Tesla Stock Suffers As Saudi Wealth Fund Invests In Lucid Motors

Tesla Stock Suffers As Saudi Wealth Fund Invests In Lucid Motors

Tesla stock dipped as much as 2 percent Monday morning on news the Saudi Arabia’s sovereign wealth fund has invested $1 billion in rival Lucid Motors. By market close, Tesla had regained its footing, ending trading essentially flat. The investment will fund Lucid Motor’s 2020 commercial launch of its first electric vehicle, the Lucid Air, Reuters reported. Tesla CEO Elon Musk had previously touted conversations with the Saudi fund as key in considerations to take Tesla private. Musk cited a potential Saudi investment as justification for his take-private tweet in early August and…

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Trump Goes Ahead With $200 Billion Chinese Goods Tariff

Trump Goes Ahead With $200 Billion Chinese Goods Tariff

President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year. The action, announced by the Trump administration Monday, escalates a trade conflict between the world’s two largest economies. China has already threatened to retaliate against new duties. The White House removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals, and other products such as bicycle helmets and high chairs. Trump, in a statement, said that…

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Infantino Expresses Concerns On La Liga US Matches

Infantino Expresses Concerns On La Liga US Matches

FIFA president Gianni Infantino has expressed concern about La Liga’s proposal to stage a fixture between Girona and Barcelona in the United States. The two clubs have each approved a request submitted to the Spanish Football Federation for the match to be played at the Hard Rock Stadium in Miami on January 26. It was originally scheduled as a home game for Girona, at their Estadi Montilivi. The idea has proven controversial. Girona would be surrendering the advantages of playing at their own home ground, which in theory could benefit…

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Mukesh Ambani is world’s richest sports team owner

Mukesh Ambani is world’s richest sports team owner

There are 62 billionaire sports league owners worldwide, who collectively are worth $375 billion. This year, a new billionaire topped Forbes’ list of The World’s Richest Sports Team Owners: Mukesh Ambani, owner of the Indian Premier League cricket club Mumbai Indians. His $47.7 billion net worth dethroned former Microsoft CEO Steve Ballmer, who has held the No. 1 spot for the past three years as the owner of the NBA’s Los Angeles Clippers. Ambani’s wealth comes from Reliance Industries, a conglomerate holding company based in Mumbai. Reliance was originally founded as a small textile manufacturing company…

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Lagos-Ibadan Expressway At 57% Completion Stage

Lagos-Ibadan Expressway At 57% Completion Stage

The Federal Ministry of Power, Works and Housing said section one of the Lagos-Ibadan Expressway is currently at 57 per cent completion. Mr Kayode Ibrahim, the engineer supervising the project from the ministry, made this known to the media on Tuesday in Lagos. The section one of the project is being handled by Julius Berger, which spans from Ojota in Lagos to Sagamu Interchange. While section two begins from the Sagamu Interchange to Ibadan and is being handled by Reynolds Construction Company Ltd. Ibrahim, who spoke to NAN while inspecting the site, said that several…

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CWG Introduces Smart Metering System

CWG Introduces Smart Metering System

To mitigate the challenges encountered in the country’s power sector, a pan-African information and communications technology provider, CWG Plc, has proposed a Smart Utility Solution (SUS), also known as anti-theft meter to manage electricity flow and cost. Speaking on “Using Value Added Service to Solve Energy Crisis” during a seminar organised by the company in Lagos, the Chief Executive Officer, CWG Plc, James Agada, said the meter is a theft prevention solution, with utility analytics, energy audit, demand side management, real time billing efficiency and network asset management. He said…

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CBN Increases Pace On Lower Denominations Availability

CBN Increases Pace On Lower Denominations Availability

The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos. The lower denominations approved by the management of CBN for the disbursement include N200, N100, N50, N20, N10 and N5 denominations to economic agents.’ This is in continuation of a series of direct disbursements to marketers, merchants, shopping malls, supermarkets, tollgates, among others, with a…

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Diesel Pump Price Rises by 6%

Diesel Pump Price Rises by 6%

The average price paid by consumers for automotive gas oil (AGO), otherwise called diesel has increased by 5.99 per cent year-on-year to N207.98 in August 2018. The commodity also saw a rise in price by 1.79 per cent on a month-on-month basis from to N204.32 in July 2018. States with the highest average price of diesel were Borno (N242.86), Taraba (N231.67) and Sokoto (N228.33) while those with the lowest average price were Ebonyi (N195), Adamawa (N185) and Nasarawa (N180). The data, contained in the National Bureau of Statistic’s latest report,…

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Commercial Banks Face CBN Fines for Failed Transactions

Commercial Banks Face CBN Fines for Failed Transactions

The Central Bank of Nigeria (CBN) has stated that any failed Nigerian Instant Payment (NIP) transaction not reversed into the customer’s account within 24 hours based on complaint of the sender and/or beneficiary will attract a fine of N10,000. The central bank stated this in a new ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’, posted on its website. The circular becomes effective on October 2, 2018. The circular stated that where a sending entity erroneously send value contrary to the customer’s instructions due to…

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LCCI Bans Loudspeakers Ahead Of Trade Fair

LCCI Bans Loudspeakers Ahead Of Trade Fair

The Lagos Chamber of Commerce and Industry says as part of efforts to make registration for the forthcoming 2018 Lagos International Trade Fair convenient and stress-free, it has introduced online registration for exhibitors to eliminate the rowdiness associated with allocation of spaces on the day the fair commences. It also said exhibitors would no longer be allowed to bring in loudspeakers or construct dance stages in order to minimise noise on the premises. The Vice-President, LCCI, and Chairman, Trade Promotion Board, Mr Gabriel Idahosa, made the disclosure when he led…

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