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Trade Tensions: IMF Reduces Global Growth Projection to 3.7%

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IMF cuts Nigeria's 2016 Economic Growth To -1
  • Trade Tensions: IMF Reduces Global Growth Projection to 3.7%

The International Monetary Fund, IMF, on Monday reduced its global growth projection for 2018 and 2019, citing rising uncertainty amid global trade war between the United States and China.

The fund cut its global growth projection by two-tenths to 3.7 percent for 2018 and 2019, according to its World Economic Outlook Report published on Monday.

IMF attributed the revised estimates to rising risk in developing economies when compared to July report. Also, the downgrades of the US and China growth for 2019 are some of the key factors stated.

According to the IMF, risks stated in previous reports “have become more pronounced or have partially materialized”. Hence, there is a need for adjusted projection.

The report highlighted US tax cuts and spending policies as the reason for the current buoyant economic run despite trade wars but projected that by 2020 the world’s largest economy will start feeling the effects of trade disputes.

The IMF also warned that growing uncertainty could force businesses to “postpone or forgo capital spending and hence slow down growth in investment and demand.”

Therefore, if it continues, the “escalation of trade tensions to an intensity that carries systemic risk is a distinct possibility without policy cooperation.”

Global trade is expected to grow at a rate of 4.2 percent in 2018, six tenths less than projected in July and almost a whole point lower than April projection.

For 2019, global trade is expected to grow just four percent, a half point less than the prior forecast.

Again, global growth is expected to slow down to 3.6 percent between 2022-2023, according to the IMF report.

The fund urged nations to focus on policies that can help deepen global growth and share its benefits more widely, and to avoid “protectionist reactions to structural change.”

Nigeria, according to IMF, will grow at a 1.9 percent rate in 2018 and 2.3 percent in 2019.

While South Africa is expected to slow down from 1.3 percent recorded in 2017 to 0.8 percent in 2018. The economy is projected to rebound from recession next year and grow at 1.4 percent.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cristiano Ronaldo’s Dominance Forces Ban from YouTube and TikTok

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Real Madrid's Portuguese forward Cristia

Cristiano Ronaldo, the iconic Portuguese footballer known for breaking records on the field, is now facing an unusual restriction off the field as he cannot open official accounts on YouTube and TikTok.

Sources familiar with the situation reveal that the unprecedented ban stems from concerns over the extraordinary number of subscribers and views Ronaldo could attract, potentially overwhelming the platforms and disrupting their ecosystems.

Ronaldo’s immense popularity is well-documented. His presence on social media has always drawn millions of followers, and his videos consistently garner high engagement.

According to experts, allowing Ronaldo to create a YouTube channel could lead to unsustainable costs for both YouTube and other content creators on the platform.

For context, it took Mr. Beast, currently the YouTuber with the most subscribers, about 13 years to amass 200 million subscribers. Projections indicate that Ronaldo could reach this milestone in less than three years, thanks to his global fanbase and widespread appeal.

This rapid growth could strain YouTube’s infrastructure and financial resources to manage such an influx.

In 2023, Ronaldo briefly opened an official TikTok account. Within a single day, his account skyrocketed to 4 million followers and received 10 million likes, earning verification almost instantly.

The overwhelming response caused significant disruptions on TikTok, prompting the platform to ban his account and suggesting that TikTok could not handle the financial and operational challenges posed by Ronaldo’s massive viewership.

He already has more than 630 million followers on Instagram and 111.7M Followers on X.com.

The decision to prohibit Ronaldo from these platforms highlights the unique challenges posed by mega-celebrities in the digital age.

While their presence can bring enormous traffic and engagement, it also poses significant logistical and financial challenges for social media companies.

Ronaldo’s situation revealed the delicate balance platforms must maintain between leveraging star power for growth and ensuring sustainable operations for all users.

As social media continues to evolve, this case may prompt platforms to rethink how they manage the accounts of exceptionally influential figures.

In the meantime, Ronaldo remains active on other social media channels, where he continues to connect with his fans and share glimpses of his life and career. Despite the bans, his influence and popularity show no signs of waning, reaffirming his status as one of the most celebrated athletes in the world.

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BUA Foods and ASR Africa Donate N10m, Foodstuffs to Lagos Widows on International Widows’ Day

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BUA Foods in collaboration with the Abdul Samad Rabiu Initiative for Africa (ASR Africa) has extended a compassionate hand to widows in Lagos.

The initiative, aimed at alleviating economic hardship among widows, saw the distribution of N10 million in grants along with essential food items generously donated by BUA Foods.

The event, held under the auspices of the International Women Society’s Widows Feast and Empowerment program in Lagos, underscored the commitment of both organizations to corporate social responsibility and community welfare.

The donations, which included BUA Foods’ renowned products such as IRS Pasta, IRS Semolina, and BUA Rice, were met with gratitude and appreciation by the beneficiaries.

Managing Director of BUA Foods, Ayodele Abioye, emphasized the company’s broader social impact beyond business profitability.

“Our responsibility extends to making a meaningful difference in the lives of those around us,” he stated. “Initiatives like this resonate deeply with our commitment to corporate social responsibility.”

Dr. Ubon Udoh, Managing Director and Chief Executive Officer of ASR Africa, highlighted that the N10 million grant forms part of ASR Africa’s ongoing efforts in social development, emphasizing its significance in improving livelihoods and welfare.

“This grant is a testament to our dedication to supporting vulnerable groups,” Dr. Udoh remarked.

The Chairperson of the Widows’ Trust Fund of IWS, Mrs. Adeola Adebanke, expressed her heartfelt gratitude for the support received from ASR Africa and BUA Foods.

She noted that such initiatives play a crucial role in providing relief and sustainable support to widows facing economic challenges.

Widows who benefited from the donations also shared their appreciation, highlighting the impact of the support on their daily lives.

“We are overwhelmed with gratitude for ASR Africa and BUA Foods,” said Mrs. Khadija Rufai, one of the beneficiaries. “This donation will alleviate significant pressure on my household.”

Mrs. Adebimpe Lanre, another beneficiary, added, “The generosity of ASR Africa and BUA Foods is a lifeline for many of us. It will make a huge difference in our households and allow us to focus on other important needs.”

The collaboration between BUA Foods and ASR Africa not only underscores their commitment to social welfare but also sets a commendable example of private sector involvement in addressing societal challenges.

As Nigeria continues to navigate socio-economic complexities, initiatives like these contribute significantly to fostering community resilience and support.

 

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Arik Air Directed to Pay $21,466.64 to Former Air Hostess for Unpaid Salaries

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Arik air

The Industrial Court in Lagos has ordered Arik Air to pay $21,466.64 in salary arrears to Mrs. Andreia Perdigao, a former air hostess who was wrongfully dismissed by the airline.

This decision, marked as SUIT NO.: NICN/LA/532/2017, brings a significant victory for Perdigao, who had been seeking justice and her unpaid wages since her termination in 2017.

Mrs. Perdigao, who worked with Arik Air for approximately three years, took legal action against her former employer after being dismissed in March 2017.

She sought the court’s intervention to recover her unpaid salaries from December 2016 to March 2017, which amounted to $2,683.33 per month. The total arrears for the eight months were calculated at $21,466.64.

In his judgment, Justice M.N. Esowe affirmed that a valid contract of employment existed between Mrs. Perdigao and Arik Air, thus entitling her to the claimed salaries.

“It is declared that the defendants are bound to pay to the claimant eight months’ arrears of salary for the months of August 2016 through December 2016 and for the months of January 2017 to March 2017 when the 1st Defendant wrongfully terminated the Claimant’s employment,” Justice Esowe stated.

The court further directed Arik Air to pay Mrs. Perdigao an additional $2,683.33 as general damages for breach of contract.

Furthermore, the court ordered that the airline must pay interest at a rate of 15 percent on all the judgment sums from the date of delivery of the judgment until full payment is made.

The court’s decision, dated May 9, has yet to be enforced by Arik Air. When contacted, Adebajo Ola, Head of Corporate Communications at Arik Air, stated he was unaware of the ruling.

“I am not aware of the case. I will need to find out,” Ola said, upon receiving the document and suit information from our correspondent.

This ruling highlights the ongoing issues faced by employees within the aviation sector regarding wrongful termination and unpaid wages.

The judgment serves as a reminder to employers about the legal obligations they hold towards their staff and reinforces the judiciary’s role in upholding employees’ rights.

Mrs. Perdigao’s victory may pave the way for other employees in similar situations to seek justice and proper compensation for wrongful dismissals and unpaid wages.

The case also underscores the importance of adhering to contractual agreements and ensuring fair treatment of employees in all sectors.

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