Business
Yen Falls as Emerging-Market Stocks Gain; Treasuries Drop
TOKYO – The yen weakened against most of its counterparts and emerging-market shares climbed for a second day on expectations for continued Federal Reserve stimulus. European stocks and U.S. equity-index futures were little changed, while yields on 10-year Treasuries advanced.
Japan’s currency fell 0.4 percent to 100.39 per dollar at 10:51 a.m. in London today after earlier reaching the weakest since Sept. 11. The MSCI Emerging Markets Index gained 1.2 percent. The Stoxx Europe 600 Index rose less than 0.1 percent and Standard & Poor’s 500 Index futures added 0.1 percent. The 10-year Treasury yield appreciated two basis points. U.K. natural-gas prices jumped to a seven-month high and gold dropped 0.4 percent.
An economic report in the U.S. later today may show that industrial output growth slowed in October. Janet Yellen, the nominee for chairman of the Federal Reserve, signaled during her Senate confirmation hearing yesterday that she’ll maintain record monetary stimulus until the economy is stronger. China may release details of its economic policy plans as early as next week, according to Morgan Stanley.
“It’s generally a more risk-on environment,” said Kiran Kowshik, a foreign-exchange strategist at BNP Paribas SA in London. “That’s why you’re seeing the yen weakening. Yellen’s testimony has sparked a risk-on move.”
Japan’s currency weakened 0.1 percent to 134.93 per euro, after reaching 135.05, the least this month. The U.S. currency was little changed at $1.3444 per euro, set for a 0.6 percent weekly decline.
Yen Decline
The yen slumped 1.4 percent this week, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar rose 0.1 percent and the euro gained 0.7 percent.
Yields on 10-year Treasuries rose two basis points to 2.71 percent.
The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong (HSCEI) rose 3 percent, bringing the two-day gain to 4.2 percent, amid optimism for detailed economic policy changes in the nation. The Shanghai Composite Index jumped 1.7 percent, the most in more than a month.
Samsung Electronics Co. led gains in the broader emerging-markets measure, driving technology shares up the most since Oct. 18. The world’s largest maker of handsets plans to release a Galaxy smartphone next year with a three-sided display that wraps around the edges, two people familiar with the plans said yesterday. The stock rose 2.7 percent in Seoul, the most since August.
Domestic Product
Hungary’s BUX Index rose for a second day, gaining as much as 0.9 percent, after Economy Minister Mihaly Varga told state-run Duna television yesterday that fourth-quarter economic growth may exceed 2 percent. Gross domestic product accelerated more than economists forecast in the three months through Sept. 30, data showed yesterday.
Poland’s benchmark WIG30 Index rallied 1.4 percent, set for the first weekly gain in three, led by technology, financial and basic-material companies. The zloty appreciated 0.1 percent per euro.
Yellen said during her hearing that it’s important that policy makers do not remove support for the U.S. economy too soon given the limited range of tools available to the Fed, which has to promote a “very strong recovery.”
Fed Stimulus
The Federal Open Market Committee probably will wait to taper its bond buying to $70 billion at its March 18-19 meeting from the current pace of $85 billion a month, according to the median estimate of 32 economists in a Bloomberg survey Nov. 8.
U.S. data today may show that industrial production cooled in October, reflecting a pause in manufacturing during the 16-day partial shutdown of the federal government. Output rose 0.2 percent last month after gaining 0.6 percent in September, economists forecast before the Fed releases the data at 9:15 a.m. in Washington.
Manufacturing in the New York region grew at a faster pace in November after slowing for three consecutive months, according to the median economist projection. The Fed Bank of New York’s index probably rose to 5, rebounding from a five-month low. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut.
Dredging Company
The Stoxx 600 Index gained 15 percent this year and reached a five-year high on Nov. 11. Vivendi SA (VIV) gained 3.8 percent today after the Paris-based company said it will spin off its French phone carrier SFR by July 2014 and posted third-quarter adjusted profit that beat analysts’ estimates. Royal Boskalis Westminster NV jumped 3.9 percent after the world’s largest dredging company increased its 2013 profit forecast.
Safran SA (SAF) slipped 3.7 percent after the French government, its biggest shareholder, sold a 4.7 percent stake in the manufacturer. Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, dropped 1.8 percent after saying gross margins dropped at the end of October.
The increase in S&P 500 futures indicated the equity gauge may extend its all-time high. The index climbed 0.5 percent to 1,790.62 yesterday. The S&P 500 surged 26 percent this year, headed for its biggest annual gain in a decade.
Exxon Mobil Corp. increased 1.8 percent in early New York trading after Berkshire Hathaway Inc. reported a stake in the oil company valued at about $3.7 billion, the largest new holding since Warren Buffett’s company adding International Business Machines Corp. in 2011.
Goldman Sachs
Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level by Moody’s Investors Service, which decided the U.S. government would be less likely to help them repay creditors in a crisis.
The yield on Morgan Stanley’s 4.1 percent subordinated notes due in May 2023 fell 26 basis points to 4.52 percent, while the yield on JPMorgan’s 3.375 percent subordinated notes due May 2023 slipped 10 basis points to 4.3 percent. The yield on Goldman Sachs’s 5.95 percent subordinated bonds due January 2027 rose one basis point to 5.4 percent. There was little trading in notes of Bank of New York Mellon.
Yields on downgraded bonds typically rise after a rating reduction to account for the perceived deterioration of the issuer’s creditworthiness.
U.K. day-ahead natural-gas prices jumped as much as 2.4 percent to 70.25 pence a therm, the highest price since April 11, according to broker data compiled by Bloomberg. Temperatures may average 1.9 degrees Celsius (35.4 degrees Fahrenheit) next week, compared with a seasonal average of 6.9 degrees Celsius, according to MetraWeather. Gold dropped to $1,282.67 an ounce and silver fell 0.7 percent to $20.6385 an ounce.
– BLOOMBERG
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.
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