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/