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Finance

Top Oil Chief Exposes Truth About Nigeria’s Fuel Quality Drama and Calls for Mining Revolution

NNPC Group Chief Executive Officer Mele Kyari addressed two significant matters during the Nigerian Mining & Geosciences Society's 60th Conference & Exhibition in Abuja on Tuesday: the future of mining innovation and concerns about fuel quality in Nigeria. During his keynote at the conference, themed "Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovation," Kyari urged NMGS members to embrace new technologies and maintain continuous improvement practices to optimize the nation's natural resources and boost revenue generation. Addressing recent fuel quality concerns, Kyari firmly dismissed claims about substandard fuel in Nigeria's market, characterizing such allegations as "drama and entertainment" that constitute poor marketing practices. He explained that fuel standards vary by country, citing how European fuel requirements differ from Nigerian needs due to environmental factors. For instance, certain fuel additives mandatory in Europe would be detrimental to Nigeria's […]

Peter Atitebi February 19, 2025

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US Companies May Return to Russian Market in 2025, Claims Wealth Fund Chief

Russia's sovereign wealth fund chief anticipates several US companies returning to the Russian market by the second quarter of 2025, following recent high-level diplomatic meetings between US and Russian officials in Saudi Arabia. The statement comes after numerous Western companies withdrew from Russia in 2022 following the Ukraine conflict, with many accepting significant financial losses and selling assets at substantial discounts. However, the fund's chief, Kirill Dmitriev, notes that returning companies may face challenges as domestic producers have filled many market gaps. The announcement follows meetings between Dmitriev and senior US officials in Saudi Arabia, including Secretary of State Marco Rubio, National Security Adviser Mike Waltz, and Middle East envoy Steve Witkoff. These discussions occurred alongside a separate meeting between Rubio and Russian Foreign Minister Sergei Lavrov, marking the highest-level US-Russian diplomatic engagement since 2022. According to Dmitriev's calculations shared […]

Peter Atitebi February 19, 2025

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Global Crypto Giant Binance Banned from UK-Regulated Activities

The Financial Conduct Authority (FCA), Britain's financial regulator, has restricted Binance Markets Limited (BML) from conducting regulated activities within the United Kingdom. The ruling specifically affects BML, a Binance Group affiliate, which must obtain written consent before resuming any regulated operations in the country. Under the FCA's directive, Binance is required to discontinue all UK advertising by June 30 and maintain accessible records of its British customers for potential regulatory examination. The exchange has clarified that its primary global platform, Binance.com, remains operational as it operates outside UK jurisdiction, allowing British users to continue cryptocurrency trading. The FCA, while not directly regulating cryptocurrencies, mandates exchange registration under anti-money laundering regulations. The regulator notes that no Binance entity currently holds UK authorization, prompting them to advise consumers to verify whether crypto firms are properly registered before engagement. This UK action parallels […]

Peter Atitebi February 19, 2025

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Analysis Shows Trump’s Budget Proposals Would Increase Federal Deficit Despite Reduction Claims

President Donald Trump and his advisor Elon Musk have recently emphasized their commitment to achieving a balanced federal budget, with both making public statements supporting this goal on their respective social media platforms. However, financial analysis indicates their proposed policies would likely increase the federal deficit. According to the nonpartisan Committee for a Responsible Federal Budget (CRFB), Trump's proposed tax cuts - including extensions of his 2017 tax law and eliminations of taxes on tips, overtime pay, and Social Security benefits - would add between $5 trillion and $11 trillion to the deficit over 10 years. The administration's cost-cutting focuses primarily on specific areas like foreign aid and the Department of Education. Foreign aid currently represents 1.2% of the federal budget ($71.9 billion last year), while education spending accounts for approximately 3%. The House recently approved a budget featuring $4.5 […]

Peter Atitebi February 19, 2025

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China’s Surprising Move Against Trump’s New Tariffs

Beijing has responded to recent US tariff announcements with measured countermeasures, signaling both resistance and openness to negotiation. The Chinese government announced plans to implement a 15% tariff on coal and liquefied natural gas, alongside a 10% tariff on crude oil, agricultural machinery, and large-engine cars imported from the US, effective February 10. The timing appears strategic, allowing room for diplomatic engagement before implementation. A planned call between the two leaders this week, confirmed by the White House, suggests potential for dialogue despite the escalating tensions. China's response appears calculated, targeting specific sectors rather than matching Trump's broader 10% levy on all Chinese imports. The impact on US natural gas exports may be limited, as China represents only 2.3% of America's global LNG exports, while its major vehicle imports come primarily from Europe and Japan. The current situation echoes previous […]

Peter Atitebi February 4, 2025

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First Bank Challenges Court Ruling in GHL Dispute

First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL) are embroiled in a complex legal dispute over a Mareva order, with both parties presenting conflicting narratives about court proceedings and compliance. In a recent statement, First Bank acknowledged media reports about banks complying with Justice Deinde Dipeolu's ruling that lifted the Mareva order against GHL, its directors, and shareholders. The bank contends that such compliance is premature and necessary steps have not been completed. First Bank has appealed against the discharge of the Mareva Order and has applied for an injunction or suspension of the discharge order pending appeal resolution. The bank advised other financial institutions to maintain the status quo during this legal process. GHL, conversely, accuses First Bank of attempting to abuse the court process. The oil firm claims that First Bank has falsely informed the public […]

Peter Atitebi February 3, 2025

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Fed Faces First Interest Rate Decision Under New Trump Administration

The Federal Reserve is expected to maintain current interest rates at its first policy meeting since Donald Trump's return to office. The decision, due Wednesday at 2 p.m. ET, comes amid recent statements from President Trump advocating for lower rates. Speaking at the World Economic Forum in Davos via video call, Trump expressed his intention to push for immediate rate reductions, both domestically and internationally. His comments continue a pattern of publicly discussing monetary policy, breaking from the traditional presidential practice of maintaining distance from Fed decisions. The economic landscape has shifted significantly since Trump's previous term ended in 2021. Current indicators show inflation at 2.9% as of December, above the Fed's 2% target but considerably lower than during the post-pandemic period. The job market remains resilient, with unemployment at 4.1% in December, while consumer spending continues to show strength. […]

Peter Atitebi January 29, 2025

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Federal Spending Review Halts Government Assistance Programs

The White House has initiated a temporary pause on federal grants, loans, and other government assistance programs, according to an internal Office of Management and Budget (OMB) memo obtained and verified by CBS News. Acting OMB Director Matthew Vaeth instructed federal agencies to review their financial assistance programs to ensure alignment with current administration priorities. The directive requires agencies to suspend both new awards and disbursements under existing programs, with notable exceptions for Medicaid and Social Security benefits. The memo specifically addresses funding related to foreign aid, nongovernmental organizations, diversity initiatives, gender programs, and environmental projects. Agencies must report their paused programs by February 10, with an immediate deadline of 5:00 PM EST for implementing the suspension. Congressional Democratic leaders, including Senator Patty Murray and Representative Rosa DeLauro, responded with a letter expressing "extreme alarm" about the directive's scope. Senate […]

Peter Atitebi January 28, 2025

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Japan’s Economic Shift: Central Bank Hikes Rates to Highest Level in Nearly Two Decades

The Bank of Japan (BOJ) has raised its short-term policy rate to "around 0.5 per cent", marking the highest borrowing cost in 17 years. This decision follows December's accelerated consumer price increases and signals a strategic economic adjustment. Official figures reveal core consumer prices in Japan rose 3% in December compared to the previous year. The rate hike, carefully communicated by BOJ Governor Kazuo Ueda, aims to minimize market disruption after the July increase that previously surprised global investors. Economists like Neil Newman from Astris Advisory Japan and Stefan Angrick from Moody's Analytics anticipate continued rate increases. Newman notes that rising wages, persistent inflation above 2%, and economic growth support further rate adjustments. Angrick expects another 25-basis point hike in six months. This move represents a significant departure from Japan's long-standing ultra-low interest rate policy. Last year's initial rate increase […]

Peter Atitebi January 24, 2025

Trump Economic Plans Could Trigger Global Market Meltdown IMF Warns
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Trump Economic Plans Could Trigger Global Market Meltdown IMF Warns

The International Monetary Fund has issued a warning about potential global economic impacts from upcoming US policies under President-elect Donald Trump. According to the IMF, proposed tariffs could escalate trade tensions, reduce investment, affect market pricing, and disrupt established supply chains. While acknowledging that tariffs, tax cuts, and deregulation might boost US economic performance initially, the organization cautions this could lead to an inflationary boom followed by a downturn, potentially weakening the reliability of US Treasury bonds as a safe investment. The IMF projects global growth at 3.3% for both 2025 and 2026, below the historical average of 3.7%. The 2025 forecast remains largely stable from previous predictions, with higher anticipated US growth offsetting lower growth expectations in other major economies. For the UK, the IMF projects 1.6% economic growth in 2025, slightly up from its October prediction of 1.5%, […]

Ayoola Atitebi January 17, 2025

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