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Tesla Stock Slumps as European Sales Plummet to Shocking Lows
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Tesla Stock Slumps as European Sales Plummet to Shocking Lows

Tesla shares dropped over 9%, pushing the company's valuation below $1 trillion for the first time since November 2024 as European sales fell dramatically in January. The electric vehicle maker saw sales decline by more than 45% across EU, EFTA and UK markets, and over 50% in the EU specifically. This contrasts sharply with the broader European electric car market, which grew by more than a third during the same period according to trade body Acea. This sales slump follows Tesla's first annual sales decline in over a decade, suggesting mounting challenges for the company. AJ Bell investment director Russ Mould attributed the decline primarily to increasing competition, particularly from Chinese manufacturer BYD, which includes as standard features that cost extra from other makers. However, Mould suggested some consumers may be taking a "principled stand" against CEO Elon Musk's controversial […]

Ayoola Atitebi February 26, 2025

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US Pursues Energy Partnerships with Asian Allies Through LNG Exports

The United States is advancing discussions with Asian nations about increasing American liquefied natural gas (LNG) exports, with particular focus on reviving a long-proposed Alaska gas project. During a recent lunch meeting, President Donald Trump and energy secretary Doug Burgum discussed the potential $44 billion Alaska LNG project with Japanese Premier Shigeru Ishiba. According to officials familiar with the closed-door talks, the U.S. administration presented the venture as an opportunity for Japan to diversify its energy sources and address trade imbalances. Ishiba expressed interest in Japanese participation, though Japan's official statement did not mention the project. The U.S. strategy involves strengthening economic ties with East Asian allies through increased American fossil fuel exports, particularly LNG. This approach addresses regional concerns about trade tariffs and maritime security for energy shipments, based on interviews with current and former U.S. and Asian officials. […]

Peter Atitebi February 21, 2025

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Top Oil Chief Exposes Truth About Nigeria’s Fuel Quality Drama and Calls for Mining Revolution

NNPC Group Chief Executive Officer Mele Kyari addressed two significant matters during the Nigerian Mining & Geosciences Society's 60th Conference & Exhibition in Abuja on Tuesday: the future of mining innovation and concerns about fuel quality in Nigeria. During his keynote at the conference, themed "Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovation," Kyari urged NMGS members to embrace new technologies and maintain continuous improvement practices to optimize the nation's natural resources and boost revenue generation. Addressing recent fuel quality concerns, Kyari firmly dismissed claims about substandard fuel in Nigeria's market, characterizing such allegations as "drama and entertainment" that constitute poor marketing practices. He explained that fuel standards vary by country, citing how European fuel requirements differ from Nigerian needs due to environmental factors. For instance, certain fuel additives mandatory in Europe would be detrimental to Nigeria's […]

Peter Atitebi February 19, 2025

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US Companies May Return to Russian Market in 2025, Claims Wealth Fund Chief

Russia's sovereign wealth fund chief anticipates several US companies returning to the Russian market by the second quarter of 2025, following recent high-level diplomatic meetings between US and Russian officials in Saudi Arabia. The statement comes after numerous Western companies withdrew from Russia in 2022 following the Ukraine conflict, with many accepting significant financial losses and selling assets at substantial discounts. However, the fund's chief, Kirill Dmitriev, notes that returning companies may face challenges as domestic producers have filled many market gaps. The announcement follows meetings between Dmitriev and senior US officials in Saudi Arabia, including Secretary of State Marco Rubio, National Security Adviser Mike Waltz, and Middle East envoy Steve Witkoff. These discussions occurred alongside a separate meeting between Rubio and Russian Foreign Minister Sergei Lavrov, marking the highest-level US-Russian diplomatic engagement since 2022. According to Dmitriev's calculations shared […]

Peter Atitebi February 19, 2025

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Global Crypto Giant Binance Banned from UK-Regulated Activities

The Financial Conduct Authority (FCA), Britain's financial regulator, has restricted Binance Markets Limited (BML) from conducting regulated activities within the United Kingdom. The ruling specifically affects BML, a Binance Group affiliate, which must obtain written consent before resuming any regulated operations in the country. Under the FCA's directive, Binance is required to discontinue all UK advertising by June 30 and maintain accessible records of its British customers for potential regulatory examination. The exchange has clarified that its primary global platform, Binance.com, remains operational as it operates outside UK jurisdiction, allowing British users to continue cryptocurrency trading. The FCA, while not directly regulating cryptocurrencies, mandates exchange registration under anti-money laundering regulations. The regulator notes that no Binance entity currently holds UK authorization, prompting them to advise consumers to verify whether crypto firms are properly registered before engagement. This UK action parallels […]

Peter Atitebi February 19, 2025

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Analysis Shows Trump’s Budget Proposals Would Increase Federal Deficit Despite Reduction Claims

President Donald Trump and his advisor Elon Musk have recently emphasized their commitment to achieving a balanced federal budget, with both making public statements supporting this goal on their respective social media platforms. However, financial analysis indicates their proposed policies would likely increase the federal deficit. According to the nonpartisan Committee for a Responsible Federal Budget (CRFB), Trump's proposed tax cuts - including extensions of his 2017 tax law and eliminations of taxes on tips, overtime pay, and Social Security benefits - would add between $5 trillion and $11 trillion to the deficit over 10 years. The administration's cost-cutting focuses primarily on specific areas like foreign aid and the Department of Education. Foreign aid currently represents 1.2% of the federal budget ($71.9 billion last year), while education spending accounts for approximately 3%. The House recently approved a budget featuring $4.5 […]

Peter Atitebi February 19, 2025

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China’s Surprising Move Against Trump’s New Tariffs

Beijing has responded to recent US tariff announcements with measured countermeasures, signaling both resistance and openness to negotiation. The Chinese government announced plans to implement a 15% tariff on coal and liquefied natural gas, alongside a 10% tariff on crude oil, agricultural machinery, and large-engine cars imported from the US, effective February 10. The timing appears strategic, allowing room for diplomatic engagement before implementation. A planned call between the two leaders this week, confirmed by the White House, suggests potential for dialogue despite the escalating tensions. China's response appears calculated, targeting specific sectors rather than matching Trump's broader 10% levy on all Chinese imports. The impact on US natural gas exports may be limited, as China represents only 2.3% of America's global LNG exports, while its major vehicle imports come primarily from Europe and Japan. The current situation echoes previous […]

Peter Atitebi February 4, 2025

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First Bank Challenges Court Ruling in GHL Dispute

First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL) are embroiled in a complex legal dispute over a Mareva order, with both parties presenting conflicting narratives about court proceedings and compliance. In a recent statement, First Bank acknowledged media reports about banks complying with Justice Deinde Dipeolu's ruling that lifted the Mareva order against GHL, its directors, and shareholders. The bank contends that such compliance is premature and necessary steps have not been completed. First Bank has appealed against the discharge of the Mareva Order and has applied for an injunction or suspension of the discharge order pending appeal resolution. The bank advised other financial institutions to maintain the status quo during this legal process. GHL, conversely, accuses First Bank of attempting to abuse the court process. The oil firm claims that First Bank has falsely informed the public […]

Peter Atitebi February 3, 2025

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Fed Faces First Interest Rate Decision Under New Trump Administration

The Federal Reserve is expected to maintain current interest rates at its first policy meeting since Donald Trump's return to office. The decision, due Wednesday at 2 p.m. ET, comes amid recent statements from President Trump advocating for lower rates. Speaking at the World Economic Forum in Davos via video call, Trump expressed his intention to push for immediate rate reductions, both domestically and internationally. His comments continue a pattern of publicly discussing monetary policy, breaking from the traditional presidential practice of maintaining distance from Fed decisions. The economic landscape has shifted significantly since Trump's previous term ended in 2021. Current indicators show inflation at 2.9% as of December, above the Fed's 2% target but considerably lower than during the post-pandemic period. The job market remains resilient, with unemployment at 4.1% in December, while consumer spending continues to show strength. […]

Peter Atitebi January 29, 2025

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Federal Spending Review Halts Government Assistance Programs

The White House has initiated a temporary pause on federal grants, loans, and other government assistance programs, according to an internal Office of Management and Budget (OMB) memo obtained and verified by CBS News. Acting OMB Director Matthew Vaeth instructed federal agencies to review their financial assistance programs to ensure alignment with current administration priorities. The directive requires agencies to suspend both new awards and disbursements under existing programs, with notable exceptions for Medicaid and Social Security benefits. The memo specifically addresses funding related to foreign aid, nongovernmental organizations, diversity initiatives, gender programs, and environmental projects. Agencies must report their paused programs by February 10, with an immediate deadline of 5:00 PM EST for implementing the suspension. Congressional Democratic leaders, including Senator Patty Murray and Representative Rosa DeLauro, responded with a letter expressing "extreme alarm" about the directive's scope. Senate […]

Peter Atitebi January 28, 2025

ยฉ 2024 Clarity News Daily

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