Business
Ukraine likely to halt rise in U.S. stock
NEW YORK – U.S. stocks are likely to rise next week only if investor uneasiness subsides over the crisis in Ukraine and the recent signs of weakness in the U.S. economy.
Poor weather which may have played a role in recent weak economic data and dampening profit outlooks are one of the things investors will watch out for which will underscore views that setbacks may be temporary.
Federal Reserve Chair Janet Yellen’s comments this week, which raised the possibility of an earlier-than-expected increase in interest rates, added another element of interest to the data.
Reports on U.S. consumer confidence and sentiment are due next week, along with data on new home sales and orders for durable goods.
The market, however, remains vulnerable to any escalation in global tensions over Ukraine, especially since the Standard & Poor’s 500 .SPX reached another intraday record high on Friday before ending lower after a bout of profit-taking.
“The trend is favorable unless it’s upset by world events, and weakening of the data both here and abroad,” said Bucky Hellwig, senior vice president of BB&T Wealth Management in Birmingham, Alabama.
“I would say right now, if you look at the scorecard of economic and global events, it looks a little better than it did a month ago.”
Stocks bounced back this week after losing more than 2 percent the previous week as the problems in Ukraine and worries about a slowdown in China curbed investors’ appetite for riskier assets.
The S&P 500 ended the week up 1.4 percent, its best weekly gain since February. For the year, the benchmark index is up about 1 percent.
President Vladimir Putin signed laws completing Russia’s annexation of Crimea, though Moscow said no other Ukrainian region would be subject to intervention.
The Fed was in focus this week, when the central bank made it clear it would rely on a wide range of measures in deciding when to raise interest rates, dropping the U.S. unemployment rate as its yardstick for gauging the economy’s strength.
“You just have so much indecision. Do you feel good about what Janet said? Do you feel bad? Do you feel good about the Ukraine? Do you feel bad?” said Drew Wilson, an analyst at Fenimore Asset Management in Cobleskill, New York.
“It just feels like you have a hard time getting momentum either way.”
WALLETS AND WARNINGS
Investors will get some information next week on whether consumers kept a tight grip on their wallets last month. The Commerce Department will release February data on U.S. personal income and consumption on Friday. Economists polled by Reuters have forecast slim gains from the previous month.
A final reading on fourth-quarter Gross Domestic Product will be released on Thursday.
“Hopefully some of the data is beginning to clear itself from some of the weather impacts, and we may get some better readings on how things are going,” said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors.
Negative profit outlooks for the first quarter have been increasing as well, with more companies sounding the alarm about possible problems related to this winter’s harsh weather.
Among them was General Mills (GIS.N), which missed sales and profit expectations this week and has warned on the current quarter. Its CEO said “severe winter weather dampened sales performance across the food industry.”<ID:ASB08H38>
Thomson Reuters data showed that 108 negative outlooks have been issued so far by S&P 500 companies, while only 16 gave positive ones.
But the ratio of negative outlooks to positive ones remains below that of the fourth quarter, which was the worst since at least the first quarter of 1996, according to Thomson Reuters data.
BANKING ON DIVIDENDS
Among stocks likely to post further gains next week are financials, which climbed this week following Yellen’s comments. She indicated that the first increase in interest rates could come in the first half of next year.
Most analysts in a Reuters poll after Yellen’s comments, however, still did not expect the Fed to begin raising rates until the second half of 2015.
Another supportive element for banks came from the Fed after Thursday’s close, when the central bank said 29 out of 30 major banks met the minimum capital hurdle in its annual health check.
The S&P financial index .SPSY gained 4.3 percent for the week, its best weekly percentage increase since January of 2013.
In the coming week, the Fed will announce on Wednesday which banks’ plans to pay dividends or buy back shares were approved.
“Regulators will sign off on the dividend increases, and if they get approved, that will help the momentum in the financial stocks,” Hellwig said.
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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