Boeing CEO paid $33 mn in 2023, gave up bonus over MAX 9 incident
==========

Boeing CEO David Calhoun received $33 million in compensation for 2023 but declined a potential $2.8 million bonus following the Alaska Airlines incident in January. Calhoun received a base salary of $1.4 million and over $30 million in stock awards. The announcement came as Boeing faces scrutiny over the incident, in which a 737 MAX 9 was forced to make an emergency landing. Calhoun will step down as CEO at the end of 2024. Boeing described Calhoun's tenure as CEO, which began in January 2020, as facing challenges from the grounding of the 737 MAX and the COVID-19 pandemic. The company praised Calhoun's focus on safety and transparency. Boeing also adjusted its 2024 long-term incentive program in response to the Alaska Airlines incident, lowering Calhoun's target award by 38 percent to $17 million.

#Boeing #DavidCalhoun #Compensation #Bonus #AlaskaAirlinesIncident #737Max9

https://www.legit.ng/business-economy/economy/1586751-boeing-ceo-paid-33-mn-2023-gave-bonus-max-9-incident/


AI a 'game changer' but company execs not ready: survey
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A majority of corporate executives across leading economies believe artificial intelligence will be a 'game changer' for their industry, but admit their leadership teams lack the knowledge to understand AI's risks and rewards. Around 2,000 CEOs, CFOs, and other executives in companies across nine countries were surveyed. The poll found that 61% believe AI is a game changer for their industry, with the figure rising to 82% in the tech sector and 51% among automakers. However, 57% of executives lack confidence in their leadership team's AI skills and knowledge. The rise of generative AI is expected to transform an array of jobs, simplifying tasks but also potentially taking away work done by humans. 41% of executives say they will employ fewer people within five years due to AI. At the same time, 66% said they will recruit AI specialists externally, while 34% said they will train existing staff to fill the technological gap. An IMF report has found that 40% of jobs globally will likely be impacted by AI technology. In advanced economies, the figure rises to 60% of the workforce.

#Ai #CorporateExecutives #Technology #Jobs

https://www.legit.ng/business-economy/technology/1586664-ai-a-game-changer-company-execs-ready-survey/


Electric cars credited with lower CO2 emissions in US neighborhoods
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A new study conducted by scientists at the University of California, Berkeley, has found that the increased adoption of electric cars in parts of California is reducing CO2 emissions in those areas. The study used a network of sensors set up around the San Francisco Bay Area to measure the volume of carbon dioxide being emitted. Over a five-year period, the sensors recorded a 1.8 percent drop in emissions every year. The researchers concluded that electrification was having a measurable effect on reducing CO2 emissions. The state of California has an ambition to be net zero in 2045 and requires a decrease in emissions of a little more than three and a half percent per year for the next 20 plus years. The study supports California's plan to ban the sale of new gas-powered cars by 2035 and puts the state ahead of the 2050 target of the United States as a whole.

#ElectricCars #Co2Emissions #California #ClimateChange

https://www.legit.ng/business-economy/economy/1586519-electric-cars-credited-emissions-neighborhoods/


"Please Fly to Canada": Passenger Begs Air Peace After Success of Lagos to London Direct Flight
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A lady has pleaded with Air Peace to consider flying passengers from Nigeria directly to Canada as well. The plea came after Air Peace announced an increase in capacity for its Lagos to London direct flight. Air Peace started flying directly from Lagos to Gatwick Airport on March 30. The direct flight to London has excited many Nigerians. The passenger appealed for Air Peace to also fly directly to Canada to cater to passengers on that route. Air Peace started its Lagos to London flight on March 30, charging passengers N1.2 million for economy class. The airline also announced discounts for students flying to the UK. The news of Air Peace's direct flight to London received praise from Nigerians for reducing the cost of the journey. A Nigerian man shared a screenshot of the cost, which he saw on the Air Peace website, and noted that the price had crashed. Air Peace was charging N1.2 million for economy class and N2.2 million for premium economy.

#AirPeace #DirectFlights #Nigeria #Canada #Lagos #London

https://www.legit.ng/people/1586449-fly-canada-lady-begs-air-peace-lagos-london-direct-flight/


Three companies in the running for NASA's next Moon rover
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Three companies are in the running to provide NASA's next Moon rover for crewed missions planned later this decade. Texas-based Intuitive Machines, Lunar Outpost of Colorado, and Venturi Astrolab of California have been tasked with developing designs under a contract with a combined maximum potential value of $4.6 billion. The space agency anticipates awarding one of the three companies a "demonstration task order" for their Lunar Terrain Vehicle (LTV) on the surface of the Moon. The first crewed mission, Artemis 3, is meant to land in 2026.

#Nasa #MoonRover #IntuitiveMachines #LunarOutpost #VenturiAstrolab #ArtemisProgram

https://www.legit.ng/business-economy/economy/1586426-three-companies-running-nasas-moon-rover/


US Fed should avoid climate change 'mission creep': Powell
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The head of the US Federal Reserve, Jerome Powell, stated that the Fed should avoid tackling politically-charged issues like climate change without Congressional approval in order to maintain public trust in the institution. Powell emphasized that the Fed's mandate does not include issues like tax and spending policies, immigration policy, and climate change. He stated that policies to address climate change are the responsibility of elected officials and the agencies they have charged with this responsibility. Powell's remarks highlight his push to keep the US central bank away from political issues, especially during a time of deep division in the country. The Fed operates independently of Congress and focuses on maintaining low inflation and unemployment rates.

#UsFederalReserve #ClimateChange #JeromePowell #Congress #PoliticalIssues

https://www.legit.ng/business-economy/economy/1586389-us-fed-avoid-climate-change-mission-creep-powell/


US private sector hiring picks up again in March
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US private sector hiring came in well above expectations last month, with construction, financial services, and manufacturing all contributing to the increase. Private sector employment rose by 184,000 in March, sharply above market predictions of 150,000 new jobs. ADP also revised up the February jobs data, from 140,000 to 155,000. The hot jobs data will be well-received by the Biden administration as it seeks to talk up the president's economic record ahead of November's presidential election. The data also signals to the Federal Reserve that the labor market remains in a good place, reducing the likelihood of an early start to interest rate cuts. The construction sector created 33,000 new jobs, the financial services sector added 17,000 new positions, and manufacturing was responsible for 1,000 jobs. Other sectors that created large numbers of new positions included leisure and hospitality, trade, and transportation and utilities. Pay was up 5.1 percent year-over-year for those who remained in their jobs, and by 10.0 percent for those who switched. ADP's figures come two days ahead of US government data on US hiring.

#UsPrivateSector #Hiring #Adp #Construction #FinancialServices #Manufacturing #BidenAdministration #FederalReserve #InterestRateCuts #LeisureAndHospitality #Trade #TransportationAndUtilities #Pay #JobGrowth #UnemploymentRate

https://www.legit.ng/business-economy/economy/1586347-us-private-sector-hiring-picks-march/


"Docile opposition": Deji Adeyanju says Tinubu may still win in 2027
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Deji Adeyanju, a human rights activist, suggests that President Bola Tinubu's chances of being re-elected in Nigeria's 2027 general election depend on the Nigerian electorate's assessment of his governance. Adeyanju also points out that a lacklustre opposition could bolster Tinubu's chances of securing a second term. Despite the economic hardships caused by some of Tinubu's policies, Adeyanju believes that the docile opposition may contribute to Tinubu's victory in 2027. The fate of Tinubu's re-election ultimately rests in the hands of the Nigerian people, who have the constitutional right to vote for whoever they want. Tinubu won the 2023 presidential election against all odds, but some of his policies have caused economic hardship. Adeyanju's plea for a united opposition in 2023 fell on deaf ears due to the egos and arrogance of the opposition candidates. Tinubu accused the Nigeria Labour Congress (NLC) of playing politics with its recent protest against economic hardship and stated that his administration was still fresh to stage a war against organized labor. The article was published on March 31, 2024, by Nurudeen Lawal on Legit.ng.

#BolaTinubu #2027GeneralElection #Nigeria #DejiAdeyanju #Opposition #EconomicHardship

https://www.legit.ng/politics/1585954-why-tinubu-elected-2027-economic-hardship-deji-adeyanju-explains/


US Fed's inflation fight remains on track despite recent uptick: Powell
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Federal Reserve Chair Jerome Powell stated that the recent rise in inflation has not stalled the Fed's ongoing fight against rising prices. The Fed remains on track to hit its long-term inflation target of two percent. Powell also mentioned that interest rates are unlikely to return to the historic lows seen after the 2008 global financial crisis.

#UsFed #Inflation #JeromePowell

https://www.legit.ng/business-economy/economy/1585847-us-feds-inflation-fight-remains-track-uptick-powell/


US outlet Radio Free Asia closes Hong Kong office over security law fears
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US news outlet Radio Free Asia (RFA) has closed its office in Hong Kong due to concerns about staff safety following the enactment of a new national security law. The law, known as Article 23, introduced tough penalties for crimes such as treason, espionage, and external interference. RFA president and CEO Bay Fang stated that the company no longer has full-time staff in Hong Kong and has closed its physical office. The Hong Kong government declined to comment on RFA's decision but stated that it strongly disapproves of scaremongering and smearing remarks related to the national security law. RFA is the first foreign media outlet to publicly announce its closure in Hong Kong since the law came into effect on March 23.

#RadioFreeAsia #HongKong #NationalSecurityLaw

https://www.legit.ng/business-economy/economy/1585839-us-outlet-radio-free-asia-closes-hong-kong-office-security-law-fears/


US Fed's favored inflation gauge ticks higher as fuel costs rise
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The US central bank's favored measure of inflation, the personal consumption expenditures (PCE) price index, rose at an annual rate of 2.5 percent in February, up 0.1 percentage points from the previous month. Goods prices rose 0.5 percent, while the costs of services increased by 0.3 percent. The increase in the cost of goods was largely driven by rising energy prices, which rose 2.3 percent from January. The closely watched 'core inflation' measure, which strips out volatile food and energy costs, eased slightly, rising by 2.8 percent on an annual basis and by 0.3 percent from January. The higher inflation figure may cause concern for President Joe Biden's reelection campaign as he seeks to convince consumers that the economy is heading in the right direction. The Federal Reserve is still on track toward its long-term inflation target of two percent. Fed officials have reiterated their prediction of three interest rate cuts this year, but recent data has led some officials to question this prediction. The inflation figures are being closely watched by the White House as President Joe Biden seeks reelection in November.

#UsInflation #FederalReserve #FuelCosts

https://www.legit.ng/business-economy/economy/1585827-us-feds-favored-inflation-gauge-ticks-higher-fuel-costs-rise/


Impact of Baltimore port closure on global supply chains
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The closure of the Port of Baltimore due to a bridge collapse has raised concerns about its impact on the global supply chain. Baltimore is among the top 20 ports in the US by tonnage and number of containers handled. Last year, it handled a record 1.1 million 20-foot equivalent units (TEU) of containers. The closure is expected to primarily impact US exports of coal and imports of cobalt. The port is a key hub for the auto industry, handling the most autos and light trucks of any US port. German auto giants Volkswagen and BMW said their operations were not affected, but Mercedes-Benz is no longer reachable by sea. The closure is not expected to have a significant impact on trade between the US and Europe, as the volume of containers can be diverted to neighboring ports. The closure may cause tightening of shipping fuel supplies on the Atlantic Coast. The duration of the closure is estimated to be 10 to 15 days.

#Baltimore #PortClosure #GlobalSupplyChains #BridgeCollapse #CoalExports #CobaltImports #AutoIndustry #ShippingFuelSupplies

https://www.legit.ng/business-economy/economy/1585816-impact-baltimore-port-closure-global-supply-chains/


Armenian banks to ditch Russian cards over US sanctions
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Armenian banks have announced that they will stop processing transactions made by Russian Mir payment cards due to Western sanctions imposed on Moscow for its invasion of Ukraine. The Union of Banks of Armenia stated that the country's commercial banks will cease servicing Mir cards due to the risk of secondary sanctions. However, an exception will be made for Mir cards issued by the Armenian subsidiary of Russia's state-controlled VTB Bank. This move comes as part of a series of diplomatic disputes between Armenia and Russia, with Yerevan drifting away from Moscow since 2020. Relations further soured when Azerbaijan took control of the disputed Nagorno-Karabakh region. In addition to blocking broadcasts of shows by Russian TV presenter Vladimir Solovyov, Armenia has suspended its participation in the Collective Security Treaty Organisation (CSTO) and has been seeking partnerships with Western countries. Armenia has also formally joined the International Criminal Court (ICC) and is obligated to arrest Russian President Vladimir Putin if he sets foot on Armenian territory under an ICC arrest warrant issued in March 2023.

#ArmenianBanks #RussianMirPaymentCards #UsSanctions #WesternSanctions #Moscow #InvasionOfUkraine #UnionOfBanksOfArmenia #SecondarySanctions #ArmenianSubsidiaryOfVtbBank #DiplomaticDisputes #Yerevan #Azerbaijan #NagornokarabakhRegion #VladimirSolovyov #CollectiveSecurityTreatyOrganisation(csto) #WesternPartnerships #InternationalCriminalCourt(icc) #ArrestWarrant #VladimirPutin

https://www.legit.ng/business-economy/economy/1585777-armenian-banks-ditch-russian-cards-sanctions/


Asian markets mixed after Fed official floats rate cut delay
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Asian markets were mixed after a US Federal Reserve official suggested delaying or reducing interest rate cuts. Traders are assessing the outlook for US monetary policy, with some questioning whether the central bank will stick to its projection of three cuts this year. Fed officials, including Atlanta president Raphael Bostic and governor Lisa Cook, have expressed caution about acting too quickly. Fed governor Christopher Waller suggested reducing the number of rate cuts or pushing them further into the future. The yen hit a 34-year low against the dollar, stabilizing after comments from a Bank of Japan official. Tokyo's Nikkei 225 was down over 1%, while Hong Kong, Shanghai, Sydney, and Wellington rose. The dollar was down against the yen, the euro, and the pound. West Texas Intermediate and Brent North Sea Crude prices rose. The Dow and FTSE 100 closed higher.

#AsianMarkets #UsFederalReserve #InterestRateCuts #MonetaryPolicy #Yen #BankOfJapan #Nikkei225 #Dow #Ftse100

https://www.legit.ng/business-economy/economy/1585585-asian-markets-mixed-fed-official-floats-rate-cut-delay/


What is the economic impact of the Baltimore bridge collapse?
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The collapse of the Francis Scott Key Bridge in Baltimore has led to diverted cargo and supply chain disruptions. The Port of Baltimore, the biggest vehicle-handling port in the country, has been suspended since the accident. Transportation Secretary Pete Buttigieg stated that ocean shippers, other ports, and cargo owners are working to divert ships that were headed to Baltimore. Maryland Governor Wes Moore warned that over 140,000 people could be indirectly impacted by the disruptions. Cargo bound for Baltimore will likely be partially diverted to the Port of New York and New Jersey, which has the capacity to handle the increased volume. While there will be noticeable headaches and supply chain disruptions, economists expect businesses to be able to adapt and do not anticipate a broad-based impact on US inflation or GDP. Certain sectors, such as automobiles, may be more impacted than others. The Baltimore port handled over 840,000 autos and light trucks in 2023, the most among US ports. Companies relying on timely deliveries, like the automotive industry, may experience inventory shortages. Alternative routes could also lead to higher transportation costs. Major automakers like Mazda and Stellantis are assessing the potential impacts and considering contingency plans to ensure an uninterrupted flow of vehicles to customers. However, economists believe that broad-based shortages in the autos sector are unlikely due to weaker demand for new vehicles and higher inventories. The issues are expected to be more isolated to companies that heavily rely on the Port of Baltimore for their inventory.

#Baltimore #BridgeCollapse #EconomicImpact #PortOfBaltimore #SupplyChainDisruptions #DivertedCargo #PortOfNewYorkAndNewJersey #Automobiles #InventoryShortages

https://www.legit.ng/business-economy/economy/1585553-what-economic-impact-baltimore-bridge-collapse/


"Why Bob?" Drama As Toyin Abraham Slams Femi Adebayo for Picking Bobrisky As Best Dressed Female
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Nollywood actress Toyin Abraham reacted with disbelief and anger after learning that Bobrisky was crowned the best-dressed female at the premiere of Eniola Ajao's movie Ajakaju. In a viral video, Toyin Abraham expressed her shock and called the person who picked Bobrisky crazy. She also threatened to punch Bobrisky when he bragged about being the best-dressed female. Another clip from the premiere showed Femi Adebayo announcing Bobrisky as the best-dressed female, which led to Toyin Abraham slamming him and calling him "Werey." Netizens expressed their disapproval of Bobrisky winning the award, stating that it was inappropriate to give a male the best-dressed female award. This incident follows a previous feud between Bobrisky and James Brown, where James Brown called out Bobrisky and claimed it was his time to shine.

#ToyinAbraham #Bobrisky #FemiAdebayo #Nollywood #Fashion #Celebrity

https://www.legit.ng/entertainment/celebrities/1585043-bob-drama-toyin-abraham-slams-femi-adebayo-picking-bobrisky-dressed-female/


Raven hints at survival amid Nigeria's challenging business landscape
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Raven, a fintech startup in Nigeria, has managed to thrive in the challenging macroeconomic landscape of the country. The Chief Operating Officer of Raven, Prince Nwachukwu, attributes their success to strategic talent and product development investments. Raven has invested in culture and skilled workforce, and has developed innovative offerings such as BankBox. Nwachukwu also hinted at Raven's aspirations to expand beyond Nigeria through regulated partnerships. He highlighted the need for economic diversification and revenue mobilization beyond oil dependence in Nigeria. Nwachukwu emphasized the importance of collaborative efforts and inclusive dialogue to forge sustainable solutions. He urged Nigerians to embrace entrepreneurship as a means of diversifying income streams and safeguarding against financial volatility. Nwachukwu also highlighted the need for regulators to protect Nigerians against fraud and illicit activities in the fintech industry. He emphasized the potential benefits of enhanced collaboration among fintech firms. Despite the challenges, Nwachukwu stressed the importance of resilience, proactive risk management, and maintaining proper relationships with workers, clients, and stakeholders in business management.

#Nigeria #Business #Economy #Fintech #Startups

https://www.legit.ng/business-economy/industry/1584856-how-survive-nigerias-challenging-macroeconomic-terrain-prince-nwachukwu-raven/


US Supreme Court examines govt efforts to curb online misinformation
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The US Supreme Court hears arguments in a social media case involving free speech rights and government efforts to curb misinformation online. The case stems from a lawsuit brought by the Republican attorneys general of Louisiana and Missouri, who allege that government officials went too far in their efforts to get platforms to combat vaccine and election misinformation. A lower court last year restricted some top officials and agencies of President Joe Biden's administration from meeting and communicating with social media companies to moderate their content. The ruling was a win for conservative advocates who allege that the government pressured or colluded with platforms such as Facebook and Twitter to censor right-leaning content under the guise of fighting misinformation. The order applied to agencies such as the Federal Bureau of Investigation, the State Department, Justice Department, and the Centers for Disease Control and Prevention. The decision restricted agencies and officials from meeting with social media companies or flagging posts containing "free speech" protected under the First Amendment. The ruling also restricted agencies from collaborating or partnering with groups that tackle election-related falsehoods. Some experts criticized the ruling, saying authorities needed to strike a balance between calling out falsehoods and veering towards censorship or curbing free speech.

#UsSupremeCourt #OnlineMisinformation #FreeSpeech #GovernmentEfforts #SocialMedia #Lawsuit #RepublicanAttorneysGeneral #JoeBiden #ConservativeAdvocates #Facebook #Twitter #FirstAmendment #Election-relatedFalsehoods #Censorship

https://www.legit.ng/business-economy/technology/1584066-us-supreme-court-examines-govt-efforts-curb-online-misinformation/


European arms imports nearly double over Ukraine: study
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Arms imports to Europe nearly doubled over the past five years, partly due to the war in Ukraine. Ukraine has become the world's fourth largest arms importer, while France has replaced Russia as the world's second largest exporter behind the United States. In the 2019-2023 period, 55 percent of imports to Europe were from the United States, up from 35 percent in the 2014-2018 period. Russia's arms exports fell by 53 percent between 2014-2018 and 2019-2023. France saw its arms exports grow by 47 percent, becoming the world's second largest exporter. China accounted for 21 percent of Russian exports, while India was the biggest recipient with 34 percent. The war in Gaza has affected arms imports to Israel, with some European states limiting arms transfers due to potential violations of international humanitarian law.

#ArmsImports #Ukraine #France #Russia #UnitedStates

https://www.legit.ng/business-economy/economy/1582927-european-arms-imports-double-ukraine-study/


Led by Musk, Silicon Valley inches to the right
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Elon Musk has made a turn to the right politically, defying the orthodoxy that Silicon Valley is a citadel of well-heeled liberals beholden to Democrats. Musk's politics are now hardline right-wing as he uses his platform to stoke themes cherished by conservative movements. The question on everyone's mind is whether Musk will support former US president Donald Trump's bid to retake the White House. Other Silicon Valley figures, such as Marc Andreessen, are also defending conservative causes and going against left-wing priorities. The rise of conservative voices in Silicon Valley is seen as a reaction to the status quo and concerns about diversity, equality, and inclusion. The power of this new guard is beginning to be felt, with tech companies facing criticism for their biases and generating controversial AI imagery. Google CEO Sundar Pichai faced backlash for the company's AI app generating ahistorical and ethnically diverse images of World War II Nazi troops. The conservative influence is challenging the dominance of liberal ideologies in Silicon Valley.

#ElonMusk #SiliconValley #ConservativePolitics #DonaldTrump #MarcAndreessen #TechIndustry #Ai #Diversity #Equality

https://www.legit.ng/business-economy/technology/1582784-led-by-musk-silicon-valley-inches-right/


US power company admits it might have started huge Texas fire
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Xcel, the parent company of Southwest Public Service Company, admitted that its equipment may have sparked the largest wildfire in Texas' history. The fire, known as the Smokehouse Creek fire, consumed over a million acres and destroyed hundreds of homes. Xcel acknowledged that its facilities appear to have been involved in the ignition of the fire. The company is facing at least one lawsuit but denies that its equipment was improperly maintained. The admission came after evidence showed that the grid in Texas was under stress in the hours before the fire broke out on February 26. Whisker Labs, a firm that monitors electricity supply grids, recorded 50 faults in the system, which are typically logged when a power line has been toppled or has touched trees, events that can start fires in dry countryside. US power companies have been blamed for destructive wildfires in the past, such as the deadly fires in Hawaii and California. US infrastructure is frequently old and not fit for growing demands.

#Texas #Wildfire #PowerCompany #Xcel #SmokehouseCreekFire

https://www.legit.ng/business-economy/economy/1582507-us-power-company-admits-started-huge-texas-fire/


US retailer Macy's to close 150 stores
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US retailer Macy's plans to close around 150 locations by 2026, with 50 of them closing by the end of the fiscal year. The company will prioritize investments in its upscale brands Bloomingdale's and Bluemercury. Macy's also reported declining revenues and profits for 2023, with revenues down 5.5% and net profits falling sharply by 91%. The company aims to open approximately 15 Bloomingdale's stores, 30 new Bluemercury stores, and remodel around 30 Bluemercury stores over the next three years.

#Macy's #StoreClosures #Retail #Business

https://www.legit.ng/business-economy/economy/1580936-us-retailer-macys-close-150-stores/


Robot dogs and flyng cars: mobile gadget highlights
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US firm Alef Aeronautics displayed the world's first real flying car at the Mobile World Congress in Barcelona. The electric-powered car has received special airworthiness certification from the US Federal Aviation Administration and can transport two people up to 110 miles. Chinese firm Tecno Mobile showcased a robotic dog inspired by the German Shepherd that uses AI and powerful sensors to understand voice commands and perform lifelike actions. Chinese manufacturer Lenovo presented a prototype of a laptop with a transparent glass screen. South Korean company Hyodol unveiled an AI-powered doll for seniors that can play songs and remind them to take medicine. Dutch startup Whispp demonstrated a calling app that uses AI technology to convert impaired speech into the user's natural voice in real time.

#RobotDogs #FlyingCars #MobileGadgets #Ai #Technology

https://www.legit.ng/business-economy/technology/1580885-robot-dogs-flyng-cars-mobile-gadget-highlights/


Qantas says profits down but reputation rebounding
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Qantas reported a slide in half-year net profits, dropping 13.2 percent year-on-year to Aus$869 million (US$570 million) in the six months to December 31. However, the airline stated that its reputation had improved under new CEO Vanessa Hudson. Qantas saw strong demand across its business, with travel demand approaching pre-Covid-19 levels. The airline's seat capacity in international operations was at 90 percent of pre-pandemic levels, up 25 percent from a year earlier. Qantas named John Mullen as its new chairman-elect, taking over from Richard Goyder on July 1.

#Qantas #Profits #Reputation #VanessaHudson #JohnMullen #RichardGoyder

https://www.legit.ng/business-economy/economy/1580051-qantas-profits-reputation-rebounding/


Boost for naira as CBN confirms Nigeria received $1.8bn inflow in one week
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The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, confirmed that Nigeria received $1.8 billion in Forex inflows in the second week of February 2024. The inflow is expected to boost the performance of the naira against the US dollar. Cardoso stated that the positive outlook had been confirmed by economic ratings agencies such as the International Monetary Fund (IMF) and Fitch Ratings. The CBN will convene a national monetary policy meeting to decide on further economic reforms. Former Vice President Atiku Abubakar criticized the FX reforms, stating that they were done in a hurry and led to the devaluation of the naira. The Federal Government of Nigeria has secured $30 billion in investment commitments from international and domestic investors. The investments are already underway, but the beneficiary sectors were not disclosed.

#Nigeria #CentralBankOfNigeria #ForexInflow #Naira #EconomicReforms #Investment

https://www.legit.ng/business-economy/economy/1579561-cbn-governor-cardoso-confirms-nigeria-witnessed-18bn-fx-inflow-fg-secures-30bn-investment/


"IMF is pushing our country to economic self-destruction": Sani warns Tinubu
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Senator Shehu Sani has cautioned the federal government against following the International Monetary Fund (IMF) advice, stating that the IMF is pushing Nigeria into economic self-destruction. Sani advised President Bola Tinubu's government to listen to the warning issued by the African Development Bank (AfDB). The AfDB raised an alarm that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola, and other countries. Sani's comments were made on Twitter on February 18, 2024.

#Imf #Afdb #Nigeria #EconomicSelf-destruction #RisingPrices #SocialUnrest

https://www.legit.ng/nigeria/1579387-economic-hardship-shehu-sani-speaks-nigeria-listen-imf-afdb/


Bitcoin breaks $50,000 for first time since 2021
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Bitcoin surpassed $50,000 for the first time in over two years, fueled by expectations of US approval of exchange-traded funds (ETFs) that track the price. The cryptocurrency has rallied about 25% since January 22, reaching as high as $50,328. Observers are optimistic about the outlook, with enthusiast buyers pushing prices further up. Bitcoin dropped slightly to $49,950 by 0330 GMT Tuesday. The rally marks a recovery for Bitcoin following high-profile scandals and collapses in the crypto market. Bitcoin has also been boosted by hopes of interest rate cuts by the Federal Reserve and the upcoming 'halving' event in May. The next 'halving' will reduce the reward for mining Bitcoin. Bitcoin's record high was nearly $69,000 in 2020.

#Bitcoin #Cryptocurrency #UsApproval #Etfs #Rally #Scandals #Collapses #InterestRates #Halving

https://www.legit.ng/business-economy/technology/1578460-bitcoin-breaks-50000-time-2021/


EU strikes deal on clean tech to compete with China, US
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EU states and lawmakers have reached a provisional agreement to expand Europe's clean tech production, including solar, wind, and carbon capture. The European Union wants at least 40 percent of green tech used in the EU to be produced in the bloc by 2030. The law also aims to support the EU's bid to become a carbon-neutral economy by 2050. The draft law will enter into force after formal approval by EU states and the parliament. The EU is seeking to reduce its reliance on China and make Europe more attractive for investment after the United States unleashed a $369 billion bonanza of clean technology subsidies last year. Access to clean tech and avoiding overreliance on imported technology is a major concern in Europe. China dominates the solar power industry, and Europe's solar panel manufacturers have accused Beijing of not playing fairly. The EU has taken a tougher line on Beijing in recent years, seeking to "de-risk" its economy from China.

#Eu #CleanTech #China #Us #Solar #Wind #CarbonCapture #RenewableEnergy #Investment

https://www.legit.ng/business-economy/economy/1577408-eu-strikes-deal-clean-tech-compete-china-us/


Markets mixed after Wall St losses, Shanghai and Hong Kong rally
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Asian markets were mixed Tuesday following a drop on Wall Street. Shanghai and Hong Kong were lifted by a pledge by authorities to boost investment in a range of stocks. Investors were still coming to terms with the prospect of US interest rates being kept at two-decade highs. Figures Monday showed a gauge of service-sector activity hitting a four-month high. Hong Kong and Shanghai enjoyed much-needed buying interest after a unit that controls company stakes on behalf of China's government said it had expanded the scope of investments. However, analysts have warned that while such moves could provide some short-term relief, the government needed to address long-standing problems within the economy to restore confidence.

#AsianMarkets #WallStreet #Shanghai #HongKong #UsInterestRates #Service-sectorActivity #Investments #Economy

https://www.legit.ng/business-economy/economy/1577241-markets-mixed-wall-st-losses-shanghai-hong-kong-rally/


Turkey's January inflation piles pressure on central bank
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Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge hike, official data showed Monday. The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December. The monthly inflation rate in January climbed to 6.7 percent, from 2.9 percent in December, following a 49-percent rise in the minimum wage that went into effect in January. Turkey's finance minister, Mehmet Simsek, attributed the monthly inflation jump to 'temporary effects'. Turkey's central bank, which has raised its key rate from 8.5 percent to 45 percent since June, said last month that the level was sufficient to start easing the cost of living crisis. The bank's governor Hafize Gaye Erkan resigned on Friday, less than a year into her tenure, after a scandal involving her family. She was replaced by Fatih Karahan, a former economist at the Federal Reserve Bank of New York and the US online retail giant, who may be under pressure to again start raising the interest rate, analysts said. Inflation remains a pressing issue for President Recep Tayyip Erdogan's government ahead of local elections in March.

#Turkey #Inflation #CentralBank #Economy

https://www.legit.ng/business-economy/economy/1577078-turkeys-january-inflation-piles-pressure-central-bank/


"I pray for this": Lady elated after firm overpays her to ease January stress
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A young Nigerian lady shared her experience of being overpaid by her company for the month of January. The lady, identified as @thequeendare, initially thought it was an error and contacted the company, but they informed her that it was intentional. The company overpaid her salary as a bonus to help ease the effects of the harsh economy. Netizens reacted positively to the company's considerate gesture. In a separate incident, a Chilean employee resigned and went into hiding after receiving 330 times his pay from his employer. The company filed a lawsuit against him, but no arrest had been made at the time of publishing in 2022.

#Overpayment #Salary #Bonus #Economy #Netizens

https://www.legit.ng/people/1576735-country-hard-lady-rejoices-company-overpays-january-salary-netizens-react/


Fake news, online hate swell Indonesia anti-Rohingya sentiment
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In recent months, Indonesia has seen a rise in anti-Rohingya sentiment fueled by fake news and online hate speech. The Rohingya refugees, who were previously welcomed in the Aceh province, are now facing pushback and attacks. The United Nations Refugee Agency (UNHCR) has described the attacks as the result of a coordinated online campaign of misinformation, disinformation, and hate speech. Social media platforms like TikTok have played a significant role in spreading anti-Rohingya videos, with some videos receiving over 90 million views. The Indonesian government has appealed to neighboring countries to take in the Rohingya, but it is not a signatory of the UN refugee convention. The online campaign against the Rohingya appears to be coordinated and has involved the use of fake UNHCR accounts flooding Rohingya videos with anti-refugee comments. The misinformation has also extended to the presidential election, with some videos mocking candidates and their stance on the Rohingya. While some in Aceh express frustration at the lack of a government solution, they question the authenticity of the anti-refugee posts and speculate that AI or robots may be involved.

#Indonesia #Rohingya #FakeNews #OnlineHate #Anti-refugeeSentiment #SocialMedia #Tiktok #Unhcr #CoordinatedCampaign #PresidentialElection

https://www.legit.ng/business-economy/technology/1576831-fake-news-online-hate-swell-indonesia-anti-rohingya-sentiment/


US jobs market defies expectations of January slowdown
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The US economy added 353,000 jobs in January, after December's figure was revised up to 333,000, according to the Labor Department. The unemployment rate remained steady at 3.7 percent. The strong job market is likely positive for President Biden as he campaigns for a second term. The Federal Reserve may face complications in its battle against inflation due to strong growth and a robust jobs market. January wage gains rose more than anticipated at 0.6 percent from the prior month, and average hourly earnings jumped 4.5 percent from a year ago. Sectors seeing job gains include professional and business services, health care, and retail trade, while employment fell in areas like mining, oil, and gas extraction. The labor market is still in good shape, but the full effect of interest rate hikes may take three to six quarters to kick in. Despite the strong figures, efforts to cool the economy could still be rippling through sectors.

#UsJobsMarket #Economy #UnemploymentRate #FederalReserve #Inflation #WageGains #Employment #InterestRateHikes

https://www.legit.ng/business-economy/economy/1576756-us-jobs-market-defies-expectations-january-slowdown/


Publicis settles opioid case with US states for $350 mn
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Publicis Health, part of the French advertising giant Publicis, will pay $350 million to settle charges from US states that its "predatory and deceptive marketing strategies" worsened the opioid epidemic. Publicis worked with Purdue Pharma between 2010 and 2019 on marketing material to promote OxyContin and other drugs. The settlement distributes funds nationally, with New York receiving $19.2 million. Publicis described the opioid work as originating with Rosetta, a digital marketing firm it acquired in 2011 and shut down 10 years ago. Of the $350 million settlement, $343 million will go to US states and territories and $7 million for legal fees.

#Publicis #OpioidCase #UsStates #Settlement #MarketingStrategies #Oxycontin #PurduePharma #Rosetta #FundsDistribution

https://www.legit.ng/business-economy/economy/1576621-publicis-settles-opioid-case-states-350-mn/