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☆ Immigration has helped the hot US economy and labor market, but there's a risk of oversupply, Fitch says
▼ + stars: | 2024-04-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Foreign-born workers are leading the increase in the US labor force, Fitch Ratings said. But a simple explanation could lie in US immigration trends, as a surge of foreign-born workers is propelling labor expansion, Fitch Ratings reported on Thursday. "The foreign-born labor participation rate is 66%, more than the native-born participation rate of 62%." AdvertisementBut while higher immigration flows should keep labor momentum going through this year, Fitch also cautioned that it risks an oversupply. Still, migrants' contribution to labor has significantly boosted economic growth, Fitch said, a point shared by previous research.

Persons: Fitch, —, Goldman Sachs, Morgan Stanley, Olu Sonola Organizations: Service, Fitch, Wall Street, JPMorgan Locations: U.S, hirings

☆ The U.S. inflation prints for January and February were 'anomalies': Economist
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. inflation prints for January and February were 'anomalies': EconomistOlu Omodunbi of Huntington Private Bank expects to see "better inflation prints in the next couple of months" which would allow the Fed to start cutting interest rates in the middle of 2024

Persons: Olu Organizations: Huntington Private Bank, Fed

☆ Nigeria customs investigate deadly crowd crush during sale of seized bags of rice to stave off hunger
▼ + stars: | 2024-02-24 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

CNN —The Nigeria Customs Service says it is investigating reports people were trampled to death during a sale of bags of confiscated rice amid growing anger over skyrocketing prices of food in Africa’s most populous country. Long queues have formed outside the Lagos customs office since the commencement of the sale as thousands of locals struggle to grab a bag of the 25-kilogram rice selling at a discounted price of 10,000 naira ($6.80). The customs service said the distribution of the seized bags of rice was part of the government’s plan “to tackle the pressing issue of food insecurity.”The cost of rice, a staple food in Nigeria, has surged in recent months. The customs service says it has been confiscating contraband rice from smugglers following restrictions on foreign rice imports by the Nigerian government. Analysts welcomed the rice distribution initiative but questioned its viability in tackling Nigeria’s worsening food insecurity.

Persons: Abdullahi Maiwada, “, ”, couldn’t, Sam Amadi, Bola Tinubu, Tinubu, Babajide Sanwo, Olu Organizations: CNN, Nigeria Customs Service, World Bank, Analysts Locations: Africa’s, Lagos, West, India, Nigeria, Nigerian

☆ Red states are big winners of Biden’s landmark laws
▼ + stars: | 2024-02-14 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Fitch defined red states as those that voted for former President Donald Trump in 2020 by more than three percentage points. “The reality is manufacturing was migrating to those states even before the CHIPS Act and the IRA. Relative to the size of their state economies, Arizona, Idaho and West Virginia are the biggest winners from the IRA and CHIPS Act investments, according to Fitch. New York leads blue state winnersNone of this is to say blue states aren’t benefiting from the IRA and the CHIPS Act. Micron cited the tax credits in the CHIPS Act as well as incentives provided by New York state aimed at luring semiconductor companies.

Persons: Joe Biden, Biden, Fitch, Donald Trump, Olu Sonola, Sonola, ‘, ” Natalie Quillian, “, ”, Lauren Boebert, Quillian Organizations: New, New York CNN, Redwood Materials, Redwood, America’s, IRA, Republican, CNN, Fitch, Trump, Micron, White House, White, Lonestar, Samsung, Intel, IBM, Central, “, CS, Colorado Republican Locations: New York, South Carolina, Arizona, Georgia, Nevada , North Carolina , Michigan, Pennsylvania, Wisconsin, Idaho, Boise, America, Texas, Taylor , Texas, Austin, Russia, Canada, Arizona , Idaho, West Virginia, Chandler , Arizona, “ Arizona, . New York, Hudson Valley, Central New York, “ New York, Colorado, Pueblo , Colorado

☆ Here's how to create a diversified bond portfolio with up to 6% yield, according to the pros
▼ + stars: | 2024-02-12 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

But in recent months, many have called for investors to return to bonds as prices are expected to recover soon. Falling yields may prompt investors to wonder which corners of the fixed income market still offer higher yields of up to 6%. He prefers developed market bonds — especially the U.S. — to emerging market bonds, of longer durations exceeding seven years. Emerging market debt can also offer high yield because of the very high real rates in many such economies, Olu-Pitan says, with Latin America debt offering "easily" above 7%. In investment-grade bonds, investors can get above 6% in U.S. financials, she added.

Persons: Brandon Huang, Huang, financials, Remi Olu, Fannie Mae, Freddie Mac, — CNBC's Michael Bloom Organizations: Treasury, LGT Private Banking Asia, CNBC Pro, Agency MBS, U.S ., MBS Locations: U.S, Australia

☆ Japan's Nikkei 225 will re-take record highs: Schroders
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan's Nikkei 225 will re-take record highs with momentum to continue: SchrodersRemi Olu-Pitan of Schroders discusses the outlook for the Bank of Japan's negative interest rate policy, and explains why she sees further upside to the Japanese equity market.

Persons: Remi Olu, Schroders Organizations: Bank of

☆ Lagos positions itself as global financial center after historic appearance at London’s Lord Mayor’s Show
▼ + stars: | 2023-11-13 | by ( Stephanie Busari | Nimi Princewill | ) edition.cnn.com time to read: +4 min

Lagos, Nigeria CNN —Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. Among the Lagos contingent were the traditional Eyo masquerades who take part in the famed Yoruba Eyo festival in the state. However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria. Aigboje Aig-Imoukhuede, co-chair of the newly inaugurated Lagos International Financial Centre Council (LIFC) told CNN Lagos was now ready to position itself with global players. “A low stable inflation rate automatically signals a stable currency … and that’s the job half done,” he told CNN.

Persons: Mayor’s, Lord Mayor’s Show, Lagos, ”, Babajide Sanwo, ” “ Organizations: Nigeria CNN —, CNN, Lagos State, ” “ Lagos isn’t, Aig, Lagos International Financial Centre Council, CNN Lagos, ”, of, US Department of Commerce, United Arab, Dubai’s Emirates, GSK, Imoukhuede, Nigerian Central Bank Locations: Lagos, Nigeria, London, ” Lagos, ” “ Lagos, West, ” Nigeria, of London, United Arab Emirates, British

☆ Surging rents lift US consumer prices; underlying inflation grinding lower
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The so-called core CPI was also lifted by a 3.7% rise in the cost of lodging away from home, which ended three straight monthly declines. The core CPI gained 4.1% on a year-on-year basis in September, the smallest rise since September 2021, after advancing 4.3% in August. Over the last three months, the core CPI increased 3.1%. Still-strong demand in the economy, marked by labor market tightness, which is driving core services inflation excluding rents, imply that the higher rates could last for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Olu Sonola, Stephen Juneau, Bing Guan, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, Bank of America Securities, Mobil, REUTERS, Fed, Financial, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: WASHINGTON, U.S, New York, Beverly Boulevard, West Hollywood , California

That changed in September when U.S. central bank officials themselves sensed that progress on housing inflation might have stalled. Data released on Thursday confirmed a jump in shelter prices that, for a month at least, bucked the trend. "The uptick in housing inflation this month was the key surprise. Housing inflation will need to decline sharply over the coming months for us to see inflation near 2%." In the list of risks for inflation to remain elevated, Fed officials in September pointed to "the effects of a strong housing market."

Persons: Sarah Silbiger, Olu Sonola, aren't, Jerome Powell, Kathy Bostjancic, disinflation Powell, Andrew Hunter, CoreLogic, Hunter, Howard Schneider, Paul Simao, Jonathan Oatis Organizations: REUTERS, Rights, Federal Reserve, Fitch, Fed, Nationwide, Reuters Graphics Reuters, Capital Economics, Reuters, Thomson Locations: Washington , U.S, U.S

☆ US consumer prices rise on surge in rents; underlying inflation cools
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gasoline prices rose 2.1% after accelerating 10.6% in August. Year-on-year consumer prices have come down from a peak of 9.1% in June 2022. Reuters GraphicsExcluding the volatile food and energy components, the CPI rose 0.3%, matching August's gain. Still-strong demand in the economy, marked by labor market resilience, suggests borrowing costs could remain elevated for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Bing Guan, Olu Sonola, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Mobil, REUTERS, Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: Beverly Boulevard, West Hollywood , California, U.S, WASHINGTON, New York

☆ Student loan payments are about to drain $8 billion a month from consumers, and spending will start contracting early next year
▼ + stars: | 2023-09-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The resumption of student loan repayments will amount to $5.5 billion-$8.2 billion per month, Fitch said. Fitch also predicted student loan delinquency rates will quickly reach pre-pandemic levels or above. AdvertisementAdvertisementStudent loan payments resume next month, draining billions of dollars a month from consumers, who will start pulling back sharply on spending, Fitch Ratings forecast in a Wednesday report. "Debt service is expected to trend higher in the coming quarters as student loan payments resume and higher financing costs take hold for much longer." AdvertisementAdvertisementIn early August, US credit card debt topped $1 trillion for the first time — though credit spending growth has begun slowing, it has maintained levels that are about double pre-pandemic averages.

Persons: Fitch, —, Biden, Olu Sonola Organizations: Service, Fitch, Federal

ABUJA, Nigeria (AP) — Thousands marched across Nigeria on Thursday over the mysterious death last week of an Afrobeat star whose body has been exhumed for an autopsy as authorities investigate the cause of his demise. Lagos police said the body of the late Ilerioluwa Aloba, better known as MohBad, was exhumed Thursday afternoon in response to complaints about the unclear circumstances surrounding his death. The police in Lagos said it received complaints about the singer’s death, leading them to set up a criminal investigations team to “aggregate all allegations, suspicions and insinuations from various sources on the death of the singer." In one of his songs titled “Sorry”, the late star spoke about coming from a poor background and his struggles to earn a living through music. In another, “Peace”, he spoke of himself as a “survivor... money chaser — faster than a bullet.”

Persons: —, Aloba, Babajide, Olu, “, MohBad, ” “ Organizations: Lagos Locations: ABUJA, Nigeria, Lagos

☆ Disney's top-selling merchandise line in Asia is this under-the-radar fluffy bear
▼ + stars: | 2023-09-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Duffy and Friends is Disney's top-selling franchise in Asia, having generated $500 million in revenue this year. Duffy, a fluffy bear, was introduced in 2002 with a back story linked to Mickey and Minnie. The revenues include sales from Shanghai Disney Resort, Hong Kong Disneyland, and the Tokyo Disney Resort in Japan. AdvertisementAdvertisementThe back story for the fluffy bear involves Minnie Mouse hand-sewing the stuffed bear to accompany Mickey on a long sea voyage from Cape Cod. Both Duffy and LinaBell can be seen in a Disney video from September 2021, which shows the fluffy bear meeting his new fox friend.

Persons: Duffy, Mickey, Minnie, Mel, LinaBell, there's Organizations: Service, Disney, Shanghai Disney Resort, Tokyo Disney Resort, Walt Disney World, Shanghai, Shanghai Daily Locations: Asia, China, Wall, Silicon, Shanghai, Hong Kong, Tokyo, Japan, Orlando , Florida, Cape Cod

The Fed expects to get inflation back to its 2% target in 2026, which is later than some officials had thought possible. Financial markets had widely expected that the Fed would leave rates unchanged. Ahead of the Fed meeting, investors had been banking on significant Fed rate cuts next year, an expectation clouded by the projections that show 10 of 19 officials see the policy rate remaining above 5% through next year. Federal funds futures showed traders had downgraded their estimates of Fed rate cuts ahead. The Fed statement was approved unanimously after a two-day meeting that marked new Fed Governor Adriana Kugler's debut on the central bank policymaking stage.

Persons: Jerome Powell, We're, Bond, Stocks, Chris Wattie, I've, Powell, Olu Sonola, Omair Sharif, Adriana Kugler's, Howard Schneider, Michael S, Chizu Nomiyama, Paul Simao Organizations: U.S . Federal Reserve, Market, Reuters Graphics, Reserve, REUTERS, Fed, Reuters, Fitch, Thomson Locations: WASHINGTON, Washington , DC

☆ Op-ed: In battle with activist Jana Partners, Freshpet unleashes the dogs of war
▼ + stars: | 2023-06-17 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Morris's employment agreement does not have such a provision. Section 7 of his employment agreement governs non-competition and non-solicitation. Basto resigned from Freshpet's board, effective May 31, according to a filing with the Securities and Exchange Commission. Jana attempted to address this by talking to Freshpet about improving corporate governance and adding new directors identified by Jana to the board. The Freshpet board should have looked at this as a gift from heaven.

Persons: Jana Partners, Freshpet, Jana, Scott Morris, Laurence Tribe, Morris, Richard Kassar, J, David Basto, Olu Beck, Basto, Jana directors, –, Shakespeare, Ken Squire, Squire Organizations: Hive Brands, Freshpet, Company, Securities and Exchange Commission, Institutional, Services, 13D Locations: Freshpet, Delaware

☆ Here’s where the jobs are for May 2023 — in one chart
▼ + stars: | 2023-06-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Government added 56,000 jobs last month, higher than the average monthly gain of 42,000 over the prior 12 months. The U.S. payrolls report for May blew past expectations , supported by strong jobs gains in the professional and business services sector — as well as a jump in government employment. The unemployment rate rose to 3.7% in May against the estimate for 3.5%. Olu Sonola, head of U.S. regional economics at Fitch Ratings, said the jobs report is a mixed bag. "However, the 0.3% increase in the unemployment rate is the highest monthly increase since April 2020."

Persons: Dow Jones, Olu Sonola Organizations: of Labor Statistics, Dow, Fitch Locations: U.S

☆ Fact Check-Photo of Nigeria’s Obi visiting president-elect Tinubu is digitally altered
▼ + stars: | 2023-05-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

“Obi visited Tinubu. The Labor Party Presidential candidate H.E Peter Obi visited the President Elect Tinubu. Obi denied visiting Tinubu during an interview on Arise News on May 1 (here ), time stamp 30:00. A photo said to show Peter Obi standing next to president-elect Bola Tinubu has been digitally altered. The original version does not feature Obi, who denied visiting Tinubu during an interview on May 1.

☆ Lagos governor re-elected in victory for Nigeria ruling party
▼ + stars: | 2023-03-19 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

[1/3] Lagos state gubernatorial candidate of the ruling All Progressives Congress (APC) Babajide Sanwo-Olu, arrives his polling unit to cast his vote, during the gubernatorial election in Lagos, Nigeria March 18, 2023. The Lagos election was the highest profile among races for powerful governorships in 28 of Nigeria's 36 states, as well as for state assemblies across the country. Voting was postponed to Sunday at 10 polling stations in a Lagos neighbourhood following disagreements between INEC officials and voters over the location of polling units. In northeastern Adamawa, a conservative and largely Muslim state, electoral officials were collating results after a race that could produce Nigeria's first elected female governor. Voters were still casting ballots in two districts of oil-producing Rivers state where the INEC failed to deliver voting materials.

☆ Tesla owners reveal the best and worst features of their cars, and what they really think of Elon Musk
▼ + stars: | 2023-02-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

Insider spoke with more than a dozen Tesla owners to learn what they like most and least about their cars. We talked to more than a dozen Tesla owners to find out what they like most about their cars — and what they think needs improvement. Since electric cars don't experience the same acceleration lag as gas vehicles, Teslas jolt forward the instant you put your foot down. Con: Stiff rideSome Model 3 and Y owners told Insider their cars are too stiff and jittery over bumpy pavement. Tim Levin/InsiderOver and over, Tesla owners praised the company's extensive network of fast chargers, which is exclusive to Tesla owners in the US.

☆ Is the US in a recession? Not yet, but experts think we could be in one soon.
▼ + stars: | 2022-12-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

Scott Kirby, CEO of United Airlines, told CNBC that there could be a "mild recession induced by the Fed." Here's what experts are saying about a recession in 2023Some Wall Street experts and economists think the US could avoid a recession next year, and that even if one comes, it will likely not be as severe as the downturns after the 2008 financial crisis and the early Covid pandemic. As Insider's Brian Evans reported, economists at Bank of America think there will be a mild recession too. While some think a recession is on the horizon, there's a chance that the US may not enter one at all. "I think we would need to see a significant deterioration in the labor market for me to think we're in a recession, and we have not seen any significant deterioration yet," Bunker said.

☆ Singer Davido's 3-year-old son dies in apparent drowning at his home in Nigeria
▼ + stars: | 2022-11-02 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

Singer Davido's 3-year-old son died in an apparent drowning at his home in Nigeria, police said. Authorities questioned eight members of Davido's team who were at the Lagos home and released six. "Death leaves a heartache no words can heal and today, I express my deepest condolences to David and Chioma, over the death of their son," he wrote. You will grow to be greater than Me, Happy birthday, son #BIG3," the singer wrote in an Oct. 20 post. The Atlanta-born singer with more than 25 million Instagram followers is one of Africa's most prominent artists.

"There's a reasonable chance of a recession in the U.S., but it's not certain," Solomon said on Tuesday after the company released third-quarter earnings. "Fitch expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23." David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. "Private equity activity gets reset at a time like this because values have to come down because financing costs have gone up," he said. "So there's been less private equity activity right now."

☆ Nigeria is oil rich and energy poor. It can’t wait around for cheaper batteries
▼ + stars: | 2021-11-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +15 min

But it’s coming under huge pressure from developed countries to abandon fossil fuels and shift to renewable energy in order to help save the climate. AKINTUNDE AKINLEYE/EPA-EFE/ShutterstockLike the United States, Europe and Britain, Nigeria sees a prominent role for renewable energy, notwithstanding its investments into gas power. “In Nigeria, clean energy is central to our government’s plan to transition to net-zero emissions,” Osinbajo, the vice president, continued. In Nigeria, energy poverty is itself a major driver of emissions, according to Olu Verheijen, the founder of Lagos-based energy advisory business Latimer Energy. This means that in some cases, certainly for Nigeria, gas has an important role to play in providing power.

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