Washington, Oct. 30, 2024 – The US economy grew by 2.8% in the third quarter of 2024, lower than the 3% recorded in the second quarter. The US Bureau of Economic Analysis reported this in its advance (first) estimate of US GDP for the third quarter of 2024 released on Wednesday. According to the report, the slowdown in GDP growth in the third quarter is largely attributable to a decline in private inventory investment and residential fixed investment. While consumer spending and exports contributed to the growth, they were …
36 states owe N10trn debts – BudgIT
Abuja, Oct. 30, 2024 – The 36 state governments are owing N10 trillion debts, according to the BudgIT’s State of States’ Report for 2024. BudgiT is a non-profit organisation in Nigeria that simplifies budget, promote transparency and foster active citizen engagement for institutional reforms and equitable society. It said total debt stock of the 36 states surged by 38.1%, from N7.25 trillion in 2022 to N10.01 trillion. According to the report released on Tuesday, the debt’s growth was partly driven by a N606.12bn increase in domestic debt. The situation was …
Boeing raises $21bn in capital hike to boost liquidity
Seattle, Oct. 29, 2024 – Boeing Company raised around $21 billion in an expanded share sale, one of the largest ever by a public company, shoring up its balance sheet as it seeks to stave off a potential credit rating downgrade to junk. The US planemaker sold 112.5 million common shares for $143 each, according to a statement. The stock was priced at a discount of about 7.7% to the Friday closing price of $155.01. Boeing also sold $5 billion of depositary shares. The company’s stock closed down 2.8% at …
Boeing plans over $15 billion capital hike as soon as Monday
Seattle, Oct. 28, 2024 – Boeing is planning to launch a capital raise as early as Monday, according to people familiar with the matter, in an offering that would help the beleaguered airplane maker boost its liquidity. The company is set to raise more than $15 billion from the fundraising, one of the people said, adding that the amount could still rise depending on demand. Boeing’s advisers have been lining up potential investors for the offering, according to people familiar with the matter, who asked not to be identified as …
Russia’s central bank raises interest rate to 21% to fight inflation
Moscow, Oct. 28, 2024 – Russia’s central bank on Friday raised its key interest rate by two percentage points to a record-high 21% in an effort to stem growing inflation as massive government spending on the military amid the fighting in Ukraine strains the economy’s capacity to produce goods and services and drives up workers’ wages. The central bank said in a statement that “growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services.” Inflation, the statement said, “is running considerably above …
Putin holds BRICS summit in a bid to advance Russia’s interest
Moscow, Oct. 21, 2024 – BRICS summit in Kazan will bring together Putin, Xi, Modi, Erdogan, and Pezeshkian, reflecting Russia’s defiance of Western isolation and the bloc’s growing influence. Russian President Vladimir Putin is set to meet with several world leaders in the upcoming days, including China’s Xi Jinping, India’s Narendra Modi, Turkey’s Recep Tayyip Erdogan, and Iran’s Masoud Pezeshkian. They will all gather in the Russian city of Kazan on Tuesday for a BRICS summit, despite prior speculations that the Ukraine war and an international arrest warrant would isolate …
Boeing shores up cash reserves as labour strike, operations costs soar
Seattle, Oct. 16, 2024 – Boeing (BA) made two big moves late Monday night to shore up its balance sheet as the company faces an extremely difficult time ahead. First, Boeing entered into an agreement to secure$10 billion in supplemental credit from a consortium of banks led by Bank of America Securities, Citibank, Goldman Sachs, and JPMorgan. Second and more importantly, the company filed a mixed shelf registration with the SEC to offer uo to $25 billion in new debt securities, common stock, preferred stock, and other share offerings. Earlier, the …
Nigeria’s economy transiting to another model, not dysfunctional
Abuja, Oct. 15, 2024 – The Independent Media and Policy Initiative (IMPI), a policy think tank, says available data indicate that the Nigerian economy is responding progressively to the economic policies of the government under President Bola Tinubu. It said that the real situation is contrary to the doomsday prognosis of a dysfunctional economy by some self-styled analysts which have no basis. In a policy statement signed by its Chairman, Dr Niyi Akinsiju, IMPI argued that there is a changing paradigm on the economic landscape as a result of ongoing …
FG signs MoU with Russia on Ajaokuta steel coy, National iron mining coy
Abuja, Sept. 20, 2024 -The Federal Government has signed a Memorandum of Understanding (MoU) with Russia on completion and operation of Ajaokuta Steel Plant and National Iron Ore Mining Company. The MoU was specifically signed with Messrs Tyazhpromexport, the builders of the two plants. A statement by Salamotu Jibaniya, the Spokesperson for the Ministry of Steel Development. announced this on Friday. It said Shuaibu Audu, the Minister of Steel Development, who signed the agreement on behalf of the federal government, led a government delegation to Moscow from Sept. 14 to …
Warren Buffet’s daughter asked him for $41,000 loan, the billionaire told her “Go to the bank like everyone”
Omaha (Nebraska), Sept. 19, 2024 – Warren Buffett, one of the wealthiest people in the world with a net worth of $142 billion, according to Bloomberg, is also known for his generosity. He has donated billions to charity over the years, but when it comes to his kids, handouts aren’t part of the deal. In the HBO Becoming Warren Buffett documentary, Susie Buffett shared a story that gives a glimpse into her father’s frugality. This wasn’t the first time she had discussed it. Back in 2011, a Globe and Mail article mentioned that Susie …