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Gistlegit

Bringing Hollywood Vibes To Edo State! Senator Monday Okpebholo And Hon. Dennis Idahosa's Nollywood Village Will Be A Game-changer For The Entertainment Industry

~0.7 mins read

Edo State's Nollywood Village: A New Hub for African Cinema

Senator Monday Okpebholo and Hon. Dennis Idahosa are launching a transformative Nollywood village in Edo State, aiming to establish it as a cultural and entertainment hub in Africa. This project will feature state-of-the-art studios, training centers, and post-production facilities, creating a platform for aspiring creatives to develop their talents. The Nollywood village is expected to generate numerous jobs across various sectors, significantly boosting the local economy and positioning Edo State as a key player in the global entertainment industry.

By blending the rich cultural heritage of Edo State with modern cinematic infrastructure, this initiative will attract filmmakers, actors, and storytellers from around the world. The project not only seeks to preserve and promote African storytelling but also to make Edo State a global destination for world-class film production, ultimately empowering a new generation of creatives and solidifying the state’s reputation as the heart of African cinema.

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Instablog9ja

Nigerians May End Up Buying Petrol At ₦5000 Per Litre — NLC

~1.3 mins read

The Nigeria Labour Congress (NLC) has stated that Nigerians may end up buying petrol at N5000 per litre.

NLC’s spokesperson, Benson Upah disclosed this in an interview with Daily Trust on Saturday, September 7.

Accto him, “We are planning to have a meeting with the appropriate organs of the Nigerian Labour Congress (NLC). Those organs will take the decisions. We will take decisions that we believe would be in the best interest of our members and possibly, this country.

“Nonetheless, the mood, I can tell you, is that of anger and I want to say that it is not only within the Nigerian Labour Congress that you have anger. Virtually every Nigerian is angry, except that first one per cent that is maintained by the state. You know, that one per cent has everything; we give them everything, those are the only ones who are not complaining. Every other Nigerian is complaining. So, our mood is reflective of the general mood of the country.

“After the announcement, the next day, a Senior Special Assistant to the President on Print Media, Mr Abdulaziz Abdulaziz, said we were lying and there was no agreement. We want to reiterate that we feel betrayed by the present increase in the pump price of petroleum products.

The president acted in breach of his promise to labour leaders and he knows the truth. But let us even look at this matter; what has happened goes beyond the parameters of minimum wage and negotiation. It negatively affects the generality of Nigerians. Since the first wave of price increase, occasioned by the removal of fuel subsidy on May 29, 2023, Nigerians have been trying to reorder their lives to accept the fate they never bargained for. [SWIPE]

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Instablog9ja

We Spent N1.2 Billion On Drilling 25 New Boreholes, Not On Renovations — Sokoto State Government

~1.0 mins read

The Sokoto state government has clarified that the sum of N1.2 billion was spent on drilling not renovating solar powered boreholes as reported earlier.

While paying a thank-you visit to Wurno local government area, Governor Ahmed Aliyu was earlier reported to have said N1.2 billion was spent on renovating 25 boreholes in the area.

However, clarifying the issue in a statement, Abubakar Bawa, the governor’s spokesman, explained: “The attention of the Sokoto State Government has been drawn to a misconception being circulated about its interventions in providing potable drinking water to the rural dwellers through sinking of boreholes across the state.

In the misconception, which the enemies of progress are spreading, it was said the Sokoto State Government spent N1.2 billion to renovate boreholes in some areas of Wurno Local Government.

The fact of the matter is that the state government, in collaboration with the World Bank, under the ACReSAL programme drilled 25 boreholes domiciled in Munki, Marnona, Dinawa, Lugu and Wurno, perimeter fencing as well as a 40-kilometer shelter belt, all at the cost of N 1.2 billion.

As against the insinuation that it was the renovation of the 25 boreholes that gulped N 1.2 billion, the fact is that, it is actually the drilling of 25 nos solar-powered boreholes and other projects that gulped the said amount and not the renovation. [SWIPE]

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Investopedia

Broadcom's Stock Has Been Slipping. These Analysts Say It's Time To Buy

~1.3 mins read

Broadcom (AVGO) shares tumbled Friday after the company’s outlook disappointed investors, but analysts were broadly bullish on the stock, suggesting that its recent losses could present an opportunity to buy the dip.

“One bump doesn't make a trend,” Jefferies analysts wrote in a note published following the results. “Guidance came in a bit lighter than expected, but management has been messaging lumpiness in AI revenue and growth is set to reaccelerate" in the fourth quarter.

“We believe the story is well-positioned into next year, and would buy any weakness," they wrote.

Broadcom stock fell about 10% on Friday, leaving it up more than 20% for the year. The latest move, after the company reported results late yesterday, in some ways resembled investors' reaction to Nvidia's (NVDA) latest quarterly numbers, which may have disappointed those looking for even more upbeat signals.

Bank of America analysts called Broadcom a “top compute pick,” citing the chipmaker's potential for growth driven by surging artificial intelligence demand.

“We continue to see [Broadcom] as a high-quality tale of transformation, from a mid-single digit growth to a mid-teens growth company driven by [a] shift to growthier AI and VMWare segments,” the analysts said.

Bank of America, Jefferies, and every other analyst covering Broadcom tracked by Visible Alpha held a "buy" or equivalent rating for the stock, with a consensus price target of $193.42 suggesting about 40% upside from Friday's close.

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Investopedia

Here's What Federal Reserve Officials Said After Friday's Jobs Report

~2.5 mins read

The time for interest rate cuts is here, several Federal Reserve officials said Friday in response to more data showing a softening of the labor market.

Investors have felt certain that the Federal Reserve's policy-setting committee will begin cutting its influential fed funds rate at its Sept. 18 meeting, despite only vague indications from central bankers themselves. However, several Fed officials used public speaking engagements Friday to be more explicit about their projections for the path of monetary policy.

Federal Reserve Gov. Christopher Waller said the jobs report released earlier in the day helped make the case for a rate cut.

“As of today, I believe it is important to start the rate-cutting process at our next meeting,” Waller said during a speech at the University of Notre Dame.

Friday is the last day for Federal Reserve officials to comment on monetary policy before the blackout period that proceeds Federal Open Market Committee meetings. Waller wasn’t the only Fed official to use his last public comments to lay out the case for rate cuts at the upcoming meeting.

“It is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate,” New York Fed President John Williams told an audience at the Council on Foreign Relations.

The comments come after Friday's jobs report showed employers hired fewer workers than expected in August, providing more evidence that the labor market is slowing down in line with Fed officials' expectations.

“The data today is consistent with what we’ve been seeing—a slowing economy, a bit of cooling off in the labor market,” Williams said.

The Fed hiked interest rates when inflation surged in 2022 and held it at its highest level since 2001 for the last year. Now, both inflation and the jobs market are showing signs of cooling.

That's forced central bankers to focus on cutting interest rates before the labor market cools too much. Reducing interest rates will bring down borrowing costs across the economy, from mortgage rates to car loans to credit cards. That, in theory, should increase demand for goods and services, requiring employers to hire more workers.

In his remarks, Waller suggested upcoming data could influence the Federal Reserve to consider cutting even more than the quarter-percentage point reduction initially expected.

“If the data supports cuts at consecutive meetings, then I believe it will be appropriate to cut at consecutive meetings. If the data suggests the need for larger cuts, then I will support that as well,” Waller said.

In an interview with MarketWatch this week, Chicago Fed President Austan Goolsbee expressed similar sentiments. He said recent data showed the central bank should not only cut rates “soon” but also plan to reduce them further at future meetings.