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Business and Economy

Eurozone inflation now 1.1%, the highest rate in more than 3 years

Eurozone inflation has surged to its highest rate in more than three years, driven by increased prices for energy, food, alcohol and tobacco. The annual inflation rate hit 1.1% last month, according to official statistics agency Eurostat, a sharp jump from November’s rate of 0.6%. The rate is the highest since September 2013, when inflation was also 1.1%. The higher-than-expected ...

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A scared Buhari and his ministers absconded from South-East Economic Summit after IPOB threat  

President Muhammadu Buhari on Thursday stayed away from the maiden South-East Economic and Security Summit in Enugu, which started about 48 hours after some pro-Biafra agitators warned him not to set foot in Igboland.   Buhari was meant to be the Chief Guest of Honour at the summit, which held in the Enugu State Government House, according to the programme ...

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6,000 workers retired by Julius Berger as recession bites harder

Construction giant, Julius Berger has compulsorily retired at least 6,000 workers within the last two years.   But, all was not gloomy at the company as another 878 dedicated staffers were appreciated with long service award in line with its tradition.   The Executive Director, Administration of JBN, Zubairu Ibrahim, said the decision to downsize the workforce was a painful ...

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Borno joins Crude oil states (LOOK)

The search for oil in the north east has yielded result as the federal government confirmed the discovery of crude oil in Borno which is north east Nigeria.   This was disclosed by Dr. Jamila Shua’ra who is the permanent secretary of the Ministry Petroleum Resources at the presentation of the 2016 petroleum sector scorecard held at the auditorium of ...

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Oil prices shot up over four percent to their highest level since 2015 @ $58 per barre

Oil prices shot up over four percent to their highest level since 2015 early on Monday, December 12, 2016 after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001. They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude futures, the international benchmark for oil ...

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Naira falls to 485 per dollar despite recovery efforts by the CBN

The Naira appears helpless in the face of efforts and other authorities in the forex market in fast-tracking its recovery, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N485 to a dollar at the parallel market on Wednesday in Lagos, while the Pound Sterling and the Euro traded at N600 and N510, respectively. At the Bureau ...

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For stealing company property Dangote sacks 109 workers, 115 others remanded in prison

Citing various offences ranging from theft of company property, disregard for traffic rules and ownership of illegal haulage, Dangote Group has fired 109 workers at its Obajana Cement Company in Kogi State. The Coordinator of the company’s Patrol Team, Mr Abdullahi Magaji, disclosed this to newsmen on Tuesday at the Obajana premises of the factory. Magaji said that the dismissed ...

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Opec’s deal to cut oil production will go ahead even if Russia commits to reduce output – Kachikwu

Abu Dhabi: Opec’s deal to cut oil production will go ahead even if Russia becomes the only non-Opec country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate. Opec agreed last week to slash output by around 1.2 million barrels per day beginning in January ...

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Debt Service Deductions: FG Approves Refund Of N522.74 Billion To States

President Muhammadu Buhari has approved a total of N522.74 billion to be disbursed to states as reimbursement for over-deductions on external debt service. A statement issued on Friday, December 2, 2016 by Festus Akanbi, media aide to the minister of finance, Mrs. Kemi Adeosun said the debt service deductions were in respect of the Paris Club, London Club and multilateral ...

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Crude oil price now $50 per barrel

The Organisation of the Petroleum Exporting Countries (OPEC) has reportedly agreed to cut oil production for the first time since 2008 thus making the price of the product to skyrocket in the afternoon of Wednesday, November 30. Reuters reports a source at the global organisation as revealing the news adding that the agreement was in line with an accord reached ...

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