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President Bola Tinubu has signed the Judicial Office Holders Salaries and Allowances Bill into law.

Senator Basheer Lado, the Special Adviser to the President on Senate Matters, disclosed this in a statement in Abuja on Tuesday.

Recall that in March, Present Tinubu sent a bill titled: ‘A Bill for an Act to prescribe the salaries, allowances and fringe benefits of judicial office holders in Nigeria and for related matters’ seeking to amend the salaries of judicial officers to the House of Representatives for consideration.

It was that in June, the National Assembly approved a bill that grants a 300 per cent salary increase for judicial officers at the federal and state levels. According to Lado, “This extraordinary move underscores Mr President’s absolute prioritization of the welfare of Nigerian workers above all else just like he did when he recently put on hold an ongoing Federal Executive Council meeting to assent to the new National Minimum Wage Bill of N70,000.

The new Act “prescribes salaries, allowances, etc., for Judicial Officers to reflect the changing realities and consequentially amend the provisions of the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.), Act, No.6, 2002 (as amended) to delete the provisions relating to Judicial Office Holders. The prescription of salaries, allowances, and other benefits for Judicial Officers.

The amendment of Certain Political, Public, and Judicial Office Holders (Salaries and Allowances, etc.) Act, No.6, 2002 (as amended) which provides for the deletion of provisions relating to Judicial Office Holders from the aforementioned act.”

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Economists are wondering if a moderate inflation decline in July will be enough to convince skeptical Federal Reserve officials to begin lowering interest rates.

The Consumer Price Index (CPI), due to be released Wednesday, is expected to show prices increased at annual rate of 3.0%, the same as it was in June, according to economists surveyed by and . For the closely-watched “core” CPI inflation, which strips out volatile food and energy costs, economists expect an annual rate of 3.2%, just a tick down from 3.3% in June.

All told, inflation is still roughly in the same spot it was in June 2023, and stubbornly above the Federal Reserve’s target of 2%. 

“The July CPI report is likely to further the case that inflation is quieting down even if it has not yet returned to the Fed's target,” Wells Fargo economists said.

Federal Reserve officials will be closely looking at the inflation data, and at least one central banker said this weekend she still isn't confident that inflation is moving lower.

“I continue to view inflation as somewhat elevated. And with some upside risks to inflation, I still see the need to pay close attention to the price-stability side of our mandate while watching for risks of a material weakening in the labor market,” Federal Reserve Gov. Michelle Bowman told the Kansas Bankers Association on Saturday.

Bowman’s comments showed that an interest rate cut from the Federal Reserve's Open Market Committee (FOMC), which next meets in mid-September, is still not a sure thing, even amid signs that the labor market is weakening. (The Fed has a dual mandate to promote price stability and maintain maximum employment.)

“So one of the most hawkish FOMC voices sounding not yet convinced on the immediacy of rate cuts,”  Deutsche Bank Research wrote of Bowman’s comments. “The upcoming inflation data will be important for whether the Fed gains confidence to signal more clearly a cut at the September meeting.”

After the Fed opted two weeks ago to leave the influential fed funds rate unchanged at its current 23-year high, Chair Jerome Powell said there was a possibility of a September rate cut, but he reiterated that there would be a need for more data showing that the economy was moving in the right direction.

“It will likely take similar well-behaved inflation data in August (or a higher jobless rate) to assure a majority of voting members on the FOMC that inflation is moving convincingly to the 2.0% target,” wrote Priscilla Thiagamoorthy, senior economist at BMO Capital Markets. 

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Influencer Brian has revealed what she’ll do if she works as a maid in your house and you pay her N30,000 per month as salary in this economy.

She said if she is paid such a money as a maid, she will sl£ep with the man of the house.

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Major U.S. equities indexes were little changed on Monday. Fresh off a week of volatile trading driven by economic concerns, key data on inflation, retail sales, and the housing market will be in focus this week for those trying to assess the health of the economy.

The S&P 500 was essentially flat to start the trading week. Technology was the top-performing sector, helping the Nasdaq edge 0.2% higher, while the Dow was down 0.4%.

KeyCorp (KEY) shares surged 9.1%, marking the top daily performance in the S&P 500, after the regional bank announced a $2.8 billion investment from Bank of Nova Scotia (BNS). The transaction gives Scotiabank a 14.9% stake in KeyCorp. The company said the investment from the Canada-based financial giant represented an optimal way to raise capital and enhance its strategic position.

Super Micro Computer (SMCI) shares added 6.3%, clawing back a portion of the losses posted last week after the server and data storage firm posted lower-than-expected quarterly profits. Supermicro noted that its decreased gross margins during the quarter reflected higher costs of ramping up production of its direct liquid cooling (DLC) technology for artificial intelligence (AI) data centers. A report in The Wall Street Journal over the weekend highlighted the potential for liquid cooling to improve data center energy efficiency, suggesting Supermicro's DLC investments could pay off.

Shares of AI chip behemoth Nvidia (NVDA) gained 4.1% as Bank of America named the stock one of its top "rebound" picks. Analysts pointed to Nvidia's solid position in the data center market as tech giants prepare to boost infrastructure spending. More positive commentary came from analysts at UBS, who said a reported delay in the launch of Nvidia's Blackwell AI chip could turn out to be less consequential than originally anticipated.

Shares of Albemarle (ALB), the world's largest lithium producer, tumbled 6.9%, posting the widest loss of any S&P 500 stock. Slumping lithium prices, which have fallen more than 80% since the beginning of 2023 amid lower electric vehicle (EV) demand, remain an overhang on Albemarle stock. In its most recent earnings report, the company disclosed a $188 million net loss and said it would add to a growing list of cost-reduction initiatives.

Solventum (SOLV) shares slid 4.8% on the day after analysts at Wells Fargo trimmed their price target on the stock. The medical technology company, which completed its spinoff from 3M (MMM) in April, reported second-quarter results last week, announcing a 70% year-over-year decline in net income, based on figures carved out from 3M's health care business. Reduced sales growth for wound care and surgical sterilization products weighed on Solventum's performance.

Shares of Warner Bros Discovery (WBD) fell 4.5%, extending losses posted in the wake of Thursday's earnings report. The entertainment giant reported a quarterly loss of nearly $10 billion, reflecting the impact of a write-down in the value of its cable networks. The cable business remains under pressure from cord-cutting and the success of streaming services.

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Super Micro Computer (SMCI) shares jumped more than 6% on Monday, recovering a portion of the steep losses recorded last week after the server and data storage company released its fiscal fourth-quarter earnings.

In its latest set of quarterly figures, released after the closing bell Tuesday, the server maker reported revenue had more than doubled from the prior year, edging out analysts' sales forecasts. Profits, however, fell short of expectations, and Supermicro's stock plunged 20% the next day.

Although Supermicro forecasted further sales growth, increasing costs contributed to a drop in margins that appeared to underpin the negative reaction to the earnings report. Bank of America analysts downgraded the stock to "neutral," saying they expect margins to remain subdued in coming quarters.

On its earnings call, Supermicro attributed the downtick in gross margins to product mix, competitive pricing aimed at securing new design wins, and elevated initial costs involved in increasing production of direct liquid cooled (DLC) technology for clusters of graphic processing units used in artificial intelligence (AI) data centers.

As DLC production ramps up, the company believes it can slow manufacturing costs to drive margin recovery.

In addition to the company's assertion that preliminary cost headwinds should be temporary, a report over the weekend in suggested that Supermicro's investments in liquid cooling technology could pay off. The article highlighted liquid cooling as a "novel method" for helping AI data centers without relying as heavily on energy-intensive air conditioners.

Supermicro delivered more than 1,000 liquid-cooled AI racks in June and July, according to the report, and around 30% of the server racks the company ships next year will incorporate liquid cooling.

Following last week's losses and Monday's recovery, Supermicro shares have gained nearly 90% so far in 2024.

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President Bola Tinubu has approved a new national policy in curbing health workforce migration.

In a statement on Monday, Ali Pate, coordinating minister of health and social welfare, said the policy is a comprehensive strategy to manage, harness, and reverse health workers’ migration.The minister added that the policy will also encourage the return of professionals to Nigeria through attractive incentives and reintegrate them into the nation’s health system.

“This approach leverages the expertise of our diaspora to bridge gaps within the health sector. Also, the policy champions reciprocal agreements with other nations to ensure that the exchange of health workers benefits Nigeria. These bilateral and multilateral agreements are designed to protect national interests while respecting the rights and aspirations of our healthcare professionals.

We call on recipient countries to implement a 1:1 match — training one worker to replace every publicly trained Nigerian worker they receive,” the statement read.

The minister said the policy recognises the importance of work-life balance and has included provisions for routine health checks, mental well-being support, and reasonable working hours, especially for younger doctors. “These measures aim to create a supportive work environment, reducing burnout and enhancing job satisfaction,” Pate said. “The governance of this policy will be overseen by the National Human Resources for Health Program (#NHRHP) within @Fmohnigeria, in collaboration with state governments. This ensures responsible implementation and alignment with broader sector-wide (#SWAp) health objectives.”

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