Author: Ogochukwu Ndubuisi

U.S. Denies Iranian Delegation Entry to Attend World Cup Draw The U.S. denied Iranian delegation entry to attend the World Cup draw in the country, according to the spokesperson for the Iranian Football Federation (FFI), Amir-Mehdi Alawi. Among those affected were FFI president Mehdi Taj, head coach Amir Ghalenoei and seven other FFI officials, the spokesperson said, according to the daily newspaper Shargh. The FFI now wants to try to get FIFA president Gianni Infantino to reverse the decision. The spokesperson hopes that Infantino will lift the ban within the next two weeks. The World Cup draw will take place…

Fubara Commends Cabinet Members, Relieves Commissioners of Appointments Gov. Siminalayi Fubara, of Rivers, has expressed gratitude to members of his cabinet for their contributions to the state’s development in the past two years. Fubara made the commendation during a valedictory session for his cabinet and in an event to mark Nigeria’s 65th Independence anniversary at Government House in Port Harcourt. The governor emphasised the significance of Nigeria’s independence’s day, urging all Nigerians to work together with President Bola Tinubu to build a peaceful, secure and prosperous country. He reiterated his commitment to serving the state with renewed vigor and thanked…

Report: Musk Becomes lst Person Worth $500bn Elon Musk on Thursday became the first person estimated to reach a net worth of 500 billion dollars. This is according to U.S. magazine Forbes, largely held in shares of electric carmaker Tesla and aerospace firm SpaceX. Forbes calculated Musk’s wealth at roughly 150 billion dollars more than Oracle co-founder Larry Ellison. The magazine later revised the estimate slightly down to 499.1 billion dollars. Musk’s wealth is harder to estimate than that of other billionaires because many of his companies are not publicly traded. Musk surpassed the 400 billion dollars mark in December…

DMO Allots Nigerian Bonds to Investors at 16.20% Marginal Rate The Debt Management Office (DMO) allotted Federal Government of Nigeria (FGN) bonds worth N576.6 billion at the Sept primary market auction this week. The authority floated N200 billion in reopened local bonds for its monthly auction across 5-year and 7-year tenors. The auction attracted fixed-interest securities investors, with total subscriptions reaching N1.3 trillion. The 5-year reopened bonds with a total offer size of N100 billion recorded an aggregate subscription of N231.792 billion, according to the Debt Office auction result. With 22 bids reported as successful out of 66, the authority…

Crude Oil Prices Edge Higher over U.S Demand Outlook Prices of crude oil increased in the global commodity market on Wednesday as US crude inventories dropped, indicating a positive demand outlook. Also supporting the price is OPEC+ assurance that no major supply boost is planned, easing fears of a glut amid concerns over a potential US government shutdown. Brent crude was trading at $66.24 per barrel, up 0.36% from the previous close of $66.01. US benchmark West Texas Intermediate (WTI) increased by 0.33% to $62.45 from $62.24 in the prior session. A projected decline in US commercial crude oil stocks…

EU Companies Pay Russia Billions in Taxes on LNG Imports Russia is profiting significantly from liquefied natural gas (LNG) sales to companies in the European Union, according to a study by the environmental organisation Greenpeace published on Tuesday. Oil and coal imports from Russia were virtually banned under EU sanctions over Moscow’s full-scale invasion of Ukraine and pipeline gas imports. These fell sharply after the destruction of the Nord Stream pipelines in September 2022. LNG imports were, however, so far, exempt from sanctions. Greenpeace estimates that Yamal LNG, Russia’s main exporter of LNG, earned a total of 40 billion dollars…

Fitch Affirms Morocco at ‘BB+ with Stable Outlook Fitch Ratings has affirmed Morocco’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. The rating note stated that Morocco’s ‘BB+’ ratings reflect sound macroeconomic policies, strong official creditor support, favourable debt profile and comfortable international liquidity buffers. It also noted that these strengths are balanced by lower development and governance indicators compared with peers, high government debt and the economy’s exposure to adverse weather conditions. Moody’s analysts said the country’s fiscal reforms support tax revenue. “We anticipate the central government (CG) fiscal deficit will stabilise at 3.8% of…

China Backs U.S. Peace Plan for Gaza, Calls for Acceptance China has come out in support of the U.S. peace plan to end the Gaza war, calling on both parties to immediately reach a comprehensive ceasefire and release all detainees. The Foreign Ministry spokesman Guo Jiakan, made the call on Tuesday. According to him, Beijing supports all efforts to ease tensions between Israel and Palestine. “China is committed to the principle that Palestinians must govern Palestine and that the two-state solution must be implemented,” he said. U.S. President Donald Trump has presented a 20-point plan to end the Gaza war.…

Starmer’s Speech a Decisive Test for Bond Markets, Investors UK Prime Minister Keir Starmer’s keynote speech at the Labour Party conference today is being watched by investors, businesses and global bond markets with acute attention, warns financial advisory giant deVere Group’s CEO Nigel Green. He says: “This is not just another party conference address. It’s a make-or-break moment for credibility. “Bond markets, already charging the UK a premium to borrow, will immediately reprice if they sense a repeat of the policy missteps of recent years, specifically the Truss-era. This would raise costs for the government, for companies, and for households.”…

NELFUND Closes Portal For 2024/2025 Loan The Nigerian Education Loan Fund said the application portal for the 2024/2025 academic session will officially close on Tuesday. An update by the agency on X said the move was to conclude processing of pending applications and upkeep payments. It also announced timelines for the 2025/2026 academic cycle to expand access to higher education through interest-free student loans. The loan portal will reopen in the second week of October for fresh applications and remain open until January 2026. ”NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that…