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GM Motors workers begin strike Monday

Talks between General Motors and union officials representing tens of thousands of striking auto workers restarted Monday in hopes of driving both sides to an agreement on issues including workers’ wages, health care and profit-sharing. After several hours, union officials representing nearly 50,000 workers acknowledge negotiations remain in neutral. “We’re far apart,” United Auto Workers…

Sanwo-Olu seeks approval for Badagry, Lekki seaports

…Receives House of Reps Committee on Seaports Decongestion Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday called on the Nigerian Ports Authority (NPA) to accelerate the process of giving approval to the State’s request to build two seaports in Lekki and Badagry. The Governor said the State had already deployed resources and manpower to the…

Seun Onigbinde resigns as Technical Adviser from Buhari Govt

The Technical Adviser to the Minister of National Budget and Planning, Seun Onigbinde, has resigned his appointment on Monday. The Co-founder of BudgIT and Bloomberg retained financial expert said he resigned his appointment owing to the noise over his choice. Onigbinde, a serious critic of the President Muhammadu Buhari administration, said his appointment has generated…

Oil prices soar after attacks on Saudi facilities

Oil prices surged after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply. Brent crude jumped 10% to $66.28 a barrel, while West Texas Intermediate rose 8.9% to $59.75 in Asian trading, reports BBC. Prices pulled back slightly after US President Donald Trump authorised the release of US…

Trade war triggers oil price rise

Trade overtures boost markets. A series of back-and-forth good will gestures between Washington and Beijing has boosted market sentiment. On Thursday, Chinese firms bought 10 shipments of U.S. soybeans in another effort to build confidence ahead of October trade talks. Politico reports that the Trump team is trying to find an “escape hatch” to get…

Oil prices rise again

Oil prices rose again on Tuesday, adding to the latest bout of bullish sentiment. Traders grew more confident about the trajectory of the OPEC+ cuts after the shakeup in Saudi Arabia. Meanwhile, some recent economic data soothed some of the more acute concerns about a slowdown, although it should be noted that economic cracks have…

CBN injects $210m into Forex Market

The interbank segment of the Foreign Exchange Market has received another boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, September 10, 2019. Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small…

Ekiti to get $500m for World Bank projects

… As Fayemi doles out N180 million to 19 communities Ekiti State Governor, Dr Kayode Fayemi, on Tuesday announced that the World Bank would soon embark on some legacy projects across the state worth about 500 million dollars. The Governor stated this in Ado Ekiti, the state capital, while presenting cheques worth N180 million to…

Niger Republic bans rice export to Nigeria

The Republic of Niger has banned the re-exportation of rice to Nigeria. In a circular to all Customs formations and relevant government agencies in Niger, the government said the ban took effect from September 05, 2019. The Director-General of in charge of Customs Service in the Ministry of Finance in Niamey, Oumarou Amadou, who signed…

Bullish sentiments creep into oil market

Oil was down at the start of trading on Friday, but has shown more life this week after the U.S. and China agreed to hold trade talks in October. Jobs data from the U.S. Labor Department was slightly worrying, with employment gains slowing, but markets are increasingly confident that the Federal Reserve will cut interest…

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