World Economy

Mohammed Barkindo

Sentiment, speculation, rumours are major forces driving oil market

The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market. In his presentation at the Ninth IEA-IEF-OPEC Symposium on Energy Outlooks in Saudi Arabia, OPEC’s Secretary-General, Dr. Mohammad Barkindo stated: “Unfortunately, the oil market can often be subjected to forces which are […]

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Soaring trade restrictions spark ‘serious concern’: WTO

WTO boss, Azevêdo seeks end to trade tension

The Director-General of the World Trade Organisation (WTO), Roberto Azevêdo, has said the trading system must evolve if it is to have a bright future. Azevêdo described the risks posed by the current trade tensions, which he said brought the need to address the challenges in the trading system into even sharper focus. The WTO […]

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World Trade Organisation, WTO

Global trade must evolve to remain relevant – WTO Boss, Azevêdo

Participating in a series of ministerial discussions during the just concluded World Economic Forum’s (WEF) annual meetings in Davos, Switzerland, the Director-General of the World Trade Organisation (WTO), Roberto Azevêdo reviewed the challenges and opportunities facing global trade today, and stressed that the trading system must evolve if it is to remain relevant. The meetings […]

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IMF puts global debt at $180 trillion

The International Monetary Fund has put the global debt at $180 trillion, warning highly indebted emerging-markets and low-income countries against what it termed pro-cyclical fiscal policies. IMF Managing Director, Christine Lagarde, in a statement issued at the conclusion of the Group of 20 Summit in Buenos Aires, called for collaborative action by G-20 leaders as […]

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Forbes list of ‘2018 World’s Most Powerful People’

Of the nearly 7.5 billion people on the planet, Forbes has identified the one person out of every 100 million whose actions mean the most. Xi Jinping, General Secretary of the Communist Party of China, seizes the top spot on Forbes’ 2018 ranking of The World’s 75 Most Powerful People for the first time ever. […]

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Elumelu tasks world leaders on development of African Youths

Philanthropist and Founder of the Tony Elumelu Foundation Mr Tony Elumelu has tasked world leeaders to give priority to the development of African youths by churning out the policies and regulatory issues impeding their innovations towards helping to attract foreign investors. During the annual spring meetings of the International Monetary Fund and the World Bank […]

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World Book Day: Airtel donates books to Underprivileged Children

Airtel Nigeria will commemorate the 2018 World Book Day with public primary school pupils across different locations in the country with the donation of 5000 books and the hosting of book-reading sessions, Telecommunications services provider has said. This was contained in a statement made available to newsmen on Friday in Lagos, highlighting five other states […]

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Nigeria faces threat as U.S. near world’s biggest oil producer

The United States will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. IEA Executive Director, Fatih Birol, said this at an event in Tokyo […]

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Leading cement, concrete companies launch Global Cement & Concrete Association

Nine leading companies in the cement and concrete sector have launched the Global Cement & Concrete Association (GCCA), a progressive new association, dedicated to develop and strengthen the sector’s contribution to construction. The association will focus on driving advancements in sustainable construction, working to enhance the cement and concrete industry’s contribution to a variety of […]

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1000 wealthy individuals leave Lagos over taxes, increasing crime rates

The latest Global Wealth Migration review says rich people are leaving Lagos in droves for other cities because of taxes. According to the report, some of the reasons high net worth people are leaving their locations are taxes and increasing crime rates. Other cities affected are London and Istanbul. The report said 1000 wealthy people […]

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Beijing to shut 1,000 manufacturing firms by 2020 – Xinhua

Beijing will shut 1,000 manufacturing companies by 2020 under a years-long plan to restructure its economy, the official Xinhua news agency reported on Saturday, citing a city official. The closures are part of a bigger initiative to balance and integrate the economies of the cities of Beijing, Tianjin and the surrounding Hebei province. The plan […]

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Saudi Arabia calls for oil producers to extend cooperation

Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers, came with oil prices topping $70 a barrel thanks to the deal, after […]

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