Oil marketers threat will create artificial scarcity, Senate warns Nigerian govt
11 December 2018 | 5:20 am
Subsidy Debt: Oil marketers threat will create artificial scarcity, Senate warns Nigerian govt
The US has announced it will release 50 million barrels of oil from its strategic reserves, in coordination with several major consumer nations including China and India.
Three weeks after the Santa Barbara wellhead failed, it is still blasting water, gas and oil across Nembe in Nigeria's Delta, littering the shoreline and water with yellow-brown clumps of waste as cleanup crews and booms struggle to contain it. Santa Barbara wellhead owner Aiteo Eastern E&P, the petroleum minister and Nigeria's president have all promised that specialist workers would quickly stop the spill. But experts say the difficulties containing it are a reminder of how the once-fertile, fish-filled creeks, mangrove swamps and waterways that crisscross Nigeria's Delta became some of the most polluted areas on the planet amid decades of energy exploration.
The World Bank is backing Nigeria’s quest to get rid of fuel subsidy. The Country Director of the World Bank Shubham Chaudhuri, who led his team on a courtesy visit to The Guardian Group on Tuesday, November 30, explained why fuel subsidy is not sustainable. Chaudhuri, nevertheless, advised the Nigerian government to build consensus before its scheduled removal of the controversial subsidy policy.
Shares in Evergrande tumbled as much as 19 percent on Monday in Hong Kong, after the Chinese property developer warned it might not have enough funds to repay its debt, prompting authorities to summon its chairman. A grace period expires on Monday for a coupon repayment worth over $82 million, pushing the company to the verge of default once again. Evergrande has already made three 11th-hour repayments in the past two months.
The Chinese property giant Evergrande has missed a key debt deadline and is inching closer to a possible restructuring. Financial Analyst Danni Hewson explains why the meltdown isn't sparking turmoil on global stock markets. Also in the show: the Carbon Disclosure Project releases its 2021 ranking of sustainable business practices.
Shares in the Chinese property company Kaisa have been suspended from trading in Hong Kong, as fears mount that the firm may be unable to make a $400 million debt payment due on Thursday. Kaisa is a much smaller player than the troubled giant Evergrande, but also has high levels of foreign debt. Also today, we look at how the United Arab Emirates has changed its working week to Monday-Friday to align with other international business hubs.
Africa's abundant sunshine is ideal for renewable energy production. But the continent relies heavily on crude oil. Experts warn that the economy will continue to suffer if governments don't wean themselves off of oil.
Debt levels have increased as more sub-Saharan countries look towards borrowing. Zambia's debt now equals its total GDP, while Kenya may be speeding towards its own financial crisis.
Lawmakers in the United States have voted to raise the government's borrowing limit by $2.5 trillion, narrowly avoiding a catastrophic default. The Senate passed the measure 50-49. The new debt ceiling will give the US government enough space to borrow until 2023, after the midterm elections. Focus in Washington will now return to whether President Joe Biden can get his $1.75 trillion social spending plan, "Build Back Better", passed by the end of the year.
The International Monetary Fund's executive board has approved the extension of $115 million in debt relief to 25 eligible low-income countries from January 11 to April 13 next year in an effort to help them ride out pandemic-induced headwinds.
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