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Instablog9ja
20 m
12
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
21 m
15
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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
1 h
11
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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.
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Instablog9ja
3 hrs
11
Operatives of the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested 44 suspected yahoo boys at different locations in Ilorin, Kwara State.
They were arrested on Friday, September 6, 2024, at Sango, Kulende, Taxaco, and Harmony Estate, all in Ilorin, following credible intelligence regarding their alleged involvement in internet-related offenses.
Items recovered from them include six different brands of exotic cars, laptops, smartphones, and charms.
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Instablog9ja
4 hrs
10
A Vlogger has revealed how her mum displayed her doting side by putting everything aside to accompany her to the venue of an interview for her own safety.
She shared a photo of her mum seated a close distance from where she stood, as her mother’s gesture left her shocked because of the distance they traveled.
Instablog9ja
6 hrs
14
The National President of the Association of Small Business Owners of Nigeria (ASBON), Mr Femi Egbesola, has said that at least eight million small businesses in Nigeria have shut down in 18 months due to the economic hardship in the country.
Egbesola said that approximately twenty percent of businesses in the country were compelled to stop operations from January 2023 to June 2024, attributing this alarming trend to the economic policies implemented by President Buhari and Tinubu’s administrations.
Speaking in an exclusive interview with SaharaReporters on Friday, September 6, he said: “We have had cases where businesses shut down. We have around 40 million small businesses in the country and with 20% already shut, it would mean that we have about 8 million businesses shut.
Many persons have di3d from shutting their businesses, some could not fulfil their loan obligations, so they di3d from the pressure. Others are in the hospital as of now.
A state of economy should be declared as we are the highest employer of labour (referring to small-scale businesses). We account for 86% of the country’s workforce and you can imagine what happens when small businesses cannot survive.
Businesses are now downsizing, for instance, I used to have 52 workers but now I have only 14. Imagine that kind of downsizing due to economic issues.”
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