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June 27 (Reuters) - Walgreens Boots Alliance (WBA.O) on Tuesday warned that lower spending by inflation-spooked consumers and a hit from a larger-than-expected drop in COVID product sales would likely persist into next year, sending its shares plunging nearly 9%. Walgreens' shares were at $28.87 in early trading, hitting an over 11-year low after the company slashed its profit forecast for the year. The pharmacy chain also said its newly launched healthcare business, through which it operates doctors' offices, missed Walgreens' target for sales growth. "There are some factors impacting us today that are likely to extend into next year, namely the macroeconomic-driven consumer pressure and COVID headwinds." In the third quarter of the fiscal year, Walgreens reported a 0.2% fall in same-store sales at its retail division, compared with estimates of a 2.1% rise.

Persons: Rosalind Brewer, Brewer, Manas Mishra, Mariam Sunny, Pooja Desai Organizations: Walgreens Boots Alliance, Walgreens, CVS Health, Rite, Thomson Locations: Bengaluru

☆ Robinhood to cut some full-time jobs as trading demand eases
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Trading platform Robinhood Markets (HOOD.O) said on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services. The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors. Earlier in the day, the Wall Street Journal reported the company's move. Robinhood last year said announced job cuts and said that it would change its organizational structure to drive greater cost discipline. In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.

Persons: Robinhood, Nathan Gomes, Maju Samuel Organizations: Menlo, Wall Street Journal, Wall, U.S, U.S . Federal, Thomson Locations: , California, U.S ., Bengaluru

Under the "stress test" exercise, the Fed tests banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED "STRESS TEST" BANKS? It typically publishes aggregate industry losses, and individual bank losses including details on how specific portfolios - like credit cards or mortgages - fared. It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Silicon

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

In the four-day week ended June 20, money managers erased a combined 100,000 gross short positions across CBOT corn, wheat, soybeans, soy products, Kansas City and Minneapolis wheat, the most for any week since August 2020. Money managers also added 45,000 gross longs last week, the most in four months and driven primarily by corn, where new longs outnumbered short covering. Net buying in soybeans last week was split between new longs and short covering, though funds’ latest moves in CBOT wheat and soybean oil were exclusively the result of short covering. They also increased their net long in CBOT soybeans to a two-month high of 76,950 futures and options contracts versus 47,882 a week earlier. Both new-crop corn and soybean futures rose more than 8% in the week ended June 20 amid near-record dryness in top-producing U.S. states.

Persons: Karen Braun, Lisa Shumaker Organizations: Environmental Protection Agency, parched, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, CBOT, U.S, parched U.S, United States

☆ Israeli reservist doctors threaten to refuse duty if judicial overhaul goes ahead
▼ + stars: | 2023-06-26 | by ( Emily Rose | ) www.reuters.com time to read: +2 min

Israeli lawmakers on Sunday began debating a bill that would limit the Supreme Court's powers, rebooting a judicial overhaul instigated by Prime Minister Benjamin Netanyahu's religious-nationalist coalition that has stirred mass protests. The coalition says its goal is to balance the powers of the government, legislature and judiciary by reining in a Supreme Court they see as too interventionist. Anti-government demonstrations had prompted Netanyahu to suspend his judicial drive in March to allow compromise talks with opposition parties. The proposed judicial overhaul has also stirred Western concern for Israel's democratic health and spooked investors. Critics see it as an attempt to curb court independence by Netanyahu, who is on trial on graft charges that he denies.

Persons: rebooting, Benjamin Netanyahu's, Netanyahu, Emily Rose, Mark Heinrich Our Organizations: Sunday, reining, Reuters, Military, Thomson Locations: Tel Aviv

☆ Israel reboots fiercely opposed judicial campaign
▼ + stars: | 2023-06-25 | by ( Maayan Lubell | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows protesters holding banners as they demonstrate against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's judicial overhaul, in Tel Aviv, Israel June 24, 2023. REUTERS/Oren AlonJERUSALEM, June 25 (Reuters) - Israeli lawmakers on Sunday began debating a bill that would limit the Supreme Court's powers, rebooting a fiercely opposed judicial overhaul instigated by Prime Minister Benjamin Netanyahu's religious-nationalist coalition. Anti-government demonstrations had prompted Netanyahu to suspend his judicial drive in March to allow compromise talks with opposition parties. The proposed judicial overhaul has also stirred Western concern over Israel's democratic health and spooked investors. Reporting by Maayan Lubell Additional reporting by Dan Williams Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Benjamin Netanyahu, Oren Alon JERUSALEM, rebooting, Benjamin Netanyahu's, Netanyahu, Gilad Kariv, Yair Lapid, Maayan Lubell, Dan Williams, David Goodman Organizations: Israeli, REUTERS, Sunday, Coalition, Twitter, reining, Thomson Locations: Tel Aviv, Israel

☆ Tech workers are willing to give up on high salaries and take a pay cut amid mass layoffs, survey shows
▼ + stars: | 2023-06-24 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

The majority of tech workers in a Blind survey said they'd accept equal or lower pay. Many of those surveyed attributed their willingness to accept lower pay to an uncertain job market. Tech workers have been questioning for months whether its the end of the era of $500,000+ pay. Mass layoffs appear to have spooked many tech workers into being willing to accept lower salaries, according to a new study. The platform attributed the higher impact on mid-level tech workers to an "oversupply of mid-level talent" in the market.

Persons: they'd, they're Organizations: Tech, Morning, Google, Blind, Seattle — Locations: San Francisco , New York City

☆ Why U.S. investor Jay Bloom turned down seats on the doomed Titanic submersible
▼ + stars: | 2023-06-23 | by ( Joseph Ax | ) www.reuters.com time to read: +3 min

June 23 (Reuters) - For a year, Stockton Rush had tried to convince Las Vegas-based investor Jay Bloom to buy a couple of spots on his company's submersible so Bloom and his son could experience the once-in-a-lifetime thrill of visiting the deep-sea wreck of the Titanic. His son Sean, now 20, had been fascinated by the story of the doomed British passenger liner as a child. But the more Bloom read about the Titan submersible, the more concerned he grew about how safe it was. Bloom said Rush's confidence was unshakable. "He's a good guy, I really liked him, and I think he had good intentions.

Persons: Stockton Rush, Jay Bloom, Bloom, Sean, Shahzada Dawood, Suleman –, Rush, Treat Williams, –, Guillermo Söhnlein, Joseph Ax, Colleen Jenkins, Nick Zieminski Organizations: Stockton, Las, Titan, U.S . Coast Guard, Thomson Locations: Las Vegas, Pakistani

☆ Credibility crisis requires BoE to write new plot
▼ + stars: | 2023-06-20 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

LONDON, June 20 (Reuters Breakingviews) - Since May 24, thousands of British people have had their homeowning dreams dashed by a sudden spike in mortgage rates. Unlike many other central banks, the BoE doesn’t provide its own forecasts of how consumer prices will evolve in coming years. The whiplash occurred because traders had to digest the inflation shock without any interest rate guidance from policymakers. Because most banks price home loans off those derivatives, it sent mortgage rates rocketing. The BoE announces its latest interest rate decision on June 22, with traders expecting a 25-basis-point hike, to 4.75%.

Persons: “, Paul Gascoigne, BoE, Andrew Bailey, That’s, Bailey, ”, Charles Goodhart, ’, apocryphally, Seneca, David Roberts, George Hay, Oliver Taslic Organizations: Reuters, Bank of England, Monetary, U.S . Federal Reserve, European Central Bank, Reuters Graphics Reuters, MPC, Financial Times, Fed, Thomson Locations: policymaking, BoE’s

☆ ‘Systemic problems’ at Minneapolis Police Dept. led to George Floyd’s murder, Justice Department says
▼ + stars: | 2023-06-16 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +7 min

“Our investigation found that the systemic problems in MPD made what happened to George Floyd possible,” the report states. Racial discriminationThe investigation also found that MPD officers disproportionately stop and use force against Black and Native American people. “We estimate that MPD stops Black people at 6.5 times the rate at which it stops White people, given their shares of the population. How the fatal arrest of George Floyd unfolded 04:33 - Source: CNNGarland outlined several incidents where MPD officers were not held accountable for racist conduct until public outrage surfaced. “For example,” Garland said Friday, “after MPD officers stopped a car carrying four Somalian-American teens, one officer told the teens, ‘Do you remember what happened in Black Hawk Down.

Persons: George Floyd, Derek Chauvin, George Floyd’s, General Merrick Garland, “ George Floyd, ” Garland, Chauvin, Floyd, –, “, CNN Garland, ‘, ’, Department’s, ” Organizations: CNN, Justice Department, The Minneapolis Police Department, MPD, ”, Minneapolis, DOJ Locations: Minneapolis, Hawk

☆ 'You have to be ready for a sell-off,' Cramer says of this highly overbought market
▼ + stars: | 2023-06-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Be ready for a sell-off Stick with Ford Don't invest based on fear 1. Be ready for a sell-off U.S. stocks rose Friday, adding to strong weekly performances for all three major Wall Street benchmarks. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Ford, We're, Jim, Ford Jim, he's, Tesla, Jim Farley, Jim Cramer's Organizations: CNBC, Nasdaq, Dow, Linde, LIN, Ford, Wall Street, UnitedHealth, Humana, Medicare Locations: Detroit

☆ Bitcoin falls below $25,000 as Fed signals more hawkish moves ahead and regulatory screws tighten on the sector
▼ + stars: | 2023-06-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Bitcoin fell below $25,000 on Thursday, as monetary policy adds to pressure from regulators. Central bankers held interest rates steady but signaled more rate hikes to come. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The world's biggest cryptocurrency by market value traded lower to $24,897 on Thursday morning, down around 4% from $25,930 on Wednesday. Markets are currently pricing in a 65% chance that the Fed will raise rates another 25 basis-points in July.

Persons: Bitcoin, —, Ethereum, Jerome Powell's, Coinbase, Binance Organizations: SEC, Service, Federal Reserve, Fed, Securities and Exchange

☆ What Do Binance.US’s New Rules on Trading Dollars Mean for Customers?
▼ + stars: | 2023-06-09 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Just days after the Securities and Exchange Commission sued it, the American arm of Binance, the giant cryptocurrency exchange, announced some painful news: It will no longer allow customers to trade on its platform using U.S. dollars. filed back-to-back lawsuits against Binance and the U.S. exchange Coinbase, two of the largest crypto companies in the world. said Binance had lied to regulators and improperly handled customer funds; Coinbase was accused of operating as an unlicensed securities exchange. Starting on June 27, the trading app Robinhood said, it will no longer support transactions in three popular cryptocurrencies — Solana, Cardano and Polygon — that the S.E.C. categorized as unregistered securities in its court filings.

Persons: Binance, Coinbase, Robinhood, — Solana Organizations: Securities and Exchange Commission, Binance Locations: U.S, Cardano

☆ US stocks are in the firing line if China’s economy stalls further
▼ + stars: | 2023-06-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Recent data shows that China is also contending with worse-than-expected consumer spending, slowing manufacturing and weak home sales. What it means for markets: US-based companies doing business in China stand to lose if the economy continues on a downward trajectory. Qualcomm (QCOM), with a 67% exposure rate to China, issued disappointing forward guidance during earnings last month, citing China’s slow recovery. JD.com (JD), one of the largest Chinese companies trading in the United States, has fallen by nearly 36% this year. The air purifier market is poised to grow as climate change increases air pollution and exacerbates breathing difficulties.

Persons: That’s, China —, Capvision, China Nicholas Burns, ”, Goldman Sachs, Dow, JD.com, Morgan Stanley, Goldman, Ayaz Ebrahim, CARR, Johnson, Ivan Menezes, Diageo, Menezes ’, Menezes, King Charles III, Debra Crew, Johnnie Walker, Ivan, Javier Ferrán, “ Ivan Organizations: CNN Business, Bell, New York CNN, International Monetary Fund, Factories, Bain, Group, Micron Technology, Nasdaq, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, China . Companies, Dragon, Goldman Sachs Group, Nomura, Barclays, JPMorgan, Asia Pacific, Bloomberg, Google, Carrier Global, Johnson Controls, Economic Co, Diageo, India, Business, ”, Whisky Association, Northwestern University’s Kellogg School of Management Locations: New York, China, Washington, Beijing, United States, Hong Kong, Dragon China, Canada, Pune, India

WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.

Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington

☆ Warren Buffett – he invests just like us!
▼ + stars: | 2023-06-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, June 7 (Reuters Breakingviews) - “Do as I say, not as I do” sounds like the kind of pithy thing Warren Buffett might say to his adoring throngs. The conglomerate was an investor for a dozen years, until Buffett got spooked by Freddie Mac’s overly rosy earnings growth projections. The $1.3 billion stake it finished accumulating in 1994 was worth $25 billion last month. A $13 billion stake in IBM (IBM.N) came and went, as did $8 billion of JPMorgan (JPM.N) and almost $3 billion of biopharmaceutical company AbbVie (ABBV.N). Warren Buffett, Berkshire’s chairman and CEO, said that geopolitical tensions contributed to the decision to sell most of the $4.1 billion TSMC stake just a few months after buying it, the Nikkei reported on April 11.

Persons: Warren Buffett, can’t, There’s, Buffett, Freddie Mac, Freddie Mac’s, Coke, Benjamin Moore, TSMC, ”, Wells, ” Buffett, Berkshire Hathaway, John Foley, Sharon Lam Organizations: YORK, Reuters, Berkshire Hathaway, Home Loan Mortgage, U.S ., Berkshire, BNSF, Taiwan Semiconductor Manufacturing, Buffett, ” Morningstar, Treasury, New York Stock Exchange, American Express, IBM, JPMorgan, Activision, Occidental Petroleum, Paramount Global, Oracle, Reuters Graphics Reuters, Nikkei, Thomson Locations: Berkshire, U.S, TSMC . Berkshire, Japan, Taiwan, Omaha, China

☆ US house prices may slide as their recent strength and steeper mortgage rates hit demand, Wharton professor Jeremy Siegel says
▼ + stars: | 2023-06-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Home prices may fall as recent gains and higher borrowing costs restrain demand, Jeremy Siegel says. "The higher interest rates and 40% increase in home prices more than doubled the cost of homes for buyers," the retired Wharton finance professor said in his weekly commentary for WisdomTree on Monday. "Mortgage rates had ticked down to 6% a few months ago before rising back above 7% now — so perhaps we see some renewed softness in housing prices," Siegel added. Higher interest rates translate into larger monthly mortgage payments, which mean banks are willing to lend significantly less money to homeowners today than they were a few years ago. "Shark Tank" investor Barbara Corcoran has argued there's a load of pent-up demand, and called for home prices to surge 20% once interest rates fall by two percentage points.

Persons: Jeremy Siegel, Wharton, Siegel, —, WisdomTree, joblessness, Barbara Corcoran, Jeff Greene Organizations: Service, Federal Locations: —

☆ Twitter’s U.S. Ad Sales Plunge 59% as Woes Continue
▼ + stars: | 2023-06-05 | by ( Ryan Mac | Tiffany Hsu | ) www.nytimes.com time to read: +1 min

Elon Musk recently said Twitter’s advertising business was on the upswing. “Almost all advertisers have come back,” he asserted, adding that the social media company could soon become profitable. The company has regularly fallen short of its U.S. weekly sales projections, sometimes by as much as 30 percent, the document said. That performance is unlikely to improve anytime soon, according to the documents and seven current and former Twitter employees. The company has forecast that its U.S. ad revenue this month will be down at least 56 percent each week compared with a year ago, according to one internal document.

Persons: Elon Musk, ” Organizations: The New York Times, Twitter

☆ Nigeria's new president vows to deliver economic reboot as he inherits 'a broken country'
▼ + stars: | 2023-06-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ABUJA, Nigeria - May 29, 2023: Nigeria's President-elect Bola Ahmed Tinubu arrives to attend swearing-in ceremony at Eagle Square in the capital. Tinubu inherits a fractured society a crippled economy as he takes the reins of Africa's most populous nation. He succeeds Muhammadu Buhari, also of the All Progressives Congress (APC) party, who departs with a widely criticized economic record. Economic turmoilAs former governor of Lagos state between 1999 and 2007, Tinubu was credited with modernizing Nigeria's commercial hub and vastly expanding the regional economy. His predecessor Buhari deployed a series of protectionist economic policies and spooked international investors.

Persons: Bola Ahmed Tinubu, Tinubu, Muhammadu Buhari, Atiku Abubakar, Peter Obi of, Buhari Organizations: Nigeria's, Eagle, New, Progressives Congress, Peoples Democratic Party, Labour Party Locations: ABUJA, Nigeria, New Nigerian, Africa's, Lagos

☆ Xi Jinping says China's national security is faces a 'complex and grave' situation
▼ + stars: | 2023-05-31 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

“The complexity and difficulty of the national security issues we now face have increased significantly,” Xi said Tuesday at a meeting of the party’s National Security Commission, state news agency Xinhua reported. Since coming to power a decade ago, Xi has made national security a key paradigm that permeates all aspects of China’s governance, experts say. He has expanded the concept of national security to cover everything from politics, economy, defense, culture and ecology to cyberspace. Under Xi’s notion of “comprehensive national security,” China has introduced a raft of legislation to protect itself against perceived threats, including laws on counter-terrorism, counter-espionage, cybersecurity, foreign non-government organizations, national intelligence and data security. In Hong Kong, a sweeping national security law was imposed by Beijing to stamp out dissent after huge democracy protests roiled the city.

Persons: Xi Jinping, ” Xi, “, Xi, Bill Bishop, Mintz, ” Organizations: Hong Kong CNN, party’s National Security Commission, Xinhua, Bain & Company, Mintz Group, Astellas Pharma Locations: Hong Kong, Communist, Beijing, China, People’s Republic of China, American

The easiest trade of the year is fizzling, and the lost momentum is keeping investors' money out. "I will not put any more money into stocks until all my losses are recovered," he said. Interviews with a dozen more small investors showed the sentiment to be reasonably widespread. Brokerage account creation, while volatile, likewise dropped off in April after promising momentum in February and March, China Securities Depository and Clearing data showed. "It is as if stocks are losing faith in the China recovery story," said Grow Investment Group chief economist Hong Hao.

The easiest trade of the year is fizzling, and the lost momentum is keeping investors' money out. Interviews with a dozen more small investors showed the sentiment to be reasonably widespread. Brokerage account creation, while volatile, likewise dropped off in April after promising momentum in February and March, China Securities Depository and Clearing data showed. "It is as if stocks are losing faith in the China recovery story," said Grow Investment Group chief economist Hong Hao. China's April industrial output and retail sales growth undershot forecasts as the recovery turned wobbly.

Persons: Eric Yu, Yi Huiman, Hong Hao, Wang Zaizheng, Chi Lo, Hayden Briscoe, Meng, Jason Xue, Winni Zhou, Tom Westbrook, Shri Navaratnam Organizations: China Securities Regulatory, JPMorgan, China Securities Depository, Mutual, Grow Investment Group, Management, UBS Asset Management, Thomson Locations: SHANGHAI, SINGAPORE, China's, Shanghai, China, United States, Hong Kong, Asia, Pacific, Singapore

SummarySummary Companies Tinubu succeeds former military leader BuhariNigeria divided after disputed electionAfrica's biggest economy faces headwindsInsecurity spread under BuhariABUJA, May 29 (Reuters) - Bola Tinubu was sworn in as Nigeria's president on Monday, facing mounting calls to improve economic and security conditions which many complain worsened under his predecessor Muhammadu Buhari. Tinubu, the former Lagos state governor and a member of Buhari's party, has promised to be a better steward of Africa's biggest economy and most populous nation. A raft of protectionist economic policies and foreign currency interventions have also spooked investors. Buhari defended his record on Sunday, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt.

☆ Nigeria's Tinubu gets his turn as president, familiar problems await
▼ + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

Buhari, a taciturn former military ruler, leaves Africa's biggest economy and most populous nation deeply divided. But what authorities promised would be the country's freest and fairest election yet ended in frustration for many. Buhari defends his record, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt. A former Lagos state governor, Tinubu has promised to be a better steward of the economy.

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