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Togolese, Houngbo, Elected New ILO Director General

The International Labour Organization’s (ILO) has announced a Togolese, Gilbert Houngbo, the current President of the International Fund for Agricultural Development (IFAD), as its next Director-General. Houngbo was elected by the ILO’s Governing Body, comprising representatives of governments, workers and employers, during their meeting in Geneva. He will be the 11th Director-General of the ILO, […]

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Russia Enacts Law To Nationalize Stranded Jets After Sanctions

The Russian government has enacted a law to deal with the issue of the over 500 government-owned and private aircraft stranded within the country as the country’s ongoing war with Ukraine rages. Analysts believe that the new legislation is Kremlin’s open rebuttal to sanctions imposed on it by several countries, especially the EU nations, following […]

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OPEC Increases Nigeria’s Daily Oil Production To 1.718Mn Barrels

The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day (bpd) quota for Nigeria. Also, the oil cartel revised Angola’s daily production to 1,435,000 bpd while Saudi Arabia and Russia topped the list with 10.331 million bpd quota. The oil cartel’s latest quota adjustments showed that oil producing countries’ production had been […]

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U.S Economy Nearly Ready For Less Stimulus – Clarida

The United States Federal Reserve Vice Chair, Richard Clarida, has indicated that the nation’s economy is nearly ready for the central bank to pull back on its stimulus even he projected that the high inflation may soon begin to subside. The Fed had last month signaled it would “soon” be ready to begin the process […]

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Economists Foresee Global Financial Crisis If US Defaults On Debt

White House economists have sternly warned of a potential global financial crisis if U.S. Congress fails to raise the federal government’s debt limit before the country is expected to default on the national debt. Speaking on the implications of default by the President Biden-led administration on the country’s debt obligations, Cecilia Rouse, leading other economists […]

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Malaysia Mulls Raising Debt Ceiling To 65% Of GDP

The Malaysian Government has initiated legislative moves to jack up the country’s public debt ceiling from the current 60 to 65 percent of GDP. To achieve this fiscal objective, the country’s Ministry of Finance on Wednesday submitted the Bill of Interim Financial Measures, which proposed to raise the public debt ceiling from the current 60 […]

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Senate Republicans Block Debt Ceiling Extension Bill

Senate Republicans on Monday evening blocked new moves by the President Joe Biden’s administration to fund the government and suspend the debt ceiling, thereby making real their earlier threat to not deliver votes for a Democratic measure to raise government’s borrowing limit. At the end of the voting, 48 Senators opposed the move while 50 […]

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China’s Firms Suffer Power Outages, Smartphones’ Prices May Soar

Power outages in China’s industrial sector have been reported in some major cities and provinces with the potential that global shoppers, including Nigerians, may face possible shortages of smartphones and other goods ahead of Yuletide celebrations. The ugly development had negatively affected official energy use targets, thereby forcing Chinese factories to shut down while also […]

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Buhari Links Nigeria’s Recovery To Farming, Seeks Netherlands’ Support

President Muhammadu Buhari has linked Nigeria’s gradual economic growth trajectory to improved agricultural activities, claiming that “people went back to farm.” Buhari , who made the claim during a bilateral meeting of the United Nations General Assembly in New York, United States, also solicited financial assistance from foreign leaders to sustain the nation’s economic growth […]

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As CBN, Bank Of England Retains Key Monetary Rates

The Bank of England (BoE) Monetary Policy Committee (MPC) members  on Thursday unanimously voted to hold interest rates at their record low of 0.1 per cent, thereby raising fresh concerns over rising levels of consumer price index (CPI) which some experts now believe could hit five per cent. The nine-member MPC unanimously voted in favour […]