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U.S. stock futures decline on Fed rate worries

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NEW YORK – U.S. stock futures extended the previous session’s declines, as investors weighed the potential for the Federal Reserve to raise interest rates earlier than expected.

Rate worries also hit on overseas markets.

Dow Jones Industrial Average futures lost 38 points, or 0.2%, to 16101 about 50 minutes before Thursday’s opening bell.

S&P 500 index futures dropped five points, or 0.2%, to 1848 and Nasdaq-100 index futures fell 10 points, or 0.3%, to 3664. Changes in stock futures don’t always accurately predict stock moves after the opening bell.

The S&P 500 fell 0.6% on Wednesday, an abrupt reversal after running up 1.7% in the week’s first two sessions.Investors were unsettled by Fed Chairwoman Janet Yellen’s first post-meeting news conference, after Ms. Yellen said the central bank could raise rates “something on the order of six months” after the bank shuts down its bond-buying program. That time frame could mean a rate increase as early as April next year, ahead of the late 2015 market expectation.

The Fed continued to pare back on its monthly bond-purchasing program, a move that was widely expected.

David Kotok, chief investment officer at Sarasota, Fla.-based Cumberland Advisors, which manages about $2.2 billion in assets, said he was surprised by what looked like a “shift away from the Fed’s previous easing policy.”

“The markets are starting to digest what that really means,” he said.

Bond prices and gold extended declines on Thursday.

The yield on the 10-year Treasury note was at 2.782% early Thursday, after jumping 0.09 percentage points to 2.770% late Wednesday. Yields rise as bond prices fall. Gold futures lost 1.5% to $1,321.70 a troy ounce.Kent Engelke, chief economic strategist at Capitol Securities Management, which oversees more than $4 billion, said investors are likely to resume “profit-taking” in stocks Thursday after strong gains earlier in the week.

He said worries about rates may have tilted sentiment to the negative side in the short term. “The odds favor a decline, rather than a further rise from current levels,” Mr. Engelke said.

On the economic front, initial claims for jobless benefits in the latest week rose slightly to 320,000 from 315,000 the week before, in line with expectations.

After the open, existing-home sales for February, due at 10 a.m., are seen slipping 0.4% on the month to a seasonally adjusted annualized rate of 4.6 million. At the same time, the Philadelphia Federal Reserve’s March index of manufacturing activity is forecast to turn up to +4.3 from -6.3 in February, while the Conference Board’s leading economic index for February is expected to increase 0.3%.Crude-oil futures lost 0.6% to $98.54 a barrel. The dollar edged higher against the euro but lost some ground against the yen.

The Stoxx Europe 600 shed 0.7%. Germany’s DAX 30 index dropped 0.7%, France’s CAC 40 fell 0.8% and the U.K.’s FTSE 100 declined 1.1%.

Meanwhile, the European Union will meet for a two-day summit in Brussels later Thursday to discuss whether to take additional action against Russia on the back of the conflict with Ukraine.

Asian markets were also broadly lower on Fed concerns, with China’s Shanghai Composite shedding 1.4% to a two-month low and Japan’s Nikkei Stock Average falling 1.7%.

Among early stock movers, Lennar Corp. rose 2% in premarket trading after the home builder reported fiscal first-quarter earnings and revenue that exceeded analyst estimates as deliveries and selling prices improved.

U.S.-listed shares of GlaxoSmithKline PLC fell 2% after the U.K. drug maker said its MAGE-A3 cancer vaccine failed in a second late-stage study.

– WALLSTREET JOURNAL

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Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals

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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.

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NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

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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.

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Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library

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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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