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Aston Villa march on in Champions League after beating RB LeipzigAR Rahman issues notice to slanderers, demands removal of objectionable content
Andy Murray enters new chapter with Novak Djokovic as coach of long-time rivalRoss Barkley’s 85th-minute winner gave them victory after they had twice squandered the lead in Germany. John McGinn and Jhon Duran goals at the start of each half were cancelled out by Lois Openda and Christoph Baumgartner. But Barkley had the final say less than two minutes after coming off the bench as his deflected effort earned the points which sent his side third in the new Champions League league phase. The top eight automatically qualify for the next stage and with games against Monaco and Celtic to come, Unai Emery’s men are a good bet to avoid the need for a play-off round in their first foray in this competition. Leipzig are out, having lost all six of their games. Villa enjoyed a dream start and were ahead with less than three minutes on the clock. Matty Cash, playing in a more advanced position on the right, crossed for Ollie Watkins, who nodded down into the path of McGinn and the skipper made no mistake from close range. That gave the visitors confidence and they had enough chances in the first 15 minutes to have the game wrapped up. Lucas Digne’s cross from the left was begging to be converted but Watkins could not make contact from close range and then Morgan Rogers shot straight at Leipzig goalkeeper Peter Gulacsi. Then Youri Tielemans found himself with time and space on the edge of the area from Watkins’ tee-up but the Belgium international disappointingly dragged wide. All that good work was undone in the 27th minute, though, as Emiliano Martinez was left red-faced. The Argentinian was too casual waiting to collect Nicolas Seiwald’s long ball and Openda nipped in to get the ball first and tap into an empty net. — Aston Villa (@AVFCOfficial) Duran was introduced at the break and needed just a couple of minutes to fire a warning when he drilled wide after a loose ball fell to him 14 yards out. But the Colombian got his goal in the 52nd minute, though it was another moment for the goalkeeper to forget. Duran was invited to drive forward and unleashed a 25-yard shot, which was hardly an Exocet, but still was too much for Gulacsi, who barely even jumped. It was his 10th goal of the season and sixth from the bench as he continues his super-sub role. 😍 — Aston Villa (@AVFCOfficial) The striker was not complaining and he thought he had doubled his tally shortly after when he converted Cash’s centre but the provider was ruled offside by VAR. Five minutes later, Villa found themselves pegged back again with a finish of real quality. Openda was sent clear by another long ball and his cross was perfect for Baumgartner to cushion a far-post volley back across goal and into the corner. Digne brought a save out of Gulacsi and then Openda shot straight at Martinez as both sides pushed for a winner. It was Villa who got it as Barkley saw his deflected effort wrong-foot Gulacsi and hit the back of the net.
West Virginia knocks off No. 3 Gonzaga in overtime
Dow Jones futures were little changed after hours, along with S&P 500 futures and Nasdaq futures. The stock market rally shrugged off modest early losses after the Christmas holiday. The major indexes rose slightly while small caps had a solid gain. ( ) edged lower Thursday, trading around key levels after just flashing a buy signal Tuesday. ( ) and ( ), the AI stock leaders right now, continued to climb. Meanwhile, several speculative hot stocks continued to soar, including ( ), ( ) and ( ). With the possible exception of RKLB stock, these names are not in position. In a less-heated space, ( ), ( ), ( ) and ( ) are setting up and potentially actionable. Nvidia stock is a hedged position on , with Astera Labs on the Leaderboard watchlist. Astera Labs stock, Rocket Lab, Nvidia and Broadcom are on the . Broadcom stock is on the . Boston Scientific was Wednesday's . The video embedded in this article discusses Wednesday's market action and analyzes Burlington Stores, Boston Scientific and Vertex stock. Dow Jones Futures Today Dow Jones futures were flat vs. fair value. S&P 500 futures edged lower and Nasdaq 100 futures fell 0.1%. Remember that overnight action in and elsewhere doesn't necessarily translate into actual trading in the next regular session. Stock Market Rally The stock market rally had a relatively quiet session, but did close near intraday highs. The Dow Jones Industrial Average rose less than 0.1% in Thursday's , a fifth straight gain and nearing the 50-day line after a 10-day slide. The S&P 500 index lost a fraction, finding support at the 21-day line. The Nasdaq composite also edged lower, but held the 20,000 level. The small-cap Russell 2000 climbed 0.9%, starting to close the distance to the 50-day line. The Invesco S&P 500 Equal Weight ETF ( ) rose about 0.2%, comfortably below the 50-day line. The First Trust Nasdaq 100 Equal Weighted Index ETF ( ) eked out a gain, looking a lot like the Dow. U.S. crude oil prices fell 0.7% to $69.62 a barrel. The 10-year Treasury yield was roughly flat at 4.58% after hitting 4.64% intraday, the highest since early May. ETFs Among growth ETFs, the Innovator IBD 50 ETF ( ) popped 1%. The iShares Expanded Tech-Software Sector ETF ( ) and VanEck Vectors Semiconductor ETF ( ) fell 0.2%. Nvidia stock is the No. 1 holding in SMH, with Broadcom also a key component. ARK Innovation ETF ( ) was flat and ARK Genomics ETF ( ) jumped 2%. SPDR S&P Metals & Mining ETF ( ) rose 0.2%. The SPDR S&P Homebuilders ETF ( ) and the Energy Select SPDR ETF ( ) dipped 0.1%. The Health Care Select Sector SPDR Fund ( ) climbed 0.2%, with Boston Scientific stock a member. The Industrial Select Sector SPDR Fund ( ) also advanced 0.2%. The Financial Select SPDR ETF ( ) inched up 0.1%. SoundHound AI, Speculative Stocks SoundHound stock shot up 19.7% to 24.23, hitting a new high. SOUN stock is up 160% so far just in December. Nvidia owns a stake in SoundHound AI, which is seeing rapid revenue growth. Rigetti Computing stock vaulted 36% to 15.44, hitting a record high. Shares of the quantum computing startup are up 406% so far in December. RGTI stock traded as low as 66 cents on Sept. 9. Rocket Lab stock jumped 6.9% to 28.44, clearing a short consolidation to a new high. Shares were arguably actionable above a short-term high of 26.78, but perhaps only as an add-on buy or swing trade. RKLB stock is 51% above its 50-day line. Nvidia Stock Nvidia stock dipped 0.2% to 139.93, right on the 50-day line after falling to 137.73 intraday, testing the 21-day. Shares just nudged above the 50-day on Tuesday and broke a short downtrend, offering an early entry but without much power. Tuesday's high was 141.90 At the end of this week, Nvidia is on track to have a shallow with a 146.54 buy point. Nvidia isn't the AI chip leader right now. Broadcom stock rose 2.4% Thursday after Tuesday's 3.15% gain, moving back toward record highs. AI chip IPO Astera Labs stock rallied 3% to yet another record after popping 4.45% Tuesday. What To Do Now The stock market rally is acting well, despite remaining somewhat divided. Plenty of stocks are working well, though many are extended. The end of the year's light trading and potential tax-related selling in early January make this a tricky time. Aside from some incremental adds, short-term trades or minor profit taking, investors needn't take much action. It's a good time to review past trades, looking at your biggest winners and losers and the top performers that you missed. What lessons can you take from 2024 that will make you a better trader in 2025? Read every day to stay in sync with the market direction and leading stocks and sectors.Lille say 2 fans stabbed before Bologna UCL game
Government agencies had multiple clashes with the private sector in 2024, some of which remain unresolved and could further detract from or present a growth opportunity, depending on how both parties approach them, writes ARINZE NWAFOR Economic experts have called on regulatory agencies and industry operators to address the tensions that plagued the business landscape in 2024, including tariff disagreements, urging better collaboration to foster growth in 2025. In 2024, there were disagreements between the Manufacturers Association of Nigeria and the Nigerian Electricity Regulatory Commission, the Advertisers Association of Nigeria and the Advertising Regulatory Council of Nigeria, and sustained calls for intervention on key issues between the Pharmaceutical Manufacturers Group of MAN and the bureaucracy, including the Federal Ministry of Health, as between the MAN Export Promotion Group and the Federal Inland Revenue Service. These groups form a bulk of the organised private sector, representative of hundreds of thousands of businesses, including Small and Medium Enterprises. Their clashes have indirectly hurt productivity and groups that have tension simmering between them and government apparatuses reflect a discontent, which is yet to be resolved or has been addressed albeit unsatisfactorily. The calls for improved engagement suggests an examination of the significant tensions between regulators and industry players in 2024. MAN vs NERC In 2024, MAN and NERC were embroiled in a dispute over a 230 per cent electricity tariff hike. Earlier, NERC approved an increase in tariffs for Band A customers from N68/kWh to approximately N224–N225/kWh. MAN contended that such a steep increase would severely impact manufacturers, proposing instead a more manageable 100 per cent hike. The Director-General of MAN, Segun Ajayi-Kadir, told The PUNCH, “We have indicated that a 100 per cent increase will have been tolerable. And this is for power that is inefficiently generated and run.” MAN argued that the regulatory procedures for tariff reviews were not properly followed before NERC issued the Supplementary Order on April 3, 2024, and the revised rate on May 6, 2024. In response, MAN filed a lawsuit against NERC and the electricity distribution companies, challenging the implementation of the new tariffs and alleging discriminatory practices, as the increase applied solely to Band A feeders. However, on October 7, 2024, a Federal High Court in Lagos dismissed MAN’s case, ruling it premature and an abuse of the court process, citing MAN’s failure to exhaust the dispute resolution mechanisms outlined in the Electricity Act 2023. Despite the legal setback, MAN maintained its opposition on the tariff hike, expressing concerns about the sustainability of manufacturing operations under the new rates. The association emphasised that no manufacturer could competitively produce under such conditions and called for government intervention, including financial relief and incentives, to support the sector. MAN’s Director-General, Segun Ajayi-Kadir, stated that the battle against the tariff increase was far from over, indicating the association’s intent to continue advocating a more reasonable adjustment. PMG-MAN vs FG The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria expressed significant concerns over the delayed implementation of the Federal Government’s zero-value-added tax policy on pharmaceutical inputs, which appears to be unresolved as 2024 gives way to the new year. Despite President Bola Tinubu’s executive order on June 28, 2024, to eliminate tariffs, excise duties, and VAT on imported pharmaceutical raw materials and equipment, the policy had not been actualised due to bureaucratic delays. The PUNCH had reported in October that the executive order has yet to be adopted by the Nigerian Customs Service due to bureaucratic delays, which the PMG-MAN’s Chairman, Oluwatosin Jolayemi, explained would require coordination among government ministries, departments, agencies, and the NCS to take effect. Jolayemi told The PUNCH that this postponement resulted in revenue losses of up to 8 per cent for manufacturers, as they were compelled to reduce product prices in anticipation of the tax relief that had yet to materialise. Jolayemi lamented this delay, stressing, “How long is it going to take for the implementation guidelines to come out? And even after the implementation guideline comes out, for the letter to go from the Ministry of Finance to the Comptroller-General of Customs? And for the Comptroller-General of Customs to write a letter to his commands. Now, that is one question.” The delay in implementing the zero-VAT policy exacerbated current challenges within Nigeria’s pharmaceutical sector, including foreign exchange scarcity and rising operational costs. These issues have led to the exit of multinational pharmaceutical companies like GlaxoSmithKline and Sanofi Nigeria Ltd from the Nigerian market. PMG-MAN emphasised that without the anticipated reductions in import costs, local manufacturers struggled to maintain profitability and competitiveness. The association called for prompt government action to establish and communicate clear implementation protocols to relevant agencies, ensuring the policy’s benefits reach the industry without further delay. Further, PMG-MAN underscored the broader implications of the delay on Nigeria’s healthcare system. The postponement hindered the availability and affordability of essential medicines, adversely affecting patient care nationwide. The association urged the government to prioritise the pharmaceutical industry, recognising its critical role in safeguarding public health. They advocated open dialogue between government bodies and industry stakeholders to address challenges and implement effective solutions, thereby enhancing the sector’s contribution to national health and economic development. MANEG vs FIRS By the fourth quarter of 2024, The PUNCH reported the Manufacturers Association of Nigeria Export Group was raising concerns over the Federal Inland Revenue Service’s taxation of the Export Expansion Grant money exporters received to boost their businesses. The EEG, administered by the Nigerian Export Promotion Council, is a post-shipment incentive designed to bolster the competitiveness of exporters by providing grants ranging from 5 per cent to 15 per cent of annual export value, depending on the product category. These grants are issued as export credit certificates, which can be utilised to settle federal taxes, purchase government bonds, or repay government credit facilities. MANEG Chairperson, Odiri Erewa-Meggison, raised the alarm, contending that the FIRS’s decision to tax the EEG contradicted the scheme’s objective of promoting non-oil exports. The group argued that subjecting these incentives to taxation diminishes their value and effectiveness, thereby undermining the government’s efforts to diversify the economy through export promotion. “FIRS wants to tax the grants that exporters receive,” Erewa-Meggison told The PUNCH in an interview. “This reduces the value of the money exporters get because the credit certificates or promissory notes are already issued in arrears, often discounted. To now add an additional level of tax defeats the purpose of having an incentive in the first place.” MANEG called for a review of the FIRS’ taxation policy regarding EEG benefits. They urged the Federal Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to help provide clarity on the tax-exempt status of the grants to ensure that exporters can fully benefit from the scheme without additional tax burdens. ADVAN vs ARCON Much earlier in the year, the Advertising Regulatory Council of Nigeria intensified its regulatory measures within the advertising industry, leading to significant friction with key stakeholders, notably the Advertisers Association of Nigeria. ARCON’s initiatives included enforcing the Advertising Industry Standard of Practice, which introduced stringent guidelines on payment terms, engagement protocols, and copyright protections. ADVAN and other industry players perceived these measures as overreaching and detrimental to the flexibility required for effective business operations. Following a National Assembly assent to its transition in status in 2022 from the Advertising Practitioners Council of Nigeria to ARCON, the regulatory council morphed into a “powerful apex regulator for the industry.” Related News No French military presence in Nigeria, FG replies Niger president Tchiani Tinubu condoles Jigawa gov over mother’s death I’m optimistic about Nigeria’s future, says Shettima ARCON embarked on rewriting the law guiding advertising practice in Nigeria. The PUNCH reported thus, “The new law seeks to comprehensively upend the ecosystem and rid it of certain practices the council considers sharp and potentially injurious to the industry. It also prescribes jarring penalties for offenders, including jail terms.” ADVAN did not receive ARCON’s new laws well. It expressed concerns that ARCON’s regulatory approach was excessively restrictive, potentially stifling creativity and innovation within the sector. The association reckoned that certain mandates, such as the prohibition of foreign models in advertisements, could limit advertisers’ creative choices and adversely affect the industry’s global competitiveness. The President of ADVAN denounced ARCON’s new powers, insisting, “A regulatory body for advertising cannot set up a tribunal with powers to hear, try, deliver judgement, and sentence, as such is clearly a violation of the Constitution of the nation.” ADVAN advocated a more collaborative regulatory framework that balances oversight with the operational realities of advertisers, emphasising the need for regulations that support, rather than hinder, industry growth. It had earlier accused ARCON of not carrying it along in its deliberations before coming up with the new advertising laws. The PUNCH reported that ARCON Director-General, Olalekan Fadolapo, denied not carrying ADVAN along, maintaining, “There are two levels of consultation. There is legislation that we do in our own office, which is a sub-law. What the National Assembly does is the enabling Act. When we wanted to do the ISOP, we set up a committee of all the sectoral groups, including ADVAN. “The committee met several times and concluded its report. They brought their report to us; we reviewed it and sent it out. The Director of Legal Services of the Ministry (of Information) made some alterations to the report. After a series of meetings, we came back and made a pronouncement. “They (ADVAN) claimed that they made submissions that were not captured. Other times, they had said they were not engaged. There was no time that we had an industry pronouncement that ADVAN was not part of it. We had a code review meeting, and they were part of that meeting. So, at what point did we not involve them?” Economists react These elements of industry friction present an opportunity to drive growth if operators and regulators engage more with themselves to settle disputes and create a more enabling business environment, according to experts who spoke with The PUNCH in separate interviews over the phone. A former president of the Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, harped on the need for regulators to quit taking an authoritarian approach that undermines industry operators’ input and urged operators to shun distrust of the government agencies. He called for more mutually respectable meetings between both parties instead of what he described as “a master-servant relationship,” which typifies the current regulator-operator relationship, which eventually leads to coercion or punitive actions by regulators upon disagreements. “One major requirement is to forge an understanding and a meeting of the minds between regulators and operators across all the industries. Most of the time what we have is like that of a master-servant relationship,” Ajibola said. “When regulators speak, however right or wrong, operators are not in a position to counter whatever they say. “And it has degenerated into a situation where when operators openly disagree with regulators, it could even lead to witch-hunting, if not knocking heads to show who has the power. At times, the power of coercion is deployed to deal with any operators that disagree with regulators. “However sound or reasonable the points of disagreement may be. So that is why I say that at times it is the relationship of master-servant. But we all know that cannot deliver the best dividend for the bigger picture, which is the economy as a whole.” The former CIBN president urged regulators to engage operators, who he described as “the foot soldiers closer to the people and users of services,” to craft more effective policies: “There is need for that understanding, a need for regulators in particular, to create platforms to hear operators out. Operators are the ones who know where the shoes pinch. “They are on the pitch; they are the foot soldiers; they are closer to the people and the users of their services. They know the complaints, gaps, and areas of weakness, so they should be able to carry the message of the masses representing the economy to the regulators for a better regulator-operator relationship and a better resource for the economy as a whole.” Ajibola further advised industry actors on growth in the new year, stating, “What will come first in 2025 is a better working relationship between operators and regulators where regulators will competently, carefully look at issues and roll out regulations that will help protect all the stakeholders in each of the industries that you have mentioned. “We will also expect operators to play the game according to the rules. Not operators who will be looking for opportunities to cut corners. Not operators who will be disrespectful and lawless in carrying out their activities. Regulators should have their ears on the ground to listen to what the people are saying. And use that as a basis for forming regulations across the board. “Operators (need) to also shun what we can call a sort of mutual suspicion, distrust, and mistrust all over. If we can eliminate some of this, we will be able to deliver more on the mandate of each of the industries that you’ve mentioned to be able to move better in each of the industries that you have identified.” The Director of the Centre for Promotion of Private Enterprise, Dr. Muda Yusuf, shared similar sentiments with Ajibola as he submitted that operators need better engagement with the relevant authorities. However, Yusuf called for more caution on the regulators’ part, stressing that the country’s regulatory environment imposes significant risks and burdens on businesses that exacerbate existing economic challenges. He said, “The government should encourage government agencies, especially regulatory agencies, to engage better in 2025 with their respective constituencies. The whole objective of government is to create an enabling environment for businesses. The macroeconomic challenges and headwinds are enough trouble for many of these investors. We don’t want to add regulatory challenges to it. “I’m not saying that there should be no regulation, but there should be a minimum regulatory burden. Regulators should not be predatory in their approach.” Yusuf reiterated his calls for regulatory agencies to lay less emphasis on revenue generation, noting businesses are not obligated to fund regulators but the government. “(Regulators) need to also minimise the pressure on regulators to go and be generating revenue because these companies are already paying taxes, the CPPE director remarked. “We don’t want the regulators to become another source of taxation in a way, because many of the regulators claim that they need to generate revenue, claiming they are not being properly funded from the budget. All that needs to be reviewed in 2025. It is not the duty of the businesses to be funding the regulators. “The regulators are supposed to be funded from the budget. Whatever they are charging, the business should be maybe an administrative fee and not something that should be burdensome on them because many of the regulators are too revenue-focused, and it is not good for the development of business.” Also, Yusuf called for a review of regulatory practices in ARCON to address the tension with ADVAN, adding, “As for the Advertising Council, I think that it is good to ensure checks and balances to ensure that you do not have absolute power in the advertising environment. I think that argument is valid so that there can be a fair regulatory environment. “I hope the Federal Ministry of Industry, Trade and Investment will look into that. One of the major issues we have in business is the quality of the regulatory environment and what you call regulatory risk. It is very high in Nigeria, and we need to reduce regulatory risk.” Looking ahead to 2025 Experts have clarified that the industry needs both regulators and operators to function optimally, emphasising dialogue, fairness, and mutual respect. Nigeria’s economy faces multiple challenges, and stakeholders agree that fostering a more harmonious regulatory environment will be crucial for achieving sustainable growth in the coming year.Vikings waive former starting cornerback Akayleb Evans in another blow to 2022 draft classGovernment agencies had multiple clashes with the private sector in 2024, some of which remain unresolved and could further detract from or present a growth opportunity, depending on how both parties approach them, writes ARINZE NWAFOR Economic experts have called on regulatory agencies and industry operators to address the tensions that plagued the business landscape in 2024, including tariff disagreements, urging better collaboration to foster growth in 2025. In 2024, there were disagreements between the Manufacturers Association of Nigeria and the Nigerian Electricity Regulatory Commission, the Advertisers Association of Nigeria and the Advertising Regulatory Council of Nigeria, and sustained calls for intervention on key issues between the Pharmaceutical Manufacturers Group of MAN and the bureaucracy, including the Federal Ministry of Health, as between the MAN Export Promotion Group and the Federal Inland Revenue Service. These groups form a bulk of the organised private sector, representative of hundreds of thousands of businesses, including Small and Medium Enterprises. Their clashes have indirectly hurt productivity and groups that have tension simmering between them and government apparatuses reflect a discontent, which is yet to be resolved or has been addressed albeit unsatisfactorily. The calls for improved engagement suggests an examination of the significant tensions between regulators and industry players in 2024. MAN vs NERC In 2024, MAN and NERC were embroiled in a dispute over a 230 per cent electricity tariff hike. Earlier, NERC approved an increase in tariffs for Band A customers from N68/kWh to approximately N224–N225/kWh. MAN contended that such a steep increase would severely impact manufacturers, proposing instead a more manageable 100 per cent hike. The Director-General of MAN, Segun Ajayi-Kadir, told The PUNCH, “We have indicated that a 100 per cent increase will have been tolerable. And this is for power that is inefficiently generated and run.” MAN argued that the regulatory procedures for tariff reviews were not properly followed before NERC issued the Supplementary Order on April 3, 2024, and the revised rate on May 6, 2024. In response, MAN filed a lawsuit against NERC and the electricity distribution companies, challenging the implementation of the new tariffs and alleging discriminatory practices, as the increase applied solely to Band A feeders. However, on October 7, 2024, a Federal High Court in Lagos dismissed MAN’s case, ruling it premature and an abuse of the court process, citing MAN’s failure to exhaust the dispute resolution mechanisms outlined in the Electricity Act 2023. Despite the legal setback, MAN maintained its opposition on the tariff hike, expressing concerns about the sustainability of manufacturing operations under the new rates. The association emphasised that no manufacturer could competitively produce under such conditions and called for government intervention, including financial relief and incentives, to support the sector. MAN’s Director-General, Segun Ajayi-Kadir, stated that the battle against the tariff increase was far from over, indicating the association’s intent to continue advocating a more reasonable adjustment. PMG-MAN vs FG The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria expressed significant concerns over the delayed implementation of the Federal Government’s zero-value-added tax policy on pharmaceutical inputs, which appears to be unresolved as 2024 gives way to the new year. Despite President Bola Tinubu’s executive order on June 28, 2024, to eliminate tariffs, excise duties, and VAT on imported pharmaceutical raw materials and equipment, the policy had not been actualised due to bureaucratic delays. The PUNCH had reported in October that the executive order has yet to be adopted by the Nigerian Customs Service due to bureaucratic delays, which the PMG-MAN’s Chairman, Oluwatosin Jolayemi, explained would require coordination among government ministries, departments, agencies, and the NCS to take effect. Jolayemi told The PUNCH that this postponement resulted in revenue losses of up to 8 per cent for manufacturers, as they were compelled to reduce product prices in anticipation of the tax relief that had yet to materialise. Jolayemi lamented this delay, stressing, “How long is it going to take for the implementation guidelines to come out? And even after the implementation guideline comes out, for the letter to go from the Ministry of Finance to the Comptroller-General of Customs? And for the Comptroller-General of Customs to write a letter to his commands. Now, that is one question.” The delay in implementing the zero-VAT policy exacerbated current challenges within Nigeria’s pharmaceutical sector, including foreign exchange scarcity and rising operational costs. These issues have led to the exit of multinational pharmaceutical companies like GlaxoSmithKline and Sanofi Nigeria Ltd from the Nigerian market. PMG-MAN emphasised that without the anticipated reductions in import costs, local manufacturers struggled to maintain profitability and competitiveness. The association called for prompt government action to establish and communicate clear implementation protocols to relevant agencies, ensuring the policy’s benefits reach the industry without further delay. Further, PMG-MAN underscored the broader implications of the delay on Nigeria’s healthcare system. The postponement hindered the availability and affordability of essential medicines, adversely affecting patient care nationwide. The association urged the government to prioritise the pharmaceutical industry, recognising its critical role in safeguarding public health. They advocated open dialogue between government bodies and industry stakeholders to address challenges and implement effective solutions, thereby enhancing the sector’s contribution to national health and economic development. MANEG vs FIRS By the fourth quarter of 2024, The PUNCH reported the Manufacturers Association of Nigeria Export Group was raising concerns over the Federal Inland Revenue Service’s taxation of the Export Expansion Grant money exporters received to boost their businesses. The EEG, administered by the Nigerian Export Promotion Council, is a post-shipment incentive designed to bolster the competitiveness of exporters by providing grants ranging from 5 per cent to 15 per cent of annual export value, depending on the product category. These grants are issued as export credit certificates, which can be utilised to settle federal taxes, purchase government bonds, or repay government credit facilities. MANEG Chairperson, Odiri Erewa-Meggison, raised the alarm, contending that the FIRS’s decision to tax the EEG contradicted the scheme’s objective of promoting non-oil exports. The group argued that subjecting these incentives to taxation diminishes their value and effectiveness, thereby undermining the government’s efforts to diversify the economy through export promotion. “FIRS wants to tax the grants that exporters receive,” Erewa-Meggison told The PUNCH in an interview. “This reduces the value of the money exporters get because the credit certificates or promissory notes are already issued in arrears, often discounted. To now add an additional level of tax defeats the purpose of having an incentive in the first place.” MANEG called for a review of the FIRS’ taxation policy regarding EEG benefits. They urged the Federal Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to help provide clarity on the tax-exempt status of the grants to ensure that exporters can fully benefit from the scheme without additional tax burdens. ADVAN vs ARCON Much earlier in the year, the Advertising Regulatory Council of Nigeria intensified its regulatory measures within the advertising industry, leading to significant friction with key stakeholders, notably the Advertisers Association of Nigeria. ARCON’s initiatives included enforcing the Advertising Industry Standard of Practice, which introduced stringent guidelines on payment terms, engagement protocols, and copyright protections. ADVAN and other industry players perceived these measures as overreaching and detrimental to the flexibility required for effective business operations. Following a National Assembly assent to its transition in status in 2022 from the Advertising Practitioners Council of Nigeria to ARCON, the regulatory council morphed into a “powerful apex regulator for the industry.” Related News No French military presence in Nigeria, FG replies Niger president Tchiani Tinubu condoles Jigawa gov over mother’s death I’m optimistic about Nigeria’s future, says Shettima ARCON embarked on rewriting the law guiding advertising practice in Nigeria. The PUNCH reported thus, “The new law seeks to comprehensively upend the ecosystem and rid it of certain practices the council considers sharp and potentially injurious to the industry. It also prescribes jarring penalties for offenders, including jail terms.” ADVAN did not receive ARCON’s new laws well. It expressed concerns that ARCON’s regulatory approach was excessively restrictive, potentially stifling creativity and innovation within the sector. The association reckoned that certain mandates, such as the prohibition of foreign models in advertisements, could limit advertisers’ creative choices and adversely affect the industry’s global competitiveness. The President of ADVAN denounced ARCON’s new powers, insisting, “A regulatory body for advertising cannot set up a tribunal with powers to hear, try, deliver judgement, and sentence, as such is clearly a violation of the Constitution of the nation.” ADVAN advocated a more collaborative regulatory framework that balances oversight with the operational realities of advertisers, emphasising the need for regulations that support, rather than hinder, industry growth. It had earlier accused ARCON of not carrying it along in its deliberations before coming up with the new advertising laws. The PUNCH reported that ARCON Director-General, Olalekan Fadolapo, denied not carrying ADVAN along, maintaining, “There are two levels of consultation. There is legislation that we do in our own office, which is a sub-law. What the National Assembly does is the enabling Act. When we wanted to do the ISOP, we set up a committee of all the sectoral groups, including ADVAN. “The committee met several times and concluded its report. They brought their report to us; we reviewed it and sent it out. The Director of Legal Services of the Ministry (of Information) made some alterations to the report. After a series of meetings, we came back and made a pronouncement. “They (ADVAN) claimed that they made submissions that were not captured. Other times, they had said they were not engaged. There was no time that we had an industry pronouncement that ADVAN was not part of it. We had a code review meeting, and they were part of that meeting. So, at what point did we not involve them?” Economists react These elements of industry friction present an opportunity to drive growth if operators and regulators engage more with themselves to settle disputes and create a more enabling business environment, according to experts who spoke with The PUNCH in separate interviews over the phone. A former president of the Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, harped on the need for regulators to quit taking an authoritarian approach that undermines industry operators’ input and urged operators to shun distrust of the government agencies. He called for more mutually respectable meetings between both parties instead of what he described as “a master-servant relationship,” which typifies the current regulator-operator relationship, which eventually leads to coercion or punitive actions by regulators upon disagreements. “One major requirement is to forge an understanding and a meeting of the minds between regulators and operators across all the industries. Most of the time what we have is like that of a master-servant relationship,” Ajibola said. “When regulators speak, however right or wrong, operators are not in a position to counter whatever they say. “And it has degenerated into a situation where when operators openly disagree with regulators, it could even lead to witch-hunting, if not knocking heads to show who has the power. At times, the power of coercion is deployed to deal with any operators that disagree with regulators. “However sound or reasonable the points of disagreement may be. So that is why I say that at times it is the relationship of master-servant. But we all know that cannot deliver the best dividend for the bigger picture, which is the economy as a whole.” The former CIBN president urged regulators to engage operators, who he described as “the foot soldiers closer to the people and users of services,” to craft more effective policies: “There is need for that understanding, a need for regulators in particular, to create platforms to hear operators out. Operators are the ones who know where the shoes pinch. “They are on the pitch; they are the foot soldiers; they are closer to the people and the users of their services. They know the complaints, gaps, and areas of weakness, so they should be able to carry the message of the masses representing the economy to the regulators for a better regulator-operator relationship and a better resource for the economy as a whole.” Ajibola further advised industry actors on growth in the new year, stating, “What will come first in 2025 is a better working relationship between operators and regulators where regulators will competently, carefully look at issues and roll out regulations that will help protect all the stakeholders in each of the industries that you have mentioned. “We will also expect operators to play the game according to the rules. Not operators who will be looking for opportunities to cut corners. Not operators who will be disrespectful and lawless in carrying out their activities. Regulators should have their ears on the ground to listen to what the people are saying. And use that as a basis for forming regulations across the board. “Operators (need) to also shun what we can call a sort of mutual suspicion, distrust, and mistrust all over. If we can eliminate some of this, we will be able to deliver more on the mandate of each of the industries that you’ve mentioned to be able to move better in each of the industries that you have identified.” The Director of the Centre for Promotion of Private Enterprise, Dr. Muda Yusuf, shared similar sentiments with Ajibola as he submitted that operators need better engagement with the relevant authorities. However, Yusuf called for more caution on the regulators’ part, stressing that the country’s regulatory environment imposes significant risks and burdens on businesses that exacerbate existing economic challenges. He said, “The government should encourage government agencies, especially regulatory agencies, to engage better in 2025 with their respective constituencies. The whole objective of government is to create an enabling environment for businesses. The macroeconomic challenges and headwinds are enough trouble for many of these investors. We don’t want to add regulatory challenges to it. “I’m not saying that there should be no regulation, but there should be a minimum regulatory burden. Regulators should not be predatory in their approach.” Yusuf reiterated his calls for regulatory agencies to lay less emphasis on revenue generation, noting businesses are not obligated to fund regulators but the government. “(Regulators) need to also minimise the pressure on regulators to go and be generating revenue because these companies are already paying taxes, the CPPE director remarked. “We don’t want the regulators to become another source of taxation in a way, because many of the regulators claim that they need to generate revenue, claiming they are not being properly funded from the budget. All that needs to be reviewed in 2025. It is not the duty of the businesses to be funding the regulators. “The regulators are supposed to be funded from the budget. Whatever they are charging, the business should be maybe an administrative fee and not something that should be burdensome on them because many of the regulators are too revenue-focused, and it is not good for the development of business.” Also, Yusuf called for a review of regulatory practices in ARCON to address the tension with ADVAN, adding, “As for the Advertising Council, I think that it is good to ensure checks and balances to ensure that you do not have absolute power in the advertising environment. I think that argument is valid so that there can be a fair regulatory environment. “I hope the Federal Ministry of Industry, Trade and Investment will look into that. One of the major issues we have in business is the quality of the regulatory environment and what you call regulatory risk. It is very high in Nigeria, and we need to reduce regulatory risk.” Looking ahead to 2025 Experts have clarified that the industry needs both regulators and operators to function optimally, emphasising dialogue, fairness, and mutual respect. Nigeria’s economy faces multiple challenges, and stakeholders agree that fostering a more harmonious regulatory environment will be crucial for achieving sustainable growth in the coming year.
Economy Minister Marcelo Ebrard said Wednesday that the United States would be shooting itself in the foot if it imposes a 25% tariff on Mexican exports, as Donald Trump has pledged to do. Speaking at President Claudia Sheinbaum’s morning press conference, Ebrard said that 400,000 jobs would be lost in the United States if Trump imposes the tariff he threatened to implement in a post to his social media site Truth Social on Monday. The U.S. president-elect said that his proposed 25% tariff on Mexican and Canadian imports would be imposed on the first day of his second term and remain in effect “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Ebrard highlighted on Wednesday that a 25% tariff on Mexican exports would affect companies in the United States that operate in Mexico, “particularly” automakers that have long had a manufacturing presence here such as General Motors, Stellantis and Ford. “What [Trump] is saying is, ‘Dear fellows, we are going to impose a tax on the most important North American companies in the world,'” he said. Ebrard noted that retaliatory tariffs on United States exports – as Sheinbaum said Mexico would impose – would also affect General Motors, Stellantis and Ford because they send auto parts from the U.S. to their plants in Mexico. “We’re very integrated, we bring some things from the United States, we produce others here, we incorporate them and you see it as a final product,” he said. Ebrard stressed that a 25% tariff “is a tax” that would have an outsized impact on the auto sector in North America, “whose main exponents are these three large groups from the United States itself.” “In other words, it’s a shot in the foot,” he said. “The taxes – I say ‘taxes’ because a tariff is a tax; the 25% proposed tax would have a direct impact on [U.S.] companies because it’s equivalent to doubling the tax on profits,” Ebrard said, referring to the 21% corporate tax rate in the United States. “In the end,” Ebrard added, a 25% tariff would “affect the consumer in the United States” and “around 400,000 jobs” in the U.S. “would be lost.” That figure, he explained, is an estimate made by the Economy Ministry after consultation with the auto sector in the United States. “That is the estimated impact that we’ve been able to calculate between the [tariff] announcement and now,” Ebrard said. “... The main impact of this measure is on the consumer in the United States and United States companies [including] the three largest of the North American automotive industry. That’s why we say it’s a shot in the foot.” Analysts at Barclays, Reuters reported , estimate that Trump’s proposed tariff “could wipe out effectively all profits” of General Motors, Stellantis and Ford, known as the “big three” among U.S. automakers. “While it’s generally understood that a blanket 25% tariff on any vehicles or content from Mexico or Canada could be disruptive, investors underappreciate how disruptive this could be,” the analysts wrote in a note on Tuesday. Ebrard said “there are two options on the table” for Mexico, the United States and Canada, the three signatories to the USMCA free trade pact that is scheduled to be reviewed in 2026. “We can fragment and divide ourselves with accusations and tariffs – we can do that if we want ...or we can together build a strong, competitive region that is prepared to lead the future and compete with other regions,” he said. Mexico’s objective, “of course,” is to “create a strong region and not conflict and division,” Ebrard said. The economy minister said that “the proposal that Mexico will prepare to achieve this” will be based on having “regional stability,” ensuring “shared prosperity” and increasing North America’s “global competitiveness.” “We have to cooperate on security, on migration, on governance, on many issues,” Ebrard said. Whether the Sheinbaum administration will be prepared to deploy additional monetary and human resources to combat the flow of migrants and drugs to the United States in order to stave off a 25% tariff on its exports remains to be seen, but the government led by former president Andrés Manuel López Obrador agreed to do so when Trump issued a tariff threat in 2019. In a letter she sent to Trump on Tuesday, Sheinbaum highlighted the efforts Mexico is already making to reduce the number of migrants and the amount of drugs reaching the United States and gave no indication that Mexico was ready and willing to do more. However, Trump is clearly dissatisfied with Mexico’s existing efforts and appears determined to get Mexico to ramp up enforcement against migrants and drug traffickers. Tonatiuh Guillén , head of Mexico’s National Immigration Institute for the first six months of López Obrador’s six-year term, said earlier this month that the likelihood that Mexico will give in to pressure from Trump, as it did in 2019 , is “high.” With regard to “shared prosperity,” Ebrard said it should be an “objective” of Mexico, the United States and Canada. Sheinbaum has made “shared prosperity” a priority of her government as it seeks to reduce wealth inequality in Mexico and ensure that foreign investment is spread more equitably across the country . Ebrard said that “everything that goes against shared prosperity,” including “unnecessary taxes,” is inadvisable. “... Tariffs fragment us, hinder the work of industry, cause jobs and competitiveness to be lost,” he said. “The United States is affected first and foremost, but others are affected as well, Mexico and other partners.” To increase North America’s global competitiveness, Mexico, the United States and Canada need to “optimize regional supply chains, maintain low costs ... and work as a team,” Ebrard said. “This [idea] has a lot of support in Mexico, in the United States and in Canada as well, and we think it is the correct, intelligent route for the circumstances the world is going through,” he said. “... So, presidenta , we’re already working on this, on the strategy you gave us,” Ebrard told Sheinbaum. “And we’re also accelerating conversations with the European Union to finish the modernization of the [trade] agreement with the European Union,” he said, adding that the ministry he leads is also “accelerating agreements with countries such as Brazil.” By Mexico News Daily chief staff writer Peter Davies ( [email protected] )Retailers like Best Buy, Target offer last-minute shoppers a Santa’s little helper: AI
PLANO, Texas — This story was originally published by our content partners at the Dallas Business Journal. You can read the original version here . A global electronics firm plans to markedly expand its manufacturing capabilities at a campus in Plano that’s expected to bring its total employment in the city up to 1,500 people. Taiwan-based Delta Electronics Inc. already has an existing 435,000-square-foot advanced research-and-development and manufacturing facility at 601 Data Dr. in Plano focused on developing smart energy-saving products and solutions for artificial intelligence and cloud data centers, telecom networks, electric vehicle charging and more. The company plans significant new construction in two new phases, according to an announcement from the City of Plano. Delta Electronics has disclosed plans to build a 477,000-square-foot manufacturing facility and a 90,000-square-foot office building in phase two, and a future 477,000-square-foot facility in phase three, both located at Lotus Drive, according to the city announcement. Once the project's complete, the company’s manufacturing facilities in Plano are expected to span close to 1.5 million square feet and employ more than 1,500 employees by 2031, according to the announcement. Construction of the second phase is expected to be completed by 2028 with the third phase to be completed by 2031. The announcement did not specify how many new jobs the plant expansion will involve, how much Delta is investing into the expansion or whether state or local economic incentives are part of the plan to expand in Plano. The announcement called the expansion "a significant milestone in its efforts to attract world-class manufacturing of next-generation technologies." Delta Electronics evaluated sites in multiple states before deciding that Plano would be the ideal location for the expansion, Plano Mayor John Muns said in the announcement. "We understand how critical it can be to choose a location for a company’s operation, especially one of this size, and feel proud that Delta Electronics agrees that Plano offers the resources and partnership to build a lasting relationship," Muns said. Delta Electronics, one of Taiwan’s largest companies, provides power management and internet-connected smart green solutions and products. Founded in 1971, Delta has nearly $13 billion in annual revenues, a workforce of more than 81,000 employees and operations worldwide. Ping Cheng, Delta Electronics’ chairman and CEO, said the expansion in Plano shows the company’s commitment to its U.S. customers and "provides them with ‘Made in the USA’ solutions capable of fostering energy conservation and sustainable development." "From 2010 to 2023, Delta’s high-efficiency products and solutions helped our customers worldwide save over 45.5 billion kWh of electricity, enough to power the state of Texas for nearly one month," Cheng said in a statement. The announcement from the City of Plano also included a statement from the Texas Economic Development & Tourism Office, which is within the Office of the Governor — suggesting that state incentives may be involved in the expansion. "We thank Delta Electronics for choosing to grow in Texas," said Adriana Cruz, executive director of the Texas Economic Development & Tourism Office. "As the most popular location in the U.S. for foreign direct investment over the last two decades and a national leader in advanced manufacturing, we know that Delta Electronics’ expanding facility will continue to thrive here in the Lone Star State. It’s thanks to innovative companies like Delta Electronics that Texas will continue to create good-paying careers in high-demand industries and build the technologies of the future. We congratulate our local and regional economic development partners in Plano on this remarkable win." Plano is the largest city in Collin County, with a population of more than 294,000.
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