German big business calls for early vote, economic vision
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German businesses demand early elections to restore political stability; Chancellor Olaf Scholz's coalition imploded on November 7, 2024; Industry groups BDI and VDA call for a new government urgently; Economic challenges include high energy prices, competition from China, and slow growth; Volkswagen threatens plant closures and job cuts; Germany's economy expected to shrink for a second consecutive year; Political turmoil exacerbates economic malaise; BDI president Siegfried Russwurm warns of damage to Germany's business attractiveness; Germany ranks 24th in global competitiveness, down from 6th in 2014; Scholz aims for snap elections likely in March 2025; Economists suggest government collapse could be a 'blessing' for new policy direction.

#Germany #Economy #Politics #Business #Elections #Scholz #Volkswagen #Competitiveness #EnergyPrices #China

https://www.legit.ng/business-economy/economy/1623888-german-big-business-calls-early-vote-economic-vision/


Canada updates list of companies hiring Nigerians, others without work permits
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Six Canadian companies are hiring foreign workers eligible for LMIA-exempt work permits; the companies are primarily in the tech sector; Immigration, Refugees and Citizenship Canada (IRCC) introduced a new work permit under the Innovation Stream earlier in October 2024; Companies include Ada Support Inc. (founded in 2016), AlayaCare (founded in 2014), CellCarta, Clarius Mobile Health (founded in 2014), Clio, and Lightspeed Commerce (founded in 2005); Canada’s Startup Visa Programme has capped annual processing of permanent residency applications to 10 startups per organization since April 30, 2024; The Tech Talent Strategy aims to attract talent to boost economic growth.

#Canada #WorkPermits #Nigerians #TechSector #Lmia #Immigration #Employment #ForeignWorkers #StartupVisa #EconomicGrowth

https://www.legit.ng/business-economy/money/1621732-full-list-6-canadian-companies-giving-exemptions-work-permits-nigerians-others/


Naira appreciates against dollar, pound, euro to secure new exchange rates
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The naira appreciated against the US dollar, closing at N1,600.00/$1 on October 25, 2024, a 0.7% increase from the previous day's rate of N1,601.20/$1; it also gained against the pound sterling, trading at N2,132.29/£1, and against the euro at N1,768.18/€1; forex supply increased by 23.4% to $284.93 million; the IMF predicts further naira improvement due to Central Bank of Nigeria's efforts; however, the naira fell to N1,730/$1 in the black market on the same day.

#Naira #ExchangeRates #Dollar #Pound #Euro #Forex #Imf #Nigeria #Economy #Finance

https://www.legit.ng/business-economy/money/1621654-nairas-exchange-rate-recovers-dollar-official-market/


Drifting off - US late night talk shows no longer must-see TV
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Late night talk shows in the US are losing relevance; ratings and ad revenues are declining significantly; NBC's 'The Tonight Show' reduced episodes from five to four per week; Stephen Colbert's 'Late Show' audience dropped by 32% in five years; ad revenue fell 10% in the first eight months of 2024; high-profile hosts like Conan O'Brien and James Corden have left; the format is considered stagnant since its inception in 1954; hosts are aging, with Kimmel, Fallon, and Colbert all over 50; competition from podcasts and streaming platforms is increasing; the traditional late night format is seen as outdated.

#LateNightTv #RatingsDecline #AdRevenue #Streaming #Podcasts #Television #Entertainment #Media #FormatChange #CulturalShift

https://www.legit.ng/business-economy/economy/1621272-drifting-late-night-talk-shows-longer-tv/


Sanofi pursues sale of painkiller after political controversy
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Sanofi plans to sell a controlling 50-percent stake in its over-the-counter unit Opella to US investment fund CD&R, valuing the deal at 16 billion euros ($17.4 billion); French Economy Minister Antoine Armand confirmed employment and investment guarantees were met; the sale follows political controversy and concerns over 1,700 jobs in France; Opella employs over 11,000 workers globally and operates in 100 countries; Doliprane is France's leading painkiller; the deal is expected to finalize in Q2 2025; Bpifrance to take a 2-percent stake post-sale.

#Sanofi #Opella #Doliprane #Cd&r #France #Pharmaceuticals #Investment #Politics #Healthcare #Jobs

https://www.legit.ng/business-economy/economy/1620422-sanofi-pursues-sale-painkiller-political-controversy/


Asian markets track Wall Street losses on worries over tech rally
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Asian markets fell on October 16, 2024, following Wall Street's tech-led sell-off; Dow and S&P 500 dropped from record highs; ASML cut 2025 guidance, raising concerns about AI tech rally sustainability; Nvidia down over 4%, AMD down over 5%, Intel down over 3%; US considering cap on advanced AI chip exports; Japan's Nikkei 225 down over 2%, Hong Kong and Shanghai also fell; Beijing's housing minister to hold briefing on October 17, 2024, regarding property sector support; oil prices slightly up after recent losses.

#AsianMarkets #WallStreet #TechRally #Ai #Asml #Nvidia #PropertySector #OilPrices #China #EconomicOutlook

https://www.legit.ng/business-economy/economy/1619563-asian-markets-track-wall-street-losses-worries-tech-rally/


Bakers quote new prices for bread as inflation pushes costs to new high
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Bakers in Nigeria report rising bread prices due to high exchange rates and wheat scarcity; low output in wheat-producing regions exacerbates costs. In 2023, flour companies saw a 45% increase in production costs, totaling N2.2 trillion, while turnover rose to N2.5 trillion, a 47.2% increase. Nigeria produces less than 1% of required wheat, with local consumption up over 40% in the past decade. Bread prices have risen by 76.5% year-on-year, with large bread now averaging N1,500, up from N850. In August 2024, Nigeria's inflation rate was 32.15%. The country is set to receive 400,000 tonnes of wheat worth N194 billion in August 2024.

#BreadPrices #Inflation #Nigeria #Wheat #Economy #Bakers #Flour #Costs #ExchangeRates #FoodPrices

https://www.legit.ng/business-economy/economy/1619318-inflation-pushes-bread-prices-high-bakers-quote-costs-reasons/


Air Peace CEO Allen Onyema Responds to US Govt Fraud Case Allegation
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Air Peace CEO Allen Onyema and CFO Ejiro Eghagha face allegations from the US Department of Justice; charges include obstruction of justice and submitting false documents; Onyema denies all wrongdoing and expresses willingness to defend himself in court; Air Peace acknowledges ongoing legal process, stating charges are part of an extended investigation from several years ago; the airline assures customers that operations will continue without disruption; plans for expansion include new flights from Abuja to New York and Houston by end of 2024; Onyema aims to acquire three Boeing 777s for growth.

#AirPeace #AllenOnyema #EjiroEghagha #UsDepartmentOfJustice #FraudAllegations #AirlineExpansion #Boeing777 #Nigeria #LegalCase #BusinessNews

https://www.legit.ng/business-economy/industry/1619114-air-peace-ceo-allen-onyema-reacts-govt-fraud-case-allegation/


N1,641/$: Naira to Dollar Exchange Rate Records Slight Depreciation
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The Nigerian naira depreciated to N1,641.27/$1 on October 11, 2024, marking a decline of N18.70 or 1.15% from N1,622.57/$1 on October 9, 2024; The naira remained stable against the British pound at N2,126.26/£1 and the euro at N1,772.69/€1; In the black market, the naira was reported at N1,710 for selling and N1,690 for buying; The Central Bank of Nigeria continues to struggle with stabilizing the naira; The US Federal Reserve's interest rate cuts may provide future support for the naira.

#Naira #Dollar #ExchangeRate #Depreciation #Nigeria #Economy #CentralBank #ForeignExchange #BlackMarket #UsFederalReserve

https://www.legit.ng/business-economy/money/1619100-naira-exchange-rate-drops-official-black-exchange-market/


Amazon wants to be everything to everyone
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Amazon is enhancing its e-commerce operations with logistics center automation, including robots for package handling; Doug Herrington, Amazon Stores boss, claims faster deliveries increase customer shopping; in 2023, Amazon cut shipping costs by 45 cents per unit; the company reported over $30 billion profit on $575 billion revenue; Amazon Prime is central to its business model; the company faces a US lawsuit for alleged monopoly practices; Amazon's healthcare service, One Medical, offers video consultations for $9/month; Amazon Pharmacy aims for under 24-hour prescription delivery; the first automated micro warehouse will open in Pennsylvania in 2025; AI tools are being used to optimize product descriptions; critics highlight safety concerns in Amazon warehouses.

#Amazon #Ecommerce #Logistics #Healthcare #Ai #Automation #Prime #Monopoly #Technology #Business

https://www.legit.ng/business-economy/economy/1619022-amazon-everything-everyone/


Naira Reverses Gain as Access, Zenith, Others Sell Dollar at New Rates in Official Markets
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On October 9, 2024, the naira depreciated in the official market, trading at N1,625.13 per dollar, down from N1,561.76 the previous day; the parallel market saw the naira appreciate to N1,675 per dollar from N1,685; the official market turnover declined by 32.7% to $170.6 million; the gap between official and parallel market rates narrowed to N49.87 from N132.24; Abbas Yishau noted a decrease in dollar demand in the black market; on October 8, 2024, the naira had gained 4.48% in the official market.

#Naira #Dollar #ExchangeRate #Nigeria #Economy #Market #Finance #Currency #OfficialMarket #ParallelMarket

https://www.legit.ng/business-economy/economy/1618523-naira-reverses-gain-access-zenith-sell-dollar-rates-official-markets/


US states accuse TikTok of harming young users
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On October 8, 2024, 14 US states filed lawsuits against TikTok, alleging that the app's addictive features, such as beauty filters and infinite scrolling, harm young users' mental health and violate their privacy. California Attorney General Rob Bonta stated that TikTok targets children who lack the ability to set healthy boundaries. New York Attorney General Letitia James echoed concerns about mental health issues linked to TikTok. TikTok responded, claiming the lawsuits are inaccurate and highlighting their safeguards for users under 13. The app faces a potential ban in the US if it does not divest from its Chinese ownership by January 2025, amid allegations of data collection and propaganda dissemination by the Chinese government.

#Tiktok #Lawsuit #MentalHealth #Privacy #Youth #SocialMedia #California #NewYork #Bytedance #UsGovernment

https://www.legit.ng/business-economy/economy/1618259-us-states-accuse-tiktok-harming-young-users/


Facebook launches new tools as Nigerian content creators starts earning money
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Tom Alison, president of Facebook at Meta, announces efforts to attract younger users; research shows young millennials spend 60% of their time watching videos on Facebook; Meta to launch revamped video page with longer, live, and short-form videos; Facebook introduces Local and Explore tabs to enhance user engagement; TikTok has 150 million American users, posing competition; Nigeria becomes eligible for Facebook monetization on June 27, 2024, allowing local creators to earn ad revenue; previously, Nigerian creators needed a page management based in an eligible country.

#Facebook #Meta #Nigeria #ContentCreators #Monetization #GenZ #Video #Technology #SocialMedia #LocalSales

https://www.legit.ng/business-economy/technology/1617752-gen-z-focused-meta-updates-facebook-attract-young-adults/


Cranes stand still as US dockworkers fight for 'future'
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The International Longshoremen's Association (ILA), with 85,000 members, has initiated its first strike since 1977 on October 1, 2024, due to stalled negotiations over a six-year labor agreement. Vice president Herbert Hall emphasizes the need for job security amid automation concerns. Around 400 dockworkers are striking at Port Newark, New Jersey, demanding better wages and protections against automation. Union members feel the current offers from the United States Maritime Alliance (USMX) are insufficient, especially with inflation at 30%. Workers like Joe Losada and Jonita Carter stress the importance of maintaining generational jobs and fair compensation. Despite USMX's proposal of a 50% pay rise, the ILA rejected it, citing inadequate raises after years without increases.

#Dockworkers #Strike #LaborAgreement #Automation #Wages #JobSecurity #Ila #Usmx #NewJersey #PortNewark

https://www.legit.ng/business-economy/economy/1617021-cranes-stand-dockworkers-fight-future/


US dockworkers launch mass strike month before election
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Tens of thousands of dockworkers at major US East and Gulf Coast ports went on strike on October 1, 2024, marking the first coast-wide strike in nearly 50 years; the strike affects 36 ports and could cost the US economy $4.5 billion to $7.5 billion weekly; Harold Daggett, head of the 85,000-member International Longshoremen's Association (ILA), stated they are prepared to strike as long as necessary for better wages and protections against automation; the strike poses challenges for President Joe Biden and Vice President Kamala Harris ahead of the November presidential election; the ILA rejected a final proposal from the United States Maritime Alliance (USMX) before the contract expired; ILA members are demanding a 77% wage increase over six years; USMX's latest offer included a nearly 50% wage increase and improved retirement contributions; New York Governor Kathy Hochul announced preparations for disruptions; the strike follows other high-profile labor actions in the US.

#Dockworkers #Strike #Economy #Election #Labor #Ila #Usmx #Biden #Harris #Wages

https://www.legit.ng/business-economy/economy/1616948-us-dockworkers-launch-mass-strike-month-election/


California sues oil giant Exxon over plastic recycling 'myth'
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California Attorney General Rob Bonta filed a lawsuit against ExxonMobil on September 23, 2024, alleging a decades-long campaign of deception regarding plastic recycling. The lawsuit claims ExxonMobil misled consumers into believing single-use plastics could be recycled, while in reality, only about five percent of US plastic waste is recycled. Bonta seeks to hold ExxonMobil accountable for plastic pollution clean-up costs, potentially amounting to billions. The company has produced around six million tons of plastic annually and has processed only 0.5 percent of that through its 'advanced recycling' methods. Bonta criticized ExxonMobil's marketing of recycling as a 'farce' and 'deceit'.

#California #Exxonmobil #PlasticPollution #Lawsuit #Recycling #Environment #RobBonta #AdvancedRecycling #Deception #OilCompanies

https://www.legit.ng/business-economy/economy/1615567-california-sues-oil-giant-exxon-plastic-recycling-myth/


I laid off my 9 staff: N6 shares reasons he shut down perfume biz, fans lament
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N6, aka Nnamdi Nwabasili, closed his perfume business in March 2024 due to harsh economic policies under Bola Tinubu's administration; he laid off nine staff as customers struggled with increased prices from rising interest rates; his tweet resonated with many netizens expressing similar frustrations about the economy; reactions included sympathy and suggestions for sourcing locally made products.

#N6 #BolaTinubu #BusinessClosure #EconomicChallenges #Nigeria #Layoffs #PerfumeBusiness #SocialMediaReactions #StaffLayoffs #Entrepreneurship

https://www.legit.ng/entertainment/celebrities/1615096-rapper-n6-laments-how-shut-business-laid-staff-peeps-join-him/


Environmental protesters block French cruise liner port
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On September 21, 2024, about 20 activists from Extinction Rebellion and Stop Croisieres blocked the cruise ship port in Marseille, France, protesting against pollution from cruise ships. The protest involved a chain of canoes across the port entrance, forcing the Aidastella cruise ship to turn back at 7:00 AM and delaying others like Costa Smeralda and MSC World Europa until 9:30 AM. Stop Croisieres criticized the use of heavy fuel oil, the environmental impact of cruise ships, and poor working conditions for crew members. The cruise industry in Marseille saw a rise in passengers from 1.5 million in 2022 to 2.5 million in 2023. A study revealed that cruise ships in European waters emitted over eight million tonnes of CO2 in 2022, equivalent to 50,000 flights from Paris to New York.

#Environment #Protest #CruiseShips #Pollution #Marseille #ExtinctionRebellion #StopCroisieres #ClimateChange #Ngo #Activism

https://www.legit.ng/business-economy/economy/1615086-environmental-protesters-block-french-cruise-liner-port/


Bank of Japan leaves key interest rate unchanged
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The Bank of Japan (BoJ) left interest rates unchanged at 0.25 percent on September 20, 2024; this decision follows a rate hike in July that caused market turmoil; inflation in Japan rose to 2.8 percent in August; UBS economists Masamichi Adachi and Go Kurihara stated there is no reason for further rate increases; the BoJ raised rates in March and July 2024, surprising investors; the yen had previously hit a four-decade low against the dollar; 70% of economists surveyed by Bloomberg expect another rate increase by December; Capital Economics predicts a hike in October; Moody's Stefan Angrick cautioned that rate hikes could negatively impact growth.

#BankOfJapan #InterestRates #Inflation #Economy #Yen #Ubs #Bloomberg #CapitalEconomics #Moody's #FinancialMarkets

https://www.legit.ng/business-economy/economy/1614829-bank-japan-leaves-key-interest-rate-unchanged/


Strike shows challenge to Boeing 'reset' of labor relations
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Boeing workers began striking on September 12, 2024, after overwhelmingly rejecting a new contract; the strike involves 33,000 workers in the Seattle area and has halted production of the 737 MAX and 777; workers demand a 40% wage increase, while Boeing's offer is perceived as misleading at 25% due to the elimination of bonuses; union members cite over a decade of stagnant pay and rising living costs; new CEO Kelly Ortberg's efforts to reset labor relations face significant challenges; previous CEO James McNerney's decisions weakened union leverage; Boeing has started furloughs for staff amid the strike; talks between Boeing and the union have made no meaningful progress; experts suggest Boeing must raise its offer while workers may need to lower expectations.

#Boeing #Strike #LaborRelations #WageIncrease #Union #Seattle #Iam #Ortberg #Mcnerney #Inflation

https://www.legit.ng/business-economy/economy/1614824-strike-shows-challenge-boeing-reset-labor-relations/


Another refinery to cease operations as Dangote begins petrol sales
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Grangemouth refinery in Scotland to shut down in Q1 2024; owners to convert it into fuel import terminal and biofuels storage; closure will result in 400 job losses, reducing staff from 475 to 75; Dangote Refinery began petrol production in September 2024 with a capacity of 650,000 bpd; OPEC predicts Dangote Refinery will impact Europe’s oil market; refinery has exported 3.5 billion litres of fuel, representing 90% of its production; Dangote Group's Aliko Dangote emphasizes focus on Nigerian crude despite supply challenges.

#DangoteRefinery #Grangemouth #OilMarket #JobLosses #Biofuels #PetrolProduction #Opec #FuelImportTerminal #Nigeria #Scotland

https://www.legit.ng/business-economy/energy/1613947-dangote-refinery-scotlands-refinery-shut-owners-convert-facility-use/


Businesses warn Yellen on 'political pressure' over US Steel sale
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Major Japanese and American business groups urged US Treasury Secretary Janet Yellen not to yield to political pressure regarding Nippon Steel's $14.9 billion acquisition of United States Steel, agreed in December 2023; opposition from presidential candidates Kamala Harris and Donald Trump; US Steel warned of potential shutdown of Pennsylvania headquarters if the deal is blocked; Yellen chairs CFIUS, which is reviewing the transaction; letter dated September 11, 2024, expressed concerns over politicization affecting national security and the US economy; Nippon Steel's vice president met CFIUS members on September 11, 2024; letter highlighted that foreign companies employ 7.9 million US workers; warned of reciprocal actions against American firms investing abroad.

#UsSteel #NipponSteel #JanetYellen #PoliticalPressure #Cfius #ForeignInvestment #BusinessGroups #Acquisition #Economy #Labor

https://www.legit.ng/business-economy/economy/1613436-businesses-warn-yellen-political-pressure-steel-sale/


Nigeria's Exports Rise to N19 Trillion, USA, France Among Biggest Customers
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Nigeria's total exports reached N19.4 trillion in Q2 2024; exports increased by 1.31% from Q1 2024; crude oil accounted for N14.5 trillion or 74.98% of total exports; top export destinations include Spain, the USA, France, India, and the Netherlands; total merchandise trade was N31.89 trillion, a 3.76% decrease from Q1 2024 but a 150.39% increase from Q2 2023; imports totaled N12.47 trillion, down 10.71% from Q1 2024; non-crude oil exports were N4.8 trillion, with agricultural products contributing N1.9 trillion; 199 export firms to receive N308.4 billion in promissory notes under the Export Expansion Grant Scheme.

#Nigeria #Exports #Economy #CrudeOil #Trade #Nbs #Agriculture #PromissoryNotes #Q22024 #ForeignTrade

https://www.legit.ng/business-economy/economy/1613394-nigerias-exports-rises-by-201-year-n19-trillion/


US presidential debate: Polls show Kamala Harris outperformed Trump
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Vice President Kamala Harris and former President Donald Trump debated on September 10, 2024; A CNN poll found 63% of debate watchers believed Harris outperformed Trump, while 37% thought Trump did better; 82% of viewers said the debate did not affect their presidential choice; Harris's favorability increased from 39% to 45%, while Trump's remained at 39%; Debate watchers trusted Trump more on economy (55% to 35%) and immigration (57% to 34%), but favored Harris on abortion (55% to 34%) and protecting democracy (49% to 40%); Poll conducted with 605 registered voters, margin of error ±5.3%; Betting markets indicated Harris performed better.

#UsPolitics #Debate #KamalaHarris #DonaldTrump #2024Election #Polls #PublicOpinion #Favorability #VoterBehavior #PoliticalAnalysis

https://www.legit.ng/world/us/1613230-who-won-polls-show-winner-presidential-debate-kamala-harris-trump/


N1,300/Litre: Data shows Nigerian states with the highest petrol prices
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Petrol prices in Nigeria have surged to N1,300 and N1,400 per litre following an increase by the Nigerian National Petroleum Company Limited (NNPC); As of September 6, 2024, NNPC sold petrol in Abuja at N897 per litre; Independent marketers in various states sell petrol at prices ranging from N918 to N1,350 per litre; In Rivers, Kebbi, and other states, prices have reached N1,300; NNPC stations in Ekiti sell petrol at N856, while independent marketers charge up to N1,350; Prices vary significantly across states, with NNPC selling at N855 in Katsina and N1,390 in private stations in Rivers; The NNPC has stated that the Dangote Refinery can sell directly to marketers; Chief Corporate Communications Officer Olufemi Soneye clarified that NNPC will not be the sole distributor for Dangote products.

#PetrolPrices #Nigeria #Nnpc #DangoteRefinery #FuelHike #Economy #Energy #IndependentMarketers #September2024 #OilPrices

https://www.legit.ng/business-economy/energy/1612774-the-pain-petrol-price-increases-data-shows-states-highest-prices/


Traders quote pounds at new rates after naira’s massive gains against dollar
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Naira depreciated against the British pound in the parallel market, quoted at N2,113.8; pound hit N2,112.8 on September 6, 2024; naira gained against US dollar, closing at N1,593.32/$; CBN's Retail Dutch Auction System failed to stabilize naira; low oil output and limited liquidity hinder naira's strength; dollar supply surged by 244.4% to $245.17 million on September 6; naira lost N25 in five days in black market, closing at N1,660; naira crashed to new low on September 5, 2024.

#Naira #Pound #Dollar #Cbn #ExchangeRates #Economy #Forex #Nigeria #Finance #Market

https://www.legit.ng/business-economy/economy/1612703-naira-trades-rates-pound-massive-gains-usd-cbn-sells-dollars-bdcs/


Expert lists reasons Dangote will not sell petrol cheaper than NNPC
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An industry expert, Henry Adigun, stated that Dangote Refinery will not sell petrol below NNPC prices due to the need to recoup investments; production costs are in US dollars, affecting pricing; Dangote receives only 40% of crude oil from NNPC and must purchase the rest internationally; petrol prices at NNPC outlets increased from approximately N568 to over N855; Dangote's petrol is of high quality, justifying higher prices; NNPC plans to begin sourcing fuel from Dangote Refinery by mid-September 2024.

#Dangote #Nnpc #PetrolPrices #Nigeria #Refinery #Energy #Investment #Oil #Economy #Fuel

https://www.legit.ng/business-economy/energy/1612612-i-mathematics-expert-explains-dangote-refinery-sell-petrol-nnpc-price/


CBN Sells Dollar at N1,580 to BDC Operators, Sets Resale Exchange Rate
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The Central Bank of Nigeria (CBN) has approved the sale of forex to Bureau de Change (BDC) operators at an exchange rate of N1,580 per US dollar as of September 6, 2024; Each BDC operator can purchase $20,000 in foreign exchange; The CBN aims to stabilize the naira following recent depreciation in both official and unofficial markets; All BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1% above the purchase rate; The CBN hopes increased liquidity will help the naira recover; The naira has recently appreciated against the dollar in official markets after the CBN increased dollar supply.

#Cbn #Forex #Bdc #Naira #ExchangeRate #Dollar #Nigeria #Economy #Finance #Liquidity

https://www.legit.ng/business-economy/money/1612598-cbn-moves-crash-dollar-sells-bdcs-n1580/


Naira Records First Gain Against US Dollar in September, Exchange Rate Falls Below N1,600
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The Nigerian naira appreciated against the US dollar for the first time in September, closing at N1,593.32/$ on September 6, 2024, after a previous rate of N1,639.41/$ on September 5. This improvement followed a 244.4% increase in dollar supply to $245.17 million on September 6, compared to $71.18 million on September 2. The black market rate also improved, with traders quoting N1,625/$ on September 6, down from N1,635-$1,640 in prior sessions. Nigeria's foreign reserves rose by $195.01 million to $32.64 billion, indicating increased market liquidity.

#Naira #UsDollar #ExchangeRate #CentralBankOfNigeria #ForeignReserves #BlackMarket #Economy #Finance #Nigeria #Currency

https://www.legit.ng/business-economy/money/1612592-naira-bounces-cbn-supplies-dollar-bdcs-cheaper-rates/


China to launch anti-dumping probes into Canadian canola, chemicals
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China announced on September 3, 2024, it will initiate anti-dumping investigations into Canadian canola and chemical products, responding to Canada's imposition of a 100% tariff on Chinese electric vehicles (EVs) announced by Prime Minister Justin Trudeau last month. Canadian canola exports to China reached US$3.47 billion in 2023, with allegations of dumping leading to the investigation. China plans to address the issue at the World Trade Organization and will also impose a surtax on steel and aluminum imports from China effective October 15, 2024.

#China #Canada #Trade #Antidumping #Canola #Chemicals #Tariffs #ElectricVehicles #Wto #Economy

https://www.legit.ng/business-economy/economy/1611729-china-launch-anti-dumping-probes-canadian-canola-chemicals/


Brazil block on X comes into effect after judge's order
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A block on Elon Musk's X social network in Brazil began on August 31, 2024, after Supreme Court judge Alexandre de Moraes ordered its suspension due to Musk's failure to appoint a new legal representative. The ruling follows a months-long conflict over disinformation, with Moraes accusing Musk of undermining democracy. Musk criticized Moraes, calling him an 'evil dictator' and claiming the judge's actions threaten free speech. The suspension affects over 22 million users in Brazil, and Moraes threatened fines for circumventing the block. Musk's Starlink operations in Brazil were also impacted by a separate order from Moraes. The feud escalated after Moraes suspended accounts linked to supporters of former president Jair Bolsonaro, who is under investigation for a coup attempt.

#Brazil #ElonMusk #X #Disinformation #SupremeCourt #AlexandreDeMoraes #SocialMedia #Bolsonaro #Starlink #FreeSpeech

https://www.legit.ng/business-economy/economy/1611310-brazil-block-x-effect-judges-order/


Right-wing activist leads charge against US equality push
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Robby Starbuck, a right-wing activist, claims ordinary Americans are tired of inclusivity and diversity policies at US companies; in three months, he has convinced six firms, including Ford, to roll back DEI policies; Ford confirmed it will not impose quotas for minority dealerships or suppliers; Starbuck's campaign includes video exposes and letter writing; he criticizes policies aimed at racial inequalities and LGBTQ rights, which gained traction after George Floyd's death in 2020; the Human Rights Campaign labeled him an 'extremist troll'; Starbuck, a former Trump supporter, believes his movement has achieved more in two months than any other social movement in decades; he resides in Nashville, Tennessee with his family.

#RobbyStarbuck #Dei #Ford #Lgbtq #Activism #Diversity #Inclusivity #CorporatePolicies #Trump #HumanRightsCampaign

https://www.legit.ng/business-economy/economy/1611304-right-wing-activist-leads-charge-equality-push/


Naira Crashes Above N1,600 Against US Dollar in Official, Black Markets
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Nigerian naira depreciated to N1,606/$1 in the official market on August 28, 2024; this represents a 0.86% decline from N1,594.27/$1 the previous day; naira remains stable at N1,615/$1 in the black market; CBN's interventions have not halted the naira's decline; FX transactions increased by 5.1% to $160.94 million; naira also fell against the pound to N2,116.69/£1 and against the euro to N1,782.62/€1; concerns persist over high seasonal demand for forex.

#Naira #Dollar #ExchangeRate #Cbn #Forex #Nigeria #Economy #Depreciation #BlackMarket #FinancialNews

https://www.legit.ng/business-economy/money/1610958-new-exchange-rate-naira-crashes-n1600-dollar/


Qantas profits descend as fares fall after Covid
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Qantas reported a 28% drop in net profit to Aus$1.25 billion ($US48 billion) for the fiscal year ending June 30, 2024; revenue increased by 10.7% to Aus$21.9 billion; lower fares due to expanded market capacity post-Covid and reduced freight revenue contributed to profit decline; CEO Vanessa Hudson emphasized restoring trust and pride in Qantas; the airline plans to give Aus$500 travel vouchers to 23,000 non-executive employees; Qantas aims to invest in its largest fleet ever; the airline faced criticism for high ticket prices and service issues during Alan Joyce's tenure.

#Qantas #Profits #Airline #Australia #Covid #VanessaHudson #AlanJoyce #Travel #Economy #Business

https://www.legit.ng/business-economy/economy/1610890-qantas-profits-descend-fares-fall-covid/


It's working: Nigeria to receive N194bn worth of wheat to crash food prices
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Nigeria is set to receive 400,000 tonnes of wheat worth N194 billion ($129.2 million) in August 2024; six vessels carrying 134,412 tonnes have already arrived at Lagos and Calabar ports; more vessels from the US, Canada, and Latvia are expected; Nigeria's wheat imports reached about 4.8 million tonnes from January to July 2024, projected to rise to 5.2 million tonnes by the end of August; the Nigerian government has implemented a 150-day duty-free import window for essential food items; farmers are cultivating 277,577 hectares of wheat, a 139% increase from 2023; the government will forfeit N187 billion in import duties during this period.

#Nigeria #Wheat #FoodPrices #Import #Economy #Agriculture #GovernmentPolicy #Inflation #Dutyfree #FoodSecurity

https://www.legit.ng/business-economy/economy/1610381-bread-prices-food-items-crash-nigeria-set-receive-n194-billion-worth-wheat/


Durov has 'nothing to hide', says Telegram after France arrest
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Pavel Durov, co-founder of Telegram, was arrested at Le Bourget airport near Paris on August 24, 2024, and held for questioning over alleged offences including fraud, drug trafficking, and promotion of terrorism. His detention was extended beyond the initial 48 hours, potentially lasting up to 96 hours. Durov, 39, holds a fortune of $15.5 billion according to Forbes. Telegram stated he has 'nothing to hide' and complies with EU laws. Russia accused France of refusing to cooperate, while Elon Musk and Edward Snowden defended Durov, calling the arrest an assault on human rights. Durov had arrived from Baku, Azerbaijan, and was planning to dine in Paris.

#PavelDurov #Telegram #France #Arrest #ElonMusk #EdwardSnowden #HumanRights #Technology #Cybersecurity #MessagingApp

https://www.legit.ng/business-economy/technology/1610340-durov-hide-telegram-france-arrest/


Dutch hit Uber with 290-mn-euro fine over driver data
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Uber fined 290 million euros ($324 million) by Dutch data protection authority for transferring personal data of European drivers to US servers; violation of EU's GDPR; complaint initiated by 170 French drivers; sensitive data included taxi licenses, location data, payment details, and more; DPA investigation revealed data transferred over two years without proper protection; Uber plans to appeal, claiming compliance with GDPR; this is Uber's third fine from DPA, following fines of 600,000 euros in 2018 and 10 million euros in 2023.

#Uber #Gdpr #Fine #DataProtection #Netherlands #Eu #Privacy #Drivers #DataTransfer #Regulation

https://www.legit.ng/business-economy/economy/1610313-dutch-hit-uber-290-mn-euro-fine-driver-data/


2027: "Don't play yourself," Yoruba council advises GEJ against northern plot
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The Yoruba Council of Elders (YCE) opposes northern political threats against President Bola Tinubu for the 2027 election; YCE president Oladotun Hassan criticizes northern leaders for past economic impacts; northern leaders are reportedly trying to woo former President Goodluck Jonathan against Tinubu; Bauchi State Governor Bala Mohammed hints at not contesting if Jonathan runs; YCE emphasizes the Southwest's resilience against northern political strategies; the council expresses frustration over northern leaders' past actions that harmed Nigeria's economy; YCE praises Tinubu's government for promoting inclusiveness in appointments; Primate Elijah Ayodele warns the PDP against fielding Atiku Abubakar for the 2027 election.

#YorubaCouncil #BolaTinubu #GoodluckJonathan #2027Elections #NorthernPolitics #OladotunHassan #Pdp #AtikuAbubakar #BauchiState #PoliticalStrategy

https://www.legit.ng/politics/1610094-2027-southwest-isnt-afraid-yoruba-council-dares-norths-move-woo-president-tinubu/


US urged to probe Kyari for allegedly violating sanctions on Russia
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Mele Kyari, CEO of NNPCL, accused of violating US sanctions by importing Russian crude oil; Concerned Citizens on Economic Reform Nigeria (CCERN) calls for US investigation; Allegations include transactions over $2.08 billion and blending oil in Malta; Funds reportedly used to promote Russian influence in West Africa and finance protests; Letter sent to US Department of the Treasury's OFAC co-signed by Tijani Ibrahim and Fatima Abubakar; Kyari criticized for traveling amid fuel scarcity in Nigeria.

#MeleKyari #Nnpcl #UsSanctions #Russia #Oil #Investigation #Ccern #Nigeria #FuelScarcity #EconomicReform

https://www.legit.ng/nigeria/1609804-us-urged-probe-kyari-allegedly-violating-sanctions-russian-oil/


Airline gets new deal on Lagos-US flight frequency as Air Peace moves to compete
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United Airlines will operate daily flights between Lagos and Washington, D.C. starting December 4, 2024, until February 14, 2025, increasing seat availability by 133%. The flights will utilize Boeing 787-8 Dreamliners, enhancing passenger comfort. This move provides Nigerian travelers with more options and connections to over 70 destinations in the Americas. Air Peace and United Nigeria Airlines are also preparing to launch flights to the U.S. following government support for domestic airlines.

#UnitedAirlines #Lagos #WashingtonDc #AirPeace #FlightFrequency #Boeing787 #NigerianAirlines #Travel #Aviation #GovernmentSupport

https://www.legit.ng/business-economy/industry/1609903-united-airline-upgrades-lagos-flight-frequency-air-peace-ready-compete/


Influencers get VIP treatment at US Democratic National Convention
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The Kamala Harris campaign provided VIP treatment to over 200 social media influencers at the Democratic National Convention in Chicago from August 21-23, 2024; influencers received special access, free drinks, and yacht parties, contrasting with the traditional press's limited amenities; notable influencers included Carlos Eduardo Espina with 11 million followers and Benjamin Zamora with 6.3 million followers; the event aimed to broaden Harris's electoral base; influencers like Knowa and Blair Imani highlighted their experiences and the hospitality received; Harris has not held a press conference since Biden's endorsement.

#Influencers #DemocraticNationalConvention #KamalaHarris #SocialMedia #Politics #Chicago #VipTreatment #2024Election #PressRelations #YouthEngagement

https://www.legit.ng/business-economy/technology/1609834-influencers-vip-treatment-democratic-national-convention/


French court dismisses appeal in Agent Orange case
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A Paris court rejected Tran To Nga's appeal against agrochemical firms for their role in Agent Orange's use during the Vietnam War; the court cited the companies' legal immunity as they acted for a sovereign government; Nga, 82, plans to take her case to France's highest appeals court; she previously lost her case in 2021; approximately 76 million litres of Agent Orange were sprayed by US forces from 1962 to 1971, affecting four million people; Vietnam attributes severe birth defects in 150,000 children to the chemical; only military veterans have received compensation so far; Nga suffers from health issues linked to Agent Orange exposure.

#AgentOrange #VietnamWar #LegalCase #Monsanto #TranToNga #EnvironmentalDamage #HealthEffects #CourtRuling #ChemicalExposure #Compensation

https://www.legit.ng/business-economy/economy/1609677-french-court-dismisses-appeal-agent-orange-case/


CBN announces new exchange rates for euro, pound as naira depreciates
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Naira depreciated against the US dollar, pound, and euro; exchange rate on August 20, 2024, was N1,592.06/$1, down from N1,579.22/$1; depreciation of 0.81% or N12.84; naira also fell to N2,067.87/£1 from N2,041.46/£1 and to N1,762.43/€1 from N1,739.40/€1; total forex turnover decreased by 6.6% to $152.26 million; Aminu Gwadabe of ABCON attributes depreciation to CBN's inconsistent forex interventions.

#Naira #Cbn #Forex #Depreciation #Dollar #Pound #Euro #Nigeria #Economy #Abcon

https://www.legit.ng/business-economy/money/1609499-traders-banks-give-exchange-rate-naira-depreciates-dollar-official-markets/


Flutterwave Now Allows Nigerians to Accept American Express Payment, Names Beneficiaries
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Flutterwave announced on August 20, 2024, that Nigerian online businesses can now accept American Express payments; Corporate cards will enable direct payments to Nigerian e-commerce businesses; This service will soon extend to Flutterwave merchants in Tanzania, Rwanda, Ghana, and Uganda; American Express Cardholders can use consumer, commercial, or corporate cards for transactions; Olugbenga ‘GB’ Agboola, CEO of Flutterwave, emphasized the benefits for e-commerce businesses; Briana Wilsey from American Express highlighted the opportunity for Nigerian merchants to reach a global customer base.

#Flutterwave #AmericanExpress #Nigeria #Ecommerce #Payments #Fintech #Business #Technology #Economy #Africa

https://www.legit.ng/business-economy/industry/1609331-flutterwave-nigerians-accept-american-express-payment-names-beneficiaries/


WhatsApp in Focus as Elon Musk’s X Set to Shut Down in Brazil, Reasons Emerge
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Elon Musk announced X will shut down operations in Brazil due to a legal dispute with Supreme Court Judge Alexandre de Moraes over misinformation; despite closure, X will remain accessible to Brazilian users; Musk emphasized principles over profit, stating compliance with the judge's demands would compromise platform integrity; WhatsApp threatens to leave Nigeria after a $220 million fine for data harvesting; Brazilian Secretary of Digital Policies Joao Brant criticized X's decision, warning of potential blocking; Musk's Starlink plans to build ground stations in Nigeria across 29,000 acres in Port Harcourt, Lagos, and Ogun.

#ElonMusk #X #Whatsapp #Brazil #Nigeria #Misinformation #DataProtection #LegalDispute #Starlink #SocialMedia

https://www.legit.ng/business-economy/technology/1608962-whatsapp-focus-elon-musks-x-set-shut-brazil-reasons-emerge/


Marketers hopeful as 2 refineries set to launch petrol into Nigerian market
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IPMAN expresses optimism that Dangote Refinery and Port Harcourt Refinery will commence petrol operations in August 2024; Aliko Dangote is the Chairman of Dangote Group; Mele Kyari is the Group CEO of NNPCL; Shina Amoo is the IPMAN official; Amoo believes local refining will reduce petrol prices by eliminating freighting costs; The Dangote Refinery has a capacity of 650,000 bpd; The refineries face operational challenges, including crude oil supply issues; NNPC's failure to supply petrol to independent marketers has increased pump prices.

#Nigeria #Refineries #Petrol #Ipman #Dangote #Nnpc #Oil #Economy #Prices #Energy

https://www.legit.ng/business-economy/energy/1608955-prices-crash-marketers-speak-2-refineries-set-launch-petrol-nigerian-market/


CBN crashes dollar for importers as free import duty for food items begins
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The Central Bank of Nigeria (CBN) reduced the cargo clearance exchange rate from N1,583 to N1,578.265 per dollar on August 18, 2024; this adjustment occurs amid a six-month duty-free import policy for essential food items initiated by the Nigerian government; the naira depreciated from N1,564.4 to N1,579.89 per dollar on August 16, 2024, marking a decline of N15.49; the volume of dollars traded in the official market fell by 22.7% to $115.23 million; the gap between the official and black market rates narrowed to N10.11 per dollar; the government is expected to lose approximately N187 billion in import duties during this period; Vice President Kashim Shettima emphasized that food reforms will positively impact the economy; the CBN's foreign reserves increased by $4 billion over the past seven months; Finance Minister Wale Edun announced a local bond issuance of $500 million set to begin on August 19, 2024.

#Cbn #Naira #ImportDuty #FoodItems #Economy #ExchangeRate #Nigeria #Customs #Finance #Inflation

https://www.legit.ng/business-economy/economy/1608903-cbn-crashes-customs-fx-rates-cargo-clearance-import-free-import-duty-window-begins/


Meta fends off AI-aided deception as US election nears
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Meta, the parent company of Facebook and Instagram, has been able to disrupt deceptive influence operations on its platforms. Russia's attempts to use generative artificial intelligence in online deception campaigns have been unsuccessful. Meta expects Russia-backed online deception campaigns to target political candidates who support Ukraine in the upcoming US election. Meta looks at how accounts act rather than the content they post to identify deception. Meta shares its findings with Twitter and other internet firms to coordinate a defense against misinformation. Elon Musk, the owner of Twitter, has been accused of spreading falsehoods and political misinformation on the platform.

#Meta #Facebook #Instagram #Russia #GenerativeArtificialIntelligence #DeceptionCampaigns #UsElection #Ukraine #Twitter #ElonMusk

https://www.legit.ng/business-economy/technology/1608586-meta-fends-ai-aided-deception-election-nears/


Three years after Taliban return, economic woes loom large
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Despite improved security, Afghanistan's economy remains stagnant and its population is facing a worsening humanitarian crisis; A third of Afghanistan's population lives in poverty; World Bank warns of zero growth over the next three years; Positive changes include resilient currency, reduced corruption, and improved tax collection; Afghanistan has mineral and agricultural potential but is hindered by poor infrastructure and lack of expertise and capital; Banking sector is crippled due to international sanctions and frozen assets; Many foreign embassies have closed, making it difficult to obtain visas for foreign trips; Music industry has been severely impacted by Taliban restrictions; Beauty salons have been forced to close, leading to job losses and reduced income for employees.

#Afghanistan #Taliban #Economy #HumanitarianCrisis #Unemployment #Currency #Corruption #TaxCollection #MineralResources #Agriculture #BankingSector #Sanctions #Embassies #MusicIndustry #BeautySalons

https://www.legit.ng/business-economy/economy/1608181-three-years-taliban-return-economic-woes-loom-large/


Marketers project price as Dangote Refinery sets new date for petrol production
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The Dangote Refinery has delayed its petrol production date due to crude oil supply challenges. The facility initially set August 11 and 12 as the date to begin petrol production. The refinery is expecting to pump its first petrol into the Nigerian market at the end of August. The 650,000 bpd-capacity refinery has faced challenges in securing crude oil from the Nigerian National Petroleum Company Limited (NNPCL). Marketers hope that the Dangote Petroleum Refinery will sell petrol at N600 per litre when it launches in the Nigerian market. The refinery has faced allegations of lacing its diesel with high sulphur, which it denies. Independent petroleum marketers believe that the refinery will reduce the price of petrol like it did with diesel. The facility would reduce its fuel cost if it received the needed support regarding crude oil supply.

#DangoteRefinery #PetrolProduction #CrudeOilSupply #PetrolPrices #NigerianMarket

https://www.legit.ng/business-economy/energy/1608123-dangote-refinery-sets-date-petrol-production-marketers-project-price/


CBN Sells Dollars Cheaply Again to Banks as Naira Gains in Official, Black Markets
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The Central Bank of Nigeria (CBN) sold $815.36 million out of the $1.19 billion FX exchange demanded by bank customers to reduce pressure on the naira; The naira appreciated against the US dollar in the official market at N1,574.20; The CBN approved a cut-off bid of N1,495.00 per dollar with a total successful bid of $815,362,006.30; Six banks were disqualified from the sale; The naira appreciated in the parallel market to N1,585 per dollar; The CBN undertook retail foreign exchange sales to end users to improve supply and promote price discovery; The naira appreciated N1,574.20 per dollar in the official market compared to the N1,593 it traded on Friday, August 10, 2024; FX turnover in the official market rose by $127.5% at $323.11 million on Friday, August 10, 2024; The margin between the parallel and official markets increased by N10.8 per dollar from N3.52; The CBN pegged the exchange rate sold to authorised dealer banks at N1,495 per dollar on Wednesday, August 7, 2024.

#Cbn #Dollar #Naira #ForeignExchange #OfficialMarket #BlackMarket

https://www.legit.ng/business-economy/economy/1607342-cbn-sells-dollars-cheaply-banks-naira-gains-official-black-markets/


Six banks disqualified as CBN sells dollars at N1,495/$1 cut off exchange rate
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The Central Bank of Nigeria (CBN) conducted its first retail Dutch auction, selling over $800 million at an exchange rate of N1,450 per dollar. The sale is part of the CBN's move to help the naira recover against the US dollar in the foreign exchange market. New data from the CBN showed that 26 banks benefited from the auction, while six banks were disqualified. The six disqualified banks are United Bank for Africa, First City Monument Bank, Stanbic, Wema, SunTrust, and Rand. The ten banks that received the highest amounts are Zenith Bank, First Bank of Nigeria (FBN), Access Bank, Fidelity Bank, GTBank (GTB), Standard Chartered (Stanchart), TAJ Bank, Jaiz Bank, Sterling Bank, and Union Bank.

#Cbn #Nigeria #ForeignExchange #Banks #Auction

https://www.legit.ng/business-economy/money/1607291-full-list-nigerian-banks-missed-cbn-sells-dollar-n1450-exchange-rate/


Expose oil thieves draining Nigeria’s wealth, Tony Elumelu presses Tinubu
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Nigerian billionaire Tony Elumelu urges government to identify and expose those involved in smuggling crude oil; Elumelu says criminal gangs siphoning crude oil from pipelines have led to withdrawal of international oil companies from Nigeria; Elumelu calls on security agencies to reveal who is stealing Nigeria's oil; Elumelu's company, Heirs Holdings, has substantial investments in the oil industry; Elumelu reveals that theft accounts for roughly 18% of production from his field, with 42,000 barrels of crude pumped daily.

#TonyElumelu #Nigeria #CrudeOil #OilTheft #HeirsHoldings #InternationalOilCompanies

https://www.legit.ng/business-economy/energy/1607322-drama-tony-elumelu-urges-fg-stealing-nigerias-crude-oil/


Breaking: Tinubu announces date for constitutional review, details emerge
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President Bola Tinubu has committed to reviewing the proposal for a new constitution put forward by ‘The Patriots'; Tinubu emphasized that his administration's immediate focus is on economic reform, with constitutional review planned as a subsequent priority; Tinubu indicated that while economic reforms are currently his main focus, he will address the constitutional review as soon as feasible once economic goals are met; Tinubu has pledged to consider the proposal for a new constitution presented by 'The Patriots', led by former Commonwealth Secretary-General Chief Emeka Anyaoku; Tinubu assured the group that their call for the establishment of a national constituent assembly to draft a new constitution would be thoroughly reviewed; Tinubu stated that he is currently preoccupied with economic reform and will look at other options, including constitutional review, as soon as possible once economic goals are met

#Tinubu #ConstitutionalReview #ThePatriots #EconomicReform #Proposal

https://www.legit.ng/nigeria/1607315-breaking-tinubu-announces-nigerias-constitution-reviewed-shares-details/


Former YouTube CEO Susan Wojcicki dies of cancer aged 56
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Susan Wojcicki, former CEO of YouTube and a prominent figure in Silicon Valley, has passed away at the age of 56 after battling lung cancer. Wojcicki played a key role in the growth of Google and was instrumental in the acquisition of YouTube. She served as the CEO of YouTube from 2014 until last year, during which she introduced new forms of ads and helped steer the company's growth. Wojcicki was also known for advocating for paid parental leave and was a vocal advocate for child privacy and combating hate speech and misinformation. She is survived by her husband and five children.

#SusanWojcicki #Youtube #Google #SiliconValley #Cancer

https://www.legit.ng/business-economy/technology/1607273-former-youtube-ceo-susan-wojcicki-dies-cancer-aged-56/


CBN Clarifies Instructions on Foreign Exchange Manual, Gives Order
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The Central Bank of Nigeria (CBN) has clarified its foreign investment rules, requiring transaction evidence for repatriation and divestment of foreign investments. The guidelines outlined in the CBN's foreign exchange manual apply universally to all Certificate of Capital Importation (CCI) transactions. Foreign investors seeking to divest must present specific documentation to their banks, including an electronic Certificate of Capital Importation and proof of redemption of investments in local currency assets. The directive aims to ensure transparency and bolster confidence among foreign investors. In the first half of 2024, foreign investors liquidated N311.41 billion worth of portfolio investments in Nigeria, while foreign investment inflows were reported at N229.07 billion. The CBN has also given international oil companies the go-ahead to sell their remaining repatriated export revenues.

#Cbn #ForeignExchange #ForeignInvestment #Repatriation #Divestment

https://www.legit.ng/business-economy/money/1607218-cbn-releases-clarifications-foreign-investment-rules-demands-transaction-evidence/


Asian stocks track Wall St rally as US jobs data ease recession fears
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Asian stocks rallied Friday as investors breathed a sigh of relief after US jobs data soothed concerns that the world's top economy could tip into recession, bringing a painful week to a positive end. Equities across the planet have seen big fluctuations since a closely watched gauge of the US labour market came in well below forecasts and fanned fears the Federal Reserve may have waited too long to cut interest rates. The non-farm payrolls report last Friday came just days after the US central bank hinted at a reduction in September and the Bank of Japan announced its second hike in 17 years, hinting at more to come. Those decisions sent the yen soaring to just under 142 per dollar and caused a rapid unwinding of the so-called carry trade in which traders take advantage of the weaker currency to buy higher-yielding assets such as equities.

#AsianStocks #WallStreet #UsJobsData #RecessionFears

https://www.legit.ng/business-economy/economy/1607018-asian-stocks-track-wall-st-rally-jobs-data-ease-recession-fears/


No more N80m: UK govt speaks on new salary requirement for family visa
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The UK government has postponed its plan to increase the salary threshold for family visa application; Home Secretary Yvette Cooper confirmed the current £29,000 threshold will stay in place until the review is done; The proposed increase of the family visa threshold from £29,000 to £38,700 has been suspended; The review assesses whether the 'right balance' is currently between 'respect for family life' and the 'economic wellbeing of the UK'; The new administration has decided to delay the implementation of the proposed increase until a comprehensive review of the family visa policy is conducted by the Migration Advisory Committee (MAC)

#UkGovernment #FamilyVisa #SalaryThreshold #Review #MigrationAdvisoryCommittee

https://www.legit.ng/business-economy/industry/1606046-uk-government-decision-family-visa-application-nigerians-others/


“Our Attention Has Been Drawn”: Dangote Speaks As Report Claims Refinery Resells Crude Oil
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Dangote Petroleum Refinery has denied reports of reselling crude oil bought from the United States and Nigeria; Anthony Chiejina, Dangote Group's Chief Branding and Communication Officer, stated that the refinery is not authorized to sell crude oil purchased from Nigeria and that the narratives reported were aimed at discrediting the refinery; The Nigerian government expects fresh reports to confirm the sulphur content of the diesel produced by the Dangote Refinery, as the firm denied claims of inferior products; The reports about the refinery’s sulphur content will be out on Monday, July 22, 2024.

#DangotePetroleumRefinery #CrudeOil #Nigeria #Resale #OperationalChallenges

https://www.legit.ng/business-economy/industry/1604704-dangote-refinery-speaks-reports-claim-reselling-crude-oil/


Defying downturn, auction houses bid high on Hong Kong
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Three of the world's top auction houses, Sotheby's, Christie's, and Bonhams, are expanding in Hong Kong to attract young Asian buyers despite the global art market's retreat from pandemic-era highs. Sotheby's unveiled showrooms at an upscale mall in Hong Kong's finance district, while Christie's is preparing to open a new space at a skyscraper designed by Zaha Hadid Architects. The firms are betting on Hong Kong as the center for Asia, although global art sales have slowed. Bonhams, which will move to a new office building in September, has found success targeting transactions under HK$10 million. The auction houses are also targeting younger buyers and embracing online bidding. Despite Hong Kong's political environment, the auction houses are confident in the city's potential.

#AuctionHouses #HongKong #ArtMarket #Expansion #YoungAsianBuyers

https://www.legit.ng/business-economy/economy/1604706-defying-downturn-auction-houses-bid-high-hong-kong/


Presidency denies viral ‘Tinubu speaks’ statement on economic hardship
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The presidency has denied the authenticity of a viral statement titled ‘Tinubu Speaks’ and credited to President Bola Tinubu. The Special Adviser Information and Strategy to the President, Bayo Onanuga, said the document is false. Onanuga described it as the handiwork of mischief makers who are bent on sowing confusion and chaos in the country. Tinubu has not made any broadcast addressing the nation’s economic challenges. The fabricated statement claimed some drastic measures such as a 50% salary cut for top government officials, the scrapping of the Office of the First Lady, and the restoration of fuel and electricity subsidies were taken to ameliorate the current suffering of the masses. The viral document added that Tinubu was planning to reduce the number of his ministers, sell off presidential aircraft, and implement a ban on foreign medical trips for government officials.

#Presidency #Tinubu #EconomicHardship #Broadcast #FakeNews

https://www.legit.ng/nigeria/1604699-hunger-protest-presidency-reacts-viral-tinubu-speaks-statement/


Viva partners with Big Brother Naija for an unforgettable season 9
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Viva, a flagship brand of Aspira and the leading detergent brand in Nigeria, announces its partnership with Big Brother Naija as the official detergent sponsor for Season 9; Big Brother Naija Season 9 premieres on July 28, 2024; Viva aims to bring fresh and dynamic energy to the show and ensure the housemates experience the best cleanliness and hygiene; Santhosh Kumar Nair, Chief Marketing Officer of Aspira Nigeria Ltd., expresses excitement about the partnership and the opportunity to showcase Viva products to a diverse audience; Lynda Aguocha, Aspira's Head of Advertising, is thrilled to be part of the journey and looks forward to demonstrating Viva's superior cleaning power; Viva will take center stage in various show facets, from sponsoring tasks to providing game rewards, and will highlight the importance of cleanliness and the benefits of using Viva Detergent for everyday laundry needs; Viva's partnership with Big Brother Naija Season 9 aims to create an entertaining and spotlessly clean season

#Viva #BigBrotherNaija #Aspira #Detergent #Sponsorship #RealityTv #Cleanliness #Hygiene

https://www.legit.ng/business-economy/industry/1604678-viva-partners-big-brother-naija-unforgettable-season-9/


HDDs: The Hidden Backbone of Flash Storage's Success, Says Industry Expert Ghassan Azzi
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Industry expert Ghassan Azzi describes flash storage as an iceberg that is present everywhere; HDDs are the unsung heroes of the storage industry, storing vast quantities of data in the cloud; Flash storage is fast, small, tough, and can go anywhere, while HDDs power almost 80% of the cloud; Advancements in HDD technology are driving higher capacity, low power, and performance; A tiered storage approach optimizes capacity and performance by using flash for frequently accessed data and HDDs for less frequently accessed data.

#Hdds #FlashStorage #DataStorage #Technology #StorageTechnologies

https://www.legit.ng/business-economy/technology/1604605-hdds-hidden-backbone-flash-storages-success-industry-expert-ghassan-azzi/


US defends law forcing sale of TikTok app
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The US Justice Department has filed a response to TikTok's civil suit challenging a law that would require the app to be sold or face a ban in the US. TikTok argues that the law violates free speech rights, while the US government argues that it addresses national security concerns. The filing highlights concerns that TikTok's Chinese parent company, ByteDance, could comply with Chinese government demands for user data or censor content on the platform. The law focuses on foreign ownership of TikTok and is not seen as a First Amendment issue. The fate of the law could be determined by the Supreme Court. President Joe Biden signed the law earlier this year, setting a mid-January 2025 deadline for TikTok to find a non-Chinese buyer or face a ban. ByteDance has said it has no plans to sell TikTok.

#Tiktok #Bytedance #UsJusticeDepartment #FreeSpeech #NationalSecurity

https://www.legit.ng/business-economy/technology/1604593-us-defends-law-forcing-sale-tiktok-app/


Russian central bank hikes key rate to fight inflation
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Russia's central bank raised its key interest rate to 18 percent on Friday, the sixth hike in just over a year as it seeks to tame soaring price rises; Governor Elvira Nabiullina said Russian businesses were facing higher costs and payment problems as the West puts pressure on Russia's trading partners to stop helping it circumvent sanctions; Domestic prices have risen fast since Moscow launched its full-scale military offensive against Ukraine in February 2022, as massive government spending and skyrocketing wages have pushed up demand across the economy; The interest rate was previously at 16 percent and Nabiullina kept open the possibility of further hikes; Nabiullina said the economy was showing stubborn signs of "overheating" and pointed to trading difficulties as another factor driving up inflation; The United States has threatened banks and firms in the likes of China, Turkey and the United Arab Emirates with harsh penalties -- so-called "secondary sanctions" -- if they help Russia import goods the West has sanctioned over the Ukraine conflict; Russia is set to spend almost nine percent of its GDP on defence and security this year, according to President Vladimir Putin -- a figure unprecedented since the days of the Soviet Union as the country ramps up arms production to fight in Ukraine; Moscow's federal budget has jumped almost 50 percent over the last three years -- from 24.8 trillion rubles ($289 billion) in 2021, before the Ukraine offensive, to a planned 36.6 trillion rubles ($427 billion) this year; Consumer prices are a sensitive topic in Russia, where many people have virtually no savings and memories of hyperinflation and economic instability run deep; The Kremlin said Thursday it was concerned by high levels of inflation and that "measures" were being implemented to tackle the problem.

#RussianCentralBank #InterestRate #Inflation #ElviraNabiullina #Sanctions #Ukraine #DomesticDemand #SecondarySanctions #DefenceSpending #Budget #ConsumerPrices #Kremlin

https://www.legit.ng/business-economy/economy/1604502-russian-central-bank-hikes-key-rate-fight-inflation/


US Fed's favored inflation measure cools further in June
==========

The US Federal Reserve's favored inflation measure, the personal consumption expenditures (PCE) price index, eased to an annual rate of 2.5 percent in June, down slightly from 2.6 percent the previous month. However, inflation still remains above the Fed's long-term target of two percent. The labor market appears to be improving, and the economy grew at an annualized rate of 2.8 percent in the second quarter. US central bank policymakers have been sounding more optimistic about the chances of an interest rate cut. The closely watched core measure of inflation, excluding food and energy prices, eased to an annual rate of 2.6 percent in June.

#UsFederalReserve #Inflation #InterestRate #Economy

https://www.legit.ng/business-economy/economy/1604487-us-feds-favored-inflation-measure-cools-june/


US new home sales dip in June, missing estimates
==========

The sales rate of new family homes in the United States dipped in June, missing analyst estimates amid still elevated interest rates; New home sales in June came in at an annual, seasonally-adjusted rate of 617,000, below the 621,000 rate in May and under the 640,000 projected by analysts; Potential buyers are remaining in a holding pattern due to elevated mortgage rates that averaged near seven percent in June; The median price in June was $417,300, up 2.5 percent from the prior reading; Analysts expect that a reduction in the Fed's benchmark lending rate later this year will help mortgage rates decline further, boosting home sales.

#UsNewHomeSales #InterestRates #HousingMarket

https://www.legit.ng/business-economy/economy/1604098-us-home-sales-dip-june-missing-estimates/


Delta still struggling with effects of IT outage
==========

Delta Air Lines is still facing the effects of a global IT outage that occurred due to a flawed update to an antivirus program. As of Monday afternoon, Delta had canceled 784 flights and experienced 1,028 flight delays, more than its competitors American and United. The IT problem affects Delta's Microsoft Windows system, which is used for applications such as a crew tracking tool. Delta CEO Ed Bastian apologized to customers and issued a travel waiver for changes at no charge. The US Department of Transportation has reminded Delta of its responsibilities to customers and DOT's enforcement role. Transportation Secretary Pete Buttigieg stated that Delta will be held accountable for the disruptions and unacceptable customer service conditions. Delta's reliability and high-quality flying experience have been affected by the cancellations. Shares of Delta fell 1.9 percent in afternoon trading, while American and United climbed more than one percent.

#DeltaAirLines #ItOutage #FlightCancellations #FlightDelays #EdBastian #UsDepartmentOfTransportation #PeteButtigieg

https://www.legit.ng/business-economy/economy/1603679-delta-struggling-effects-outage/


Naira loses more value against dollar to start new week low despite CBN efforts
==========

The Nigerian currency, the naira, continued its downward slide against the US dollar despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency; In the official market, the naira closed the week on Friday, July 19, at N1,596/$1, representing a 1.92% or N30.10 loss of naira's value compared to the previous day's rate of N1,596.92/$1; The fall of the naira comes despite efforts by the CBN to help the naira recover in value in the FX markets; The CBN injected $106.5 million into the foreign exchange market in two days to enhance liquidity and ease FX demand pressure; The naira appreciated against the British pound sterling and the euro in the official market, gaining N15.19 against the pound and N7.32 against the euro; In the black market, the naira improved against the dollar, with one dollar selling at N1,580/$1 compared to the previous day's value of N1,635/$1; The CBN has asked Nigerians to expect the value of the Nigerian currency to improve in the coming months due to increasing domestic crude oil production and exports.

#Naira #Dollar #CentralBankOfNigeria #ExchangeRate #ForeignExchangeMarket

https://www.legit.ng/business-economy/money/1603476-new-exchange-rate-naira-falls-dollar/


Markets track Wall St loss with eyes on US race, China disappoints
==========

Asian equities sank in line with Wall Street as investors became uncertain about the presidential election and worried about China's economy. The White House is considering a crackdown on firms supplying chip technology to Beijing. Donald Trump called for Taiwan to pay Washington for help defending itself against China. Federal Reserve officials are ready to begin reducing rates due to a slowdown in inflation and a softening in the labor market. Initial jobless claims rose more than expected last week. The tech sector, which has led the surge in stocks this year, has taken a hit after the report of a warning from the White House over supplying China and Trump's warning over Taiwan. There is growing uncertainty over who will run against Trump in November's presidential election as calls for President Joe Biden to step aside continue to grow. Barack Obama has reportedly told allies that Biden should "seriously consider the viability of his candidacy". A Trump win is seen as positive for equities due to likely tax cuts and corporate deregulation, but there are worries about his plans to impose huge tariffs on Chinese imports. China's leaders provided no concrete support for the economy at a recent meeting in Beijing. Retail sales in China rose less than expected in June. Gross domestic product grew slower than forecast in the second quarter. Asian markets dropped following a bad day on Wall Street. Tokyo's Nikkei 225 was down 0.4 percent, Hong Kong's Hang Seng Index was down 1.8 percent, and Shanghai's Composite was down 0.5 percent. The euro was down against the dollar, while the pound was also down against the dollar. West Texas Intermediate was down 0.9 percent and Brent North Sea Crude was down 0.7 percent. The Dow was down 1.3 percent in New York, while the FTSE 100 was up 0.2 percent in London.

#AsianEquities #WallStreet #PresidentialElection #China'sEconomy #WhiteHouse #ChipTechnology #Taiwan #FederalReserve #Inflation #LaborMarket #TechSector #JoeBiden #BarackObama #Equities #Tariffs #ChineseImports #China'sLeaders #RetailSales #GrossDomesticProduct #AsianMarkets #Nikkei225 #HangSengIndex #ShanghaiComposite #Euro #Dollar #WestTexasIntermediate #BrentNorthSeaCrude #Dow #Ftse100

https://www.legit.ng/business-economy/economy/1603065-markets-track-wall-st-loss-eyes-race-china-disappoints/


US unveils Americas-wide plan to boost semiconductor production
==========

US Secretary of State Antony Blinken unveiled a plan for countries in the Americas to boost production of semiconductors. The plan aims to turbocharge countries' capacity to assemble, test, and package semiconductors, starting with Mexico, Panama, and Costa Rica. The goal is for the Americas to play a bigger role in the global supply chain for semiconductors, which are used in various products from cell phones to weapons systems. The plan is part of the Americas Partnership for Economic Prosperity program launched by President Joe Biden. The United States wants to diversify semiconductor supply chains in order to reduce dependence on China for this technology.

#SemiconductorProduction #Americas #SupplyChain #China #AntonyBlinken #Mexico #Panama #CostaRica #JoeBiden

https://www.legit.ng/business-economy/economy/1602816-us-unveils-americas-wide-plan-boost-semiconductor-production/


Division trumps unity in US election rhetoric
==========

Republican candidate Donald Trump and US President Joe Biden are engaged in a fierce rivalry ahead of the November election. Both candidates have emphasized 'unity' following an assassination attempt on Trump, but experts believe the divisive rhetoric will continue. Trump has aggressively attacked Biden, while Biden has labeled Trump an 'unhinged' would-be dictator. Despite calls for a more civil discourse, experts are skeptical that the hateful rhetoric will change. As the race to the White House intensifies, pundits are urging both campaigns to tone down the rhetoric and for the media to hold them accountable.

#UsElection #DonaldTrump #JoeBiden #Unity #Rhetoric

https://www.legit.ng/business-economy/technology/1602425-division-trumps-unity-election-rhetoric/


Expert Advises Tinubu’s Government on How to Boost Nigeria’s GDP, Settle National Debts
==========

Prof. Paul Udofia, founder of the King's College British American Institute of Science and Technology, advises the Nigerian government on two strategies to boost the country's GDP and settle national debts. He emphasizes the need for a dedicated agency to harness local content and promote homegrown inventors. Udofia has submitted a proposal to the federal government and donated a two-story building to create the National Agency for the Discovery and Promotion of Nigerian Inventors and Investors. He envisions this agency hosting an annual event called the Nigerian Inventors and Investors Carnival. Udofia highlights the importance of promoting domestic innovations, citing examples such as a car that runs on water, armed robbers sprinklers, and an electromagnetic wave transmitter that prevents gunshots. He criticizes the focus on external solutions and urges the government to invest in local talent and innovations. Udofia calls on citizens and patriots to support local inventions and invest in the country's creative potential.

#Nigeria #Gdp #NationalDebts #LocalContent #Inventors #Innovations

https://www.legit.ng/nigeria/1602027-expert-advises-tinubus-government-ways-boost-nigerias-gdp-pay-debts/


Nigeria’s Business Landscape: The Runners and the Believers
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The Nigerian economic landscape is facing multiple challenges, with several multinational companies exiting or planning to leave the country. The economy operates as a middle-income, mixed economy, and an emerging market. It has an extensive range of sectors including manufacturing, financial services, communications, technology, and entertainment. However, businesses in Nigeria are struggling, with alarming numbers of companies withdrawing from the country. The inflation rate in Nigeria has skyrocketed to its highest level in years, reaching 33.95%. The business environment in Nigeria is becoming increasingly untenable due to persistent foreign exchange challenges and high operational costs resulting from fuel shortages, removal of fuel subsidies, exchange rate reforms, and unreliable electricity supply. The telecom sector, which contributes significantly to government revenue, is at risk of collapsing, potentially affecting other industries. The government needs to implement comprehensive policy reforms, stabilize the foreign exchange market, invest in infrastructure, and foster a supportive regulatory body to address the economic challenges. While some companies have exited the country, others, such as MTN Nigeria, Dangote, and Air Peace, have stayed back and continue to invest, showing their belief in Project Nigeria. The government must support these companies to stay viable as their failure would be catastrophic for the entire economy.

#Nigeria #Business #Economy #MultinationalCompanies #Inflation #ForeignExchange #OperationalCosts #TelecomSector #PolicyReforms #Investment #RegulatoryBody

https://www.legit.ng/business-economy/industry/1600938-nigerias-business-landscape-runners-believers-by-dr-falade-muritala-adesola/


Pakistan reaches $7 bn aid deal with IMF
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The International Monetary Fund (IMF) has reached a new $7 billion loan deal with Pakistan to bolster its faltering economy. In exchange, Pakistan has agreed to conduct further reforms, including widening its low tax base. Pakistan's economy has been struggling due to political chaos, monsoon floods, mismanagement, and the global economic downturn. The new three-year deal, still pending approval by the IMF Executive Board, aims to stabilize the macroeconomy and promote stronger and more inclusive growth. Pakistan aims to raise nearly $46 billion in tax revenue during the 2024-25 fiscal year, a 40 percent increase from the previous year. The government plans to reduce its fiscal deficit by 1.5 percent to 5.9 percent and address its huge public debt of $242 billion. However, analysts criticize the reforms as surface-level and not addressing underlying problems. Protests have already occurred over tax and bill hikes introduced in last month's budget, and more demonstrations are expected. The IMF anticipates two percent growth in Pakistan's economy this year, with inflation expected to reach nearly 25 percent year-on-year.

#Pakistan #Imf #Economy #Loan #TaxReforms

https://www.legit.ng/business-economy/economy/1602028-pakistan-reaches-7-bn-aid-deal-imf/


Dollar exchanges for new rate in official, black markets as FX turnover rises
==========

The naira depreciated to N1,554.66 to a dollar in the official market and N1,570 in the parallel market. Traders exchanged a total of $348.82 million as foreign exchange turnover in the official market. The gap between the official and parallel markets has widened further by about N16 to a dollar. Nigeria's external reserves have risen to $35.05 billion as of July 8, 2024. The naira appreciated against the British pound in the official foreign exchange market.

#Naira #ForeignExchange #OfficialMarket #ParallelMarket #FxTurnover #ExchangeRate #Nigeria

https://www.legit.ng/business-economy/economy/1601861-naira-crushed-official-parallel-markets-dollar-inflow-improves/


Ericsson posts $1bn quarterly loss on Vonage write down
==========

Swedish telecommunications equipment manufacturer Ericsson reported a $1.0 billion quarterly loss after writing down the value of its purchase of cloud-based communications operator Vonage. Ericsson acquired Vonage in 2022 for $6.2 billion, but already wrote down its value by $2.9 billion last year. Another write down of 11.4 billion Swedish kronor ($1.1 billion), mostly attributable to Vonage, was behind the 1.0 billion kronor loss in the second quarter. Ericsson's second quarter adjusted operating profit rose by 10 percent from the same period last year to 4.1 billion kronor. Sales, however, slid by 7 percent in the April-June period to 59.8 billion kronor, although they rose by 14 percent in the North American market. Ericsson CEO Borje Ekholm defended the acquisition, stating that Vonage remains foundational to build out a global platform for network APIs and drive future growth in the telecoms industry. Ekholm also noted that market growth slowing was the reason for the write down. Ericsson, along with Nokia and Huawei, dominates the market for 5G mobile network communications equipment, and the Vonage acquisition was aimed at diversifying into a growth market. Ericsson announced 1,200 job cuts in Sweden in March and has already announced 8,500 job cuts throughout last year to reduce costs.

#Ericsson #Vonage #Telecommunications #QuarterlyLoss #WriteDown

https://www.legit.ng/business-economy/economy/1601841-ericsson-posts-1bn-quarterly-loss-vonage-write-down/


AI accessibility? Blind gamer puts ChatGPT to the test
==========

Blind eSports player Masahiro Fujimoto, also known as Mashiro, tested the latest version of AI chatbot ChatGPT on his way to a Para eSports meet-up. The AI chatbot, developed by OpenAI, understands voice, text, and image commands in multiple languages. Mashiro used the chatbot to navigate his way to the stadium, asking for directions and requesting further details for blind people. While the experiment was challenging due to the chatbot's limited recognition of Japanese words and locations, Mashiro believes that AI has enormous potential to empower individuals with disabilities and promote independence. However, experts caution that AI needs to improve its accuracy and be trained on more diverse datasets to cater to the full spectrum of people's perceptions and needs.

#Ai #Accessibility #BlindGamer #Chatgpt #Esports #Openai #Disabilities

https://www.legit.ng/business-economy/technology/1601605-ai-accessibility-blind-gamer-puts-chatgpt-test/


Archegos founder Bill Hwang guilty in multibillion-dollar fraud case
==========

Bill Hwang, founder of Archegos Capital Management, has been found guilty of fraud and market manipulation in a case related to the fund's 2021 implosion. Hwang was convicted on 10 of the 11 charges he faced and could face life in prison. Archegos, a family-owned hedge fund, had taken large bets on stocks with borrowed money from banks. When one of those bets went wrong, the fund was unable to cover the losses, leading to its collapse and causing $10 billion in losses for major financial institutions. Credit Suisse was the hardest hit, losing $5.5 billion. Archegos's former CFO, Patrick Halligan, was also found guilty on three counts. The case revealed that Hwang had instructed an executive to misrepresent Archegos's finances. The fund had taken stakes in several companies, including ViacomCBS, with the goal of driving up share prices. However, when ViacomCBS announced a capital increase, triggering a sell-off, the value of Archegos's shares plummeted, impacting the banks that had provided funds to the firm.

#Archegos #BillHwang #Fraud #MarketManipulation #HedgeFund #Banks #CreditSuisse #PatrickHalligan #Viacomcbs

https://www.legit.ng/business-economy/economy/1601603-archegos-founder-bill-hwang-guilty-multibillion-dollar-fraud-case/


US tightens steel, aluminum import rules to curb China tariff evasion
==========

The United States has announced stricter rules on steel and aluminum imports from Mexico to prevent China-origin goods from avoiding tariffs. Steel arriving via Mexico will qualify for duty-free benefits only if melted and poured in Mexico, the United States, or Canada. Otherwise, they will face tariffs of 25 percent. Aluminum imports from Mexico that contain primary aluminum smelt or cast in China, Belarus, Iran, or Russia will also face a 10 percent tariff. Mexico will require importers to provide information about the products' countries of origin. The US officials warned that tariff evasion would undermine its investments and hurt American workers. The measures are aimed at preventing excess industrial capacity in China and ensuring the long-term viability of the US steel and aluminum industries.

#Us #Steel #Aluminum #Imports #China #Tariffs #Mexico

https://www.legit.ng/business-economy/economy/1601535-us-tightens-steel-aluminum-import-rules-curb-china-tariff-evasion/


Naira reverses gains in all markets as dealers, banks sell dollar at new rates
==========

The naira has reversed the gains of Friday, July 5, 2024, after it depreciated to N1,523 per dollar in the official market. Currency dealers quoted the naira at a high of N1,540.75 and a low of N1,474.05 per dollar. The local currency crashed by 0.35% in the parallel market, trading at N1,530 per dollar, a three-month low. The naira depreciated against the US dollar on Monday, July 8, 2024, despite improved Forex turnover in the official foreign exchange market. Analysts believe the early gains recorded in the official market were due to improved liquidity and enhanced inflows into the Nigerian FX reserve, which increased by $110 million in 24 hours on Sunday, July 7, 2024, to $34.7 billion. The black market depreciation represents a 0.65% loss compared to the N1,520 quoted in the parallel market on Friday, July 5, 2024. Forex trader and financial analyst Jude Ude disclosed that importers' renewed pressure on the dollar led to the crash of the Nigerian currency. The naira crossed the N1,500/$ mark in the official and parallel markets on Wednesday, June 3, 2024. Currency dealers in the official market quoted the spot rate at a high of N1,535 per dollar and a low of N1,445.

#Naira #ExchangeRates #ForeignExchangeMarket #Depreciation #ForexTurnover #BlackMarket #Liquidity #Inflows #FxReserve #Importers #DollarPressure

https://www.legit.ng/business-economy/economy/1601229-new-exchange-rates-naira-reverses-gain-crashes-official-black-markets-fx-reserve-rise/


Boeing, DoJ reach deal over MAX crashes case
==========

Boeing has reached an agreement with the US Department of Justice (DoJ) over two fatal 737 MAX crashes. The agreement involves Boeing pleading guilty to fraud and paying a fine. The company must also invest a minimum of $455 million in compliance and safety programs. The compensation for the families of the victims will be determined by the court. The deal comes after prosecutors found that Boeing had violated an earlier settlement related to the crashes. Families of the victims expressed disappointment with the agreement, stating that it demonstrates Boeing's continued prioritization of profits over safety.

#Boeing #Doj #737Max #Crashes #Fraud #Settlement

https://www.legit.ng/business-economy/economy/1601012-boeing-doj-reach-deal-max-crashes-case/


Tinubu's policies affecting us, Estate surveyors decry economic hardship
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The Nigerian Institution of Estate Surveyors and Valuers (NIESV) expressed concerns about the impact of government policies on the real estate sector. The institution’s president, ESV Victor Alonge, underscored its commitment to playing a critical role in shaping policies that affect the real estate sector. Alonge also highlighted the importance of government policies in regulating and governing the real estate business. The NIESV has voiced concerns over the impact of President Bola Ahmed Tinubu’s government policies on the real estate sector. Alonge called on Tinubu to ensure a more proactive policy formulation and implementation approach to support the real estate sector and the broader economy. The NIESV stressed the importance of government policies in regulating and governing the real estate business, highlighting the need for estate surveyors to be actively involved in policy formulation and implementation. Former President Olusegun Obasanjo described President Bola Ahmed Tinubu’s policies on fuel and exchange rates as necessary but “wrongly implemented.”

#EstateSurveyors #Niesv #VictorAlonge #BolaAhmedTinubu #RealEstateSector #GovernmentPolicies #EconomicHardship

https://www.legit.ng/nigeria/1600901-policies-greatly-affecting-estate-surveyors-sends-crucial-message-tinubu/


New Zealand adjusts work visa criteria for spouses of international students
==========

New Zealand has amended its immigration rules to allow partners and spouses of international students to qualify for work visas. The new rule applies to international students enrolled in particular higher education programmes. It also allows international students to apply for visas for their school-aged children. The changes aim to make the country more attractive for students and their families by easing work eligibility criteria. Spouses of students enrolled in higher education schemes aligned with the country's Green List are now eligible for visas. The Green List identifies occupations in high demand in New Zealand. The new guidelines apply to spouses of students studying Level 7 or 8 qualifications, including graduate certificates, graduate diplomas, Bachelor's degrees, postgraduate certificates, postgraduate diplomas, and Bachelors Honours degrees. The updated Green List includes a comprehensive range of Bachelor's degrees and Bachelor's Honours qualifications that could lead to professional registration. Partners and spouses of the newly accessible work visas can also support their dependent school-aged children, allowing them to apply for a Dependent Child Student Visa.

#NewZealand #WorkVisa #InternationalStudents #Spouses #HigherEducation #GreenList

https://www.legit.ng/business-economy/money/1600908-new-zealand-work-visa-rules-ease-applications-spouses-foreign-students/


Filling Stations to Adjust Petrol Prices Again as Depots Increase Prices to N710 Per Litre
==========

Petrol stations in Nigeria may increase their pump prices again due to an increase in the ex-depot price of petrol. Independent oil marketers blame the scarcity of petrol on private depots' hike in the ex-depot price of petrol to N710 per litre, while the pump price at NNPC stations is N617 per litre. Motorists have formed long queues at NNPC stations as filling stations operated by independent marketers have shut down. The Independent Petroleum Marketers of Nigeria (IPMAN) is in talks with NNPC to secure supplies. The scarcity has led to some marketers stopping petrol imports and sales. NNPC spokesperson Olufemi Soneye has debunked reports that NNPC owes marketers about $6 billion in backlog payments. NNPC has also denied forcing customers to buy lubricants or engines as a condition for purchasing fuel at its retail stations.

#Petrol #FuelScarcity #Nigeria #Nnpc #IndependentOilMarketers

https://www.legit.ng/business-economy/energy/1600902-filling-stations-adjust-petrol-prices-depots-increase-pirces-n710-litre/


US hiring cools in June, unemployment up slightly: govt
==========

The US economy added 206,000 jobs in June, slower than May's figure of 218,000 but beating analyst expectations. The jobless rate ticked up from 4.0 percent to 4.1 percent. Wage growth slowed from 0.4 percent in May to 0.3 percent in June. President Joe Biden faces challenges in convincing the public of his economic policies. The latest report comes after a slump in activity in the manufacturing and services sectors, alongside easing inflation. The Federal Reserve could start talks about cutting rates at their next policy meeting and lower the policy rate in September if the data continue to show moderation. The labor market has cooled gradually for the past two years and has reached a sustainable new normal, according to economists. However, significant slowing beyond the current pace of activity would likely raise the risk of overcooling.

#UsEconomy #Jobs #Unemployment #WageGrowth #JoeBiden #FederalReserve

https://www.legit.ng/business-economy/economy/1600739-us-hiring-cools-june-unemployment-slightly-govt/


Asian stocks extend gains, dollar dips as US data builds on rate hope
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Asian equities rose and the dollar slipped further on Thursday as investors welcomed more data pointing to a softening labour market that gives the Federal Reserve room to cut interest rates. Figures showed the private sector created fewer jobs than expected last month, while first-time and continuing claims for jobless benefits also topped forecasts. A survey showed services sector activity contracted in June at the fastest pace in four years. Markets are pricing in nearly two rate reductions this year, starting in November. The Dow ended slightly lower, but the S&P 500 and Nasdaq chalked up more record highs. Tokyo, Hong Kong, Sydney, Seoul, Taipei, Manila, and Jakarta all saw gains in their stock markets. The euro edged up against the dollar after news that more than 200 centrist and left-wing candidates had pulled out of Sunday's legislative election runoff in France in a bid to beat the far right. The pound was enjoying support ahead of Thursday's general election in the UK, which is expected to see the opposition Labour Party win a landslide against the ruling Conservatives after 14 years in government.

#AsianStocks #Dollar #UsData #RateHope #LaborMarket #InterestRates #PrivateSector #JoblessBenefits #ServicesSector #RateReductions #StockMarkets #Euro #LegislativeElection #GeneralElection #LabourParty #Conservatives

https://www.legit.ng/business-economy/economy/1600454-asian-stocks-extend-gains-dollar-dips-data-builds-rate-hope/


He'll quit: Shehu Sani reacts as Biden vows to stay in US presidential race
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Former Kaduna senator Shehu Sani expresses concern as U.S. President Joe Biden vows to stay in the 2024 presidential race. Biden reportedly told his campaign team he would remain a candidate days after a stumbling debate with Donald Trump. Shehu Sani predicts that Biden will eventually quit the US presidential election race. Biden's performance during the debate with Trump stirred controversy. In a related development, former US President Donald Trump accuses Biden of doing a 'poor job' on the US economy and presiding over a rise in inflation.

#JoeBiden #ShehuSani #DonaldTrump #UsPresidentialElection

https://www.legit.ng/politics/1600453-donald-trump-joe-biden-shehu-sani-speaks-presidential-election-eventually-quit/


Video Shows US Company Assembling Electric Cars at Lagos Plant, Ready To Rival Innoson, Dangote
==========

American electric vehicle manufacturer Saglev has established an electric car assembly plant in Lagos, Nigeria. The company released a video showcasing its production lines and features. The CEO of Saglev, Sam Faleye, stated that the company's electric cars can cover 300km on a single charge, equivalent to driving from Oshodi to Ajah in Lagos 10 times. The video also revealed that one of the Saglev electric cars sells for N137 million. In a related development, Nigerian energy company Egoras Technology plans to unveil its electric vehicle charging station, Egostation, in Port Harcourt, Rivers State.

#ElectricVehicles #Nigeria #Saglev #InnosonMotors #Dangote #EgorasTechnology #EvChargingStation

https://www.legit.ng/business-economy/money/1599993-video-shows-company-assembling-electric-cars-lagos-plant-ready-rival-innoson-dangote/


Boeing says to buy subcontractor Spirit for $4.7 billion
==========

Boeing announced that it will buy its subcontractor Spirit in an all-stock transaction valued at approximately $4.7 billion. The deal aims to align their commercial production systems, safety and quality management systems, and workforce. Spirit AeroSystems builds fuselages and other parts for both Airbus and Boeing, with Boeing being its biggest customer. The two companies have faced scrutiny over production quality control since a near-catastrophic incident in January involving a 737 MAX. The acquisition is seen as being in the best interest of the flying public, airline customers, employees, shareholders, and the country. The deal was announced by Boeing President and CEO Dave Calhoun.

#Boeing #Spirit #Acquisition #AerospaceIndustry

https://www.legit.ng/business-economy/economy/1599891-boeing-buy-subcontractor-spirit-47-billion/


Economic Hardship, Insecurity: Former Minister, Labaran Maku Advises Tinubu on What to do
==========

Former Minister Labaran Maku advised President Bola Tinubu to prioritize national unity by implementing inclusive policies and appointments. Maku stressed the importance of effective economic management to sustain democracy and urged Tinubu to implement economic policies to stabilize the economy. He highlighted the need to manage monetary policies to prevent the devaluation of the naira. Maku also pointed out that a stable naira would attract more companies to Nigeria, boosting the economy and creating jobs.

#LabaranMaku #BolaTinubu #Nigeria #EconomicHardship #Insecurity #NationalUnity #EconomicManagement

https://www.legit.ng/nigeria/1599721-economic-hardship-insecurity-minister-labaran-maku-advises-tinubu-what-do/


"It was sold for N3.5 million": Expert speaks on new economy tickets price to UK, US
==========

Yinka Folami, the President of the National Association of Nigeria Travel Agencies (NANTA), expressed concerns about the decline in Nigeria's travel industry despite its gradual stabilization. He attributed the decline to the difference in the exchange rate for ticket sales, which is higher than the black market rate. Tourists are encouraged to source foreign currency through the black market for cross-border ticket purchases. Folami also mentioned the 40% market share loss reported a few months ago and the issue of cross-border currency exchange. He claimed that foreign airlines operating in Nigeria prevented passengers from purchasing tickets due to difficulties in returning the revenue made from ticket sales. However, the Central Bank of Nigeria (CBN) has released 98% of the detained funds, and the cost of fares has gradually dropped. Economy tickets to London now range from N1.2 to N1.5 million, and for the US, the average is between N1.5 and N2 million, compared to the previous price of N3 million to N3.5 million. The lower inventory fares have been opened, resulting in a 40% drop in fares. The Nigerian government is also working on enabling Nigerian airlines to run overseas routes, particularly to the United States and South American countries.

#Nigeria #TravelIndustry #Economy #ExchangeRate #TicketSales #BlackMarket #ForeignCurrency #CentralBankOfNigeria #Nanta #Airlines

https://www.legit.ng/business-economy/industry/1599652-sold-n35-million-expert-speaks-economy-tickets-price-uk-us/


US investigative agency sanctions Boeing for discussing probe
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The National Transportation Safety Board (NTSB) has sanctioned Boeing for discussing an ongoing probe of a near-catastrophic aviation incident publicly. The NTSB stated that Boeing violated investigative regulations and will block the company from reviewing information gathered in its investigation. Boeing is also barred from asking questions of other participants at an investigative hearing on the case. The investigation concerns a January 5 Alaska Airlines flight on a Boeing 737 MAX that made an emergency landing after a fuselage panel blew out mid-flight. Boeing apologized to the NTSB and stated that it stands ready to answer any questions as the agency continues its investigation.

#Boeing #NationalTransportationSafetyBoard #AviationIncident #Investigation #AlaskaAirlines #737Max

https://www.legit.ng/business-economy/economy/1599498-us-investigative-agency-sanctions-boeing-discussing-probe/


$23.29bn: Naira against dollar hits new trend as CBN intervened in FX market
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The Central Bank of Nigeria (CBN) has seen a surge in forex turnover at the official foreign currency market, reaching $23.29 billion in less than six months. The value of the naira against the US dollar fluctuated between N980 and N1,500 between January and June. The stability of the naira is attributed to low demand and increased dollar inflows, which have reinforced the foreign reserves. The CBN implemented several reforms to increase liquidity in the forex market, including unifying exchange rate windows, liberalizing the foreign exchange market, and addressing excessive speculation and hoarding by Nigerian banks. Financial analysts predict that the naira could see a boost in the coming weeks due to the federal government's plan to utilize a $2.25 billion loan granted to Nigeria for economic reforms. The loan is intended to bolster revenue and address the cost-of-living crisis.

#Naira #ForexMarket #CentralBankOfNigeria #Dollar #ForeignReserves

https://www.legit.ng/business-economy/money/1598840-between-n980-n1500-cbns-intervention-sets-trend-naira-dollar/