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The Sarkin Kudun Gatawa in Gatawa District of Sokoto State, Alhaji Muhammad Bawa, has reportedly been k+lled by bandits after weeks in captivity.
The Emir and his son were kidn@pped in July at the Kwanar Maharba area while travelling from Sokoto to his home town, Sabon Birni, the headquarters of Sabon Birni local government of Sokoto State.
The abductors few days after the incident requested the sum of N1 billion as ransom for the release of the victims.
A video later surfaced online showing the Emir pleading for his life. Speaking in Hausa language, he appealed to the Sokoto State Government, Sokoto Sultanate Council, his relatives and friends to help pay ransom for his freedom before the deadline set by his captors.
Alhaji Bawa said that the bandits had issued a deadline for the payment of ransom and failure of which he would be will k+lled.
The traditional ruler, seen in the video with his blood-stained clothes as well as chained hands and legs said, “I am seeking the help of the government. I am their servant, and I have served them for 74 years, including 45 years in government service.
I have always been in the service of the government, and it is the government’s responsibility to help me.”
Also in the video, one of the g¥nmen can be heard speaking in Hausa dictating to the victims what to say.
China Launches Anti-Subsidy Probe On EU Dairy Imports
China Has Launched An Anti-subsidy ...
Investopedia
25 m
12
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China has launched an anti-subsidy investigation into dairy imports from the European Union (EU), a day after the EU updated import tariffs on Chinese-made electric vehicles (EVs).
China's Ministry of Commerce said its investigation will run for the period of April 1, 2023 to March 31, 2024, and will cover EU dairy products including fresh and processed cheese, milk, and cream.
This is the latest tit-for-tat measure as trade tensions escalate between Beijing and the bloc.
On Tuesday, the European Commission (EC), the EU's enforcement arm, announced tariff cuts on Chinese-made imports of Tesla's (TSLA) EVs to 9% from 20.8%, while competitors BYD (BYDDY), Volvo parent Geely (GELYF), and state-owned SAIC will have to pay tariffs of 17%, 19.3%, and 36.3%, respectively.
The two have been launching measures against the other's products in recent months. In June, China announced it might issue anti-dumping tariffs on pork imports from the EU, days after the bloc said it would provisionally impose an additional duty of up to 38.1% on Chinese EV imports.
China is the EU's biggest overseas market for pork, which is the most consumed meat in the country.
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Investopedia
1 h
11
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As market participants await highly anticipated remarks from Federal Reserve Chair Jerome Powell, his colleagues have been providing their own thoughts on interest rates and economic conditions.
Many economists expect Powell, who speaks at the Jackson Hole Economic Symposium on Friday, to once again signal that the Fed could cut the influential fed funds rate soon. They predict he will echo comments from after the last Fed meeting in late July, when he said a September rate cut was on the table.
For more than a year, the Fed has held its benchmark interest rate at its highest levels in more than two decades, raising borrowing costs for businesses and consumers in an effort to discourage spending, balance supply with demand, and, in turn, fight inflation.
But with inflation falling and the labor market weakening, some economists say it’s time to move on interest rates. Not all Fed officials are singing the same tune.
In remarks Tuesday, Federal Reserve Gov. Michelle Bowman said she still sees risks to inflation from issues such as geopolitical tensions and housing demand. These risks, along with uncertainty over how well the labor market is performing, make her want to see more data before committing to an interest rate cut in their next meeting on Sept. 18, she said.
“I will remain cautious in my approach to considering adjustments to the current stance of policy,” Bowman told a group of Alaskan bankers.
Chicago Fed President Austan Goolsbee also said Tuesday he was waiting for more data.
“I don’t think it’s a certainty,” Goolsbee said when asked by whether the Fed was set to cut interest rates in their next meeting.
In an interview with the , Minneapolis Fed President Neel Kashkari said it was appropriate to have a debate about interest rate cuts in September in light of the weakening labor market. However, Kashkari told the paper he didn’t see the need for a cut larger than a quarter point.
His comments come as some economists have argued the Fed needs to make more aggressive cuts to counter further deterioration in the labor market.
Meanwhile, Federal Reserve Vice Chair Michael Barr, Governor Christopher Waller and Atlanta Fed President Raphael Bostic didn’t weigh in on interest rates during speaking engagements this week.
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Investopedia
2 hrs
15
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Stellantis (STLA) said Tuesday that its plan to delay the reopening of an assembly plant in Belvidere, Illinois, is not in violation of its contract with the United Auto Workers (UAW) union.
On Monday, the union said locals representing tens of thousands of workers in several states were preparing to file grievances over the decision, which could culminate in a national strike.
In November 2023, the union said its new contract with the Chrysler parent included a promise to reopen the Belvidere plant that it closed in February of that year and to build a $3.2 billion battery plant there.
Stellantis insists its change of plans is necessary to “preserve U.S. manufacturing jobs” and doesn't violate the union contract.
"[I]t is critical that the business case for all investments is aligned with market conditions and our ability to accommodate a wide range of consumer demands,” Stellantis said Tuesday.
“[T]he UAW agreed to language that expressly allows the company to modify product investments and employment levels. Therefore, the union cannot legally strike over a violation of this letter at this time,” the company added.
The UAW didn't immediately respond to a request for comment.
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Investopedia
4 hrs
14
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A new survey shows that the ranks of job seekers are growing.
A report released this week by the Federal Reserve Bank of New York showed that the share of people looking for new employment in July was at its highest level in more than a decade. In total, 28% of respondents said they were job-hunting, while a record-low 88% of those who had a job four months ago, the last time the survey was conducted, said they still worked the same job.
The survey results come as investors are jittery about labor data after an unexpected jump in the July unemployment rate sent financial markets reeling earlier this month. Federal Reserve officials have said they are beginning to follow labor market trends more closely as inflation comes in line, potentially setting up an interest rate cut at the September meeting of the central bank's policy committee.
The New York Fed's Labor Market Survey for July showed that the proportion of workers who said they were transitioning into new jobs was also at its highest level in the survey’s decade-long history.
One reason that job transitions may have been higher was workers reported being increasingly unhappy with their wages, benefits, and job promotion opportunities. Women were more likely to be dissatisfied with their compensation and more likely to be transitioning to new work.
Workers also lowered their wage expectations, though they are still higher than pre-pandemic levels. The minimum salary they said they would accept was higher than July 2023 levels but down from the peak of March 2024.
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Investopedia
6 hrs
12
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YouTube is rolling out upgrades for "NFL Sunday Ticket," including the ability for subscribers to watch up to four games simultaneously and track their fantasy football teams alongside the games.
The new features come ahead of the second football season since Alphabet's Google (GOOGL) and the NFL signed a seven-year, roughly $14 billion deal to bring the service to YouTube TV. Prior to the 2023 season, "NFL Sunday Ticket" had been distributed by DirecTV for decades.
Earlier this month, a federal judge threw out a jury's verdict against the NFL that would've required the league to pay $4.7 billion to "NFL Sunday Ticket" subscribers. The lawsuit accused the league of inflating prices for the service, which is fans' only option to watch out-of-market games.
Now, "NFL Sunday Ticket" subscribers will be able to connect their Yahoo Fantasy accounts via the "Fantasy View" feature and monitor live statistics alongside the games. They also will have the ability to "build any available combination of two, three, or four" games to view simultaneously.
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