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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#RupertMurdoch #ElenaZhukova #Wedding #Marriage #MediaMogul

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

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

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

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

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

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

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

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

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

 FG Approves N110bn for New Businesses to Expand and Employ People
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The Nigerian government has approved N110 billion in capital startups for new businesses across the country. The fund will be distributed via the Bank of Industry and the Ministry of Youth Development. The fund will be channeled via the revamped Nigeria Youth Investment Fund (NYIF). The Ministry of Youth Development and the Bank of Industry will establish a specialized NextGen Bank dedicated to growing youth entrepreneurs. Plans are underway to establish a Presidential Initiative on Youth Clusters, focusing on critical sectors such as agriculture, manufacturing, and technology. The ongoing youth schemes involve about 146,998 beneficiaries engaged in vocational, social inclusion, technology, agriculture, and entrepreneurial training.

#Nigeria #Business #Startups #Employment #Youth

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

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

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

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

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

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

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

#UsNewHomeSales #HousingMarket #Economy

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

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

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

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

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

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

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

#NaturalDisasters #UsAdults #Finances #FederalReserve #Inflation

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

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

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

#UsInflation #FederalReserve #ChristopherWaller #MonetaryPolicy

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

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

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

#Fuel #Cng #FillingStations #Nigeria #Government

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

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

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

#SaudiArabia #Fashion #Tourism #RedSeaFashionWeek

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

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

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

#Goodyear #Tires #Investigation #Accidents #Whistleblower

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

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

#Bp #LegalAction #CancerDeath #GasFlaring #Iraq

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

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

#DangoteRefinery #Totalenergies #CrudeOilSupply #Africa

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

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

#MelindaGates #BillGates #GatesFoundation #Philanthropy

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

 Dangote Loses KSh 339b as US Dollar Pushes Local Currency to World’s Worst-Performing Rates
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Africa's richest man, Aliko Dangote, has seen his net worth drop by KSh 339.4 billion due to the depreciation of the Nigerian naira. Dangote, who was worth KSh 2.3 trillion in April 2024, now has an estimated net worth of KSh 1.9 trillion. The decline in Dangote's wealth is attributed to the poor performance of the naira against the US dollar. The recent loss of the naira has reversed Dangote's yearly gains in months. The decline is due to the impact of the naira's fall on his stake in Dangote Cement and his holdings in Dangote Sugar, NASCON Allied Industries, and the United Bank for Africa (UBA). Dangote's most prized privately held asset, Dangote Fertilizer, remains steady at $5.15 billion. Dangote Cement, valued at $6.7 billion, is his second most significant asset. The decline in Dangote's wealth is also attributed to the impact of the election year on his business due to policy changes. The financial year 2023 results of Dangote Industries Limited show a group turnover of KSh 43.3 billion, 9.5% higher than the same period in 2022.

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

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

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

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

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

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

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

#BirthControl #Misinformation #Influencers #SocialMedia #ReproductiveHealth

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

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

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

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

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

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

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

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

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

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

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

#Naira #ForeignExchange #CurrencyMarket #CentralBankOfNigeria #Economy

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

 Naira Weakens Further as Banks, Currency Dealers Quote Dollar at Higher Rates
==========

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

#Naira #UsDollar #ForeignExchangeMarket #CentralBankOfNigeria #ForexTurnover

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

 Bubbling profits for AB InBev despite Bud Light boycott
==========

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

#AbInbev #BudLight #BeerSales #Profits #Boycott

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

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

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

#Eu #NipponSteel #UsSteel #Biden #Acquisition

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

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

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

#Eu #NipponSteel #UsSteel #Biden #Acquisition

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

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

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

#Jamb #Utme #Benue #Education

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

 Shell, others to transfer 26 oil blocks of 8.2m barrels reserves to local firms
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Four International Oil Companies (IOCs) including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell are set to divest from a total of 26 oil blocks in Nigeria. The divestment follows Shell's announcement to sell off its Nigeria onshore division SPDC for up to $2.4 billion. Oando is in talks to acquire NAOC assets from Eni, while Seplat is bidding to take over Mobil assets. The 26 oil blocks collectively hold an estimated total reserve of 8.211 million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas, and 46,604 billion cubic feet of non-associated gas. S&P Global Commodity Insights (SPGCI) and Boston Consulting Group (BCG) will work with the Nigerian Upstream Regulatory Commission (NUPRC) as independent advisors to identify liabilities associated with end-of-field life and abandonment legacies. The Central Bank of Nigeria has also stopped IOCs from repatriating 100% of their crude oil export proceeds, allowing banks to pool cash on behalf of IOCs up to a maximum of 50% of the repatriated export proceeds.

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

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

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

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

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

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

#Yen #UsInflation #UsInterestRateCuts #BankOfJapan

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

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

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

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

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

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

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

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

#Journalism #NewsDeserts #LocalNews #MediaIndustry #BaltimoreBanner

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

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

#Naira #UsDollar #ExchangeRate #CentralBankOfNigeria #ForeignExchangeMarket

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

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

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

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

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

#Naira #UsDollar #ForeignExchangeMarkets #CryptocurrencyPlatforms #CentralBankOfNigeria

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

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

#Venice #Tourism #DayTickets #MassTourism

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

 In world first, Venice to trial day tickets
==========

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

#Venice #Tourism #DayTickets #MassTourism

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#Malaysia #ChipDesignPark #SemiconductorIndustry

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