Tech company, Apple is once again worth $3 trillion, the only company ever to reach this milestone.
Shares rose 1% on Friday to hit a record $191.34 with 15.7 billion shares outstanding, that stock price pushed Apple to its historic market value.
Apple has been here once before: On January 3, 2022, Apple hit the $3 trillion mark during intraday trading, but it failed to close there. If Apple closes above the $3 trillion mark, it will become the only company ever to achieve that feat.
The company’s stock closed Thursday at a record-high share price for the third-straight day, but it merely budged 0.2% higher. Apple easily surpassed the $190.73 level it needed to break $3 trillion Friday.
The sky-high valuation for the tech giant comes on the heels of its risky launch of the Apple Vision Pro earlier this month and a stronger-than-expected quarterly earnings report in May – even though sales and profit slumped.
The Vision Pro, which will go on sale next year, impressed tech journalists who got an early preview of the augmented reality device. But it is entering a nascent market with little mainstream consumer adoption.
Apple plans to charge a hefty $3,499 for its headset, which currently has limited apps and experiences, and requires users to stay tethered to a battery pack the size of an iPhone.
Apple’s (AAPL) stock has skyrocketed nearly 46% this year, boosted by a broader surge in Big Tech stocks as investors have jumped onto the AI bandwagon. Nvidia (NVDA) leads the S&P 500 with a 181% jump this year, followed by Meta (META) at 137%.
This year’s stock market success for Apple comes in sharp contrast to 2022. At the start of 2023, Apple’s market cap fell below $2 trillion in trading for the first time since early 2021.
Despite production cut by the Organization of Petroleum Exporting Countries (OPEC), high-interest rate by central banks across the world, including China’s slow economic growth is causing a lull in the oil market
The concerns of oil traders have shifted from under-supply to oversupply, the futures contract structure of the global benchmark Brent showed on Wednesday, as expectations of weak economic growth outweigh Saudi Arabia’s output cuts.
Saudi Arabia has said it will cut its output in July, deepening the impact of a broader deal among members of the Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+) to limit supply into 2024.
But economic growth in China, the world’s second-biggest oil consumer, has not recovered as quickly as expected from the pandemic and central banks across the globe have hiked interest rates.
Higher interest rates can slow economic growth, which in turn can reduce oil demand.
For the first time since December, the six-month spread for Brent LCOc1-LCOc7 shows contracts for earlier loading are trading below those for later loading, a structure known as contango.
This encourages traders to pay for storing oil so it can be sold at higher prices when supplies are expected to have shrunk.
The same structure for the U.S. benchmark WTI crude oil contract CLc1-CLc7 fell into contango for the first time since March on Tuesday.
Brent’s and WTI’s front-month loading contracts settled down 2.6 per cent and 2.4 per cent, respectively, on Tuesday, having shed around 15 per cent each this year so far. O/R.
“Yesterday’s performance foresees a meaningful loosening of oil balance embodied in the ominous weakening of the structures of both WTI and Brent,” PVM oil market analyst Tamas Varga said in a note.
In a bid to ensure that more Nigerians are educated on the activities of the capital market and thereby attract more investors, the Securities and Exchange Commission (SEC) is set to hold an awareness programme tagged “Investor Safety” for Officers of the Federal Road Safety Corps formations across the country.
The event, which is the third in the series of sensitizing officers of the FRSC, is to hold on July 5th, 2023 in Enugu, Lagos, Osun, Port-Harcourt and Benin, respectively.
According to a statement by SEC, the officers would be exposed to knowledge on investments available in the capital market, identifying and avoiding Ponzi schemes, the roles and functions of the SEC, Non-Interest Finance, and complaints management framework.
“The Commission is organizing the event in collaboration with the Fund Managers Association of Nigeria (FMAN) to also expose the Officers to legitimate channels of investments and the Association of Dealing Houses of Nigeria (ASHON) to address issues that relate to investments and unclaimed dividends and other related matters.
“This enlightenment programme is part of our commitment to developing the capital market, appraising investors of the products available in the market as well as our functions and roles in restoring investors’ confidence” SEC stated.
The first tranche of the programme was held on November 30, 2022, at the SEC Head Office Abuja for the Abuja Sector Command of FRSC with over 50 officers in attendance. Participants shared experiences on their investments in the capital market pre-2008 meltdown and on Ponzi schemes.
On May 9, 2023, the second phase of the programme was organised for other officers in six (6) Formations of the Corps which are in Adamawa, Plateau, Kaduna, Sokoto, Kwara and Bauchi States.
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 pips to 7.2258 against the dollar Friday, according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
Curiously, President Ahmad Bola Tinubu seems to be getting plaudits for the same reasons that numerous others before him were almost chased out of office as President or Heads of State.
Our recent experience was President Goodluck Jonathan who had to endure almost two weeks of relentless protest led by his immediate past two successors when he attempted full-scale withdrawal of subsidy on petrol in 2012.
In 1978, the country stood on its head due to violent protests and riots by students that ensued from the introduction of tuition fees by then Head of State, Gen Olusegun Obasanjo.
Many see the recent assent to the Bill on the establishment of the Students’ Loan Scheme as a precursor to the withdrawal of whatever subsidy is left on education.
For instance, without pretense, the basic tenet of the law provides that “These loans will be allocated for the payment of tuition fees, addressing financial barriers that often impede students’ access to education.” The implication of this measure is that the government shall then cease substantial funding of its tertiary institutions.
As today’s Nigerians would normally capture a revolutionary pronouncement with such far-reaching implications, in their lingo, President Tinubu is “shaking the table”. But surprisingly, not many are batting eyelids. Indeed, not a few like the steps taken so far!
This confounding acquiescence or benevolent attitude of the usually vocal minority that could have been most vehement in their opposing to policies like this in the past, led NIGERIAN ANCHOR to seek an interpretation from a notable academic and Secretary to the Committee of Vice Chancellors, Professor Yakubu Ochefu.
The students’ loan programme “is not an entirely new policy”, he retorted. “In the 70s and 80s, there was a Loans Board. The second thing is, do we need it? And my own answer is yes”, he announced.
Professor Ochefu hinged his support for the re-introduction of the students’ loan scheme on several factors. One of these, he said, is the fact that “education had become a game changer in many ways as far as our knowledge-driven economy and society is concerned. So, the uneducated practically don’t have to stand a chance. And even those that are educated, they need to unlearn certain things and relearn new things. So, we’re now living in a world of continuous education.”
The Professor of History is of the conviction however, that access to the credit facility should not be limited to university undergraduates.
“It’s not just for people who are getting admission into the university”, he advised. “Individuals struggling to acquire new skills to be able to find jobs in the Fourth Industrial Revolution should also be eligible for the loan”, he added.
Arguing further, Prof Ochefu supported the idea of establishing an education bank to midwife the scheme, even though he took exception to limit access to the facility only to “admission letter holders” or entry-level undergraduates. In his view, this runs short of the demand structure of the students. For instance, a student at the entry point may not have a need for the facility, possibly because he/she may have parents or guardians that are well off. But this support base may suddenly cease, either because the guardian died or lost their source of income. But the Act is not clear as to whether such disadvantaged students may qualify for the loan.
Not a Knee-Jerk Reaction
Coming quickly after the abrupt stoppage of subsidy on petrol, some wonder if the sudden assent to the Bill which paved the way for the Act for a student loan scheme, had been properly thought through by a government that was barely up to two weeks old and yet to roll out up to one percent of its critical support staff.
“My interpretation is that it was hurriedly put together. A good idea hurriedly put together. I don’t think they did some sensitization of the stakeholders because I’m aware that the speaker, the then speaker, invited stakeholders to come and discuss this matter.
“And some of the ideas that have come out in terms of the structure of the bank itself, the education bank, the composition of the board, where the funding is going to come from will have benefited from inputs in from these stakeholders. But having said that, there are gaps in the current legislation that will need to be adjusted as we begin to operationalize it.
“One major gap is the mention of admission letter holders. Is the bill saying you can only take this loan if you are an entry-level student in an institution of higher learning? So, assuming I am in my first year, and I did not require a loan because my parents or my guardians were buoyant enough to pay my school fees. But along the line in my third year, they are challenged or they are deceased or something. Does it mean that I will not be able to qualify for that particular loan? So the Act as it is, is not very clear on that.
I’m sure those will become operational matters,” Ochefu said.
“You know, once the bank takes off to address some of those issues like its being only available to students in public tertiary institutions is also something that we think was not thought through. They should be available to any Nigerian who wants to go to school. We have more private tertiary institutions than public.
“As we speak, you can create different sets of rules. So if I want to go to a private university, maybe the terms and conditions for giving me that loan will be slightly different than if I have to go to a public university.
“Laws to restrict it to only government institutions will do injustice to a lot of other Students in the system. So those are the 2:00. And then of course, the third one has to be the repayment period, which again I believe is too short,” Ochefu concluded.
First Bank Nigeria has launched a humanoid robot, an industry-first, at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) Branch, to engage customers.
Group Head, Marketing and Corporate Communications, First Bank, Mrs Folake Ani-Mumuney, disclosed this in a statement on Thursday in Lagos.
The statement said that the robot was among the phased configuration of the bank’s state-of-the-art digitally led self-service branch.
According to the statement, the robot is equipped with video banking and Artificial Intelligence (AI), taking on the role of friendly branch staff.
“In furtherance to its role in providing innovative financial solutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and financial inclusion services provider, has announced the launch of a humanoid robot, the first of its kind in the financial services space in Nigeria.
“The robot is equipped with video banking and artificial intelligence, taking on the role of friendly branch staff.
“The robot can engage customers through conversations as well as through a touch screen strapped to its chest.
“The services performed by the robot include responding to customer inquiries on cash deposits, withdrawals and ATM cards.
“The robot also aids complaint management as customers can log a complaint via QR with feedback generated within the advised time.
“The humanoid robot also keeps customers up-to-date with happenings about the Bank, including product launches and upgrades designed to strengthen the customer experience and satisfaction.
“The robot is a one-stop point to keep customers informed about the Bank. It also effectively manages customers’ accounts,” the statement said.
The statement quoted Dr Adesola Adeduntan, the Chief Executive Officer of FirstBank Group, as expressing his delight at the initiative.
“The addition of the humanoid robot to our state-of-the-art Digital Experience Centre represents a purposeful stride towards transforming the banking landscape in the country and further showcases the priority we give to innovation within the Bank.
“With its advanced capabilities, the robot is designed to elevate the quality of our customers’ lives in today’s rapidly evolving digital world.
“Our unwavering dedication to delivering unparalleled banking services remains steadfast, as we leave no stone unturned in innovating to fulfil our customers’ needs,’’ he said.
The introduction of the humanoid robot is among the phased configuration of the Bank’s state-of-the-art digitally led self-service branch called Digital Experience Centre, which launched in December 2021.
Another humanoid robot will also be deployed in the Bank’s next and second Digital Experience Centre, soon to be announced in the coming months.
Following the recommendation by the Presidential Committee on Salaries, the Federal government has washed its hands off the funding of Professional Bodies and Councils.
The move which is expected to take effect in 2024, will see Ministries, Departments, and Agencies coughing out monies to pay professional bodies for their staff.
There are at least 36 professional associations or councils in Nigeria that are funded by the federal government.
In a memo to the Registrar of the Nigerian Council of Food Science &Technology in the Federal Ministry of Science& Innovation, dated 26 June 2023 and signed by the Director General of the Budget Office of the Federation, Ben Akabueze, titled ‘Discontinuation of funding of Professional Bodies and Councils from 2024 Budget, in line with the Decision of the Presidential Committee on Salaries (PCS)’, said that beginning from 2024, there would no longer be budgetary provision for professional bodies.
“I wish to inform you that the Presidential Committee on Salaries (PCS) at its 13th meeting approved the discontinuation of budgetary allocation for Professional Bodies/Councils effective 31st December 2023.
“The purpose of this letter, therefore, is to inform you that, in compliance with the PCS’s directive, the Office will no longer make budgetary provisions to your institution with effect from the above-stated date and, you will be regarded as a self-funded organisation.
“For the avoidance of doubt, you will be required, effective 31st December 2023 to be fully responsible for your personal overhead and capital expenditure,” the memo read.
Meanwhile, in a telephone conversation with NIGERIAN ANCHOR, economist, Friday Efih commended the action of the Federal Government as it was in line with the yearnings of Nigerians on the need to cut down on government expenditure.
According to Efih, the affiliation of any civil servant to any professional body should be their private business and not the responsibility of the government.
He said: “I am happy that the government is finally seeing the reason to cut waste. This was a big drain on the government purse. How can the Federal Government be paying for a civil servant who wants to belong to a professional body?
“Any civil servant that wants to belong to any professional body should pay from their pockets like every other Nigerian,” he said.
GlobalData, a leading data and analytics company, has said that low-carbon hydrogen is gaining traction as a critical component to achieving energy transition and long-term decarbonization goals.
Experts say the hydrogen market has progressed rapidly in recent years due to its growing application in industries such as transport, industrial, energy, aerospace, defense, and construction sectors.
According to GlobalData, the global demand for pure hydrogen stood at nearly 74MMT per year in 2021, of which low carbon hydrogen accounted for a minuscule share of 0.89%.
Low-carbon hydrogen, including green hydrogen, has generated tremendous interest as a sustainable option to achieve long-term climate goals or net-zero targets.
Power Analyst at GlobalData Srinwanti Kar, noted that “Various countries such as the US, Canada, Germany, Spain, France, Australia, and India have framed hydrogen roadmaps, strategies, mandates, and targets to develop a hydrogen economy in general and low carbon in particular. These plans are focused mainly on scaling up hydrogen production capacity, reducing costs, and bolstering supply chain infrastructure.”
Kar continues: “Significant policy support and governments’ commitment to decarbonization is spurring investments in the hydrogen space. The momentum that has been built along the entire value chain is accelerating cost reduction in hydrogen production, retail, and end-applications.”
In November 2022, at COP27, the World Bank Group announced the formation of the Hydrogen for Development Partnership (H4D), a new global project to increase the deployment of low carbon hydrogen in developing countries.
“North America leads the market in terms of low carbon hydrogen active production capacity, followed by the Middle East and Africa, Europe, and Asia Pacific. As of February 2023, the global low carbon hydrogen production capacity was 1,698ktpa (Kilo Tonnes Per Annum), which is anticipated to reach 1,11,326ktpa in terms of high case scenario and 66,321ktpa in terms of low case scenario by 2030. Suitable planning at the funding level, constructive regulatory framework, and proper infrastructure may facilitate and accelerate the pace of projects,” Kar added.
As of February 2023, a total of 152mtpa (Metric Tonnes Per Annum) of the low carbon hydrogen capacity is in the pipeline, of which 1.9mtpa is in construction, 136.7mtpa in feasibility, and 6.4mtpa in front end engineering design (FEED) stage.
The U.S. ethanol industry saw its long-term outlook dampen further after the federal government’s surprise pullback in support for the plant-based fuel.
Already the industry is under pressure from rising corn costs and weak gasoline demand.
The Environmental Protection Agency blending mandates issued Wednesday limit the amount of conventional ethanol that can be used to fulfill quotas in 2024 and 2025 to 15 billion gallons, a cut from the target of 15.25 billion gallons proposed earlier. With rising input costs already threatening to squeeze margins that had just started to improve, the trimmed quotas are a concerning development for ethanol producers fighting for a bigger share of American gas tanks.
Renewable Fuels Association Chief Executive Officer Geoff Cooper, has described the government’s decision as “inexplicable and unwarranted,”
The latest blending requirements come at a time when gasoline usage is still lagging pre-pandemic levels. Demand is about 3% below the same period in 2019, according to recent government data, and a growing market for electric vehicles only threatens to make things worse. It’s not just ethanol that’s reeling: Critics say the latest biofuel-blending requirements also hinder the Biden administration’s own clean energy and climate goals.
“Higher blending targets would enable fuels such as E15 and E85 to quickly displace carbon pollution from gasoline, but EPA’s proposal will rein in those opportunities,” said American Coalition for Ethanol CEO Brian Jennings.
The industry is hopeful demand will pick up soon. Pat Bowe, CEO of Andersons Inc., an ethanol producer and grains handler, said he sees driving demand holding roughly 1% to 2% above last year’s levels. Meanwhile, Renewable Fuels Association’s Cooper expects gasoline usage during the busiest summer periods to surpass levels not seen since August 2019. Still, for now, the proposed quotas make sense based on lackluster gasoline consumption, said Ken Morrison, a St. Louis-based independent commodity trader.
While the trimmed quotas won’t have a near-term impact on blending, they still sent tumbling the value of tradable credits known as RINs, which are used to prove quotas have been fulfilled.
On Wednesday, RINs tracking ethanol and biomass-based diesel fell as much as 10% in the day’s trading to the lowest levels in more than a year. With the changes more likely to impact the longer-term outlook, the spot ethanol market shrugged off policy woes and gained 4.5% to the highest level since November.
*Says it can no longer sustain huge sums spent on electricity bills, purchase of diesel
Copy of the Memo signed by Management of the Aminu Kano Teaching Hospital, Kano
The removal of fuel subsidy and poor power supply and electricity tariff hike is taking their toll on all sectors of the economy, with the management of the Aminu Kano Teaching Hospital in Kano, saying it can no longer operate its generator set between the hours of 2pm to 6pm daily.
President Bola Ahmed Tinubu on May 29 pronounced fuel subsidy gone and in just this week, electricity Distribution Companies (DisCos) are gearing up for an upward review of electricity tariffs.
This is also as the Manufacturers Association of Nigeria (MAN) recently said that it spent N124.5bn on alternate power in 2022.
In a memo by the Ag. Director Hajara A. Ahmed (Mrs), titled ‘NOTICE OF ADJUSTMENT TIME FOR OPERATION OF GENERATOR SET’, and addressed to Heads of Departments of the Hospital, the Hospital management said the huge money spent on electricity bills and the purchase of diesel had become unsustainable.
Mrs. Ahmed urged all the Heads of departments to adjust their operations to fit to the new time.
“It is with great concern that the management of Aminu Kano Teaching Hospital wishes to inform the Hospital Community that the hike in electricity bills and the huge money spent on purchase of diesel is no longer sustainable.
“In light of the above, I am directed to inform the Hospital Community that in the case of a power outage, the hospital management is constrained not to operate the generators between 2 pm to 6 pm daily (except otherwise authorized).
“Consequently, all Heads of Departments are requested to take necessary steps to handle emergencies, either in the morning or at night.
“However, emergency cases that arise between the hours stated above (2pm-6pm) should be referred to other health facilities within the state,” the Memo read in part.
The Hospital management assured that it would resort to normal services once the situation improves.
She said: “While this adjustment on generator operation is unfortunate news to all of us, the Hospital Management would like to assure all concerned that normal operations will be restored as soon as the situation improves.
“Please Ward managers in the theatres are also to note that in case of a procedure already ongoing and there is a power outage, the side generator attached to the theatre should be powered to complete the procedure.
“All Heads of Departments should bring the content of this notice to the attention of the consultants and all concerned,” she added.
