UK Economy Unlikely To Recover Until 2023
The UK economy is unlikely to reach its pre-Covid level until early 2023, according to new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3 per cent…
AMC Shares Spike After Top Theater Chain Says 70% Of Locations Will Be Open This Weekend
Shares of AMC, the largest movie theater chain in the U.S., jumped more than 16% in premarket trading Wednesday after the company announced Tuesday that more than 70% of its…
Treasury Yields Rise Slightly Amid Mixed Economic Data
Treasury yields climbed slightly on Wednesday after investors digested fresh employment data. The yield on the benchmark 10-year Treasury note rose to 0.6803% while the yield on the 30-year Treasury…
Macy’s Plans Rollout Of Smaller Stores Away From Malls
Macy’s is betting malls will make it. But only the best malls. And so it’s looking to grow elsewhere. “We continue to believe that the best malls in the country…
DraftKings Shares Surge 13% After Michael Jordan Joins Betting Company As Board Advisor
Shares of DraftKings jumped 13% in premarket trading after the company said Michael Jordan is joining the betting company as a special advisor to the board of directors. Jordan, a…
Tesla To Sell Up To $5 Billion In Stock Amid Its Incredible Rally
mid Tesla’s incredible rise that has seen shares soar to new highs, the electric auto maker said Tuesday it will sell up to $5 billion in new stock. The additional…
Walmart’s Stock Gets A $24 Billion Boost After Retailer Announces Subscription Service
Walmart+ won’t launch for two weeks, but Wall Street is reacting positively to the retailer’s forthcoming membership program and its perks. Now, investors and industry watchers will wait to see…
GM CEO Mary Barra To Meet With Ivanka Trump On Wednesday
DETROIT – General Motors CEO Mary Barra is scheduled to meet Wednesday with White House adviser Ivanka Trump at the automaker’s design and tech center in suburban Detroit. Barra will…
The Oil Price And Production Paradox
Nigeria’s public finances work well when oil prices are above US$50.00/bbl (better still, above US$60.00/bbl). Though prices are trending in that direction the prospect the Democratic Party winning November’s presidential…
Nigeria Naira Firms 9.7% On Black Market On Plans To Sell FX To Currency Operators
The Nigerian currency firmed sharply on the black market on Tuesday, gaining 9.65% to 435 naira against the U.S. dollar, traders said, citing central bank’s move to resume forex sales…
52 Former Franchisees Sue McDonald’s For Racial Discrimination
More than 50 former McDonald’s franchisees are suing the fast-food giant for racial discrimination, alleging it denied them the same opportunities as White operators and pushed them out of the…
Delta, American Drop Domestic Change Fees, Following Move By United
Delta Air Lines and American Airlines said Monday they are dropping domestic change fees, mirroring an announcement by rival United Airlines on Sunday in a push to woo back travelers.…
Trump Heads To Politically Crucial Wisconsin Amid Violence, Racial Unrest
Despite entreaties to stay away, President Donald Trump heads to Kenosha, Wisconsin on Tuesday to highlight his “law and order” campaign theme in a city upended by protests after the…
Businesses May Not Normalise Till August 2021
Businesses and brands, hoping to return to ‘winning ways’ soon, after the devastating effects of the COVID 19 pandemic, may need to wait a little bit longer, as a recently-released…
External Reserves Reverse Negative Trend, Rises To $35.7bn
The nation’s external reserves, last week, rose (though slightly) for the first time in 12 weeks, to $35.66 billion. Data from the Central Bank of Nigeria, CBN, shows that the…
Stocks Making The Biggest Moves Midday: Apple, Tesla, Beyond Meat, Amazon & More
Apple — Shares rallied 3.5% as its long-awaited 4-for-1 stock split took effect. That gain made the tech giant the best-performing Dow component and put the stock up more than…
Not A Single Foreigner Invested In Nigerian Bonds In Q2
Not a single foreigner invested in Nigerian bonds in the second quarter of 2020. For the first time in more than four years, foreign investors avoided staking their monies in…
Banks’ Credit to Private Sector Rises to N30.189tn
Banking sector’s credit to the private sector rose by N757 billion or 2.57 per cent to N30.189 trillion as of July 2020, compared with the N29.432 trillion it was at…
Speculators Lose As Naira Sells At N460 On Black Market
Currency speculators are losing as much as N20 with the dollar trading at N460 as at 3:00pm on Monday across Lagos and Abuja black market, up from N480 last week.…
McDonald’s Slams Ex-CEO As ‘Morally Bankrupt’ After He Asks For Dismissal Of Chain’s Lawsuit Against Him
McDonald’s slammed former CEO Steve Easterbrook in a new legal filing on Monday, arguing that he should have to defend his conduct in court. More than two weeks ago, Easterbrook…
In Panic, Forex Speculators Prepare To Dump Dollars
For most speculators who bought forex at less than N400/$1, they are pondering whether to sell. Forex speculators are apprehensive that a slew of circulars issued by the central bank…
History Of Apple Stock Splits Says Investors Shouldn’t Rush In To Buy Lower-Priced Shares
Apple is having a great year, and its 4-for-1 stock split on Monday is expected to make the market’s most-valuable company even more attractive to a wider universe of retail…
Dollar Set For Worst August In Five Years
The dollar was set for a fourth straight month of losses on Monday after a U.S. Federal Reserve policy shift on inflation, while the euro was poised to post a…
U.S. Treasury Yields Fall Slightly To Start The Week
Treasury yields dipped on Monday morning as traders geared up for the last trading session of the month and looked ahead to key jobs data at the end of the…
CBN Authorises Payment Service Banks To Sell Forex
The Central Bank of Nigeria (CBN) has authorised Payment Service Banks (PSBs) to sell foreign currencies (forex) realised from inbound cross-border personal (remittances) to licenced foreign exchange dealers. The apex…
Second U.S. Shale Boom’s Legacy: Overpriced Deals, Unwanted Assets
Oil and gas companies plunged over $156 billion into corporate takeovers and land deals during the second U.S. shale boom, in a massive bet that good times would continue and…
California’s Newsom Deploys New Coronavirus Reopening Framework, Most Counties Under Strict Orders
California Gov. Gavin Newsom announced on Friday a new framework for individual counties to reopen, outlining the possibility of non-essential indoor businesses and schools to return depending on the coronavirus’…
Buffett Looks To Japan With 5% Stakes In Five Biggest Trading Firms
Berkshire Hathaway Inc (BRKa.N) has bought a 5% stake in each of Japan’s five biggest trading houses, together worth over $6 billion, marking a departure for Chairman Warren Buffett as…
Diageo Nigeria Unable To Refinance Loan On Dollar Shortage
Diageo Plc’s Nigeria unit said it’s struggling to refinance a foreign-currency loan and trim costs following a shortage of dollars in Africa’s largest economy. Guinness Nigeria Plc is weighing options…
Japan, U.S. Defence Chiefs Oppose Bid To Alter Status Of Asian Waters
Japan’s Defence Minister Taro Kono said on Saturday he had agreed with his U.S. counterpart Mark Esper that both countries opposed any unilateral attempt to change the status quo in…