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Nationwide Protests: Nigeria incurred N300b losses – V.P.

Abuja, Nov. 5, 2024 – Nigeria incurred over N300 billion worth of losses during the 10-day nationwide protests in August. Kashim Shettima, the Vice President, said this on Tuesday while receiving the minors who were detained for their participation in the protests at the Presidential Villa in Abuja. The minors were released on Tuesday following the dismissal of their charges by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi. The Vice President said the losses were incurred through the destructions and disruption of economic activities during …

FG terminates N740bn road contract with Julius Berger

Abuja, Oct. 5, 2024 – The Federal Ministry of Works has terminated the N740 billion contract with Julius Berger for the rehabilitation of Abuja-Kaduna-Zaria-Kano Dual Carriageway. The ministry disclosed this in a statement, explaining that termination of the contract was due to non-compliance with reviewed cost, scope, and terms, stoppage of work, and refusal to remobilise to site. The statement said the ministry took the decision after several months of discussions with the contractor failed to yield any meaningful progress. Th statement readsin parts: “Based on non-compliance with reviewed cost, …

OPEC+ agree to push back production increases by 1 month

Singapore, Oct. 5, 2024 – OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as prices continue to struggle amid a fragile economic outlook. The group led by Saudi Arabia and Russia had intended to begin a series of monthly production increases by adding 180,000 barrels a day from December, but they will now keep supply restrained through that month, according to a statement posted on OPEC’s website on Sunday. They had already postponed the restart from October …

3 years of roaring oil prices could be coming to an end

Singapore, Oct. 5, 2024 – Ever since Russia invaded Ukraine in February 2022 and oil prices soared around the globe, the oil industry has enjoyed three highly lucrative years with historic profits. The sector is still posting robust profits, as seen this past week when companies unveiled their most recent quarterly earnings. Still, the days of oil companies being compared to broken cash machines, is likely coming to end. Oil prices are sliding and many experts are predicting the value of oil could fall further over the next year or two. …

Boeing strike ends as workers accept new contract

  Seattle, Nov. 5, 2024 – Boeing’s U.S. West Coast factory workers accepted a new contract offer on Monday, ending a bitter seven-week strike that halted most jet production and deepened a financial crisis at the troubled planemaker. The union said members voted 59% in favor of the new contract, which includes a 38% pay rise spread over four years, easing pressure on new Boeing CEO Kelly Ortberg after two previous offers were voted down in recent weeks. Shares of the planemaker were up nearly 2% in premarket trading on …

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

Lagos, Nov, 4, 2024 – Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos. This honour comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.  At the event, attended …

Shell, NNPC, partners boost ICT learning in 3 universities

Lagos, Nov. 4, 2024 – Shell companies in Nigeria have teamed up with the Nigerian National Petroleum Company Limited (NNPC) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities this year in their continuing support for education.  Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC in collaboration with the Nigerian Content Monitoring and Development Board (NCDMB) launched a digital library at Niger Delta University, Amassoma in Bayelsa State in April, while an ICT centre was commissioned at the Sa’adu Zungur University …

How will Kamala or Trump navigate giant tax debate in 2025?

Washington, Nov. 4, 2023 – Whichever candidate prevails this November will immediately become the loudest voice in a fierce tax debate set to consume Washington in 2025. Policymakers will have to decide what to do about cuts signed into law in 2017 that expire at the end of the first year of the next president’s term. There is one area of significant agreement within the sprawling debate between Vice President Kamala Harris and former President Donald Trump: They both think taxpayers who make under $400,000 a year should see their …

Markets brace for presidential election, Fed meeting

Washington, Nov. 4, 2024 –  Election Day is almost here. The looming question remains how a Donald Trump or Kamala Harris victory will shape the market narrative for the rest of the year and beyond. Investors should soon learn the answer, with Americans heading to the polls on Tuesday. In the week before the election, the S&P 500 fell about 1.37% while the tech-heavy Nasdaq Composite shed 1.5% despite hitting its first record close since June during the week. Meanwhile, the Dow Jones Industrial Average dropped just over 0.1%. It’s …

Oil rises as OPEC+ delays output hike and Iran steps up rhetoric

Tehran, Nov. 4, 2024 – Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2% to more than $74 a barrel, while West Texas Intermediate climbed toward $71. The producer group had intended to begin returning 180,000 barrels a day from next month, but they will now keep supply restrained for the rest of the year. Meanwhile, Iran escalated its rhetoric against Israel with supreme leader Ayatollah Ali Khamenei warning of …