Big-Ticket Spenders Boost Lowe’s Sales, Shares Jump
Lowe’s Cos Inc (LOW.N) said on Wednesday that professional builders and handymen were rushing back to its stores, boosting sales at a time demand from the home improvement chain’s core…
U.S. Senators Urge FTC To Probe Tesla Over Self-Driving Claims
Two U.S. senators on Wednesday pressed the Federal Trade Commission (FTC) to probe Tesla (TSLA.O), saying the company has misled consumers and endangered the public by marketing its driving automation…
Nigeria’s Central Bank Reportedly Freezes Accounts Of Chaka, Bamboo; What Happens To Your Investments?
A Federal High Court sitting in Abuja has granted the Central Bank of Nigeria an order to freeze the accounts of Nigerian investment-tech companies Bamboo, Rise, Chaka, and Trove. The…
Naira Abusers Risk Jail Terms, Central Bank Of Nigeria Warns
The Central Bank of Nigeria (CBN) has disclosed that it is working with the Nigeria Police Force (NPF), Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC), and…
Central Bank Of Nigeria Moves To Strengthen Cybersecurity In Other Financial Institutions
The Central Bank of Nigeria (CBN) yesterday moved to strengthen cyber resilience of Other Financial Institutions (OFIs) under its regulation in order to ensure that they remain safe and sound…
Experts Raise Concern As Nigeria’s Inflation Falls To 17.38%
Economic experts have expressed concerns over the reported decline in the country’s inflation rate to 17.38 per cent in July. The National Bureau of Statistics, in its Consumer Price Index…
TY Holdings Acquires 72% Stake In BOC Gases Nigeria
TY Holdings Limited yesterday announced to investing public that it has acquired 72 per cent stake in BOC Gases Nigeria Plc. The Company Secretary, BOC Gases Nigeria, Mrs. Ronke Segun-Alabi,…
Stock Market Rebounds As Investors Gain N23bn
The equities market on the Nigerian Exchange Limited rebounded from the loss recorded on Monday with investors gaining N23.04bn as the market capitalisation hit N20.61tn. The NGX All-Share Index rose…
Dollar Settles Near 4-1/2 Month Highs As Risk Appetite Cools
The dollar held near a 4-1/2 month high versus a basket of major currencies on Wednesday as simmering concerns about the global economy forced investors to seek safety in the…
Mortgage Rates Hit Their Highest Level In A Month, And Weekly Demand Drops
Borrowers backed away from the mortgage market last week, as higher interest rates chilled a recent revival in refinances. The average contract interest rate for 30-year fixed-rate mortgages with conforming…
PayPal And Fiserv Partner To Allow Paycheck Deposits Into Venmo Accounts
Getting gig economy workers to send their paychecks directly to a PayPal or Venmo wallet is one of the goals of a new partnership between PayPal and Fiserv announced Wednesday.…
Chinese Tesla Rival Xpeng Expands Production Capacity As Competition Heats Up
Chinese electric carmaker Xpeng is doubling the production capacity at one of its key plants as competition heats up. Xpeng said it will increase the planned production capacity of its…
Tesla Is Facing A Critical Technical Support Level — And A Break Below Could Mean ‘Bulls Are No Longer In Charge,’ Trader Warns
Tesla’s recent declines are taking the stock to treacherous territory, one trader warns. Shares of the electric vehicle manufacturer fell nearly 3% to $665.71 on Tuesday after the National Highway…
Stocks making the biggest moves premarket: Lowe’s, Target, Krispy Kreme And Others
Lowe’s (LOW ) – The home improvement retailer reported an adjusted quarterly profit of $4.25 per share, beating the consensus estimate of $4.01. Revenue beat forecasts, and the same-store sales…
Crypto Exchange Binance Hires Former US Treasury Criminal Investigator
Binance said on Wednesday it had appointed a former U.S. Treasury criminal investigator as its global money laundering reporting officer, part of an attempt by one of the world’s largest…
New Nissan Z Sports Car Unveiled As Halo Vehicle Amid Automaker’s Turnaround Plan
Nissan Motor on Tuesday unveiled its new Z performance vehicle — a favorite of enthusiasts and customizers — as an “approachable sports car for the modern age.” The 2023 Nissan…
TSMC Overtakes Tencent To become Asia’s Most Valuable Company, As China Crackdown Takes A Toll
The world’s largest chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) has overtaken Chinese tech behemoth Tencent to become Asia’s most valuable firm. Beijing’s regulatory crackdown on the country’s tech sector in…
European Stocks Nudge Higher Amid Inflation Data; Carlsberg Up 2%
European markets were slightly higher on Wednesday morning, as investors monitored inflation data and looked ahead to the minutes from the Federal Reserve’s latest meeting. The pan-European Stoxx 600 index…
Robinhood’s Shareholders: Are Crypto Wallets Coming And Do We Get Hoodies?
When Robinhood Markets Inc (HOOD.O) reports quarterly financial results on Wednesday for the first time since going public, its retail shareholders want to know when cryptocurrency wallets are coming and…
BlackBerry Software Flaw Could Impact Cars, Medical Devices – U.S. Agencies
A cybersecurity flaw in a software designed by BlackBerry Ltd (BB.TO) could put at risk cars and medical equipment that use it and expose highly sensitive systems to attackers, the…
Huawei Will Return To Smartphone Throne’ Despite Crippling Sanctions, Chairman Says
Huawei Technologies’ (HWT.UL) chairman said while U.S. sanctions have choked its smartphone business, it will not give up and plans to eventually return to the industry’s “throne”. In 2019 former…
Woodside Investors Jittery On Petroleum Merger, BHP Falls On Listing Change
Shares in BHP Group Ltd. (BHP.AX) and Woodside Petroleum fell on Wednesday as investors digested details of the Perth-based oil and gas group’s A$40 billion ($29 billion) merger with BHP’s…
Analysis: As Investors Look To Jackson Hole, Options Markets See ‘A Lot Of Nothing’
Traders in U.S. equity options do not expect the Federal Reserve’s symposium in Jackson Hole, Wyoming later this month to spark big moves in stocks, even as a focus on…
Yuan’s Global Use Faces A Test As Xi’s Reforms Rattle Markets
The Chinese yuan has been making inroads in the world of cross-border payments in recent years, but a pair of data points due this week will reveal whether the country’s…
Forex: Labour Backs CBN, Makes Case For Manufacturers
Following the current foreign exchange squeeze being experienced in the country, organised labour, under the aegis of Association of Senior Civil Servants of Nigeria ((ASCSN), has advised the Central Bank…
Pound Hits 3-Week Low Vs Dollar As Risk Appetite Weakens
Britain’s pound hits its lowest level in three weeks against the dollar on Tuesday as weakening risk sentiment weighed on global stock markets, hitting risk-correlated currencies including the commodity-linked Australian,…
Govt To Borrow N5.62trn For 2022 Budget Deficit
The federal government has submitted a proposal to borrow N5.62 trillion to finance the budget deficit in the 2022 budget. This is just as the government disclosed that it would…
Labour Seeks Special Allocation Of Forex To Manufacturers
Organised Labour has pleaded with the Federal Government to devise a special arrangement to ensure that foreign exchange, forex, is made available to genuine manufacturers only, to enable them increase…
2022 Budget: FG Crashes Capital Expenditure, Despite Higher Earnings
The Federal Government’s fiscal operations in 2022 is set for contraction, despite higher oil earnings and earnings from increased exchange rate. The Minister for Finance, Budget and National Planning, Zainab…
Oil Rises On Bargain-Hunting, Expectations That OPEC+ Will Not Boost Supply Soon
Oil prices rose on Tuesday, recovering from the previous day’s losses, as investors sought bargains and on expectations that major producers will not boost supply soon, though fears of weaker…