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Israel signs historic trade deal with UAE, its biggest with any Arab country

Israel signs historic trade deal with UAE, its biggest with any Arab country

DUBAI, United Arab Emirates — Israel and the United Arab Emirates on Tuesday penned a multi-billion dollar free trade agreement, the latest product of the two countries’ historic normalization deal in 2020 known as the Abraham Accords. With a stated target of increasing annual bilateral trade to more than $10 billion over the next five […]

UK inflation jumps to 40-year high of 9% as food and energy prices spiral

UK inflation jumps to 40-year high of 9% as food and energy prices spiral

LONDON — U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. Consumer prices rose by 2.5% month-on-month, fractionally below expectations for a 2.6% climb in a Reuters poll of economists, which had also projected a 9.1% annual increase. […]

With floods and electricity shortages, South Africa’s economy is threatening to go into reverse

With floods and electricity shortages, South Africa’s economy is threatening to go into reverse

South Africa’s economy picked up momentum in the first quarter of the year, but historic flooding in a key province and the threat of unprecedented power cuts are putting the brakes on its recovery. The port city of Durban and the wider KwaZulu-Natal province in eastern South Africa were besieged by the country’s worst flash […]

Russia-Ukraine War Shows Africa Needs to Diversify Wheat Sources

Russia-Ukraine War Shows Africa Needs to Diversify Wheat Sources

The war between Russia and Ukraine has highlighted just how much of the world’s wheat supply relies on these two countries. a recently released UN report shows a sample of 25 African countries that rely on wheat imports from Russia or Ukraine. Of this group, 21countries import most of their wheat from Russia. Between 2018 […]

Russia Invasion: Ukraine has no intention to surrender — Zelensky

Russia Invasion: Ukraine has no intention to surrender — Zelensky

Ukrainian President Volodymyr Zelensky said Ukraine is fighting in the Donbas region and it has “no intention of surrendering”. In an interview broadcast on Sunday by CNN, Zelensky brushed aside the idea of letting Moscow take over the Donbas and part of eastern Ukraine to stop the conflict. He added: “Ukraine and its people are […]

Nigeria’s Africa trade balance down 33.8% in 3 years

Nigeria’s Africa trade balance down 33.8% in 3 years

By Yinka Kolawole Nigeria seems to be losing out in trade with other African countries as reflected in a 33.8 percent decline in trade balance with the continent to N1.86 trillion in 2021 from N2.81 trillion in 2019. This development, coming ahead of the full implementation of the African Continental Free Trade Area (AfCFTA), also […]

Ghana, other African countries lobbying companies to leave Nigeria —Adebayo, Industry Minister

Ghana, other African countries lobbying companies to leave Nigeria —Adebayo, Industry Minister

By Levinus Nwabughiogu Abuja—The Minister of Industry, Trade and Investment, Niyi Adebayo, revealed yesterday that many African countries were lobbying companies operating in Nigeria to leave and come to them. Appearing before the House of Representatives Committee on Public Accounts, the minister, who led other agencies under the Ministry to the committee to respond to […]

Bitcoin holders make N2.51tr in 2 days as crypto asset’s value rises by 0.68%

Bitcoin holders make N2.51tr in 2 days as crypto asset’s value rises by 0.68%

By Adekunle Fajana Bitcoin market value rose by 0.68 percent within two days handing investors N2.51 trillion ($6.06 billion) in the process. This followed Friday’s minting of new Bitcoin by SBI Crypto. SBI Crypto had minted the 19 millionth Bitcoin, leaving just two million Bitcoin left to be minted since the cryptocurrency was created by […]

Ukraine: Poland to end Russian oil imports; Germany warns on gas

Ukraine: Poland to end Russian oil imports; Germany warns on gas

Poland announced steps Wednesday to end all Russian oil imports by year’s end, while Germany issued a warning about natural gas levels and called on people to conserve, new signs of how Russia’s war in Ukraine has escalated tensions about securing energy supplies to power Europe. Poland, which has taken in millions of Ukrainian refugees, […]

Traders count losses as fire guts Apongbon Bridge

Traders count losses as fire guts Apongbon Bridge

By Olasunkanmi Akoni & Juliet Umeh THERE was pandemonium   at  Apongbon area of Lagos Island, yesterday, as fire gutted several shops in a makeshift market, under Apongbon Bridge, extending to Eko Bridge, and left goods worth millions  of  naira destroyed. Areas affected include Ijora, Apongbon, CMS, Funsho Williams Avenue, and  Constain, Apapa Road, among others. […]

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