Here’s a quick recap of the top stories from 9am news Nigeria with Ogasabi on 9am trending news: Economic, Business, and Financial Headlines for July 23rd, 2024.
Investors Gain N16.54bn as NGXASI Advances by 0.03%; BDC Rate Appreciates to N1,565/USD
In the latest 9am news Nigeria, investors enjoyed a bullish start to the trading week, gaining N16.54bn as NGXASI advanced by 0.03%. The upward momentum, driven by price appreciations in JBERGER (+5.71%), ETI (+1.85%), ZENITHBANK (+1.35%), UBA (+0.88%), DANGSUGAR (+0.12%), GTCO (+0.11%), and 17 others, continues to boost market confidence. Ogasabi, in a detailed analysis, highlighted this positive trend and its implications for the Nigerian equities market. Source: Proshare Read More
Inflation Pace Seen Luring Investors to Longer-Dated Bonds
Investors are now locking their money into longer-dated bonds rather than short-term, high-yielding securities due to the expected slow pace of inflation. This trend, reported in 9am news Nigeria, reflects a strategic shift as investors seek stability amid fluctuating economic conditions. Source:
CBN MPC Decision: Strong Growth Headwinds Ahead
Ogasabi reported that the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) raised the monetary policy rate (MPR) by 150 basis points to 26.25% from 24.75% in its last meeting on May 21, 2024. This decision, aimed at curbing inflation, suggests that monetary policy tightness is expected to persist, posing significant growth headwinds. Source:
How a Texas Oil Disaster Exposed a Deadly Secret
A deadly explosion at Marathon Petroleum’s Galveston Bay refinery in 2023 highlighted Big Oil’s deferred maintenance practices aimed at maximizing production and profits. Ogasabi and the 9am news team delve into the limited federal oversight and its repercussions on safety standards. Source: Bloomberg Listen More
Wall St Closes Higher as Investors Return to Megacap Stocks
Next, Wall Street’s major indices ended higher on Monday as investors returned to megacap growth stocks, helping both the S&P 500 and Nasdaq Composite recover from their worst weekly performance since April. This trend underscores a renewed investor confidence in tech giants. Source: Reuters Read More
NESG: Nigeria Should Prioritize Data and Food Production
The Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, has called on federal and state governments to invest more in data and food production. According to 9am news Nigeria, inadequate data hinders planning, economic growth, and development. Source:
US SEC Approves First Spot Ether ETFs to Start Trading
Also, The U.S. Securities & Exchange Commission has approved the launch of the first U.S. exchange-traded funds (ETFs) tied to the price of ether, set to begin trading on Tuesday. This significant move, covered by Ogasabi, marks a milestone in the crypto market. Source:
WTO Members Push to Expedite Okonjo-Iweala’s Second Term Bid
A sizable portion of World Trade Organization members support a group of African countries pushing for Director-General Ngozi Okonjo-Iweala to expedite a run for a second four-year term. This development, highlighted in 9am news Nigeria, reflects Okonjo-Iweala’s impactful leadership. Source:
FG Moves To Reunite Dangote With Regulators
The Federal Government has intervened in the rift between Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Ogasabi reports on efforts to reconcile regulatory disputes affecting one of Africa’s wealthiest men. Source: Daily Trust Read More
Govt Issuing N60bn Third Green Bond
The Federal Government is set to issue a third green bond valued at N60bn to facilitate environmental financing, afforestation, and renewable energy projects. This initiative, reported by 9am news Nigeria, highlights the government’s commitment to sustainable development. Source:
Manufacturers Fault Customs Duty Hike
Moving On, Manufacturers are protesting against the constant rise in customs duty above the official foreign exchange (FX) rate, citing it as a disincentive to raw material access and local production. This concern, discussed by Ogasabi, calls for policy reconsideration to support the manufacturing sector. Source:
WTO Accuses China of Low Transparency on State Subsidies
The World Trade Organization has accused China of lacking transparency in its state support framework, urging improvement in subsidy notification processes. This issue, covered by 9am news Nigeria, underscores ongoing global trade tensions. Source: THISDAY Read More
European Natural Gas Prices Fall as Freeport LNG Resumes Operations
Europe’s benchmark natural gas prices fell to the lowest level in a week after the U.S. export facility Freeport LNG resumed operations following a shutdown due to Hurricane Beryl. Ogasabi provides insights into the energy market’s response to these developments. Source: Oilprice Read More
Sycamore Emerges Winner at NSIA Prize for Innovation
The Nigeria Sovereign Investment Authority announced Sycamore as the winner of the second edition of the NSIA Prize for Innovation (NPI 2.0). This achievement, highlighted by Ogasabi on 9am news Nigeria, showcases the growing importance of innovation in driving economic growth. Source: NSIA Read More
NITDA Partners with NYSC to Train 30m Nigerians in Digital Literacy
The National Information Technology Development Agency (NITDA) has partnered with the National Youth Service Corps (NYSC) to train 30 million Nigerians in digital literacy by 2027. Ogasabi reports on this ambitious initiative aimed at boosting digital skills across the country. Source: THISDAY Read More
Alphabet to Announce Strong Q2 Revenue Surge Driven by AI and Ad Market
Alphabet Inc., the parent company of Google, is expected to announce a 14% rise in its quarterly revenue, driven by advancements in AI and a strong ad market. This news, covered by 9am news Nigeria, highlights the tech giant’s robust growth trajectory. Source: TechEconomy Read More
US Export Controls Prompt Nvidia to Develop Custom AI Chips for China
Furthermore, Nvidia is reportedly developing a customized version of its latest AI chips for the Chinese market in response to US export controls. Ogasabi and 9am news Nigeria explore the implications of this strategic move on the global tech landscape. Source: TechEconomy Read More
FCCPC Fines WhatsApp $220 Million Over Privacy Policy Violations
Finally, Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) fined WhatsApp $220 million for privacy policy violations. Ogasabi reports on this landmark decision and its potential impact on data privacy practices in the country. Source: 9am News Read More
