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A Nigerian female entrepreneur broke down in tears after the Lagos state government demolished her family’s property in the state.

In the video, the lady said her family procured the property in Eti-Osa local government in Lagos state in February and two months later, the state government demolished it.

The state government has in recent times carried out demolition of properties said to be built on water channels in the state.

Watch the video below:

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Ahead of next week’s inflation data, Federal Reserve officials reiterated their skepticism about making any changes to interest rates before they are certain that price increases are slowing down.

Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari said that interest rates were on hold until the Fed got more data that showed the rate of inflation was slowing, during an interview with Friday.

They joined other Federal Reserve officials today who expressed similar sentiment, as the six interest rate cuts once anticipated in 2024 could now be none.

Dallas Fed President Lorie Logan said at an event today it was “too early” to be considering rate cuts, while Federal Reserve Governor Michelle Bowman commented that she didn’t expect any rate cuts this year.

The comments come ahead of a bevy of inflation data next week, including the Consumer Price Index, as well as the wholesale price report. Progress made in 2023 seemed to be slowing down a little this year, with inflation coming in at 2.7% in its latest reading.

Fed officials said they are looking for signals that annual price increases are coming back down to their target of 2%, though April's numbers may not give them exactly what they're looking for.

“We need to gather more information and wait and see,” Goolsbee said, while both said rate hikes could be possible depending on what future data showed. 

Kashkari continued to raise questions over whether interest rates were “restrictive” enough, suggesting that it could take longer to bring down the inflation rate. He pointed to a housing market where prices continue to soar, despite the Fed’s efforts to raise rates. 

“When we look at real activity, like in the housing market, we’re not seeing as much of a pullback as expected, and that’s what makes me cautious,” Kashkari said. 

Though Goolsbee said he looked at the “real fed funds rate,” which are interest rates that are adjusted for inflation. 

“The level of that is as high as we’ve been for some time, so I feel that we’re restrictive,” Goolsbee said. 

Earlier at an Economic Club of Minnesota event, Goolsbee commented on today’s release of the Michigan Consumer Sentiment Survey, which showed that consumers were becoming more concerned about inflation.

While consumer inflation expectations were moving higher in the short-term, those were largely a reflection of the recent uptick in inflation readings, Goolsbee said, adding that the survey’s long-term measurements, which ask about a five-year period, was a better indicator of the public’s inflation expectations. That data showed a more modest increase this month.

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Inflation likely stayed higher than Fed officials would like in April, if early forecasts are correct. 

The cost of living as measured by the Consumer Price Index likely rose 3.4% over the year in April, down from a 3.5% increase in March according to a consensus estimate by forecasters tracked by Bloomberg, cited by Wells Fargo Securities, ahead of the official figures due from the Bureau of Labor Statistics Wednesday.

The Federal Reserve Bank of Cleveland’s “nowcast,” which projects the CPI based on economic data as it comes in, also called for a 3.5% annual increase as of Friday. Either would be well above the Federal Reserve’s goal of a 2% annual inflation rate. 

Prices have risen faster than expected for the first three months of the year, showing that progress against inflation—which had fallen significantly last year—has stalled. High inflation has been tough on household budgets not only because of steeper prices for things like gas and groceries, but because it’s forced the Federal Reserve to delay cutting its benchmark interest rate, which has kept interest rates higher for all kinds of borrowing such as mortgages and credit cards. 

Fed officials have said they are waiting for signs that inflation is on a firm downward trajectory before they’ll consider cutting the fed funds rate from the 23-year high where they’ve held it since last July. Inflation in line with forecasts would leave the Fed unlikely to cut that rate before December, Stephen Juneau and Michael Gapen, economists at Bank of America, wrote in a commentary. 

Rising gasoline prices in April likely fueled inflation to remain stubbornly high, they said. 

However, the details of the report may be a bit more encouraging than the headline. “Core” inflation, which excludes volatile prices for food and energy, and which is closely watched by economists as an indicator of overall inflation trends, likely rose 0.3% over the month if the consensus estimate holds true, down from 0.4% in March.

Economists found reason for optimism at used car auctions, where wholesale prices fell 2.3% in April, for a 14% year-over-year decline according to data provider Mannheim. Used car prices make up a significant portion of the overall inflation level. However, changes in wholesale used car prices usually affect inflation data at a delay of a few months, economists at BMO Capital Markets wrote in a commentary, so April’s inflation data may not reflect that dip in prices. 

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The Kaduna State Police Command has arrested a young g man, identified as Abdulazeez Idris, for allegedly abd¥cting and k+lling his six-year-old cousin in Zaria.

The command’s spokesperson, Mansir Hassan, in a statement on Sunday, said the girl, Aisha Dahiru, was kidn@pped by the suspect on her way to Islamiya school.

He said the suspect later k+lled the girl after she recognised him while in captivity.

“On February 12, 2024, at about 1:00 hrs, Mr. Saidu Dahiru, father of the victim, a resident of Angwan Juma’a, Zaria, reported to the Zaria City police station that his daughter, Aisha Saidu, a six-year-old female, went missing on her way to Islamiyya school.

According to Mr. Dahiru, Aisha was allegedly abd¥cted by her cousin, Abdulazeez Idris, also residing in Angwan Juma’a, Zaria.

Following her disappearance, Dahiru received a phone call from an unknown individual, later identified as the perpetrator, demanding a ransom of ₦8,000,000 (eight million naira) for her safe return.

The case was transferred to the Anti Kidnapping Unit of SCID, Kaduna, where they traced and arrested the perpetrator, identified as Abdulazeez Idris, in Makarfi Local Government.

The suspect has confessed to c¥tting the six-year-old girl’s neck with a razor blade and then d¥mped her body in a well,” the statement reads.

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Tech stocks gained in intraday trading Friday, with the S&P 500 Information Technology Sector Index up 0.5% as of 2:45 p.m. ET. The broader S&P 500 was little changed, while the tech-heavy Nasdaq was down 0.1%.

TSMC (TSM) American depositary receipts (ADRs) jumped on the semiconductor maker’s strong April sales numbers, while SoundHound AI (SOUN) shares took off as the provider of artificial intelligence (AI) voice recognition products posted better-than-expected results and raised its outlook. A soft outlook from Akamai Technologies (AKAM) sent shares of the software infrastructure firm tumbling.

TSMC’s ADRs advanced close to 5% as the largest contract chipmaker reported April sales soared nearly 60% year-over-year to $7.3 billion last month. They were also up 20.9% from March. The firm, which boasts Apple (AAPL) and Nvidia (NVDA) as clients, has benefited from booming demand for AI chips.

Also getting a boost from AI product demand was SoundHound AI, which reported first-quarter revenue that beat expectations, and increased its full-year sales guidance. SoundHound AI said its seeing a rise in subscriptions because voice AI is quickly becoming a must-have tool for customer service. Shares surged 8% to $5.14.

First-quarter earnings for Akamai Technologies beat analysts' projections, but sales were below forecasts and it lowered its outlook, sending shares sliding over 10% to $91.25. The company’s legacy content-delivery business was impacted by slower-than-expected growth in media and gaming markets, offsetting strength in its security-software and cloud-computing businesses. Several analysts also dropped their price targets on the stock.

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