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Expect More Hikes In Price Of Bread, Bakers Warn Consumers

Expect More Hikes In Price Of Bread, Bakers Warn Consumers

August 9, 2022 4:57 am

Against the backdrop of a nationwide outrage that has been generated over the soaring price of bread in Nigeria, consumers of the breakfast staple have been warned to be ready to pay more for the product over the present rising cost of wheat flour which is a major component for the baking the product.

The planned price increase is coming on the heels of two weeks after prices of various sizes of bread were officially hiked by master bakers, citing the Russian-Ukraine war.

National Leader of Progressive Bakers Association of Nigeria (PBAN), Prince Jacob Adejonrin, who gave the hint while …

Nigeria’s Economy On The Verge Of Collapse - UNDP Report

Nigeria’s Economy On The Verge Of Collapse – UNDP Report

August 9, 2022 4:45 am

In the aftermath of a sharp decline in revenue and foreign exchange earnings in the country coupled with increased debt service payments, a United Nations Development Programme (UNDP) report on Nigeria has declared that Nigeria’s economy is presently wobbling and on life support.

According to the report that Africa Daily News New York obtained, on Monday which is expected to be made public on Wednesday, August 10, the COVID-19 pandemic has dealt a big blow to the economy coupled with a decline in revenue and foreign exchange earnings. This is because of the fall in oil prices and the reduced …

Forex Crisis EFCC Storms BDC Hubs In Lagos

Forex Crisis: EFCC Storms BDC Hubs In Lagos

August 4, 2022 4:29 am

Just like they did in Abuja about a week ago, operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Command on Wednesday visited some of the hubs of the Bureau De Change (BDC) operators in Lagos on what has been described as a ‘fact-finding mission’.

Eye-witnesses who were at the locations who chose to speak under the condition of anonymity revealed that the operatives were seen at the international and local wings of the Murtala Mohammed Airport, the Hadji Camp and the offices of the Federal Airport Authority of Nigeria (FAAN) in Ikeja.

Other places the operatives reportedly visited …

Staff Shortage: British Airways Stops Short-Haul Heathrow Flight

Staff Shortage: British Airways Stops Short-Haul Heathrow Flight

August 2, 2022 7:57 pm

The British Airways has on Tuesday suspended all the ticket sales which are for the short-haul London Heathrow flights until at least Monday and they are doing this in order to meet the hub’s request to cap flights due to staff shortages.

The airline carrier has also been among the worst affected by sector-wide turmoil, as airlines eye recovery after the lifting of Covid pandemic travel restrictions and British Airways has already axed thousands of short-haul flights this year as it struggles to meet strengthening demand with sufficient staff.

Read Also: British Airways Sinks Deeper Into Red

“As a result …

Fuel Scarcity FG Breaks Silence On Alleged Subsidy Removal

Fuel Scarcity: FG Breaks Silence On Alleged Subsidy Removal

August 2, 2022 7:16 am

The Federal Government of Nigeria on Tuesday revealed it has not removed subsidies on the Premium Motor Spirit (PMS), otherwise known as petrol stressing that it is the marketers that are responsible for the hike.

Timipre Sylva, the Minister of State for Petroleum Resources, gave this clarification while speaking with newsmen in Abuja.

Sylva spoke on the sidelines of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations.

The minister was reacting to the increase in pump price of petroleum by marketers from N165 per litre to N169, N184 and N218 per litre, depending on …

NCC Grants Over ₦500m For Research To Nigerian Universities

NCC Grants Over ₦500m For Research To Nigerian Universities

August 1, 2022 12:43 pm

In lieu of the rising need to revitalise the research sector in the Country, the Nigerian Communications Commission (NCC) has announced that it would be committing over ₦500 million to some of the Nigerian universities and other tertiary institutions across the country to further facilitate for the increase in research and innovations to promote developments in the Nigerian telecommunications industry.

Prof. Umar Danbatta who is the Executive Vice Chairman of the Nigerian Communications Commission had made this disclosure at a two-day Regional Roundtable with Academia, Industry and Other Stakeholders which ended in Kano at the weekend.

Read Also: 3R Seals

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Emirates Airline Move To Reduce Operations In Nigeria

Emirates Airline Move To Reduce Operations In Nigeria

July 31, 2022 5:34 am

Emirates Airlines has revealed that has resolved to reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue.

The airline made this known in a letter addressed to the Minister of Aviation, Hadi Sirika which was sighted by Africa Daily News, New York on Sunday.

The letter, dated July 22, was signed by Emirates airline’s divisional senior vice-president (DSVP), international affairs, Sheik Majid Al Mualla.

Emirates said the planned reductions in its operations in Nigeria would take effect from August 15.

It added that flights would be reduced from 11 per week to …

Russia Announces Suspension Of Gas Supplies To Latvia

Russia Announces Suspension Of Gas Supplies To Latvia

July 30, 2022 8:41 pm

Gazprom, the Russian energy giant has on Saturday suspended gas supplies to Latvia following the rise of the tensions between Moscow and the West over the conflict in Ukraine and sweeping European and United States sanctions against Russia.

The declaration had come a day after Moscow and Kyiv accused each other of bombing a jail holding Ukrainian prisoners of war in Russian-held territory, with Ukrainian President Volodymyr Zelensky saying more than 50 were killed and calling the attack a war crime.

Read Also: Over 75,000 Russian Troops Killed, Injured In Ukraine – US

“Today, Gazprom suspended its gas supplies to …

Musk Finally Subpoenas Twitter Whistleblower In Sales Battle

Elon Musk Fights ‘Tooth And Nail’ Against Twitter In Court Battle

July 30, 2022 6:58 pm

Controversial multibillionaire, Elon Musk has again filed some claims against Twitter as he fights tooth and nail against the tech firm’s lawsuit demanding that he be held to his $44 billion buyout deal.

Elon Musk’s counter-suit had also been submitted along with a legal defense against Twitter’s claim that the billionaire is contractually bound to complete the deal he inked in April to buy Twitter, the Chancery Court in the state of Delaware said in a notice.

Read Also: Twitter Drags Musk To Court, Accuses Him Of Contract Breach

The 164-page filing was submitted as being “confidential,” meaning the documents …

US Economy Hits Contraction, Heightens Recession Fears

US Economy Hits Contraction, Heightens Recession Fears

July 28, 2022 4:48 pm

Businees reports have revealed that the United States economy has actually contracted for a second straight quarter between April and June thereby giving rise to more recession fears just months before key midterm elections in a blow for President Joe Biden.

Gross domestic product had also declined at an annual rate of 0.9 percent in the second quarter which came after a bigger drop in the first three months of the year, according to the Commerce Department. Two-quarters of negative growth is commonly viewed as a strong signal that a recession is underway, and a downturn in the world’s largest …

China Property Crisis: Asia’s Richest Woman Loses Heavily

China Property Crisis: Asia’s Richest Woman Loses Heavily

July 28, 2022 4:44 pm

The wealthiest woman in Asia, Yang Huiyan had reportedly lost more than half of her fortune in a heavy loss over the past year as China’s real estate and property sector was massively shaken by a cash crunch.

Yang Huiyan who has been a majority shareholder in Chinese property giant Country Garden, had also seen her net worth plunge by more than 52 percent to $11.3 billion from $23.7 billion a year ago, according to the Bloomberg Billionaires Index which vetted the report on Thursday.

Read Also: Your Support For Russia Complicating Relations, US Warns China

Yang’s fortune had taken …

Senate Invites Emefiele Over Fx Crisis, Naira Devaluation

Senate Invites Emefiele Over Fx Crisis, Naira Devaluation

July 28, 2022 5:05 am

In the face of the ongoing crisis in the Nigerian foreign exchange market, the Senate has resolved to summon the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to provide answers and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.

The Red Chambers of the national assembly also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of the CBN intervention funds meant to support critical sectors of the economy.

The resolutions were reached by lawmakers after the upper chamber …

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