Malaysia to build massive chip design park: PM
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Malaysian Prime Minister Anwar Ibrahim has announced plans to build a massive chip design park in Selangor state. The park aims to boost Malaysia's role in the global chip industry and go beyond production to become a chip design powerhouse. The project is a significant step for Malaysia, which has long been a chip manufacturing hub. Tensions between the US and China have led many firms to consider relocating their manufacturing from China to countries like Malaysia. The Malaysian government is actively pursuing investment in its semiconductor industry.
#Malaysia #ChipDesignPark #SemiconductorIndustry
https://www.legit.ng/business-economy/economy/1588932-malaysia-build-massive-chip-design-park-pm/
Malaysia to build massive chip design park: PM
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Malaysian Prime Minister Anwar Ibrahim has announced plans to build a massive chip design park in Selangor state. The park aims to boost Malaysia's role in the global chip industry and go beyond production to become a chip design powerhouse. The project is a significant step for Malaysia, which has long been a chip manufacturing hub. Tensions between the US and China have led many firms to consider relocating their manufacturing from China to countries like Malaysia. The Malaysian government is actively pursuing investment in its semiconductor industry.
#Malaysia #ChipDesignPark #SemiconductorIndustry
https://www.legit.ng/business-economy/economy/1588932-malaysia-build-massive-chip-design-park-pm/
Naira Faces 2 New Threats As Dollar Value Rises in Official and Unofficial Markets
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The Nigerian currency, the Naira, has depreciated in the official and unofficial foreign exchange markets due to the re-emergence of currency speculators using two cryptocurrency platforms, BYBIT and BITGET. The Naira weakened by 1.4% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and by N30 against the dollar in the unofficial markets. The recent fall of the Naira has been attributed to the return of forex speculators who rushed to crypto platforms to drive up the dollar's value for gains. There are calls on social media for the Nigerian government to stop the operations of these peer-to-peer crypto platforms to prevent further depreciation of the Naira. Vice President Kashim Shettima is optimistic that the Naira will regain its status as a strong currency.
#Naira #Dollar #Cryptocurrency #ForeignExchangeMarkets #Speculators
https://www.legit.ng/business-economy/money/1588876-nigerian-government-identify-threats-naira-dollar-rises-fx-markets/
"Threat to life": Nigerian-American drags man to court over lease dispute
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Timothy Sule, a Nigerian-American, plans to take Yakubu Inu-Umoru to court over the alleged vandalization of his late father's property in Edo. The property, a five-bedroom duplex in Auchi, was leased to Inu-Umoru in 2020. Sule claims that Inu-Umoru breached the lease agreement and threatened to destroy the property. Sule has alerted the US Embassy in Nigeria about the alleged threat to life and property. Inu-Umoru is demanding compensation of N3 million for the improvements he made to the property.
#LeaseDispute #Property #Vandalization #Lawsuit #ThreatToLife #Edo
https://www.legit.ng/nigeria/1588875-us-citizen-vows-prosecute-inu-umoru-vandalising-familys-property-edo/
Splashy Saudi mega-project NEOM chases Chinese funds
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The roadshow for NEOM, a Saudi megacity project, has concluded a tour in China to court Chinese investors. The project, led by Crown Prince Mohammed bin Salman, aims to create a futuristic city with a $500 billion price tag. The roadshow showcased plans for a ski resort, mirror-encased skyscrapers, and other developments. While no major deals were announced, the tour provided insight into NEOM's evolution since its announcement in 2017. Recent reports suggest that NEOM's construction and population targets are being scaled back. NEOM's executive director, Tarek Qaddumi, emphasized the project's goal of balancing nature conservation, human livability, and economic prosperity. The exhibition in Hong Kong helped make NEOM less mysterious, but reactions were mostly neutral. The Line, a centerpiece of NEOM, is a 170-kilometer-long development consisting of two mirror-encased skyscrapers. However, some attendees expressed reservations about living in The Line, comparing it to being isolated in a simulated city. Revised projections indicate that only 300,000 people will be living in The Line by 2030, far below the initial target of one million. NEOM's executive director stated that the population target of nine million will be met over time. Other elements of NEOM, such as the luxury yachting island Sindalah and the futuristic ski resort Trojena, are expected to be completed by the end of the year and before 2029, respectively. NEOM's investor roadshow has also included stops in Europe and the United States. The project is part of Saudi Arabia's Vision 2030 initiative to diversify its economy and reduce dependence on oil. Some major projects have been pushed past the 2030 timeline, and officials have indicated that projects tied to specific events, like the 2034 World Cup, will be prioritized. The Saudi government is seeking consistent and sustainable foreign investment growth from various sectors.
#SaudiArabia #Neom #CrownPrinceMohammedBinSalman #China #Investment #Megacity #Development #Vision2030
https://www.legit.ng/business-economy/economy/1588817-splashy-saudi-mega-project-neom-chases-chinese-funds/
Splashy Saudi mega-project NEOM chases Chinese funds
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The roadshow for NEOM, a Saudi megacity project, has concluded a tour in China to court Chinese investors. The project, led by Crown Prince Mohammed bin Salman, aims to create a futuristic city with a $500 billion price tag. The roadshow showcased plans for a ski resort, mirror-encased skyscrapers, and other developments. While no major deals were announced, the tour provided insight into NEOM's evolution since its announcement in 2017. Recent reports suggest that NEOM's construction and population targets are being scaled back. NEOM's executive director, Tarek Qaddumi, emphasized the project's goal of balancing nature conservation, human livability, and economic prosperity. The exhibition in Hong Kong helped make NEOM less mysterious, but reactions were mostly neutral. The Line, a centerpiece of NEOM, is a 170-kilometer-long development consisting of two mirror-encased skyscrapers. However, some attendees expressed reservations about living in The Line, comparing it to being isolated in a simulated city. Revised projections indicate that only 300,000 people will be living in The Line by 2030, far below the initial target of one million. NEOM's executive director stated that the population target of nine million will be met over time. Other elements of NEOM, such as the luxury yachting island Sindalah and the futuristic ski resort Trojena, are expected to be completed by the end of the year and before 2029, respectively. NEOM's investor roadshow has also included stops in Europe and the United States. The project is part of Saudi Arabia's Vision 2030 initiative to diversify its economy and reduce dependence on oil. Some major projects have been pushed past the 2030 timeline, and officials have indicated that projects tied to specific events, like the 2034 World Cup, will be prioritized. The Saudi government is seeking consistent and sustainable foreign investment growth from various sectors.
#SaudiArabia #Neom #CrownPrinceMohammedBinSalman #China #Investment #Megacity #Development #Vision2030
https://www.legit.ng/business-economy/economy/1588817-splashy-saudi-mega-project-neom-chases-chinese-funds/
Mass protests in Canary Islands decry overtourism
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Tens of thousands of demonstrators hit the streets across Spain's Canary Islands on Saturday to demand changes to the model of mass tourism they say is overwhelming the Atlantic archipelago. Organizers say mass tourism perpetuates an economic model that harms local residents and are demanding the authorities limit the numbers. Police said 20,000 demonstrators had turned out for the demonstrations, but organizers put the figure closer to 50,000. Some four out of 10 residents work in tourism which accounts for 36 percent of the islands' GDP. Last year, some 16 million visited the Canary Islands, more than seven times its population of some 2.2 million, which the collective says is unsustainable for the archipelago's limited resources.
#CanaryIslands #Protests #Overtourism #Tourism #Demonstrators
https://www.legit.ng/business-economy/economy/1588790-mass-protests-canary-islands-decry-overtourism/
Mass protests in Canary Islands decry overtourism
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Tens of thousands of demonstrators hit the streets across Spain's Canary Islands on Saturday to demand changes to the model of mass tourism they say is overwhelming the Atlantic archipelago. Organizers say mass tourism perpetuates an economic model that harms local residents and are demanding the authorities limit the numbers. Police said 20,000 demonstrators had turned out for the demonstrations, but organizers put the figure closer to 50,000. Some four out of 10 residents work in tourism which accounts for 36 percent of the islands' GDP. Last year, some 16 million visited the Canary Islands, more than seven times its population of some 2.2 million, which the collective says is unsustainable for the archipelago's limited resources.
#CanaryIslands #Protests #Overtourism #Tourism #Demonstrators
https://www.legit.ng/business-economy/economy/1588790-mass-protests-canary-islands-decry-overtourism/
JP Morgan CEO Renews Criticism, Calls Bitcoin a 'Fraud' And 'Ponzi Scheme'
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Jamie Dimon, the Chief Executive Officer of JP Morgan, reaffirmed his stance on Bitcoin, calling it a 'public decentralized Ponzi scheme.' Dimon reiterated his skepticism about Bitcoin's viability as a currency, emphasizing his long-standing belief that it lacks prospects in that area. He acknowledged the significance of blockchain technology and smart contracts, but consistently condemned Bitcoin, linking it to illicit activities like money laundering and terrorism financing. Dimon has previously suggested that if these negative use cases cannot be addressed, regulators should shut down Bitcoin. The price of Bitcoin surged above $70,000 in March 2024 and currently hovers around the $63,000 mark, resulting in a market value of $1.2 trillion.
#Bitcoin #JpMorgan #JamieDimon #Cryptocurrency #PonziScheme #Fraud
https://www.legit.ng/business-economy/money/1588776-jp-morgan-ceo-renews-criticism-calls-bitcoin-a-fraud-ponzi-scheme/
Elon Musk's X fights Australian watchdog over church stabbing posts
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Elon Musk's X is challenging an Australian watchdog's order to remove content related to the stabbing of a priest during a live-streamed church service in Sydney. The social media platform complied with an initial directive to remove certain posts in Australia, but later received a demand to globally withhold the posts. X said it would robustly challenge the demand in court, arguing that the eSafety Commissioner does not have the authority to dictate global content bans. The posts in question, which showed the brutal attack, have been blamed for fueling tensions in the community. The eSafety watchdog is working to ensure X's compliance with Australian law and is considering further regulatory action. New South Wales Premier Chris Minns criticized X's response, calling for stronger rules governing social media companies.
#ElonMusk #X #AustralianWatchdog #ChurchStabbing #SocialMedia #EsafetyCommissioner #Compliance #RegulatoryAction #NewSouthWalesPremier #SocialMediaCompanies
https://www.legit.ng/business-economy/technology/1588732-elon-musks-x-fights-australian-watchdog-church-stabbing-posts/
Dangote Refinery buys more crude, sets date to begin sale of fuel to Nigerians
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Dangote Refinery has bought more crude oil from the United States as it prepares to begin the sale of petrol. The United States sells cheaper crude oil. The Dangote refinery is readying two units to enable gasoline (petrol) output. Petrol deliveries will start in May 2024. The refinery announced a reduction in the price of diesel from ₦200/litre to ₦1,000/litre. Indigenous refineries can now buy crude oil in naira or dollars. Entities like Dangote and other modular refineries nationwide must now decide which currencies to pay for crude oil.
#DangoteRefinery #FuelSale #CrudeOil #Petrol #Diesel
https://www.legit.ng/business-economy/industry/1588584-dangote-refinery-set-sale-petrol-diesel-crude-production/
Dangote Refinery buys more crude, sets date to begin sale of fuel to Nigerians
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Dangote Refinery has bought more crude oil from the United States as it prepares to begin the sale of petrol. The United States sells cheaper crude oil. The Dangote refinery is readying two units to enable gasoline (petrol) output. Petrol deliveries will start in May 2024. The refinery announced a reduction in the price of diesel from ₦200/litre to ₦1,000/litre. Indigenous refineries can now buy crude oil in naira or dollars. Entities like Dangote and other modular refineries nationwide must now decide which currencies to pay for crude oil.
#DangoteRefinery #FuelSale #CrudeOil #Petrol #Diesel
https://www.legit.ng/business-economy/industry/1588584-dangote-refinery-set-sale-petrol-diesel-crude-production/
Apple drops WhatsApp, Threads from China app store on official order: report
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Apple has removed the Meta-owned WhatsApp and Threads from its App Store in China following an order from the country's top internet regulator, the Cyberspace Administration of China (CAC), due to national security concerns. China is a key market for Apple, and this move will complicate the ability of new iPhone users to access these apps. The removal comes as China engages in extensive internet censorship, blocking popular platforms like Google, Facebook, WhatsApp, and TikTok. Apple stated that it is obligated to follow the laws in the countries where it operates, even when it disagrees.
#Apple #China #Whatsapp #Threads #InternetCensorship
https://www.legit.ng/business-economy/technology/1588555-apple-drops-whatsapp-threads-china-app-store-official-order-report/
Japan doctors sue Google Maps over 'punching bag' reviews
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Around 60 doctors in Japan have filed a class-action lawsuit against Google Maps, accusing the platform of ignoring vitriolic reviews of their clinics. The doctors are seeking 1.4 million yen ($9,000) in total damages from Google, claiming that they are unable to reply to or refute reputation-damaging reviews due to patient confidentiality obligations. The lawsuit is believed to be the first of its kind in Japan to target a platform over negative online reviews. The plaintiffs argue that doctors may become hesitant to refuse medically unnecessary examinations or medicines if the situation remains unaddressed, ultimately harming society. Google stated that it is making efforts to reduce inaccurate and misleading content on Google Maps.
#Japan #Doctors #Lawsuit #GoogleMaps #OnlineReviews
https://www.legit.ng/business-economy/technology/1588550-japan-doctors-sue-google-maps-punching-bag-reviews/
Yellen says US set to tighten sanctions on Iran soon
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Treasury Secretary Janet Yellen warned of further sanctions targeting Iran following its attack on Israel. Yellen expects additional sanctions to be imposed in the coming days and stated that the Treasury will work with US allies to disrupt Iran's activities. The US has been using economic tools to counter Iran's activity, including targeting its drone and missile programs and financing of groups like Hamas. Yellen also outlined US priorities during the spring meetings, including deepening ties with allies and partners and engaging with China on issues like excess industrial capacity. She mentioned the need for decisive and coordinated action on climate change. Yellen also mentioned the US's commitment to supporting Ukraine and constricting Russia's ability to wage war, and the possibility of seizing Russian assets to make them pay for the damage caused. She expects to have further conversations with allies this week. The article does not provide a publication date.
#JanetYellen #Sanctions #Iran #Israel #UsAllies #Hamas #China #Russia #Ukraine #ClimateChange
https://www.legit.ng/business-economy/economy/1588134-yellen-set-tighten-sanctions-iran-soon/
"Dollar is down": Man stirs debate over strong local currency but high prices
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A man in Nigeria expressed his displeasure over the rising cost of living despite the local currency gaining against the US dollar. He listed the prices of various commodities, such as turkey, gas, pure water, eggs, and indomie, which have not reduced despite the depreciation of the dollar. Social media users responded with mixed opinions, with some pointing out that not everything is tied to the exchange rate and that other factors like logistics and fuel prices also affect prices. In Kenya, the strength of the shilling has led to a reduction in the prices of items. The Energy and Petroleum Regulatory Authority revised the prices of super petrol, diesel, and kerosene. The man's post sparked a debate about the impact of the exchange rate on prices and the need for government intervention.
#ExchangeRate #CostOfLiving #LocalCurrency #UsDollar #Prices #Commodities #Nigeria #Kenya
https://www.legit.ng/people/1588091-bag-pure-water-n500-12kg-gas-n18k-man-annoyed-rising-cost-naira-n10001/
Dollar is Falling: New Exchange Rate Declared as CBN Begins Another Round of Sales to BDCs
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The naira to dollar gained further after closing last week at N1,150 to the dollar on the parallel market. It also appreciated to gain 7.16%, or N88.23, in the official foreign exchange (FX) trading platform. This occurred after the BDC operators bought the dollar at a rate of N1,101/$ from the apex bank. The value of the naira increased to N1,150 per dollar on the parallel market for foreign exchange (FX). The purchase rate of the US dollar was quoted by BDC operators at N1,110, and the selling price at N1,150, yielding a profit margin of N40. The naira appreciated by 0.86 on April 12, 2024, from the N1,160 registered on April 11. The official foreign exchange (FX) trading platform in FMDQ Exchange reported that on Friday, the value of the naira increased by 7.16%, or N88.23, to N1,142.38/$, from N1,230.61/$ on Monday. The appreciation of the local currency is due to the apex bank's recent action to guarantee a greater dollar supply. The CBN started selling foreign exchange to BDC operators at N1,101/$ on April 8 and ordered all banks to cease using foreign currency as collateral for naira loans on the same day. BDC operators have attributed the demand for dollars to the new rate determined after the CBN commenced the second sale round to the traders. The naira became the world's best-performing currency and continued to gain after three days to near N1,000/$1. One dollar sold for N1,125 on the streets on April 12, 2024. The market rates varied during the holidays due to occasional transactions as banks were closed.
#Naira #Dollar #ExchangeRate #Cbn #Bdcs
https://www.legit.ng/business-economy/money/1587819-dollar-falling-bdcs-declares-exchange-rate-cbn-begins-sales-bdcs/
China set to post slowing growth on housing, consumption woes
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China is expected to have slowed in the first quarter of 2024 due to a property sector crisis and weak consumer activity. Analysts predict around 4.6 percent growth in the first quarter, down from 5.2 percent in the previous quarter. The property market remains a challenge, with falling home prices and distressed developers. Policymakers have implemented targeted measures and issued sovereign bonds to boost infrastructure spending and consumption, but analysts believe more stimulus is needed. Sluggish consumption and deflationary fears also contribute to the slowdown. Manufacturing is a bright spot, but government support is necessary for sustained growth.
#China #EconomicGrowth #PropertySector #Consumption #Stimulus #Deflation #Manufacturing
https://www.legit.ng/business-economy/economy/1587809-china-set-post-slowing-growth-housing-consumption-woes/
Debt and climate back on IMF, WB spring meetings agenda
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The spring meetings of the International Monetary Fund (IMF) and the World Bank (WB) are set to focus on combating climate change and assisting heavily indebted nations. The meetings will begin with the IMF's release of its updated World Economic Outlook. The IMF and WB are seeking to address challenges related to climate change, debt, food insecurity, pandemics, and fragility. The World Bank aims to widen its scope to help create a world free from poverty on a livable planet. The IMF and WB acknowledge that trillions of dollars are needed for the transition to a low-carbon energy future, but they cannot cover all the required resources. Collaboration between the IMF, WB, and regional development banks is crucial at the country level. Debt is another major challenge, with negotiations between creditors and indebted countries stalling in some cases. The Global Sovereign Debt Roundtable will focus on this issue. Interest rate hikes by major central banks have increased debt costs for borrowing countries. Governments that spend more than a third of their income on debt interest face additional challenges due to inflation and EuroBond rollovers coming due in 2024.
#Imf #WorldBank #SpringMeetings #ClimateChange #Debt #WorldEconomicOutlook #LowcarbonEnergy #GlobalSovereignDebtRoundtable #InterestRates #Inflation #Eurobonds
https://www.legit.ng/business-economy/economy/1587805-debt-climate-imf-wb-spring-meetings-agenda/
"Naira Trades at ₦1065 to $1": Reno Omokri Reveals Influence of NSA vs Binance
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Reno Omokri, a chieftain of the PDP, explains that the naira began to gain its feat the moment Binance, a global cryptocurrency company, left Nigeria. The naira was traded ₦1065 to $1 as a result of the office of the national security adviser's clampdown on Binance. On February 21, 2024, when the NSA began its clampdown, the naira was traded ₦1880 to $1. The naira stabilised immediately after Binance left the country on March 5, 2024. Omokri calls on those who had abused the NSA to apologise.
#RenoOmokri #Nsa #Binance #Naira #Cryptocurrency #ExchangeRate
https://www.legit.ng/business-economy/economy/1587773-naira-trades-n1065-1-reno-omokri-reveals-influence-nsa-binance/
Naira dollar rate: Omokri says Tinubu's one year better than Buhari's two-term
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Reno Omokri, former special assistant on social media to ex-President Goodluck Jonathan, declares that one year of Bola Tinubu has brought more progress to Nigeria than eight years of Muhammadu Buhari. Omokri's statement comes after investment banking company Goldman Sachs declared the naira as the world's best-performing currency. He criticizes those who wished for the naira to perform poorly and highlights the progress made under the present government. Omokri lists several achievements, including reduced fuel importation, crashing diesel prices, negotiated direct Lagos-London flights, growing GDP, and improved passport issuance. He concludes by saying that if God spares his life, he and his party will challenge Tinubu in 2027.
#Naira #Dollar #ExchangeRate #RenoOmokri #BolaTinubu #MuhammaduBuhari #GoldmanSachs
https://www.legit.ng/nigeria/1587692-dollar-exchange-rate-omokri-attacks-buhari-naira-declared-worlds-performing-currency/
Naira dollar rate: Omokri says Tinubu's one year better than Buhari's two-term
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Reno Omokri, former special assistant on social media to ex-President Goodluck Jonathan, declares that one year of Bola Tinubu has brought more progress to Nigeria than eight years of Muhammadu Buhari. Omokri's statement comes after investment banking company Goldman Sachs declared the naira as the world's best-performing currency. He criticizes those who wished for the naira to perform poorly and highlights the progress made under the present government. Omokri lists several achievements, including reduced fuel importation, crashing diesel prices, negotiated direct Lagos-London flights, growing GDP, and improved passport issuance. He concludes by saying that if God spares his life, he and his party will challenge Tinubu in 2027.
#Naira #Dollar #ExchangeRate #RenoOmokri #BolaTinubu #MuhammaduBuhari #GoldmanSachs
https://www.legit.ng/nigeria/1587692-dollar-exchange-rate-omokri-attacks-buhari-naira-declared-worlds-performing-currency/
"Fantastic": Passenger Eats Plenty Food on Air Peace Flight From London, Enjoys Nigerian Delicacies
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A Nigerian lady flew with Air Peace from London to Lagos and had a positive experience. She mentioned that the airport checks at London Gatwick were brief, taking only 10 minutes. During the flight, the cabin crew served a lot of food, including Nigerian delicacies, which the passenger enjoyed. The flight was piloted by an Oyinbo (foreigner) pilot who grew up in Nigeria and expressed appreciation for the opportunity to fly to the country. The lady said she had eaten her fill by the time the flight landed at Murtala Muhammed International Airport. Reactions to the review were positive, with people praising Air Peace for its Nigerian touches and good service. Air Peace CEO Allen Onyema recently made controversial statements about income in Nigeria and the UK, asserting that earning N200,000 in Nigeria surpasses receiving £2,000 in the UK.
#AirPeace #FlightExperience #London #Lagos #NigerianDelicacies
https://www.legit.ng/people/1587683-fantastic-lady-eats-plenty-food-air-peace-flight-london-enjoys-nigerian-delicacies/
Libya Overtakes Nigeria as Africa's Top Oil Producer
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According to a report by the Organisation of Petroleum Exporting Countries (OPEC), Libya produced 1.24 million barrels of crude oil in March 2024, surpassing Nigeria's production of 1.23 million barrels. This marks the first time Libya has overtaken Nigeria as the top oil producer in Africa. Nigeria's oil production in March represented the lowest rate since July 2023. The decline in production is attributed to limited infrastructure, breaches in oil-producing areas, operational challenges, and oil theft in the Niger Delta region. Experts say that Nigeria's Forex earnings largely depend on increased oil output, especially as crude oil prices approach $100 per barrel in the international market. The shift in oil production rankings highlights the challenges faced by Nigeria's oil sector and the need for increased security and infrastructure development.
#OilProduction #Libya #Nigeria #Opec #CrudeOil
https://www.legit.ng/business-economy/energy/1587448-another-african-country-overtakes-nigeria-top-oil-producer/
'Robust' US has helped improve global economic outlook, IMF chief says
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International Monetary Fund managing director Kristalina Georgieva stated that strong growth in the United States has contributed to improving the global economic outlook. The US economy grew by 2.5 percent last year, outperforming most other advanced economies. Georgieva mentioned that robust household consumption, business investment, and an easing of supply chain problems were the contributing factors. She also noted that inflation is decreasing faster than expected. The IMF now expects the world economy to grow faster than previously predicted, with global growth projected to rise by 3.1 percent in 2024 and 3.2 percent in 2025. However, Georgieva highlighted challenges such as rising geopolitical tension, growing public debt, and a broad-based slowdown in productivity. To address these challenges, she called for steps to bring global inflation and public debt down to sustainable levels and to eliminate constraints to economic activity and boost productivity.
#Imf #GlobalEconomy #UsEconomy #EconomicGrowth #Productivity #Inflation
https://www.legit.ng/business-economy/economy/1587381-robust-helped-improve-global-economic-outlook-imf-chief-says/
Reigning Hollywood studio Universal brings 'Wicked' to movie summit
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Universal Pictures, the reigning top Hollywood studio, brought the movie 'Wicked' to the CinemaCon summit in Las Vegas. Chairman Donna Langley celebrated Universal's success at the box office and winning the Academy Award for Best Picture. Universal presented a crop of new titles, including 'Wicked,' a starry movie adaptation of the hit Broadway musical. The studio offers a potential roadmap to recovery for the struggling industry with its diverse mix of original movies and smart viral marketing campaigns. Universal does not rely on the superhero genre and is pinning hopes on 'Wicked' and animated films like 'Despicable Me 4' and 'The Wild Robot' to bring back customers. The overall box office receipts are expected to shrink in 2024 due to Hollywood strikes that disrupted film productions. Universal's international distribution president, Veronika Kwan Vandenberg, emphasized the need for the industry to rely on different films and not just the traditional strong ones. Universal has been successful in using social media as a key tool for marketing, with viral trends like 'Barbenheimer' and TikTok dances for horror film 'M3GAN.' The studio aims to support awareness and excitement around these trends. Universal's success comes at a time when audiences are looking for something different from the usual sequels and franchises.
#UniversalPictures #Hollywood #Wicked #Cinemacon #BoxOffice #AcademyAward #DonnaLangley #BroadwayMusical #AnimatedFilms #SuperheroGenre #ViralMarketing #SocialMedia
https://www.legit.ng/business-economy/economy/1587319-reigning-hollywood-studio-universal-brings-wicked-movie-summit/
Bumpy ride for electric cars in Europe
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Sales of plug-in 'zero emission' vehicles have stalled in Europe. The market share for electric cars has shrunk from 14.16 percent last year to 12 percent or less since the start of this year. Germany's decision to halt subsidies for electric car purchases at the end of 2023 is a major factor. Fewer than 30 percent of Europeans plan to buy an electric vehicle (EV), and more than half refuse to pay more than 35,000 euros ($37,750) for a car. The European Automobile Manufacturers' Association (ACEA) expressed concern about meeting the 2035 deadline for banning new petrol and diesel cars. Only two-thirds of the EU's 27 member states have surpassed the five percent adoption level for EVs. Norway, a non-EU member, is a leader in EV adoption with a goal of reaching 100 percent by 2025. Other obstacles to EV adoption in Europe include the lack of EV infrastructure, EU regulations for carmakers, and ever-changing national policies.
#ElectricCars #Europe #EvAdoption #EvInfrastructure #EuRegulations
https://www.legit.ng/business-economy/economy/1587316-bumpy-ride-electric-cars-europe/
Top sources of dollar inflows into Nigeria as naira trades at N1,200 per dollar
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Foreign exchange inflow into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose in March 2024, reaching the highest monthly level over three years. The total forex inflow recorded for the month under review stood at $3.75 billion. Local sources accounted for 59% of the total transactions, while foreign sources contributed 41% of gross transactions. Inflows from individuals rose by $405.8%, while non-bank corporates and exporters rose by 157.7% and 14.6%, respectively. The Central Bank of Nigeria (CBN) inflows declined by 65.7%. The naira gained about 1.66% against the dollar, trading at N1,230.61. The parallel market saw the naira appreciate, trading at N1,200 per dollar. The CBN reduced the dollar buying rate for Bureau de Change operators to N1,101 from N1,251 per dollar. The Nigerian currency has gained 52.08% against the US dollar on the black market. The CBN announced the sale of $10,000 to each BDC at N1,101 per dollar.
#DollarInflows #ForeignExchangeMarket #Nigeria #Naira #CentralBankOfNigeria
https://www.legit.ng/business-economy/economy/1587137-dollar-inflow-fx-market-surges-highest-3-years-report-shows-top-sources/
South Korea to invest $7 billion in AI by 2027
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South Korea plans to invest $7 billion in artificial intelligence (AI) by 2027 to become a global leader in cutting-edge semiconductors. The country aims to lead the world in AI chips, which are crucial for the semiconductor industry. The investment will be used to develop AI and AI semiconductor fields, and a separate fund will be set up to support the growth of innovative AI semiconductor companies. South Korea is home to Samsung and SK Hynix, the world's top two makers of memory chips. The country is competing with other nations, including the US and Japan, to boost domestic chip production and reduce reliance on Western technology. Semiconductors are South Korea's leading export, with semiconductor exports in March reaching $11.7 billion, the highest level in almost two years.
#SouthKorea #Ai #ArtificialIntelligence #Semiconductors #Investment
https://www.legit.ng/business-economy/technology/1587134-south-korea-invest-7-billion-ai-by-2027/
Climate pledges of big firms 'critically insufficient': report
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A report by the nonprofit research groups NewClimate Institute and Carbon Market Watch found that many major international companies are failing to reduce their greenhouse gas emissions at the pace required to slow climate change. The report looked at the climate pledges of 51 multinational firms, including H&M Group, Nestle, and Toyota, and found that their efforts were 'critically insufficient' to limit global temperature rises to 1.5 degrees Celsius. These companies accounted for 16 percent of global emissions in 2022. The report also noted that some companies may be backsliding on their promises and using 'creative accounting' to offset their emissions. The fashion industry was singled out for being 'ambiguous' in how it would reach its targets, and the report called for stricter government regulation to hold companies accountable for their pollution.
#ClimateChange #GreenhouseGasEmissions #Sustainability #ParisClimateAgreement #CarbonCredits #FashionIndustry #GovernmentRegulation
https://www.legit.ng/business-economy/economy/1587083-climate-pledges-big-firms-critically-insufficient-report/
Binance Founder Leads List of Top 10 World's Richest Crypto Billionaires in 2024
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The cryptocurrency market has experienced a surge, leading to the emergence of new billionaires. The top 10 richest crypto billionaires in 2024 are: 1. Changpeng Zhao, with a net worth of $33 billion, who recently resigned as CEO of Binance due to legal challenges but still holds a significant stake in the company. 2. Brian Armstrong, with a net worth of $11.2 billion, co-founded Coinbase and holds an 18% stake in the company. 3. Giancarlo Devasini, with a net worth of $9.2 billion, is the CFO and primary shareholder of Tether. 4. Michael Saylor, with a net worth of $4.4 billion, founded MicroStrategy and holds a substantial amount of bitcoin. 5. Paolo Ardoino, with a net worth of $3.9 billion, is the CEO of Tether. 6. Jean-Louis van der Velde, with a net worth of $3.9 billion, is a former CEO of Tether. 7. Chris Larsen, with a net worth of $3.2 billion, co-founded Ripple and holds an 18% stake in the company. 8. Fred Ehrsam, with a net worth of $3.2 billion, co-founded Coinbase and now runs Paradigm. 9. Matthew Roszak, with a net worth of $3.1 billion, made early investments in bitcoin and Ethereum. 10. Jed McCaleb, with a net worth of $2.9 billion, co-founded Ripple and now focuses on his space exploration venture, Vast.
#Cryptocurrency #Billionaires #Binance #Coinbase #Tether #Microstrategy #Ripple #Bitcoin #Ethereum
https://www.legit.ng/business-economy/technology/1586860-binance-ceo-leads-list-top-10-worlds-richest-crypto-billionaires-2024/
Customs to Charge New Rates For Cargo Clearance as CBN Slashes FX to Lowest
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The Nigeria Customs Service (NCS) exchange rate has been revised downwards by the CBN. The Central Bank of Nigeria (CBN) has readjusted the Customs FX rate to N1,260 from the N1,330. In the past three months, the CBN has adjusted the Customs FX rates 28 times, which Customs says affects trade in Nigeria. The new rate for cargo clearance in Nigerian ports is N1,260.49 per dollar, reflecting the closing rate on the official foreign exchange rate window on Friday, April 5, 2024, of N1,255 per dollar. The exchange rate for import duty payments has decreased as the naira continues to appreciate against major currencies in the Forex market. The Customs FX rate peaked at N1,624.7 per dollar and has since declined due to a stronger naira. The head of Customs, Adewale Adeniyi, recently complained that the continuous changes in the exchange rate for duty collection and cargo clearance affect trade in Nigeria. He stated that in Q1 of 2024, the CBN adjusted the FX rates for cargo clearance 28 times.
#Customs #Cbn #FxRates #CargoClearance #Trade #Nigeria
https://www.legit.ng/business-economy/economy/1586851-customs-charge-rates-cargo-clearance-cbn-slashes-fx-lowest/
US nuclear industry upbeat on small reactors, despite setback
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Despite the recent cancellation of a next-generation nuclear plant, backers of the carbon-free power source remain hopeful new projects will come online by the end of the decade. The US company NuScale announced the cancellation of a small modular reactor (SMR) project in Idaho due to exploding costs, taking the estimated price from $5.3 billion up to $9.3 billion. However, analysts believe there are still positive prospects for US nuclear power, citing projects such as GE Hitachi's BWRX-300 in Ontario, Canada, and the Tennessee Valley Authority's investment in the same design. The US nuclear industry aims to improve risk sharing and standardize across multiple projects to lower costs. The United States is ahead of Europe in the development of small reactors, with the US House of Representatives approving a bill to speed up the licensing of advanced nuclear power. Efforts to address rising energy demand and boost clean energy, including advanced nuclear power, are being made by companies such as Google, Microsoft, and Nucor.
#UsNuclearIndustry #SmallReactors #CarbonfreePower #Nuscale #Smr #GeHitachi #Bwrx300 #TennesseeValleyAuthority #Europe #CleanEnergy #AdvancedNuclearPower
https://www.legit.ng/business-economy/economy/1586843-us-nuclear-industry-upbeat-small-reactors-setback/
Boeing CEO paid $33 mn in 2023, gave up bonus over MAX 9 incident
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Boeing CEO David Calhoun received $33 million in compensation for 2023 but declined a potential $2.8 million bonus following the Alaska Airlines incident in January. Calhoun received a base salary of $1.4 million and over $30 million in stock awards. The announcement came as Boeing faces scrutiny over the incident, in which a 737 MAX 9 was forced to make an emergency landing. Calhoun will step down as CEO at the end of 2024. Boeing described Calhoun's tenure as CEO, which began in January 2020, as facing challenges from the grounding of the 737 MAX and the COVID-19 pandemic. The company praised Calhoun's focus on safety and transparency. Boeing also adjusted its 2024 long-term incentive program in response to the Alaska Airlines incident, lowering Calhoun's target award by 38 percent to $17 million.
#Boeing #DavidCalhoun #Compensation #Bonus #AlaskaAirlinesIncident #737Max9
https://www.legit.ng/business-economy/economy/1586751-boeing-ceo-paid-33-mn-2023-gave-bonus-max-9-incident/
AI a 'game changer' but company execs not ready: survey
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A majority of corporate executives across leading economies believe artificial intelligence will be a 'game changer' for their industry, but admit their leadership teams lack the knowledge to understand AI's risks and rewards. Around 2,000 CEOs, CFOs, and other executives in companies across nine countries were surveyed. The poll found that 61% believe AI is a game changer for their industry, with the figure rising to 82% in the tech sector and 51% among automakers. However, 57% of executives lack confidence in their leadership team's AI skills and knowledge. The rise of generative AI is expected to transform an array of jobs, simplifying tasks but also potentially taking away work done by humans. 41% of executives say they will employ fewer people within five years due to AI. At the same time, 66% said they will recruit AI specialists externally, while 34% said they will train existing staff to fill the technological gap. An IMF report has found that 40% of jobs globally will likely be impacted by AI technology. In advanced economies, the figure rises to 60% of the workforce.
#Ai #CorporateExecutives #Technology #Jobs
https://www.legit.ng/business-economy/technology/1586664-ai-a-game-changer-company-execs-ready-survey/
Electric cars credited with lower CO2 emissions in US neighborhoods
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A new study conducted by scientists at the University of California, Berkeley, has found that the increased adoption of electric cars in parts of California is reducing CO2 emissions in those areas. The study used a network of sensors set up around the San Francisco Bay Area to measure the volume of carbon dioxide being emitted. Over a five-year period, the sensors recorded a 1.8 percent drop in emissions every year. The researchers concluded that electrification was having a measurable effect on reducing CO2 emissions. The state of California has an ambition to be net zero in 2045 and requires a decrease in emissions of a little more than three and a half percent per year for the next 20 plus years. The study supports California's plan to ban the sale of new gas-powered cars by 2035 and puts the state ahead of the 2050 target of the United States as a whole.
#ElectricCars #Co2Emissions #California #ClimateChange
https://www.legit.ng/business-economy/economy/1586519-electric-cars-credited-emissions-neighborhoods/
"Please Fly to Canada": Passenger Begs Air Peace After Success of Lagos to London Direct Flight
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A lady has pleaded with Air Peace to consider flying passengers from Nigeria directly to Canada as well. The plea came after Air Peace announced an increase in capacity for its Lagos to London direct flight. Air Peace started flying directly from Lagos to Gatwick Airport on March 30. The direct flight to London has excited many Nigerians. The passenger appealed for Air Peace to also fly directly to Canada to cater to passengers on that route. Air Peace started its Lagos to London flight on March 30, charging passengers N1.2 million for economy class. The airline also announced discounts for students flying to the UK. The news of Air Peace's direct flight to London received praise from Nigerians for reducing the cost of the journey. A Nigerian man shared a screenshot of the cost, which he saw on the Air Peace website, and noted that the price had crashed. Air Peace was charging N1.2 million for economy class and N2.2 million for premium economy.
#AirPeace #DirectFlights #Nigeria #Canada #Lagos #London
https://www.legit.ng/people/1586449-fly-canada-lady-begs-air-peace-lagos-london-direct-flight/
Three companies in the running for NASA's next Moon rover
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Three companies are in the running to provide NASA's next Moon rover for crewed missions planned later this decade. Texas-based Intuitive Machines, Lunar Outpost of Colorado, and Venturi Astrolab of California have been tasked with developing designs under a contract with a combined maximum potential value of $4.6 billion. The space agency anticipates awarding one of the three companies a "demonstration task order" for their Lunar Terrain Vehicle (LTV) on the surface of the Moon. The first crewed mission, Artemis 3, is meant to land in 2026.
#Nasa #MoonRover #IntuitiveMachines #LunarOutpost #VenturiAstrolab #ArtemisProgram
https://www.legit.ng/business-economy/economy/1586426-three-companies-running-nasas-moon-rover/
US Fed should avoid climate change 'mission creep': Powell
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The head of the US Federal Reserve, Jerome Powell, stated that the Fed should avoid tackling politically-charged issues like climate change without Congressional approval in order to maintain public trust in the institution. Powell emphasized that the Fed's mandate does not include issues like tax and spending policies, immigration policy, and climate change. He stated that policies to address climate change are the responsibility of elected officials and the agencies they have charged with this responsibility. Powell's remarks highlight his push to keep the US central bank away from political issues, especially during a time of deep division in the country. The Fed operates independently of Congress and focuses on maintaining low inflation and unemployment rates.
#UsFederalReserve #ClimateChange #JeromePowell #Congress #PoliticalIssues
https://www.legit.ng/business-economy/economy/1586389-us-fed-avoid-climate-change-mission-creep-powell/
US Fed should avoid climate change 'mission creep': Powell
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The head of the US Federal Reserve, Jerome Powell, stated that the Fed should avoid tackling politically-charged issues like climate change without Congressional approval in order to maintain public trust in the institution. Powell emphasized that the Fed's mandate does not include issues like tax and spending policies, immigration policy, and climate change. He stated that policies to address climate change are the responsibility of elected officials and the agencies they have charged with this responsibility. Powell's remarks highlight his push to keep the US central bank away from political issues, especially during a time of deep division in the country. The Fed operates independently of Congress and focuses on maintaining low inflation and unemployment rates.
#UsFederalReserve #ClimateChange #JeromePowell #Congress #PoliticalIssues
https://www.legit.ng/business-economy/economy/1586389-us-fed-avoid-climate-change-mission-creep-powell/
US private sector hiring picks up again in March
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US private sector hiring came in well above expectations last month, with construction, financial services, and manufacturing all contributing to the increase. Private sector employment rose by 184,000 in March, sharply above market predictions of 150,000 new jobs. ADP also revised up the February jobs data, from 140,000 to 155,000. The hot jobs data will be well-received by the Biden administration as it seeks to talk up the president's economic record ahead of November's presidential election. The data also signals to the Federal Reserve that the labor market remains in a good place, reducing the likelihood of an early start to interest rate cuts. The construction sector created 33,000 new jobs, the financial services sector added 17,000 new positions, and manufacturing was responsible for 1,000 jobs. Other sectors that created large numbers of new positions included leisure and hospitality, trade, and transportation and utilities. Pay was up 5.1 percent year-over-year for those who remained in their jobs, and by 10.0 percent for those who switched. ADP's figures come two days ahead of US government data on US hiring.
#UsPrivateSector #Hiring #Adp #Construction #FinancialServices #Manufacturing #BidenAdministration #FederalReserve #InterestRateCuts #LeisureAndHospitality #Trade #TransportationAndUtilities #Pay #JobGrowth #UnemploymentRate
https://www.legit.ng/business-economy/economy/1586347-us-private-sector-hiring-picks-march/
"Docile opposition": Deji Adeyanju says Tinubu may still win in 2027
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Deji Adeyanju, a human rights activist, suggests that President Bola Tinubu's chances of being re-elected in Nigeria's 2027 general election depend on the Nigerian electorate's assessment of his governance. Adeyanju also points out that a lacklustre opposition could bolster Tinubu's chances of securing a second term. Despite the economic hardships caused by some of Tinubu's policies, Adeyanju believes that the docile opposition may contribute to Tinubu's victory in 2027. The fate of Tinubu's re-election ultimately rests in the hands of the Nigerian people, who have the constitutional right to vote for whoever they want. Tinubu won the 2023 presidential election against all odds, but some of his policies have caused economic hardship. Adeyanju's plea for a united opposition in 2023 fell on deaf ears due to the egos and arrogance of the opposition candidates. Tinubu accused the Nigeria Labour Congress (NLC) of playing politics with its recent protest against economic hardship and stated that his administration was still fresh to stage a war against organized labor. The article was published on March 31, 2024, by Nurudeen Lawal on Legit.ng.
#BolaTinubu #2027GeneralElection #Nigeria #DejiAdeyanju #Opposition #EconomicHardship
https://www.legit.ng/politics/1585954-why-tinubu-elected-2027-economic-hardship-deji-adeyanju-explains/
US Fed's inflation fight remains on track despite recent uptick: Powell
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Federal Reserve Chair Jerome Powell stated that the recent rise in inflation has not stalled the Fed's ongoing fight against rising prices. The Fed remains on track to hit its long-term inflation target of two percent. Powell also mentioned that interest rates are unlikely to return to the historic lows seen after the 2008 global financial crisis.
#UsFed #Inflation #JeromePowell
https://www.legit.ng/business-economy/economy/1585847-us-feds-inflation-fight-remains-track-uptick-powell/
US outlet Radio Free Asia closes Hong Kong office over security law fears
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US news outlet Radio Free Asia (RFA) has closed its office in Hong Kong due to concerns about staff safety following the enactment of a new national security law. The law, known as Article 23, introduced tough penalties for crimes such as treason, espionage, and external interference. RFA president and CEO Bay Fang stated that the company no longer has full-time staff in Hong Kong and has closed its physical office. The Hong Kong government declined to comment on RFA's decision but stated that it strongly disapproves of scaremongering and smearing remarks related to the national security law. RFA is the first foreign media outlet to publicly announce its closure in Hong Kong since the law came into effect on March 23.
#RadioFreeAsia #HongKong #NationalSecurityLaw
https://www.legit.ng/business-economy/economy/1585839-us-outlet-radio-free-asia-closes-hong-kong-office-security-law-fears/
US Fed's favored inflation gauge ticks higher as fuel costs rise
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The US central bank's favored measure of inflation, the personal consumption expenditures (PCE) price index, rose at an annual rate of 2.5 percent in February, up 0.1 percentage points from the previous month. Goods prices rose 0.5 percent, while the costs of services increased by 0.3 percent. The increase in the cost of goods was largely driven by rising energy prices, which rose 2.3 percent from January. The closely watched 'core inflation' measure, which strips out volatile food and energy costs, eased slightly, rising by 2.8 percent on an annual basis and by 0.3 percent from January. The higher inflation figure may cause concern for President Joe Biden's reelection campaign as he seeks to convince consumers that the economy is heading in the right direction. The Federal Reserve is still on track toward its long-term inflation target of two percent. Fed officials have reiterated their prediction of three interest rate cuts this year, but recent data has led some officials to question this prediction. The inflation figures are being closely watched by the White House as President Joe Biden seeks reelection in November.
#UsInflation #FederalReserve #FuelCosts
https://www.legit.ng/business-economy/economy/1585827-us-feds-favored-inflation-gauge-ticks-higher-fuel-costs-rise/
Impact of Baltimore port closure on global supply chains
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The closure of the Port of Baltimore due to a bridge collapse has raised concerns about its impact on the global supply chain. Baltimore is among the top 20 ports in the US by tonnage and number of containers handled. Last year, it handled a record 1.1 million 20-foot equivalent units (TEU) of containers. The closure is expected to primarily impact US exports of coal and imports of cobalt. The port is a key hub for the auto industry, handling the most autos and light trucks of any US port. German auto giants Volkswagen and BMW said their operations were not affected, but Mercedes-Benz is no longer reachable by sea. The closure is not expected to have a significant impact on trade between the US and Europe, as the volume of containers can be diverted to neighboring ports. The closure may cause tightening of shipping fuel supplies on the Atlantic Coast. The duration of the closure is estimated to be 10 to 15 days.
#Baltimore #PortClosure #GlobalSupplyChains #BridgeCollapse #CoalExports #CobaltImports #AutoIndustry #ShippingFuelSupplies
https://www.legit.ng/business-economy/economy/1585816-impact-baltimore-port-closure-global-supply-chains/
Armenian banks to ditch Russian cards over US sanctions
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Armenian banks have announced that they will stop processing transactions made by Russian Mir payment cards due to Western sanctions imposed on Moscow for its invasion of Ukraine. The Union of Banks of Armenia stated that the country's commercial banks will cease servicing Mir cards due to the risk of secondary sanctions. However, an exception will be made for Mir cards issued by the Armenian subsidiary of Russia's state-controlled VTB Bank. This move comes as part of a series of diplomatic disputes between Armenia and Russia, with Yerevan drifting away from Moscow since 2020. Relations further soured when Azerbaijan took control of the disputed Nagorno-Karabakh region. In addition to blocking broadcasts of shows by Russian TV presenter Vladimir Solovyov, Armenia has suspended its participation in the Collective Security Treaty Organisation (CSTO) and has been seeking partnerships with Western countries. Armenia has also formally joined the International Criminal Court (ICC) and is obligated to arrest Russian President Vladimir Putin if he sets foot on Armenian territory under an ICC arrest warrant issued in March 2023.
#ArmenianBanks #RussianMirPaymentCards #UsSanctions #WesternSanctions #Moscow #InvasionOfUkraine #UnionOfBanksOfArmenia #SecondarySanctions #ArmenianSubsidiaryOfVtbBank #DiplomaticDisputes #Yerevan #Azerbaijan #NagornokarabakhRegion #VladimirSolovyov #CollectiveSecurityTreatyOrganisation(csto) #WesternPartnerships #InternationalCriminalCourt(icc) #ArrestWarrant #VladimirPutin
https://www.legit.ng/business-economy/economy/1585777-armenian-banks-ditch-russian-cards-sanctions/
Asian markets mixed after Fed official floats rate cut delay
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Asian markets were mixed after a US Federal Reserve official suggested delaying or reducing interest rate cuts. Traders are assessing the outlook for US monetary policy, with some questioning whether the central bank will stick to its projection of three cuts this year. Fed officials, including Atlanta president Raphael Bostic and governor Lisa Cook, have expressed caution about acting too quickly. Fed governor Christopher Waller suggested reducing the number of rate cuts or pushing them further into the future. The yen hit a 34-year low against the dollar, stabilizing after comments from a Bank of Japan official. Tokyo's Nikkei 225 was down over 1%, while Hong Kong, Shanghai, Sydney, and Wellington rose. The dollar was down against the yen, the euro, and the pound. West Texas Intermediate and Brent North Sea Crude prices rose. The Dow and FTSE 100 closed higher.
#AsianMarkets #UsFederalReserve #InterestRateCuts #MonetaryPolicy #Yen #BankOfJapan #Nikkei225 #Dow #Ftse100
https://www.legit.ng/business-economy/economy/1585585-asian-markets-mixed-fed-official-floats-rate-cut-delay/
What is the economic impact of the Baltimore bridge collapse?
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The collapse of the Francis Scott Key Bridge in Baltimore has led to diverted cargo and supply chain disruptions. The Port of Baltimore, the biggest vehicle-handling port in the country, has been suspended since the accident. Transportation Secretary Pete Buttigieg stated that ocean shippers, other ports, and cargo owners are working to divert ships that were headed to Baltimore. Maryland Governor Wes Moore warned that over 140,000 people could be indirectly impacted by the disruptions. Cargo bound for Baltimore will likely be partially diverted to the Port of New York and New Jersey, which has the capacity to handle the increased volume. While there will be noticeable headaches and supply chain disruptions, economists expect businesses to be able to adapt and do not anticipate a broad-based impact on US inflation or GDP. Certain sectors, such as automobiles, may be more impacted than others. The Baltimore port handled over 840,000 autos and light trucks in 2023, the most among US ports. Companies relying on timely deliveries, like the automotive industry, may experience inventory shortages. Alternative routes could also lead to higher transportation costs. Major automakers like Mazda and Stellantis are assessing the potential impacts and considering contingency plans to ensure an uninterrupted flow of vehicles to customers. However, economists believe that broad-based shortages in the autos sector are unlikely due to weaker demand for new vehicles and higher inventories. The issues are expected to be more isolated to companies that heavily rely on the Port of Baltimore for their inventory.
#Baltimore #BridgeCollapse #EconomicImpact #PortOfBaltimore #SupplyChainDisruptions #DivertedCargo #PortOfNewYorkAndNewJersey #Automobiles #InventoryShortages
https://www.legit.ng/business-economy/economy/1585553-what-economic-impact-baltimore-bridge-collapse/
"Why Bob?" Drama As Toyin Abraham Slams Femi Adebayo for Picking Bobrisky As Best Dressed Female
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Nollywood actress Toyin Abraham reacted with disbelief and anger after learning that Bobrisky was crowned the best-dressed female at the premiere of Eniola Ajao's movie Ajakaju. In a viral video, Toyin Abraham expressed her shock and called the person who picked Bobrisky crazy. She also threatened to punch Bobrisky when he bragged about being the best-dressed female. Another clip from the premiere showed Femi Adebayo announcing Bobrisky as the best-dressed female, which led to Toyin Abraham slamming him and calling him "Werey." Netizens expressed their disapproval of Bobrisky winning the award, stating that it was inappropriate to give a male the best-dressed female award. This incident follows a previous feud between Bobrisky and James Brown, where James Brown called out Bobrisky and claimed it was his time to shine.
#ToyinAbraham #Bobrisky #FemiAdebayo #Nollywood #Fashion #Celebrity
https://www.legit.ng/entertainment/celebrities/1585043-bob-drama-toyin-abraham-slams-femi-adebayo-picking-bobrisky-dressed-female/
Raven hints at survival amid Nigeria's challenging business landscape
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Raven, a fintech startup in Nigeria, has managed to thrive in the challenging macroeconomic landscape of the country. The Chief Operating Officer of Raven, Prince Nwachukwu, attributes their success to strategic talent and product development investments. Raven has invested in culture and skilled workforce, and has developed innovative offerings such as BankBox. Nwachukwu also hinted at Raven's aspirations to expand beyond Nigeria through regulated partnerships. He highlighted the need for economic diversification and revenue mobilization beyond oil dependence in Nigeria. Nwachukwu emphasized the importance of collaborative efforts and inclusive dialogue to forge sustainable solutions. He urged Nigerians to embrace entrepreneurship as a means of diversifying income streams and safeguarding against financial volatility. Nwachukwu also highlighted the need for regulators to protect Nigerians against fraud and illicit activities in the fintech industry. He emphasized the potential benefits of enhanced collaboration among fintech firms. Despite the challenges, Nwachukwu stressed the importance of resilience, proactive risk management, and maintaining proper relationships with workers, clients, and stakeholders in business management.
#Nigeria #Business #Economy #Fintech #Startups
https://www.legit.ng/business-economy/industry/1584856-how-survive-nigerias-challenging-macroeconomic-terrain-prince-nwachukwu-raven/
US Supreme Court examines govt efforts to curb online misinformation
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The US Supreme Court hears arguments in a social media case involving free speech rights and government efforts to curb misinformation online. The case stems from a lawsuit brought by the Republican attorneys general of Louisiana and Missouri, who allege that government officials went too far in their efforts to get platforms to combat vaccine and election misinformation. A lower court last year restricted some top officials and agencies of President Joe Biden's administration from meeting and communicating with social media companies to moderate their content. The ruling was a win for conservative advocates who allege that the government pressured or colluded with platforms such as Facebook and Twitter to censor right-leaning content under the guise of fighting misinformation. The order applied to agencies such as the Federal Bureau of Investigation, the State Department, Justice Department, and the Centers for Disease Control and Prevention. The decision restricted agencies and officials from meeting with social media companies or flagging posts containing "free speech" protected under the First Amendment. The ruling also restricted agencies from collaborating or partnering with groups that tackle election-related falsehoods. Some experts criticized the ruling, saying authorities needed to strike a balance between calling out falsehoods and veering towards censorship or curbing free speech.
#UsSupremeCourt #OnlineMisinformation #FreeSpeech #GovernmentEfforts #SocialMedia #Lawsuit #RepublicanAttorneysGeneral #JoeBiden #ConservativeAdvocates #Facebook #Twitter #FirstAmendment #Election-relatedFalsehoods #Censorship
https://www.legit.ng/business-economy/technology/1584066-us-supreme-court-examines-govt-efforts-curb-online-misinformation/
European arms imports nearly double over Ukraine: study
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Arms imports to Europe nearly doubled over the past five years, partly due to the war in Ukraine. Ukraine has become the world's fourth largest arms importer, while France has replaced Russia as the world's second largest exporter behind the United States. In the 2019-2023 period, 55 percent of imports to Europe were from the United States, up from 35 percent in the 2014-2018 period. Russia's arms exports fell by 53 percent between 2014-2018 and 2019-2023. France saw its arms exports grow by 47 percent, becoming the world's second largest exporter. China accounted for 21 percent of Russian exports, while India was the biggest recipient with 34 percent. The war in Gaza has affected arms imports to Israel, with some European states limiting arms transfers due to potential violations of international humanitarian law.
#ArmsImports #Ukraine #France #Russia #UnitedStates
https://www.legit.ng/business-economy/economy/1582927-european-arms-imports-double-ukraine-study/
Led by Musk, Silicon Valley inches to the right
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Elon Musk has made a turn to the right politically, defying the orthodoxy that Silicon Valley is a citadel of well-heeled liberals beholden to Democrats. Musk's politics are now hardline right-wing as he uses his platform to stoke themes cherished by conservative movements. The question on everyone's mind is whether Musk will support former US president Donald Trump's bid to retake the White House. Other Silicon Valley figures, such as Marc Andreessen, are also defending conservative causes and going against left-wing priorities. The rise of conservative voices in Silicon Valley is seen as a reaction to the status quo and concerns about diversity, equality, and inclusion. The power of this new guard is beginning to be felt, with tech companies facing criticism for their biases and generating controversial AI imagery. Google CEO Sundar Pichai faced backlash for the company's AI app generating ahistorical and ethnically diverse images of World War II Nazi troops. The conservative influence is challenging the dominance of liberal ideologies in Silicon Valley.
#ElonMusk #SiliconValley #ConservativePolitics #DonaldTrump #MarcAndreessen #TechIndustry #Ai #Diversity #Equality
https://www.legit.ng/business-economy/technology/1582784-led-by-musk-silicon-valley-inches-right/
US power company admits it might have started huge Texas fire
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Xcel, the parent company of Southwest Public Service Company, admitted that its equipment may have sparked the largest wildfire in Texas' history. The fire, known as the Smokehouse Creek fire, consumed over a million acres and destroyed hundreds of homes. Xcel acknowledged that its facilities appear to have been involved in the ignition of the fire. The company is facing at least one lawsuit but denies that its equipment was improperly maintained. The admission came after evidence showed that the grid in Texas was under stress in the hours before the fire broke out on February 26. Whisker Labs, a firm that monitors electricity supply grids, recorded 50 faults in the system, which are typically logged when a power line has been toppled or has touched trees, events that can start fires in dry countryside. US power companies have been blamed for destructive wildfires in the past, such as the deadly fires in Hawaii and California. US infrastructure is frequently old and not fit for growing demands.
#Texas #Wildfire #PowerCompany #Xcel #SmokehouseCreekFire
https://www.legit.ng/business-economy/economy/1582507-us-power-company-admits-started-huge-texas-fire/
US retailer Macy's to close 150 stores
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US retailer Macy's plans to close around 150 locations by 2026, with 50 of them closing by the end of the fiscal year. The company will prioritize investments in its upscale brands Bloomingdale's and Bluemercury. Macy's also reported declining revenues and profits for 2023, with revenues down 5.5% and net profits falling sharply by 91%. The company aims to open approximately 15 Bloomingdale's stores, 30 new Bluemercury stores, and remodel around 30 Bluemercury stores over the next three years.
#Macy's #StoreClosures #Retail #Business
https://www.legit.ng/business-economy/economy/1580936-us-retailer-macys-close-150-stores/
Robot dogs and flyng cars: mobile gadget highlights
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US firm Alef Aeronautics displayed the world's first real flying car at the Mobile World Congress in Barcelona. The electric-powered car has received special airworthiness certification from the US Federal Aviation Administration and can transport two people up to 110 miles. Chinese firm Tecno Mobile showcased a robotic dog inspired by the German Shepherd that uses AI and powerful sensors to understand voice commands and perform lifelike actions. Chinese manufacturer Lenovo presented a prototype of a laptop with a transparent glass screen. South Korean company Hyodol unveiled an AI-powered doll for seniors that can play songs and remind them to take medicine. Dutch startup Whispp demonstrated a calling app that uses AI technology to convert impaired speech into the user's natural voice in real time.
#RobotDogs #FlyingCars #MobileGadgets #Ai #Technology
https://www.legit.ng/business-economy/technology/1580885-robot-dogs-flyng-cars-mobile-gadget-highlights/
Qantas says profits down but reputation rebounding
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Qantas reported a slide in half-year net profits, dropping 13.2 percent year-on-year to Aus$869 million (US$570 million) in the six months to December 31. However, the airline stated that its reputation had improved under new CEO Vanessa Hudson. Qantas saw strong demand across its business, with travel demand approaching pre-Covid-19 levels. The airline's seat capacity in international operations was at 90 percent of pre-pandemic levels, up 25 percent from a year earlier. Qantas named John Mullen as its new chairman-elect, taking over from Richard Goyder on July 1.
#Qantas #Profits #Reputation #VanessaHudson #JohnMullen #RichardGoyder
https://www.legit.ng/business-economy/economy/1580051-qantas-profits-reputation-rebounding/
Boost for naira as CBN confirms Nigeria received $1.8bn inflow in one week
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The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, confirmed that Nigeria received $1.8 billion in Forex inflows in the second week of February 2024. The inflow is expected to boost the performance of the naira against the US dollar. Cardoso stated that the positive outlook had been confirmed by economic ratings agencies such as the International Monetary Fund (IMF) and Fitch Ratings. The CBN will convene a national monetary policy meeting to decide on further economic reforms. Former Vice President Atiku Abubakar criticized the FX reforms, stating that they were done in a hurry and led to the devaluation of the naira. The Federal Government of Nigeria has secured $30 billion in investment commitments from international and domestic investors. The investments are already underway, but the beneficiary sectors were not disclosed.
#Nigeria #CentralBankOfNigeria #ForexInflow #Naira #EconomicReforms #Investment
https://www.legit.ng/business-economy/economy/1579561-cbn-governor-cardoso-confirms-nigeria-witnessed-18bn-fx-inflow-fg-secures-30bn-investment/
"IMF is pushing our country to economic self-destruction": Sani warns Tinubu
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Senator Shehu Sani has cautioned the federal government against following the International Monetary Fund (IMF) advice, stating that the IMF is pushing Nigeria into economic self-destruction. Sani advised President Bola Tinubu's government to listen to the warning issued by the African Development Bank (AfDB). The AfDB raised an alarm that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola, and other countries. Sani's comments were made on Twitter on February 18, 2024.
#Imf #Afdb #Nigeria #EconomicSelf-destruction #RisingPrices #SocialUnrest
https://www.legit.ng/nigeria/1579387-economic-hardship-shehu-sani-speaks-nigeria-listen-imf-afdb/
Bitcoin breaks $50,000 for first time since 2021
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Bitcoin surpassed $50,000 for the first time in over two years, fueled by expectations of US approval of exchange-traded funds (ETFs) that track the price. The cryptocurrency has rallied about 25% since January 22, reaching as high as $50,328. Observers are optimistic about the outlook, with enthusiast buyers pushing prices further up. Bitcoin dropped slightly to $49,950 by 0330 GMT Tuesday. The rally marks a recovery for Bitcoin following high-profile scandals and collapses in the crypto market. Bitcoin has also been boosted by hopes of interest rate cuts by the Federal Reserve and the upcoming 'halving' event in May. The next 'halving' will reduce the reward for mining Bitcoin. Bitcoin's record high was nearly $69,000 in 2020.
#Bitcoin #Cryptocurrency #UsApproval #Etfs #Rally #Scandals #Collapses #InterestRates #Halving
https://www.legit.ng/business-economy/technology/1578460-bitcoin-breaks-50000-time-2021/
EU strikes deal on clean tech to compete with China, US
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EU states and lawmakers have reached a provisional agreement to expand Europe's clean tech production, including solar, wind, and carbon capture. The European Union wants at least 40 percent of green tech used in the EU to be produced in the bloc by 2030. The law also aims to support the EU's bid to become a carbon-neutral economy by 2050. The draft law will enter into force after formal approval by EU states and the parliament. The EU is seeking to reduce its reliance on China and make Europe more attractive for investment after the United States unleashed a $369 billion bonanza of clean technology subsidies last year. Access to clean tech and avoiding overreliance on imported technology is a major concern in Europe. China dominates the solar power industry, and Europe's solar panel manufacturers have accused Beijing of not playing fairly. The EU has taken a tougher line on Beijing in recent years, seeking to "de-risk" its economy from China.
#Eu #CleanTech #China #Us #Solar #Wind #CarbonCapture #RenewableEnergy #Investment
https://www.legit.ng/business-economy/economy/1577408-eu-strikes-deal-clean-tech-compete-china-us/
Markets mixed after Wall St losses, Shanghai and Hong Kong rally
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Asian markets were mixed Tuesday following a drop on Wall Street. Shanghai and Hong Kong were lifted by a pledge by authorities to boost investment in a range of stocks. Investors were still coming to terms with the prospect of US interest rates being kept at two-decade highs. Figures Monday showed a gauge of service-sector activity hitting a four-month high. Hong Kong and Shanghai enjoyed much-needed buying interest after a unit that controls company stakes on behalf of China's government said it had expanded the scope of investments. However, analysts have warned that while such moves could provide some short-term relief, the government needed to address long-standing problems within the economy to restore confidence.
#AsianMarkets #WallStreet #Shanghai #HongKong #UsInterestRates #Service-sectorActivity #Investments #Economy
https://www.legit.ng/business-economy/economy/1577241-markets-mixed-wall-st-losses-shanghai-hong-kong-rally/
Turkey's January inflation piles pressure on central bank
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Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge hike, official data showed Monday. The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December. The monthly inflation rate in January climbed to 6.7 percent, from 2.9 percent in December, following a 49-percent rise in the minimum wage that went into effect in January. Turkey's finance minister, Mehmet Simsek, attributed the monthly inflation jump to 'temporary effects'. Turkey's central bank, which has raised its key rate from 8.5 percent to 45 percent since June, said last month that the level was sufficient to start easing the cost of living crisis. The bank's governor Hafize Gaye Erkan resigned on Friday, less than a year into her tenure, after a scandal involving her family. She was replaced by Fatih Karahan, a former economist at the Federal Reserve Bank of New York and the US online retail giant, who may be under pressure to again start raising the interest rate, analysts said. Inflation remains a pressing issue for President Recep Tayyip Erdogan's government ahead of local elections in March.
#Turkey #Inflation #CentralBank #Economy
https://www.legit.ng/business-economy/economy/1577078-turkeys-january-inflation-piles-pressure-central-bank/
"I pray for this": Lady elated after firm overpays her to ease January stress
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A young Nigerian lady shared her experience of being overpaid by her company for the month of January. The lady, identified as @thequeendare, initially thought it was an error and contacted the company, but they informed her that it was intentional. The company overpaid her salary as a bonus to help ease the effects of the harsh economy. Netizens reacted positively to the company's considerate gesture. In a separate incident, a Chilean employee resigned and went into hiding after receiving 330 times his pay from his employer. The company filed a lawsuit against him, but no arrest had been made at the time of publishing in 2022.
#Overpayment #Salary #Bonus #Economy #Netizens
https://www.legit.ng/people/1576735-country-hard-lady-rejoices-company-overpays-january-salary-netizens-react/
Fake news, online hate swell Indonesia anti-Rohingya sentiment
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In recent months, Indonesia has seen a rise in anti-Rohingya sentiment fueled by fake news and online hate speech. The Rohingya refugees, who were previously welcomed in the Aceh province, are now facing pushback and attacks. The United Nations Refugee Agency (UNHCR) has described the attacks as the result of a coordinated online campaign of misinformation, disinformation, and hate speech. Social media platforms like TikTok have played a significant role in spreading anti-Rohingya videos, with some videos receiving over 90 million views. The Indonesian government has appealed to neighboring countries to take in the Rohingya, but it is not a signatory of the UN refugee convention. The online campaign against the Rohingya appears to be coordinated and has involved the use of fake UNHCR accounts flooding Rohingya videos with anti-refugee comments. The misinformation has also extended to the presidential election, with some videos mocking candidates and their stance on the Rohingya. While some in Aceh express frustration at the lack of a government solution, they question the authenticity of the anti-refugee posts and speculate that AI or robots may be involved.
#Indonesia #Rohingya #FakeNews #OnlineHate #Anti-refugeeSentiment #SocialMedia #Tiktok #Unhcr #CoordinatedCampaign #PresidentialElection
https://www.legit.ng/business-economy/technology/1576831-fake-news-online-hate-swell-indonesia-anti-rohingya-sentiment/
US jobs market defies expectations of January slowdown
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The US economy added 353,000 jobs in January, after December's figure was revised up to 333,000, according to the Labor Department. The unemployment rate remained steady at 3.7 percent. The strong job market is likely positive for President Biden as he campaigns for a second term. The Federal Reserve may face complications in its battle against inflation due to strong growth and a robust jobs market. January wage gains rose more than anticipated at 0.6 percent from the prior month, and average hourly earnings jumped 4.5 percent from a year ago. Sectors seeing job gains include professional and business services, health care, and retail trade, while employment fell in areas like mining, oil, and gas extraction. The labor market is still in good shape, but the full effect of interest rate hikes may take three to six quarters to kick in. Despite the strong figures, efforts to cool the economy could still be rippling through sectors.
#UsJobsMarket #Economy #UnemploymentRate #FederalReserve #Inflation #WageGains #Employment #InterestRateHikes
https://www.legit.ng/business-economy/economy/1576756-us-jobs-market-defies-expectations-january-slowdown/
Publicis settles opioid case with US states for $350 mn
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Publicis Health, part of the French advertising giant Publicis, will pay $350 million to settle charges from US states that its "predatory and deceptive marketing strategies" worsened the opioid epidemic. Publicis worked with Purdue Pharma between 2010 and 2019 on marketing material to promote OxyContin and other drugs. The settlement distributes funds nationally, with New York receiving $19.2 million. Publicis described the opioid work as originating with Rosetta, a digital marketing firm it acquired in 2011 and shut down 10 years ago. Of the $350 million settlement, $343 million will go to US states and territories and $7 million for legal fees.
#Publicis #OpioidCase #UsStates #Settlement #MarketingStrategies #Oxycontin #PurduePharma #Rosetta #FundsDistribution
https://www.legit.ng/business-economy/economy/1576621-publicis-settles-opioid-case-states-350-mn/
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