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In light of Japan's strong GDP growth and the looming threat of inflation, the Bank of Japan faces a delicate balancing act in deciding when to raise interest rates. While a premature hike could stifle the country's economic recovery, delaying it too long could lead to runaway inflation and economic instability.
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Nigeria’s oil and gas industry witnessed a flurry of business deals such as partnerships, acquisitions, and divestments in 2024. In the upstream sector, the year saw international oil giants like Shell and TotalEnergies relinquish their assets to local players like Seplat Energy and Oando PLC. We also saw ambitious acquisitions and partnership deals involving IOCs and indigenous oil companies. Related Stories TotalEnergies extends Deepsea Mira contract in West Africa for 3 months NNPCL slashes petrol price to N899 in Lagos, N970 in other states – PETROAN While divestments and exits were witnessed mostly in onshore operations, more investments by IOCs were observed in the offshore segment. Experts suggest that the IOCs do not want to deal with local issues such as pipeline vandalism and environmental pollution, while local companies have been hailed for their investment in this area despite the risks. The year also featured significant financial investment decisions and partnerships that would shape the future of Nigeria’s energy industry. Here are some of the major deals in Nigeria’s oil and gas industry in 2024. The Norwegian energy firm, Equinor ASA finalised the sale of its Nigerian assets, a 53.85% ownership in oil and gas lease OML 128, including a 20.21% stake in the Agbami field, to Chappal Energies for up to $1.2 billion. The sale signifies the exit of Equinor Nigeria Energy Company (ENEC) from Nigeria as the parent company said it planned to “deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio.” The deal, executed through Project Odinmim a special-purpose vehicle owned by Chappal Energies—was finalized this month, after several months of delay by Nigerian regulators. Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, also completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation. The acquisition of the onshore asset is expected to double Seplat’s production capacity to approximately 120,000 barrels of oil equivalent per day. The deal valued at $1.2 billion was initiated in February 2022 but delayed by regulatory review until December 2024. In a deal expected to be finalised in the next couple of weeks, TotalEnergies has decided to divest from Nigeria’s onshore operations in favour of a more secure offshore environment by selling its 10% stake in the Shell Petroleum Development Company to an Indigenous company, Chappal Energies. SPDC JV is an onshore subsidiary of oil giant, Shell which has been sold to a consortium of local companies. TotalEnergies Nigeria planned to transfer its 10% interest and all associated rights and obligations in 15 SPDC JV licenses to Chappal Energies. In 2023, production from these licenses accounted for roughly 14,000 barrels of oil equivalent per day for TotalEnergies. Additionally, TotalEnergies EP Nigeria will sell its 10% interest in three other SPDC JV licenses (OML 23, OML 28, and OML 77), which focus on gas production, to Chappal Energies. However, TotalEnergies will retain full economic rights in these gas-producing licenses, which currently provide 40% of the gas supply to Nigeria LNG. This year, Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni in a deal worth $783 million. The acquisition was part of another divestment in the oil and gas industry as Eni quits onshore operations in Nigeria for offshore operations. Speaking on NAOC’s acquisition, the Group Chief Executive of Oando PLC, Wale Tinubu, said : “Today’s announcement is the culmination of ten years of hard work, resilience, and an unwavering belief that we would realise our ambition. It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands. “This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.” Nairametrics recently reported the final investment decision (FID) of Shell Nigeria Exploration and Production Company Limited (SNEPCo) on the Bonga North deep-water project, located off Nigeria’s coast. The $5 billion offshore investment, in which Shell has a 55% stake, is expected to yield approximately 350 million barrels of crude oil. The Bonga North project includes the drilling and completion of 16 wells, modifications to the existing FPSO, and the installation of new subsea infrastructure. This development is expected to maintain oil and gas production at the Bonga facility. Speaking on the investment decision, Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, said: “This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio.” Two Nigerian companies partner with Saipem to secure a contract on the Bongo North project Weeks after Shell’s FID on the Bongo North project, an Italian multinational oilfield services company in partnership with two Nigerian companies, KOA Oil & Gas and AVEON Offshore, secured a contract valued at approximately $1 billion from SNEPco to work on the oilfield. According to Saipem, the contract covers the Engineering, Procurement, Construction, and Installation (EPCI) of risers, flowlines, subsea umbilicals, and associated subsea structures. The Nigerian National Petroleum Company Limited (NNPCL) and Total Energies also announced a Final Investment Decision (FID) on the Ubeta oilfield (OML 58), in a partnership deal valued at $550 million. Nairametrics reported that this FID involves a commitment of $550 million to extract 900 billion cubic feet of non-associated natural gas from the oil field, situated approximately 85 kilometres from Port Harcourt in Nigeria’s Niger Delta Region. These partnerships, divestments, and investments shaped the oil and gas landscape in the year 2024 and it is expected that the gains and developments therefrom will impact the industry in the coming year President Bola Tinubu has pledged to boost Nigeria’s energy security by improving production and ensuring a conducive climate for private players to thrive.We are in Madrid, in Spain, for Christmas and new year, visiting our son and his beautiful family. Last week we took a side trip for a few days to Valencia, one of Spain's 'second' cities. The high-speed rail journey was efficient and inexpensive. And Valencia has plenty of public transport, so a hire car never entered our heads. Login or signup to continue reading We had booked our trip well before devastating floods hit Valencia on October 29. It is remarkable the city centre was spared the death and destruction suffered by Valencia's southern industrial suburbs, like Paiporta, and by townships in Valencia's rich agricultural interior. Downtown Valencia is delightful, a modern, bustling city that celebrates a built heritage dating from Roman times and an industrial history based on a productive, innovative regional culture stretching for centuries. Valencia's port has always been the Iberian peninsula's key thoroughfare for cross-Mediterranean trade. On top, Valencia is walking and cycling friendly, across streets lined with orange trees, appropriately, and public gardens with giant Spanish oaks. Valencia is Europe's Green Capital of the year. The paradox of the 21st century, though, is that local efforts to make a city liveable, sustainably so, can be obliterated in a day by the forces of climate change. On October 29 a peculiar storm system brewed over southeast Spain. An unusually warm Mediterranean Sea funnelled water vapour into a low-pressure cell trapped by cold air high above the ranges encircling Valencia's l'horta valleys. This so-called DANA weather event exploded around midday shedding torrents of rainwater, powering a tsunami of floodwater and mud downstream to Valencia. Pasha Bulker-level forces were unleashed, landside, down the valleys and into Valencia's suburbs. More than 220 people were killed. About 120,000 cars were scattered kilometres away. Buildings were levelled. I spoke with Carmen Marques, a Valencian local and European Union climate ambassador, about that day. Ms Marques has three messages. The first is that weather events, like the DANA storm in Valencia, are made more severe and occur more frequently by the warming of our oceans and seas and the atmosphere. Burning fossil fuels is the cause. The second is that severe weather events hit poor people the hardest. Those who drowned in the tsunami of mud, especially the elderly, she said, lived in the poorest housing. Those who drowned as they raced from their homes to save their cars were workers desperate to save the assets they depended on to get to work. And those trapped on the road were driving trucks and farm vehicles, or on long-distance commutes between cheap housing and low-paid jobs. And the third lesson, says Ms Marques, is that local and regional governments are unprepared for climate change events like the DANA storm. Emergency responses to the disaster in places like Paiporta were totally inadequate. Follow-up measures are uncoordinated. Recovery funding is scarce and slow in coming. As my wife and I walked around the Port of Valencia one evening we were struck by signs across a large waterfront warehouse. They indicated global charity World Central Kitchen had set up shop, and were working still, two months on from the DANA storm, cooking meals for the survivors. It was a shock, says Ms Marques, to the middle class in a wealthy city to watch an outfit normally deployed to third-world wars and disasters cooking meals for the vast number of displaced locals. I shuffled uncomfortably as I listened to Ms Marques. Our flights to Spain burn fossil fuels. And we live in a region where more thermal coal is dispatched for international trade than from anywhere else on the planet. The Hunter is linked in no small way to what happened on October 29 to the people of Paiporta, its neighbouring suburbs and the l'horta townships. A moral question weighs heavily. Can we assert that because it is cleaner, Hunter coal should be the last burned on the planet, and give no regard to the climate change consequences? DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. 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Washington Capitals star Alex Ovechkin has a broken left fibula and is expected to miss 4 to 6 weeksIn addition to extending loan terms, the decision to increase the maximum financing ratio for stock repurchase loans is seen as a bold move to incentivize companies to invest in their own growth. Stock repurchases are a common strategy used by companies to enhance shareholder value and boost confidence in the market. By allowing companies to borrow more funds to finance stock repurchases, the government is empowering businesses to take strategic actions that can potentially drive up stock prices and improve overall market performance.One of the key voices in this ongoing conversation is basketball analyst Huo Nan, who has been quick to point out that while Jokic's scoring prowess is impressive, it may not necessarily be a good thing for the Nuggets in the long run. Huo Nan argues that Jokic's high-scoring games could potentially mask underlying issues, such as the lack of offensive diversity within the team and over-reliance on one player to carry the scoring load.
India is poised to achieve new heights in foodgrain production in 2025, driven by favorable monsoon, though significant challenges persist in pulses and oilseeds production as the country's agricultural sector shows signs of robust recovery. The Agriculture Ministry's initial projections paint an optimistic picture, with kharif (summer) foodgrain production estimated at a record 164.7 million tonnes for the 2024-25 crop year ending June 2025. Winter crop planting has maintained steady progress, with wheat sown across 29.31 million hectares as of mid-December 2024, while total rabi (winter) crops cover 55.88 million hectares. 'We had a good kharif crop because of normal rainfall,' Agriculture Secretary Devesh Chaturvedi told PTI. 'Overall, the crop prospect for the whole year looks promising,' he added, though cautioning against potential heat waves in February-March that could affect the winter wheat harvest. The agricultural sector is projected to bounce back strongly, with growth projections of 3.5-4% in 2024-25, up from 1.4% in the previous fiscal year. Agri-economist S Mahendra Dev attributes this improvement to 'good monsoon and rise in rural demand'. This growth comes despite localised floods and droughts affecting crops in parts of Maharashtra, Uttar Pradesh, and Rajasthan. Climate change-induced weather anomalies have particularly impacted onion and tomato yields in certain regions. However, the path ahead isn't without hurdles. To address the persistent challenge of self-sufficiency in pulses and oilseeds, the government will roll out the National Mission on Edible Oils - Oilseeds (NMEO-Oilseeds) in 2025, backed by a substantial budget of Rs 10,103 crore. The initiative aims to reduce import dependency through targeted interventions and increased support prices. The horticulture sector has shown remarkable progress, with record production of fruits and vegetables. The success is attributed to improved farming practices and technology adoption under various government schemes. The sector is witnessing increased technological adoption, with drones and AI-driven tools gaining traction. 'These innovations offer immense potential to enhance productivity,' said Ashish Dobhal, CEO of UPL Sustainable AgriSolutions. The government's flagship PM-KISAN scheme continues to provide crucial support, having disbursed over Rs 3.46 lakh crore to more than 11 crore farmers since its 2018 launch. Seven new agricultural schemes announced in September 2024, with a combined outlay of Rs 13,966 crore, are set for full implementation in 2025. These initiatives span various aspects of agriculture, including digital transformation, crop science, livestock health, and natural resource management. However, farmer unrest remains a concern, particularly in Punjab and Haryana, where demands for legal MSP guarantees and other reforms persist. A parliamentary committee has suggested doubling the PM-KISAN support to Rs 12,000 per beneficiary and implementing universal crop insurance for small farmers. While farmer-producer organisations have expanded with 9,204 registrations, they continue to face challenges, including limited market access and weak managerial capacity, potentially affecting their long-term sustainability. Looking ahead, the agriculture ministry plans to conduct a benchmarking study comparing its crop insurance scheme PMFBY with similar programs globally, aiming to adopt best practices within the PMFBY ecosystem. While government schemes have shown varied levels of success, experts note that many require revision and targeted intervention to address specific challenges in the farm sector effectively. 'Only a few of the central schemes have been impactful, while the rest need a re-look,' Dev observed. The coming year will be crucial for India's agricultural sector as it balances traditional farming practices with technological innovation while addressing persistent challenges in food security and farmer welfare. The success of new initiatives and their implementation will likely determine the sector's trajectory toward sustainable growth and self-sufficiency in key crop categories. Key concerns remain regarding MSP implementation effectiveness and high input costs, particularly for fertilisers and pesticides. The sector's ability to address these challenges while maintaining production growth will be crucial for achieving its ambitious targets for 2025.
Stocks drifted higher on Wall Street in midday trading Thursday, as gains in tech companies and retailers helped boost the market. The S&P 500 rose less than 0.1%. The benchmark index is coming off a three-day winning streak. The Dow Jones Industrial Average was up 19 points, or 0.1%, as of 12:32 p.m. Eastern time. The Nasdaq composite was up less than 0.1%. Trading volume was lighter than usual as U.S. markets reopened after the Christmas holiday. Chip company Broadcom rose 2.9%, Intel was up 0.7% and Apple gained 0.4%. While tech stocks overall were in the green, some heavyweights were a drag on the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, slipped 0.2%. Meta Platforms fell 0.9%, Amazon was down 0.5%, and Netflix gave up 1.4%. Health care stocks also helped lift the market. CVS Health rose 1.9% and Walgreens Boots Alliance rose 3.3% for the biggest gain among S&P 500 stocks. Several retailers also gained ground. Target rose 2.9%, Best Buy was up 2.1% and Dollar Tree gained 2.2%. U.S.-listed shares in Honda and Nissan rose 4.1% and 15.8%, respectively. The Japanese automakers announced earlier this week that the two companies are in talks to combine. Traders got a labor market update. U.S. applications for unemployment benefits held steady last week , though continuing claims rose to the highest level in three years, the Labor Department reported. Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Tuesday. Major European markets were closed, as well as Hong Kong, Australia, New Zealand and Indonesia. Trading was expected to be subdued this week with a thin slate of economic data on the calendar. Still, U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up roughly 26% so far this year and remains near its most recent all-time high it set earlier this month — its latest of 57 record highs this year. Wall Street has several economic reports to look forward to next week, including updates on pending home sales and home prices, a report on U.S. construction spending and snapshots of manufacturing activity. AP Business Writers Elaine Kurtenbach and Matt Ott contributed.
In addition to the physical health implications, hypertension can also have a significant impact on quality of life and overall well-being. Individuals with uncontrolled high blood pressure may experience symptoms such as headaches, dizziness, fatigue, and difficulty concentrating, which can affect their daily activities and productivity. Moreover, the financial burden of managing hypertension-related complications, such as hospitalizations, medications, and ongoing medical care, can also place a strain on individuals and healthcare systems.
Whatever the outcome, one thing is certain: the retrial of Yu Hua Ying is set to be a historic moment in the annals of the country's legal system. For Yang Niu Hua, it is yet another chapter in a saga that has consumed her life for the past three years, a reminder of the enduring power of the pursuit of justice and the weight of the law.
Axed Strictly star Jamie Borthwick breaks down in tears after fans fumed ‘the wrong person was sent home’As the situation in Syria continues to evolve, the United States remains vigilant and ready to take action to protect its interests and ensure the safety and security of its allies and partners in the region. The airstrikes conducted on Tuesday demonstrate the United States' commitment to effectively combatting terrorism and promoting stability in the Middle East.