Business
U.S. Stock Futures Slump on Global Selloff
NEW YORK — U.S. stock futures slumped as part of another global selloff, with continued volatility in emerging-market stocks and currencies prompting investors to flee riskier assets.European markets also sank, with the Turkish lira slumping to another record low against the dollar. The Russian ruble also hit a record low against the euro. Brazil’s currency also fell in early trading.
The iShares MSCI Emerging Markets exchange-traded fund dropped 1.4% in premarket trading, after falling 2.5% on Thursday to close at a 4 1/2-month low.
About 90 minutes ahead of the open, Dow Jones Industrial Average futures slid 95 points, or 0.6%, to 16056. On Thursday, the Dow slumped 176 points, or 1.1%, to close at a one-month low, as disappointing data out of China sparked a selloff.
S&P 500 index futures dropped 12 points, or 0.7%, to 1812 and Nasdaq 100 futures shed 22 points, or 0.6%, to 3592. Changes in stock futures don’t always accurately predict stock moves after the opening bell.
Assets seen as safe havens continued to benefit. Gold futures gained 0.7% to $1,270.80 an ounce, extending Thursday’s rally to a two-month high. Treasury prices advanced further, with the yield on the 10-year Treasury note falling to 2.732%, after settling at seven-week low of 2.774% on Thursday. Treasury yields decline as prices rise.Joseph Quinlan, chief market strategist at U.S. Trust, Bank of America Private Wealth Management, with $333 billion in assets under management, said the volatility in the emerging markets is a worry for the U.S., as that total market segment accounts for a large chunk of global economic growth.
“They are big players, not bit players, so this is a big deal for everyone,” Mr. Quinlan said of economies dubbed emerging. “The rumblings in the emerging markets can create their own momentum. It’s a cascading effect.”
Although this volatility could remain a problem for the short term, he said longer-term investors shouldn’t be too concerned because the problems are coming from outside the U.S., which actually makes U.S. assets more attractive.
“We’re telling clients, this is a problem, but if there is a big sliver lining, it means more demand for the [U.S.] assets they already own,” Mr. Quinlan said. “If we got a 5% to 8% pullback, we’ll be putting more money to work in equities.”The S&P 500 closed Thursday 1.1% below its Jan. 15 record high close of 1848.38.
Worries about emerging markets overshadowed a 2.9% premarket jump in the shares of Dow component Microsoft Corp. The software giant reported late Thursday fiscal second-quarter earnings and revenue that exceeded expectations, boosted by strong demand for the company’s new Xbox videogame console.
Also in the Dow, Procter & Gamble tacked on 0.6% after fiscal second-quarter core earnings came in slightly above estimates, and the company said it was on track to meet its full-year earnings and revenue growth projections.
There were no major economic data scheduled for release in the U.S.
In Europe, the Stoxx Europe 600 dropped 1.5%, adding to Thursday’s 1% slid. Germany’s DAX 30 index lost 1.2%, France’s CAC 40 gave up 1.4% and the U.K.’s FTSE 100 dropped 0.9%.“The jury is still out on whether yesterday’s selloff was caused by U.S. data, poor corporate earnings or the Chinese purchasing managers’ index,” said Jim Reid, a strategist at Deutsche Bank. “Whatever the reason, the real damage was in done in emerging markets.”
“All this provides a fairly nervous lead-in to next week’s Federal Reserve meeting where the consensus appears to be that another $10 billion in tapering will result,” Mr. Reid said.
The Fed announced in December it would begin this month to taper what had been an $85-billion-a-month bond-buying program by $10 billion.
Asian markets got the selloff going again on Friday, highlighted by the 1.9% tumble in Japan’s Nikkei Stock Average. Hong Kong’s Hang Seng slumped 1.3%, while China’s Shanghai Composite bucked the trend by rising 0.6%.
– WALLSTREET JOURNAL
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.
READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors
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.”
ALSO READ: We Load 2,900 Trucks Daily, Evacuate Products By Sea – Dangote Refinery
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.
ALSO READ: NNPC Ltd Targets 3,000 In Free Cancer Screening Initiative
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.