1) The telecommunications giant AT&T is making its belated entry into the streaming video business to compete with Netflix, Apple and Disney. AT&T plans to reach about 80 million subscribers globally, 50 million in the United States by 2025. HBO Max is expanding its customer base into the streaming market through AT&T wireless. AT&T also owns the satellite service DirecTV.
2) The UAW (United Auto Workers) has approved a new contract with GM (General Motors) which ends the six week strike. GM is calling back technicians to prepare the plants to resume production, with production resuming as early as Monday at some plants. The new contract gives workers a series of wage increases and a path for temporary workers to become permanent employees. Permanent workers can earn as much as $32 an hour.
3) The U.S. government has ended its 2019 fiscal year with the largest deficit since 2012. Gains in tax receipts were offset by higher spending and growing debt service payments. The budget deficit has widened to $984 billion dollars, which was 4.6% of the nation’s gross domestic product. Last years deficit was $779 billion dollars and 3.8% of the GDP. Defense, healthcare and social security programs are a major source for driving the deficit, with worries that these expenditures will not be sustainable.
4) Stock market closings for – 25 OCT 19:
Dow 26,958.06 up 152.53 Nasdaq 8,243.12 up 57.32 S&P 500 3,022.55 up 12.26
Nawah Energy Company (unit/ENEC), a unit of the Emirates Nuclear Energy Corporation , has signed a long term joint agreement with middle east nuclear powerhouse EDF Abu Dhabi.
Nawah will operate and maintain the Barakah Nuclear Energy Plant, that is being established in Abu Dhabi, UAE. The Barakah Nuclear Energy Plant will be the first nuclear energy plant in the Arab region.
The agreement strengthens both parties; in that allows EDF to be one of the few, if not only firms to build and maintain in the energy sector, within the UAE. For Nawah it provides it strengthened position, in being allowed to continue to maintain, monitor, and operate the Barakh Nuclear Energy plant on day to day basis. -SB
Energy is big business in Nigeria and in Africa in general. Billionaire Aliko Dangote, Africa’s richest man has invested $2 billion dollars in Nigeria’s oil refinery. It is Nigeria’s petrochemical and fertiliser plant. He has already invested $9 billion dollars in the refinery adding the recent $2 billion recently. This project has been noted by energy analysts as galvanizing and revolutionizing the energy sector in Nigeria.
Nigeria’s refineries have had problems for decades, not being able to output oil to its full capacity, being unmanageable and the high rate of oil robberies and theft.
Nigeria’s economy continues to expand and diversify especially within the past decade but the country is still relying on oil as it’s main producer… Nigeria’s is Africa #1 oil producer… Nigeria oil accounts for 90 percent of export earnings and 70 percent from its national GDP earnings.
Mr. Dangote and his Dangote Group investing $2 billion in the oil refinery will position Nigeria to broaden its spectrum in the energy sector within and help ease the necessity of energy from being imported..