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Instablog9ja
Minimum Wage: Anything Less Than ₦100K Is An Ins¥lt To Civil Servants — Senator Ned Nwoko
~1.0 mins read

Senator Ned Nwoko, representing Delta North Senatorial District, has proposed ₦100,000 as the new minimum wage for Nigerian workers.

Speaking at the a recent event in Abuja, Nwoko stated that anything less than ₦100,000 would be an ins¥lt to civil servants, SunNews reports.

According to him: “There are so many problems in Nigeria, from the economy to security issues, minimum wage and all of that.

If you ask me about minimum wage, I will say that, at least, everybody deserves a rise. Even if we say a hundred thousand naira, I will think it is the ideal thing. But look, what can a hundred thousand naira do for anybody? Tell me, how many bags of rice can that buy? How many fuel tanks can that fill? So we have to be realistic about our economy.

Government is meant to provide an environment for those who are doing business to do well or create jobs where possible. But we must have a minimum wage. It is not very good, to put it mildly, when people are paid a minimum wage that is abysmal and they are not able to achieve the basic needs of life.

So, I think that a minimum wage of one hundred thousand naira is not out of place. That should be the beginning. That kind of amount should be what we should be looking at. Anything less than that is an ins¥lt on the civil servant.”

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Investopedia
5 Things To Know Before The Stock Market Opens
~3.3 mins read

Investors will be focused on the Federal Reserve’s view on cutting interest rates as the central bank's two-day meeting concludes; the May CPI inflation report due hours before the Fed’s rate decision is expected to show inflation cooling on lower gasoline prices; Oracle (ORCL) shares are jumping in premarket trading as the company's artificial intelligence (AI) partnerships with Microsoft (MSFT), OpenAI, and Alphabet's (GOOGL) Google Cloud offset a quarterly earnings miss; Apple (AAPL) is in focus after its record close Tuesday on anticipation of AI-fueled growth; and shares of Paramount Global (PARA) are falling after Shari Redstone's National Amusements—which controls Paramount—called off deal talks that would have merged the entertainment giant with Skydance Media. U.S. stock futures are slightly higher before the Federal Open Market Committee (FOMC) decision, after Apple's jump Tuesday drove the S&P 500 and Nasdaq to close at fresh records. Here’s what investors need to know today.

Investors will focus on the Federal Reserve’s outlook for interest rate cuts at the conclusion of its two-day meeting, especially as the central bank is widely expected to keep its monetary policy unchanged. The Fed has kept its influential fed funds rate at the 23-year high of 5.25%-5.50% since last July to stifle inflation, even at the cost of cooling the economy by restricting consumer and business spending. Fed officials have said they would keep interest rates high until they're certain inflation has been subdued. Traders are mainly pricing in a September rate cut at the earliest, according to the CME Group’s FedWatch Tool, which forecasts rate movements based on fed funds futures trading data.

Forecasters expect the Consumer Price Index (CPI) inflation report due hours before the FOMC decision to show May was a tame month for consumer price increases as gasoline prices fell—paving the way for policy easing by the central bank later in the year. A Bureau of Labor Statistics report on the CPI, a widely watched measure of the cost of living, is likely to show that prices rose 0.1% in May, down from a 0.3% increase in April and the smallest increase since October, according to a survey of economists by and . That would mean prices rose 3.4% over the year, the same year-over-year rate as April, and would translate to the smallest monthly increase in prices since October—thanks largely to falling gasoline prices.

Oracle (ORCL) shares are jumping more than 8% in premarket trading after the slew of large artificial intelligence (AI) deals announced by the cloud-software provider with Microsoft (MSFT), OpenAI, and Alphabet's (GOOGL) Google Cloud offset fiscal fourth-quarter earnings that missed estimates. Oracle Chief Technology Officer (CTO) Larry Ellison said in the company’s earnings call that the firm is building "a very, very large data center" with "lots of Nvidia chips" for AI model training, noting that he "would love to do the same thing [as it's doing with Microsoft and Google] with AWS." ​​Amazon's (AMZN) AWS was not in the mix of Oracle's large cloud customers.

Apple (AAPL) shares are little changed in premarket trading but will be closely monitored by investors after the stock jumped more than 7% on Tuesday to set a new record closing high of $207.15. The share-price surge followed the unveiling Monday of “Apple Intelligence,” a personalized version of AI specifically designed for its devices, as well as Apple's partnership with Microsoft-backed (MSFT) OpenAI's ChatGPT. Apple shares had been lagging as it fell behind its tech rivals in the AI race, but continued gains would put it closer to reclaiming its title as world’s most valuable company, a mantle currently held by legacy computing giant Microsoft.

Shares of Paramount Global (PARA) are down about 2% in premarket trading after controller National Amusements ended talks on a possible merger of the entertainment giant with Skydance Media, according to multiple reports. Media heiress Shari Redstone’s National Amusements had been in months-long discussions to sell its stake in Paramount to David Ellison’s Skydance, which recently had sweetened its offer and improved terms for nonvoting shareholders. Redstone is now “likely to pursue” a sale of just National Amusements, without trying to merge Paramount into another firm, according to which first reported that discussions between her family firm and Skydance were over.  One possible reason for the scuttled deal, according to , is that "some sources believe it was Skydance’s refusal to indemnify her in the all-but-certain event of shareholder lawsuits if the deal were to go through."

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Investopedia
Watch Out For These Levels In Apple's Stock Price
~1.9 mins read

Apple (AAPL) shares sit atop watchlists after the stock jumped more than 7% on Tuesday to mint a new record closing high, its first since Dec. 14. The surge followed the unveiling Monday of “Apple Intelligence,” a personalized version of artificial intelligence (AI) specifically designed for its devices, as well as a partnership with ChatGPT-maker OpenAI.

The daily percentage gain, the iPhone maker’s largest since November 2022, added around $215 billion to the company’s market capitalization, placing it on the cusp of reclaiming the title of the world’s most valuable company, a mantle currently held by legacy computing giant Microsoft (MSFT).

Below, we take a closer look at Apple’s chart and turn to technical analysis to identify important levels worth watching.

Apple shares have traded within an established trading range since August last year, with the price tagging the pattern’s upper and lower trendlines several times over the past nine months. Since finding buying interest near the bottom of the range in late April, the stock has continued to trend higher, culminating in Tuesday’s 7.3% breakout to a new closing high of $207.15.

Importantly, the breakout occurred on the highest trading volume in more than a year, suggesting buyer conviction by larger market participants, while the 50-day moving average (MA) also sits poised to cross above the 200-day MA to form a golden cross buy signal, a chart pattern technical analysts interpret as marking the start of a new uptrend.

Looking ahead, investors can forecast a price target using a measured move by calculating the distance of the trading range in dollars and adding the amount to the pattern’s top trendline. For example, adding $31 to $197 projects a price target of $228. This level could become a potential area of resistance where sellers may be satisfied to book profits.

When looking for retracement opportunities, investors should eye the trading range’s top trendline at $197 as this area has most likely flipped from an area of resistance into support. It’s also worth keeping in mind that a failure to hold this key level could indicate a potential bull trap, a chart pattern that cautions a downside reversal.

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Investopedia
4 Key Takeaways From Oracle's Earnings Call
~2.8 mins read

After Oracle (ORCL) reported fiscal fourth-quarter earnings that missed estimates and announced large cloud infrastructure deals with Microsoft (MSFT), OpenAI, and Alphabet's (GOOGL) Google Cloud, company executives joined the company's earnings call Tuesday to discuss the new partnerships, how artificial intelligence (AI) could drive growth for Oracle, and more.

Oracle announced a partnership with Microsoft and ChatGPT maker OpenAI to extend Azure Al to Oracle Cloud Infrastructure (OCI) to provide additional capacity for OpenAl.

The company reported that it already has 11 databases at Azure sites and has more locations with Microsoft "coming online soon."

Oracle Chief Technology Officer (CTO) Larry Ellison said the company is building "a very, very large data center" with "lots of Nvidia chips" for AI model training, noting that large data centers are necessary for complex AI training, especially as models' capabilities expand.

Ellison said alongside Microsoft and OpenAI, customers using Oracle's cloud infrastructure and data centers include Nvidia (NVDA), Google, and Elon Musk's xAI, among others.

The company also announced a multi-cloud partnership with Google. OCI and Google Cloud network interconnect were available on Tuesday in 10 regions, Oracle CEO Safra Catz told investors.

Oracle databases at Google Cloud are going live in September, giving customers direct access to Oracle database services running on OCI deployed in Google Cloud. Catz said the company will have 12 Oracle databases at Google Cloud sites live this year.

Amazon's (AMZN) AWS was not in the mix of Oracle's large cloud customers, but Ellison said the company "would love to do the same thing [as it's doing with Microsoft and Google] with AWS."

Catz underlined that Oracle expects revenue to continue to grow, fueled by the data center and cloud capacity required by advancing AI models.

Catz said she "expect[s] continued strong cloud demand to push Oracle Sales and RPO even higher and result in double-digit revenue growth this fiscal year," adding that "each successive quarter should grow faster than the previous quarter as OCI capacity increases to meet demand."

The CEO said the "current momentum will continue as our pipeline is growing even faster than bookings." She noted that fiscal 2025 cloud infrastructure services will grow faster than they did in fiscal 2024.

Oracle said that part of what sets it apart from competitors is that it can offer customers comprehensive data center services.

"Whatever the deployment model is, [Oracle's customers] don't have to compromise," Catz said, adding "some of our competitors may offer some level of sovereignty or some level of disconnected but they don't actually have all the services."She said that "the reason we've been so successful is whether it's disconnected or sovereign, the customer always gets everything—all services, not just some services, and they get to deploy it any way they want."

The CEO also highlighted that sovereignty "may be very critical" for government and some customers, which could set the company apart as organizations look for sovereign solutions to ensure data security.

Oracle shares were up around 9.4% at $135.55 in extended trading as of about 7:15 p.m. ET Tuesday following the company's earnings call.

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Instablog9ja
Podcast Saga: Actress Etinosa Sends A Memo To Her Colleague, Yvonne Jegede, Others
~0.4 mins read

Actress Etinosa has shared a piece of advice to her colleagues intending on going on podcasts. In a post shared on her Instastories, Etinosa said they should learn to have a plan of what to say to avoid saying things they would have to apologize for later.

She shared this post hours after her colleague, Yvonne Jegede, tendered a public apology to May, the estranged wife of actor, Yul Edochie, over her comments supporting his decision to pick a second wife.

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Investopedia
Oracle Stock Surges On Deals With Microsoft, OpenAI, And Google, Despite Earnings Miss
~1.6 mins read

Oracle (ORCL) reported fourth-quarter revenue and earnings that missed analysts' estimates, but announced large cloud infrastructure deals with Microsoft (MSFT), OpenAI, and Alphabet's (GOOGL) Google Cloud for artificial intelligence (AI) data centers, sending Oracle shares up over 9% in extended trading Tuesday.

Oracle reported revenue of $14.29 billion for the fiscal fourth quarter of 2024, up 3% from the year-ago period but below analysts' expectations, according to estimates compiled by Visible Alpha.

Net income came in at $3.14 billion or $1.11 per share, down from $3.32 billion or $1.19 per share in the same period a year prior, and also short of analysts' projections.

Oracle announced a partnership with Microsoft and ChatGPT maker OpenAI to extend Microsoft's cloud platform, Azure Al, to Oracle Cloud Infrastructure (OCI) to provide additional capacity for OpenAl.

"We are delighted to be working with Microsoft and Oracle. OCI will extend Azure's platform and enable OpenAI to continue to scale," OpenAI CEO Sam Altman said.

"In Q3 and Q4, Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud," Oracle CEO Safra Catz said, adding that she "expect[s] that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand."

"In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud," Catz said.

The company also announced it "recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud. We expect the Oracle database to be available within the Google Cloud in September this year."

Oracle shares jumped over 9% to $135.25 as of 4:50 p.m. ET in extended trading Tuesday following the announcement.

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