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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#DangoteRefinery #PetrolProduction #CrudeOilSupply #PetrolPrices #NigerianMarket

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

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

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

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

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

#Cbn #Nigeria #ForeignExchange #Banks #Auction

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

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

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

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

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

#Tinubu #ConstitutionalReview #ThePatriots #EconomicReform #Proposal

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

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

#SusanWojcicki #Youtube #Google #SiliconValley #Cancer

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

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

#Cbn #ForeignExchange #ForeignInvestment #Repatriation #Divestment

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

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

#AsianStocks #WallStreet #UsJobsData #RecessionFears

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

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

#UkGovernment #FamilyVisa #SalaryThreshold #Review #MigrationAdvisoryCommittee

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

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

#DangotePetroleumRefinery #CrudeOil #Nigeria #Resale #OperationalChallenges

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

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

#AuctionHouses #HongKong #ArtMarket #Expansion #YoungAsianBuyers

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

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

#Presidency #Tinubu #EconomicHardship #Broadcast #FakeNews

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

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

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

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

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

#Hdds #FlashStorage #DataStorage #Technology #StorageTechnologies

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

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

#Tiktok #Bytedance #UsJusticeDepartment #FreeSpeech #NationalSecurity

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

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

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

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

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

#UsFederalReserve #Inflation #InterestRate #Economy

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

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

#UsNewHomeSales #InterestRates #HousingMarket

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

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

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

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

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

#Naira #Dollar #CentralBankOfNigeria #ExchangeRate #ForeignExchangeMarket

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

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