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EU Secures €50bn Financial Support for Ukraine as Orbán Lifts Veto

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European Union

The European Union has successfully negotiated a €50 billion financial support package for Ukraine following Hungarian Prime Minister Viktor Orbán’s decision to rescind his veto on the aid.

The breakthrough agreement was reached during an emergency EU summit that put an end to weeks of intense pressure on Orbán.

“We have a deal,” announced Charles Michel, president of the European Council, signaling unanimous agreement among all 27 EU leaders.

The compromise was deemed crucial as Kyiv had emphasized the package’s importance for its financial stability in the aftermath of Russia’s full-scale invasion in 2022.

The agreement, described by Michel as providing “steadfast, long-term, predictable funding for Ukraine,” includes provisions for annual debates on aid implementation and a review in two years.

The aid, spanning four years, is seen as indispensable, especially since the Biden administration has faced challenges securing Congressional approval for its own $60 billion support package.

The negotiations culminated in a morning session involving Orbán, Michel, European Commission president Ursula von der Leyen, and leaders from Germany, France, and Italy.

The deal was then presented to the remaining 23 EU leaders, who endorsed it.

Orbán’s earlier insistence on an annual veto over aid payments to Kyiv was a major point of contention, with other leaders rejecting the demand.

However, Orbán’s concession, although viewed by some as a “face-saver,” underscores the significance of solidarity within the EU in times of crisis.

The aid package represents a pivotal moment in EU-Ukraine relations, providing essential financial support to bolster Ukraine’s long-term economic and financial stability amidst ongoing geopolitical challenges.

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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Airlines Celebrate Lower Fuel Costs Amid Dangote Partnership

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Airline

The Airlines Operators of Nigeria (AON) have confirmed a reduction in the price of aviation fuel, following the commencement of operations at the Dangote Refinery.

This breakthrough came after AON met with the Dangote Group’s management to address the bottlenecks that had been driving up the cost of the essential commodity, subsequently causing a spike in airfares.

For over a year, the end of Nigeria’s fuel subsidy regime had seen petroleum product prices soar, with aviation fuel reaching a critical high of N1,300 per litre by February.

Airline operators voiced their concerns, highlighting the urgent need for government intervention to prevent operational collapse.

The situation was exacerbated by fluctuating forex rates and the escalating cost of aviation fuel, which disrupted operational planning and stability within the sector.

However, in a move aimed at alleviating these challenges, Dangote announced a reduction in the prices of diesel and aviation fuel in April.

According to Dangote, the price of aviation fuel was cut to N940 per litre for customers purchasing five million litres and above, and to N970 per litre for those buying one million litres and above.

Anthony Chiejina, the Head of Communication at Dangote, emphasized the company’s commitment to easing economic hardship on Nigerians.

“Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations to ensure that consumers can buy fuel at affordable prices, whether in Lagos or Maiduguri. You can now purchase one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” he said.

This partnership is expected to expand to other major oil marketers, ensuring that retail buyers do not face exorbitant prices.

Prof. Obiora Okonkwo, spokesperson for AON, confirmed the price reduction, acknowledging the positive impact of their discussions with the Dangote management team.

“We understand that prices fluctuate due to the naira-to-dollar exchange rate and coal value. However, we have noticed a reduction compared to when we were buying from other marketers,” he said.

Despite this optimism, there remains some dissent within the industry. Ado Sanusi, Managing Director of Aero Contractors, stated he was unaware of any price reduction, maintaining that his airline continued to purchase aviation fuel at prices ranging between N1,000 and N1,200.

“I am not aware of any reduction in our fuel prices. We still buy between N1,000 and N1,200. Please, quote them and quote me that I am not aware of any price reduction,” he asserted.

Nevertheless, the general sentiment within the aviation sector is one of cautious optimism. The recent collaboration between Dangote and AON represents a promising step toward stabilizing fuel prices and, by extension, airfares in Nigeria.

As the partnership develops and more oil marketers join the initiative, the industry hopes for sustained relief from the high costs that have plagued it for the past year.

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Aviation Minister Keyamo Takes Action Against Airport Begging and Extortion

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Festus Keyamo

In response to mounting complaints from the public regarding the pervasive issue of begging and extortion at Nigeria’s international airports, Aviation Minister Festus Keyamo has pledged swift action to address the problem.

Taking to X (formerly Twitter), Keyamo acknowledged the widespread concern and clarified that while the agencies involved in these practices are stationed at airports, they do not fall under the direct control of the Ministry of Aviation.

Nevertheless, he assured the public that collaborative efforts with other ministries, government arms, and agencies responsible for airport security are underway to find a lasting solution.

“We are all working under the coordination of the National Security Adviser,” Keyamo stated, underscoring a recent meeting convened to address the issue comprehensively.

He expressed optimism that practical steps will soon be unveiled to curb what he described as an “ugly tide” affecting airport operations.

The minister extended gratitude to Nigerians for their vigilance and assured them of ongoing efforts to rectify the situation.

He said it is important to restore the integrity of Nigeria’s international airports, crucial gateways that leave lasting impressions on visitors and travelers alike.

Keyamo’s proactive stance comes amid growing public outcry over reported instances of harassment and exploitation by unauthorized individuals within airport premises.

The initiative reflects a broader commitment to enhancing security and efficiency across Nigeria’s aviation sector, aligning with efforts to promote transparency and accountability in public service.

As the government gears up to implement new measures, including enhanced oversight and enforcement protocols, stakeholders are hopeful that these initiatives will bring about tangible improvements in airport operations, ensuring a safer and more welcoming experience for all travelers.

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Saudi Arabia Reports Over 1,300 Hajj Fatalities Amid Extreme Heat

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Saudi Arabia has reported that more than 1,300 pilgrims died during the annual Hajj pilgrimage, with temperatures reaching the highest levels seen in two decades.

The Saudi Press Agency stated that the majority of these fatalities were unregistered pilgrims who lacked authorization to participate and undertook long journeys without adequate shelter. Many of the deceased were elderly and chronically ill.

This year’s Hajj, which concluded on June 18, saw temperatures soar to approximately 52°C (126°F), the highest recorded during the pilgrimage in 20 years, according to data from the Saudi National Center for Meteorology.

Over 1.8 million worshippers participated in the five-day event, which has historically faced challenges due to large crowds and extreme weather conditions.

The fatalities underscore the growing risks posed by rising global temperatures. Similar heat-related deaths have been reported in India, while wildfires have prompted evacuations in Greece.

Parts of the United States are also grappling with a heatwave, raising concerns that increasing temperatures may render parts of the Middle East uninhabitable in the future.

Saudi authorities had earlier warned about the “significant rise in temperatures, which poses a threat to the health of pilgrims.”

The health ministry urged pilgrims to use umbrellas to protect themselves from the sun. On one particularly hot day, over 2,700 cases of heat stroke were reported.

Most of the deceased pilgrims hailed from countries such as Egypt, Jordan, Indonesia, India, and Pakistan, according to reports from Agence-France Presse, citing diplomats.

Historically, deaths at Hajj are not uncommon, occurring due to various reasons including stampedes and heat strokes. In 2015, a stampede led to hundreds of deaths.

A severe heat stroke incident in 1985, when the pilgrimage took place in August and temperatures reached 54°C, resulted in 1,012 deaths, according to the Annals of Saudi Medicine.

This year, the Saudi health ministry provided treatment to nearly half a million people, including 141,000 unauthorized pilgrims.

Medical services offered included open-heart surgeries, cardiac care, and air ambulance operations. Also, almost 6,500 beds and rooms were made available for those needing care.

Despite the tragic loss of life, the Saudi health minister praised the “successful execution of health management efforts” during this year’s Hajj season, as reported by the Saudi Press Agency on Sunday.

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