Business
European Shares fall as China slowdown continue
LONDON – Earlier today, shares in Europe edged lower after further signs of slowdown in China emerged despite robust data from France and Germany which likely limited the decline.
The euro on the other hand, was slightly strengthened against the dollar and German Bund futures extended losses after data complier Markit said its March flash composite purchasing managers’ index for France jumped to 51.6 from 47.9 last month.
However, the single currency largely gave up its gains after figures showed private sector growth slowed in Germany. Data from the euro zone as a whole, while suggesting the recovery was becoming more broad-based, dipped compared with February.
Having lagged the recent recovery in much of the euro zone, the French index surged through the 50-point threshold dividing contraction from expansion to hit its highest since August 2011.
However, the data was not enough to lift European shares. The FTSEurofirst 300 index .FTEU3 fell 0.2 percent as investors focused on a fall in Chinese business activity.
The flash Markit/HSBC China Purchasing Manager index fell to an eight-month low of 48.1 in March from February’s 48.5. The index has been below 50 since January.
“As the data shows this morning, China’s slowdown is sharper than what most people had expected, which fuels worries about the impact on global growth,” Philippe de Vandiere, analyst at Altedia Investment Consulting in Paris, said.
“But Chinese authorities have plenty of tools to avoid a hard landing, and we know that the country’s transition to an economic model more focused on consumer spending will lower its growth rate a bit, so no big concern here.”
A string of weak numbers has reinforced concerns over a slowdown in the world’s second largest economy, though the impact on Asian shares was limited as the data raised expectations the Chinese government could stimulate the economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent and Japan’s Nikkei share average .N225 gained 1.8 percent, after solid performances on Wall Street last week, with the Dow .DJI and S&P 500 .SPX posting weekly gains of 1.5 percent and 1.4 percent.
China’s CSI300 index .CSI300 of leading Shanghai and Shenzhen A-share listings rose 0.8 percent in anticipation of stimulus measures.
However, analysts said the tone in markets would partly be driven this week by geopolitics.
Group of Seven leaders were due to hold talks in The Hague on Monday on their response to Russia annexing Ukraine’s Crimea.
NATO’s top military commander said on Sunday that Russia had built up a “very sizeable” force on its border with Ukraine and Moscow may have another ex-Soviet republic, Moldova, in its sights after annexing Crimea.
Russian shares rose 1.3 percent, rebounding from a fall on Friday, and the ruble gained against the dollar.
“There have been no further sanctions imposed over the weekend, investors can more soberly assess the threat of sanctions already imposed,” Vasiliy Tanurkov, an analyst at Veles Capital, said in a morning note.
MSCI’s main index of emerging stocks .MSCIEF rose 1 percent.
DOLLAR FIRMS
The dollar index .DXY, which measures the greenback against a basket of currencies, ticked up to 80.174. On Thursday, it hit a three-week high of 80.354.
The euro last stood at $1.3788, all but flat on the day, having hit a high of $1.3875 after the French data. The dollar rose 0.3 percent against the yen at 102.50 yen.
Three-month copper on the London Metal Exchange rose 0.3 percent to $6,496.00 a tonne, erasing losses in the immediate wake of the China data. <MET/L>
Spot gold dipped to $1,323.60 an ounce, following a sharp fall triggered by comments last week from Federal Reserve chief Janet Yellen that suggested U.S. interest rates could rise sooner than many in markets had expected. <GOL/>
Brent crude traded at $106.71 a barrel with supply disruption worries keeping it off a six-week trough of $105.41 hit on Thursday.
Business
Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals
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.
Business
NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria
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.
Business
Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library
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.