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A Chinese investment group is set to list two residential structures it confiscated from Nigeria for sale on global online marketplace eBay.
Peoples Gazette reports that the group is racing to recover up to $70 million in arbitration awards from the West Africa country.
According to the report, Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021.
The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.
Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said…(continue reading on next slide)
Instablog9ja
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Some ladies have gone down their memory lane as they shared some on the betrayals that they suffered in the hands of their once besties.
Taking to their social media handles, they gave various accounts of some of the shocking things their friends did to them that left them heartbroken
Instablog9ja
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Two Nigerians have been arrested by Haitian police for possession of fake Haitian National Identification Cards.
The suspects, Madukanze Kenneth, 31, and Henry Peter, 29, were arrested on Sunday, August 18, in Jacmel, Haiti.
Born on August 3rd, 1993, in Nigeria, Madukanze Kenneth was arrested by law enforcement in possession of a Haitian National Identification Card in the name of Augustin Jerry. While Henry Peter, born on February 7, 1995 in Nigeria, also uses a fake national identification card in the name of Junior Jean Pierre, IciHaiti reports.
The South East Police Department in Haiti announced the arrests on social media, emphasising their commitment to continue working “tirelessly” to apprehend lawbreakers and maintain public order.
Investopedia
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Wells Fargo (WFC) is selling much of its commercial mortgage servicing business to Trimont, the bank said Tuesday. Financial terms weren't disclosed but the transaction is expected to close in early 2025.
The deal makes Atlanta-based Trimont the largest loan servicer in the U.S., giving it roughly 11% of the commercial real estate lending market, it said. Wells Fargo will unload the non-agency third-party servicing segment of its business, while continuing to service its agency/government-sponsored enterprise (GSE) loans and those held on its balance sheet.
Loan servicing refers to the administrative aspects of a loan, from the time the proceeds are dispersed to the borrower until the loan is paid off.
"This transaction is consistent with Wells Fargo's strategy of focusing on businesses that are core to our consumer and corporate clients," said Kara McShane, head of Wells Fargo Commercial Real Estate. “...[W]e will continue to serve our clients with a broad suite of lending, advisory, and capital markets capabilities while leveraging our franchise to grow our corporate and investment bank.”
Wells Fargo shares edged lower to $56.22 as of 1:40 p.m. ET Tuesday. They are up roughly 15% this year.
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Netflix Stock Jumps To A Record On Booming Upfront Ad Sales
Netflix (NFLX) Shares Traded At The...
Investopedia
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Netflix (NFLX) shares traded at their all-time high Tuesday after the streaming giant reported a huge jump in advertising sales.
The company said it had closed deals with all major holding companies and independent agencies, securing a "150% plus increase" over 2023 in upfront ad sales commitments.
Netflix said that it closed partnerships for several of its upcoming films and series, including "Squid Game," "Outer Banks," and "Happy Gilmore 2." In addition, it struck deals for highly watched live events such as Christmas Day NFL games and "WWE Raw."
Discussing upfront ad sales in May, President of Advertising Amy Reinhard noted that the company was "being incredibly strategic about how we present ads," adding that Netflix conducts "deep consumer research to make sure we stay ahead of the competition, bringing opportunities that are better for members and better for brands."
Reinhard also said then that the firm will launch an in-house ad technology platform by the end of 2025.
Shares of Netflix advanced 1.2% to $696.59 as of 1:15 p.m. ET Tuesday after hitting a record $711.33 earlier in the session. They are up about 43% year-to-date.
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Vipshop Stock Drops After 'Slower Sales Momentum' In Q2
Vipshop Holdings (VIPS) American De...
Investopedia
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Vipshop Holdings (VIPS) American depository receipts (ADRs) plunged in intraday trading Tuesday after the Chinese discount retailer reported falling second-quarter sales and an underwhelming outlook.
The company reported quarterly revenue of 26.88 billion yuan ($3.7 billion), down 3.6% year-over-year but above expectations, per Visible Alpha. Total orders dropped to 197.8 million from 213.8 million a year earlier.
Chief Executive Officer (CEO) Eric Shen said the company's Q2 results "reflected the agility of our team and the resilience of our business model, as we achieved operational excellence in the face of slower sales momentum."
Vipshop projected third-quarter revenue between 20.5 billion and 21.6 billion yuan, a year-over-year decline of 10% to 5%, respectively, and below analysts' consensus of 22.7 billion yuan.
Vipshop ADRs dropped more than 16% to $11.70 as of 12:45 p.m. ET Tuesday. They have lost more than a third of their value this year.
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