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CBN sacks all board members of First Bank Holding and First Bank Nigeria Ltd

The governor of the Central Bank of Nigeria, Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. Emefiele, in his speech broadcasted on national television cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

Prior to that, the CBN queried the Board of the First Bank of Nigeria Plc for removing Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The CBN governor further announced the reinstatement of Adeduntan who was sacked as the MD of the interim Board and was replaced with Gbenga Shobo who was the former Deputy Managing Director of the Bank.

US economy grew 6.4% in the first quarter

The reopening economy surged in President Joe Biden’s first 100 days, with U.S. gross domestic product hitting 6.4 percent, the best quarterly reading since 2003. Widespread vaccinations, warmer temperatures and stimulus checks powered the economy to grow by 1.6 percent in the first three months of 2021.

Consumer spending, which accounts for two-thirds of economic growth, increased by 10.7 percent in the first quarter. Spending on services saw a small recovery, expanding by 4.6 percent. In April, consumer confidence hit a 14-month high. According to the Commerce Department, consumers began to spend more freely in the first quarter, led by purchases of autos, homes and big-ticket consumer goods, as well as on services like hotels and restaurants.

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Amazon trounces expectations as sales surge 44%

Amazon shares climbed as much as 4 percent in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with profits soaring 44 percent year-over-year to $108.5 billion.

Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection of $108.6 billion.

Twitter shares fall on tepid outlook

Twitter Inc shares sank 9 percent in postmarket trading on Thursday as it offered tepid revenue guidance for the second quarter, warned of rising costs and expenses and said user growth could slow as the boost seen during the coronavirus pandemic fizzles. Its first-quarter revenue increased 28 per cent year on year to $1.04bn, slightly ahead of analysts’ expectations of $1.03bn. The social media company also said it expected second-quarter revenue between $980 million and $1.08 billion, lower than Wall Street estimates of $1.06 billion on average, according to IBES data from Refinitiv.

It also said stock-based compensation for new hires would be more than expected this year. Twitter says it wants to reset after years of product stagnation, announcing in February bold goals to expand its user base, speed up new features for users, and double its revenue by 2023.

India COVID cases cross 18 million

India’s total COVID-19 cases passed 18 million on Thursday after another world record number of daily infections, as gravediggers worked around the clock to bury victims and hundreds more were cremated in makeshift pyres in parks and parking lots. India reported 379,257 new infections and 3,645 new deaths on Thursday, health ministry data showed, the highest number of fatalities in a single day since the start of the pandemic. The world’s second-most populous nation is in deep crisis, with hospitals and morgues overwhelmed. Each day, thousands of Indians search frantically for hospital beds and life-saving oxygen for sick relatives, using social media apps and personal contacts. Hospital beds that become available, especially in intensive care units (ICUs), are snapped up in minutes.