Boeing records $449m Q3 loss, cuts 7,000 more jobs

Pressured by another quarterly loss, Boeing announced Wednesday additional job cuts as it adapts to a prolonged downturn in the aviation industry.The planemaker, which has been in belt-tightening mode throughout 2020, plans to eliminate about 7,000 more jobs through the end of 2021. The headcount at that time will be around 130,000, down from 160,000[...]

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Nigeria lost N700bn to #EndSARS protests – LCCI

The Lagos Chamber of Commerce and Industry says the Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days.The President, LCCI, Mrs Toki Mabogunje, in a statement on Monday, expressed concern over the negative impact of the #EndSARS demonstrations on business activities across the country.The statement is titled, ‘LCCI[...]

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Sanusi calls for diversification of economy to address poverty, inequality

Former Emir of Kano, Muhammadu Sanusi II, has said that Nigeria must diversify its economy in order to address the high rate of poverty and inequality in the country.He also said governments at all levels must invest on human capital development and create enabling environment for investments, instead of borrowing to finance development.Sanusi gave the[...]

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How wrong economic decisions affect Nigerians – Sanusi

A former Emir of Kano, Muhammadu Sanusi II, has lamented the effects of wrong economic decisions on Nigerians.He said this while delivering a keynote address on Tuesday at the 5th Kaduna Investments Summit.According to the former Governor of the Central Bank of Nigeria, wrong economic decisions have impacted on the means of livelihood of many[...]

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15 states to benefit from COVID-19 education incentive – NEC

The National Economic Council (NEC) says 15 states have qualified to benefit from the Global Partnership for Education (GPE) funding for education as part of measures to cushion the impact of COVID-19 pandemic on the sector.Gov. Nasir El-Rufai of Kaduna State disclosed this while virtually briefing State House correspondents after the virtual NEC meeting presided[...]

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Japanese economy shrinks by record 27.8% amid pandemic

The Japanese economy contracted at an annualised rate of 27.8 per cent in the second quarter, as the world’s third-largest economy was devastated by the novel coronavirus pandemic, a government report showed on Monday.The third straight quarterly contraction marked the biggest fall since 1980, when comparable data became available.The reading was almost in line with[...]

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Oil steady as vaccine news counters rise in virus cases

Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.Prices were offered some support by positive news on the development of vaccines as drugmakers[...]

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Lockdown, physical distancing almost shut down economy – FG

The lockdown and physical distancing measures that were implemented to curb the spread of COVID-19 in Nigeria almost led to a complete shutdown of economic activities across the country, the Federal Government said on Sunday.In her opening address in Abuja at the capacity building for Special Advisers and Technical Assistants of ministers, the Minister of[...]

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The mystery of economic diversification in Nigeria- Perekunah Eregha

Nigeria is Africa’s largest economy with a GDP of about $447 billion.  The economy grows on an average of 2.0 percent with a disproportionate population growth of about 3.0 percent resulting in a low standard of living as measured by real GDP per capita of $2,200 compared to South Africa with a real GDP per[...]

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Saudi Arabia set to cancel 2020 Hajj

Saudi Arabia is considering cancelling the 2020 Hajj pilgrimage season due to the corona virus pandemic for the first time since the Kingdom was founded in 1932. The annual ritual held in July is one of the largest religious gatherings in the world attracting about 2m people yearly. The Kingdom of Saudi is considering following[...]

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Breaking: Chinese “doctors” who came to Nigeria in a secret and yet to be disclosed mission finally leave the country

The Chinese men who entered Nigeria under controversial circumstances yesterday left the country. While Nigerians have continued to speak out on the mission of the fourteen Chinese “doctors” amid the denial and cover by government officials, they have finally taken off after over seven weeks stay. Recall that theUnited States have been engaged in a[...]

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Okonjo Iweala clinches IMF Job

Nigeria’s former finance minister, Ngozi Okonjo-Iweala, was on Friday named a member of the External Advisory Group constituted by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva. The group of prominent individuals from around the world are to serve as the IMF chief’s special advisers that would provide insights to enhance the[...]

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Generator importation to attract 10-year jail term — Senate bill

A bill for an act to criminalise the importation, selling and usage of generators in Nigeria scaled the first reading on the floor of the Senate on Wednesday.The bill sponsored by Senator Birma Enagi from Niger State prescribes 10 year-jail term for importers and sellers of generators.The bill is coming on the heels of energy[...]

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List of the richest countries in the world

Here’s a list of the 15 Richest countries in the world 2019, ranked by GDP. Wealth can be measured in various ways and doesn’t always have to include how much money a country has. It can also be welfare, health or happiness. The richest country in the world is measured by the gross domestic product[...]

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