Apple sales, profit smash expectations
Apple’s quarterly revenue has crushed analyst expectations fuelled by sales of the 5G iPhone 12 line and purchases of iPads and Macs as people continued to work and learn from home. Fiscal second-quarter sales to China nearly doubled and results topped analyst targets in every category, led by $6.5 billion more in iPhone sales than predicted and Mac sales about a third higher than estimates. For the fiscal second quarter ended March 27, Apple said sales and profits were $89.6 billion and $1.40 per share, compared with estimates of $77.4 billion and 99 cents per share. iPhones were the biggest driver of growth, suggesting consumers are upgrading to 5G. Apple said iPhone sales were $47.9 billion compared with analyst estimates of $41.4 billion, according to data from FactSet.
CBN queries First Bank for appointing new MD ‘without approval’
The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021, signed by the CBN Director, Banking Supervision, Haruna Mustafa, and addressed to the bank’s Chairman, Ibukun Awosika. “The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal, the letter stated. The letter also pointed out that CBN is curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021.
Oil price rallies as demand outweigh virus fears
Despite the re-emerging Covid 19 crisis in India, oil prices maintained momentum even as OPEC+ has decided to go ahead with previously agreed production hike plans. Oil edged higher on Thursday after closing at a six-week high as signs of strengthening demand in key markets conquered fears that surging coronavirus cases in India, Japan, and Brazil will shrink demand. Brent crude for June rose 22 cents, or 0.3%, to $67.49 a barrel by 05:05 WAT while U.S. West Texas Intermediate crude for June was at $64.04 a barrel, up 18 cents, or 0.3%. Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months with oil rising to $80 per barrel
Read Also: Boost coming for Nigeria’s oil revenue as Goldman Sachs projects $80
Dogecoin spikes on Elon Musk’s tweet
Dogecoin spiked in value after Elon Musk teased his Twitter followers about the possibility of (DOGE) featuring in his “Saturday Night Live” hosting debut. Musk’s tweeted “The Dogefather SNL May 8” referring to his hosting spot on “Saturday Night Live,” which was announced last week. The tweet seemingly prompted excitement among dogecoin traders that the meme-based crypto would see further attention in front of a large television audience. Having trended downwards toward $0.25 over the previous 24 hours, dogecoin spiked more than 20% to over $0.31.
Canada’s COVID infection rate surpasses the US for the first time
Canada’s coronavirus infection rate surpassed that of the United States for the first time since the pandemic began, the Pan American Health Organization (PAHO) said on Wednesday, amid a spike in cases and stalled vaccination efforts across the Americas. Canada’s most populous province reported over 3,500 new COVID-19 cases on Monday and 10.9percent positivity rate – an all-time high. Meanwhile, cases have been on the decline in the US, after the nation began making headway in its vaccination campaign. About a third of American adults are now fully vaccinated. According to Our World in Data, the US is currently reporting close to 167 new COVID cases per one million people, while Canada’s rate is above 212. Although Canada has bought enough vaccines to cover its population of 37 million, it has struggled with actually procuring enough doses, due to global shortages and stalled shipments. So far, it has fully vaccinated close to 3 percent of its population.
