FG-Labour talks moved to next Tuesday
The crucial meeting between the Nigerian Labour Congress (NLC), Trade Union Congress (TUC), and the Federal Government, initially set for today, has been rescheduled due to an overlap with the Federal Executive Council meeting.
The meeting aims to resolve outstanding issues from a 30-day ultimatum.
Organised labour insists that the government must meet their demands, and a forthcoming review will determine their next steps, potentially including immediate industrial action.
The government’s progress in addressing these demands is under scrutiny, with many issues still unaddressed.
FG plans to launch one million CNG vehicles by 2027
Nigeria’s Federal Government plans to introduce one million Compressed Natural Gas (CNG) vehicles by 2027, aiming to address transportation challenges following subsidy removal.
Special Assistant Toyin Subaru highlighted the conversion of cars to use both petrol and CNG, making it a cost-effective alternative for Nigerians.
CNG stations and an app to locate them will be developed. CNG costs are expected to drop significantly to N230 per kg, compared to petrol at N680 per liter, saving Nigerians two-thirds of their transportation expenses.
Zenith Bank’s Q3 2023 shows 149% profit growth
Zenith Bank Plc’s unaudited Q3 financial results for 2023 reveal remarkable growth in both interest and non-interest income.
The bank reported a 149 percent increase in profit before tax, reaching N505 billion. Profit after tax also rose by 149 percent to N434.2 billion.
Despite a challenging economic environment, interest income grew by 72 percent, driven by the growth in risk assets and effective pricing.
Non-interest income surged by 186 percent, primarily due to exchange rate unification gains. Total assets, customer deposits, and gross loans all experienced substantial growth. The non-performing loan ratio improved to 3.8 percent.
Israeli military jets strike Gaza camp, says Hamas commander killed
Israeli airstrikes hit a densely populated refugee camp in the Gaza Strip, killing at least 50 Palestinians and a Hamas commander, and medics struggled to treat the casualties in the enclave where food, fuel and basic supplies are running scarce.
Israeli tanks have been active in Gaza for at least four days following weeks of air bombardments in retaliation for an attack by Palestinian Hamas militants on southern Israeli towns on Oct. 7 and the taking of more than 200 hostages.
An Israel Defense Forces (IDF) statement said the strike by fighter jets on Jabalia, Gaza’s largest refugee camp, had killed Ibrahim Biari, a Hamas commander it said was “pivotal” in the planning and execution of the attack. (Reuters)
Oil rises ahead of Fed meeting as Middle East conflict persists
Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watched the latest developments in the Israel-Hamas conflict.
Brent January crude futures rose 0.3 percent, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1 percent on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract’s expiry on Tuesday.
U.S. West Texas Intermediate crude futures gained 0.2 percent, or 16 cents, to $81.02 a barrel after losing about 1.6 percent in the previous session.
