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General News

Bye-bye Frenzy, Back to the Familiar

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By Han Tan, Market Analyst at FXTM

 

Global markets are now revisiting a familiar script, with investors pushing broad asset classes higher on more signs pointing to the US economic recovery.

Stock markets Stateside posted new record highs and the futures contracts are holding steady at the time of writing. The S&P 500 is boasting a year-to-date gain once more, led by energy and financial stocks this week. Tech companies remain favoured by investors amidst a string of better-than-expected earnings, pushing the Nasdaq 100 to its highest-ever close.

Oil prices are also getting in on the act, with WTI futures set for a fifth consecutive daily gain to reach its best levels in over a year. This return to the way things were is also marked by signs of subdued day-trader mania, with GameStop having plummeted almost 90 percent from its 2021 peak amid the WallStreetBets-fueled frenzy. However, the stock is still showing gains of 184 percent so far this year.

Stronger jobs recovery to set base for more gains in risk-asset

Risk sentiment has been buoyed by Thursday’s lower-than-expected US jobless claims data, which marked its third weekly decline and lowest reading since late November.

This positive surprise has already prompted economists to make upward revisions to their forecasts for the January non-farm payrolls data due later today. Markets are expecting the headline print to increase by around 105,000 jobs, which would be an about-turn from the 140,000 positions lost in December.

But, the unemployment rate is set to remain unchanged at 6.7 percent, which is still some three percentage points higher compared to pre-pandemic levels. This elevated figure still underscores the need for more government support, even though President Biden’s $1.9 trillion proposal risks being diluted if we see evidence today that the job market recovery is truly underway.

With more states easing their respective virus-curbing measures as the Covid-19 vaccine continues to make its way through the US population, the labour market may find itself on firmer ground in the weeks and months ahead. On top of that, economic conditions are expected to be restored at a faster clip once more fiscal stimulus is unleashed upon households and businesses.

Such a risk-on narrative is what’s prompting market participants to push risk assets higher and this momentum in the markets could gain more impetus with a better-than-expected NFP print.

Gold declines on Dollar resilience

However, the US dollar and gold are apparently not singing the same tune as the rest of the choir.

The greenback has defied consensus calls for weakness this year, which in turn has sent bullion to its lowest levels since early December. The precious metal has also struggled against the steepening US yield curve. The idea that the US economic recovery would lead to faster inflationary pressures has not played out in gold’s favour, to the chagrin of the precious metal’s bulls.

With spot prices now trying to claw their way back to the psychologically important $1800 level, gold is set to have a battle on its hands over the near-term in trying to get on the market’s good side. A technical death cross, when the 50-day moving average crosses below the 200-day moving average, looks imminent which indicates the potential for a major selloff.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

FBI Sends Team to Nigeria to Track Down ‘Sextortion’ Scammers

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Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.

FBI Sends Team to Nigeria to Track Down 'Sextortion' Scammers

The agency’s “Operation Artemis” has led to the arrest of 22 Nigerians, half of whom are “directly linked” to sextortion incidents in which victims died by suicide.

Sextortion scams often begin on social media, where perpetrators pose as attractive young women to lure victims—typically unsuspecting teenage boys—into sending nude photos or explicit videos.

Once the images are obtained, the scammers turn to blackmail, threatening to leak the content unless the victim pays up.

In some cases, the sextortion results in teenage victims taking their own lives over fear of the nudes leaking.

In Thursday’s announcement, the FBI noted it’s been “observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.”

The agency is also facing a 30% year-over-year increase in sextortion-related tips.

“According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 [extortion-related] victims in 2024, up from 34,000 in 2023,” it said.

“Over the last two years there have been nearly $65 million dollars in financial losses due to this crime.”

In response, the FBI says 55 agency field offices came together to identify “nearly 3,000 victims of financially motivated sextortion,” which led investigators to track down the culprits in Nigeria.

The US has since extradited at least three suspects from Nigeria.

“These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria,” the FBI added.

 

 

 

 


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General News

FBNQuest Trustees Hosts Estate Planning Summit in Port Harcourt

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L-r: Head, Private Trust, FBNQuest Trustees, Rotimi Obende; Group Head, Wealth Management and Investment Advisory, FirstBank Nigeria – Private Banking, Dike Nze-Dike,; Head, Marketing and Business Development, FBNQuest Trustees, Abimbola Ajinibi; Acting Managing Director, FBNQuest Trustees, Babajide Fetuga; Private Trust Specialist, FBNQuest Trustees, Mutiat Olatunji and Head, Trust Investment and Strategy, FBNQuest Trustees, Yosola Odunaiya at the Estate Planning Summit recently held in Port Harcourt, Rivers State.
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FBNQuest Trustees Limited, a subsidiary of First HoldCo Plc, provider of trust solutions to individuals, corporate and government institutions, recently hosted its inaugural Estate Planning Summit in Port Harcourt.

The maiden event, themed: Wealth Preservation and Transfer without Hassle, was organised to strategically enlighten and empower the participants with the necessary knowledge required to seamlessly manage and successfully transfer their assets and legacies to their beneficiaries.

Speaking at the event, the Acting Managing Director, FBNQuest Trustees, Babajide Fetuga, stressed the critical importance of seeking professional guidance on estate planning, preservation and transfer of wealth to successive generations and other beneficiaries. He stated that a professionally drafted estate plan gives no room for any form of ambiguity; hence, it provides clear directives on what to do at any time.

‘’The potential consequences of not having an estate plan include perennial family disputes and protracted court cases, which may result in a huge financial burden and foster long-lasting resentments among loved ones if proactive steps are not undertaken to protect individuals, families and loved ones from avoidable stress.

‘’Understanding the values of wealth preservation is crucial. It is vital to recognize the importance of having a strategic estate planning blueprint, and we are determined to educate you with knowledge that not only informs but inspires you to take the necessary actions as you move forward,” he added.

FBNQuest Trustees is dedicated to promoting effective estate planning solutions. The company has a track record of successfully hosting estate planning summits in Abuja, Lagos, Minna and Ibadan and continues to emphasize the importance of thoughtful planning through initiatives like the Legacy Series Campaign and the Legacy Room podcast.

The summit featured industry experts who delivered valuable insights on the significance of wealth preservation and transfer, addressing the residents of Port Harcourt and its environs. The discussions focused on practical approaches and proactive measures attendees can adopt to manage their estates effectively and minimize potential future challenges.


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General News

Meta Tightens Spam Controls to Elevate Original Content on Facebook

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Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are part of Meta’s broader commitment to fostering a platform where meaningful interactions thrive.

The initiative includes reducing the visibility of spammy content. Accounts that share duplicate posts, irrelevant captions, or excessive hashtags will lose reach and monetization eligibility. Spam networks that create multiple accounts to share identical content will also face decreased visibility.

Meta is increasing efforts to detect and remove fake accounts and pages involved in coordinated engagement or impersonation.

In 2024, the platform removed millions of such accounts. Features in Moderation Assist have been enhanced to auto-hide comments from suspected fake identities, and creators can now report impersonators directly in comments.

To further support original content, Meta continues to improve its Rights Manager tool, helping creators protect their work. Updated guidance aims to encourage creators to share authentic and engaging content to ensure their success on the platform.

Oluwasola Obagbemi, Head of Communications for Sub-Saharan Africa at Meta, emphasized the importance of creating an environment where creators who invest in meaningful content are recognized and rewarded.

Meta remains committed to fostering a positive and authentic environment for creators and users alike. Let me know if you’d like more adjustments!


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