Five things to know to start your Tuesday

US shoppers are spending more than expected on Cyber Monday

Online shopping in the US hit a major milestone this Cyber Monday, with Americans spending a whopping $13.5 billion. According to Adobe, this slightly beat their $13.2 billion forecast.

Adobe says many shoppers strategically waited for the best deals and used flexible payment plans that let them buy expensive items without paying the full price upfront. These “buy-now-pay-later” options helped people purchase things they might not have been able to afford otherwise.

The entire Cyber Week—stretching from Thanksgiving through Cyber Monday—was a big success. During this five-day shopping period, shoppers spent around $40.6 billion, which is 7% more than the same time last year.

Nigeria is returning to the international capital markets to seek financing.

After more than two years, Nigeria is making a big financial move by returning to the global borrowing market. The country plans to sell international bonds to help cover its growing budget shortfall.

The Nigerian government is offering two different bonds to investors: one that lasts 6.5 years and another that lasts 10 years. These bonds are essentially loans where investors will earn between 10.125% and 10.625% in interest, depending on which bond they choose. For the shorter-term bond, Nigeria hopes to raise at least $500 million from international investors.

Read Also: A nation in debt: Nigeria’s fiscal recklessness continues

Intel forced out its CEO

Intel’s CEO Pat Gelsinger has been asked to leave the company after less than four years in charge. The company’s board of directors was disappointed with his efforts to turn the struggling computer chip manufacturer around.

Gelsinger resigned on December 1st after a board meeting where executives made it clear they weren’t satisfied with the speed and results of his ambitious recovery plan. He was essentially given a choice: retire or be fired, and he chose to step down.

This departure is happening well before Gelsinger could complete his four-year plan to help Intel regain its leadership in making the fastest and smallest computer chips. During his tenure, Intel has fallen behind Taiwan Semiconductor Manufacturing Company, which now makes chips for Intel’s competitors like Nvidia.

Intel’s market value has shrunk significantly. Today, it’s worth more than 30 times less than Nvidia, which has become a leader in artificial intelligence chips.

Low-earning pensioners can now withdraw their total savings

The National Pension Commission has announced a major change in how pensioners can access their money. Under the new rule, pensioners with lower incomes can now choose to withdraw their entire retirement savings at once or continue receiving their monthly pension payments.

This change comes after the government updated its pension regulations to align with the new minimum wage of 70,000 Naira. Previously, retirees were only allowed to withdraw one-third of their total retirement savings. The new policy was outlined in a memo signed by A.M. Salem, the Head of the Surveillance Department at the Pension Commission, and dated November 27, 2024.

FG commenced free CNG bus services in Abuja.

The Nigerian government has launched a new free Compressed Natural Gas (CNG) bus service in Abuja to help residents with transportation costs. These buses began operating on December 2, 2024, as announced on social media by the Presidential CNG Initiative.

The new bus service will initially run along popular routes connecting Abuja’s suburbs, including routes from areas like Mararaba to key locations such as Eagle Square and Berger bus stop.

The government has committed to offering these bus rides completely free of charge. This trial period will last for 40 days, with the free service scheduled to end on January 6, 2025.