Plans
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
Donald Trump allies in Congress to challenge his loss to Joe Biden
A band of President Donald Trump’s Republican allies planned a last-ditch effort on Wednesday to undo his election loss to Democrat Joe Biden, a bid almost certain to fail that comes on the same day their party is poised to lose its majority in the Senate. The Republican-led Senate and Democratic-controlled House of Representatives were due to meet to formally certify Biden’s victory in the Nov. 3 election in proceedings that could stretch past midnight. In a joint session of Congress, Trump’s allies plan to challenge the results from a handful of states won by Biden. Thousands of pro-Trump protesters converged on Washington ahead of the session at his urging. Some clashed with police overnight. Biden won the election by a 306-232 count in the state-by-state Electoral College and by a marg...
Governor Abiodun: Agro-allied airport underway in Ogun
Ogun State Governor, Prince Dapo Abiodun, has disclosed plans by his administration to have an agro-allied based airport to aid the development of the state as a destination of choice for agriculture in Nigeria. Abiodun, who spoke during the inauguration of Agbeloba Aquaculture Hub in Owiwi, Obafemi-Owode Local Government Area of the state, said the agricultural sector remains the sure way out of poverty and unemployment ravaging the country. The project is being promoted by a former President, Chief Olusegun Obasanjo. While also expressing optimism that his administration believes that the state and the country as a whole can actually grow what it eats, the governor commended Obasanjo for continuously and tirelessly walking his talk on agriculture. He said, “We are looking at having an ag...
Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure
Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Millions of Americans risk losing jobless benefits as Donald Trump refuses to sign aid bill
Millions of Americans are about to see their jobless benefits expire on Saturday as U.S. President Donald Trump has so far refused to sign into law a $2.3 trillion pandemic aid and spending package, insisting that it did not do enough to help everyday people. Trump stunned Republicans and Democrats alike when he said this week he was unhappy with the massive bill, which provides $892 billion in badly needed coronavirus relief, including extending special unemployment benefits expiring on Dec. 26, and $1.4 trillion for normal government spending. Without Trump’s signature, about 14 million people could lose those extra benefits, according to Labor Department data. A partial government shutdown will begin on Tuesday unless Congress can agree a stop-gap government funding bill before then. Af...
Japan to halt all new entries from abroad next week
Japan will halt all new non-resident foreign arrivals coming from overseas from Monday until late January, Tokyo said Saturday, as the country reported its first cases of a new strain of the coronavirus. Japan currently restricts entry for foreigners from most countries over fears of the virus, requiring all visitors to undergo mandatory quarantine upon arrival. Tokyo now plans to strengthen those requirements: Japanese travellers and foreign residents from countries where the new coronavirus strain has been reported must take tests within 72 hours ahead of their departure for the country and again upon arrival at Japanese airports. It will also strengthen quarantine requirements on all travellers returning to Japan. Citing the Japanese government, the Jiji Press and Kyodo agencies said th...
Nigerian Army to boost Operation Lafiya Dole with propelled artillery guns
The Nigerian Army said on Saturday that plans are underway to boost the ongoing operation in the North-East codenamed “Lafiya Dole’ with newly commissioned Vehicle Ultra-Light Carriage Artillery (VULCAR) and Self Propelled Light Guns into the Army. The Chief of Army Staff (COAS), Lt Gen Tukur Buratai, while officially commissioning multiple projects in Kachia, Kaduna, said the development was part of efforts to boost the fight against insurgency in the North-East. Speaking to journalists shortly after the commissioning ceremony at the Nigerian Army School of Artillery, spokesman of the Army, Brig-Gen Sagir Musa, hinted that the development was part of Buratai’s top priorities. He added that his principal was also working hard to ensure a conducive working environment for officers and soldi...
California hospitals overrun even as vaccine is rolled out
Even as high profile figures like U.S. Vice President Mike Pence rolled up their sleeves for COVID-19 vaccinations, patients already ill with the disease crowded emergency rooms and overran intensive care units in California, now a worldwide epicenter. Another 41,000 people tested positive in the most populous U.S. state on Thursday, and 300 died, state public health officials said. In a state with 40 million residents, only about 1,200 intensive care beds remained available by Friday – just 2.1% of the total, the California Department of Public Health said. “We anticipated a surge, but I’m not sure if anyone imagined it would be as bad as it has been,” said Adam Blackstone, a spokesman for the Hospital Association of Southern California. Hospitals are strained under the press of patients,...
Wuhan’s coronavirus survivors share lessons one year on
In late 2019, Wuhan businesswoman Duan Ling and her surgeon husband Fang Yushun began to hear snippets in hospital chat groups about a disease emerging in the city’s respiratory wards. Duan didn’t pay much attention at first. Fang had that year returned from a stint studying in the United States, and the pair, both 36-years-old, were planning a family, starting a costly round of fertility treatments. “But as more and more news came, we began to realise this was something different from previous infectious diseases,” said Duan. In just over a month, Fang would become one of the first people in the world to contract what came to be known as COVID-19, which has since infected over 74 million worldwide and killed more than 1.5 million. During the early days of the outbreak, the city’s hospital...
U.S. sanctions Turkey over purchase of Russian defense system
The United States imposed long-anticipated sanctions on Turkey on Monday over Ankara’s acquisition of the Russian S-400 air defense systems, further complicating already strained ties between the two NATO allies. Turkey condemned the sanctions as a “grave mistake” and urged Washington to revise its “unjust decision.” Senior U.S. officials said in a call with reporters that Ankara’s purchase of the S-400s and its refusal to reverse its decision left the United States with no other choice. The sanctions, first reported by Reuters last week, target Turkey’s top defence procurement and development body Presidency of Defence Industries, its chairman Ismail Demir and three other employees. While limited to one company, they are still likely to weigh on the Turkish economy, analysts said, at a ti...
U.S. warns Pacific islands about Chinese bid for undersea cable project
The United States has warned Pacific island nations about security threats posed by a Chinese company’s cut-price bid to build an undersea internet cable, two sources told Reuters, part of an international development project in the region. Huawei Marine, which was recently divested from Huawei Technologies Co Ltd and is now majority-owned by another Chinese firm, submitted bids along with French-headquartered Alcatel Submarine Networks (ASN), part of Finland’s Nokia, and Japan’s NEC, for the $72.6 million project backed by the World Bank and Asian Development Bank (ADB), the sources with direct knowledge of the project details said. The project is designed to improve communications to the island nations of Nauru, Federated States of Micronesia (FSM) and Kiribati. Washington sent a diploma...