Foreign

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Foreign Money market

UK inflation hits 2.6% in November, service price growth holds steady

London, Dec. 18, 2024 – British inflation rose to its highest in eight months in November but an underlying measure of price growth watched closely by the Bank of England held steady, offering the central bank a little bit of relief. Consumer prices rose by an annual 2.6% in November, up from an increase of 2.3% in October and moving further away from September’s 1.7% rise – which had been the first time in almost three and a half years that inflation fell below the BoE’s 2% target. The increase …

Business Planning Foreign Money market

Fed expected to combine interest rate cut with hawkish 2025 outlook

Washington, Dec. 18, 2024 – The Federal Reserve is expected to lower borrowing costs on Wednesday in what some observers are calling a “hawkish cut” set to be delivered alongside policymakers’ updated interest rate outlooks and economic forecasts covering the first months of the incoming Trump administration. The anticipated quarter-percentage-point move would lower the U.S. central bank’s benchmark policy rate to the 4.25%-4.50% range, a full percentage point below where it stood in September when it began easing the tight monetary policy used to counter a surge in inflation that …

Foreign Investment

Diaspora Engagement: California seeks investments, partnerships in Africa as delegation visits NiDCOM

Abuja, Dec. 17, 2024 – Hon. Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), has advised foreign investors to focus on capacity building to support growing economies like Nigeria. The NiDCOM Chairman gave the advice in Abuja during a strategic meeting with Dr Toks Omishakin, the Secretary of California State Transportation Agency (CalSTA). She emphasised the importance of knowledge transfer and skill development in driving economic growth.  The NiDCOM boss stressed the need for training programmes to equip Nigerians with the technical know-how necessary to improve efficiency and productivity …

Foreign Politics

Why CEOs are pandering to Trump

Washington, Dec. 17, 2024 – Donald Trump was the scourge of Corporate America after the Jan.6, 2021 riots at the US Capitol. Social media companies such as Facebook and Google suspended Trump’s accounts. Dozens of big corporate donors stopped giving to politicians aligned with Trump. The PGA cancelled a golf tournament scheduled at a Trump course. Nearly four years later, the prodigal son is the surprise toast of the banquet. As Trump heads for a second presidential term, business titans are lining up like supplicants vying for an audience with the …

Foreign Politics

ECOWAS approves exit of Niger, Mali, Burkina Faso

Abuja, Dec. 16, 2024 -The Economic Community of West African States (ECOWAS) has formally approved the exit of Niger, Mali, and Burkina Faso from the regional body. Dr Omar Alieu Touray, the  ECOWAS Commission President,  announced this on Sunday in Abuja at the end of the 66th Ordinary Summit of the Authority of Heads of State and Government and ECOWAS Commission. He said the three countries would formally cease to be members of ECOWAS on Jan. 29, 2025, in accordance with Article 91 of the revised ECOWAS treaty.  Touray, however, said …

Foreign Politics

Ghana 2024 Elections, ECOWAS and AES Juntas

By Paul Ejime Abuja, Dec. 15, 2024 – Ghana has pulled off another feat in democratic consolidation after successfully conducting a ninth round of generally peaceful Presidential and Parliamentary Elections. While democratic elections have become a norm in the country, the 2024 General Elections were distinct in various aspects that challenged the resilience of democracy, yet, Ghanaians rose to the occasion Forty-eight hours after the poll, the Electoral Commission (EC) announced processed results from 267 out of 276 constituencies, and declared former President John Dramani Mahama, candidate of the opposition …

Foreign General News Investment

Shortage of construction workers undermines British government’s housing plan

Worcester (England), Dec 13, 2024 – An acute shortage of construction workers could undermine the foundations of British government plans to get 1.5 million homes built by 2029 in England to help drive economic growth. Prime Minister Keir Starmer’s Labour Party won July’s election on a pledge to boost growth and improve infrastructure, as well as fix public services. Construction represents 6% of gross domestic product, but underpins growth in other sectors. While developers welcomed details of his plans for overhauling Britain’s planning system and freeing up more land for …

Foreign Money market

Bank of England set to stay in slow lane and keep rates on hold

By William Schomberg  (Reuters) London, Dec. 11, 2024 -The Bank of England looks set to keep interest rates on hold next week as it moves more slowly to cut borrowing costs than central banks in Europe and the United States. The BoE remains on alert about price pressures in Britain’s jobs market that have subsided more clearly elsewhere. The new government’s tax and spending plans have only added to the uncertain outlook for inflation. Investors see only a one-in-10 chance of the BoE cutting its Bank Rate from its current …

Foreign Politics

Lawyer, Smart Nwobi leads newly elected NUSA EXCO

By Peter Ejiofor Pretoria (South Africa), Dec. 8, 2024: The Nigeria Union South Africa (NUSA) has elected Mr Smart Nwobi, a lawyer, to lead its new executive committee that will guide the Nigerian community for the next three years in that country. The executive committee members were elected on Saturday, Dec. 7, at its 2024 Elective Congress in Witbank, Mpumalanga, South Africa. The election witnessed high participation by the union’s members from across that country who displayed a spirit of unity and the community’s strong engagement in its leadership process. …

Foreign Politics

John Mahama wins Ghana’s Presidential Election

Accra, Dec. 8, 22024 – Even before the announcement of the official results of Saturday’s presidential election, the ruling NPP candidate and outgoing Vice-President Bawumia Mahamudu on Sunday conceded defeat to the opposition NDC candidate, former President John Mahama. He said on national television that the party’s parallel collation showed that the poll would not end in his favour. The Electoral Commission (EC) is still expected to announce the official results in due course.  (GBN)