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Kogi State Governor, Alhaji Usman Ododo, has approved 1,192 additional aides.

This was contained in a statement issued on Monday by the Secretary to the State Government, Dr Folashade Ayoade.

“The aides include Yakubu Abdulhakeem who is to serve as the Executive Secretary, Kogi State Office for Disability, 165 Senior Special Assistants, and 36 Special Assistants.

Others on the list approved by the governor are 574 Ward Special Assistants and 290 Local Government Special Assistants,” the statement read.

Similarly, Ododo also approved the appointment of Alhaji Ibrahim Abdulsadiq as the Director of Protocol, First Lady Office, in addition to other retinue of aides.

Ayoade said that all appointments are with effect from September 1, 2024.

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British tech magnate Mike Lynch was among six people lost at sea on Monday, August 19, after a luxury superyacht sank off the Italian island of Sicily during a sudden storm.

Lynch’s wife Angela Bacares was among the 15 people rescued but the businessman and his 18-year-old daughter, Hannah Lynch, were missing, Salvo Cocina, head of the Civil Protection Agency in Sicily, told AFP.

The ship had a crew of 10 people and 12 passengers, the Italian coast guard said. A sudden fierce storm had battered the area overnight, and a waterspout struck precisely where the 56-meter (184-foot) British-flagged Bayesian had been moored.

Lynch, 59, is a celebrated technology sector entrepreneur and investor, sometimes referred to as the UK’s answer to Bill Gates.

One body was recovered, and police divers spent the day trying to reach the hull of the ship, which was resting at a depth of 50 meters (163 feet) off Porticello where it had been anchored, rescue authorities said.

“They were in the wrong place at the wrong time,” said Cocina, noting that another big ship nearby, the Sir Robert Baden Powell, wasn’t as badly damaged and helped rescue the 15 survivors — including Lynch’s wife, Angela Bacares.

Eight of those rescued were hospitalized while the others were taken to a hotel. One body believed to be the cook was found near the wreck, but six others were unaccounted for and believed inside the hull, said Cari, the fire rescue spokesperson.

The rescue operations, which were visible from shore, involved helicopters and rescue boats from the coast guard, fire rescue and civil protection service.

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U.S. equities rose at midday, extending last week’s rally as concerns about the health of the economy eased. The Dow, S&P 500, and Nasdaq all advanced.

Advanced Micro Devices (AMD) shares gained as the chipmaker boosted its artificial intelligence (AI) portfolio by purchasing data center infrastructure provider ZT Systems for $4.9 billion.

McDonald’s (MCD) shares rose as Evercore ISI analysts raised their price target for the stock, saying they were increasingly bullish on the fast-food giant’s U.S. business. 

FuboTV (FUBO) shares soared following a judge’s ruling in favor of the company blocking Walt Disney (DIS), Fox (FOX.A), and Warner Bros. Discovery (WBD) from launching a streaming sports service together.

HP (HPQ) shares dropped after a downgrade by Morgan Stanley, which suggested the PC and printer maker's stock could have limited upside.

Dutch Brothers (BROS) shares also lost ground after a downgrade from Piper Sandler.

Oil futures slipped and gold prices were higher. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.

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Boeing Co. (BA) is an aerospace and defense technology company that develops and manufactures commercial jets, military aircraft, weapons systems, and strategic defense and intelligence systems. It also provides support services to customers as well as financing for orders and deliveries. Boeing operates three separate business segments: Commercial Airplanes; Defense, Space & Security; and Global Services. The company posted a net loss of $2.24 billion on revenue of $77.8 billion in fiscal year (FY) 2023, which ended Dec. 31, 2023. Its market cap was $111 billion as of Aug. 19, 2024.

Boeing was founded in 1916 as Pacific Aero Products Co. In April of the next year, founder William Boeing changed the company's name to Boeing Airplane Co. Boeing has grown into one of the leading aerospace companies in the world, its main rival being Europe-based Airbus SE (AIR). Throughout its history, the company has dramatically increased its size through acquisitions. Boeing's takeover targets often have been rivals who fell on hard times or were experiencing slowing growth in key parts of their business.

Boeing has done many of its most important acquisitions to bolster its core aerospace and defense businesses, whose revenue streams tend to be less cyclical because they are primarily generated through government contracts. But Boeing has acquired other companies to strengthen its ability to supply parts and services to its commercial and military customers. Below, we look at five of these acquisitions in more detail.

McDonnell Douglas was formed in April 1967 out of the merger between McDonnell Aircraft Corp. and The Douglas Co. By the time the company was acquired thirty years later by Boeing, its principal activities were the research, development, and manufacturing of aerospace, commercial and military avionics, and defense electronics products. However, McDonnell Douglas' strength in the commercial aircraft market had been waning by that time, which was one of the reasons the Federal Trade Commission (FTC) found nothing anti-competitive about the acquisition and approved it. The deal combined the largest commercial-jet manufacturer in the world with a significant player in the military-aircraft industry. The combined companies accounted for 60% of the global market for large commercial jetliners at the time, helping Boeing increase capacity in order to stay competitive with rival Airbus. However, the acquisition also led to a change in culture at Boeing, a change that many regarded as being more focused on short-term financial gain than on continuing to maintain and strengthen the company's engineering excellence.

Rockwell International has its origins in the 1967 merger between North American Aviation and Rockwell-Standard Corp. The two companies combined to form North American Rockwell Corp. In 1973, North American Rockwell became Rockwell International. Nearly a quarter century later in December 1996, Boeing acquired Rockwell's aerospace and defense units, forming a subsidiary that was renamed Boeing North American. Rockwell at the time was divesting assets in an attempt to refocus its business on faster-growing businesses such as manufacturing automation, semiconductors, and automotive. The two segments acquired by Boeing made missiles, sensors, space shuttles, aeroplane parts, weapons, and space systems. The acquisition was expected to significantly boost Boeing's defense and aerospace businesses, especially space systems and information/battle management systems.

Hughes Electronics was formed in 1985 as a subsidiary of General Motors Corp. (GM) named GM Hughes Electronics. The company was a provider of telecommunication services and a leading satellite manufacturer. It was renamed Hughes Electronics Corp. in 1995. Five years later in 2000, Boeing acquired Hughes' space and communications businesses from GM. Analysts expected the Boeing takeover to help Hughes amid a slowdown in the satellite manufacturing business, where profit margins were relatively low. Boeing integrated the units into a new business segment called Boeing Satellite Systems. The acquisition transformed Boeing into the world's largest producer of commercial communications satellites. The deal also increased Boeing's space-related revenues and enhanced the company's growth prospects in information and communications products and services. These businesses were identified as key areas of growth over the next decade.

Aviall had its origins in the early 1930s when three aircraft service and parts supply organizations merged into one company. That was the first of a number of mergers that ultimately led to the creation of Aviall. By the time Aviall was acquired by Boeing in 2006, it had become the world's largest independent provider of new aviation parts and related aftermarket services. It was a supplier of a range of aviation batteries, hoses, wheels and brakes, and paint services. Aviall, which was Boeing's largest acquisition since the late 1990s, became a wholly owned subsidiary of Boeing. The newly acquired company would report to Boeing's Commercial Aviation Services segment in support of the company's strategy to offer a broad range of value-added products and services to commercial and military customers.

KLX became an independent, publicly traded company as a result of B/E Aerospace Inc.'s spinoff of its consumables management segment in 2014.

It was acquired four years later by Boeing and had, by that time, evolved into a major independent provider of new aviation parts and aftermarket services with approximately 2,000 employees and customer service centers in more than 15 countries. KLX was marketing and distributing products to approximately 2,400 manufacturers at the time. The acquisition, which then was Boeing's biggest in nearly 20 years, strengthened Boeing's position within the $2.8 trillion aerospace services market. The KLX deal had two advantages. It enabled Boeing to offer larger discounts to airlines. The deal also offered Boeing the prospect of higher profits due to the relatively higher margins associated with the aircraft services business.

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Palo Alto Networks (PANW) is set to report results for its fiscal fourth quarter after markets close on Monday, with investors likely watching for a strong 2025 outlook and updates on its "platformization" strategy.

Analysts project revenue to grow to $2.16 billion from $1.95 billion a year ago, according to estimates compiled by Visible Alpha. Net income is expected to come in at $234.97 million, or 66 cents per share, a slight increase from the year-ago period but also a sequential drop.

Spending fatigue among Palo Alto Networks' customers has been a major theme of the company's results in recent quarters, signaling headwinds in the cybersecurity industry. Palo Alto Networks' guidance has been used as an indicator for the sector.

The company is expected to provide guidance for the full fiscal 2025 with analysts expecting revenue of $9.09 billion. Last year, Palo Alto offered outlooks for billings, revenue, net income per share and free cash flow margins.

Palo Alto Networks has been leaning into its platformization efforts, where it consolidates its cybersecurity services on its platform and bundles offers, a bid to become a one-stop shop and offset spending fatigue.

While Palo Alto Networks has indicated that platformization has been positively received by customers, the recent global outage caused by a faulty CrowdStrike (CRWD) update could raise questions about the outlook for the market.

The company could also comment on whether the incident might lead to customers leaving CrowdStrike in search of alternative cybersecurity providers. Analysts have said Palo Alto Networks could gain customers.

Palo Alto shares were 2.3% higher at $341.64 as of 10:45 a.m. ET Monday, ahead of the company's earnings release after the bell. They've gained close to 16% so far this year.

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