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☆ Nigerian president recalls ambassadors worldwide
▼ + stars: | 2023-09-02 | by ( Felix Onuah | ) www.reuters.com time to read: +1 min

Nigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsABUJA, Sept 2 (Reuters) - President Bola Tinubu has ordered a recall of Nigeria's ambassadors the world over with immediate effect, his spokesman said on Saturday. Nigeria's United Nations permanent representatives in New York and Geneva are exempted from the "total recall" due to the upcoming United Nations General Assembly (UNGA) later in the month, Tinubu's office said in a statement. Nigeria has 109 diplomatic missions worldwide, comprising 76 embassies, 22 high commissions and 11 consulates. Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu, Temilade, Ajuri Ngelale, Joe Biden, Felix Onuah, Elisha Bala, Angus MacSwan Organizations: REUTERS, Rights, Nigeria's United Nations, United Nations General Assembly, U.S, Thomson Locations: Abuja, Nigeria, Rights ABUJA, New York, Geneva, Brazil, India, South Korea, Germany

☆ Nigeria's Tinubu to attend G20 summit in India to promote investment
▼ + stars: | 2023-09-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsABUJA, Sept 1 (Reuters) - Nigeria's President Bola Tinubu plans to attend the G20 summit in India this month to try to promote foreign investment in Africa's largest economy and mobilize global capital to develop infrastructure, his spokesman said on Friday. The summit in India will hold on Sept 9 and 10. Ngelale said Tinubu will meet leaders from Brazil, India, South Korea and Germany on the sidelines of the G20. Tinubu also plans to meet Indian executives, including Jindal Steel and Power Company, among others, Ngelale said.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Ajuri Ngelale, Ngelale, India's Bharti, Joe Biden, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: New Global Financial, Rights, Jindal Steel, Power Company, India's, India's Bharti Airtel, U.S, United Nations General Assembly, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, India, West African, Brazil, South Korea, Germany, Africa, New York

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. In a statement, Fortress said it would work with Seven & i to support Sogo & Seibu's management to maintain its workforce "to the extent possible." It plans to invest more than 20 billion yen with partner Yodobashi to renovate Sogo & Seibu's stores, it said. Sogo & Seibu's workers had the support of labour groups from rival department stores including Takashimaya and Isetan Mitsukoshi (3099.T). The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Fortress, Yodobashi, it's, Yasuhiro Teraoka, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson, & & ' Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of retail giant Seven & i (3382.T), to U.S. fund Fortress Investment Group. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union, and comes amid a labour shortage in Japan. Other Seibu and Sogo department stores were open for business as usual. The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, it's, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

☆ Japan sees rare strike as workers at landmark department store protest sale
▼ + stars: | 2023-08-31 | by ( Mariko Katsumura 清水律子 | Mariko Katsumura | ) www.reuters.com time to read: +4 min

The slogan on the banner in the centre reads, 'Sogo & Seibu, strike solidarity'. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union. Other Seibu and Sogo department stores were open for business as usual. "Considering the industry's difficulties, the conditions at Sogo & Seibu are not unique." Sogo & Seibu has been in the red for the last four years and has some 300 billion yen in debt.

Persons: Satomi Saito, Isetan Mitsukoshi, Daimaru, Wakana Shuto, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs Organizations: Sogo, Seibu, company's, Kyodo, Workers, Fortress Investment Group, Yodobashi Holdings, Yodobashi, Hankyu Hanshin, Rikkyo, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo

☆ Reaction to Gabon army officers announcing coup
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +4 min

Below are reactions to what appeared to be the eighth military coup in West and Central Africa since 2020. FRENCH GOVERNMENT SPOKESPERSON OLIVIER VERAN"We condemn the military coup and recall our commitment to free and transparent elections." EU HIGH REPRESENTATIVE FOR FOREIGN AFFAIRS AND SECURITY POLICY JOSEP BORRELL"If this is confirmed, it is another military coup which increases instability in the whole region. RUSSIAN FOREIGN MINISTRY SPOKESPERSON MARIA ZAKHAROVA"Moscow has received with concern reports of a sharp deterioration in the internal situation in the friendly African country. U.N. SECRETARY-GENERAL ANTONIO GUTERRES"The Secretary-General is following the evolving situation in Gabon very closely.

Persons: Gerauds Wilfried Obangome, Ali Bongo, Moussa Faki Mahamat, BOLA TINUBU'S, Bola Ahmed Tinubu, GENERAL PATRICIA SCOTLAND, OLIVIER VERAN, WANG WENBIN, Bongo, JOSEP BORRELL, MARIA ZAKHAROVA, JOHN KIRBY, It's, GENERAL ANTONIO GUTERRES, Nellie Peyton, Sofia Christensen, Alexander Winning, Sharon Singleton, Andy Sullivan Organizations: REUTERS, Central African, AU, H.E, WEST, BLOC ECOWAS, GENERAL, Commonwealth Secretariat, MINISTRY, EU HIGH, Thomson Locations: Libreville, Gabon, West, Central Africa, Gabonese Republic, Republic, NIGERIA, African Union, CHINA, China, Central African Republic, Mali, Burkina Faso, Niger, Moscow

☆ Look inside the $44.5 million Tuscan-style mega villa perched 2,000 feet above Malibu
▼ + stars: | 2023-08-16 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

watch nowThe Tuscan-style mega villa that sits high atop Malibu has just been put back on the market with a $44.5 million price tag. Studio 910The French limestone-clad villa's more recent history includes being featured on reality TV and film. Studio 910The primary suite includes vaulted ceilings and two balconies, plus a wraparound terrace. Studio 910The primary suite's third interior balcony overlooks the great room where 35-foot ceilings are clad in walnut wood. Studio 910The kitchen.

Persons: Shawn Elliott, Elliott, Howard Leight, Bob Easton, Leight, Kardashians, Leight's, Howard Leight Jr Organizations: Malibu Rocky, Nest Seekers International, CNBC Locations: Malibu, Santa Monica, Malibu's

☆ Nigeria's president says central bank undergoing forensic audit
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Aug 4 (Reuters) - Nigerian President Bola Tinubu said on Friday the central bank was undergoing a comprehensive forensic audit as part of reforms following the suspension of the bank's governor in June. Tinubu has embarked on the country's boldest reforms in years, ending the central bank's currency controls that kept the naira currency artificially strong and scrapping a petrol subsidy that cost the government $10 billion last year. "A comprehensive forensic audit is on-going at the Central Bank (of Nigeria)," a presidency statement quoted Tinubu as telling World Bank head Ajay Banga at a meeting in Abuja. Tinubu, who was sworn into office on May 29, inherited an economy grappling with anaemic growth, record debt, shrinking oil production and widespread insecurity. Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu, Tinubu, Ajay Banga, Felix Onuah, MacDonald Dzirutwe, David Gregorio Our Organizations: Central Bank, World Bank, Thomson Locations: ABUJA, Nigeria, Abuja

☆ Nigeria's labour unions suspend strike after meeting president
▼ + stars: | 2023-08-02 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, Aug 2 (Reuters) - Nigeria's main labour federation has agreed to return to talks with the government following a meeting with President Bola Tinubu on Wednesday, union leaders said, on a day when hundreds of Nigerians marched against the removal of a petrol subsidy. The Nigeria Labour Congress (NLC) said the marches across major Nigerian cities were successful enough to force Tinubu to meet union leaders and vow to expedite an agreement on a new minimum wage among other promises. [1/2]Members of the Nigerian Labour Union, holding flags and placards, march during a protest against fuel price hikes and rising costs, in Abuja, Nigeria August 2, 2023. REUTERS/Abraham AchirgaLed by union leaders, protesters carrying placards marched in Lagos, the oil-producing state of Bayelsa and in the northern cities of Kano and Kaduna. In the capital Abuja, marchers broke down a gate to the National Assembly, expecting to be addressed by the Senate president, witnesses said.

Persons: Bola Tinubu, Tinubu, Tinubu's, Dele Alake, Abraham Achirga Led, Elisha Bala, MacDonald Dzirutwe, Tife, Hamza Ibrahim, Garba Muhammad, Tomasz Janowski, Giles Elgood, Sandra Maler Organizations: Nigeria Labour Congress, Nigerian Labour Union, REUTERS, NLC, National Assembly, Thomson Locations: ABUJA, Nigeria, Abuja, Lagos, Bayelsa, Kano, Kaduna, Gbogbo, Yenagoa

☆ Nigeria's Tinubu appoints investigator to probe central bank
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi SotundeCompanies Tinubu Square Sa FollowABUJA, July 30 (Reuters) - Nigeria's President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday. Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a "criminal breach of trust." In a letter dated July 28, Tinubu appointed the chief executive of Nigeria's Financial Reporting Council as special investigator of the Central Bank of Nigeria (CBN) and other government-owned entities. The investigator was to "provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments."

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Bola Tinubu, Tinubu, Godwin Emefiele, Dele Alake, Felix Onuah, MacDonald Dzirutwe, Christina Fincher Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Nigeria's, Central Bank of Nigeria, Thomson Locations: Abuja, Nigeria, ABUJA

☆ Analysis: Nigeria's Tinubu faces daunting hurdles after reform sprint
▼ + stars: | 2023-06-27 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +6 min

Nigeria today faces record debt, unemployment is worryingly high, and power shortages have contributed to years of anaemic growth. "The path to political power in Nigeria, over time, has always been through these vested interests," said Bismarck Rewane, CEO at Financial Derivatives Company in Lagos. ENTRENCHED NETWORKSTinubu's ambitions to build a $1 trillion economy in eight years could come unstuck in part due to chronic power shortages. Getting the lights on would be a major win, but to do so some say Tinubu must remove grid subsidies and cut red tape. Tinubu suspended the head of the financial and economic crimes agency, but has yet to outline an anti-graft plan.

Persons: Bola Tinubu, Jason Tuvey, Bismarck Rewane, Tinubu, Tunau Taiwo, Nnamdi Obasi, Prince Ojeabulu, Muhammadu Buhari, jihadists, beholden, Joe Bavier, Conor Humphries Organizations: New, Capital Economics, Financial Derivatives Company, International, Rensource Energy, Nigeria Delta, Observers, Thomson Locations: Nigeria, LAGOS, New Nigerian, Lagos

Nigerian President Bola Tinubu is embarking on the country's biggest reforms in decades, including scrapping the popular but expensive petrol subsidy and unifying the country's multiple exchange rates. World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that savings from the reforms did not amount to a fiscal windfall. The World Bank and International Monetary Fund had for years called on Nigeria to remove the petrol subsidy, which cost $10 billion last year, and free its exchange rate. To deepen foreign exchange reforms, Siernaet said Nigeria should remove restrictions on a list of 43 items, including sugar and flour, that the central bank says cannot be funded from official dollar sales. Nigeria has the second-largest population of poor people in the world and is one of the least developed countries globally, the World Bank says.

Persons: Bola Tinubu, Nigeria Alex Sienaert, Sienaert, Siernaet, Wale Edun, Chijioke Ohuocha, Elisha Baba, MacDonald Dzirutwe, Christina Fincher, Susan Fenton Organizations: World Bank, Bank, International Monetary Fund, Labour, Thomson Locations: ABUJA, Nigeria, Nigerian, Abuja

☆ Nigeria sets eight-week timeline to agree minimum wage with unions
▼ + stars: | 2023-06-20 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

ABUJA, June 20 (Reuters) - Nigeria's main labour unions and the government on Monday set an eight-week timeline to finalise an agreement to raise the minimum wage to help cushion the impact of high fuel prices after the removal of a popular but costly petrol subsidy. The Nigeria Labour Congress and the Trade Union Congress (TUC) had threatened to strike after fuel prices tripled following President Bola Tinubu's decision to scrap the subsidy. Talks with the unions are one of the first challenges the new administration faces as it pushes forward with a raft of economic reforms. "Everything must be rolled out within that time, (it is) not something that we are going to leave endlessly," he said. Reporting by Camilus Eboh; Writing Elisha Bala-Gbogbo, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu's, Dele Alake, Festus Osifo, Tinubu, Camilus Eboh, Elisha Bala, Ed Osmond Organizations: Nigeria Labour Congress, Trade Union Congress, TUC, Thomson Locations: ABUJA

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

But investors, burned by previous reforms that ultimately proved hollow, say it will take time to build trust and listed myriad questions over the final shape of the economy. Tinubu is from the same party as predecessor Muhammadu Buhari, dubbed "Baba Go-slow" for his pottering pace - taking six months to appoint cabinet members. Nigeria's international dollar bonds and the country's stock market have been boosted by the speedy reforms. Reuters GraphicsInvestors also worry about low tax receipts and falling oil output - structural reforms that will take far longer to sort. Meanwhile interest rates, which Tinubu has said he would like to see fall, were hiked by 50 bps last month to 18.5%.

Persons: Bola, Temilade, Bola Tinubu's, Tunde Ajileye, Muhammadu Buhari, Godwin Emefiele, Goldman Sachs, Andrew Matheny, John Mumo, Joe Delvaux, Amundi, Delvaux, Tinubu, Patrick Curran, Rachel Savage, Libby George, Karin Strohecker, Nick Macfie Organizations: Nigeria's, REUTERS, Central Bank, Reuters, Reuters Graphics, Tellimer, Thomson Locations: Abuja, Nigeria, JOHANNESBURG, LONDON, Lagos, Blakeney, Africa

☆ Nigeria swears in lawmakers, focus shifts to president's cabinet nominees
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

ABUJA, June 13 (Reuters) - Nigeria's new lawmakers were sworn in on Tuesday following February elections, setting the stage for President Bola Tinubu to submit cabinet nominees in a process likely to signal how he intends to tackle a struggling economy and growing insecurity. The swearing-in ceremony in the capital Abuja also saw Tinubu's allies elected as Senate President and House Speaker, to mark the official start of legislative duties for newly elected officials. Nigeria's Senate wields significant influence in Nigeria's bicameral legislature, including scrutinizing and confirming the president's cabinet nominees. Tinubu has up to the end of July to name his cabinet but his aides say the president could submit some names as soon as next week. His choice of finance, petroleum and defence ministers as well as national security adviser would be closely watched.

Persons: Bola Tinubu, Tinubu, Godwin Emefiele, Elisha Bala, Camillus Eboh, William Maclean Organizations: Senate, Thomson Locations: ABUJA, Abuja, Gbogbo

☆ Nigeria's security agency detains suspended central bank governor
▼ + stars: | 2023-06-10 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

LAGOS, June 10 (Reuters) - Nigeria's suspended central bank Governor Godwin Emefiele has been detained and is being held in custody for investigative reasons, the police's Department of State Services (DSS) said on Saturday. The country's new President Bola Tinubu suspended Emefiele with immediate effect on Friday, a measure the government said was linked to an ongoing probe of the governor's office and to planned reforms in the financial sector. "The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons," the DSS statement said. Under Nigerian law, the permanent removal of a central bank governor from office would require a vote by the Senate. Economic analysts expect a series of changes at the central bank, including a gradual devaluation of the naira.

Persons: Godwin Emefiele, Bola Tinubu, Tinubu, Mr Godwin Emefiele, Emefiele, Razia Khan, MacDonald Dzirutwe, Alex Richardson, Mike Harrison, Helen Popper Our Organizations: police's Department of State Services, of State Services, Central Bank of Nigeria, Senate, Standard Chartered, Thomson Locations: LAGOS, Africa, Middle East, Nigeria

☆ The future of AI in finance might be about accepting what we don't know
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Such a suggestion is blasphemy — and potentially illegal — on Wall Street. But as AI tech continues to advance, one Wall Street executive is wondering if there isn't some wiggle room on those types of policies. But what really caught my eye was Friedman's comments around having to fully understand how the AI works. That's a fascinating thought exercise, and one worth having with how quick AI tech seems to be evolving these days. Wall Street is getting fed up with Amazon.

Persons: Dan DeFrancesco, we've, Adena Friedman, shouldn't, Simon Berlyn, Robert Kindler, Morgan Stanley, Paul, Weiss, Garrison, Marc Lasry, Frank, Charlie Javice, Sam Altman, Bernstein, Rod Stewart, We've, Jeffrey Cane, Nathan Rennolds Organizations: PE, Disney, Pixar, . Finance, Nasdaq, Bloomberg Invest, Milwaukee Bucks, JPMorgan, Amazon, Communist Party, LinkedIn Locations: NYC, Point72, Rifkind, Wharton, New York, London

☆ See inside Wave House, the legendary Malibu beach home once owned by Rod Stewart that just listed for $49.5 million
▼ + stars: | 2023-06-07 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +2 min

A house that juts out over Malibu's coveted beach hit the market for the first time in 36 years. Rod Stewart bought it in the 1970s and sold it to record executive Mo Ostin in 1987. The house was designed to look like a set of cresting waves by California architect Harry Gesner. The Coopers were friends with California architect Harry Gesner, and commissioned Gesner to design a house for their family that encapsulated their affinity for the outdoors. The estate of Mo Ostin, the home's most recent owner and onetime record executive who's known for signing Jimi Hendrix and The Kinks, listed the property in early June for $49.5 million.

Persons: Rod Stewart, Mo Ostin, Harry Gesner, —, Gerry Cooper, Gesner, Glenn Cooper's, Cooper, Lisa Germany, Jimi Hendrix Organizations: Service, Glenn, Coopers, Malibu Colony Locations: California, Malibu, Mo

ABUJA, June 4 (Reuters) - Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. And we now have an arm's-length process where we can pay cash for the imports," Kyari told Reuters in an interview late on Saturday. This is the first time NNPC has said it is terminating crude swap contracts. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums. Nigeria has struggled to meet its OPEC oil quota of 1.742 million bpd due to grand oil theft and illegal refining.

Persons: Bola Tinubu's, Tinubu, NNPC, Kyari, MacDonald Dzirutwe, Camillus Eboh, Julia Payne, Susan Fenton Organizations: NNPC, Reuters, Dangote Refinery, Thomson Locations: ABUJA, Nigeria, Ukraine, Dangote, NNPC, Vienna

☆ Nigeria's Tinubu gets his turn as president, familiar problems await
▼ + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +2 min

Buhari, a taciturn former military ruler, leaves Africa's biggest economy and most populous nation deeply divided. But what authorities promised would be the country's freest and fairest election yet ended in frustration for many. Buhari defends his record, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt. A former Lagos state governor, Tinubu has promised to be a better steward of the economy.

☆ From highs to lows, Everest record breaker sees 'no future' in Nepal
▼ + stars: | 2023-05-29 | by ( Gopal Sharma | ) www.reuters.com time to read: +4 min

[1/5] Kami Rita Sherpa, 53, a Nepali Mountaineer who climbed Mount Everest for a record 28 times, poses for a picture at his rented apartment in Kathmandu, Nepal May 28, 2023. REUTERS/Navesh ChitrakarKATHMANDU, May 29 (Reuters) - Kami Rita Sherpa had stood at the top of world just days earlier, exultant at having summited Mount Everest for a record 28th time. The country earned $5.8 million in permit fees - $5 million from Mount Everest alone – during this year's March-May climbing season. Expeditions hiring sherpas must take out life insurance for them, but the pay out is just 1.5 million Nepali rupees (about $11,300). "This should be increased to 5 million rupees (about $38,000)," said Kami Rita, gently rubbing a bruise on his cheek.

☆ Explainer: What to expect from Nigeria's new president Bola Tinubu
▼ + stars: | 2023-05-29 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +4 min

LAGOS, May 29 (Reuters) - Nigeria's new president Bola Tinubu faces a litany of problems, including widespread violence, double-digit inflation and industrial-scale oil theft. Tinubu says he will build on Buhari's public infrastructure programme to create jobs and remove legal limits on government spending. Tinubu says he will reduce corporate tax to attract investment and plug tax loopholes to boost revenue. Tinubu says he will set up a surveillance unit to protect the country's pipelines and attract new investors with tax incentives. Tinubu wants to recruit more soldiers and police officers, while paying and equipping them better.

SummarySummary Companies Tinubu succeeds former military leader BuhariNigeria divided after disputed electionAfrica's biggest economy faces headwindsInsecurity spread under BuhariABUJA, May 29 (Reuters) - Bola Tinubu was sworn in as Nigeria's president on Monday, facing mounting calls to improve economic and security conditions which many complain worsened under his predecessor Muhammadu Buhari. Tinubu, the former Lagos state governor and a member of Buhari's party, has promised to be a better steward of Africa's biggest economy and most populous nation. A raft of protectionist economic policies and foreign currency interventions have also spooked investors. Buhari defended his record on Sunday, saying new infrastructure such as roads, bridges and airports, and the protectionist policies have laid the foundations for future growth. Separatist and gang violence plague the southeast, and clashes between farmers and herders persist in hinterland states known as Nigeria's Middle Belt.

☆ Nigeria's Buhari defends election outcome, economic record
▼ + stars: | 2023-05-28 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, May 28 (Reuters) - Nigeria's President Muhammadu Buhari on Sunday defended his record on the economy and the outcome of a disputed presidential election, saying he was leaving a legacy of credible and fair votes, a day before he hands over power to his successor. Buhari first came to office in 2015 after promising to reboot the economy and end corruption and insecurity, but many Nigerians say these issues have worsened under his watch. Incoming President Bola Tinubu's victory is being challenged by his two closest opposition rivals, and on Tuesday a tribunal will begin to hear the main arguments in the election petition. Tinubu is inheriting anaemic economic growth, record debt and shrinking oil output. Life is tough for Nigerians, and a tangle of protectionist economic policies and foreign currency interventions have caused dollar shortages and spooked investors.

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