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

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

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

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

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

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

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

#UsElection #DonaldTrump #JoeBiden #Unity #Rhetoric

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

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

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

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

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

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

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

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

#Pakistan #Imf #Economy #Loan #TaxReforms

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

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

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

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

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

#Ericsson #Vonage #Telecommunications #QuarterlyLoss #WriteDown

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#Petrol #FuelScarcity #Nigeria #Nnpc #IndependentOilMarketers

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

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

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

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

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

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

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

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

#JoeBiden #ShehuSani #DonaldTrump #UsPresidentialElection

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

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

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

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

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

#Boeing #Spirit #Acquisition #AerospaceIndustry

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

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

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

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

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

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

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

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

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

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

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

#Naira #ForexMarket #CentralBankOfNigeria #Dollar #ForeignReserves

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

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

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

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

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

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

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

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

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

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

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

#UsExistingHomeSales #HomePrices #HousingMarket

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#Boeing #UsDepartmentOfJustice #737MaxCrashes #Aviation #Safety

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

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

#Ghana #Funeral #Football #Coffin

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

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

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

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

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

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

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

 No more N1,485: CBN slashes Customs exchange rate to clear goods from Monday
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The Central Bank of Nigeria (CBN) has adjusted the exchange rate for calculating customs duty, reducing it to N1,447.965 per dollar from the previous rate of N1,485.322 per dollar. The Nigeria Customs Service (NCS) announced the new rates on Sunday, June 9, providing slight relief to businesses and importers. The NCS clarified that the fluctuations in import duty rates are not the result of their actions, but rather align with the CBN's floating foreign exchange rate regime. Experts and Peter Obi have advocated for a stable rate to bring down the inflation rate in the country. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), suggested that Customs set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

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

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

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

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

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

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