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Investopedia
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Shares of Albemarle (ALB), the world's largest lithium miner, rose more than 13% following reports that a key Chinese battery producer intends to reduce lithium production levels.
Lithium prices have tumbled in recent months amid an uncertain demand outlook for electric vehicles (EVs), whose batteries represent a key driver of demand for the metal. High levels of supply, particularly in China, have exacerbated the price weakness.
According to , the EV battery and energy storage system producer Contemporary Amperex Technology (CATL) on Wednesday said that it would curtail lithium production at its large mine in Yichun City in the Chinese province of Jiangxi. The mine has reportedly been a key driver of soaring lithium supply in the country.
In a research report, UBS analysts indicated that CATL's strategy shift could reduce monthly lithium carbonate production in China by 8%. Analysts believe this could prove to be an important inflection point for the lithium market, with more balanced supply-and-demand dynamics supporting a recovery in prices while reinvigorating profitability for producers like Albemarle.
The slump in lithium prices has dragged heavily on Albemarle's share price performance. The stock fell following the lithium miner's latest quarterly report in August, which showed a loss of $188 million for the period on a year-over-year revenue decline of nearly 40%.
Despite Wednesday's gains, Albemarle stock is still down nearly 40% in 2024.
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Instablog9ja
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Popular food critic, Opeyemi Famakin, has shared messages from Cubana ChiefPriest after giving an honest review of his restaurant in Owerri, Imo State.
Opeyemi has said everything in the eatery was okay but for the pastries and bread-cake and hand-burger.
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Investopedia
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Bank of America (BofA) (BAC) shares lost ground Wednesday after news that Warren Buffett's Berkshire Hathaway (BRK.A)(BRK.B) again reduced its stake in the bank.
In a regulatory filing Tuesday, Buffett holding company Berkshire reported that it sold a total of approximately 5.8 million Bank of America shares valued at about $228.7 million in separate moves on Friday, Monday, and Tuesday. The average sale price was$39.5 per share.
With this latest sale, Berkshire held about 858.2 million shares in BofA at the time of the filing, still a stake greater than 11%. It has sold off more than $7 billion worth of the stock since mid-July.
When asked about Buffett’s decision, Bank of America Chief Executive Officer (CEO) Brian Moynihan said at Barclays Global Services Financial Services Conference, “look, he's been a great shareholder."
"I don't know what exactly he's doing because, frankly, we can't ask and we wouldn't ask, but on the other hand, the market is absorbing the stock, and it's a portion of the volume every day, and we're buying the stock, a portion of the stock, and so life will go on," Moynihan added.
BofA stock was off about 1.5% at $38.66 around 2:30 p.m. ET. Even with the day's losses, shares of Bank of America are up about 14% year-to-date.
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Instablog9ja
2 hrs
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President Tinubu has visited King Charles at Buckingham Palace.
The significant meeting, highlighting the continued diplomatic ties and partnership between Nigeria and the United Kingdom.
Instablog9ja
3 hrs
13
As the inquest into the d3ath of singer Ilerioluwa Aloba, aka Mohbad continues, a Coroner’s Court sitting in the Ikorodu area of Lagos State has threatened to issue a bench warrant on key witnesses for failing to appear before it.
Magistrate T. A. Sotobi had ordered substituted services for the witnesses after granting an application by Mohbad’s father, Joseph Aloba, to serve a witness summons on additional witnesses through a reputable national newspaper and social media.
These include Azeez Fashola aka Naira Marley; Samson Eletu aka Sam Larry; Mohbad’s sister-in-law, Karimot Ogunbayo; Mohbad’s lawyer, Oluwasanmi Falade, the nurse who was said to have treated the deceased singer during the period, Feyisayo Ogedengbe, and the driver who drove him to the hospital, Fidelis Esanbor.
Head of the Aloba family’s legal team, Taiwo Odumosu, said Mohbad’s ally, Boluwatife Adeyemo aka Darosha, was the only key witness present at the court sitting on Wednesday. Odumosu said the magistrate had considered issuing a subpoena on them if they did not appear at the next court sitting.
He said, “Today’s sitting was to continue with the examination of witnesses to know what happened to Mohbad and how he died. So, among all the key witnesses invited and served through substituted means, only Darosha was in court. “Meanwhile, the magistrate said she would issue another witness summons one last time chance. She said if they fail to appear on the next adjourned date, they will be subpoenaed.” The hearing was adjourned till September 30.
Meanwhile, the family of the late singer has expressed disappointment and frustration with the police investigation into his d3ath. Odumosu, in a statement signed by Emmanuel Oroko of Hilceetee Partner, obtained on Wednesday, frowned on the police’s role in the investigation. According to him, Odumosu criticised the police for relying on witnesses’ views to reach conclusions without conducting a thorough investigation.
“On all fronts of the investigation, the police officers who investigated the murder of the late singer exhibited overt complicity in the narrative. The police relied on witnesses’ views to reach legal conclusions. They failed to tell us what investigation they carried out and what they discovered.
Secondly, when the court granted us an order to conduct an independent autopsy and toxicology test, the police refused to cooperate with us. Based on our interaction with the forensic pathologists and their requirements, we wrote the police to give access to the forensic experts to see items taken from the scene of the crime including notes made by them. All these will help the forensic experts to have a better view of what happened and also form a reasonable conclusion after considering all facts and evidence before them,” he added.
Odumosu said there was no message from the police about when the pathologists should visit them to view the items to aid their investigation.
He explained that despite writing a reminder to them, the police didn’t acknowledge the letters. On the embalmment allegedly carried out by Darosha, Odumosu stated that no one has been charged in court.
“We petitioned the Inspector General of Police and the Police Service Commission to remove the officers in charge of the case because of their apparent mishandling of the investigation into the dath of Mohbad. The Police Service Commission is the civilian oversight body established under the Nigerian Constitution 1999 for the Nigeria Police. Its powers include appointment, promotion, discipline and dismissal of erring police officers except the Inspector General of Police. We are yet to get a response from them,” he said. Odumosu however appealed to the PSC to investigate the police officers who had the first chance to discover the source and circumstances of the death of Mohbad but failed to do the needful.
Mohbad did at the age of 27, on September 12, 2023, with circumstances surrounding his dath sparking controversies on social media. Being a former record label signee of Marlian Music owned by Naira Marley, Mohbad left the label in February 2022.
The Lagos State Police Command had on September 18, 2023, inaugurated a 13-man special investigation team to probe the singer’s d3ath. His dath also led to the arrest of Naira Marley and Lagos socialite, Balogun Eletu, also known as Sam Larry, amongst others. The singer’s body was on September 21, 2023, exhumed for autopsy to unravel the cause of his d3ath.
Investopedia
3 hrs
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Campbell Soup Company (CPB) is dropping a key word from its name in a rebrand meant to reflect the culinary variety of its owned brands.
Aside from soup, newly named The Campbell's Company also owns potato chips brands Kettle and Cape Cod, sauce brands Prego and Rao's, and Goldfish crackers, among others. The company said the new moniker is "a name that represents soup...but is so much more."
Campbell's is far from the first company to change its name in a bid to shift customers' perception.
Dunkin' used to be Dunkin' Donuts, but trimmed its name in 2018 to raise the profile of its array of coffee and other beverage offerings.
Weight Watchers rebranded as WW (WW) in 2018 to focus less on dieting and more on overall health and wellness.
Philip Morris, which created the iconic Marlboro cigarette brand, became Altria Group (MO) in 2003, a name that the company said would better reflect the diversity of its portfolio beyond tobacco.
Facebook adopted the name Meta Platforms (META) in 2021, with Chief Executive Officer (CEO) Mark Zuckerberg saying he wanted to make the company "metaverse first." In addition to Facebook, Meta also owns Instagram and WhatsApp.
Google did something similar in 2015, changing its name to Alphabet (GOOGL) because it also owns YouTube, Waze, Fitbit, and other companies.
Some of the original names are barely known in 2024.
Nike (NKE) was once Blue Ribbon Sports, eBay (EBAY) originally was called AuctionWeb, and Subway was founded as Pete's Super Submarines.
Pepsi-Cola, now a unit of PepsiCo (PEP), was known as Brad's Drink upon the company's founding in 1893 by pharmacist Caleb Bradham.
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