-gone administration of Dr Goodluck Jonathan, the Presidency disagreed, arguing that the money came from proceeds of Nigeria Liquefied Natural Gas (NLNG).

 

President Muhammadu Buhari

Upon assumption of office on May 29, President Muhammadu Buhari said the departing PDP government left an empty treasury and pleaded with Nigerians for patience as they await urgent implementation of his change agenda.

Activists disagree with Dickson, say ‘LGA workers, pensioners owed in Bayelsa’

A group of activists has disagreed with the claim by Governor Seriake Dickson of Bayelsa that the state does not owe public workers in the state.

Bayelsa Workers Unity Forum said local government workers and pensioners are being owed more than five months salaries

EFCC fails to produce Lamido, sons at court

By Abdulsalam Muhammad
KANO – The Economic and Finance Crime Commission (EFCC) Wednesday failed to produce the immediate past Governor of Jigawa state, Alhaji Sule Lamido, his two sons, Aminu and Mustapha in court barely 24 hour after they were picked up in Abuja.

The Anti graffiti Agency had yesterday filed suit before a Federal High court, Kano accusing Lamido and his two sons of money laundering.

However, the EFCC legal Director, Achile Okoroma told reporters at the Federal High Court premises that Sule Lamido’s absence alongside his two sons was due to cancellation of flight from Abuja.

He assured that “baring any last minute change, Sule Lamido and his sons would be arranged Thursday”.

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Nigeria:No hand in Ekweremadu’s invitation – Presidency.The nation

The Presidency on Tuesday denied having hand in the invitation of the Deputy Senate President, Senator Ike Ekweremadu, by the police over the forgery of the senate rule.

Nigeria:Bailout funds not from $2.1b in ECA – AGF. the Nation

The Accountant-General of the Federation, Alhaji Ahmed Idris, said on Tuesday the bailout funds for states were not deducted from the $2.1 billion in Excess Crude Account.
He said the cash was sourced from the accrued Company Income Tax (CIT) realized from the Liquefied Natural Gas (LNG). The fund was put at N359, 374,355, 607.60.
He said the funds in Excess Crude Account were intact and the administration of President Muhammadu Buhari was yet to touch it.

Stocks usually go up: Business insider

As of Tuesday, the S&P 500 was down for the year, hitting it's lowest level since early March.
But as for where stocks finish this year, maybe you shouldn’t worry just yet.
JPMorgan Asset Management just published its new quarterly markets guide, and one of the things they show is that stocks usually go down within calendar years, but more often than finish the same year higher.
The chart below shows that over past 35 years, the S&P has had positive annual returns in 27 — or 77% — of those years. But in 19 of those year, the peak-to-trough move has been in excess of 10%.
So, while stocks are selling off amid uncertainty in the markets, we could still see 2015 end with positive returns — in fact, we're more than likely to.

What's happened to the auto markets in Russia and Argentina is terrifying Read more:businessinsider

Morgan Stanley's auto research team has published its May 2o15 Global Auto Databook and for the most part, it's packed with information about how strongly the global auto industry has recovered since the financial crisis.

However, two countries stand out for the collapses that their auto markets have endured.
In 2011, Russia saw 39% growth in auto sales, according to Morgan Stanley. In 2012, that number ebbed, to +11%. Then it went rapidly south, with 2014 witnessing a 13% contraction in sales. Morgan Stanley predicts that 2015 will be worse: -15%. The Russian market then returns to a 5% estimated positive growth rate in 2016 and beyond.