DIRS.INFO The most relevant business & tech news

☆ SoLo Funds, peer-to-peer loan platform for underserved banking consumers, is expanding to Nigeria
▼ + stars: | 2023-06-29 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +7 min

Expansion to Nigeria, Williams said, is a first step on the path to further international growth. In Nigeria, SoLo Funds has already connected with Paga, a mobile payment company, Platform Capital, an African investing firm based in Nigeria, and Endeavor, an entrepreneurial community network. SoLo Funds users have the opportunity to lend small amounts of money, ranging from $50-$1,000, to peers on the platform. That mission has not come without controversy, and allegations that SoLo Funds is creating a new form of predatory short-term lending. The complexity of lending regulation in the U.S. on a state-by-state basis has prepared SoLo Funds for the equally complex international launch.

Persons: Williams, Elon, " Williams, Rodney Williams, Travis Holoway, We've Organizations: Procter & Gamble, Visa, Intel, Synchrony, CNBC, Aspen Ideas, Platform, Endeavor, Google, NBCUniversal News Locations: Nigeria, Africa, America, Connecticut, California, Washington, United States, U.S, Latin America, Southeast Asia

Kenyan shipments of tea - its major export - have fallen by a fifth over the last year, according to the local regulator. The spike in global interest rates has already tipped Sri Lanka and Ghana into defaulting. Reuters GraphicsBLACK MARKETAlthough the dollar's share as a global reserve currency has dropped to 59% from 70% over a decade, it continues to dominate global trade. Nigeria has long had a web of multiple exchange rates which it is now trying to untangle, having also devalued its naira currency again last week. A plunge of around 70% in Bolivia's reserves has spawned queues at banks and currency exchange shops as some merchants stopped accepting local currency.

Persons: Wilson Muthaura, KTDA, Charlie Robertson, Muthaura, David Willacy, Ojo, Chaucer, Ronal, Luiz Inacio Lula da Silva, Kristalina Georgieva, William Ruto, Duncan Miriri, Marc Jones, Macdonald Dzirutwe, Monica Machicao, Mayela Armas, David Sherwood, Catherine Evans Organizations: Bank, FIM Partners, Reuters Graphics, Workers, REUTERS, La Paz, West, Reuters, JPMorgan, Monetary Fund, IMF, Fund, Thomson Locations: NAIROBI, LONDON, Pakistan, COVID, Russia, Ukraine, London, Islamabad, Egypt, Sri Lanka, Ghana, Tunisia, teetering, Nigeria, Kenya, StoneX, Nigeria's, Lagos, British, Cuba, Venezuela, Githunguri, Kiambu County, United States, Lebanon, Turkey, Ethiopia, China, India, Johannesburg, Saudi Arabia, Africa, Argentina, Nairobi, La Paz, Caracas, Havana

☆ Study shows 130 countries exploring central bank digital currencies
▼ + stars: | 2023-06-28 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, June 28 (Reuters) - A total of 130 countries representing 98% of the global economy are now exploring digital versions of their currencies, with almost half in advanced development, pilot or launch stages, a closely-followed study shows. Eleven countries, including a number in the Caribbean, and Nigeria, have already launched central bank digital currencies (CBDCs) as they are known, while pilot testing in China now reaches 260 million people and covers 200 scenarios from e-commerce to government stimulus payments. Two other big emerging economies, India and Brazil, also plan to launch digital currencies next year. U.S. President Joe Biden ordered government officials to assess the risks and benefits of creating a digital dollar in March 2022. A worker at the Lithuanian mint holds a silver coin, produced to be exchanged for sets of digital currency released by Lithuanian central bank in Vilnius, Lithuania June 1, 2020.

Persons: Joe Biden, Andrius, Marc Jones, Mark Potter Organizations: Council, European Central Bank, REUTERS, Federal Reserve, Big Tech, Visa, Mastercard, Atlantic Council, Bank of England, Thomson Locations: U.S, Argentina, Caribbean, Nigeria, China, India, Brazil, United States, Lithuanian, Vilnius, Lithuania, Russia, Venezuela, Europe, Ukraine, Sweden, Australia, Thailand, South Korea, CBDCs, Senegal, Ecuador

☆ 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

☆ ‘Kizazi Moto: Generation Fire’ brings Afro-futurism to Disney+
▼ + stars: | 2023-06-27 | by ( Flo Cornall | ) edition.cnn.com time to read: +5 min

It’s not only the episodes making leaps and bounds into the future – there’s also a new generation of African filmmakers who are taking to the small screen. Fourteen up-and-coming directors are at the helm of the anthology, hailing from Zimbabwe, Uganda, South Africa, Nigeria, Kenya, and Egypt. “There was a real coalescing of talent, and it felt like the time was right for this particular set of voices to be unleashed on the world.”A year later he was contacted by Triggerfish, the driving force behind “Kizazi Moto: Generation Fire,” about its anthology idea which had Disney+ support. At some point you forget that we are all one tribe.”Mogajane views all the shorts in “Kizazi Moto: Generation Fire” as fundamentally human stories that spark an important conversation. “Kizazi Moto: Generation Fire” will premiere on Disney+ on July 5, 2023.

Persons: It’s, there’s, Peter Ramsey, ”, Nyeke, Anthony Silverston, “, ” Ramsey, Ramsey, Triggerfish, “ Kizazi, Lesego Vorster, Sundiata, Lesego, Nonzi Bogatsu, Terence Maluleke, Isaac Mogajane, ” Mogajane, Moto ’ Organizations: CNN, Cape Town Animation, Disney, South, “ Locations: Zimbabwe, Uganda, South Africa, Nigeria, Kenya, Egypt, Cape Town, Africa, America, Europe, South, Soweto, Johannesburg, Mati

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 oil spill: Authorities investigate dayslong leak from a Shell pipeline in a region already blighted by pollution
▼ + stars: | 2023-06-27 | by ( ) edition.cnn.com time to read: +1 min

Reuters —Nigerian authorities and Shell’s local subsidiary were on Monday investigating the cause of an oil spill on the Trans Niger pipeline that lasted several days. The spill from the 180,000-barrel-a-day, which happened at Eleme in Rivers State in south Nigeria, was detected on June 11. Four days later it was confirmed by Shell Petroleum Development Company of Nigeria Limited in a statement. Shell has, over the years, faced several legal battles focused on oil spills in the Niger Delta, a region blighted by pollution, conflict and corruption related to the oil and gas industry. The oil major blames most of the spills on pipeline vandalism and illegal tapping of crude.

Persons: ” Chinyavanhu, ” Organizations: Reuters, Shell Petroleum Development Company, Nigeria Limited, Shell, Nigerian Oil, Agency, Environmental Advocacy, Greenpeace Locations: Niger, Eleme, Rivers State, Nigeria, Niger Delta, Greenpeace Africa

☆ Pro Take: Forget the SEC, International Climate Reporting Standards Could Become the Global Baseline
▼ + stars: | 2023-06-26 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

New international sustainability reporting standards could fulfill their ambition in becoming the global baseline as the advantages of using a single standard worldwide may, for many companies, outweigh the disadvantages of being more demanding than the SEC’s coming climate reporting rules. On Monday, the International Sustainability Standards Board released its initial two reporting standards. PREVIEWDespite the strong demand for one standard, U.S. and European Union officials are each developing their own climate reporting regimes. It is now up to individual countries and jurisdictions to decide if and when they will adopt the ISSB standards. Sue Lloyd, vice chair of the International Sustainability Standards Board, at the launch of the inaugural sustainability standards.

Persons: Sue Lloyd, ”, Brian Moynihan, Lloyd, Um, Lysanne Gray, Eelco van der Enden, Jean, Paul Servais, Benoit Doppagne, Iosco, Unilever’s Gray, Rochelle Toplensky, Amplifications Iosco Organizations: Sustainability, Task Force, Sustainable Business, European Union, International Organization of Securities Commissions, Securities, Exchange Commission, U.S, Wall Street, Bank of America, London Stock Exchange, Asian Development Bank, Unilever, Alignment, Global, Initiative, Belgian Financial Services, Markets, FSMA, Zuma Press, Accounting, Rochelle, wsj.com Corrections, Amplifications Locations: EU, Australia, Canada, Japan, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow, Monday’s, Egypt, Africa, Asia, U.S

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing. The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials. David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors. The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.

Persons: Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel Organizations: International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson Locations: Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa

☆ Peak oil is another reason to shun OPEC club
▼ + stars: | 2023-06-26 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The group known as OPEC+, which includes the organization’s 13 oil-producing members as well as allied nations like Russia, produces over 40% of the world’s oil. Guyana’s recoverable reserves of around 11 billion barrels in that field alone make it an obvious candidate to join OPEC. Non-OPEC oil nations, such as the United States, Brazil and Canada, are growing production. Even OPEC+ members aren’t united in their desire to prioritize price over production. OPEC+, which comprises the cartel’s 13 oil-producing states and ten other allied nations such as Russia, represents over 40% of the world’s oil production.

Persons: Groucho Marx, It’s, aren’t, Abdulaziz bin Salman, Haitham, Bharrat Jagdeo, Hess, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, Organization of, Petroleum, Wall Street, Exxon Mobil, International Energy Agency, OPEC, United Arab Emirates, Cooperation, Saudi Energy, Wall Street Journal, Exxon, Thomson Locations: Guyana, OPEC, Russia, United States, Brazil, Canada, Nigeria, Saudi Arabia

[1/3] A nurse prepares to administer the AstraZeneca/Oxford vaccine under the COVAX scheme against the coronavirus disease (COVID-19) at the Eka Kotebe General Hospital in Addis Ababa, Ethiopia March 13, 2021. REUTERS/Tiksa Negeri/File PhotoLONDON, June 26 (Reuters) - Several billions of dollars left in a scheme to deliver COVID-19 vaccines to the world’s poorest could be diverted to prepare for other pandemics or to support vaccine manufacturing in Africa, the scheme's partners said. The initiative is set to wind up at the end of this year, although some of its work will continue. With demand for COVID-19 vaccines dwindling, the partners are now working out how best to use the remaining cash – a significant sum in global health – alongside the donors who originally pledged it. Another idea that has gained traction is to use some of the money to boost vaccine manufacturing in Africa, Saraka-Yao said.

Persons: drugmakers, ”, Marie, Ange Saraka, Gavi’s, Yao, Melinda Gates, ” Saraka, Gavi, Muhammad Ali Pate, David Marlow, Seth Berkley, Jennifer Rigby, Christina Fincher Organizations: AstraZeneca, Oxford, REUTERS, Tiksa, Gavi, Vaccine Alliance, World Health Organization, WHO, Coalition for, Reuters, Melinda Gates Foundation, Thomson Locations: Addis Ababa, Ethiopia, Africa, COVAX, United States, Germany, Nigeria

☆ UK SFO delays decision on whether to charge Glencore staff until year-end
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The SFO is investigating former employees of Glencore's UK subsidiary Glencore Energy UK Limited over potential criminal offences in relation to its operations in West Africa. The ex-Glencore employees who are under investigation by the SFO have been granted anonymity pending a decision by the SFO on whether to bring criminal charges. Glencore's UK subsidiary last year admitted seven bribery offences related to paying – or failing to prevent the payment of – millions of dollars in bribes to officials in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. At its sentencing in November, prosecutors told the court that Glencore employees and agents used private jets to transfer cash to pay bribes to officials in Cameroon and South Sudan. Glencore was ordered to pay a total penalty of 276.4 million pounds ($352 million) for its offending, which the sentencing judge described as "endemic" corruption.

Persons: Alexandra Healy, Glencore, Sam Tobin, Christina Fincher Organizations: SFO, Glencore's, Glencore Energy, Limited, Glencore, London's, London's Southwark Crown, Thomson Locations: London, West Africa, London's Southwark, Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, South Sudan

☆ As Nigeria scraps fuel subsidy, a vibrant black market collapses
▼ + stars: | 2023-06-26 | by ( Desire Danga Essigue | ) www.reuters.com time to read: +4 min

Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their businesses collapse. With supplies dwindling, queues have been forming at official petrol stations, where fuel is now competitively priced. "Supply has become scarce and customers think we're ripping them off with this high price, yet it's from Nigeria that prices have soared," said Perevet Dieudonne, a black market seller. The trade in black market fuel is so central to the local economy that authorities either turn a blind eye or are complicit. At Hilacondji, a border crossing between Togo and Benin, some black market fuel stalls were shut, while at others vendors waited among rows of empty plastic jerricans for potential deliveries.

Persons: Danga, turvy, Perevet Dieudonne, Ousmanou Mal Djoulde, Ayi Hilla, Alice Lawson, Pulcherie, Amindeh Blaise Atabong, Elisha Bala, MacDonald Dzirutwe, Estelle Shirbon, Bate Felix, Elaine Hardcastle Organizations: REUTERS, CFA, Reuters, Dangote Petroleum, United Nations, Thomson Locations: Garoua, Cameroon, GAROUA, West, Nigeria, Benin, Togo, Nigerian, West Africa, Dangote, Hilacondji, Africa, Cotonou, Pulcherie Adjoha

☆ Renewables growth did not dent fossil fuel dominance in 2022, report says
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +5 min

Energy consumption grew everywhere apart from Europe, including Eastern Europe. Renewables, excluding hydropower, accounted for 7.5% of global energy consumption, around 1% higher than the previous year. The share of fossil fuels in global energy consumption remained at 82%. Most oil demand growth came from revived appetite for jet fuel and diesel-related products. Europe accounted for much of LNG demand growth, increasing its imports by 57%, while countries in the Asia-Pacific region and South and Central America reduced purchases.

Persons: Juliet Davenport, consultancies, Shadia, Philippa Fletcher Organizations: Belchatow, REUTERS, Stezycki Companies, World Energy, Energy, Energy Institute, consultancies KPMG, Kearny, BP, Renewables, OECD, Central America, Thomson Locations: Zlobnica, Poland, Ukraine, Europe, Asia, Paris, Eastern Europe, United States, Nigeria, North America, Pacific, South, Central, Japan, China, India, Indonesia

☆ Fact Check-Video shows Labour Party’s Lamidi Apapa, not former bank governor
▼ + stars: | 2023-06-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A video of Lamidi Apapa, factional chairman of Nigeria’s Labour Party (LP), being jeered outside court has been miscaptioned on social media, with posts falsely claiming the clip The video shows Lamidi Apapa, factional chairman of the Labour Party, leaving court and being jeered, not suspended central bank Governor Godwin Emefiele. One post here has the caption: “End Of The Wicked, Emefiele In The Court.”Nigeria's President Bola Tinubu suspended Emefiele on June 9, citing an ongoing investigation of his office and planned financial sector reforms (here). However, the video was posted by TikTok account @Nationwide380 on May 17, 2023, before Emefiele was suspended as bank governor (here). It in fact appears to show Lamidi Apapa, the Labour Party’s factional chairman, leaving the Presidential Election Petition Tribunal on May 17 over a battle for control of the party with National Chairman Julius Abure. The video shows Lamidi Apapa, factional chairman of the Labour Party, leaving court and being jeered, not suspended central bank Governor Godwin Emefiele.

Persons: Apapa, Lamidi Apapa, Godwin Emefiele, They’re, ”, Bola Tinubu, Emefiele, Julius Abure, Abure’s, Read Organizations: Nigeria’s Labour Party, Labour Party, Social, Labour, Reuters Locations: Nigeria

As part of those reforms, Nigeria, Africa's top oil producer, plans to scrap an old scheme by which it swaps its crude for gasoline imports. We are getting our swaps crude cargo in October at the earliest," one major player said. Nigeria's falling oil production has exacerbated the country's fiscal problems, because it reduces the revenue that could be used to repay debt. PRIVATE IMPORTERSPaying for fuel deliveries with crude cargoes means there is less crude for Nigeria and NNPC's to export, and so less revenue. International monetary experts have long suggested Nigeria remove fuel subsidies and liberalise its foreign exchange to address its fiscal crisis.

Persons: Bola Tinubu, Mele Kyari, Kyari, NNPC, Tinubu, Aliko, Nigeria's, Julia Payne, Dmitry Zhdannikov, Libby George, Dzirutwe MacDonald, David Evans Organizations: Reuters, NNPC, Thomson Locations: BRUSSELS, LONDON, Nigeria

☆ The Windrush generation still struggling to be compensated after Home Office failings
▼ + stars: | 2023-06-22 | by ( Caolán Magee | ) edition.cnn.com time to read: +14 min

In 2018, the Windrush Compensation Scheme was set up to provide compensation to victims of the scandal. The Home Office has not yet responded to CNN’s request for comment on these cases and its wider handling of the Windrush Compensation Scheme. The Windrush Compensation Scheme is an extension of a hostile environment for Black and Brown people.”For some people, any compensation awarded is too late. “We were told compensation was on the way so we could get a carer for my dad – but it was too late,” Abiona told CNN. He is now making a Windrush compensation claim through the Home Office to save up for a headstone for his father’s grave.

Persons: London CNN — Carl Nwazota, Nwazota, –, ”, “, I’m, it’s, Windrush, Britain’s, Theresa May, ” Nwazota, Anna Steiner, ” Steiner, Charlotte Tobierre, Charlotte Tobierre “, you’ve, Thomas Tobierre, Caroline, ” Tobierre, Thomas ’, ” Thomas Tobierre, Steiner, Zita Holbourne, ” Holbourne, Anthony Bryan, Bryan, Chris J Ratcliffe, Janet, Suella Braverman, Alex Cavendish, NurPhoto, Subira Cameron, Goppy, Brown, Ramya, Taiwo Abiona, Stella, Kemi Abiona, ” Abiona, Abiona Organizations: London CNN, Home Office, CNN, Office, British Home Office, Daily Herald, NGO Human Rights Watch, Home, “, Protesters, Windrush, Clinic, Conservative, Royal Mail Locations: London, Wembley, Jamaica, Nigeria, British, Britain, South Asia, Africa, Tilbury, Essex, –

In the video, a Central African Republic rebel fighter says "the French want to drive Wagner out of Africa". Russia and Wagner have a track record of media manipulation and disinformation, which Wagner founder Yevgeny Prigozhin has admitted to. The European Union sanctioned Wagner in February for alleged rights abuses and spreading disinformation, including in Africa. The foreign ministry unit doesn’t promote or generate fake news, the two diplomats said. However, the foreign ministry unit, and the broader strategy, will face an uphill battle to convince people in Africa that France has changed, seven analysts and diplomats said.

Persons: Ibrahim Traore, Vincent Bado, Wagner, Catherine Colonna, Yevgeny Prigozhin, Emmanuel Macron, Macron, Maria Zakharova, Meta, Anne, Sophie Ave, Lakhta, Prigozhin, Viginum, Faustin, Archange Touadera, “, Michael Shurkin, I'm, Jean Gaspard Ntoutoume Ayi, John Irish, Elizabeth Pineau, Bate Felix, Michel Rose, Frank Jack Daniel Our Organizations: REUTERS, Russia, Central, Facebook, Kremlin, Reuters, Quai D'Orsay, Vigilance, Protection, European Union, West, Central African, Twitter, Democratic, Internet Research Agency, Meta, Global, National Union, Gabonese, Thomson Locations: Burkina, French, Ouagadougou, Burkina Faso, Russia, PARIS, DAKAR, Central African Republic, France, Russian, Africa, Paris, France's, Ukraine, Moscow, Central, West Africa, Quai, Kinshasa, Mali, Sahel, Europe, Democratic Republic of the Congo, DRC, U.S, Togo, Libreville, Senegal, Ivory Coast, Dakar

☆ Cocoa prices are soaring. Here’s what that means for your chocolate
▼ + stars: | 2023-06-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

New York CNN —If you have a sweet tooth, take note: Cocoa prices have been soaring — and that could drive chocolate prices higher. Because of that, there is an “outsize impact of the region’s weather patterns on world cocoa prices and supplies,” according to Gro Intelligence’s post. Tony's Chocolonely welcomes higher cocoa prices. Petra Figueroa/SOPA Images/LightRocket/Getty Images“We are very happy that cocoa prices are rising,” said Pascal Baltussen, chief of impact and operations at Tony’s. “Cocoa prices have been way too low for West African cocoa farmers to earn a living income.”Cocoa futures are used to determine the prices paid to farmers for cocoa in Ivory Coast and Ghana.

Persons: El, Paul, Christophe Gateau, Niño, ”, Intelligence’s, Tony's Chocolonely, Petra Figueroa, Pascal Baltussen, Alex Assanvo, Côte, “ Price, Tony’s, Baltussen, Steven Voskuil, Hershey, “, we’ll, —, Laura Paddison, Rachel Ramirez Organizations: New, New York CNN, Rabobank, International Cocoa, Getty, Cocoa Organization, Gro Intelligence, Hershey Locations: New York, Europe, Asia, Agboville, Ivory Coast, Ghana, Cameroon, Nigeria, Amsterdam, Tony’s, NIQ

TOKYO/BEIJING, June 20 (Reuters) - Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world's largest crude importer. U.S. West Texas Intermediate (WTI) crude for July was down 99 cents from Friday's close at $70.79. The more active WTI crude contract for August delivery was down 71 cents from Friday at $71.22 per barrel. "The rate cuts ... were widely expected, hence it did not offer a bullish push to the oil markets," said Tina Teng, a markets analyst at CMC Markets in Auckland. "Oil traders may need to see a materialized strong economic rebound in China to improve their outlook on oil demand," Teng said.

Persons: Brent, Tina Teng, Teng, Jerome Powell, Katya Golubkova, Andrew Hayley, Jamie Freed, Tom Hogue Organizations: . West Texas, CMC Markets, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan, Thomson Locations: TOKYO, BEIJING, China, United States, Auckland, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela, Tokyo, Beijing

☆ Oil prices mixed ahead of China lending benchmarks decision
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were mixed on Tuesday ahead of a decision on lending benchmarks by China, with the world's second-largest economy widely expected to cut key rates to shore up a slowing recovery. U.S. West Texas Intermediate (WTI) crude CLc1 was unchanged at $71.29 and there was no settlement on Monday due to a public holiday in the United States. The WTI crude contract due on July 20 was down 58 cents to $71.35 per barrel. On the supply side, Iran's crude exports and oil output have hit new highs in 2023 despite U.S. sanctions. The bank cut its average estimate for the price of Brent to $81 per barrel this year from an earlier $90 a barrel forecast.

Persons: Brent, Jerome Powell Organizations: . West Texas, ANZ Research, U.S, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan Locations: China, United States, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela

☆ 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

☆ Fact Check-Miscaptioned video shows Nigeria state governor’s cars, not central bank head
▼ + stars: | 2023-06-19 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Footage of luxury cars outside the home of a former Nigerian state governor is circulating with false captions that they belong to Nigeria’s central bank Governor Godwin Emefiele, who was recently suspended from his role. Social media users claim the video shows cars outside Emefiele’s home (here and here). “Video Trends of Suspended CBN Governor Godwin Emefiele Residents With Flirts of Cars,” one caption reads (here). The Zamfara state government ordered Matawalle to return all state vehicles in his possession but he refused, a spokesperson for the current governor reportedly said on June 9 (here). The video of luxury cars was filmed outside the residences of former Zamfara governor Bello Matawalle.

Persons: Godwin Emefiele, Bola Tinubu, Bello Matawalle, Matawalle, Read Organizations: Social, Zamfara, Premium Times, YouTube, Reuters Locations: Nigerian

☆ Nigeria's Tinubu removes security chiefs in major reshuffle
▼ + stars: | 2023-06-19 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, June 19 (Reuters) - Nigeria's President Bola Tinubu made sweeping changes to the defence forces on Monday, forcing out the security chiefs and the head of police less than a month after taking office. Tinubu, who was sworn in on May 29, has made security one of his major priorities and promised reforms to the sector, including recruitment of more soldiers and police officers, while paying and equipping them better. It is not unusual for a new Nigerian president to send security chiefs into early retirement upon taking office, as Tinubu did on Monday. He picked Nuhu Ribadu, a former senior police officer and ex-head of the country's economic and financial crimes agency, as his National Security Adviser. Reporting by Felix Onuah, additional reporting by Camillus Eboh; Writing by MacDonald Dzirutwe; Editing by Alison Williams and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu, Tinubu, Nuhu, Christopher Musa, Lucky Irabor, Musa, Felix Onuah, Camillus Eboh, MacDonald Dzirutwe, Alison Williams, Marguerita Choy Organizations: National Security, Defence Staff, Reuters, Nigerian Army, Nigeria Customs Service, Thomson Locations: ABUJA

Search resuls for: "nigeria"

25 mentions found