Oil rises as US renew sanctions against Iran

Oil prices rose on Tuesday as the U.S. reintroduced sanctions against major crude exporter, Iran, tightening global markets. Meanwhile, heatwave across Europe and other areas pushes oil up. Sweet Brent crude oil futures were at 74.08 dollars per barrel. U.S. West Texas Intermediate (WTI) crude futures were up at 69.21 dollars a barrel. The U.S. sanctions against Iran, which shipped out almost three million barrels per day (bpd) of crude in July, officially came into effect at 12.01 a.m. U.S. Eastern time (04.01 GMT) on Tuesday. Many countries, including U.S….

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China’s economy slows down in Q2

Chinese growth slowed slightly in the second quarter as the world’s number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 percent in April-June, down from 6.8 percent in the first quarter and in line with a 6.7 percent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 percent set by the government. China faced an “extremely complex environment both at home and abroad”, said Mao Shengyong, a spokesman…

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NNPC under-remittance halts FAAC meeting

The Chairman, Commissioners of Finance Forum, Mr Mahmood Yunusa on Thursday said the Federation Accounts Allocation Committee (FAAC) has agreed to suspend meetings indefinitely until an effective revenue collection process is implemented. Yunusa said this in Abuja after the monthly FAAC meeting ended in a stalemate for the third consecutive time in one month. He said that the Committee was tired of battling with the Nigerian National Petroleum Corporation (NNPC) over oil revenue collections. The chairman said that the Committee had already taken the matter to President Muhammadu Buhari, adding…

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NSE market indices reopen with marginal growth

The Nigerian Stock Exchange (NSE) crucial market indicators opened for the week on Monday with a marginal growth of 0.06 per cent in a cautious trading. The market capitalisation rose by eight billion naira or 0.06 per cent to close at N13.637 trillion against N13.629 trillion achieved on Friday. Similarly, the All-Share Index, which opened at 37,625.59, grew by 22.34 points or 0.06 per cent to close at 37,647.93 following marginal gains by some blue chips. Dangote Cement Industries led the gainers’ table during the day, appreciating by N2 to…

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Official: Abuja light rail will boost FCT economy, transport system

Transportation Secretary of the Federal Capital Territory (FCT), Kayode Opeifa, has expressed optimism that most of the transport gridlock in Abuja would soon disappear with the commissioning next Thursday by President Muhammadu Buhari, of the Abuja light rail system. Speaking during a chance encounter with newsmen Monday, Opeifa, a former Commissioner for Transport in Lagos State, allayed fears that the transport situation in Abuja could relapse to the chaos that it has become at the former federal capital. According to him, “The Abuja rail system is as advanced as any…

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Dangote promises loyal cement customers refinery distributorship licence

For their continued loyalty, the management of Dangote Cement Plc, at the weekend announced cash and kind rewards and also a priority distributorship licence as soon as Dangote’s refinery project come on steam next year for the loyal cement customers. Aliko Dangote, President of Dangote Group, who made the pledge, profusely thanked the loyal cement distributors for their faith in the company and also assured them of consistent reward, as a form of motivation for their patronage and loyalty to the brand. Dangote said, “This event today is significant in…

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Facebook boss Zuckerberg now world’s third richest

Facebook CEO Mark Zuckerberg is now the third richest man in the world, overtaking Warren Buffett on Bloomberg’s list of the world’s richest people. Zuckerberg passed Buffett Friday as Facebook shares rose 2.4 percent, Bloomberg reported. Above Zuckerberg were Amazon CEO Jeff Bezos, in the No. 1 spot, and Microsoft co-founder Bill Gates. The daily rankings of the world’s 500 richest people listed in the Bloomberg Billionaires Index showed the top 3 remained the same Saturday. Zuckerberg is now worth $81.6 billion, nearly $400 million more than Buffett, chairman of…

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Dangote Refinery sets 2020 for petrol, fertilizer export begins this year

The Dangote refinery plans to start selling petrol, diesel and aviation fuel by early 2020, but the fertiliser plant, will start producing urea this year, Edwin Devakumar, the group executive director told Bloomberg. The $10 billion refinery, set to be one of the world’s largest and which can process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Devakumar said in the interview, “People still have difficulty believing we can do it on time and within those costs,” Devakumar, 61, said Wednesday. “But we believe we…

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NNPC Retail commences nationwide audit of delisted trucks

The NNPC Retail Limited, the downstream subsidiary of the Nigerian National Petroleum Corporation, with a stake in supply and distribution of petroleum products, has embarked on a nationwide audit of its field operation to ensure all delisted trucks are in compliance with the requirement to remove the company’s logo and other brand attributes. Ndu Ughamadu, Group General Manager, Group Public Affairs Division of the Corporation, said in a statement that the move has become imperative to ensure that only authentic NNPC Retail tested and certified trucks bear the company’s logo…

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China, African trade hits $170b yearly

China’s bilateral cooperation with Africa has grown phenomenally in the past 40 years with trade leaping from $765 million to $170 billion a year. China’s Deputy Foreign Minister Chen Xiaodong said the growth was on the basis of interlocking interests since 1978. The minister said this has therefore made China Africa’s largest trading partner during the last few decades. In the same period Chinese investment in Africa reached a cumulative $ 110 billion. Chen said Africa’s debt to her country is economically sustainable and should be no cause for alarm….

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