The Chief of Defence Staff (CDS) General Gabriel Olonisakin has assured the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Dr Emmanuel Kachikwu, that the Armed Forces would interface with the Corporation to ensure that all the problems militating in the NNPC are given optimum attention.
The CDS gave this assurance when the GMD NNPC paid him a courtesy visit at his office at Defence Headquarters Abuja.
Gen Olonisakin noted that already the Nigerian Navy has put up a lot of initiatives at ensuring that the issue of pipeline vandalism, piracy and oil theft are addressed. He however asserted that military need some support in order to put a stop to oil bunkering and other forms of criminalities which cause Nigeria billions of Naira in revenue. The CDS further said that it is the duty of the military to safeguard the strategic assets of the nation.
Earlier in his remark, Dr Emmanuel Kachikwu solicited for Nigerian Armed Forces collaboration in the fight against oil theft, pipeline vandalism and other vices in the Nigeria maritime environment. He stated that his visit was predicated by the proposal of the NNPC to the President, Muhammadu Buhari, to partner with the Army Corps of Engineers for pipeline maintenance and the overseeing of the security of its properties.
The visit, he said was part of the efforts to work out modalities under the CDS’ supervision to have the military protecting NNPC’s equipment and assets. He pointed out that the NNPC is evolving a holistic attitude aimed at making sure that the best manpower is used.
“We are trying to equip the Navy a lot more with boats for patrols; we are trying to get trackers and central system to be able to monitor every vessel that comes in and out of the country.
We have equally spoken with the Chief of Air Staff (CAS) on other effective way of collaboration”, he said.
A statement by Colonel Rabe Abubakar Acting Director Defence Information, yesterday said that,
Dr Kachikwu revealed that crude theft last year was in excess of 250,000 barrels on the average daily which is basically 1/5 of the entire national production.
He pointed out. however, that the ugly trend has reduced since he came onboard as the new GMD NNPC, even though he was quick to admit that a lot more still required to be done to finally curb the menace.
Those in attendance at the meeting were the Principal Staff Officers and Directors of the Defence Headquarters.
European stocks set to climb as traders assess earnings, economic data
European markets are set to advance cautiously on Monday as investors continue to monitor corporate earnings and key economic data points, assessing the risk of recession.
Britain’s FTSE 100 is seen around 19 points higher at 7,459, Germany’s DAX is expected to gain around 54 points to 13,628 and France’s CAC 40 is set to add around 21 points to 6,493.
The pan-European Stoxx 600 index closed Friday’s session down around 0.8% after an unexpectedly strong U.S. jobs report lowered expectations for a recession, and in turn increased the likelihood of the Federal Reserve tightening monetary policy more aggressively to bring down inflation.
Markets in Asia-Pacific were mixed overnight, with Hong Kong’s tech-heavy Hang Seng index weighing down the region.
U.S. stock futures were flat after the S&P 500 closed out a third straight positive week, with investors turning their attention to a key inflation report on Wednesday.
On the data front in Europe, August’s Sentix economic sentiment index for the euro zone is due Monday morning.
Corporate earnings continue to drive individual share price movement in Europe, with Siemens Energy, Porsche and BioNTech among the companies reporting before the bell on Monday.
Stocks fall after strong July jobs report points to more Fed action
Stocks fell Friday in a volatile trading session after the July jobs report was much better than expected, as investors assessed what a strong labor market would mean for the Federal Reserve’s rate tightening campaign.
The Dow Jones Industrial Average shed 96 points or 0.29%.The S&P 500 fell 0.67% and the Nasdaq Composite was down 1.01%. Losses were offset by bank stocks, which rose on hopes that interest rate hikes will continue at a solid clip. Energy stocks also gained, but technology companies slumped.
The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate ticked down to 3.5%, below the 3.6% estimate. Wage growth also rose more than estimated, up 0.5% for the month and 5.2% higher than a year ago, signaling that high inflation is likely still a problem.
Stocks opened lower following the report, even as it seemed to indicate the economy was not currently in a recession. Job growth was expected to slow as the Fed continues to hike interest rates to tame inflation, but this report shows a labor market still running hot. That means the central bank may act more aggressively at its next meeting.
“Anybody that jumped on the ‘Fed is going to pivot next year and start cutting rates’ is going to have to get off at the next station, because that’s not in the cards,” said Art Hogan, chief market strategist at B. Riley Financial. “It is clearly a situation where the economy is not screeching or heading into a recession here and now.”
The report is a crucial one as it’s one of two the central bank will see before it decides how much to raise rates at its September meeting. The Fed will have another jobs report and two more consumer price index numbers to weigh before it makes its next rate decision.
Major averages posted their best month since 2020 in July on the hope the Fed would slow the pace of its hikes. The S&P 500 added 9.1% last month.
Investors dump Chinese stocks, bonds amid global recession fears
Foreign investors continued to cut holdings in Chinese bonds in July and dumped equities for the first time in four months, according to a report by the Institute of International Finance (IIF).
Emerging markets (EM) posted a fifth straight month of portfolio outflows, setting the longest such streak in records going back to 2005, as global recession risk, inflation and a strong dollar drew away cash, the report released on Wednesday showed.
Chinese debt witnessed outflows of about $3bn last month, while $6bn exited other EM, IIF estimated.
If confirmed by official data, it would be the sixth consecutive month of foreign outflows from China’s $20 trillion bond market.
During the same period, China’s stock market witnessed $3.5bn of foreign outflows, compared with marginal inflows of $2.5bn in other EM, the global financial services trade group added.
The benchmark CSI 300 Index dropped 7 percent, down every week in July, as domestic COVID-19 flare-ups, property woes and global recession risks weighed on the market.
“China’s A-shares saw a range-bound, generally weaker trend since July under both domestic and overseas influences,” China International Capital Corporation (CICC) said in a note.
Data showed the world’s second-largest economy slowed sharply in the second quarter, missing market expectations with only a 0.4 percent increase from a year earlier.
With the fallout of the Ukraine war continuing, Sino-US tensions over Taiwan mounted as US House of Representatives Speaker Nancy Pelosi visited the self-ruled island claimed by Beijing.
“For the coming months, several factors will influence flows dynamics, among these the timing of inflation peaking and the outlook for the Chinese economy will be in focus,” IIF said.
Overseas investors have been reducing holdings of Chinese bonds since February, as diverging monetary policies kept Chinese yields pinned below their US counterparts.
The People’s Bank of China has been easing policy to aid a COVID-hit economy, while the US Federal Reserve has been hiking rates to fight soaring inflation
- ‘Magnum, P.I.’ star, Roger E. Mosley dies at 83 after a car crash
- VIDEO: Pirates mock Bola Tinubu over ‘Emi Lokan’
- BBNaija: What Groovy said about Beauty’s disqualification
- China announces fresh military drills around Taiwan
- Guardiola reacts as Haaland fumes over not scoring hat-trick against West Ham
NEWS1 day ago
JUST IN: Police arrest wanted suspected cultist, Rasidi Oko-Ilu in Osun
NEWS1 day ago
Faces at Daisy Danjuma’s 70th birthday in Lagos
POLITICS2 days ago
Adeleke forged certificates, Oyetola tells tribunal
NEWS1 day ago
Fayose feels ‘great’ after back surgery in secret hospital overseas
CELEBRITIES2 days ago
Kim Kardashian and Pete Davidson break up after nine months
NEWS2 days ago
Melaye bombs Keyamo for rating Obi above Atiku, challenges him to a debate
SPORTS2 days ago
Ronaldo finally gets Champions League club as another defender set to leave Old Trafford
SPORTS24 hours ago
Tobi Amusan wins 100m hurdles gold