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Instablog9ja
5 mths
13
Nigerian policemen led by the Divisional Police Officer (DPO) of Gwarinpa in Abuja, Babale Hamza Galadima, in a Gestapo manner, have invaded Hotel VIMA in the 1st Avenue area of Gwarinpa, arresting all occupants and d£str@ying properties in the hotel.
According to Sahara Reporters, obtained videos of the d£str¥ction left by the policemen during the incident which occurred on Sunday night at about 11:30 pm. The pictures and CCTV videos on Monday showed doors and room furniture d£stroyed by the policemen during the invasion.
Whereas, the hotel guests arrested and taken to the Gwarinpa Police Division have been asked to pay N500,000 as bail to secure their freedom.
Saddened by the incident, the Manager of the hotel identified as Wayne said that all the staff of the hotel were still detained in the station as of 5:45 pm on Monday, July 15, 2024.
He said, “At about 11:30 pm on 14th of July 2024, some men of the Nigerian police stormed our hotel in a way that we thought it was a robb£ry seen. All customers and visible staff were har@§sed, b£aten and deh¥man#sed, property was d£stroyed, and everyone on the scene was arrested and taken to the station.
The operation lasted for about an hour, only the receptionist and gateman were allowed to stay back.
Some laptops were taken, money from the Front Desk was taken and some of our customers’ money was also taken.
The following footage from our CCTV captured,” he narrated.
Some CCTV footage the manager shared with Sahara Reporters showed staff and guests including a family with little kids marched outside and ordered to sit on the floor.
It also showed one of the police officers carrying st#cks which were said to have been used to b£at up the hotel guests. In one of the videos of the aftermath of the invasion, the doors were brok£n and chairs were dam@ged. The food one of the guests was eating was seen abandoned on a table.
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Investopedia 5 mths 9
Shares in Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) closed at a record high on Monday, buoyed by gains in some of the conglomerate’s key holdings, including Apple (AAPL), American Express, (AXP), Chevron (CVX), and Occidental Petroleum (OXY). Investors typically view the performance of the company’s stock, which trades at about 23 times analysts' full-year operating profit projections, as a proxy for the health of the U.S. economy due to its diversification across a broad range of industries.
Berkshire Hathaway shares added 2.4% to finish Monday's session at $434.42.
Amid the stock’s move to record highs, we’ll take a closer look at the technicals on the Berkshire Hathaway weekly chart and identify important levels to watch out for.
Since bottoming out midway between the 50- and 200-week moving averages (MAs) in early October last year. Berkshire shares have trended consistently higher. More recently, the price broke out from textbook symmetrical triangle, a chart pattern that indicates a continuation of the current uptrend.
Importantly, the initial breakout from the pattern occurred on the highest weekly trading volume since late February, suggesting buying conviction behind the move. Moreover, the relative strength index (RSI) sits just below overbought levels to confirm strong price momentum in the stock.
Below, we’ll use two different technical analysis techniques to predict near-term and longer-term price targets. These levels help us determine a general area on the chart where Berkshire shares may climb to and encounter resistance if the price continues to trend higher.
To forecast a potential short-term price target, we can use the measuring principle. We do this by calculating the distance between the symmetrical triangle’s two trendlines near their widest point and apply that amount to the breakout area. For example, we add $50 to $415, which projects a target at $465
Investors can speculate a longer-term price target by using a chart overlay of prior price action. This works by taking the bars pattern from the uptrend that preceded the symmetrical triangle and applying it to the most recent swing low. In this case, we take the bullish bars pattern between October 2023 and February this year and align it with the April low, which indicates a possible upside target of around $500.
Investors looking for a key pullback level should keep an eye on the $415 area, where Berkshire shares would likely find buying interest near the symmetrical triangle’s top trendline. A more significant retracement could see the stock revisit a multi-month uptrend trendline around $390, with this location also sitting in close proximity to the 50-week MA.
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China's Growth Slowdown Hits China-Focused ETFs And Stocks
China's Stuttering Economic Rebound...
Investopedia
5 mths
15
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China's stuttering economic rebound suffered another blow in the latest quarter, leading to losses in New York-listed Chinese stocks and China-focused exchange-traded funds (ETFs) on Monday.
China’s gross domestic product (GDP) rose 4.7% year-over-year in the second quarter, below analyst expectations, pressured by a prolonged real estate slump and trade tensions. The rise was smaller than the 5.3% growth recorded in the first quarter and below the 5% expected by economists surveyed by .
The data for China is a blow to investors after a rebound earlier this year—driven by Chinese government policy and stimulus—led to an upsurge in inflows to China-focused ETFs.
The growth slowdown in China sent a ripple effect across the market for Chinese American depositary shares and China-focused ETFs on Monday.
E-commerce giant Alibaba (BABA) finished down 2.1%, while PDD Holdings (PDD), owner of e-commerce platform Temu, and JD.com (JD), another e-commerce retailer, were down 3.1% and 5.3%, respectively.
The losses in large-capitalization Chinese stocks hurt China-focused ETFs, with the $5.7 billion iShares MSCI China ETF (MCHI) run by BlackRock losing 2.1%. Alibaba and PDD Holdings are among the fund's largest holdings.
Another popular Chinese ETF pummeled by the news was the iShares China Large-Cap ETF (FXI), with $4.7 billion in assets, which lost 2.2% on Monday. The largest holding in the fund is Alibaba.
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Instablog9ja
5 mths
9
President of Rwanda, Paul Kagame, has won 99.15 percent of the votes from Monday’s presidential election to secure a fourth term in office.
Only about 79 percent of ballots have been counted, according to the country’s electoral commission. Authorities said 9.5 million Rwandans registered to vote. The country has a population of 14 million.
Kagame’s opponents — Frank Habineza of the Democratic Green Party of Rwanda and independent candidate Philippe Mpayimana — each received less than one percent in the provisional results. The result is the same as 2017 when Kagame swooped nearly 99 percent of the votes.
Final results are expected by July 27, although they could be announced sooner. The president thanked Rwandans for their trust, in an address at his Rwandan Patriotic Front (RPF) party headquarters in Kigali, the capital city. Kagame seized power as the head of rebels who took control of the government and ended the genocide in 1994, becoming vice-president and de facto leader from then to 2000, when he became president.
The 64-year-old is eligible to continue in office till 2034 after a constitutional amendment in 2015 changed a two-term limit. Although he has garnered international acclaim for presiding over peace and economic growth since the end of the g3nocide in Rwanda, he has also faced criticisms from rights groups and the West. But the Rwandan leader has said he is not bothered about what foreign countries think of his decision to extend his rule. On Saturday, he told journalists that his mandate comes from the people.
Investopedia
5 mths
10
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Inflation has cooled and the economy may be on the way to a “soft landing,” but Federal Reserve Chair Jerome Powell isn’t ready to signal a victory over inflation yet.
Powell acknowledged Monday that the most recent Consumer Price Index (CPI) report was the latest in a series of improving inflation readings that has boosted confidence among central bankers. Powell and his colleagues who set monetary policy have said they need confidence price pressures are easing before they move to cut their influential interest rate.
“We’ve had now three better readings, and if you average them, that’s a pretty good pace,” Powell said during an interview at the Economic Club of Washington, D.C. “The three readings in the second quarter, including the one from last week, do add somewhat to confidence.”
Powell wasn’t ready to forecast any change to the interest rate, which has been at a 23-year-high for the past 12 months. Fed officials are basing their interest-rate decisions on available economic data on a “meeting-by-meeting" basis, Powell said.
Investors expect the central bank to cut rates at its September meeting. However, while Powell didn’t forecast a timeline for rate cuts, he did make one prediction: Powell said a “soft-landing” scenario—where inflation drops without a spike in unemployment—seemed more possible.
“The hard landing scenario is certainly not the most likely, or a likely, scenario,” Powell said.
Powell attributed the labor market's strength to how overheated it was before the Fed began its fight against inflation, allowing it it to cool without significant job losses so far.
The Federal Reserve has been increasingly on alert in recent weeks as the number of job openings has stagnated and unemployment has risen. Significant jumps in unemployment could prompt the central bank to cut interest rates quicker than they would otherwise, fearing a rapidly cooling economy.,
However, Powell said the movement in the labor market is just a better balance between worker availability and job postings.
“It is essentially no tighter than in 2019, before the pandemic,” Powell said. “Remember that the labor market of 2019 was a very strong labor market.”
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The Luxury Slump Continues As Burberry's Woes Persist
The Downturn In The Luxury Sector S...
Investopedia
5 mths
12
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The downturn in the luxury sector shows few signs of letting up.
"We are operating against a backdrop of slowing luxury demand with all key regions impacted by macroeconomic uncertainty and contributing to the sector slowdown," said Burberry (BURBY), the British maker of trench coats, on Monday.
Burberry joins its rivals in struggling to grow as consumers keep a tighter hold on their wallets. LVMH (OTC: LVMUY), the maker of Louis Vuitton handbags and other luxury goods, in April posted a first-quarter decline in sales. Gucci owner Kering (PPRUY), meanwhile, said first-half operating profit would be sharply lower as demand in China stays sluggish.
Burberry on Monday replaced its chief executive officer as it continues to struggle to win over consumers that have pulled back on spending on discretionary items amid high interest rates and as the pandemic-era shopping boom came to an end.
The economic downturn in China, under pressure from a prolonged property slump and tepid consumer demand, has been another drag on global luxury spending. Chinese luxury consumption accounted for almost a fifth of the world’s total, but have come down from 2021’s record levels, consultancy Bain and Company said.
Luxury brands are also grappling with high fixed costs, including expensive rents for their flagship stores.
Burberry on Monday said that it had replaced CEO Jonathan Akeroyd, who had been in the role for two years, with Joshua Schulman, a former CEO at Tapestry-owned (TPR) Coach, replacing him. The company said it expects to report an operating loss for the first half of this year and full-year operating profit would lag current consensus. It suspended dividend payments.
Investors are watching earnings reports broadly for signs of health of the consumer across income levels.
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