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Trump, Xi Reach Temporary Agreement on Trade

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  • Trump, Xi Reach Temporary Agreement on Trade

The leaders of two largest economies, President Trump and President Xi, agreed to contain trade war on Saturday with a promise to halt the imposition of additional tariffs for at least three months (90 days) in order to give room for a lasting negotiation.

The new temporary agreement, reached in Argentina during G20 summit, will ease global trade tensions and help halt the introduction of new tariffs, according to Wang Yi, Chinese Foreign Minister who was present at the meeting in Buenos Aires.

“Both sides believe that the principled agreement reached between the two presidents has effectively prevented the further expansion of economic frictions between the two countries,” he said.

A representative of the White House tagged the meeting “highly successful,” confirming that the U.S. will leave the already imposed 10 per cent tariffs on $200 billion worth of Chinese goods and refrain from raising it to 25 per cent in January as widely stated by the administration.

Sarah Huckabee Sanders, White House Press Secretary, said if the two nations failed to reach agreement on structural reform, the U.S. will increase tariffs on existing goods to 25 per cent from 10 per cent.

She further stated that China agreed to increase its purchases of agricultural and industrial goods to reduce its trade deficit with the United State.

“It’s an incredible deal. It goes down, certainly — if it happens, it goes down as one of the largest deals ever made,” Trump told reporters aboard Air Force One as he returned from Argentina. “China right now has major trade barriers — they’re major tariffs — and also major non-tariff barriers, which are brutal. China will be getting rid of many of them.”

The temporary agreement is a positive result for the market and will boost commodity outlook going into the first quarter of 2019. However, uncertainty remains, it is unclear if both nations will reach an accord during the 3 months.

Still, nations like New Zealand, Australia, Japan, etc should experience a temporary improved economic outlook going into the first year of 2019 as China is their largest trading partner.

Also, with the Fed likely to slow down on rate increase going into the new year, emerging economies should attract new funds.

“Neither side got their maximum demands and it’s not the first time in U.S.-China relations that both sides claim victory,” said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush. “Both sides avoided the worst-case scenario.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Kellyrae Wins Big Brother Naija Season 9, Wanni comes 1st Runner-up

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Kellyrae

Kingsley Sule, nicknamed Kellyrae has won the Big Brother Naija competition titled No Loose Guard.

After the 70-day competition involving 28 housemates, the show’s host, Ebuka Obi-Uchendu announced the Delta State indigene, Kellyrae as the winner of the show on the 71st day, Sunday, October 6, 2024.

Kelly’s successful sojourn won him a N60 million cash prize, an SUV, and other rewards, all amounting to 100m.

Including Kellyrae, seven other housemates Wanni, Victoria, Onyeka, Ozee, Sooj, Nelly, and Anita made it to the grand finale.

Furthermore, Wanni, one of the Mbadwe twin housemates was declared 1st runner-up, and Onyeka was the 2nd runner-up.

The grand finale was a star-studded affair, featuring performances from popular artists like Joeboy, and Qing Madi to add glamour and entertain the housemates as the show ended.

Season 9 titled No Loose Guard ended after so much competition among the housemates and fans disagreeing on who to win. The season was filled with unexpected twists, emotional moments, and unforgettable memories among the housemates.

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EFCC Warns Oil Firms Against Ignoring NEITI Audit, Vows Full Investigation

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The Economic and Financial Crimes Commission (EFCC) has issued a warning to oil and gas companies to desist from ignoring this year’s Nigerian Extractive Industries Transparency Initiative (NEITI) Industry Audit process.

This warning was issued by the EFCC chairman, Olanipekun Olukoyede, in a statement shared by the NEITI Communications & Stakeholders’ Management Assistant Director, Chris Ochonu.

While presenting the 2022-2023 NEITI oil and gas financial audit reports in Abuja, the EFCC boss emphasized that the agency will launch a full-scale investigation after the audit process.

Olukoyede noted that oil firms who ignore the NEITI audit would be making a costly mistake as necessary disciplinary action would be taken against them.

According to the EFCC, the 2022-2023 audit report on the Oil and Gas sector is with the Commission.

Furthermore, Olukoyede announced that the commission remitted ₦1 billion naira to the beneficiary agency of the government following the findings of the NEITI Report.

After the assessment of the 2022-2023 oil and gas report, Olukoyede commended NEITI for its credible data and reaffirmed the agency’s support for the initiative.

Speaking on behalf of the NEITI National Stakeholders Working Group (NSWG), Dr Erisa Danladi, called for the participation of civil society and the media.

Danladi urged them to use the information and data in the 2022 and 2023 audit reports as tools for engagements and investigation.

On his part, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya conveyed NEITI’s thanks to the Federal Government for its continued support, particularly through the non-interference policy of President Bola Tinubu.

He announced the launch of a Data Center by the NEITI which will allow easy access to information and data on the nation’s extractive sector by stakeholders, especially civil society, the media, extractive industry companies, government agencies, and the legislature.

He revealed that the data would be stored in aggregated and disaggregated formats on the Data Centre which he described as a warehouse for all extractive industry data.

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NYSC Gives Fresh Update on ₦77,000 Monthly Allowance for Corps Members

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The Director General of the National Youth Service Corps (NYSC), Brigadier General Yushau Ahmed, has shared an update on the recent increase in corps members’ monthly allowance.

Investors King reported that the Di rector General of the NYSC through the Acting Director of Information and Public Relations of the NYSC, Caroline Embu, on September 25, announced the government’s decision to increase the corps members’ allowance.

The NYSC revealed that the monthly allowance of corps members was increased to ₦77,000 after the recent increase in the national minimum wage.

According to the NYSC, the new wage, which represents a 133.33 percent increase from the ₦33,000 previous monthly allowance is expected to take effect from July 2024.

This report left corps members with high hopes and excitement.

However, their excitement was short-lived as their September allowance failed to reflect the new amount.

In an interview monitored by this platform, Brigadier General Ahmed explained why the corps members are yet to receive the new allowance.

He said, “Not only the corps members, even our staff members’ salary has been increased about four to five months ago, but it has not been implemented yet. But we are hopeful that the new pay will be implemented soon, but the funds have not been released to us yet.

“The information we have did not specify when the new allowance will be paid, but we were assured that their monthly allowance has been increased from 29th July 2024.”

Ahmed assured corps members that the NYSC is actively engaging with the relevant authorities to ensure the speedy implementation of the new allowance.

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