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Investopedia
Shoppers Are Staying Away From Big Ticket Items, Bank Of America Says
~1.3 mins read

American consumers remain cautious about making "big ticket" purchases like appliances, electronics, and home improvement projects, Bank of America analysts wrote Thursday.

There is "little sign today of any recessionary warning lights from durables," the analysts wrote. But recent editions of the survey behind the Michigan Consumer Sentiment Index, they added, indicated that Americans felt that it wasn't a good time to buy household goods.

"This suggests to us that consumers may be making a conscious decision to rein in relatively expensive durable purchases, possibly as they skew their spending towards more ‘value’ products," the analysts wrote.

Bank of America's analysts found that spending on other discretionary sectors like restaurants, airlines, and hotels has remained steadier, suggesting consumers are opting for value in as many purchases as possible, shifting bigger-ticket spending to experiences like travel and dining out.

A number of retailers like Home Depot (HD) and Lowe's (LOW) have noted the trend in recent quarters, with executives saying home improvement projects spiked during the pandemic, but have slowed as inflation led to higher spending on essentials and many postponed projects.

The analysts said that the durables category has "forward momentum" based on sales data, but value-hunting shoppers and a preference for experiences "injects a note of caution" into their projections for the sector.

Prices for consumer goods and services rose faster than expected last month, according to fresh inflation data reported earlier today. Read more of Investopedia's coverage of that data here.

Do you have a news tip for Investopedia reporters? Please email us at [email protected]

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Bikpadan111

FG Started Selling 50kg Of Rice At N40,000
~1.2 mins read
FG started selling 50kg of rice at N40,000

The Federal Government on Thursday in Abeokuta commenced the procurement of subsidized rice in Ogun. Speaking at an event to mark the launch, the Minister of Agriculture and Food Security, Abubakar Kyari said: “This is one of the many projects that have been launched to help and assist Nigerians. Kyari, the State Director of the Ministry, Mrs. Toyin Ayo Ajayi, explained that the distribution was monitored by several federal agencies to ensure transparency, fairness, and security. 

The minister said that the government has taken measures to ensure that the rice reaches those who deserve it. He said all that is needed is a National Identification Number (NIN) and an Automated Teller Machine (ATM) card to buy 50kg of rice for N40,000. “But I want to commend Governor Dapo Abiodun for his dedication to the welfare of the people of the state. 

Ogun is one of the first states in Nigeria to have this advantage and this can be done with the visionary leadership of the governor. He said: “Ogun has one of the most organized students who will make it to the three senate constituencies of the state and all at the grassroots level. Kyari called on the people of the state to support the government so that all levels of government work smoothly. 

In his speech, Governor Abiodun said President Bola Tinubu's initiative is a demonstration of his determination to ensure that the issue of food security is met and the people's livelihood is improved. He appreciated the efforts of the President to support the agricultural sector and ensure food security for the citizens. 

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Bikpadan111

Security: Lagos Requests Local Governments To Release 500 Candidates For Military Registration.
~1.0 mins read
Security: Lagos requests local governments to release 500 candidates for military registration.

The Lagos State Government has instructed the Secretaries of Local Government Areas (SLGs) and Local Council Development Areas (SLCDA) to nominate 500 candidates from each area for military recruitment. 

The Secretary to the State Government (SSG), Mrs. Bimbola Salu-Hundeyin, made this announcement during the quarterly meeting of the SGS and SLGs/SLCDA in Ikija on Thursday. Salu-Hundeyin gave the secretaries a two-week deadline to provide the list of candidates, emphasizing the importance of Lagosian youths joining the army. 

The governor, Babajide Sanwo-Olu, aims to ensure the recruitment of local youths in alignment with the Federal Government's policy of equal representation from all regions in the military. The secretaries have been trained on effective methods to encourage the youth to participate, and citizens are urged to support the government by registering for the armed forces. 

The SSG noted that the governor is dedicated to this initiative and stressed the diverse opportunities available to military personnel beyond combat roles. Security is paramount for any nation, and providing safety through service in the armed forces is a noble duty. 

The SSG emphasized the importance of governance reaching the grassroots level, with the secretaries serving as a vital link between the government and the people they represent. It is essential for policies to be communicated effectively to ensure a positive impact on the populace. 
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Bikpadan111

Amaewhule: Defected Lawmakers' Seats Remain Vacant
~1.4 mins read
Amaewhule: Defected lawmakers' seats remain vacant
 Rivers Govt Fubara clarifies Appeal Court rulingThe Rivers State Government has made it clear that the recent Court of Appeal ruling in Abuja did not reinstate the Martin Amaewhule-led faction of the State House of Assembly, dismissing claims that they are still members of the Assembly. 
In a statement released on Thursday by the State Attorney General and Commissioner for Justice, Israel Dagogo Iboroma, SAN, the government insisted that Amaewhule and 26 other lawmakers automatically vacated their seats when they defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on December 11, 2023. 
According to Iboroma, this defection triggered Section 109(1)(g) of the 1999 Constitution, which states that lawmakers who switch political parties lose their seats. Neighbor recounts how woman abused 12 years old niece, burnt her with hot knife and forced.
"The issue of Martin Amaewhule and 26 others defecting was never brought before the Federal High Court or the Court of Appeal. Therefore, no court has confirmed their membership in the Assembly after their defection." 
The Attorney General also clarified that the case before the Federal High Court and subsequent appeal was regarding the 2023 Appropriation Act and the interference of the National Assembly in the legislative process of Rivers State, not the jurisdiction of the defected lawmakers. 
After the Court of Appeal rejected the government's appeal against the 2023 Appropriation Act, Iboruma criticized the decision as incorrect. There are false rumors circulating that Amaewhule and others in the House will continue to support him as a speaker. This is completely untrue.
The state's Attorney General also stated that the government will appeal to the Supreme Court to maintain the current situation and request a stay of the executions. 
According to Iboruma, Governor Siminalayi Fubara has advised the people of Rivers State to ignore misleading rumors about the court's decision and assured that the law will be enforced to resolve the issue. 
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Bikpadan111

First Lady Tinubu Has Donated N1 Billion To The OAU State Capital.
~0.9 mins read
First Lady Tinubu has donated N1 billion to the OAU state capital. 
The First Lady Olormi Tinubu reminisced about her student days at Obafemi Awolowo University (OAU) in ILE-IFE. She expressed concern over the deteriorating beauty of the university and called for more efforts to restore the environment.
 Inaugurating the 2.7km Senator Olormi Tinubu Road, which was donated by the Ooni of Ife, Oba Adeyeye Ogunwusi, Mrs. Tinubu emphasized the need for renovation. She attributed the decline in beauty of the campus to the lack of conservation culture. Mrs.
 Tinubu pledged to donate N1 billion to rebuild the agricultural land of OAU, stating that the campus used to be beautiful and needs to regain its beauty.
 The First Lady thanked Oba Ogunwusi for naming events after her and commended Mrs. Tinubu for her work in educating and empowering women. Oba Ogunwusi mentioned that a golden statue has been built to immortalize Mrs. Tinubu's nature as a teacher, mother, and wife. Additionally, a new dormitory and a dynamic pavilion have been constructed on the campus. 
The event highlighted the importance of infrastructure development in Osun state and celebrated Senator Olormi Tinubu's leadership gifts in reviving the university's environment. 

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Bikpadan111

Ten African Rulers Have Collectively Ruled For A Total Of 333 Years.
~1.2 mins read
Ten African rulers have collectively ruled for a total of 333 years.
The most experienced leaders in African countries.Africa is home to a number of historical rulers who came to power through various means, including elections, military coups, and royal successions. 
Among these ten rulers, Cameroon's President Paul Biya, aged 91, has been in power since 1982. Reports of Biya's health and whereabouts became a topic of discussion across Africa this week following rumors of his passing. 
Biya's most recent public appearance was at the China-Africa Summit in Beijing in early September. His absence from the recent UN General Assembly in New York and a summit of French-speaking countries (La Francophonie) in France fueled the speculations. 
Cameroon's ambassador to France affirmed that Biya was "in good health" in Geneva, a place he frequently visits. Moreover, Cameroon's government spokesman, René Sadi, officially refuted the rumors, ensuring that Biya would return home "in the next few days.
"Here are the ten longest-serving African heads of state:
1. Teodoro Obiang Nguema Mbasogo (Equatorial Guinea) - 41 years in power.
2. Paul Biya (Cameroon) - 41 years in power.
3. Denis Sassou Nguesso (Congo) - a total of 40 years in power.
4. Yoweri Museveni (Uganda) - 38 years of leadership.
5. King Mswati III (Eswatini) - 38 years in power.
6. Idriss Déby (Chad) - 30 years in power until his demise in 2021.
7. Isaias Afwerki (Eritrea) - 31 years in power.
8. Ismail Omar Guelleh (Djibouti) - 25 years in power.
9. King Mohammed VI (Morocco) - 25 years in power.
10. Paul Kagame (Rwanda) - 24 years in power.These leaders have significantly influenced the political landscape of Africa for over a century. 
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