Author: Chief Editor

Bitcoin is being artificially propped up and should not be legitimised by regulators or financial companies as it is more akin to gambling, the European Central Bank said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years. But a 75% fall over the past year, just as inflation reared its head, and a string of scandals including the collapse of the FTX exchange this month have given critics among central bankers and regulators ammunition…

Corporate America is bracing for a potential economic downturn by shrinking the employee base as part of its streamlining measures. Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. Here are some of the major job cuts announced in recent weeks: Amazon.com Inc (AMZN.O): The e-commerce giant said it has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources. Meta Platforms Inc (META.O): The Facebook-parent said it would cut 13% of…

FTX’s venture capital arm has assets that could be worth investing in, but since the failed crypto exchange has entered Chapter 11 bankruptcy proceedings the process could take time, cryptocurrency entrepreneur Justin Sun said on Wednesday. “FTX Ventures still has lots of portfolio (companies) and we are going through them one by one, but right now it is already in the Chapter 11 process so it might take a longer time to finish the process,” Sun told a Reuters Next conference. Sun founded the crypto platform Tron and is member of cryptoexchange Huobi’s global advisory board. He did not specify…

Most major stock markets in the Gulf rose in early trade on Wednesday, tracking Asian shares and oil prices higher, while the Saudi index bucked the trend to trade lower. Crude prices – a key catalyst for the Gulf’s financial markets – posted gains of more than 1% in Asian trade on falling U.S. crude inventories and a lower greenback. However, concerns that OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains. OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional…

Premier League giants Manchester United are reportedly preparing a staggering €175 million offer for Paris Saint-Germain (PSG) superstar Kylian Mbappe. As per Spanish media outlet El Nacional, the 20-time English champions view the France international as a replacement for Cristiano Ronaldo. Manchester United terminated Ronaldo’s deal following his explosive interview with Piers Morgan in which he criticized the club and manager Erik ten Hag. PSG superstar Kylian Mbappe is reportedly United’s priority target as they look for a world-class to fill the void left by the Portuguese. As per the El Nacional report, United are preparing a whopping €175 million offer for the Frenchman…

Real Madrid have drawn up a five-man shortlist of transfer targets to replace veteran midfielder Luka Modric, as per El Nacional. The reigning La Liga champions are using the current 2022 FIFA World Cup to scour the tournament for a potential replacement for Modric, 37. The Croatian is playing at the FIFA World Cup but is coming into the latter stages of his career. He has made 454 appearances for Madrid, scoring 36 goals and providing 74 assists. Modric’s current deal with Los Blancos expires next summer, and he intends to sign a new contract. However, Real Madrid are pondering his future amid his age…

The Federal High Court sitting in Abuja, on Tuesday, sentenced the Inspector-General of Police, Usman Baba, to three months in prison for flouting a 2011 court order. The IGP’s committal followed a suit that was filed by a police officer, Patrick Okoli, who was unlawfully and compulsorily retired from the Nigerian Police Force. The court also ordered the payment of N10 million to the applicant, being special and general damages for the unlawful, illegal and unconstitutional denial of his (Patrick’s) rights and privileges as a Senior Officer of the Nigeria Police Force from 1993 till date. The PUNCH reports that the…

The National Drug Law Enforcement Agency has announced the arrest of one of two brothers, Onyeaghalachi Stephen, whom the anti-narcotics agency says serves as major sources of illicit drug supplies in the South-East and South-South regions of the country, after nine years of being on his trail. The PUNCH reports that the Chairman of the NDLEA, Brig. Gen. Buba Marwa (retd.), had asked the fleeing baron to turn himself in before the anti-narcotics agency smoked him out. This was as he commended the officers and men of the agency involved in the operation as well as men of the military…

The Academic Staff Union of Universities, ASUU, Federal University of Technology, Lokoja chapter, has called for the removal of both the Minister of Labour, Chris Ngige, and his Education counterpart, Adamu Adamu, for their improper handling of the crisis between it and the Federal Government. The union stated this while staging a solidarity protest on the Adankolo campus of the institution on Tuesday. Earlier, the union had declared Tuesday as a lecture-free day as ordered by its parent body. After an early morning deliberation by members of the union, the stage was set for a peaceful demonstration held within the…

* Seeks approval to create 10 new national parks  President Muhammadu Buhari on Tuesday sent a bill to formally establish the National Social Investment Programme (NSIP) to the Senate. Buhari also in another letter to the red chamber requested the lawmakers’ consideration of a bill to create 10 new national parks across the country. The president said the NSIP Bill would provide legal and institutional framework for the programme. He explained in the letter read in plenary by the Senate President, Ahmad Lawan, that consideration and passage of the bill will provide the enabling law for effective implementation of the programme.…