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Posts published in “Finance”

Alphabet sets profit record, plans $50 billion buyback

Google parent Alphabet Inc (GOOGL.O) on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities.

With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts’ revenue estimates and nearly surpassed the sales record it set in the fourth quarter.

Tesla lifts Wall Street as big tech earnings set to roll in

United States financial hub the Wall Street’s main indexes rose on Monday as electric-car maker Tesla gained ahead its earnings report, kicking off this week’s results from heavyweight technology companies.

Tesla Inc (TSLA.O) advanced 1.3% as analysts expect the company to report a rise in first-quarter revenue following record deliveries. Its results are due after markets close.

New York state pension fund backs activist nominees in Exxon proxy fight

New York state’s pension fund on Friday threw its support behind an activist fund’s slate of nominees to Exxon Mobil Corp’s (XOM.N) board, heating up a proxy fight for the company’s future.

The biggest U.S. oil producer Exxon and activist hedge fund Engine No. 1 are battling over board seats following Exxon’s historic net annual loss of $22.4 billion for 2020. The fund has criticized the producer for “significant underperformance” and a lagging approach to cleaner fuels.

AGPC to invest $10m on capacity development initiatives

ANOH Gas Processing Company has expressed its commitment to spend up to $10m on capacity development initiatives in the oil and gas sector.

The Managing Director of AGPC, Okechukwu Mba, said this on the sidelines of the kickoff meeting and tour of the Centre for Skills Development and Training in Port Harcourt, Rivers State, according to a statement by Seplat Petroleum Development Company.

Nigeria desperately needs investments to recover, says NESG

Report says the Nigerian Economic Summit Group has said Nigeria is in dire need of investments to return the economy to the path of growth.

The NESG, a private sector-led think-tank, said the COVID-19 pandemic had made investors apprehensive about making further investments in the Nigerian economy.

Blackstone’s first-quarter earnings surge as it cashes out on assets

Blackstone Group Inc (BX.N), the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday that its distributable earnings more than doubled in the first quarter to $1.2 billion as it cashed out on holdings.

Dealmaking activity surged in the quarter as a booming stock market and low borrowing costs emboldened private equity firms to sell some of their assets for top dollar. L8N2LR63L

$2.1billion states’ Loan Repayment, Governor Tambuwal Begs CBN

Report has it that the Governor of Sokoto State, Aminu Tambuwal, on Tuesday pleaded with the Central Bank of Nigeria and the finance minister not to carry out the threat of recovering the $2.1bn loans given to state governments as budget support facility.

Tambuwal made the plea in Abuja during a panel session at the high level dialogue on financing safe schools and creating safe learning communities organised by the Federal Ministry of Finance, Budget and National Planning.

IBM reports first quarterly revenue growth since 2018 on Cloud

United States tech giant, International Business Machines Corp (IBM). posted its first revenue gain in eleven quarters, driven by demand for cloud services, suggesting Arvind Krishna’s turnaround plan is starting to bear fruit.

Sales increased 1 per cent to US$17.7 billion in the three months ended Mar. 31, the Armonk, New York-based company said Monday in a statement. That beat the US$17.3 billion analysts had forecast, on average, according to data compiled by Bloomberg. The shares jumped in extended trading.

UK taxpayers face £120m compensation bill for LC&F scandal

United kingdom’s Government announces payouts for almost 9,000 people who invested in defunct London Capital & Finance

Taxpayers face a £120m bill for compensating thousands of people who lost money in the London Capital & Finance (LC&F) investment scandal after they were “let down” by UK regulators.

Canada’s Debt set to Cross $1 trillion mark as Liberals extend COVID-19 aid in budget

Canada’s debt set to cross $1 trillion mark as Liberals extend COVID-19 aid in budget.

The first federal budget in more than two years extends Ottawa’s COVID-19 “lifeline” for workers and struggling businesses another few months as it aims to pull Canada through the pandemic once and for all.