Select a category

The Government of Namibia has approached the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore training opportunities, as well as sharing of expertise with personnel of the Namibian Anti-corruption Commission in the f¥ght against corruption.

The position of the Namibian government was made known on Friday when its Ambassador to Nigeria, Mr. Humphrey Geiseb paid a courtesy call to the ICPC’s headquarters. According to him, Nigeria as a country occupies an exalted position in the fight against corruption in Africa and such expertise that it possessed needed to be shared with other countries in the continent.

The Ambassador revealed further that Namibia also had an anti-corruption agency known as the Anti-Corruption Commission of Namibia (ACC) just as he proposed that the Commission would love to learn about the success story coming from Nigeria, especially in the recovery of stolen assets by the ICPC and its sister agency, the EFCC.

“The f¥ght against corruption is taking a new dimension in the continent and we believe Nigeria should lead in sharing its expertise in the f¥ght against corruption and we hope it will open its doors to other African countries like Namibia to learn. We feel ICPC and the EFCC should be able to go the extra mile to share their remarkable achievements. It’s not good for Namibia to go outside the continent to learn this,” he said.

While responding, the ICPC Chairman, Dr. Musa Adamu Aliyu, SAN, appreciated the presence of the Namibian Ambassador to Nigeria during the launch of ICPC’s Strategic Action Plan 2024-2028, just as he reiterated that the fight against corruption on the continent cannot be fought in isolation.

He maintained that the Commission was ever ready and willing to partner with other anti-corruption bodies on the continent to stem the scourge of corruption in Africa noting that the Anti-Corruption Academy of Nigeria, (ACAN) the training arm of ICPC would come handy to see to the training request for personnel of the Namibian Anti-Corruption Commission.

“Those who indulge in corruption have their networks. So, we too on the continent need to come together so that we can distort the illegal methods. By doing so, we’ll have good governance and a vibrant foreign-direct investment on the continent.

We are aware of the MoU signed by my predecessor, Prof Bolaji Owasanoye, I wish to reiterate that our doors remain open for any assistance that the Namibian Anti-corruption Commission may require from us. We have our own Anti-corruption Academy where we train people, I believe when your people come, we can also learn from them as well,” the Chairman said.

Continue reading on Instablog

Wholesale prices stayed flat in September, suggesting inflation is on a downward path despite some bumps in the road.The Producer Price Index (PPI) for final demand, a measure of wholesale prices, was unchanged in September from August, the Bureau of Labor Statistics said Friday. That was less than the 0.2% increase in August, and below the 0.1% increase forecasters had expected, according to a survey of economists by and . Over the year, prices were up 1.8%, less than the 1.9% annual change in August.

The PPI is an indicator of where inflation is headed because business costs are ultimately passed on to consumers.

Economists use it, together with other economic data such as the Consumer Price Index, to forecast inflation as measured by Personal Consumption Expenditures, which is due to be released Oct. 31. Based on the data so far, PCE inflation is likely to have risen only moderately in September, economists said.That could have implications for financial markets and borrowing costs for all kinds of loans. PCE inflation is the measure Federal Reserve policy makers prefer to use when considering price increases.

Fed officials cut the central bank's benchmark interest rate in September by half a percentage point, and plan to cut it further in the coming months as long as inflation continues falling toward the Fed's goal of a 2% annual rate.

Higher-than-expected consumer price inflation in September cast some doubt on those plans, but the PPI report suggests they may stay on track after all.

"The latest data won’t throw off the Fed’s plan to recalibrate policy from a position of economic strength," Oren Klachkin, financial markets economist at Nationwide, wrote in a commentary.

The tame increase in wholesale prices in September was largely due to a 2.7% decrease in energy prices. That's unlikely to be repeated in October because conflict in the Middle East has driven up oil prices this month, Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, said in a commentary. Additionally, Hurricanes Helene and Milton could cause "a brief period of price gouging," temporarily pushing up prices, he said.However, Tombs said that inflation is likely to stay on its recent downward trajectory, partly because businesses now have little ability to raise prices without losing customers.

"Disinflation trends remain well-embedded," he wrote.

Read more on Investopedia

Naira Marley has advised Nigerians to take care of home before impressing the street.

He said you should take of home before impressing the street.

Continue reading on Instablog

Wells Fargo (WFC) shares rose roughly 6% Friday morning after the bank reported better-than-expected third-quarter revenue and profit.

The lender reported $5.11 billion in net income for the quarter, down from $5.77 billion last year but nearly half a billion dollars better than analysts had expected, according to consensus estimates compiled by Visible Alpha.

Wells Fargo's revenue also was down year-over-year at $20.37 billion but came in slightly above estimates. Net interest income (NII) fell more than analysts expected to $11.69 billion.

In addition to Wells Fargo, JPMorgan Chase (JPM) reported earnings Friday, with a number of competitors like Bank of America (BAC) and Goldman Sachs (GS) set to follow next week. Investors will be looking to see how the banks plan to adjust after the Federal Reserve last month cut interest rates for the first time since 2020.

Shares of Wells Fargo were up nearly 6% to $61.14 Friday morning. They have gained nearly 25% this year.

Read more on Investopedia

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL), has lost his 25-year-old daughter, Fatima.

Details of her death were sketchy as of the time of filing this report, but NAN reported that the deceased named Fatima passed away on Friday.

Vice-President Kashim Shettima has condoled with the CEO over the tragic incident. Shettima, who prayed for the peaceful repose of the deceased, asked God to grant the family members the strength to bear the painful exit of their daughter, who was in her prime.

NAN reports that the Vice-President led other mourners at the funeral prayer, held at the Annur Mosque in Abuja.

Continue reading on Instablog

JPMorgan Chase (JPM) shares are rising in premarket trading after its results beat estimates; investors are watching wholesale inflation numbers following yesterday's CPI report; Tesla (TSLA) shares are sinking after unveiling its "Cybercab"; Warren Buffett's Berkshire Hathaway (BRK.A) reduces its stake in Bank of America (BAC) to below 10%; and shares of Advanced Micro Devices (AMD) are rebounding slightly after falling yesterday following an artificial intelligence (AI) event. Here's what investors need to know today.

Shares of JPMorgan Chase (JPM) are rising about 1.5% in premarket trading after the world's largest bank by market cap reported earnings per share (EPS) of $4.37 on revenue of $42.65 billion, above consensus estimates of analysts compiled by Visible Alpha of $3.97 and $40.85 billion, respectively. JPMorgan shares have gained more than 25% this year.

After yesterday’s Consumer Price Index (CPI) indicated that inflation isn't falling as fast as some economists expected, investors will be closely watching another data point with today's 8:30 a.m. ET release of the wholesale-focused Producer Price Index (PPI). Economists surveyed by and projected that prices at the wholesale level will have increased by 0.1% in September from the prior month, down from a 0.2% rise in August.

Tesla (TSLA) shares are dropping 6% in premarket trading after the electric vehicle maker unveiled several new products at an event yesterday, including its highly anticipated "Cybercab" robotaxi. Tesla also showed off a larger version of the autonomous vehicle called a "Robovan," as well as its Optimus humanoid robot. Tesla Chief Executive Officer (CEO) Elon Musk said that the Cybercab would cost about $30,000 and be in production by 2026.

Berkshire Hathaway (BRK.A) continues to reduce its stake in Bank of America (BAC). According to a Thursday filing with the Securities and Exchange Commission (SEC), Berkshire CEO Warren Buffett sold more than 9.5 million shares of the bank's stock. The move lowers Berkshire's stake in Bank of America to less than 10%, meaning it will face fewer reporting requirements from the SEC. Shares of Bank of America are up about 2% in premarket trading.

Shares of Advanced Micro Devices (AMD) are rebounding by about 1% in premarket trading after they fell about 4% in the prior session following an event to show off the chipmaker's next generation of artificial intelligence (AI) technology. At the event, AMD unveiled its fifth-generation EPYC server processor, as well as its Instinct MI300X series Graphics Processing Unit (GPU) chip and other technology. The lineup initially failed to excite investors who are eager to see the company take on Nvidia (NVDA).

Read more on Investopedia