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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

☆ 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

☆ Zelenskiy visits two sectors of front, hands out awards to Ukrainian troops
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +3 min

KYIV, June 26 (Reuters) - Ukrainian President Volodymyr Zelenskiy visited two sectors of the frontline facing Russian troops in eastern and southern Ukraine, handing out awards and posing with troops in video footage posted online on Monday. The first visit, according to the president's office, involved the Khortytsia operational-strategic group, including soldiers who have fought Russian troops in the Bakhmut sector, where battles have been intense. "I have the honour to be here today, talk to the commander and first of all thank you, thank you for protecting our country, sovereignty, our families, children, Ukraine," Zelenskiy said. Ukrainian Presidential Press Service/Handout via REUTERSA second video showed Zelenskiy at a fuel station. In the third video, Zelenskiy is shown handing out awards, posing with soldiers and again examining maps with officers.

Persons: Volodymyr Zelenskiy, Zelenskiy, Oleksandr Syrskyi, Hanna Maliar, Anna Pruchnicka, Timothy Heritage, Ron Popeski, Sandra Maler Organizations: Presidential Press Service, REUTERS, Deputy, Thomson Locations: Ukraine, Donetsk, Russian, Donetsk region, Rivnopil, Kyiv

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

"Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review," he told parliament. That will revise Pakistan's revenue collection target to 9.415 trillion rupees ($33 billion) and put total spending at 14.480 trillion rupees ($51 billion), Dar said. "These changes will make our fiscal deficit much better," he said. Money allocated for cash handouts to the poor was also revised from 450 billion rupees to 466 billion rupees for fiscal 2024, Dar said. "I hope, God willing, that we will have an agreement with the IMF," Dar said.

Persons: Ishaq Dar, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, William Mallard Organizations: International Monetary Fund, IMF, Global Financing, Thomson Locations: ISLAMABAD, Pakistan, Paris

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 total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. The tax break was announced in 2014 and extended in 2017, 2020 and 2022.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Warren, Berkshire Hathaway, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Berkshire, Volkswagen, Analysts, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. The tax break was announced in 2014 and extended in 2017, 2020 and 2022. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. They jumped 60.9% from a year earlier when COVID-19 curbs still roiled auto production and sales.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

☆ Israeli settlers attack Palestinian village after deadly Hamas strike
▼ + stars: | 2023-06-21 | by ( Ali Sawafta | ) www.reuters.com time to read: +4 min

[1/5] An aerial view shows burned vehicles after an attack by Israeli settlers near Ramallah in the Israeli-occupied West Bank, June 21, 2023. "There was heavy gunfire but we couldn't distinguish whether it came from settlers or the soldiers because of the darkness." Attacks were also reported in other West Bank towns and villages. Netanyahu's government is set on expanding settlements in the West Bank and includes members who rule out a Palestinian state. Hamas, which advocates armed resistance against Israel, has been steadily expanding its operations in the West Bank.

Persons: Ammar Awad, Yaqoub Oweis, Lubban, Eli, Mahmoud Dawoud, Gharbeya, Itamar Ben, Benjamin Netanyahu's, Israel Katz, Nidal al, James Mackenzie, Mark Heinrich Our Organizations: West Bank, REUTERS, Bank, Rampage, Al, Palestinian, Monday . Local, Israeli National Security, Energy, Cabinet, Army Radio, West, Hamas, Seven, Thomson Locations: Ramallah, RAMALLAH, West, Palestinian, West Bank, Huwara, Hamas, Gaza, Jenin, Monday, Al, Israel, East Jerusalem, Jerusalem

☆ 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

☆ Europe in danger of losing EV battery race - Court of Auditors
▼ + stars: | 2023-06-19 | by ( Julia Payne | ) www.reuters.com time to read: +2 min

BRUSSELS, June 19 (Reuters) - Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors (ECA) said on Monday. The ECA, the EU's independent external auditor, said nearly one in five new cars registered in the bloc in 2021 had an electrical plug. However, the EU's strategy has not taken into account the bloc's ability to meet this new battery demand. "The EU aspires to become a global battery powerhouse to ensure its economic sovereignty but will it succeed? China accounts for 76% of global battery production capacity.

Persons: Turtelboom, Julia Payne, Kirsten Donovan Organizations: European, Auditors, European Union, ECA, EU, Democratic, Thomson Locations: BRUSSELS, Europe, Russia, Democratic Republic of Congo, China, Portugal

French President Emmanuel Macron held a 90-minute call with Iranian President Ebrahim Raisi on June 10. Thousands of supportive rallies have been held around the world since her death September, although the nationwide unrest has subsided after Iranian security police clamped down on it. ABORTIVE PLOTNunez's letter put the July 1 NCRI rally in the context of the abortive plot led by Vienna-based Iranian diplomat Assadolah Assadi in October 2018 and three others. "Partner countries have in this regard recently mentioned many planned violent attacks, potentially targeting Iranian opposition figures." The letter said there was also an elevated risk of conflict between the NCRI and rival Iranian opposition groups at the rally, although there had been no incidents at past rallies.

Persons: Gonzalo Fuentes, Ban, Emmanuel Macron, Ebrahim Raisi, Laurent Nunez, Shahin Gobadi, Assadolah Assadi, Assadi, Nunez, John Irish, Mark Heinrich Our Organizations: REUTERS, Paris, Reuters, Council of Resistance, People's Mujahideen Organisation of Iran, Foreign Affairs, Thomson Locations: Paris, France, Iran PARIS, Iran, Tehran, Islamic Republic, IRAN, United States, Israel, Vienna, Belgium, Europe, Iranian, Paris , Washington, Saudi, Riyadh

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

[1/2] The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019. REUTERS/Anushree Fadnavis/File PhotoTOYOTA CITY, Japan, June 14 (Reuters) - Shareholders of Toyota (7203.T) voted down an unprecedented resolution on its automaker's climate lobbying and backed its board at an annual general meeting (AGM) on Wednesday, sending an endorsement of the Japanese automaker's strategy. Shareholders also voted in favour of all 10 members of the board. That vote, and particularly support for Chairman Akio Toyoda, has been in focus after some major U.S. pension funds said they would not vote for Toyoda, citing concerns about board independence. Toyota is taking a multi-pathway approach toward carbon neutrality that includes petrol-electric hybrids and hydrogen fuel cells, along with EVs.

Persons: Anushree, Akio Toyoda, Toyoda, Akio, Tadashi Imai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: REUTERS, TOYOTA CITY, Toyota, Shareholders, Thomson Locations: New Delhi, India, Japan

☆ Kenyan president's tax hikes alienate his 'hustler' base
▼ + stars: | 2023-06-14 | by ( Duncan Miriri | ) www.reuters.com time to read: +3 min

Ruto has also faced criticism for increasing allocations to his office and the deputy president's while cutting petrol subsidies. The proposals, contained in a draft law known as the finance bill, will be considered by parliament alongside the 2023-24 budget to be presented by the finance minister on Thursday. The president and his allies have defended the tax hikes, saying East Africa's economic powerhouse needs more revenue to avert a debt crisis and fund affordable housing projects. One man in Githunguri, who declined to give his name, defended the finance bill, saying Ruto was simply trying to leave his mark by constructing affordable housing. Fruit vendor John Nyaga, another Ruto voter, complained that the tax hikes would leave his customers with even less money to spend.

Persons: William Ruto, Ruto, Jacqueline Wambui, Ruto's, Uhuru Kenyatta, Raila Odinga, John Nyaga, Duncan Miriri, Aaron Ross, Ed Osmond Organizations: REUTERS, Ruto, Thomson Locations: Kiambu County, Kenya, GITHUNGURI, Nairobi, Ukraine, Githunguri

The plan comes a day before an annual shareholders meeting where governance and strategy - including a slow pivot to battery EVs under former CEO Akio Toyoda - will be scrutinised. Toyota said it aims to launch next-generation lithium-ion batteries from 2026 offering longer ranges and quicker charging. At the high end of the market, Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000 km (621 miles). An EV powered by a solid-state battery would have a range of 1,200 km and charging time of just 10 minutes, Toyota said. "What we want to achieve is to change the future with BEVs," Takero Kato, president of new Toyota EV unit BEV Factory, said in a video posted on the automaker's YouTube channel on Tuesday.

Persons: Akio Toyoda, Koji Sato, Takero Kato, BEV Factory, Henry Ford, Koji Endo, Toyota's, I'm, it's, Toyota's BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Engineers, Toyota EV, YouTube, NEW ASSEMBLY, SBI Securities, Lexus, Thomson Locations: TOKYO, China

☆ Australian businesses, consumers at risk of sharp slowdown ahead
▼ + stars: | 2023-06-13 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

"There is a growing risk that the RBA's attempts to maintain an even keel 'run aground,'" said NAB Chief Economist Alan Oster. The survey, however, pointed to persistent price pressures, with the measure of labour costs and purchase costs accelerating, in a concern for the RBA. NAB on Tuesday raised its call on peak rates in the current cycle, adding two more quarter-point hikes to 4.6%. Markets are now pricing the risk of two more hikes, and see rates staying elevated for the remainder of the year. CONSUMERS UNDER THE PUMPData from Westpac and Commonwealth Bank of Australia (CBA) also points to the strains consumers are feeling as high living costs and surging mortgage rates erode spending power.

Persons: Alan Oster, Bill Evans, Belinda Allen, Stella Qiu, Kim Coghill, Jamie Freed Organizations: NAB, RBA Westpac, SYDNEY, National Australia Bank, Reserve Bank of Australia, Westpac, Commonwealth Bank of Australia, Melbourne Institute, CBA, Thomson

☆ From restaurants to water towers, unrest dents Senegal's economy
▼ + stars: | 2023-06-09 | by ( Sofia Christensen | ) www.reuters.com time to read: +3 min

An attack on a state-owned water plant could create shortages in Dakar, where it hasn't rained for eight months and where water cuts are common, Diome said. Bus company Dem Dikk, which is part state owned and whose beige buses are recurring targets during protests, partially resumed services this week. Attacks on its buses have cost the company over $7 million since March 2021, CEO Ousmane Sylla told Reuters. Stalled operations can cost Dem Dikk up to $80,000 in losses per day and make it tricky for thousands of commuters to get to work. "It is creating unemployment," he said, adding that it was already difficult for graduates to find jobs before the unrest.

Persons: Ousmane Sonko, Antoine Felix Abdoulaye Diome, Diome, Read, Ousmane Sylla, Dem, Sylla, . University student Mbodj, Saint Louis, Ngouda Dione, Sofia Christensen, Edward McAllister, Sharon Singleton Organizations: KFC, Sedima Group, International Labour Organization . Bus, Reuters, . University student, Thomson Locations: DAKAR, Senegal, Dakar, Mbour, Keur Massar, Saint

☆ China launches nationwide car purchase campaign as May sales tick up
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, June 8 (Reuters) - China on Thursday announced a nationwide campaign to promote automobile purchases in a major push to shore up demand in the world's largest auto market. The commerce ministry said it would coordinate and push local authorities to roll out targeted policies and measures in favour of car consumption. The campaign will target multiple car sales categories including both new and secondhand vehicles, it added, and push to replace gasoline cars with new energy vehicles (NEVs) such as battery-driven cars and plug-in petrol-electric hybrids. PRICE CUTS, NEW PRODUCTSThe China Passenger Car Association (CPCA) said on Thursday said passenger vehicle sales in China totalled 1.76 million vehicles in May. Sales of NEVs rose 10.5% in May from April and accounted for 32.9% of total May sales, CPCA data showed.

Persons: Cui Dongshu, Graphics Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Jan Harvey Organizations: Ministry of Commerce, China Passenger Car Association, Reuters, Graphics, Thomson Locations: BEIJING, SHANGHAI, China

☆ These economies benefited from Russia's isolation — but they now risk Western retaliation
▼ + stars: | 2023-06-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

Changing trade patterns in the region are an opportunity, but also a risk. Georgian public support for EU membership has resurged over recent months, with four-fifths (81%) of the population currently in favor joining the bloc, according to a recent poll from U.S.-founded non-profit the National Democratic Institute. Armenia, meanwhile, has never submitted an application for either membership, and other Central Asian countries would not be eligible to join the EU. The geopolitical context with which we [Georgia] are now thought of is with other Central Asia countries. But they don't have EU membership as a target — we do," Kukava said.

Persons: Armenia's, haven't, Mikheil Kukava, Subir Lall, —, Kukava, they're, Ursula von der Leyen, Armen Nurbekyan, Nurbekyan Organizations: Anadolu Agency, Getty, International Monetary Fund, Institute for Development of, CNBC, Russia Western, European Bank for Reconstruction, Development, European Union, Georgia's National Statistics Office, European Commission, of Seven, Central Bank of, EU, NATO, of Information, U.S, National Democratic Institute, Central Locations: Tbilisi, Russian, Moscow, Georgia, Armenia, Ukraine, Russia, Soviet, Russia's, Caucasus, Central Asia, Kazakhstan, Turkey, United Kingdom, United States, Kyrgyzstan, Tajikistan, Azerbaijan, East, Central Bank of Armenia, Armenia's, U.S, of Information Georgia

BEIJING, June 5 (Reuters) - U.S. automaker Tesla Inc (TSLA.O) delivered 77,695 China-made electric vehicles (EVs) in May, a 2.4% jump from April, data from the China Passenger Car Association (CPCA) showed on Monday. Chinese rival BYD Co Ltd (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicle in May, up 14% from April, CPCA data showed. CPCA is scheduled to release more detailed car sales figures for May later this month. Tesla has been under intense focus in China in recent weeks, amid an unannounced, high-stakes visit from boss Elon Musk. Musk visited Tesla's Shanghai factory late on Wednesday and met with Chen Jining, the ruling party's Shanghai secretary, on Thursday.

Persons: CPCA, Tesla, Elon Musk, Ding Xuexiang, Musk's, Zeng Yuqun, Musk, Chen Jining, Chen, Qiaoyi Li, Zhang Yan, Brenda Goh, Louise Heavens, Bernadette Baum Organizations: U.S, Tesla Inc, China Passenger Car Association, BYD Co, Reuters, Amperex Technology Co, Thomson Locations: BEIJING, China, Shanghai, Beijing

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

ABUJA, June 2 (Reuters) - Nigeria's main labour union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big test for new President Bola Tinubu after he scrapped a costly fuel subsidy. The price increase has led to a sharp rise in transport fares and Estonian ride-hailing and food delivery startup Bolt said it had hiked its prices in Nigeria, citing increased operating costs due to higher fuel prices. Nigeria's fuel subsidy cost the government billions of dollars annually but was popular as it helped keep prices low in Africa's biggest oil producer, which is still grappling with high poverty rates among residents. But Nigerian Labour Congress (NLC) president Joe Ajaero, after an emergency meeting of the union's executive council in Abuja, said the state oil company NNPC should reverse the price hike. On Friday, the president said Nigeria needs to review its minimum wage of 30,000 naira ($65).

Persons: Bola Tinubu, Bolt, Joe Ajaero, Ajaero, MacDonald Dzirutwe, Kirsten Donovan, Angus MacSwan, Aurora Ellis Organizations: Nigerian Bureau, Statistics, World Bank, Labour Congress, Nigeria Labour Congress, Wednesday, Thomson Locations: ABUJA, Nigeria, Abuja

☆ Australia hikes minimum wage as living costs surge
▼ + stars: | 2023-06-02 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Steven Saphore/File PhotoSYDNEY, June 2 (Reuters) - Australia will raise the minimum wage by 5.75% from July 1 as families grapple with soaring living costs, a decision that businesses and some economists say risks further stoking inflation and interest rates. The independent Fair Work Commission (FWC) on Friday decided on a 5.75% pay rise for workers on awards with wages linked to movement in the minimum wage. It also made a technical reclassification for the national minimum wage, which the union says will take the increase to 8.6% for the lowest-paid employees, about 0.7% of the workforce. "Following several recent developments, including the outcome of today's minimum wage decision, we are adding a 25bp hike to our RBA profile in June and another 25bp in July." "Today's increase means these workers can keep their heads above water and not have to cut back even further."

Persons: Steven Saphore, Lin Ong, Philip Lowe, Taylor Nugent, Adam Hatcher, Hatcher, Andrew McKellar, Sally McManus, Stella Qiu, Shri Navaratnam Organizations: REUTERS, RBC Capital Markets, Reserve Bank of Australia, National Australia Bank, Australian Chamber of Commerce and Industry, Australian Council of Trade Unions, Thomson Locations: Sydney, Australia, Lincoln

☆ Nigeria: Fuel prices triple as new leader Tinubu ends subsidy
▼ + stars: | 2023-06-01 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

In a seemingly off-the-cuff remark during his inaugural speech Monday, Tinubu declared, “the fuel subsidy is gone,” adding that it was unsustainable. The last time the government tried to remove fuel subsidies in 2012, it sparked nationwide protests. Fuel subsidies are a drain on public finances and many argue that they have led to widespread abuse and corruption. Previous governments have tried unsuccessfully to remove the fuel subsidy, which has kept gas prices artificially low, although they have steadily climbed through the years. Fuel subsidies were not sustainable, but ending them “abruptly” without provision for economic and social consequences was “reckless,” he added.

Persons: Bola Tinubu, Tinubu, “, Joe Ajaero, Goodluck Jonathan, Sam Amadi, ” Amadi, NNPC Organizations: Nigeria CNN —, CNN, National Petroleum Corporation, Nigeria’s Labour Congress, Occupy, Abuja School of Social, ” Locations: Abuja, Nigeria, Africa’s, State, Occupy Nigeria

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