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The federal government has introduced a N50 Electronic Money Transfer Levy (EMTL) on every inflow of N10,000 or more received by customers of Fintech companies such as Opay, Moniepoint, and others.
In a notice to its customers on Saturday, September 7, the online payment platform stated that the charges in line with the Federal Inland Revenue Service (FIRS) regulations, will take effect from September 9, 2024.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.
It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the notice reads.
Similarly, Moniepoint, in a terse notification to its customers on Saturday, said: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
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A landlord’s notice to his tenants has gone viral after he made a statement asking the couples among themselves to be considerate about how they raise their voices when making out with their partners.
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A photographer has recounted how he was instructed to stop editing pictures of a married couple her took at their wedding because the couple had decided to break up just 24 after walking down the aisle.
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Major U.S. equities indexes plunged following the release of the latest employment report, which showed the economy added fewer jobs than expected in August.
The most recent signal of labor market softness added to growing concerns about how the lengthy period of high interest rates affects the economy, perhaps adding a sense of urgency as Federal Reserve officials consider the timing and magnitude of rate cuts.
The S&P 500 dropped 1.7%, while the Dow closed Friday's session 1.0%. Underperformance in the communication and technology sectors weighed on the Nasdaq, which plummeted 2.6%.
Broadcom (AVGO) shares dove 10.4%, the biggest decline of any S&P 500 stock, after the chipmaker reported a loss for its fiscal third quarter and guided for current-quarter sales to come in below consensus estimates. Despite the strength of Broadcom's artificial intelligence (AI) segments, weakness in its broadband business and other divisions weighed on the results. Expenses related to Broadcom's acquisition of software firm VMware in November also contributed to the quarterly loss.
Tesla (TSLA) shares slipped 8.5% on Friday, giving back the strong gains posted in the prior session after the electric vehicle (EV) maker announced plans to launch full self-driving (FSD) cars in Europe and China in early 2025. Friday's reversal came amid reports highlighting potential regulatory barriers to FSD approval, particularly in Europe, as well as a story pointing to Tesla's market share struggles in China, where increasing sales of plug-in hybrid vehicles have intensified competition.
Shares of Albemarle (ALB), the world's largest lithium miner, fell 6.9% as lithium prices remained under pressure. Lithium futures prices in China dropped to their lowest level since the launch of the contracts in July 2023, reflecting high supply levels. Moreover, uncertainty surrounding the U.S. presidential election raises questions about the future of policies designed to encourage electric vehicle (EV) adoption, which could shape the future trajectory of lithium demand.
Dollar General (DG) shares logged the top daily performance in the S&P 500, jumping 2.7%. The stock lost nearly a third of its value on Aug. 29 after the discount retailer reported weaker-than-expected results for the second quarter and lowered its full-year revenue forecast. It fell again earlier this week when earnings from competitor Dollar Tree (DLTR) also underwhelmed. Despite the overhangs of macroeconomic pressure and restrained consumer spending, Dollar General's results included year-over-year sales growth in the consumables category.
Shares of telecom infrastructure SBA Communications (SBAC) were up 2.2%. In its most recent earnings report, released in late July, the cellular tower operator reported better-than-expected adjusted funds from operations (AFFO), with growth in site leasing revenue driven by new leasing activity in international markets. Shares of communications infrastructure peer Crown Castle (CCI) gained 2.0%.
United Airlines (UAL) shares climbed 2.0%. The gains for United followed positive comments from fellow carrier JetBlue (JBLU), which raised its full-year sales outlook on Thursday, noting strong summer travel demand. A decline in crude oil prices on Friday, suggesting a possibility of lower fuel costs ahead, provided an additional tailwind for United stock.
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