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☆ Oil prices up on tighter supply, lower U.S. inflation
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing U.S. inflation, which markets hope may bring an end to interest rate hikes in the world's biggest economy. U.S. consumer prices rose modestly in June at the smallest annual increase rate in more than two years as inflation continued to subside. Producer prices also barely rose in June, and the annual increase was the smallest in nearly three years. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Saudi Arabia and Russia, the world's biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.

Organizations: Raffles, Brent, . West Texas, U.S . Federal, ANZ Research, Shell Locations: Yantai, East China's Shandong province, Libya, Nigeria, Saudi Arabia, Russia

☆ StanChart to sell sub-Saharan Africa business to Access Bank
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses. Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG). "Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered's businesses across the five aforementioned countries," Standard Chartered said in a statement. The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

Persons: Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely Organizations: Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson Locations: DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria

☆ Exclusive: Ivory Coast halts cocoa forward sales as rains hit production
▼ + stars: | 2023-07-13 | by ( Ange Aboa | ) www.reuters.com time to read: +4 min

SummaryCompanies Torrential rains hit Ivory Coast cocoa farmsIvory Coast CCC cocoa regulator says output could declineBlack pod fungal disease spreading in farmsABOISSO, Ivory Coast, July 13 (Reuters) - Ivory Coast has stopped selling contracts for cocoa exports for the 2023-2024 season after heavy rains battered and flooded farms in the world's top cocoa-producing nation in recent weeks, the head of the country's cocoa sector regulator told Reuters. Ivory Coast is in the middle of its April to November rainy season. But Ivory Coast and other major cocoa producers Ghana, Nigeria and Cameroon that account for around 70% of global production, have witnessed heavy tropical downpours in recent weeks. On May 15, tropical rains fell continuously for eight hours with unprecedented intensity in the Aboisso region in southeastern Ivory Coast, farmers and residents told Reuters. Farmers, cocoa pod counters, and cocoa exporters based in Ivory Coast, also told Reuters that they expected a significant decline in output during the first part of the main harvest.

Persons: Yves Brahima Kone, Barry Callebaut, Kone, Jean Paul Kadjo, Soubre, Kouman Kouadio, Kouadio, CCC's Kone, Ange Aboa, Bate Felix, Elaine Hardcastle Organizations: Ivory Coast, Reuters, United Nations, Cocoa Council, Cargill, Hershey, Nestle, Plantations, Thomson Locations: Ivory, ABOISSO, Ivory Coast, United, Ghana, Nigeria, Cameroon, Aboisso, Farmers, Akressi, San Pedro, Tai

☆ Fame-crazed Nigerians sing and cook their way to the record book
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nigerian gospel singer Oluwatobi Kufeji, 39, sings as he attempts to break a Guinness world record of longest singing hours, in Lagos, Nigeria July 10, 2023. REUTERS/Seun SanniLAGOS, July 13 (Reuters) - A Nigerian man has completed more than 200 hours singing, another managed a 100-hour live video on Instagram, while a masseuse's bid to massage people for 75 hours ended in exhaustion. The three are among more than a dozen Nigerians aiming to set Guinness World Records in the latest craze to hit Africa's most populous nation. Then Lagos-based gospel singer Oluwatobi Kufeji took to singing for 200 hours to help boost his career. Still, she managed 50 hours and said that would be enough to make the record book.

Persons: Oluwatobi Kufeji, Seun Sanni, Hilda Bassey, Masseuse Joy, Vining, MacDonald Dzirutwe, Nick Macfie Organizations: REUTERS, Seun, Guinness, Records, Thomson Locations: Nigerian, Lagos, Nigeria, Seun Sanni LAGOS, Ekiti

☆ Why stockfish is so expensive
▼ + stars: | 2023-07-13 | by ( Claudia Romeo | Emily Christian | ) www.businessinsider.com time to read: 1 min

Stockfish is cod that is dried naturally, without using salt. But stockfish supply and prices are volatile. Sellers here in Nigeria have no control over how much fish is dried and how much of it gets here, because stockfish cannot be made in Nigeria. It is dried thousands of miles away in Norway, where there are entire operations dedicated to stockfish. So what does it take to get stockfish to Nigeria?

Locations: Nigeria, Norway, stockfish

☆ Fact Check-Macron and Tinubu photos altered to show Obi
▼ + stars: | 2023-07-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

The original photos depicted Nigerian President Bola Tinubu with Macron. However, photos spreading on social media purporting to show Macron beside Obi appear to have been altered, despite users sharing them as if authentic here and here . “Peter Obi with French President, Emmanuel Macron, at the Paris summit in France,” one post reads here . An online search for the images reveals they originally depicted the French President with Nigerian President Bola Tinubu at a State Banquet on June 22. Photos edited to show Peter Obi with Emmanuel Macron originally featured Nigerian President Bola Tinubu with the French president.

Persons: Emmanuel Macron, Peter Obi, Bola Tinubu, Macron, Obi, “ Peter Obi, ”, Tinubu, Tinubu’s, Nigeria’s, Read Organizations: Anambra State Governor, Macron, Twitter, Nigerian Tribune, Reuters Locations: Anambra, Nigeria, Paris, France

☆ Fact Check-Screenshot of fabricated tweet falsely attributed to Nigeria state governor Bello
▼ + stars: | 2023-07-12 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A fabricated tweet that is falsely attributed to Kogi State Governor Yahaya Bello has been shared by people online. I am in charge of my State and will not allow anyone intrude in my affairs” (here ). However, Reuters did not find any record of such a Tweet on Bello’s Twitter account (twitter.com/OfficialGYBKogi ). The state governor also published a denial on Twitter of ever writing such a post. Bello published a denial on his Twitter profile.

Persons: Yahaya Bello, Bello, Tinubu, Tweet, Nigeria ”, Read Organizations: Reuters, Twitter, Google Locations: Federal Republic, Nigeria

☆ A country slightly bigger than Texas is projected to match the US's population by 2050 — and it shows how radically the world is going to change over the next three decades
▼ + stars: | 2023-07-11 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

It's World Population Day. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyHappy World Population Day. "The population growth is, of course, partly explained by improvement in level and access to public health," Amare said. Michael Herrmann, an economic adviser with United Nations Population Fund, told Africa News that without proper planning it can difficult to care for, educate, and employ a population growing that fast. "They want to create full employment for the people, and a growing population can raise the stakes in these efforts.

Persons: António Guterres, it's, Tighisti Amare, Amare, Michael Herrmann, Hermann Organizations: Service, United Nations, Google, Africa, Chatham House, United Nations Population Fund Locations: Nigeria, Wall, Silicon, India, China, Japan, Germany, Pakistan, Indonesia, Texas, Africa, London

☆ China has a reputation for exporting shoddy weapons, but its sales may get a boost from Russia's blunders in Ukraine
▼ + stars: | 2023-07-11 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

If Russia's arms exports falter because of the war in Ukraine, China's appeal may only grow. Despite the drawbacks, Chinese arms exports may get a boost from the war in Ukraine. Mazhar ABID/Gamma-Rapho via Getty ImagesQuality concerns could be one reason for a pre-Ukraine decline in Chinese arms sales. On the other hand, SIPRI also found that German and British arms sales declined 35% and Israeli sales fell 15% during the same period. "As Russia's weapons availability may change as the war continues, China is prepared for when that time arrives."

Persons: Cindy Zheng, AAMIR QURESHI, Zheng, —, Mazhar ABID, SIPRI, NOEL CELIS Organizations: Service, RAND Corporation, Kamra, Getty, Nigerian Air Force, Pakistan —, Stockholm International Peace Research Institute, Germany's Puma, Getty Images Arms Locations: China, Beijing, Ukraine, Wall, Silicon, Islamabad, Africa, South Asia, Nigeria, Soviet, Myanmar, Bangladesh, Pakistan, Aslat, Karachi, Stockholm, Russia, AFP, Venezuela, Iran

☆ Spanish coastguard rescues two Nigerian migrants from ship's rudder
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

Polic?a... Read moreMADRID, July 11 (Reuters) - The Spanish coastguard rescued two Nigerian migrants who stowed away on the rudder of a ship that arrived in the Canary Islands from Togo, a coastguard spokesperson and the police said on Tuesday. After being rescued on Monday night in the port of Las Palmas, the migrants were taken to a hospital. The container ship's last stop before reaching the Spanish archipelago off the African coast was Lome, Togo's capital, said the coastguard spokesperson without elaborating. In a similar case in November last year, the Spanish coastguard rescued three African stowaways who had arrived in the Canary Islands after enduring 11 days on the rudder of a fuel tanker from Nigeria. The Spanish-owned Canary Islands are a popular but dangerous gateway for African migrants attempting to reach Europe.

Persons: Read, Joan Faus, Sharon Singleton Organizations: Spanish coastguard, Las Palmas de, Las Palmas de Gran Canaria, coastguard, Twitter, MSC, Guardia Civil, La Provincia, Thomson Locations: Canary, Togo, Las Palmas, Las Palmas de Gran, Spain, MADRID, Palmas, Spanish, Lome, Togo's, Lagos, Nigeria

☆ Twenty-four central banks will have digital currencies by 2030 - BIS survey
▼ + stars: | 2023-07-10 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline of cash. Most of the new Central Bank Digital Currencies (CBDCs) will emerge in the retail space, where eleven central banks could join peers in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria which already run live digital retail currencies, the BIS found in its survey of 86 central banks conducted late 2022. On the wholesale side, which in future could allow financial institutions to access new functionalities thanks to tokenisation, nine central banks could launch CBDCs, the BIS said. "Enhancing cross-border payments is among the key drivers of central banks' work on wholesale CBDCs," the authors of the report wrote. Pilot testing in China now reaches 260 million people and two other big emerging economies, India and Brazil, plan to launch digital currencies next year.

Persons: Francois Lenoir, CBDC, Karin Strohecker, Mark Potter Organizations: REUTERS, Francois Lenoir LONDON, Bank for International Settlements, Central Bank Digital, BIS, Swiss National Bank, European Central Bank, Silicon Valley Bank, Signature Bank, Thomson Locations: Brussels, Belgium, Bahamas, Eastern Caribbean, Jamaica, Nigeria, China, India, Brazil, Silicon, stablecoins

☆ Netherlands to return nearly 500 looted objects to Indonesia and Sri Lanka
▼ + stars: | 2023-07-07 | by ( Senay Boztas | ) edition.cnn.com time to read: +5 min

CNN —The Dutch government is returning 478 objects looted during colonial times to Indonesia and Sri Lanka. “It’s the first time we’re following recommendations… to give back objects that should never have been brought to the Netherlands. A collection of jewels, precious stones and silver, the "Lombok treasure" was taken from the Indonesian island of Lombok in 1894. “But what changed is our viewpoint: these objects are to tell the stories of our countries, of our shared history of peoples. A ceremonial handover of objects to the National Museum of Indonesia in Jakarta will take place at the Museum Volkenkunde Leiden on July 10.

Persons: Gunay Uslu, Cannon, ” Uslu, “, …, We’re, we’re, Lilian Gonçalves, Ho Kang, William V , Prince of Orange, Smeulders, ”, ” Smeulders, Gert, Jan van den Bergh, Bergh, Sanders, Van den Bergh Organizations: The Art, CNN, State for Culture, Dutch Council for Culture, National Museum of, Netherlands ’, East India Company, Nazi, Naturalis Biodiversity, Guardian, Art Newspaper, Museum Volkenkunde Leiden Locations: Indonesia, Sri Lanka, Nigeria, Dutch, Lombok, Bali, Kandy, Netherlands, Indonesian, Europe, Leiden, National Museum of Indonesia, Jakarta

☆ EMEA credit rating trends see bright spots - S&P
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

The Nigerian and Turkish governments are adjusting their monetary policy settings in a way that S&P says could help them rebuild foreign-exchange reserves and stop the population from dollarizing their savings. Despite the "bright spots" S&P acknowledges, the outlook balance among the 55 countries in their EMEA universe remains the same as a year ago. There are seven countries with negative outlook and four with a positive one, from six and three respectively in June 2022. All negative outlooks, Ethiopia, Kenya, Nigeria, Turkey, Uganda, and Ukraine are rated 'B' or below by S&P. Reporting by Rodrigo Campos; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Frank Gill, Rodrigo Campos, David Evans Organizations: P Global, Federal, Thomson Locations: United States, Europe, East, Africa, Ukraine, Ethiopia, Kenya, Nigeria, Turkey, Uganda, Russia, Egypt

☆ Nigeria's cost-of-living crisis is getting worse daily after an 'abrupt' fuel hike
▼ + stars: | 2023-07-07 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

“The hike in fuel price has caused a scarcity of passengers,” Hanwa, 50, added. “Before the hike in fuel price, Abuja to Kano was 5,500 ($7.26) but is now 8,500 ($11.22),” he said. Successive governments had carried on with fuel subsidy since its introduction in the 1970s but had also mooted deregulating the country’s oil sector. Along with soaring transport fares, food prices and costs for other essentials have skyrocketed across the country. Economist Bismarck Rewane agrees that halting fuel subsidy “makes economic sense,” but mentions that the saved proceeds from the scheme must be ploughed back into bettering the lives of Nigerians.

Persons: Hanwa, ”, ” Hanwa, Jume Hanwa, Nimi Princewill, Bola Tinubu, Tinubu, Usman Imam, “, Sam Amadi, ” Amadi, ” Fabian Grace, Grace, who’s, Fabian Grace, ” Grace, “ I’ve, I’m, Bismarck Rewane, ” Rewane Organizations: Nigeria CNN —, CNN, CNN Transport, National Petroleum Corporation, ” Travelers, Usman, Abuja School of Social Locations: Abuja, Nigeria, Nigeria’s, Nimi, Kano, Africa’s, Maraba, Nasarawa State, Edo State

☆ Column: Hottest day on record puts fresh focus on top CO2 emitters
▼ + stars: | 2023-07-06 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +4 min

July 6 (Reuters) - The world's largest emitters of carbon dioxide (CO2) and other greenhouse gases are coming under fresh scrutiny after global temperatures averaged 17.01 degrees Celsius (62.62 Fahrenheit) on Monday, the highest ever recorded. PRESSURE POINTSChina, the world's single largest CO2 polluter since 2005, has come under particular scrutiny after the country generated over 30% of global CO2 discharge in 2022, according to the Energy Institute Statistical Review of World Energy. CO2 emissions by key region since 1990India, already the world's third largest CO2 polluter in 2022, is seen increasing total CO2 discharge until 2040, while CO2 emissions in Indonesia - the seventh largest polluter last year - may not peak until 2050. Brazil, number 13 on the CO2 list in 2022, also looks set to keep CO2 discharge totals climbing over the coming years. However, each nation also has aggressive plans for reducing energy sector emissions and lowering reliance on fossil fuels.

Persons: Gavin Maguire, Kim Coghill Organizations: El, Energy Institute, World Energy, Centre for Research, Energy, Clean, Oxford Economics, Reuters, Thomson Locations: South, Southeast Asia, Northern China, North Africa, North America, El Nino, China, Japan, South Korea, United States, Germany, Europe's, North East Asia, South East Asia, India, Indonesia, Brazil, Turkey, Nigeria, Egypt, Mexico, The Philippines

☆ A California state senator is calling for a labor investigation into $12B HR startup Deel over 'brazen employment misclassification' after Insider's reporting
▼ + stars: | 2023-07-06 | by ( Rob Price | ) www.businessinsider.com time to read: +6 min

$12 billion HR startup Deel is facing calls for a California Secretary of Labor investigation. Multiple California state senators criticized Deel for misclassifying workers, citing reporting from Insider. The company is heavily reliant on independent contractors, Insider previously reported. A California senator is calling for the state's Secretary of Labor to investigate Deel, a buzzy San Francisco-based HR startup valued $12 billion, over "brazen employment misclassification." 17 current or former Deel workers had told Insider in March that they had concerns the company may be misclassifying contract workers' employment status.

Persons: Deel, Stewart Knox, Stephen Padilla, Andreessen Horowitz, Emerson, Alex Bouaziz, Padilla, Dave Cortese, María Elena Durazo, We've, Thomas Lenz Organizations: Labor, Morning, Labor and Workforce Development Agency, Contractors, Senate Labor, Public, Global Employment, University of Southern California Gould School of Law Locations: California, San Francisco, Canada, Australia, France, Germany, Spain, Greece, Brazil, Turkey, India, Pakistan, Hong Kong, Singapore, Philippines, Nigeria

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

☆ Dancing the blues away: Nigerian salsa teacher fights mental health stigma
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

ABUJA, July 5 (Reuters) - Nigeria's Emeka Adindu says salsa saved his life. Growing up in a country with deep-rooted stigma against mental health issues, Adindu, 35, found solace in the popular Latin dance as he battled abuse, depression and suicidal thoughts. "Salsa was the only thing that could make me smile all those days that I was battling, fighting with my demon," he says. A 2021 UNICEF report shows one in six Nigerians aged between 15 and 24 are depressed, anxious or have other mental health issues. Medical professionals say the stigma associated with mental health in Nigeria's culturally conservative society makes matters worse.

Persons: Adindu, Princess Solomon unwound, Abraham Achirga, Vining Ogu, Angela Ukomadu, Bhargav Acharya, Devika Organizations: UNICEF, Thomson Locations: ABUJA, Abuja

☆ Analysis: Caught between riots and debt crises, African countries cut fuel subsidies
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Senegal, like Nigeria and Angola, is removing costly fossil fuel subsidies – a move once considered politically unthinkable but which has become a necessity due to crushing debt, a spike in borrowing costs and high fuel prices. SHEER FISCAL NECESSITYNearly every country on earth has some fossil fuel subsidies, according to the Organisation for Economic Co-operation and Development (OECD). Now, high costs have effectively locked many out of international bond markets. According to the World Bank, almost half of the countries in sub-Saharan Africa are in or at high risk of debt distress. The World Bank estimates that subsidy removal, and scrapping foreign exchange controls, would save Nigeria some 21 trillion naira ($27.49 billion) from 2023 to 2025.

Persons: Abdoulaye Diallo, Diallo, Stanley Achonu, Goolam Ballim, Angola's, David Amaglobeli, Amaglobeli, Gregoire Garsous, Achonu, Karin Strohecker, Ngouda Dione, Hugh Lawson Organizations: ONE, LONDON, CFA, Global, International Energy Agency, Reuters Graphics, Organisation for Economic Co, Development, Standard Bank, World Bank, OECD, Bank, Christian, Thomson Locations: Africa, Nigeria, Senegal's, Dakar, Senegal, Angola, Ukraine, Russia, Johannesburg, China, Saharan Africa, Zambia, London, Brazzaville

☆ Oil prices ease on fears of weaker demand
▼ + stars: | 2023-07-03 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. "OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Tina Teng, Baker Hughes, Florence Tan, Emily Chow, Sonali Paul Organizations: PMI, SINGAPORE, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, CMC, Organization of, Petroleum, U.S . Energy, Administration, Thomson Locations: China, Saudi, U.S, Saudi Arabia, OPEC, Iraq, Nigeria

☆ Oil prices slip on global economic slowdown fears
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day, its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Caixin, Baker Hughes Organizations: U.S . Federal, Brent, . West Texas, National Australia Bank, Saudi, Petroleum Reserve, NAB, Organization of, Petroleum, U.S . Energy, Administration Locations: U.S, China, Saudi Arabia, Iraq, Nigeria

☆ Chinese navy makes rare foray into West Africa with Nigeria visit
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 3 (Reuters) - A naval fleet of China's People's Liberation Army (PLA) led by the destroyer Nanning arrived in Nigeria on Sunday, in a rare visit by the Chinese military to Africa's Atlantic coast, where Beijing has long made efforts to grow its influence. The Chinese ambassador to Nigeria hailed the five-day visit as a milestone in ties, while the Nigerian navy expressed willingness to work with China to tackle maritime security threats and maintain stability in the Gulf of Guinea, the Chinese embassy said in a statement on Monday. Oil-rich West Africa is an important global exporter of crude. The region, mostly Angola and Nigeria, is among China's top oil suppliers. Major Chinese oil explorer CNOOC Ltd also engages in deep-sea production off the coast of Nigeria.

Persons: Nanning, CNOOC, Ryan Woo, Clarence Fernandez Organizations: Liberation Army, PLA, Thomson Locations: BEIJING, Nigeria, Beijing, Nigerian, China, Gulf, Guinea, Africa, Angola, Sao Tome and Principe, Taiwan, Djibouti

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

☆ ‘Tom Clancy’s Jack Ryan’ Season 4 Review: John Krasinski’s Final Mission
▼ + stars: | 2023-06-30 | by ( John Anderson | ) www.wsj.com time to read: 1 min

“No,” says Ryan, to a collective gasp. The agency has so many rogue operations, so many black-ops agents at large, so many unexplained entries on its books that I don‘t know what is going on, he says. The entire intelligence landscape is befogged. I’ll be your patriot, he says. But I won’t play your games.

Persons: John Krasinski, Michael Kelly, Wendell Pierce, Jonny Cournoyer, Jack Ryan, ”, Ryan, I’ll Organizations: CIA Locations: Nigeria

☆ Essence Fest is devoting a day to Nollywood for the first time
▼ + stars: | 2023-06-29 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

Lagos, Nigeria CNN —For the first time, Essence Fest – which has been celebrating African American culture in the United States for more than two decades – is devoting a day to Nigeria’s Nollywood film industry – the most prolific in Africa. “Nigeria will have its own day in terms of the film and TV industry, where we are front and center. “It’s such an honor to be part of this inaugural official Nollywood delegation to the Essence Festival. Last year, Amazon Prime Video secured exclusive streaming agreements with two Nollywood film studios in its hunt for African content. (But) we have to take our stories out … by participating in international events like the Essence Festival and the Cannes Film Festival.

Persons: Nigeria’s, Toyosi, ”, Shawn Faqua, “, Daniel Etim Effiong, Nollywood, Effiong, Etim Effiong Organizations: Nigeria CNN —, Culture, CNN, “, Essence, Amazon Prime, Netflix, Cannes Film, American Locations: Lagos, Nigeria, United States, Africa, New Orleans, “ Nigeria, West African, Nigerian, Nollywood

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