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NLC has issued a midnight deadline to the FG to release Ajaero.

The National Administrative Council (NAC) of the Nigeria Labour Congress (NLC) convened an emergency meeting today to address the alarming and unlawful arrest and detention of Comrade Joe Ajaero, President of the NLC, by agents of the Nigerian Government. Comrade Ajaero was arrested and detained at the Nnamdi Azikiwe International Airport in Abuja while en-route to the United Kingdom, where he was scheduled to attend and address the Congress of the Trade Union Congress (TUC) of Britain, representing Nigerian workers in critical discussions on workers’ rights and social justice.

After extensive deliberation, the NAC resolved as follows:

Condemnation of the Detention:

The Council unequivocally cor demns the brazen and illegal detention of Comrade Joe Ajaero by the Nigerian State without any legal warrant or justification. The NLC notes with grave concern that Comrade Ajaero was lawfully discharging his duties to represent Nigerian workers and had not committed any offense warranting such action. His detention is an affront to the rights of workers and the democratic principles of freedom of movement and expression.

Demand for Immediate and Unconditional Release:

The NLC demands the immediate and unconditional release of Comrade Joe Ajaero before 12 midnight today. The Council reiterates that Joe Ajaero is not a fugitive or a criminal, and his detention is an act of intimidation aimed at silencing dissent and stifling the labor movement’s voice in Nigeria. NAC also demands the immediate reversal of the current hike in the price of petrol to N617/ Litre.

State of Alert:

The Congress places all its affiliates, State Councils, Civil society allies, and the Nigerian populace on red alert. The detention of Comrade Ajaero is an attack not just on the NLC leadership but on the rights of all workers and citizens to organize, protest, and express themselves freely. The NLC will not stand by while these rights are trampled upon. This provocation is another attempt by the State to scuttle the implementation of the new National Minimum Wage.

Mobilization for Further Action:

The NLC reaffirms its commitment to defending the rights of Nigerian workers and citizens. The Congress will not relent in its efforts to oppose all forms of oppression. NAC – in – session therefore summons an emergency meeting of the National Executive Council (NEC) by 9:00 AM tomorrow, the 10th day of September, 2024 to take compelling action to engage the current forces of retrogression.

The NAC urges the Nigerian Government to reverse this dangerous trend of authoritarianism and lawlessness, which thieatens the country’s democratic fabric. NAC in session demands the immediate implementation of the New National Minimum Wage which has been signed into Law. The Nigeria Labour Congress will not waver in its duty to protect the rights of workers and the freedom of all Nigerians.

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Japan's Seven & i said Monday that it is open to talks with Alimentation Couche-Tard if the Canadian owner of Circle K stores improves its $39 billion bid for the 7-Eleven parent.

"We remain open to engaging in sincere discussions should ACT put forth a proposal that fully recognizes Seven & i's standalone intrinsic value and addresses the Special Committee's very real regulatory concerns," Seven & i said. 

Seven & i had rejected the offer for its convenience store chain by the Canadian firm late last week, saying it undervalued the company and doesn't address antitrust concerns.

Its latest statement was made in response to a press release from Couche-Tard on Sunday in which the Quebec-based company called for more discussions. The Circle K owner said it would "jointly consider divestitures that may be required to secure regulatory approvals" for the deal.

Both companies have large networks in the U.S.

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Apple (AAPL) shares are rising in premarket trading ahead of its highly anticipated launch of its latest AI-powered iPhone; Oracle (ORCL) shares are gaining ahead of its first-quarter results after the bell; U.S. stock futures are rebounding after last week's dramatic selloff; Boeing (BA) appears set to avoid a painful strike after reaching a deal with its unions; and discount retailer Big Lots (BIG) files for bankruptcy and agrees to sell itself to a private-equity firm. Here's what investors need to know today.

Apple (AAPL) is expected to unveil its new iPhone with artificial intelligence (AI) capabilities as well as next generations of the Apple Watch and AirPods at the "It's Glowtime" event today. The highly anticipated event comes roughly a year after Apple's iPhone 15 launch and three months after it showcased iOS 18 and new AI feature Apple Intelligence. Apple's stock is rising less than 1% in premarket trading, having rallied around 13% since its August correction. 

Oracle (ORCL) shares are rising less than 1% in premarket trading ahead of its fiscal first-quarter results due after the market closes, with investors focused on its cloud infrastructure growth. The software giant is expected to post revenue of $13.23 billion, up more than 6% year-over-year, with earnings per share (EPS) of 91 cents, up from 86 cents, according to Visible Alpha. Oracle shares hit a then-record high in June when the company announced cloud infrastructure deals with Microsoft (MSFT) and others, later reaching $146.59 on July 15, a level it is approaching again.

U.S. stock futures are rebounding, with market darling Nvidia (NVDA) rising in premarket trading, after major indexes slumped last week as weak August jobs data raised concerns that the job market is cooling. Those worries about the health of the U.S. economy prompted investors to price in a higher chance of a half-point cut in the key fed funds rate by the Federal Reserve this month rather than a less-aggressive quarter-point easing. The U.S. economy's addition of 142,000 jobs fell short of forecasts, although it beat July's dismal growth, which caused stocks to tumble.

Boeing (BA) said Sunday that it had reached a tentative deal with a union representing more than 33,000 workers in the Seattle area and Oregon, potentially avoiding a crippling strike at the troubled airline. The plane maker has proposed a four-year contract for staff, including a general wage increase of 25% and a pledge to build the next commercial airplane in the Seattle area. Boeing shares are jumping 6% in premarket trading.

Big Lots (BIG) filed for Chapter 11 bankruptcy protections and agreed to sell itself to an affiliate of private-equity firm Nexus Capital Management, following extended decline in sales and several quarters of losses at the discount retailer. The Ohio-based firm said Nexus will serve as the "stalking horse bidder" in a court-supervised auction process, and that the deal will close in the fourth quarter if it doesn't get better offers.

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Adobe (ADBE) is scheduled to release its fiscal third-quarter results after the bell Thursday, with investors likely watching to see whether the company can build on its momentum with artificial intelligence (AI). 

Analysts expect the software company to post third-quarter revenue of $5.37 billion, up 10% year-over-year, according to estimates compiled by Visible Alpha. Net income is projected to rise 12% to $1.57 billion, or $3.51 per share. 

Adobe’s Digital Media arm, which includes Creative Cloud subscriptions, delivered net-new annualized recurring revenue (ARR) of $487 million in the second quarter, up from $470 million a year earlier. The gains helped Adobe post better-than-expected results, sending shares up over 14% the day after the numbers landed.

Analysts are projecting a slight decline in net new Digital Media ARR in the third quarter, to $462 million, according to Visible Alpha. Oppenheimer analysts suggested investors could still see a “reacceleration” of the measure in the second half of the year.

Investors will also likely watch for updates on the monetization of Adobe’s AI offerings, with the company previously noting that many Creative Cloud subscribers are upgrading their plans to access Firefly, its generative AI model. In addition to Firefly, the company introduced generative AI into Document Cloud as well as Adobe Express for business. 

The company may also unveil new AI services at its Adobe MAX conference in October. Oppenheimer analysts said they expect the possible reveal of “generative video, editing, and audio dubbing solutions approaching beta.”

Shares of Adobe have surged nearly 23% since the company released its stronger-than-expected results for the second quarter, though they've still lost roughly 5% this year so far.

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A UK-based Nigerian Businessman has created awareness about an alarming trend among immigrants.

The greatest sc@m going on immigration right now is “Dependant “Oh he can’t report because what will he say happened” In the past month, around 15 individuals on this X app have been frantically searching for ways to remain in the country because their dependents applied for a new visa without including them or notifying them.

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Investors continued to pour money into U.S. funds last month despite it being the market’s most volatile month in years. 

U.S. exchange-traded funds attracted $70 billion in August, according to Morningstar Direct data. August's haul represented a downshift from July when funds raked in $117 billion, the second-highest monthly total on record. Still, last month’s intake was about five times ETFs’ haul in August 2023, according to Bloomberg Intelligence.

Investors’ enthusiasm for ETFs has put this year on track for a year of record inflows.

Inflows held up despite an exceptionally volatile month on Wall Street. The S&P 500 tumbled 6% in the first three sessions of August as markets reacted to unsettling labor market data and a shift in the global interest rate outlook that sunk stocks around the world. Then, as economic fears subsided and Wall Street digested a slew of earnings reports, stocks rebounded to finish the month slightly higher. 

All the turbulence did little to temper investors’ appetite for blended products, which continued to attract the majority of inflows to equity ETFs. The Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 fund (IVV), with their low fees and ample liquidity, raked in about $8 billion and $6 billion, respectively, last month.

Vanguard’s fund has now attracted more than $61 billion this year, giving it a substantial buffer to exceed the annual inflow record of $51 billion.

The market’s unease did change where investors funneled their money. Value-focused stock funds pulled in more money than growth funds for the first time all year.

Volatility also boosted a relatively obscure corner of the market: buffer ETFs, which use options to limit downside risk (and upside potential). Average weekly net inflows to this category have jumped to $283 million since the start of July from $160 million in the first half of the year. In the week that ended August 2—a week that included a Fed rate decision, a surprise rate hike by the Bank of Japan, and a U.S. jobs report—inflows totaled $360 million. 

With the U.S. presidential election and the Fed’s long-awaited interest rate cuts just around the corner, there’s likely to be more volatility in the coming months, which could drive more money into these cautious bets on equities. 

Fixed-income funds saw relatively larger inflows as investors prepared their portfolios for interest rate cuts. Bonds ETFs attracted $31 billion, about as much as flowed to equity ETFs, even as the size of the equity ETF universe is about three times that of bonds. Seven of the 10 ETFs with the largest monthly inflows were fixed-income funds.

Market participants became increasingly confident throughout August that the Federal Reserve would cut the federal funds rate in September, its first policy rate reduction in more than four years

Subsequently, the iShares 20+ Year Treasury Bond ETF (TLT), a bet on long-term rates that slumped more than 30% in 2022, pulled in nearly $5 billion, twice that of the bond fund with the next-highest inflows.

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