(Brands & Consumers)
The Central Bank of Nigeria (CBN) recently announced the closure of 31 banks in Lagos as part of a larger effort to strengthen the banking sector in Nigeria. This action was taken as a result of the banks’ inability to meet minimum regulatory requirements, and the CBN has emphasized that the closures are necessary to…
B&M is closing stores up and down the country and relocating others as it joins the growing trend of high street closures. The discount store is closing its Bishop Auckland branch in Country Durham on Friday 5 May. The retailer said on its website: “Unfortunately your B&M Bishop Auckland store at 4 Saddler Street will…
Meta Platforms (META) stock rose more than 14% on Thursday after the company reported first quarter results late Wednesday that blew away expectations while raising its forecast for the current quarter and lowering its expense outlook. As reported on Yahoo Finance, at $239, shares of the Facebook and Instagram parent company are trading at their…
Apple is developing a version of iPadOS 17 that is specifically designed for larger unreleased iPad sizes, the first of which will arrive next year, claims a new rumor. According to the Twitter account holder @analyst941, a special version of Apple’s upcoming iPad software will support the more advanced capabilities of a range of bigger…
PepsiCo Inc (PEP.O) raised its annual forecasts on Tuesday after price hikes undertaken to offset higher costs and steady demand helped the soda and snack giant beat first-quarter results. The results pointed to a resilient consumer and followed similar quarterly performances by rival Coca-Cola (KO.N) and Nestle (NESN.S). PepsiCo’s shares rose 2% in early trading….
First Republic Bank (FRC) is teetering on the brink of collapse as shares fell to new all-time lows on reports the federal government and the nation’s biggest banks are reluctant to put together a rescue package. The beleaguered lender reported deposit outflows of more than $100 billion in the first quarter, or 40% of the…
Tesla Inc. shares extended their brutal selloff, pulling the company’s market valuation below the key half-trillion dollar mark as investors increasingly fear its price-cutting plan will eat into profits. The stock price closed down 4.3% at $153.75, the lowest since Jan. 25. The company has lost more than $84 billion from its market capitalization over…
McDonald’s (MCD) had a juicy first quarter, but fat sales and profits aren’t guaranteed this year as consumers begin to push back on higher prices for things like Big Macs and fries. “We are seeing in some places resistance to pricing, more resistance than we saw at the outset,” McDonald’s CEO Chris Kempczinski warned on…
A new study conducted by finance professors from the University of Florida shows the potential value of ChatGPT in predicting stock market movements. In the study, over 50,000 news headlines about companies dating back to October 2021 were fed to the chatbot, which evaluated whether the news was good, bad or irrelevant to the company’s…
Things seemingly went from bad to worse for Frank founder Charlie Javice, who pulled millions out of JPMorgan Chase after the institution fired her for alleged fraud, only to find her new lender caught in a bank run. Javice pulled her funds out of JPMorgan Chase after the institution accused her of falsifying customer data…
Japanese lunar exploration company ispace attempted to land its first cargo mission on the moon on Tuesday, but lost communication with the spacecraft and has deemed the attempt unsuccessful, CEO Takeshi Hakamada said. “We have not been able to confirm a successful landing on the lunar surface,” Hakamada said, speaking from Tokyo, Japan. “We are…
General Motors Co (GM.N) said on Tuesday it will end production of its Chevrolet Bolt electric vehicle later this year as its shifts zero-emission production to trucks and SUVs built on a new battery platform. “We have progressed so far that it’s now time to plan to end the Chevrolet Bolt EV and EU production,…
Boeing lost $425 million in the first quarter — more than Wall Street expected — plagued by production problems while building passenger planes and it had a write-down for a military tanker. Revenue rose 28% from a year earlier, however, as airlines scooped up new jets to meet rising travel demand. CEO David Calhoun called…
Ryan Cohen and Jake Freeman have been cemented as rare winners from the Bed Bath & Beyond saga. The meme-stock champion and college student cashed out roughly $180 million in combined profits from the homeware retailer’s stock in August – less than eight months before the company’s bankruptcy filing on Sunday. Cohen, Chewy’s cofounder and…
Prezzo is to shut 46 loss-making restaurants after being hit hard by soaring energy and food costs. The Italian restaurant chain has said about 810 workers are at risk of redundancy as part of the overhaul. Bosses at the private equity-owned businesses said the cuts, which are part of a broader strategic review, will affect…
Rishi Sunak has praised luxury handbag maker Anya Hindmarch for helping him with gift ideas for his wife. At a networking event with business leaders organised by Downing Street, the Prime Minister told the London-based designer: “Thank you for everything you’ve done for our country… and thank you also, I should say, probably, for providing…
Ocado is set to shut one of its biggest customer fulfilment centres, putting at risk the jobs of some 2,300 staff who work there. The online retailer said its Hatfield site was the oldest in the network and is responsible for handing around 20% of its weekly orders. Ocado said it had begun a consultation…
Disney is laying off several thousand workers across the company this week in the second and largest wave of cuts as part of the media giant’s previously announced plan to slash its workforce by 7,000 employees. As reported on CNN, the latest round of job cuts will impact ESPN, Disney’s entertainment division, Disney Parks, and…
Broadcasting giant, Cable Network News, has fired its longtime host and news anchor, Don Lemon. Lemon, who worked with the company for 17 years, claimed he was unceremoniously dismissed by the company on Monday. He expressed shock in a release shared via Twitter, stating that he was not given “any indication” that his employment would…
I leave for one week, and everyone gets all acquisition-y on me! Sega and Rovio are apparently linking up, as Sega desires to get on mobile and Rovio desires to get on consoles/PC, or so I hear. It’s not the pair-up I would have predicted, but that makes it even better. I look forward to…
Shareholder Christopher Ruane weighs a bull and a bear case for Alphabet stock, explaining why he plans to hold his position in the tech giant. The biggest position in my Stocks and Shares ISA right now is Google parent Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). So the outlook for Alphabet stock is certainly something of interest to…
Since Elon Musk bought Twitter last year, he has not stopped making decisions that have generated controversy and the South African tycoon has implemented many changes that are causing a lot of annoyance to the platform’s users. As reported on Marca, one of the most talked about has been the removal of the blue verified…
When Burger King launched a new marketing campaign late last year with a little jingle to support the Whopper, Tom Curtis was initially skeptical. “You just can’t say ‘Whopper’ four times,” Curtis, Burger’s King’s president in the US and Canada, told CNN, recounting a conversation with the brand’s creative and marketing teams. “There’s got to…
Spotify recently brought together influencers, media, creators and visual artists to a captivating experience. Spotify has established itself as the streaming platform of choice for many young Nigerians who are actively contributing to the growth of music streaming in the country. Spotify’s latest effort in fostering growth in the creative industry comes in the form…
Ii is not news that Toyota Motor Company makes good cars. What is news is that the number one Japanese car maker has joined the league of the world’s producers of ultra luxury sport utility vehicles like Bentley, Lamborghini, Aston Martins, Rolls-Royce, Ferrari, Mercedes Benz, Porsche, and BMW. For more than five decades, Toyota has…
Germany’s Verdi union called for a one-day strike of air security staff at Berlin airport on Monday as part of an ongoing wage dispute, prompting the airport to cancel all passenger departures that day. The walkout is due to start at 3:30 a.m. local time (0130 GMT) on Monday and will end at midnight (2200…
Nigerian singer and businessman, Oluwatosin Ajibade, popularly known as Mr Eazi, a soon to be inlaw of business mogul and investor, Femi Otedola, has sold Vydia, the portfolio company of his venture capital fund, Zagadat Capital, for $1 billion. The digital audio and video distribution infrastructure company was acquired by American firm, Gamma. Gamma is…
A California state court jury has handed Tesla Inc a sweeping win, finding that the carmaker’s Autopilot feature did not fail to perform safely in what appears to be the first trial related to a crash involving the partially automated driving software. The verdict could be an important victory for Tesla as it tests and…
Elon Musk has said he’s “personally” paying for Twitter Blue subscriptions for a few celebrities who declined to subscribe themselves. The Twitter chief confirmed that he is paying for the accounts of William Shatner, Stephen King, and LeBron James to have their blue tick verification badges. “I’m paying for a few personally,” the Twitter CEO…
Bluesky, a new social media platform created by Jack Dorsey, Twitter’s co-founder and former CEO, is now available for Android users. Unlike Twitter, which is owned by Elon Musk, Bluesky aims to provide a more flexible and user-centric social network that provides greater autonomy and freedom to its users. Bluesky’s website promises to deliver a…
Meta is to cut hundreds of jobs in London and scrap Instagram’s hub in the city as part of widespread cost-cutting measures as the social media giant wrestles with a slump in advertising revenues amid harsher economic conditions. As reported on Evening Standard, the firm will sack as many as 687 staff, representing around 10%…
Twitter has finally removed its “legacy” blue checks. The verification tick marks were originally established as a way for Twitter to ensure that accounts belonged to the people they claimed to be representing. Over time, they became somewhat controversial, with users arguing that they amounted to special treatment for notable people. When Elon Musk bought…
Interest in electric cars has slumped as electricity prices and falling petrol costs have erased the benefits of owning a plug-in. Searches for battery-powered vehicles have dropped by two thirds since early 2022, according to Britain’s biggest online car marketplace AutoTrader. Interest has waned because of surging electricity prices and the end of Government grants…
The Walt Disney Company has settled with former Marvel Studios VFX chief Victoria Alonso after pink-slipping her last month. While details between Alonso and Disney are confidential, there was a multimillion-dollar financial compensation, we hear. The deal between the parties was reached in the past few days. Alonso was represented by Glaser Weil Fink Howard…
WH Smith has revealed plans to open more than 120 new shops after resurgent travel demand helped sales rocket over the past six months. The retailer also saw profits more than double as it continues to shift its focus further towards airport and railway station shops instead of its traditional high street spots. Boss Carl…
Shares in electric vehicle maker Tesla dropped more than 4% after the company reported first-quarter earnings after the bell. Here are the results. Earnings per share: 85 cents adj. vs 85 cents expected, according to the average analyst estimate compiled by Refinitiv Revenue: $23.33 billion vs $23.21 billion expected, according to Refinitiv estimates Net income…
Technology companies often collaborate with various brands to offer interesting products to their users. Examples of this can be seen in the recent Harry Potter-themed Xiaomi products or Coca-Cola branded phones. However, Samsung has recently made headlines with a surprising collaboration. The South Korean tech giant has collaborated with TOILET PAPER for a limited edition…
In the past, I’d noted that Google was largely wasting money paying Apple to have its search engine as the default search in Apple products. My thesis was based on the construct that Google Search being the #1, Apple even without being paid would have used it. It was not really about Apple; it was…
The NFL is the world’s richest sports league, with the pending sale of the Washington Commanders for $6 billion the latest example of its wealth. But when it comes to reaching the largest global audience, the other football dominates the marketing landscape. Soccer events (World Cup, Champions League), players (Cristiano Ronaldo, Lionel Messi) and teams…
Pepsi-Cola of Madison has renewed its sponsorship with Wisconsin Athletics as an Official Partner of the Wisconsin Badgers through the 2028-29 season. While pouring rights contracts are commonplace in college athletics, what is notable about Pepsi’s continued partnership with Wisconsin is its simultaneous commitment to supporting Badger athletes through name, image and likeness deals. “We’re…
Remember the funky LG Wing? We sure do. It’s an incredibly interesting device that came out in 2020 towards the very tail end of the company’s involvement in the smartphone business. It was the first and sadly only device in a new “Explorer series,” which LG intended to use as a soul-searching platform to try…
Alphabet shares are on pace for their worst day in over two months following a report indicating the Google parent company is in danger of losing a key multibillion-dollar search engine contract to Microsoft, as the artificial intelligence rivalry between the two technology giants rages on. As reported on Forbes, Samsung is mulling a switch…
Whilst Microsoft and Sony going back and forth with various self-serving claims has been cause for some amusement, thankfully the end is in sight. The job of regulators is to protect consumers, not the market leader or a trillion dollar company masquerading as a plucky underdog. Even if the deal is blocked, you have to…
When Google announced the acquisition of Fitbit, it was hard to believe in a happy ending for the former wearable company. At the start, we were almost convinced of a bright future. After all, we saw new releases and deeper integration between Fitbit and Google services. However, time passed, and things changed. It’s not a…
The arrival of the iPhone 15 this fall will mean a chance to get familiar with Apple’s latest handset. But it’s also a time to bid farewell to some current models, which will likely drop out of Apple’s iPhone lineup to make way for the new models. The iPhone 15 release date is still months…
Adidas, the iconic sportswear brand, has just opened its flagship store in the bustling city of Lagos in Victoria Island and this has left quite a mark on fashion and sports enthusiasts alike.This new store is not just a place to shop for trendy and high-performance sportswear, but a hub for the community to connect…
Simba Planet, the leading chain of bicycle stores in Nigeria, is excited to announce the launch of Nike shoes in their stores. This latest addition to Simba Planet’s product range is in line with the company’s mission to provide top-quality, high-performance products to the Nigerian fitness community. For 35 years, Simba has been a trusted…
Apple’s iPhone 15 and iPhone 15 Pro designs have already leaked in detail, but now we know the company has made a stunning late design decision to save part of a radical upgrade it had initially scrapped. Reliable leaker Unknownz21 has revealed that while Apple was forced to scrap the solid-state haptic volume buttons planned…
A partnership between MTN and Apple Music has been confirmed in a bid to allow its Nigerian users access to its services amidst card payment challenges. Telecommunication giant MTN has partnered with one of the biggest digital streaming platforms in the world, Apple Music to allow users in Nigeria access its services without having to…
Amazon (AMZN) has built its e-commerce empire by making shopping affordable and foolproof. You didn’t like the pan you bought on Amazon? No worries, you had free returns. However, the days of across-the-board free returns are over: Amazon is instituting a $1 fee on some returns, marking a notable shift from the company’s early days…
