"Begin investigation, prosecution of Buhari": Yoruba Council tells Tinubu
==========

The Yoruba Council Worldwide has called on President Bola Ahmed Tinubu to investigate and prosecute former President Muhammadu Buhari over the nation's economic difficulties. The council emphasized the necessity for transparency and proper auditing, advocating for robust anti-corruption measures and effective policing to combat corruption. They also highlighted the need for fair hearing and proper prosecution if Buhari is to be held accountable. In another report, the Yoruba Council Worldwide called on Tinubu to initiate reforms within the Independent National Electoral Commission (INEC) ahead of the 2027 general elections.

#YorubaCouncil #BolaAhmedTinubu #MuhammaduBuhari #EconomicDifficulties #Transparency #Auditing #AnticorruptionMeasures #FairHearing #InecReforms

https://www.legit.ng/politics/1598637-yoruba-council-sends-key-message-tinubu-investigation-prosecution-buahri/


CAN directs church to vacate premises after attacking Muslim family in Oyo
==========

The Christian Association of Nigeria (CAN) in Oyo State has sanctioned a Christ Apostolic Church branch after its assault against a Muslim family in Iseyin. Apostle Sunday Ogundairo, CAN Chairman in Iseyin Local Government Area, confirmed the sanctions against the pastor. A video circulating widely depicted members of Christ Apostolic Church, Oke Imuse, Iseyin, allegedly assaulting Mr. Sulaimon AbdulAzeez and his wives. CAN in Iseyin has disciplined the pastor and instructed him to find an alternative location for his church. The attacks took place on Eid day and have been criticized by the Muslim Rights Council (MURIC), CAN, and other religious organizations.

#ChristianAssociationOfNigeria #ChristApostolicChurch #MuslimFamily #Iseyin #Assault #Sanctions #Eid #MuslimRightsCouncil

https://www.legit.ng/nigeria/1598690-can-orders-church-vacate-premises-attacking-muslim-family-oyo/


Wakanow CEO says 40% of flights from Nigeria are to the UK, unveils new website
==========

Bayo Adedeji, the CEO of Wakanow Group, a travel tech company, revealed that the African travel and tourism market is projected to reach a revenue of $38 billion by 2028. Adedeji shared that Africa's share in the global travel demographic is only 2%, despite having about 19% of the world's population. He also mentioned that 40% of air traffic out of Nigeria is to the UK. Wakanow has launched a revamped storefront website and introduced a series of innovations to tap into the untapped potential of the African travel market. The company aims to empower individuals and businesses with innovative solutions that simplify their travel experiences and financial transactions.

#Wakanow #BayoAdedeji #AfricanTravelMarket #TravelTech #Website #Innovations

https://www.legit.ng/business-economy/industry/1598552-wakana-adedeji-speaks-future-travel-tourism-market-company-unveils-enhanced-website/


US existing home sales fall as prices hit record
==========

US existing home sales declined 0.7 percent in May from a month earlier, reaching a seasonally adjusted annual rate of 4.11 million, down 2.8 percent year-over-year. The median sale price of an existing home rose 5.8 percent year-over-year to $419,300, the highest price ever recorded. The high cost of borrowing, reflected in elevated mortgage rates, is impacting home sales. The Federal Reserve's decision to keep interest rates high is contributing to the elevated mortgage costs. However, the recent decline in mortgage rates, expected to continue as the Federal Reserve cuts interest rates, is predicted to support a modest rebound in home sales later in the year. The increase in housing supply is expected to help boost home sales and temper home price gains in the coming months. Total housing inventory at the end of May was up 6.7 percent from a month earlier and up 18.5 percent from a year ago. The rise in home prices is creating a wider gap between property owners and first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. However, first-time buyers in the market understand the long-term benefits of owning a home.

#UsExistingHomeSales #HomePrices #HousingMarket

https://www.legit.ng/business-economy/economy/1598502-us-existing-home-sales-fall-prices-hit-record/


Forex Traders Give New Exchange Rate for Pound, Euro As Naira Depreciates Against US Dollar
==========

The Nigerian currency, the naira, depreciated against the British pound sterling and the euro in the unofficial foreign exchange markets. Traders revealed that the exchange rate against the British pound stood at N1890/£1, representing a slight depreciation compared to the N1,880/£1 on the previous day. Similarly, the naira against the euro now exchanges at N1,600 compared to the previous day's rate of N1,580. The Central Bank of Nigeria is expected to intervene in the foreign exchange market for naira stability. There is an expectation that the naira will improve in the coming days due to funds now available for the Central Bank of Nigeria to defend the nation's currency. The Central Bank of Nigeria received an additional $925 million under the syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC). Ben Akabueze, the director-general of the budget office, said the naira's value would strengthen in the foreign exchange market in 2024 as the country expects an increase in dollar supply.

#Naira #ExchangeRate #ForeignExchangeMarket #CentralBankOfNigeria #BritishPound #Euro

https://www.legit.ng/business-economy/money/1598133-forex-exchange-rate-pound-euro-naira-depreciates-again/


France tries suspects over false Brigitte Macron transgender claim
==========

Two women are on trial in France over false claims that Brigitte Macron, the country's first lady, is transgender. The claims were made in a YouTube video in December 2021, alleging that Macron had once been a man named 'Jean-Michel'. The false claim went viral just weeks before the 2022 presidential election. The trial on defamation charges comes amid a campaign for snap legislative polls called by President Emmanuel Macron after the far right trounced his party in EU parliament elections. The women on trial are Amandine Roy, a self-proclaimed spiritual medium, and Natacha Rey, an independent journalist who did not appear in court due to illness. The claims led to accusations of child abuse against Macron and her brother. The case is due to be decided on September 12.

#France #BrigitteMacron #Transgender #Defamation #Youtube #Elections

https://www.legit.ng/business-economy/technology/1598128-france-suspects-false-brigitte-macron-transgender-claim/


Eid-el-Kabir: "Let's grow our food", Buhari advises Nigerians on food production
==========

Former president Muhammadu Buhari urged Nigerians to embrace self-reliance in food production amid economic challenges. Buhari expressed concern about uncontrolled population expansion, highlighting the need for greater awareness and investment in education and health. Buhari called on Nigerian youth to participate actively in nation-building and draw inspiration from the country's founding fathers. Buhari emphasized the importance of supporting one another during challenging times and wished everyone a happy Sallah. Katsina state governor, Dikko Radda, called for a shift towards ranching as a more sustainable and profitable alternative to open grazing. The bill seeking to ban open grazing and establish ranches for herders in the country has passed a second reading at the Senate.

#Eidelkabir #FoodProduction #EconomicChallenges #PopulationGrowth #Nationbuilding #Ranching #OpenGrazing

https://www.legit.ng/nigeria/1597710-eid-el-kabir-buhari-sends-key-message-nigerians-economic-hardship-grow-food/


Naira Gets New Position as Another Currency Emerges as Best-Performing in Africa
==========

The Kenyan shilling has become Africa’s best-performing currency after a recent gain, strengthening to a 15-month high against the US dollar. The naira, on the other hand, has suffered depreciation against the US dollar in the last three weeks, trading at N1,483.67 against the US dollar. The Kenyan shilling's performance is attributed to improved agricultural export inflows and increased remittances. The Central Bank of Kenya announced a new rate on June 14, 2024, using accurate traded rates in the interbank market to calculate the official rate. The governor of the Central Bank of Kenya, Kamau Thugge, attributed the currency's gain to monetary policy and improved investment inflows. The naira's depreciation is due to forex scarcity, with the Central Bank of Nigeria halting weekly forex sales to Bureau de Change operators. The naira traded slightly lower in the official foreign exchange market on June 13, 2024, at N1,476.24 per dollar. Overall, the Kenyan shilling has emerged as the best-performing currency in Africa, surpassing the naira.

#KenyanShilling #Naira #Currency #Performance #Africa #ForeignExchange #CentralBankOfKenya #CentralBankOfNigeria

https://www.legit.ng/business-economy/economy/1597676-naira-position-currency-emerges-performing-africa/


Naira gains against pound, euro in black market, BDC gives new exchange rate
==========

The Nigerian currency has appreciated against the British pound and the euro in the foreign exchange market. BDC traders are selling pounds and euros at a new exchange rate as the naira appreciates. The British pound currently sells for N1,850 in the black market, while the euro exchanges at N1,580. The new exchange rates are an improvement compared to the previous rates. The appreciation of the naira is attributed to reduced pressure in the market during the Eid-ul-Adha holiday. The official foreign exchange markets will be closed on Monday and Tuesday and will resume on Wednesday. The Central Bank of Nigeria's decision will determine the future exchange rates. In the official market, the naira closed strong against the dollar, but fell slightly on Friday. The rise in foreign reserves gives the Central Bank more firepower to intervene in the forex market and stabilize the naira exchange rate. The CBN has also adjusted customs exchange rates for cargo clearances as the dollar, pound, and euro crash against the naira.

#Naira #BritishPound #Euro #BlackMarket #Bdc #ExchangeRate #CentralBankOfNigeria #ForeignReserves #ForexMarket #CustomsExchangeRates

https://www.legit.ng/business-economy/money/1597658-good-news-pounds-euro-crashes-naira-black-market/


UK 'guinea pig' for election security before landmark votes
==========

The UK general election on July 4, 2024, will serve as a test for election security ahead of the United States' election. Rapid advancements in cyber-tech, particularly AI, and increasing friction between major nations threaten the integrity of the upcoming landmark votes. Traditional cyber-attacks, such as misinformation, disruption of parties, leakage of data, and attacking specific individuals, remain a major threat. The UK has an advantage over the United States due to the short time period between announcing and holding the election, giving attackers little time to develop and execute plans. The UK is also less vulnerable to attacks on election infrastructure as voting is not automated. However, hacking of institutions and the spread of deepfakes, fake videos, pictures, or audio, are still concerns. AI is being used to create bots that flood social media with comments to shape public opinion. The AI industry and social media firms should take responsibility for curbing misinformation.

#UkGeneralElection #ElectionSecurity #Cybertech #Ai #Cyberattacks #Misinformation #Deepfakes #Bots #SocialMedia #AiIndustry

https://www.legit.ng/business-economy/technology/1597618-uk-guinea-pig-election-security-landmark-votes/


US court allows sale of conspiracy theorist's assets but spares business
==========

A US court has approved the liquidation of conspiracy theorist Alex Jones' personal assets, allowing for the repayment of a fraction of the nearly $1.5 billion in damages he owes to families of victims of a school shooting. However, the court spared Jones' parent company, InfoWars, from liquidation, allowing it to remain in business. Jones had previously declared personal bankruptcy in Texas, stating that his liabilities exceeded his private assets. The ruling means that Jones' personal assets, including a Texas ranch worth $2.8 million, will be sold to pay the debts. InfoWars hailed the court's decision as an 'amazing victory' that allows the website to continue operating. Jones has been widely branded as a misinformation profiteer, amassing a fortune by merging conspiracy theories with merchandise and dietary supplements from his InfoWars store. The families of the shooting victims have reported harassment and threats from Jones' fans for years.

#ConspiracyTheorist #AlexJones #Assets #Business #Infowars #Liquidation #Bankruptcy #Damages #SchoolShooting #Misinformation #Harassment

https://www.legit.ng/business-economy/technology/1597514-us-court-sale-conspiracy-theorists-assets-spares-business/


Boeing faces deadline to rebut possible US prosecution
==========

Boeing has until Thursday to respond to a determination by the US Department of Justice that it should be prosecuted for violating a 2021 deal related to two fatal 737 MAX crashes. The company delivered its response on Wednesday, contesting the Justice Department's assessment. The case comes as Boeing faces increased scrutiny over recent manufacturing and safety problems. The Department of Justice will decide how to proceed on the case by July 7. Boeing Chief Executive Dave Calhoun is scheduled to testify before Congress on Tuesday.

#Boeing #UsDepartmentOfJustice #737MaxCrashes #Aviation #Safety

https://www.legit.ng/business-economy/economy/1597111-boeing-faces-deadline-rebut-prosecution/


"To Rest in Peace in Ghana is Very Difficult": Huge Football Boot Coffin Used to Bury Late Player
==========

A Ghanaian footballer named Godfred Yaboah was buried in a football boot coffin, sparking mixed reactions on social media. The funeral pictures showed the deceased dressed in a football jersey and positioned as if ready for a match, with a ball under his arm. The coffin was made by carpenters in the region of Ghana known for making fantasy coffins that symbolize the deceased's profession in life. Some internet users questioned why corpses are made to stand in these coffins. This is not the first time such a coffin has been used in Ghana, as a previous report mentioned a man being buried in a coffin shaped like an airplane. The practice of using fantasy coffins to represent a person's profession is a popular culture in parts of Ghana. The article does not mention the date of the funeral or the specific location in Ghana.

#Ghana #Funeral #Football #Coffin

https://www.legit.ng/people/1596888-rest-peace-ghana-difficult-huge-football-boot-coffin-bury-late-player/


Asian markets stutter as investors fret ahead of US releases
==========

Asian markets are experiencing uncertainty as investors await the release of US inflation data and the Federal Reserve's outlook for interest rates. Forecasts for the number of rate reductions by the Fed have decreased from six to three, indicating a solid labor market and a healthy economy. The focus is on last month's consumer price index data and the conclusion of the Fed's policy meeting. The euro is struggling due to political uncertainty in Europe. Asian markets have fallen, while some have risen. The euro remains at five-week lows against the dollar. The Fed is expected to maintain rates but speculation suggests further rate cuts may occur. Equity traders are cautious, ignoring Wall Street's record highs. Chinese consumer prices rose less than expected. The euro's weakness is mirrored by a drop in European equities. Key figures show declines in Asian markets. The article does not provide information on key names, numbers, or dates.

#AsianMarkets #UsReleases #UsInflationData #FederalReserve #InterestRates #Economy #Euro #PoliticalUncertainty #ConsumerPriceIndex #EquityTraders #ChineseConsumerPrices

https://www.legit.ng/business-economy/economy/1596947-asian-markets-stutter-investors-fret-releases/


Marketers give conditions to sell petrol for N300/litre
==========

Oil marketers, represented by the Major Energy Marketers Association of Nigeria (MEMAN), state that petrol prices at the pump cannot drop below N300 per litre unless Nigeria starts manufacturing PMS in significant quantities. They argue that the price will crash when mass production begins, citing the example of diesel prices which dropped from N1,700 to N1,200 after Dangote refinery began production. The marketers claim that foreign refineries are taking advantage of Nigeria and that local refiners need access to sufficient crude oil. Some filling stations in Nigeria have started selling Compressed Natural Gas (CNG) as an alternative to petrol. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has ordered all filling stations to commence selling CNG.

#OilMarketers #PetrolPrices #Nigeria #DangoteRefinery #MassProduction #DieselPrices #ForeignRefineries #LocalRefiners #CrudeOil #CompressedNaturalGas #Cng #FillingStations

https://www.legit.ng/business-economy/energy/1596789-i-assure-diesel-marketers-states-condition-crash-petrol-n300litre/


No more N1,485: CBN slashes Customs exchange rate to clear goods from Monday
==========

The Central Bank of Nigeria (CBN) has adjusted the exchange rate for calculating customs duty, reducing it to N1,447.965 per dollar from the previous rate of N1,485.322 per dollar. The Nigeria Customs Service (NCS) announced the new rates on Sunday, June 9, providing slight relief to businesses and importers. The NCS clarified that the fluctuations in import duty rates are not the result of their actions, but rather align with the CBN's floating foreign exchange rate regime. Experts and Peter Obi have advocated for a stable rate to bring down the inflation rate in the country. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), suggested that Customs set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

#Cbn #ExchangeRate #CustomsDuty #NigeriaCustomsService #Importers #Businesses #InflationRate #PeterObi #MudaYusuf

https://www.legit.ng/business-economy/money/1596543-good-news-importers-cbn-reduces-customs-exchange-rate-clear-goods/


Tourism buoys southern Europe's 'Club Med' nations
==========

Spain, Greece, and Portugal are outperforming their northern peers thanks to a rebound in tourism. Spain's GDP expanded by 2.5% last year, while Portugal's grew by 2.3% and Greece by 2.0%. The three nations are growing faster than the European Union average. The tourism sector accounts for 12% of Spain and Portugal's economy, and 25% of Greece's. The three nations are also benefiting from the EU's pandemic recovery fund. Spain has received 38 billion euros, Greece 15 billion euros, and Portugal 8 billion euros. Spain's economy is taking off 'like a rocket' and is the 'locomotive' of job creation in the EU. Economists say the turnaround is largely due to a strong rebound in tourism, which reached record levels last year. The trio of nations are also drawing foreign investment through structural reforms that have boosted their competitiveness and improved their labor markets. However, they still face challenges such as high unemployment rates and large deficits and debt levels in some cases.

#Spain #Greece #Portugal #Tourism #Economy #Recovery #Eu

https://www.legit.ng/business-economy/economy/1596457-tourism-buoys-southern-europes-club-med-nations/


“We Disagree With Ruling”: Multichoice Tackles Tribunal Over Fine, Free DStv, GOtv Subscription
==========

Multichoice Nigeria plans to appeal the Competition and Consumer Protection Tribunal's decision to fine the company N150 million for contesting the court's jurisdiction. The tribunal also ordered Multichoice to provide Nigerian customers a one-month free subscription to its DStv and GOtv services. Multichoice disagrees with the ruling and will file an appeal. The company recently increased its DStv and GOtv monthly subscription despite an initial order preventing it from doing so. The tribunal gave the order on June 7, citing disobedience to its earlier order. Multichoice Nigeria announced the price adjustment of all DStv and GOtv packages in Nigeria on April 25, 2024, with the new prices taking effect from May 1, 2024. This is the second price increase in the last four months and the fourth in two years.

#Multichoice #CompetitionAndConsumerProtectionTribunal #Dstv #Gotv #Subscription #Fine #Appeal

https://www.legit.ng/business-economy/industry/1596415-disagree-ruling-multichoice-tackles-tribunal-n150m-fine-free-subscription/


After a bitter break-up, Trump makes up with billionaire donors
==========

Donald Trump, the presumptive Republican presidential nominee, has regained favor with billionaire donors after a period of estrangement. Despite his criminal conviction in New York, Trump's ability to raise funds from average Americans remains strong. Trump's campaign team reported raising over $53 million in the 24 hours after his recent felony conviction. However, some big donors had lost faith in Trump following the chaos surrounding his 2020 election loss. Notably, billionaire businessman Nelson Peltz, who had previously regretted backing Trump, welcomed him to his Florida home for breakfast in March and said he would 'probably' vote for Trump again in November. Other billionaire donors, such as Steve Schwarzman and Miriam Adelson, have also publicly endorsed Trump despite their previous criticisms. Economist Paul Krugman suggests that these billionaires are motivated by personal interests, such as lower taxes and less regulation, rather than the health of the nation. On the other hand, President Joe Biden's plans to tax the super-rich and implement more regulations have made him less popular with business moguls, particularly those in Big Oil. The final decision will be made by voters in November.

#DonaldTrump #BillionaireDonors #CampaignFundraising #PresidentialElection #JoeBiden #NelsonPeltz #SteveSchwarzman #MiriamAdelson #PaulKrugman #Taxes #Regulations #BigOil

https://www.legit.ng/business-economy/economy/1596001-after-a-bitter-break-trump-billionaire-donors/


TikTok fails 'disinformation test' before EU vote, study shows
==========

TikTok approved ads containing political disinformation ahead of European polls, raising questions about its ability to detect election falsehoods. Global Witness created 16 ads with false information about the EU elections and submitted them to TikTok, YouTube, and X (formerly Twitter). TikTok approved all 16 ads, YouTube caught 14, and X filtered all the ads and suspended the group's fake accounts. TikTok acknowledged the ads violated its policies and attributed their approval to 'human error' by a moderator. Global Witness submitted a formal complaint to Irish regulators, alleging that TikTok may be violating European rules to mitigate electoral threats.

#Tiktok #Disinformation #EuElections #GlobalWitness #Youtube #X #ElectionFalsehoods

https://www.legit.ng/business-economy/technology/1595622-tiktok-fails-disinformation-test-eu-vote-study-shows/


No more N1,500/$: FG propose new dollar rate for importers to clear goods
==========

The Presidential Committee on Fiscal Policy and Tax Reforms has proposed setting the exchange rate at N800 per dollar for Customs import duties for the remainder of 2024. The current practice of adjusting Customs duties erratically, sometimes twice a day, will be changed. The Nigerian customs dollar exchange rate to clear goods has been changed over 40 times in 2024 alone. The head of the committee, Taiwo Oyedele, stated that the frequent changes in the import duty rate due to the volatility of the foreign exchange market do not allow for adequate planning by businesses. The recommendation is to use N800 for the rest of the year, until December. A licensed customs agent, Joe Madu, supports the recommendation, stating that fixing the rate will help businesses plan and revive the economy. This is not the first time that recommendations have been put forward for a fixed customs duty exchange rate. The current Customs duty rate for importers is N1,482.982. The Central Bank of Nigeria has also adjusted the NCS foreign exchange rate to clear imported goods at Nigerian ports. Peter Obi expressed concerns that the latest changes could kill many businesses and advised the government on actions to help the naira recover against the US dollar.

#Importers #Customs #ExchangeRate #Business #Economy #Nigeria

https://www.legit.ng/business-economy/money/1595397-presidential-committee-suggests-customs-exchange-rate/


Rupert Murdoch marries again at age 93
==========

Media magnate Rupert Murdoch, 93, has married for the fifth time to Elena Zhukova, 67, a retired molecular biologist. The wedding took place at Murdoch's California vineyard and estate, Moraga. The couple was photographed posing and smiling, with Murdoch in a black suit and yellow tie and Zhukova in an off-the-shoulder white gown. Guests included Robert Kraft, owner of the New England Patriots, and his wife Dana Blumberg. Murdoch has been previously married four times, most recently to model Jerry Hall. Zhukova, who emigrated from Russia, is the mother of arts patron Dasha Zhukova, formerly married to Russian oligarch Roman Abramovich. Murdoch's media empire includes The Wall Street Journal and Fox News. He handed over control to his son Lachlan in November 2023.

#RupertMurdoch #ElenaZhukova #Wedding #Marriage #MediaMogul

https://www.legit.ng/business-economy/economy/1595395-rupert-murdoch-marries-age-93/


N3,600 Per 250 Kilometre: FG Opens Another Location to Buy Cheap Fuel
==========

The federal government, in collaboration with the National Agency for Science and Engineering Infrastructure (NASENI) and Portland Gas Limited, has opened a Compressed Natural Gas (CNG) reverse-engineering, training, filling, and conversation centre in Abuja. The CEO of Portland Gas Limited, Folajimi Mohammed, praised President Bola Tinubu for his vision to diversify the country's energy sources and lower transportation costs. Mohammed also mentioned the company's collaboration with Kia to develop and distribute CNG hybrid models in Nigeria. The Federal Government plans to introduce 2,700 compressed natural gas-powered buses and tricycles in Ilorin, with a goal of setting up 60 refueling locations and 100 conversion workshops across 18 states by the end of 2024.

#Fuel #AlternativeFuel #Cng #Nigeria #Transportation #EnergySources

https://www.legit.ng/business-economy/industry/1595298-n3600-kilometer-fg-opens-location-buy-cheap-fuel/


Firm displays high-capacity portable HDD and other devices at GITEX Africa 2024
==========

Western Digital is participating in GITEX Africa 2024, where it is displaying its range of storage devices. The company's participation allows it to show the world its solution-centric products. Among the highlights are the world's highest storage capacity in a 2.5" portable HDD, the WD My Passport portable HDD line, and the new 8TB SanDisk Desk Drive. Western Digital's products cater to the increasing demand for high-performing, high-capacity storage solutions driven by digital content traffic surges. The company's technology is designed to adapt to the changing needs of the African market. The Western Digital booth also features the 24TB G-DRIVE PROJECT and other enterprise-focused products. Attendees and delegates at GITEX Africa can learn more by visiting Western Digital's digital stand number 5B-30.

#WesternDigital #GitexAfrica #StorageDevices #HighcapacityPortableHdd #WdMyPassport #8tbSandiskDeskDrive

https://www.legit.ng/business-economy/technology/1595254-western-digitall-displays-worlds-high-capacity-portable-hdd-storage-solutions-gitex-africa/


FG Approves N110bn for New Businesses to Expand and Employ People
==========

The Nigerian government has approved N110 billion in capital startups for new businesses across the country. The fund will be distributed via the Bank of Industry and the Ministry of Youth Development. The fund will be channeled via the revamped Nigeria Youth Investment Fund (NYIF). The Ministry of Youth Development and the Bank of Industry will establish a specialized NextGen Bank dedicated to growing youth entrepreneurs. Plans are underway to establish a Presidential Initiative on Youth Clusters, focusing on critical sectors such as agriculture, manufacturing, and technology. The ongoing youth schemes involve about 146,998 beneficiaries engaged in vocational, social inclusion, technology, agriculture, and entrepreneurial training.

#Nigeria #Business #Startups #Employment #Youth

https://www.legit.ng/business-economy/economy/1594248-fg-approves-n110-billion-youth-startups-businesses-nigeria-grow-employ/


Eko Disco makes changes to price of single, three phased metre
==========

Eko Electricity Distribution Company (Eko Disco) has announced new prices for single-phase and three-phase meters under the Meter Asset Provider (MAP) Scheme. The new prices, which include VAT, cover meters from six different vendors. Quantum Manu & Metering Solution Ltd offers single-phase meters for N118,698.85 (VAT exclusive) or N127,601.26 (VAT inclusive), and three-phase meters for N215,717.20 (VAT exclusive) or N231,895.99 (VAT inclusive). Holley Metering Nig Ltd charges N137,339.54 (VAT exclusive) or N147,640.01 (VAT inclusive) for single-phase meters, and N211,356.06 (VAT exclusive) or N227,207.76 (VAT inclusive) for three-phase meters. Other vendors include Gospell Digital Technology Ltd, Gosslink Engineering Ltd, Bendoricks International Ltd, and Turbo Energy Ltd. The Nigerian Electricity Regulatory Commission (NERC) has also announced a 16.03% reduction in the rate used to determine Band A consumers' electricity cost due to the appreciation of the naira against the dollar.

#EkoDisco #MeterAssetProvider #MapScheme #MeterPrices #SinglephaseMeter #ThreephaseMeter #Vendors #QuantumManu&MeteringSolutionLtd #HolleyMeteringNigLtd #GospellDigitalTechnologyLtd #GosslinkEngineeringLtd #BendoricksInternationalLtd #TurboEnergyLtd #Nerc #ElectricityCost #Naira #Dollar

https://www.legit.ng/business-economy/industry/1594148-electricity-distribution-company-announces-metre-prices/


US new home sales miss expectations in April
==========

Sales of new US homes in April were weaker than expected, with a seasonally adjusted annual rate of 634,000, down 4.7% from March's rate of 665,000. The figure for March was revised lower, and April's numbers were below the consensus forecast of 680,000. Home sales have been impacted by the Federal Reserve's rate hikes and higher mortgage rates, which have made homeowners reluctant to sell. Sales of new homes in April were 7.7% lower compared to the same period last year. The median sales price was $433,500. Analysts warn of weakness in the housing market ahead.

#UsNewHomeSales #HousingMarket #Economy

https://www.legit.ng/business-economy/economy/1593846-us-home-sales-expectations-april/


UK inflation slows to near three-year low
==========

UK inflation rate slowed to 2.3% in April, the lowest level since July 2021. The data comes after the Bank of England signaled a summer interest rate cut. The lower inflation rate sets the scene for this year's general election, with the Conservatives trailing the Labour Party in opinion polls. The International Monetary Fund cautioned the Bank of England about the timing of rate cuts, warning that premature cuts could risk higher inflation. Gas and electricity bills sank in April on lower wholesale energy prices. Food and drink price rises also slowed. UK inflation peaked at 11.1% in late 2022 and has decelerated sharply since then.

#UkInflation #BankOfEngland #InterestRateCut #GeneralElection #LabourParty #ConsumerPricesIndex #InternationalMonetaryFund

https://www.legit.ng/business-economy/economy/1593551-uk-inflation-slows-year-low/


Natural disasters hit 1 in 5 US adults' finances in 2023: Fed
==========

According to the Federal Reserve's annual report, 19 percent of adults in the United States reported being financially affected by natural disasters or severe weather events in the last 12 months, marking a nearly 50-percent rise from 2022. The percentage of people noting a financial impact from natural disasters almost doubled in the West of the country. In the US South, almost a quarter of all respondents said they were financially hit by natural disasters, while just 13 percent did so in the northeast. The report also found that homeowners with lower income, those living in the South, and homeowners who had already been financially affected by a natural disaster were less likely to have homeowners insurance. Inflation remained Americans' top financial concern in 2023, with more than a third of Americans reporting it as a financial challenge.

#NaturalDisasters #UsAdults #Finances #FederalReserve #Inflation

https://www.legit.ng/business-economy/economy/1593502-natural-disasters-hit-1-5-adults-finances-2023-fed/


Progress in US inflation fight 'has likely resumed': Fed official
==========

Fed governor Christopher Waller stated that progress against inflation 'likely resumed' last month. Consumer inflation ticked lower in April, providing Fed policymakers with some good news following an uptick in the first quarter. Waller believes that further increases in the policy rate are probably unnecessary. His more positive tone will likely be welcomed by the financial markets. However, he also mentioned that he needs to see several more months of good inflation data before supporting an easing in the stance of monetary policy.

#UsInflation #FederalReserve #ChristopherWaller #MonetaryPolicy

https://www.legit.ng/business-economy/economy/1593465-progress-inflation-fight-resumed-fed-official/


FG Makes Another Move To Help Filling Stations Begin Sale of Fuel Priced at N200
==========

The federal government of Nigeria is considering assisting independent fuel marketers in installing Compressed Natural Gas (CNG) pumps at filling stations. This move is part of the government's plan to accelerate the adoption of CNG, which is cheaper than petrol. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has ordered all filling stations to commence selling CNG. However, independent marketers have raised concerns about the high cost of setting up CNG pumps, citing the current high cost of borrowing from banks. They are requesting government assistance in obtaining loans at lower interest rates. In response, the government has stated that it will consider assisting the marketers if they need funding to install CNG pumps, as the return on investment for gas is significantly higher than that of petrol, gasoline, and diesel. The Nigerian National Petroleum Company Limited (NNPC) has also assured the public that it has over 1.5 billion litres of petrol in stock, enough to serve the country for the next 30 days.

#Fuel #Cng #FillingStations #Nigeria #Government

https://www.legit.ng/business-economy/energy/1593070-fg-move-filling-stations-sale-fuel-priced-n200/


'Maldives what?': Saudi fashionistas attempt beach rebrand
==========

Saudi Arabia's first Red Sea Fashion Week kicked off with a sunset show on Thursday. The event showcased Saudi fashion and aimed to promote the nascent tourism sector in the country. The collection featured two dozen 'resort wear' dresses by Saudi designer Tima Abid, highlighting flowing white and beige fabrics. The second show focused on women's swimwear, a progressive move in a conservative Muslim country. The event took place at the St Regis Red Sea Resort on Ummahat Alshaikh island, part of the Red Sea Global project. Saudi Arabia has been trying to dispel the notion that it is a desert and has been promoting its tourism industry since 2019. The country's fashion and tourism investments continue despite criticism of its human rights record and the ongoing war in Gaza.

#SaudiArabia #Fashion #Tourism #RedSeaFashionWeek

https://www.legit.ng/business-economy/economy/1593066-maldives-what-saudi-fashionistas-attempt-beach-rebrand/


The French 'Erin Brockovich' vs Goodyear
==========

French former childcare worker Sophie Rollet conducted a decade-long investigation into auto equipment group Goodyear after her husband died in a collision linked to the company's tires. Rollet linked the tire model, Goodyear Marathon LHS II, to multiple accidents in France and Europe. Authorities recently raided Goodyear sites as part of a probe into involuntary manslaughter. Rollet's determination and findings were compared to Erin Brockovich, and her investigation prompted another whistleblower to provide internal documents suggesting Goodyear was aware of defects and tried to cover them up. Rollet feels a sense of achievement and relief but acknowledges that justice won't be perfect and not all victims can be identified. She is now training to become an accountant but still occasionally speaks about her case.

#Goodyear #Tires #Investigation #Accidents #Whistleblower

https://www.legit.ng/business-economy/economy/1593065-the-french-erin-brockovich-goodyear/


Iraq father begins legal action against BP over son's cancer death
==========

Hussein Julood, a father from southern Iraq, is taking legal action against BP after his son Ali died from leukemia, which he alleges was caused by gas flaring at Iraq's largest oil field. Julood is demanding that BP compensate him for his son's medical expenses and funeral. He sent a Letter Before Action to BP on April 22, and if an agreement is not reached, court proceedings may follow. Julood hopes that winning compensation from BP will encourage oil companies to be more careful about gas flaring. BP is one of the biggest foreign players in Iraq's oil sector. Gas flaring produces cancer-linked pollutants and endangers health and the environment. BP has not responded to requests for comment.

#Bp #LegalAction #CancerDeath #GasFlaring #Iraq

https://www.legit.ng/business-economy/economy/1593064-iraq-father-begins-legal-action-bp-sons-cancer-death/


Dangote secures oil from TotalEnergies, refinery plans to supply most of Africa
==========

Dangote Refinery has secured a major crude oil supply agreement with TotalEnergies. The CEO of Dangote Refinery, Patrick Pouyanne, announced that TotalEnergies has finalized an agreement to supply the refinery with crude oil. The refinery, once fully operational, will be the largest in Africa and Europe, with a capacity of 650,000 barrels per day. Dangote stated that the refinery will also export to other African countries once it reaches its full operation. The refinery has started producing jet fuel and will soon produce diesel and gasoline. Dangote mentioned that the refinery's capacity exceeds Nigeria's needs and will be able to supply fuel to West, Central, and Southern Africa. The next phase of the refinery project is set to commence early next year. TotalEnergies is a significant crude oil producer in Nigeria.

#DangoteRefinery #Totalenergies #CrudeOilSupply #Africa

https://www.legit.ng/business-economy/energy/1592989-dangote-refinery-secures-major-crude-oil-supply-agreement-totalenergies/


Melinda Gates to leave Gates Foundation, keeps $12.5bn for her work
==========

Melinda Gates, philanthropist and ex-wife of Bill Gates, is stepping down from the Bill & Melinda Gates Foundation. The announcement comes three years after their divorce. Under the agreement, Melinda Gates will receive $12.5 billion for her philanthropic efforts on behalf of women and families. Her resignation will take effect on June 7. The foundation, which focuses on child poverty and preventable diseases, has spent $53.8 billion since 2000. Bill Gates thanked Melinda for her contributions and the organization's chief executive, Mark Suzman, said its name will change to simply the Gates Foundation.

#MelindaGates #BillGates #GatesFoundation #Philanthropy

https://www.legit.ng/business-economy/economy/1592216-melinda-gates-leave-gates-foundation-125bn-work/


Dangote Loses KSh 339b as US Dollar Pushes Local Currency to World’s Worst-Performing Rates
==========

Africa's richest man, Aliko Dangote, has seen his net worth drop by KSh 339.4 billion due to the depreciation of the Nigerian naira. Dangote, who was worth KSh 2.3 trillion in April 2024, now has an estimated net worth of KSh 1.9 trillion. The decline in Dangote's wealth is attributed to the poor performance of the naira against the US dollar. The recent loss of the naira has reversed Dangote's yearly gains in months. The decline is due to the impact of the naira's fall on his stake in Dangote Cement and his holdings in Dangote Sugar, NASCON Allied Industries, and the United Bank for Africa (UBA). Dangote's most prized privately held asset, Dangote Fertilizer, remains steady at $5.15 billion. Dangote Cement, valued at $6.7 billion, is his second most significant asset. The decline in Dangote's wealth is also attributed to the impact of the election year on his business due to policy changes. The financial year 2023 results of Dangote Industries Limited show a group turnover of KSh 43.3 billion, 9.5% higher than the same period in 2022.

#AlikoDangote #NetWorth #Depreciation #NigerianNaira #UsDollar #DangoteCement #DangoteSugar #NasconAlliedIndustries #UnitedBankForAfrica #DangoteFertilizer #ElectionYear #PolicyChanges #FinancialResults

https://www.legit.ng/business-economy/money/1592007-dangote-loses-26-billion-naira-emerges-worlds-worst-performing-currency/


Archegos founder to go on trial for fraud, market manipulation
==========

Archegos founder Bill Hwang will go on trial for alleged securities fraud and market manipulation. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with borrowed money from banks. When several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley, and other financial institutions. Hwang and Patrick Halligan, chief financial officer of Archegos, were both arrested by the FBI in April 2022. They both deny the charges, and their trial is due to get underway at 1300 GMT in a Manhattan Federal court. Hwang and other conspirators, including head trader William Tomita, sought to defraud investors by convincing them that shares in the fund's portfolio were on the rise when in fact the stock price increases "were the artificial product of Hwang's manipulative trading and deceptive conduct that caused others to trade." The fund used derivatives to take large stakes in top Chinese names such as Baidu Inc, Tencent Music Entertainment Group, and Vipshop Holding, plus US giants such as ViacomCBS and Discovery. The move to inflate share prices caused the firm to expand rapidly, increasing in value from approximately $1.5 billion with $10 billion in exposure in March 2020 to a value of more than $36 billion with $160 billion in exposure at its peak in March 2021.

#Archegos #BillHwang #Fraud #MarketManipulation #SecuritiesFraud #HedgeFund #Trial #CreditSuisse #Nomura #MorganStanley

https://www.legit.ng/business-economy/economy/1592049-archegos-founder-trial-fraud-market-manipulation/


Attacking birth control pills, US influencers push misinformation
==========

Wellness influencers on social media platforms like TikTok and Instagram are spreading misinformation about birth control pills, making false claims about infertility and low libido. This misinformation leaves followers vulnerable to unintended pregnancies. Many of these influencers are not licensed medical specialists and are part of a cottage industry of self-proclaimed health gurus monetizing misinformation. They overemphasize the side effects of birth control pills and promote alternative methods like fertility awareness-based methods (FAMs), which are less effective than medical birth control. The rise in misinformation coincides with the restriction of abortion access in many states, and researchers believe that many of the online falsehoods come from anti-abortion actors. Birth control pills are deemed safe and effective by health experts, but like any medication, they can have adverse outcomes. However, the risks are often exaggerated by influencers who prioritize clicks and followers over accurate information. Experts emphasize that decisions about birth control should be made with legitimate health information and the help of a healthcare provider, not an influencer.

#BirthControl #Misinformation #Influencers #SocialMedia #ReproductiveHealth

https://www.legit.ng/business-economy/technology/1592048-attacking-birth-control-pills-influencers-push-misinformation/


American Express, O3 Capital Launch 4 Business Credit Cards in Nigeria, CEO Speaks on Benefits
==========

American Express and O3 Capital have launched four business credit cards in Nigeria at an event in Lagos. The cards are tailored for small and medium-sized enterprises (SMEs) in the country carrying out dollar-based transactions. The cards launched are the 03 American Express Green Card, the 03 American Express Gold Card, the 03 American Express Platinum Card, and the 03 American Express Gold Business Card. The President of Global Network Services, Amex, Mohammed Badi, stated that the cards come with a spending limit of $10,000 and offer a repayment window of up to 45 days. The CEO of O3 Capital, Abimbola Pinheiro, said the O3-Amex card will help solve the problem associated with dollar-based transactions for Nigerians. The partnership between American Express and O3 Capital aims to deliver tailored solutions to a diverse range of customers and support local businesses with their growth aspirations.

#AmericanExpress #O3Capital #CreditCards #Nigeria #Business #Smes #DollarbasedTransactions

https://www.legit.ng/business-economy/money/1591862-american-express-announces-nigerias-business-card-ceo-speaks-expectations/


Yellen urges action to curb US mortgage market risks
==========

US Secretary of the Treasury Janet Yellen has highlighted the risks posed by nonbank mortgage companies to the financial stability of the US mortgage market. Yellen stated that these vulnerabilities can amplify shocks in the mortgage market and undermine financial stability. Nonbank financial companies, which do not have a full banking license but offer various banking services, originate and service most of the US residential mortgages. Yellen emphasized the need for further action to promote sound operations and address liquidity and other risks in the sector. The Financial Stability Oversight Council (FSOC) has released recommendations to address these vulnerabilities, urging state regulators to improve standards and require recovery and resolution planning by major nonbank mortgage servicers. The FSOC also encouraged Congress to set up a fund, financed by the government, to provide liquidity to failing nonbank mortgage servicers. The fund should help with the continuity of servicing and avoid bailouts funded by taxpayers. Nonbank mortgage lenders such as United Wholesale Mortgage and Rocket Cos are included in this sector. Yellen had previously mentioned that regulators have been monitoring risks in this sector.

#UsMortgageMarket #JanetYellen #NonbankMortgageCompanies #FinancialStability #Fsoc #Liquidity #Risks

https://www.legit.ng/business-economy/economy/1591864-yellen-urges-action-curb-mortgage-market-risks/


Naira nears N1,500 in all markets as banks, others sell dollars at new rates
==========

The naira depreciated in the parallel and official markets on Thursday, May 9, 2024. The Nigerian currency closed at N1,459 per dollar in the official market, losing N38.67 to the dollar. In the parallel market, the naira traded at N1,455 per dollar, recording a marginal increase from the previous rate of N1,450. The foreign exchange market recorded a 48.77% decline in turnover at $84.38 million on Thursday, May 9, 2024, compared to the $164.74 million recorded on Wednesday, May 8, 2024. Nigeria's foreign exchange reserves increased by about $262 million in 19 days, closing at $32.369 billion as of May 7, 2024. The decline in reserves led to speculation that the Central Bank of Nigeria (CBN) was defending the naira with reserves, but the CBN denied these reports. The naira has been on a three-week decline and has consistently depreciated against the US dollar and other major currencies. On Wednesday, May 8, 2024, the naira closed weaker at N1,421 per dollar in the official market, representing a 1.27% decline from the previous day's rate of N1,403 per dollar.

#Naira #ForeignExchange #CurrencyMarket #CentralBankOfNigeria #Economy

https://www.legit.ng/business-economy/economy/1591715-access-zenith-uba-currency-dealers-sell-dollar-rate-naira-nears-week-low/


Naira Weakens Further as Banks, Currency Dealers Quote Dollar at Higher Rates
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The naira suffered a loss against the US dollar in the official foreign exchange market. Traders quoted the dollar at N1,421 per dollar on May 8, 2024, compared to N1,403 the previous day. The depreciation is attributed to the lack of weekly FX sales by the Central Bank of Nigeria (CBN) to BDCs. Forex turnover in the FX market rose to $164 million on May 8, 2024. In the parallel segment of the foreign exchange market, the naira also weakened to N1,450 per dollar. The recent crash of the naira is due to the lack of interventions and FX sales to BDC operators by the CBN. The CBN has not supplied forex to BDCs in the past two weeks, leading to increased demand and liquidity squeeze. Forex turnover in the Nigerian Autonomous Foreign Exchange Market (NAFEM) dropped 37.4% month-on-month to $3.47 billion in April 2024. The naira rallied in the official market to trade at N1,278.58 per dollar on April 2, 2024, the first time below N1,300 since January 2024.

#Naira #UsDollar #ForeignExchangeMarket #CentralBankOfNigeria #ForexTurnover

https://www.legit.ng/business-economy/economy/1591537-naira-weakens-banks-currency-dealers-quote-dollar-higher-rates/


Bubbling profits for AB InBev despite Bud Light boycott
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AB InBev, the world's largest brewer, reported a 15.2% increase in net profits to $1.51 billion in the first quarter of 2024, despite a drop in beer sales driven by a Bud Light boycott in the United States. The company recorded a 0.6% drop in volumes sold worldwide, with beer sales posting a larger drop of 1.3%. However, higher prices allowed AB InBev to increase its revenue by 2.6% to $14.5 billion. Sales rose in 75% of its markets worldwide, thanks to a 3.3% increase in revenue per hectolitre. AB InBev remains confident in delivering on its 2024 growth ambitions.

#AbInbev #BudLight #BeerSales #Profits #Boycott

https://www.legit.ng/business-economy/economy/1591396-bubbling-profits-ab-inbev-bud-light-boycott/


EU clears Nippon buyout of US Steel opposed by Biden
==========

The European Union has approved the $14 billion takeover of US Steel by Japan's Nippon Steel. The European Commission stated that the acquisition would not raise competition concerns. The acquisition plan, announced by Nippon Steel in December 2023, has become a controversial issue ahead of the US presidential election in November. US President Biden opposed the deal, stating that it was important for US Steel to remain domestically owned and operated. The company is based in Pittsburgh, Pennsylvania, which Biden won in the 2020 election.

#Eu #NipponSteel #UsSteel #Biden #Acquisition

https://www.legit.ng/business-economy/economy/1591055-eu-clears-nippon-buyout-steel-opposed-by-biden/


JAMB 2024: Intelligent Benue School Head Boy Scores 95 in Mathematics, 329 on Aggregate
==========

Terhide Ityav, the head boy of Kon Adema school in Benue, scored 329 in the UTME. He scored 76 in English, 95 in mathematics, 87 in physics, and 71 in chemistry. The UTME result of a northern school head boy who scored very high was also mentioned. Saifudeen, the head boy of NTIC YOBE, scored 346 in the UTME.

#Jamb #Utme #Benue #Education

https://www.legit.ng/people/1590950-jamb-2024-intelligent-benue-school-head-boy-scores-95-mathematics-329-aggregate/


Shell, others to transfer 26 oil blocks of 8.2m barrels reserves to local firms
==========

Four International Oil Companies (IOCs) including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell are set to divest from a total of 26 oil blocks in Nigeria. The divestment follows Shell's announcement to sell off its Nigeria onshore division SPDC for up to $2.4 billion. Oando is in talks to acquire NAOC assets from Eni, while Seplat is bidding to take over Mobil assets. The 26 oil blocks collectively hold an estimated total reserve of 8.211 million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas, and 46,604 billion cubic feet of non-associated gas. S&P Global Commodity Insights (SPGCI) and Boston Consulting Group (BCG) will work with the Nigerian Upstream Regulatory Commission (NUPRC) as independent advisors to identify liabilities associated with end-of-field life and abandonment legacies. The Central Bank of Nigeria has also stopped IOCs from repatriating 100% of their crude oil export proceeds, allowing banks to pool cash on behalf of IOCs up to a maximum of 50% of the repatriated export proceeds.

#OilBlocks #Divestment #Nigeria #Iocs #Shell #Exxonmobil #Equinor #NigerianAgipOilCompany #Oando #Seplat #Nuprc #S&pGlobalCommodityInsights #BostonConsultingGroup #CentralBankOfNigeria

https://www.legit.ng/business-economy/energy/1590832-shell-exxonmobil-transfer-26-oil-blocks-local-firms/


Nepalis fight TikTok ban in court, or ignore it entirely
==========

Nepalis are fighting against the ban on TikTok in court or ignoring it by accessing the platform through virtual private networks (VPNs). Lawyer Sunil Rajan Singh is leading a legal challenge to the ban, arguing that it violates freedom of speech and expression guaranteed by Nepal's constitution. The ban was imposed last year by Nepal's communications minister, who accused TikTok of spreading content that damaged the country's social harmony. The ban has affected popular TikTok accounts and the livelihoods of content creators and advertisers, with the market estimated to be worth $5 million annually. The case is currently before the Supreme Court, with a decision expected later this year.

#Tiktok #Ban #Nepal #Court #FreedomOfSpeech #VirtualPrivateNetworks #Vpns #ContentCreators #Advertisers

https://www.legit.ng/business-economy/technology/1590317-nepalis-fight-tiktok-ban-court-ignore-entirely/


Yen sinks to 34-year low past 160 per dollar
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The yen sank to a new 34-year low past 160 per dollar on Monday after a forecast-beating US inflation reading dented expectations for US interest rate cuts this year. The greenback bought 160.17 yen in morning trade -- its weakest since 1990 -- fanning speculation that Japanese authorities would step in to support their currency. Friday's forecast-beating reading on the personal consumption expenditures (PCE) index came after the Bank of Japan (BoJ) refused to tighten monetary policy further at its meeting last week. Observers were skeptical that intervention would have much of an impact. The advance in the US PCE followed a third straight jump in the consumer price index, leading investors to revise their outlook for how many interest rate reductions there would be this year. They now expect just one, having priced in as many as six at the start of 2024. The BoJ has been a global outlier in sticking to an ultra-loose policy while other central banks pushed rates up as they fought against surging inflation. The BoJ called time on negative rates last month with its first rise in borrowing costs in 17 years as inflation finally settled around two percent after the "lost decades" of deflation and stagnation.

#Yen #UsInflation #UsInterestRateCuts #BankOfJapan

https://www.legit.ng/business-economy/economy/1589953-yen-sinks-34-year-160-dollar/


FG speaks on new DStv, GOtv prices as MultiChoice implements hike
==========

The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that MultiChoice, the parent company of DStv and GOtv, has implemented a price increase for its cable services. The FCCPC received a four-page letter from MultiChoice outlining the reasons for the price hike, including the increasing cost of energy, the use of generators, and difficult access to dollars. The FCCPC will review these reasons and consult regulatory agencies such as the Nigerian Communications Commission (NCC) and the National Broadcasting Commission (NBC). If the commission finds that MultiChoice is distorting the market or setting unreasonable prices, it may take legal action against the company. In related news, Canal+ has announced its intention to acquire additional shares of MultiChoice, Africa's largest pay-TV company.

#Dstv #Gotv #Multichoice #PriceIncrease #Fccpc #Ncc #Nbc

https://www.legit.ng/business-economy/technology/1589925-people-choice-fg-finally-explains-multichoice-increased-dstv-gotv-prices/


Asian markets mixed as strong US tech earnings offset poor data
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Asian markets were mixed on Friday as forecast-topping earnings from Microsoft and Alphabet helped soothe worries about a tech-fueled rally. The yen hit a fresh 34-year low after the Bank of Japan stood pat on interest rates. Fresh worries about the economic outlook arose after worse-than-expected data combined with a forecast-topping print on core inflation, fueling speculation of stagflation. Investors were awaiting the release of the Federal Reserve's preferred gauge of inflation, the personal consumption expenditures (PCE) index. Asian investors have enjoyed an upbeat week due to a healthy earnings season. Hong Kong, Tokyo, Seoul, Taipei, and Manila saw gains, while Sydney, Singapore, Wellington, Mumbai, Jakarta, and Bangkok fell. Wall Street's three main indexes ended deep in the red after US economic growth in the first quarter fell short of expectations and core prices came in hotter than forecast. The Bank of Japan held interest rates after raising them for the first time in 17 years last month, causing the yen to sink further. Key figures include the Nikkei 225, which was up 0.8 percent at 37,934.76, and the Hang Seng Index, which was up 2.1 percent at 17,651.15. The dollar/yen exchange rate was up at 156.72 yen from 155.64 yen on Thursday. The euro/dollar exchange rate was up at $1.0734 from $1.0733. The pound/dollar exchange rate was down at $1.2511 from $1.2514.

#AsianMarkets #UsTechEarnings #PoorData #BankOfJapan #FederalReserve #Inflation #EarningsSeason

https://www.legit.ng/business-economy/economy/1589650-asian-markets-mixed-strong-tech-earnings-offset-poor-data/


As 'news deserts' spread, US journalism fights on
==========

Baltimore Banner reporter Matti Gellman and her colleagues are at the vanguard of a fightback, seeking new and innovative ways to sustain local journalism in the United States. The news industry in the US has been in crisis for over two decades, with local news being most affected. According to a study by Northwestern University, there are 204 counties in the US that are considered 'news deserts,' lacking newspapers, local digital sites, public radio newsrooms, or ethnic publications. The state of the industry is described as 'perilous,' with more than a third of newspapers and almost two-thirds of newspaper journalists being lost since 2005. The impact of the decline in local news has led to a nationalization of news and a polarization of local and national politics. Non-profit organizations like the Baltimore Banner are seeking to fill the void left by the decline of local news, and there are green shoots of hope with initiatives like tax credits for local news organizations and rural readers still willing to pay for news products. The future of sustaining local journalism depends on funding and innovation in the industry.

#Journalism #NewsDeserts #LocalNews #MediaIndustry #BaltimoreBanner

https://www.legit.ng/business-economy/technology/1589443-as-news-deserts-spread-journalism-fights-on/


In 24 Hours, Naira Loses N65 Value Against US Dollar, CBN Sets New Exchange Rate
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The Nigerian currency, the Naira, has depreciated in value against the US dollar in both the official NAFEX market and the unofficial market. The depreciation comes despite the Central Bank of Nigeria (CBN) selling cheap dollars to Bureau De Change (BDC) operators. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened to N1,300.15/$1, a 5.3% or N65.66 depreciation compared to the previous day's rate of N1,234.49/$1. The Naira also lost value against the pound sterling and the Euro in the official market. In the parallel market, the Naira weakened further to N1,275/$1. The CBN conducted another round of dollar sales to licensed BDC operators to ensure liquidity in the market and halt the Naira's fall. The CBN has also set an exchange rate limit for BDCs when selling to Nigerians seeking dollars.

#Naira #UsDollar #ExchangeRate #CentralBankOfNigeria #ForeignExchangeMarket

https://www.legit.ng/business-economy/money/1589325-naira-falls-dollar-official-markets-cbn-exchange-rate/


Air Peace, others set to crash airfares further as Dangote begins fuel supply
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Domestic airline operators in Nigeria, including Air Peace, Dana Air, Arik Air, and others, may further reduce their airfares as the Dangote Refinery prepares to sell aviation fuel. The airlines had previously increased ticket prices by 100% to cover the rising cost of aviation fuel and exchange rate volatility. However, with the imminent supply of aviation fuel from the Dangote Refinery, airlines are expecting a drop in prices. The Managing Director of Aero Contractors, Ado Sanusi, stated that if there is a crash in the price of aviation fuel, it will have a positive impact on the industry. The reduction in airfares is also attributed to a drop in passenger volume. For example, Air Peace is offering economy class tickets for as low as N85,000 for travel on April 30th on the Lagos-Abuja route. Other airlines, such as Dana Air and Ibom Air, have also significantly reduced their fares. The Dangote Refinery plans to begin selling fuel soon, which is expected to further drive down airfares.

#AirPeace #DanaAir #ArikAir #DangoteRefinery #AviationFuel #Airfares #Nigeria

https://www.legit.ng/business-economy/industry/1589180-air-peace-dana-airlines-set-cut-airfares-dangote-begins-sale-aviation-fuel/


Naira Loses More Value Against US Dollar, Nigerians Blame 2 New Platforms, Ask FG to Close them
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The value of the Nigerian currency, the naira, has depreciated in both the official and unofficial foreign exchange markets. In the official market, the naira closed at N1,234 to the dollar on April 22, 2024, compared to N1,169.99/$1 on April 19, 2024. In the black market, the naira fell by N100 to trade at N1,250/$1 on April 22, 2024. Nigerians have blamed the depreciation on two new cryptocurrency platforms, BYBIT and BITGET. The Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has assured that there is no plan to defend the naira and that the recent slight shift in reserves was unrelated to defending the currency.

#Naira #UsDollar #ForeignExchangeMarkets #CryptocurrencyPlatforms #CentralBankOfNigeria

https://www.legit.ng/business-economy/money/1589102-naira-falls-lowest-level-week-dollar/


In world first, Venice to trial day tickets
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Venice will begin charging day trippers for entry with a five-euro ticket, monitored by inspectors. The aim is to ease pressure on the city from mass tourism. Initially, tickets will only be required on 29 busy days throughout 2024. The scheme is being closely watched as tourist destinations worldwide grapple with surging visitor numbers. Venice's mayor promises the new system will be imposed with a light touch, with spot checks performed by controllers stationed at key entrances. Tourists without tickets risk fines ranging from 50 to 300 euros. The "Venice Access Fee" targets only daily tourists entering the old town between 8:30 am and 4:00 pm.

#Venice #Tourism #DayTickets #MassTourism

https://www.legit.ng/business-economy/economy/1589091-in-world-venice-trial-day-tickets/


Musk lashes Australian order demanding X remove stabbing videos
==========

Elon Musk vows to challenge an Australian injunction forcing X to take down videos of a church stabbing in Sydney. Australia's Federal Court gave X 24 hours to remove the videos after the eSafety Commission claimed X ignored earlier removal notices. Musk argues that the content has already been censored for users in Australia and accuses Australia of trying to enforce a global ban. The matter will return to court this week to decide whether to extend the interim injunction. Australian Prime Minister Anthony Albanese criticizes Musk, calling him an 'arrogant billionaire' who 'thinks he's above the law.' Musk's social media platform X is also facing a fine for failing to combat child sexual abuse content. The eSafety Commission has asked other companies, including Google and Snap, to remove the footage as well.

#ElonMusk #X #Australia #Injunction #ChurchStabbingVideos #EsafetyCommission #Censorship #GlobalBan #InterimInjunction #AnthonyAlbanese #Fine #ChildSexualAbuseContent #Google #Snap

https://www.legit.ng/business-economy/technology/1589087-musk-lashes-australian-order-demanding-x-remove-stabbing-videos/


Malaysia to build massive chip design park: PM
==========

Malaysian Prime Minister Anwar Ibrahim has announced plans to build a massive chip design park in Selangor state. The park aims to boost Malaysia's role in the global chip industry and go beyond production to become a chip design powerhouse. The project is a significant step for Malaysia, which has long been a chip manufacturing hub. Tensions between the US and China have led many firms to consider relocating their manufacturing from China to countries like Malaysia. The Malaysian government is actively pursuing investment in its semiconductor industry.

#Malaysia #ChipDesignPark #SemiconductorIndustry

https://www.legit.ng/business-economy/economy/1588932-malaysia-build-massive-chip-design-park-pm/


Naira Faces 2 New Threats As Dollar Value Rises in Official and Unofficial Markets
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The Nigerian currency, the Naira, has depreciated in the official and unofficial foreign exchange markets due to the re-emergence of currency speculators using two cryptocurrency platforms, BYBIT and BITGET. The Naira weakened by 1.4% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and by N30 against the dollar in the unofficial markets. The recent fall of the Naira has been attributed to the return of forex speculators who rushed to crypto platforms to drive up the dollar's value for gains. There are calls on social media for the Nigerian government to stop the operations of these peer-to-peer crypto platforms to prevent further depreciation of the Naira. Vice President Kashim Shettima is optimistic that the Naira will regain its status as a strong currency.

#Naira #Dollar #Cryptocurrency #ForeignExchangeMarkets #Speculators

https://www.legit.ng/business-economy/money/1588876-nigerian-government-identify-threats-naira-dollar-rises-fx-markets/


"Threat to life": Nigerian-American drags man to court over lease dispute
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Timothy Sule, a Nigerian-American, plans to take Yakubu Inu-Umoru to court over the alleged vandalization of his late father's property in Edo. The property, a five-bedroom duplex in Auchi, was leased to Inu-Umoru in 2020. Sule claims that Inu-Umoru breached the lease agreement and threatened to destroy the property. Sule has alerted the US Embassy in Nigeria about the alleged threat to life and property. Inu-Umoru is demanding compensation of N3 million for the improvements he made to the property.

#LeaseDispute #Property #Vandalization #Lawsuit #ThreatToLife #Edo

https://www.legit.ng/nigeria/1588875-us-citizen-vows-prosecute-inu-umoru-vandalising-familys-property-edo/


Splashy Saudi mega-project NEOM chases Chinese funds
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The roadshow for NEOM, a Saudi megacity project, has concluded a tour in China to court Chinese investors. The project, led by Crown Prince Mohammed bin Salman, aims to create a futuristic city with a $500 billion price tag. The roadshow showcased plans for a ski resort, mirror-encased skyscrapers, and other developments. While no major deals were announced, the tour provided insight into NEOM's evolution since its announcement in 2017. Recent reports suggest that NEOM's construction and population targets are being scaled back. NEOM's executive director, Tarek Qaddumi, emphasized the project's goal of balancing nature conservation, human livability, and economic prosperity. The exhibition in Hong Kong helped make NEOM less mysterious, but reactions were mostly neutral. The Line, a centerpiece of NEOM, is a 170-kilometer-long development consisting of two mirror-encased skyscrapers. However, some attendees expressed reservations about living in The Line, comparing it to being isolated in a simulated city. Revised projections indicate that only 300,000 people will be living in The Line by 2030, far below the initial target of one million. NEOM's executive director stated that the population target of nine million will be met over time. Other elements of NEOM, such as the luxury yachting island Sindalah and the futuristic ski resort Trojena, are expected to be completed by the end of the year and before 2029, respectively. NEOM's investor roadshow has also included stops in Europe and the United States. The project is part of Saudi Arabia's Vision 2030 initiative to diversify its economy and reduce dependence on oil. Some major projects have been pushed past the 2030 timeline, and officials have indicated that projects tied to specific events, like the 2034 World Cup, will be prioritized. The Saudi government is seeking consistent and sustainable foreign investment growth from various sectors.

#SaudiArabia #Neom #CrownPrinceMohammedBinSalman #China #Investment #Megacity #Development #Vision2030

https://www.legit.ng/business-economy/economy/1588817-splashy-saudi-mega-project-neom-chases-chinese-funds/


Mass protests in Canary Islands decry overtourism
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Tens of thousands of demonstrators hit the streets across Spain's Canary Islands on Saturday to demand changes to the model of mass tourism they say is overwhelming the Atlantic archipelago. Organizers say mass tourism perpetuates an economic model that harms local residents and are demanding the authorities limit the numbers. Police said 20,000 demonstrators had turned out for the demonstrations, but organizers put the figure closer to 50,000. Some four out of 10 residents work in tourism which accounts for 36 percent of the islands' GDP. Last year, some 16 million visited the Canary Islands, more than seven times its population of some 2.2 million, which the collective says is unsustainable for the archipelago's limited resources.

#CanaryIslands #Protests #Overtourism #Tourism #Demonstrators

https://www.legit.ng/business-economy/economy/1588790-mass-protests-canary-islands-decry-overtourism/


JP Morgan CEO Renews Criticism, Calls Bitcoin a 'Fraud' And 'Ponzi Scheme'
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Jamie Dimon, the Chief Executive Officer of JP Morgan, reaffirmed his stance on Bitcoin, calling it a 'public decentralized Ponzi scheme.' Dimon reiterated his skepticism about Bitcoin's viability as a currency, emphasizing his long-standing belief that it lacks prospects in that area. He acknowledged the significance of blockchain technology and smart contracts, but consistently condemned Bitcoin, linking it to illicit activities like money laundering and terrorism financing. Dimon has previously suggested that if these negative use cases cannot be addressed, regulators should shut down Bitcoin. The price of Bitcoin surged above $70,000 in March 2024 and currently hovers around the $63,000 mark, resulting in a market value of $1.2 trillion.

#Bitcoin #JpMorgan #JamieDimon #Cryptocurrency #PonziScheme #Fraud

https://www.legit.ng/business-economy/money/1588776-jp-morgan-ceo-renews-criticism-calls-bitcoin-a-fraud-ponzi-scheme/


Elon Musk's X fights Australian watchdog over church stabbing posts
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Elon Musk's X is challenging an Australian watchdog's order to remove content related to the stabbing of a priest during a live-streamed church service in Sydney. The social media platform complied with an initial directive to remove certain posts in Australia, but later received a demand to globally withhold the posts. X said it would robustly challenge the demand in court, arguing that the eSafety Commissioner does not have the authority to dictate global content bans. The posts in question, which showed the brutal attack, have been blamed for fueling tensions in the community. The eSafety watchdog is working to ensure X's compliance with Australian law and is considering further regulatory action. New South Wales Premier Chris Minns criticized X's response, calling for stronger rules governing social media companies.

#ElonMusk #X #AustralianWatchdog #ChurchStabbing #SocialMedia #EsafetyCommissioner #Compliance #RegulatoryAction #NewSouthWalesPremier #SocialMediaCompanies

https://www.legit.ng/business-economy/technology/1588732-elon-musks-x-fights-australian-watchdog-church-stabbing-posts/


Dangote Refinery buys more crude, sets date to begin sale of fuel to Nigerians
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Dangote Refinery has bought more crude oil from the United States as it prepares to begin the sale of petrol. The United States sells cheaper crude oil. The Dangote refinery is readying two units to enable gasoline (petrol) output. Petrol deliveries will start in May 2024. The refinery announced a reduction in the price of diesel from ₦200/litre to ₦1,000/litre. Indigenous refineries can now buy crude oil in naira or dollars. Entities like Dangote and other modular refineries nationwide must now decide which currencies to pay for crude oil.

#DangoteRefinery #FuelSale #CrudeOil #Petrol #Diesel

https://www.legit.ng/business-economy/industry/1588584-dangote-refinery-set-sale-petrol-diesel-crude-production/


Apple drops WhatsApp, Threads from China app store on official order: report
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Apple has removed the Meta-owned WhatsApp and Threads from its App Store in China following an order from the country's top internet regulator, the Cyberspace Administration of China (CAC), due to national security concerns. China is a key market for Apple, and this move will complicate the ability of new iPhone users to access these apps. The removal comes as China engages in extensive internet censorship, blocking popular platforms like Google, Facebook, WhatsApp, and TikTok. Apple stated that it is obligated to follow the laws in the countries where it operates, even when it disagrees.

#Apple #China #Whatsapp #Threads #InternetCensorship

https://www.legit.ng/business-economy/technology/1588555-apple-drops-whatsapp-threads-china-app-store-official-order-report/


Japan doctors sue Google Maps over 'punching bag' reviews
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Around 60 doctors in Japan have filed a class-action lawsuit against Google Maps, accusing the platform of ignoring vitriolic reviews of their clinics. The doctors are seeking 1.4 million yen ($9,000) in total damages from Google, claiming that they are unable to reply to or refute reputation-damaging reviews due to patient confidentiality obligations. The lawsuit is believed to be the first of its kind in Japan to target a platform over negative online reviews. The plaintiffs argue that doctors may become hesitant to refuse medically unnecessary examinations or medicines if the situation remains unaddressed, ultimately harming society. Google stated that it is making efforts to reduce inaccurate and misleading content on Google Maps.

#Japan #Doctors #Lawsuit #GoogleMaps #OnlineReviews

https://www.legit.ng/business-economy/technology/1588550-japan-doctors-sue-google-maps-punching-bag-reviews/


Yellen says US set to tighten sanctions on Iran soon
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Treasury Secretary Janet Yellen warned of further sanctions targeting Iran following its attack on Israel. Yellen expects additional sanctions to be imposed in the coming days and stated that the Treasury will work with US allies to disrupt Iran's activities. The US has been using economic tools to counter Iran's activity, including targeting its drone and missile programs and financing of groups like Hamas. Yellen also outlined US priorities during the spring meetings, including deepening ties with allies and partners and engaging with China on issues like excess industrial capacity. She mentioned the need for decisive and coordinated action on climate change. Yellen also mentioned the US's commitment to supporting Ukraine and constricting Russia's ability to wage war, and the possibility of seizing Russian assets to make them pay for the damage caused. She expects to have further conversations with allies this week. The article does not provide a publication date.

#JanetYellen #Sanctions #Iran #Israel #UsAllies #Hamas #China #Russia #Ukraine #ClimateChange

https://www.legit.ng/business-economy/economy/1588134-yellen-set-tighten-sanctions-iran-soon/


"Dollar is down": Man stirs debate over strong local currency but high prices
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A man in Nigeria expressed his displeasure over the rising cost of living despite the local currency gaining against the US dollar. He listed the prices of various commodities, such as turkey, gas, pure water, eggs, and indomie, which have not reduced despite the depreciation of the dollar. Social media users responded with mixed opinions, with some pointing out that not everything is tied to the exchange rate and that other factors like logistics and fuel prices also affect prices. In Kenya, the strength of the shilling has led to a reduction in the prices of items. The Energy and Petroleum Regulatory Authority revised the prices of super petrol, diesel, and kerosene. The man's post sparked a debate about the impact of the exchange rate on prices and the need for government intervention.

#ExchangeRate #CostOfLiving #LocalCurrency #UsDollar #Prices #Commodities #Nigeria #Kenya

https://www.legit.ng/people/1588091-bag-pure-water-n500-12kg-gas-n18k-man-annoyed-rising-cost-naira-n10001/


Dollar is Falling: New Exchange Rate Declared as CBN Begins Another Round of Sales to BDCs
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The naira to dollar gained further after closing last week at N1,150 to the dollar on the parallel market. It also appreciated to gain 7.16%, or N88.23, in the official foreign exchange (FX) trading platform. This occurred after the BDC operators bought the dollar at a rate of N1,101/$ from the apex bank. The value of the naira increased to N1,150 per dollar on the parallel market for foreign exchange (FX). The purchase rate of the US dollar was quoted by BDC operators at N1,110, and the selling price at N1,150, yielding a profit margin of N40. The naira appreciated by 0.86 on April 12, 2024, from the N1,160 registered on April 11. The official foreign exchange (FX) trading platform in FMDQ Exchange reported that on Friday, the value of the naira increased by 7.16%, or N88.23, to N1,142.38/$, from N1,230.61/$ on Monday. The appreciation of the local currency is due to the apex bank's recent action to guarantee a greater dollar supply. The CBN started selling foreign exchange to BDC operators at N1,101/$ on April 8 and ordered all banks to cease using foreign currency as collateral for naira loans on the same day. BDC operators have attributed the demand for dollars to the new rate determined after the CBN commenced the second sale round to the traders. The naira became the world's best-performing currency and continued to gain after three days to near N1,000/$1. One dollar sold for N1,125 on the streets on April 12, 2024. The market rates varied during the holidays due to occasional transactions as banks were closed.

#Naira #Dollar #ExchangeRate #Cbn #Bdcs

https://www.legit.ng/business-economy/money/1587819-dollar-falling-bdcs-declares-exchange-rate-cbn-begins-sales-bdcs/


China set to post slowing growth on housing, consumption woes
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China is expected to have slowed in the first quarter of 2024 due to a property sector crisis and weak consumer activity. Analysts predict around 4.6 percent growth in the first quarter, down from 5.2 percent in the previous quarter. The property market remains a challenge, with falling home prices and distressed developers. Policymakers have implemented targeted measures and issued sovereign bonds to boost infrastructure spending and consumption, but analysts believe more stimulus is needed. Sluggish consumption and deflationary fears also contribute to the slowdown. Manufacturing is a bright spot, but government support is necessary for sustained growth.

#China #EconomicGrowth #PropertySector #Consumption #Stimulus #Deflation #Manufacturing

https://www.legit.ng/business-economy/economy/1587809-china-set-post-slowing-growth-housing-consumption-woes/


Debt and climate back on IMF, WB spring meetings agenda
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The spring meetings of the International Monetary Fund (IMF) and the World Bank (WB) are set to focus on combating climate change and assisting heavily indebted nations. The meetings will begin with the IMF's release of its updated World Economic Outlook. The IMF and WB are seeking to address challenges related to climate change, debt, food insecurity, pandemics, and fragility. The World Bank aims to widen its scope to help create a world free from poverty on a livable planet. The IMF and WB acknowledge that trillions of dollars are needed for the transition to a low-carbon energy future, but they cannot cover all the required resources. Collaboration between the IMF, WB, and regional development banks is crucial at the country level. Debt is another major challenge, with negotiations between creditors and indebted countries stalling in some cases. The Global Sovereign Debt Roundtable will focus on this issue. Interest rate hikes by major central banks have increased debt costs for borrowing countries. Governments that spend more than a third of their income on debt interest face additional challenges due to inflation and EuroBond rollovers coming due in 2024.

#Imf #WorldBank #SpringMeetings #ClimateChange #Debt #WorldEconomicOutlook #LowcarbonEnergy #GlobalSovereignDebtRoundtable #InterestRates #Inflation #Eurobonds

https://www.legit.ng/business-economy/economy/1587805-debt-climate-imf-wb-spring-meetings-agenda/


"Naira Trades at ₦1065 to $1": Reno Omokri Reveals Influence of NSA vs Binance
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Reno Omokri, a chieftain of the PDP, explains that the naira began to gain its feat the moment Binance, a global cryptocurrency company, left Nigeria. The naira was traded ₦1065 to $1 as a result of the office of the national security adviser's clampdown on Binance. On February 21, 2024, when the NSA began its clampdown, the naira was traded ₦1880 to $1. The naira stabilised immediately after Binance left the country on March 5, 2024. Omokri calls on those who had abused the NSA to apologise.

#RenoOmokri #Nsa #Binance #Naira #Cryptocurrency #ExchangeRate

https://www.legit.ng/business-economy/economy/1587773-naira-trades-n1065-1-reno-omokri-reveals-influence-nsa-binance/


Naira dollar rate: Omokri says Tinubu's one year better than Buhari's two-term
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Reno Omokri, former special assistant on social media to ex-President Goodluck Jonathan, declares that one year of Bola Tinubu has brought more progress to Nigeria than eight years of Muhammadu Buhari. Omokri's statement comes after investment banking company Goldman Sachs declared the naira as the world's best-performing currency. He criticizes those who wished for the naira to perform poorly and highlights the progress made under the present government. Omokri lists several achievements, including reduced fuel importation, crashing diesel prices, negotiated direct Lagos-London flights, growing GDP, and improved passport issuance. He concludes by saying that if God spares his life, he and his party will challenge Tinubu in 2027.

#Naira #Dollar #ExchangeRate #RenoOmokri #BolaTinubu #MuhammaduBuhari #GoldmanSachs

https://www.legit.ng/nigeria/1587692-dollar-exchange-rate-omokri-attacks-buhari-naira-declared-worlds-performing-currency/


"Fantastic": Passenger Eats Plenty Food on Air Peace Flight From London, Enjoys Nigerian Delicacies
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A Nigerian lady flew with Air Peace from London to Lagos and had a positive experience. She mentioned that the airport checks at London Gatwick were brief, taking only 10 minutes. During the flight, the cabin crew served a lot of food, including Nigerian delicacies, which the passenger enjoyed. The flight was piloted by an Oyinbo (foreigner) pilot who grew up in Nigeria and expressed appreciation for the opportunity to fly to the country. The lady said she had eaten her fill by the time the flight landed at Murtala Muhammed International Airport. Reactions to the review were positive, with people praising Air Peace for its Nigerian touches and good service. Air Peace CEO Allen Onyema recently made controversial statements about income in Nigeria and the UK, asserting that earning N200,000 in Nigeria surpasses receiving £2,000 in the UK.

#AirPeace #FlightExperience #London #Lagos #NigerianDelicacies

https://www.legit.ng/people/1587683-fantastic-lady-eats-plenty-food-air-peace-flight-london-enjoys-nigerian-delicacies/


Libya Overtakes Nigeria as Africa's Top Oil Producer
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According to a report by the Organisation of Petroleum Exporting Countries (OPEC), Libya produced 1.24 million barrels of crude oil in March 2024, surpassing Nigeria's production of 1.23 million barrels. This marks the first time Libya has overtaken Nigeria as the top oil producer in Africa. Nigeria's oil production in March represented the lowest rate since July 2023. The decline in production is attributed to limited infrastructure, breaches in oil-producing areas, operational challenges, and oil theft in the Niger Delta region. Experts say that Nigeria's Forex earnings largely depend on increased oil output, especially as crude oil prices approach $100 per barrel in the international market. The shift in oil production rankings highlights the challenges faced by Nigeria's oil sector and the need for increased security and infrastructure development.

#OilProduction #Libya #Nigeria #Opec #CrudeOil

https://www.legit.ng/business-economy/energy/1587448-another-african-country-overtakes-nigeria-top-oil-producer/


'Robust' US has helped improve global economic outlook, IMF chief says
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International Monetary Fund managing director Kristalina Georgieva stated that strong growth in the United States has contributed to improving the global economic outlook. The US economy grew by 2.5 percent last year, outperforming most other advanced economies. Georgieva mentioned that robust household consumption, business investment, and an easing of supply chain problems were the contributing factors. She also noted that inflation is decreasing faster than expected. The IMF now expects the world economy to grow faster than previously predicted, with global growth projected to rise by 3.1 percent in 2024 and 3.2 percent in 2025. However, Georgieva highlighted challenges such as rising geopolitical tension, growing public debt, and a broad-based slowdown in productivity. To address these challenges, she called for steps to bring global inflation and public debt down to sustainable levels and to eliminate constraints to economic activity and boost productivity.

#Imf #GlobalEconomy #UsEconomy #EconomicGrowth #Productivity #Inflation

https://www.legit.ng/business-economy/economy/1587381-robust-helped-improve-global-economic-outlook-imf-chief-says/


Reigning Hollywood studio Universal brings 'Wicked' to movie summit
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Universal Pictures, the reigning top Hollywood studio, brought the movie 'Wicked' to the CinemaCon summit in Las Vegas. Chairman Donna Langley celebrated Universal's success at the box office and winning the Academy Award for Best Picture. Universal presented a crop of new titles, including 'Wicked,' a starry movie adaptation of the hit Broadway musical. The studio offers a potential roadmap to recovery for the struggling industry with its diverse mix of original movies and smart viral marketing campaigns. Universal does not rely on the superhero genre and is pinning hopes on 'Wicked' and animated films like 'Despicable Me 4' and 'The Wild Robot' to bring back customers. The overall box office receipts are expected to shrink in 2024 due to Hollywood strikes that disrupted film productions. Universal's international distribution president, Veronika Kwan Vandenberg, emphasized the need for the industry to rely on different films and not just the traditional strong ones. Universal has been successful in using social media as a key tool for marketing, with viral trends like 'Barbenheimer' and TikTok dances for horror film 'M3GAN.' The studio aims to support awareness and excitement around these trends. Universal's success comes at a time when audiences are looking for something different from the usual sequels and franchises.

#UniversalPictures #Hollywood #Wicked #Cinemacon #BoxOffice #AcademyAward #DonnaLangley #BroadwayMusical #AnimatedFilms #SuperheroGenre #ViralMarketing #SocialMedia

https://www.legit.ng/business-economy/economy/1587319-reigning-hollywood-studio-universal-brings-wicked-movie-summit/


Bumpy ride for electric cars in Europe
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Sales of plug-in 'zero emission' vehicles have stalled in Europe. The market share for electric cars has shrunk from 14.16 percent last year to 12 percent or less since the start of this year. Germany's decision to halt subsidies for electric car purchases at the end of 2023 is a major factor. Fewer than 30 percent of Europeans plan to buy an electric vehicle (EV), and more than half refuse to pay more than 35,000 euros ($37,750) for a car. The European Automobile Manufacturers' Association (ACEA) expressed concern about meeting the 2035 deadline for banning new petrol and diesel cars. Only two-thirds of the EU's 27 member states have surpassed the five percent adoption level for EVs. Norway, a non-EU member, is a leader in EV adoption with a goal of reaching 100 percent by 2025. Other obstacles to EV adoption in Europe include the lack of EV infrastructure, EU regulations for carmakers, and ever-changing national policies.

#ElectricCars #Europe #EvAdoption #EvInfrastructure #EuRegulations

https://www.legit.ng/business-economy/economy/1587316-bumpy-ride-electric-cars-europe/


Top sources of dollar inflows into Nigeria as naira trades at N1,200 per dollar
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Foreign exchange inflow into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose in March 2024, reaching the highest monthly level over three years. The total forex inflow recorded for the month under review stood at $3.75 billion. Local sources accounted for 59% of the total transactions, while foreign sources contributed 41% of gross transactions. Inflows from individuals rose by $405.8%, while non-bank corporates and exporters rose by 157.7% and 14.6%, respectively. The Central Bank of Nigeria (CBN) inflows declined by 65.7%. The naira gained about 1.66% against the dollar, trading at N1,230.61. The parallel market saw the naira appreciate, trading at N1,200 per dollar. The CBN reduced the dollar buying rate for Bureau de Change operators to N1,101 from N1,251 per dollar. The Nigerian currency has gained 52.08% against the US dollar on the black market. The CBN announced the sale of $10,000 to each BDC at N1,101 per dollar.

#DollarInflows #ForeignExchangeMarket #Nigeria #Naira #CentralBankOfNigeria

https://www.legit.ng/business-economy/economy/1587137-dollar-inflow-fx-market-surges-highest-3-years-report-shows-top-sources/


South Korea to invest $7 billion in AI by 2027
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South Korea plans to invest $7 billion in artificial intelligence (AI) by 2027 to become a global leader in cutting-edge semiconductors. The country aims to lead the world in AI chips, which are crucial for the semiconductor industry. The investment will be used to develop AI and AI semiconductor fields, and a separate fund will be set up to support the growth of innovative AI semiconductor companies. South Korea is home to Samsung and SK Hynix, the world's top two makers of memory chips. The country is competing with other nations, including the US and Japan, to boost domestic chip production and reduce reliance on Western technology. Semiconductors are South Korea's leading export, with semiconductor exports in March reaching $11.7 billion, the highest level in almost two years.

#SouthKorea #Ai #ArtificialIntelligence #Semiconductors #Investment

https://www.legit.ng/business-economy/technology/1587134-south-korea-invest-7-billion-ai-by-2027/


Climate pledges of big firms 'critically insufficient': report
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A report by the nonprofit research groups NewClimate Institute and Carbon Market Watch found that many major international companies are failing to reduce their greenhouse gas emissions at the pace required to slow climate change. The report looked at the climate pledges of 51 multinational firms, including H&M Group, Nestle, and Toyota, and found that their efforts were 'critically insufficient' to limit global temperature rises to 1.5 degrees Celsius. These companies accounted for 16 percent of global emissions in 2022. The report also noted that some companies may be backsliding on their promises and using 'creative accounting' to offset their emissions. The fashion industry was singled out for being 'ambiguous' in how it would reach its targets, and the report called for stricter government regulation to hold companies accountable for their pollution.

#ClimateChange #GreenhouseGasEmissions #Sustainability #ParisClimateAgreement #CarbonCredits #FashionIndustry #GovernmentRegulation

https://www.legit.ng/business-economy/economy/1587083-climate-pledges-big-firms-critically-insufficient-report/


Binance Founder Leads List of Top 10 World's Richest Crypto Billionaires in 2024
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The cryptocurrency market has experienced a surge, leading to the emergence of new billionaires. The top 10 richest crypto billionaires in 2024 are: 1. Changpeng Zhao, with a net worth of $33 billion, who recently resigned as CEO of Binance due to legal challenges but still holds a significant stake in the company. 2. Brian Armstrong, with a net worth of $11.2 billion, co-founded Coinbase and holds an 18% stake in the company. 3. Giancarlo Devasini, with a net worth of $9.2 billion, is the CFO and primary shareholder of Tether. 4. Michael Saylor, with a net worth of $4.4 billion, founded MicroStrategy and holds a substantial amount of bitcoin. 5. Paolo Ardoino, with a net worth of $3.9 billion, is the CEO of Tether. 6. Jean-Louis van der Velde, with a net worth of $3.9 billion, is a former CEO of Tether. 7. Chris Larsen, with a net worth of $3.2 billion, co-founded Ripple and holds an 18% stake in the company. 8. Fred Ehrsam, with a net worth of $3.2 billion, co-founded Coinbase and now runs Paradigm. 9. Matthew Roszak, with a net worth of $3.1 billion, made early investments in bitcoin and Ethereum. 10. Jed McCaleb, with a net worth of $2.9 billion, co-founded Ripple and now focuses on his space exploration venture, Vast.

#Cryptocurrency #Billionaires #Binance #Coinbase #Tether #Microstrategy #Ripple #Bitcoin #Ethereum

https://www.legit.ng/business-economy/technology/1586860-binance-ceo-leads-list-top-10-worlds-richest-crypto-billionaires-2024/


Customs to Charge New Rates For Cargo Clearance as CBN Slashes FX to Lowest
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The Nigeria Customs Service (NCS) exchange rate has been revised downwards by the CBN. The Central Bank of Nigeria (CBN) has readjusted the Customs FX rate to N1,260 from the N1,330. In the past three months, the CBN has adjusted the Customs FX rates 28 times, which Customs says affects trade in Nigeria. The new rate for cargo clearance in Nigerian ports is N1,260.49 per dollar, reflecting the closing rate on the official foreign exchange rate window on Friday, April 5, 2024, of N1,255 per dollar. The exchange rate for import duty payments has decreased as the naira continues to appreciate against major currencies in the Forex market. The Customs FX rate peaked at N1,624.7 per dollar and has since declined due to a stronger naira. The head of Customs, Adewale Adeniyi, recently complained that the continuous changes in the exchange rate for duty collection and cargo clearance affect trade in Nigeria. He stated that in Q1 of 2024, the CBN adjusted the FX rates for cargo clearance 28 times.

#Customs #Cbn #FxRates #CargoClearance #Trade #Nigeria

https://www.legit.ng/business-economy/economy/1586851-customs-charge-rates-cargo-clearance-cbn-slashes-fx-lowest/


US nuclear industry upbeat on small reactors, despite setback
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Despite the recent cancellation of a next-generation nuclear plant, backers of the carbon-free power source remain hopeful new projects will come online by the end of the decade. The US company NuScale announced the cancellation of a small modular reactor (SMR) project in Idaho due to exploding costs, taking the estimated price from $5.3 billion up to $9.3 billion. However, analysts believe there are still positive prospects for US nuclear power, citing projects such as GE Hitachi's BWRX-300 in Ontario, Canada, and the Tennessee Valley Authority's investment in the same design. The US nuclear industry aims to improve risk sharing and standardize across multiple projects to lower costs. The United States is ahead of Europe in the development of small reactors, with the US House of Representatives approving a bill to speed up the licensing of advanced nuclear power. Efforts to address rising energy demand and boost clean energy, including advanced nuclear power, are being made by companies such as Google, Microsoft, and Nucor.

#UsNuclearIndustry #SmallReactors #CarbonfreePower #Nuscale #Smr #GeHitachi #Bwrx300 #TennesseeValleyAuthority #Europe #CleanEnergy #AdvancedNuclearPower

https://www.legit.ng/business-economy/economy/1586843-us-nuclear-industry-upbeat-small-reactors-setback/