Robinhood has a muted stock market debut

Your Morning Snippets – July 30, 2021

On this day in 2003, the last of 21,529,464 Volkswagen Beetles built since World War II rolls off the production line at Volkswagen’s plant in Puebla, Mexico. One of a 3,000-unit final edition, the baby-blue vehicle was sent to a museum in Wolfsburg, Germany.

Happening in the Markets

Bitcoin: $39,901.20
Ethereum: $2,418.67
Gold: $1,797.00
Crude Oil: $71.94
Naira/US Dollar: N411.58/$ (NAFEX) | N520/$ (Parallel)

Happening in the Homeland

NSIA to Invest $200m in World-class Hospital, 20 Other Projects Nationwide [ThisDay]

The Nigeria Sovereign Investment Authority (NSIA) has concluded plans to build a world-class hospital in Abuja, as part of efforts to strengthen the country’s healthcare system. Read more

Education budget’ll rise by 50% in two years – Buhari [Punch]

The President, Major General Muhammadu Buhari has pledged to increase the budget for the education sector by 50 per cent over the next two years. This was part of a joint agreement among heads of state at the ongoing Global Education Summit in London. Read more

CBN to refund capital deposit, licensing fees to BDCs [PremiumTimes]

The Central Bank of Nigeria has said it will commence the refund of the N35 million minimum capital deposits to applicants of Bureau De Change licenses.Read more

FG targets 2025 for full 5G coverage of urban centres [Guardian]

While spectrum for 5G is expected to be auctioned by the last quarter of the year, the Federal Government has hoped that by 2025, urban centres in Nigeria would have been 5G enabled. Read more

Happening In Foreign Lands

Robinhood closes at $34.82 in grim stock market debut [Reuters]

Robinhood Markets Inc’s shares closed more than 8% lower at $34.82 per share on their first day of trading, as many investors who used the popular trading app to participate in this year’s “meme” stock trading frenzy snubbed its initial public offering (IPO). Read more

UK to study using overhead wires to power long-haul trucks [CNBC]

A number of companies are attempting to develop solutions to the challenges posed by the electrification of larger vehicles. Study represents the latest example of how industry and government are trying to develop solutions focused on decarbonizing transportation. Read more

LinkedIn allows employees to work fully remote, removes in-office expectation [Reuters]

LinkedIn will allow employees to opt for full-time remote work or a hybrid option as offices gradually reopen, Chief People Officer Teuila Hanson told Reuters. Read more

Oil giant Shell raises dividend and launches $2 billion share buyback as commodity prices soar [CNBC]

Royal Dutch Shell on Thursday reported adjusted earnings of $5.5 billion for the three months through to the end of June, beating analyst expectations. The Anglo-Dutch company boosted its dividend for the second consecutive quarter and announced the launch of a $2 billion share buyback program that it aims to complete by the end of the year. Read more

Snippets

Huawei launches new smartphones without 5G as U.S. sanctions, chip shortage bite
We’ll source for forex independently, say BDCs
Amazon sales growth slows in tame start to Jassy’s tenure as CEO
IMF Warns Against Adoption Of Cryptos
US GDP grew 6.5 percent in Q2, well below expectations
Banks’ CEOs summon emergency meeting over BDCs’ forex ban

Learn the Lingo

What is a Market Positioning?

Market Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors. The objective of market positioning is to establish the image or identity of a brand or product so that consumers perceive it in a certain way.

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