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Instablog9ja
14
Another electricity tariff hike may be introduced in October 2024 by the Nigerian Government as the countrys monthly power subsidy rose to N181,63 billion in September.
This comes as the electricity subsidy by the Federal Government rose to N181,63 billion in September from N102.30 billion in May.In the last three months, the government paid N163.87 billion in July, N173.88bn in August, and N181.63bn in September 2024.
This comes after the Nigerian Electricity Regulatory Commission announced the removal of subsidies in areas categorized as Band A feeders on April 3, 2024. NERC had revealed that the monthly electricity subsidy at that time stood at N140.7 billion. Consequently, NERC approved an electricity tariff hike for electricity consumers enjoying at least 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour.
However, the decision generated serious outcries among Nigerians, including labour unions, educational and health institutions, whose electricity bills tripled following the removal of the subsidy. In May when the subsidy figure dropped to N102.30 billion, the government slashed the Band A tariff to N206.80/kWh. NERC said the reason for the reduction was due to a fall in the exchange rate of the Dollar to the Naira.
However, the tariff was jerked to N209/kWh in early July as the subsidy rose again to N158 billion in June. Accordingly, in the period under review, the NERC put the dollar exchange rate at N1,494.1 in July; 1,564.3 in August; and N1601.5 in September. As of September, the NERC maintains the benchmark gas-to-power price of $2.42/Million British Thermal Units based on the established benchmark price of gas-to-power by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in line with Section 167 of the Petroleum Industry Act 2021. This indicates the rising cost of power generation in Nigeria.
The development coupled with the country’s inflation rate which stood at 32.15 percent in August 2024 had fueled speculations that there may be another tariff increase in the October Multi-Year Tariff Order unless the cost of power generation drops.
Investopedia 4 mths 12
Intel (INTC) shares will likely remain in the spotlight on Monday after reported on Sunday that asset manager Apollo Global Management has offered to invest as much as $5 billion in the struggling chipmaker.
The weekend news came after reported on Friday afternoon that Qualcomm (QCOM) has approached intel about a potential acquisition.
Intel Chief Executive Officer Pat Gelsinger recently outlined a comprehensive plan to turn around the troubled chipmaker and revive its slumping stock price.
Since the start of the year, Intel shares have lost more than half their value but recovered around 11% last week as investors cheered recent developments. The stock gained 3.3% on Friday to close at $21.84
Below, well take a closer at the technicals on Intel's chart and identify important overhead price levels to watch out for as the stock makes a recovery attempt.
Since gapping sharply lower in early August, Intel shares appear to be carving out a double bottom, a classic chart pattern that signals a potential trend reversal.
Its also worth pointing out that as the formations second trough made a lower low, the relative strength index (RSI) made a relatively shallower low, indicating waning selling momentum.
More recently, Fridays rally occurred on the highest trading volume since Aug. 2 gap, suggesting healthy buying conviction behind the move.
Amid further bullish price momentum, investors should monitor several important overhead levels on Intels chart.
The first sits around $22, an area just above Fridays close where the shares will likely encounter resistance near the possible double bottom patterns neckline.
A volume-backed breakout above this key technical level could act as a catalyst for buying up to the $25 region, where the shares could run into overhead resistance from a trendline connecting two prominent swing lows in October 2022 and late February last year.
Further upside could see the stock rally into the key $30 area, a level on the chart where investors who bought the August and September lows may look to lock in profits near a multi-month trendline linking multiple peaks and troughs from November 2022 to late June this year.
Finally, a longer-term trend higher may lead to a retest of resistance near $35, where the shares could encounter selling pressure near a horizontal line joining a series of comparable trading levels between June 2023 and July this year. This area on the chart could also find resistance from the downward sloping 200-day moving average and the 50% Fibonacci retracement level using a grid measured from the December high to the September low.
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Read more on Investopedia
Instablog9ja
12
A lady has recounted how her boyfriend dmped her after she bought him an iPhone 11 Pro Max.
She said she bought iPhone 11 pro max for her boyfriend while she was using an android phone and he later dmped him to follow another girl.
Investopedia
12
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After the Feds pivotal interest rate cut this week, policymakers face the question of how much further to reduce borrowing costsand how fast.Fed officials expect to reduce the central banks key fed funds rate to a range of 4.25%-4.5% by the end of the year, according to economic projections released this week by the members of the Federal Open Market Committee. That would likely mean quarter-point rate cuts at the Feds two final meetings of the year, in contrast to the larger half-point cut that opened the campaign.But those cuts could end up being deeper if the job market deteriorates. In cutting rates for the first time since 2020, the Fed has signaled its paying less attention to fighting inflation and more attention to preserving the labor market.
High interest rates were meant to slow the economy and subdue inflation. Lower ones are supposed to do the opposite, boosting the economy and encouraging businesses to hire to prevent a spike in the unemployment rate.
Thats why, for anyone trying to predict what the Fed will do, the single most important piece of economic data over the next few months will be the unemployment rate, said Chris Clarke, a professor of economics at Washington State University.Since January, the unemployment rate has risen to 4.2% as of August, from 3.4% in January, which had tied a 50-year low. The rate, which isn't high by historical standards, is being driven by an increase in people seeking work and not finding a job rather than a wave of layoffs. Still, its risen fast enough to fuel concerns that layoffs could pick up.
Some Fed watchers believe the cracks in the labor market are severe enough that the Fed will act more decisively to preserve it, especially since their other main concerninflationhas been tame in recent months, falling toward the Feds 2% annual goal.
Economists at Goldman Sachs predict two 25 basis point (bp) cuts this year, in line with the Feds forecasts, but with a good chance of a larger cut in November if upcoming employment reports show slower hiring or rising unemployment. The next two monthly jobs reports, for September and October, will land before the November Fed meeting.
We see the choice between a 25bp and 50bp cut in November as a close call, Jan Hatzius, chief economist at the investment bank wrote in a commentary.Michael Pearce, deputy U.S. economist at Oxford Economics, came to a similar conclusion.
Considering the shift toward an easing bias from Federal Reserve officials, any downside surprises to the labor market data could push them to deliver another 50bp cut in November, he wrote.
Whatever decision the Fed makes, it might be more contentious than some of its past moves.
The Fed's moves on rate cuts this week proved tricky enough that one of the policy committee members voted against the other 11, the first dissent since 2022. Fed governor Michelle Bowman explained in a statement Friday why she would have preferred a 25-point cut.We have not yet achieved our inflation goal, she wrote. I believe that moving at a measured pace toward a more neutral policy stance will ensure further progress in bringing inflation down to our 2% target. This approach would also avoid unnecessarily stoking demand.
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Mpox Is Back: What To Know And Do
Ever Heard Of Mpox? Wondering Why It's Back In The News? &nb...
Healthwatch
20
Ever heard of mpox? Wondering why it's back in the news?
Many of us first learned about mpox (formerly called monkeypox) in 2022, when the largest known outbreak spread to nearly 100,000 people in more than 100 countries. While mpox often circulates in central and western Africa, the 2022 outbreak quickly spread from the Democratic Republic of the Congo (DRC) to places it had never been detected before. In the US alone, it caused more than 32,000 infections and 58 deaths.
Now, a new outbreak of mpox has put it back in the news. What should you know — and do — about this latest international health emergency? What are your risks? Are vaccines available? If you get mpox, how can you avoid spreading it?
What's different about the 2024 mpox outbreak?
This time, a new strain of the virus (called Clade 1b) is spreading quickly. That's why the World Health Organization (WHO) declared a second mpox global health emergency in August 2024.
Already, more than 15,600 cases and 500 deaths have been reported, mostly in the DRC. And mpox has been found in countries that previously hadn't identified any cases, including Burundi, Kenya, Rwanda, and Uganda. Recent cases diagnosed in Sweden and Thailand have public health officials bracing for additional international spread, including to Asia, Europe, and the US.
6 things to know about mpox
What is mpox and how does it spread?
Mpox is a viral infection caused by the same family of viruses as smallpox. In central and western Africa it's common in certain animals, including squirrels and rats. People can become infected after contact with infected animals. Mpox can spread from person to person through close physical contact, including sex.
What are the symptoms of mpox?
Mpox causes flulike symptoms, fever, headache, enlarged lymph nodes, and a unique rash. The rash usually begins a few days into the illness as small flat spots. The spots evolve over a week or two to become small fluid-filled bumps (vesicles) similar to chickenpox, and then larger pus-filled blisters. Over another week or two, the blisters scab over and heal. Once that happens, a person is no longer contagious.
Although the disease is usually mild, some people develop complications. Serious complications include pneumonia, vision loss due to eye infection, and sepsis, a life-threatening infection.
What is your risk of getting mpox?
Location and activities factor into your risk for developing mpox.
Risk increases if you
When people get mpox, risk factors for experiencing more severe disease or complications like pneumonia include:
Why is the new mpox outbreak so worrisome?
The new outbreak of mpox is especially worrisome because the strain of the virus is deadlier than in 2022. The virus is spreading more quickly and reaching places where mpox had not previously been found.
In addition, the new outbreak has disproportionately affected kids and teens in resource-poor countries. Many are already suffering with malnutrition, or other infections such as cholera.
It's worth noting that the strain of mpox from the 2022 outbreak (Clade 1) is still circulating at a low level in the US. Right now, fewer than 15 people a week are diagnosed with it and treatment is available.
Are there mpox vaccines and treatments?
There are two vaccines available to prevent mpox in the US:
Resource-poor countries in Africa, Asia, and elsewhere have had limited access to vaccines. Even in resource-rich countries like Europe and the US, vaccine hesitancy has been an obstacle to containing the outbreak. In one study, only half of a vulnerable population in Illinois received the initial dose of the mpox vaccine, and only a quarter received both recommended doses.
An antiviral drug called tecovirimat is approved to treat smallpox. Animal studies suggest it may be effective in treating mpox as well. Now being investigated as an mpox treatment, the drug may be available by enrolling in a study. A 2024 study found tecovirimat did not reduce the length of time adults and children with Clade 1 mpox had symptoms. However, the death rate (1.7%) was half of what was expected. But it's unclear whether the low death rate was actually due to drug treatment.
How can someone with mpox avoid spreading it?
If you are diagnosed with mpox, it's important to take these measures to avoid infecting others:
Some experts recommend avoiding contact with pets or other animals because they could become infected and spread the disease to new animal species in new places.
The bottom line
Will mpox be the next pandemic? That's unlikely. The virus that causes mpox spreads mainly by direct contact — unlike the virus that causes COVID-19, which spreads through small respiratory droplets that are easily breathed in. Also, people with mpox who are contagious typically have obvious symptoms, so they can take steps to avoid spread.
Currently, the risk mpox poses to most people in the US appears to be quite low. To help make sure it stays that way and to help countries where mpox is common, US public health officials are working with their counterparts in other countries to contain the outbreak. To be successful, we'll need a robust. well-coordinated international effort, including financial support to resource-poor countries to fund educational programs, vaccination, testing, and treatment.
Source: Harvard Health Publishing
Instablog9ja
18
Reality TV star Vee has bemoaned paying N19,000 for 12.5kg of gas.
She said, no Yoruba discount unfortunately.
