Kubease (Ash), July 15, GNA – A robbery gang at dawn on Thursday, attacked a passenger bus on the Kumasi-Accra Highway and made away with cash totalling more than GH¢14,000.00, cell phones and other valuables.
Four of the passengers sustained injuries and received treatment at the Ejisu Government Hospital.
The robbers numbering about seven and armed with locally manufactured pistols and machetes struck at about 0200 hours at a spot on the Kubease-Duapompo section of the highway.
Assistant Superintendent of Police (ASP) Stephen Awuah, the Ejisu District Police Commander, confirmed the incident to the Ghana News Agency (GNA) and said there had not been any arrest.
They are, however, doing everything to arrest and bring the robbers to justice.
He said the whole operation was believed to have lasted for about 30 minutes.
They cleverly blocked the road with two trucks, depicting a false image of an accident scene.
As the bus neared the blockade, one of the robbers, wearing a black uniform with a reflective jacket, resembling that of the police, signalled the driver to stop, which he did.
ASP Awuah said all of a sudden, his colleagues emerged from the nearby bush carrying guns and other offensive weapons and began firing shots into the air.
They then ordered the passengers to come down, conducted body checks on them and took away their money, phones and other valuables.
They escaped in the two trucks after the operation.
The robbery occurred at the same area where the infamous Amina Yutong bus incident was reported to have taken place.
ASP Awuah expressed concern about the notoriety and attraction of that section of the highway for robbers and appealed for public support to enable the police to effectively deal with the criminals.
GNA
Thursday, August 4, 2011
Nigeria's Ogoniland needs biggest ever oil clean-up - UN
ABUJA Aug 4 (Reuters) - Nigeria's Ogoniland in the oil-rich Niger Delta has suffered 50 years of pollution and could need the world's largest ever oil clean-up, the United Nations said in a report on Thursday.
"The environmental restoration of Ogoniland could prove to be the world's most wide-ranging and long term oil clean-up exercise ever undertaken," a United Nations Environment Programme (UNEP) report said.
UNEP said the total restoration could take up to 30 years and would need a $1 billion fund to kick-start the work.
"The environmental restoration of Ogoniland could prove to be the world's most wide-ranging and long term oil clean-up exercise ever undertaken," a United Nations Environment Programme (UNEP) report said.
UNEP said the total restoration could take up to 30 years and would need a $1 billion fund to kick-start the work.
Police: HO NDC demonstrators did not meet Public Order Act requirements
Accra, Aug. 4, GNA – The Ghana Police Service has justified its action of stopping a demonstration by the “Volta Region National Democratic Congress (NDC) Youth for Action” in Ho on Wednesday describing the march as an “illegality”.
The demonstration was against the Regional Minister, Mr Joseph Amenowode and the Ho Municipal Chief Executive, Mr Isaac Kodobissah, for alleged non-performance,
A statement signed by Deputy Superintendent of Police Cephas Arthur, Acting Director of Public Affairs, said the group notified the Police about their intended demonstration.
However, the group could not meet the full requirements of the Public Order Act (Act 491) of 1994 and they embarked on the demonstration illegally.
The statement said during a discussion with the Regional Police, it came to light that a delegation of the group had been dispatched to Accra to meet some top members of the Party.
“Eventually it was agreed between the leadership of the group and the Police that the demonstration be put on hold pending the outcome of the meeting.”
The statement said the leadership of the group told the Police that they were going to inform their members about the development and get back to the police either on August 2 or August 3.
However, while the Police were waiting for the leadership of the group to come back with their response, they had information that they had grouped and were making for the Regional Administration.
“Police, who were on stand-by, quickly mobilised and stopped them. They arrested 12 members of the group, including its membership. Those arrested are made up of 11 males and one female.”
The statement said the Police were not against any group of people, who wanted to demonstrate, but they must adhere to the Public Order Act.
Meanwhile, the Executive Committee of the Ho Central Constituency branch of the NDC has suspended Mr Daniel Idikoko, Chairman and Alhaji Bello, a member of the Sava branch in Ho, who led the demonstration.
Ruptured pipeline spills large volumes of treated water for over a year
A ruptured 21-inch metal pipe, which supplies water from the Kpong treatment plant to the Accra-Tema Metropolitan area, has spilled large volumes of treated water into some areas in the Kpong community for more than one year, resulting in the flooding of farms and homes.
This situation has also created a huge hollow over a mass of land at Apisco, a suburb of the town.
This pipeline is different from the 42-inch pipeline which got perforated recently causing the supply of water to Accra to cease.
However, while residents of the affected areas have firmly declared that the problem had existed for more than two years, authorities of the Ghana Water Company Limited (GWCL) insist that it has not been that long.
Derrick Adoka and Ebenezer Tekper, both residents of Apisco, told the Daily Graphic that the problem had existed for more than two years.
They disclosed that in the two years, the GWCL had fixed the problem once but just after a few weeks, the problem recurred and had persisted till now.
Comfort Naana Nortey, a teacher, revealed that her son nearly got drowned about a year ago in the area when he went there with a group of mends to take a look at the problem.
The Station Manager of the Kpong Headworks, Mr Ebo Akwandoh, told the Daily Graphic that he was not aware that the pipe had burst.
He pointed out that he took up his post in February, this year, and a month after, his attention was drawn to the problem but he had it fixed.
This situation has also created a huge hollow over a mass of land at Apisco, a suburb of the town.
This pipeline is different from the 42-inch pipeline which got perforated recently causing the supply of water to Accra to cease.
However, while residents of the affected areas have firmly declared that the problem had existed for more than two years, authorities of the Ghana Water Company Limited (GWCL) insist that it has not been that long.
Derrick Adoka and Ebenezer Tekper, both residents of Apisco, told the Daily Graphic that the problem had existed for more than two years.
They disclosed that in the two years, the GWCL had fixed the problem once but just after a few weeks, the problem recurred and had persisted till now.
Comfort Naana Nortey, a teacher, revealed that her son nearly got drowned about a year ago in the area when he went there with a group of mends to take a look at the problem.
The Station Manager of the Kpong Headworks, Mr Ebo Akwandoh, told the Daily Graphic that he was not aware that the pipe had burst.
He pointed out that he took up his post in February, this year, and a month after, his attention was drawn to the problem but he had it fixed.
Ghana, Niger clash over stolen vehicle
The Ghana branch of the International Criminal Police Organisation (Interpol) and its Nigerien counterparts are set on a collision course over an Audi Q7 vehicle which was stolen in Accra in 2010, but presently said to be in Niger.
This is as a result of the alleged refusal of Interpol Niger to hand over the vehicle, stolen from Ghana and belonging to one Fati Baba to Ghanaian security agencies even in the light of concrete evidence that the vehicle is indeed in Niger.
The case of the suspected stolen car presents a story of armed robbery laced with allegations of political interference and stampeding from security and political power in Niger.
Not even the dispatch of an Interpol officer from Ghana, Assistant Superintendent of Police, Mr Vincent Adotey, to Niger, could secure the return of the car, as Mr Adotey was given a 24-hour ultimatum by police authorities in Niger to leave the country or face detention.
Sources at the Criminal Investigations Department (CID) of the Ghana Police Service told the Daily Graphic that even as Mr Adotey left Niger, the commercial bus he was travelling on was stopped at the border. Subsequently, his passport was seized and he was only released as he made calls to the Interpol Secretariat in France and also to the Inspector General of Police (IGP), Mr Paul Quaye.
Prior to that, another Ghanaian, Alhassan Omar Farouk, a brother of Fati Baba, who had been given a letter by Interpol Ghana to Niger to assist in impounding the vehicle, was arrested by the Nigeriens, detained for five days and arraigned on charges he said were not clear to him.
“They accused me of not having an authority note from my sister, then they asked me to disclose who led me to Niger and when I said I was alone, they said I was not telling the truth,” Farouk told the Daily Graphic.
Farouk narrated to the Daily Graphic his Niamey ordeal, during which he spent five days in a prison reserved for hardened criminals, and was subsequently asked by security operatives in Niger whether he wanted the car or his life.
“I had no other option than to plead for my life,” Farouk said and confirmed that the car was indeed in Niger and he had seen it at an auto mechanic garage in Niamey.
He said initially the Interpol officers in Niger had welcomed him warmly and facilitated his initial stay. However, he said, after he had spotted the car at the garage following a tip-off, events took a dramatic turn as it emerged that there were some people with political influence in Niger involved in the purchase of the stolen vehicle.
Farouk recounted events leading to the stealing of the car and said he had been attacked by three armed robbers after he had driven into his sister’s house in the evening.
Subsequently, upon a tip-off, one Alhaji Talatu, who is said to be a Nigerien, was arrested after it emerged that he was the one who had allegedly been funding the operations of the armed robbers who stole the car.
Farouk said there was a recorded conversation in which Alhaji Talatu was implicated and in the tape there was talk of an elaborate car stealing syndicate that cited operatives possibly linked with the Driver and Vehicle Licensing Authority (DVLA) and some officials at the country’s borders.
He said the tape had been played to security officials in the country, including the Inspector General of Police.
Farouk said Alhaji Talatu was arrested at one of the country’s borders as he tried to leave the country by one uncompromising border official, who resisted attempts to be bribed, and he was subsequently charged with armed robbery.
He was, however, released by the police on bail but had since jumped bail and is presently on the run.
Fati Baba corroborated the story of her brother and indicated that efforts to seek the involvement of the Minister of Interior had proved unsuccessful, but recounted the assistance of the Minister of Foreign Affairs, Alhaji Muhammed Mumuni, when her brother was arrested in Niger.
She said there had also been efforts to seek the assistance of an influential Nigerien businessman who is based in Accra and said to be connected politically in both Ghana and Niger, who said the case was a difficult one to crack.
“He also asked me whether I wanted my brother or the car,” she said, adding that under the circumstance she had no other option than to plead for her brother’s life.
Source: Daily Graphic/Ghana
Tuesday, August 2, 2011
Nigeria deports 45 Ghanaians
Emmanuel Padi, AfricaNews reporter in Accra, Ghana
Nigerian authorities have deported Ghanaians from that country. Following the arrest and deportation of 24 Ghanaians last week, 21 more Ghanaians have been deported from Nigeria, bringing the number so far deported on the orders of Nigerian two state governors to 45.
The deportation were at the order of the state governors of Ondo State and Kwara State in Nigeria which run a federal system thus making foreign affairs, defence and internal affairs the preserve of the federal government in Abuja.
The deportees were taken to Nigeria/Benin border by road and handed over to authorities in that country and later transported to the Togo/Ghana border at Aflao and handed over to Ghanaian authorities and the National disaster management organization in Ketu North District of the Volta Region without any belonging.
It has emerged that no reason was proffered for their arrest and subsequent deportation to Ghana and ironically, more and more Nigerians, most of them without valid travel documents, continue to troop to Ghana for the purpose of mostly sojourning.
In an interview with news men, the Nigerian High Commissioner to Ghana, Alhaji Musiliu Obanikoro, condemned the action of the governors, describing it as the work of overzealous public officials. He has however promised looking into it with the view to reviewing the trend to remedy the situation.
Monday, August 1, 2011
US Congressional leaders reach agreement to raise the debt ceiling
Republican and Democratic leaders have agreed on a plan to raise the debt ceiling, President Obama announced Sunday night.
The announcement arrives after months of intense closed-door negotiations, and just two days before the deadline set by the Treasury Department.
According to the details available, the agreement would slow the growth of government spending over the next decade by $2-$3 trillion and allow enough borrowing to put off another vote to raise the ceiling to 2013. About $1 trillion will be cut immediately, and the details of the remaining spending reductions will be handled by a bipartisan committee of 12 lawmakers from both chambers, who will recommend cuts for Congress to vote on. To appease the GOP's conservative wing, the deal would also require a vote in both chambers on an amendment to the Constitution requiring the federal government to balance its budget each year.
"I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default--a default that would have had a devastating effect on our economy," Obama said. "Now, is this the deal I would have preferred? No. . . . But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year."
House Speaker John Boehner held a conference call Sunday evening with House Republicans in which he urged them to support the package, declaring that the deal in place "meets our principles of smaller government."
"There is a framework in place that would cut spending by a larger amount than we raise the debt limit, and cap future spending to limit the growth of government," he said, according to a transcript provided by Boehner's office. "Now listen, this isn't the greatest deal in the world. But it shows how much we've changed the terms of the debate in this town."
With the approval of leaders of the House and Senate, and Tuesday's deadline looming, Congress must act quickly to convince enough members to seal the deal with a vote on Monday. The deal will require bipartisan support due to the opposition within factions of both parties.
Senate Minority Leader Mitch McConnell and Majority Leader Harry Reid will both present the deal to their caucus Monday at 11 a.m. with a vote expected afterward.
The announcement arrives after months of intense closed-door negotiations, and just two days before the deadline set by the Treasury Department.
According to the details available, the agreement would slow the growth of government spending over the next decade by $2-$3 trillion and allow enough borrowing to put off another vote to raise the ceiling to 2013. About $1 trillion will be cut immediately, and the details of the remaining spending reductions will be handled by a bipartisan committee of 12 lawmakers from both chambers, who will recommend cuts for Congress to vote on. To appease the GOP's conservative wing, the deal would also require a vote in both chambers on an amendment to the Constitution requiring the federal government to balance its budget each year.
"I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default--a default that would have had a devastating effect on our economy," Obama said. "Now, is this the deal I would have preferred? No. . . . But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year."
House Speaker John Boehner held a conference call Sunday evening with House Republicans in which he urged them to support the package, declaring that the deal in place "meets our principles of smaller government."
"There is a framework in place that would cut spending by a larger amount than we raise the debt limit, and cap future spending to limit the growth of government," he said, according to a transcript provided by Boehner's office. "Now listen, this isn't the greatest deal in the world. But it shows how much we've changed the terms of the debate in this town."
With the approval of leaders of the House and Senate, and Tuesday's deadline looming, Congress must act quickly to convince enough members to seal the deal with a vote on Monday. The deal will require bipartisan support due to the opposition within factions of both parties.
Senate Minority Leader Mitch McConnell and Majority Leader Harry Reid will both present the deal to their caucus Monday at 11 a.m. with a vote expected afterward.
Sunday, July 31, 2011
Apple has more cash than the federal government
As the BBC has reported, the software company Apple has more cash on hand than the United States federal government, according to the company's financial records.
Apple's quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.
The feds could probably learn a thing or two from Apple's success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation's history if Washington doesn't come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation's financial house in order.
Meanwhile, Apple's financial report shows that the company's profits, even through the last recession, are booming.
Apple's quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.
The feds could probably learn a thing or two from Apple's success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation's history if Washington doesn't come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation's financial house in order.
Meanwhile, Apple's financial report shows that the company's profits, even through the last recession, are booming.
Saturday, July 30, 2011
Interim committee to regulate television content
Story by Ernest Dela Aglanu/Myjoyonline.com/Ghana
Source:Modern Ghana
Film producers and representatives of television stations together with the Information Ministry have agreed to set up an interim committee to establish standards for the previewing and classification of films shown on TV.
The decision was made during a meeting between the various bodies and the Deputy Minister for Information, Baba Jamal in Accra Thursday.
Thursday's meeting was attended by Film Producers, representatives from; Ghana Television, the Independent Broadcasters Association (GIBA), the National Film and Television Institute (NAFTI), the National Media Commission, the Cinematography Board and the Ministry for Information.
A source told Myjoyonline.com that the meeting was necessitated by the minister's complaints about the content of movies and programmes shown on television stations.
The various representatives at the meeting agreed to nominate a member each to be part of the interim committee which will meet in a weeks time to formulate the standards.
This committee will work in the absence of the official regulatory bill before parliament.
He urged film producers to also produce movies that are suitable for the family, especially children, and not only audiences of 18 years and above.
The Minister also used the meeting to call on television stations to show more local content on their channels so as to help the local industry grow.
Representatives who were at Thursday's meeting will meet in two weeks to discuss the implementation of the interim committee's proposed standards.
Story by Ernest Dela Aglanu/Myjoyonline.com/Ghana
Helicopter crash in Nigeria kills 3
LAGOS, Nigeria (AP) — A Nigerian businesswoman, her personal assistant and their Filipino pilot were killed Saturday in a helicopter crash in Nigeria's southwest, authorities said.
Josephine Oluwadamilola Kuteyi chartered a helicopter to travel from the commercial capital of Lagos to the central Nigerian city of Ilorin in Kwara state, said Harold Demuren, the director general of the Nigerian Civil Aviation Authority.
Kuteyi ran a business in the town of Bacita about 124 miles (200 kilometers) away from Ilorin. According to its website, Josepdam Group imports and markets refined industrial sugar. It also has a stake in Nigeria's maritime, agro-allied and real estate industries.
The helicopter hired from OAS helicopters crashed in a hilly area outside Ife-Odan in Osun state about 71 miles (115 kilometers) away from its final destination Saturday, killing all three occupants, said the spokesman for the National Emergency Management Agency, Yushau Shuaib.
Shuaib said villagers helped to search for the bodies for six hours inside a forest because a device meant to send out distress calls and provide exact location details had not been activated on the aircraft.
The agency's director-general, Muhammed Sani-Sidi, has invited all airline and aircraft operators to meet Thursday in Lagos to reinforce the use of the device known as a 406 MHZ Beacon which is also installed on ships.
The agency said a private plane crash that killed a British pilot and a Nigerian plane engineer on a test-run just outside the northern Nigerian city of Kaduna in May did not have its emergency device activated either.
Josephine Oluwadamilola Kuteyi chartered a helicopter to travel from the commercial capital of Lagos to the central Nigerian city of Ilorin in Kwara state, said Harold Demuren, the director general of the Nigerian Civil Aviation Authority.
Kuteyi ran a business in the town of Bacita about 124 miles (200 kilometers) away from Ilorin. According to its website, Josepdam Group imports and markets refined industrial sugar. It also has a stake in Nigeria's maritime, agro-allied and real estate industries.
The helicopter hired from OAS helicopters crashed in a hilly area outside Ife-Odan in Osun state about 71 miles (115 kilometers) away from its final destination Saturday, killing all three occupants, said the spokesman for the National Emergency Management Agency, Yushau Shuaib.
Shuaib said villagers helped to search for the bodies for six hours inside a forest because a device meant to send out distress calls and provide exact location details had not been activated on the aircraft.
The agency's director-general, Muhammed Sani-Sidi, has invited all airline and aircraft operators to meet Thursday in Lagos to reinforce the use of the device known as a 406 MHZ Beacon which is also installed on ships.
The agency said a private plane crash that killed a British pilot and a Nigerian plane engineer on a test-run just outside the northern Nigerian city of Kaduna in May did not have its emergency device activated either.
Thursday, July 28, 2011
Three Jubilee Oil Cargoes in September
Ghana will ship three cargoes of Jubilee crude in September, one more than in August, according to a loading program obtained by Bloomberg News. All shipments are 950,000 barrels each, the plan showed.
One shipment was deferred to Sept. 7 to Sept. 8 from Aug. 30 to Aug. 31, reducing the total number of cargoes for August to two from the originally planned three, according to the plan.
The Jubilee field is operated by U.K.-based Tullow Oil Plc (TLW) and started production in December. The crude is light and sweet, or low sulfur, meaning it will produce more profitable fuels such as gasoline and diesel.
One shipment was deferred to Sept. 7 to Sept. 8 from Aug. 30 to Aug. 31, reducing the total number of cargoes for August to two from the originally planned three, according to the plan.
The Jubilee field is operated by U.K.-based Tullow Oil Plc (TLW) and started production in December. The crude is light and sweet, or low sulfur, meaning it will produce more profitable fuels such as gasoline and diesel.
Ghana to Sell $133 Million of Five-Year Bonds in December for Investments
Ghana will sell more five-year bonds in December following today’s offering of the maturity, its first since June 2007 to develop infrastructure in West Africa’s second-biggest economy after Nigeria.
The Bank of Ghana plans to auction 200 million cedis ($133 million) of the debt, it said in an issuance calendar on its website today. It offered 300 million cedis of the same duration today.
The bank will also sell 300 million cedis of three-year bonds in October, its fourth this year of the maturity in 2011, according to the calendar. The offerings in February and April were oversubscribed, while in June the Accra-based bank failed to meet its target.
The three-month borrowing costs of the world’s second- biggest cocoa producer have retreated to 10.2 percent, the lowest in at least four years, as inflation slows. The cedi, which reached the weakest in at least 17 years against the dollar on Feb. 3, has strengthened 5.1 percent since then.
The Bank of Ghana plans to auction 200 million cedis ($133 million) of the debt, it said in an issuance calendar on its website today. It offered 300 million cedis of the same duration today.
The bank will also sell 300 million cedis of three-year bonds in October, its fourth this year of the maturity in 2011, according to the calendar. The offerings in February and April were oversubscribed, while in June the Accra-based bank failed to meet its target.
The three-month borrowing costs of the world’s second- biggest cocoa producer have retreated to 10.2 percent, the lowest in at least four years, as inflation slows. The cedi, which reached the weakest in at least 17 years against the dollar on Feb. 3, has strengthened 5.1 percent since then.
Nigeria Eurobond Yields Fall to Record Low on Debt, Policy-Change Optimism
Nigeria’s dollar bond yields fell to a record as its debt stock is low compared with that of European peers and on expectations Ngozi Okonjo-Iweala, a managing director at the World Bank, will help spur policy changes to encourage investment when she returns to the Cabinet.
The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer fell two basis points, or 0.02 percent to 5.87 percent, the lowest level since the debt was issued in January, as of 2:32 p.m. in London, according to data compiled by Bloomberg. The bonds’ price gained 0.1 percent to 106.313 cents on the dollar. The $500 million of bonds are Nigeria’s only international notes.
The federal government’s domestic debt rose to 5.21 trillion naira ($34 billion) at the end of June, from 4.87 trillion naira as of March, according to statements on the website of the Abuja-based Debt Management Office. The amount is equivalent to 15.3 percent of 2011 gross domestic product based on National Bureau of Statistic estimates, said Gregory Kronsten, head of macroeconomic and fixed income research at FBN Capital Ltd. The eurozone’s average debt as a percentage of GDP was 85.1 percent by the end of 2010, according to Eurostat.
“It’s still very, very low” compared to European peers, Kronsten said by phone from London today. “It’s still pretty strong credit Nigeria, the strength is the external balance sheet and public indebtedness and reserves.”
Nigeria’s foreign reserves increased 5.3 percent this month to $33.5 billion as of July 26. This is down from $37.6 billion a year ago, according to Central Bank of Nigeria data. Africa’s most populous nation is rated B+ by Standard & Poor’s and BB- with a “negative” outlook by Fitch Ratings.
Reform Expectations
President Goodluck Jonathan, who was returned to power in April elections, slashed almost 500 billion naira off a budget adopted two months earlier, taking the final spending plan to 4.5 trillion naira. Nigeria’s Senate passed a bill last month creating a sovereign-wealth fund to help the country save more of its oil revenue and funnel money into projects.
“There’s a feeling this presidency might actually achieve something,” said Kronsten. “There are quite high expectations of reforms” as Okonjo-Iweala leaves her World Bank post mid- August to become coordinating minister for the economy and minister of finance in Nigeria, the Washington-based lender said July 8.
As Nigeria’s finance minister from 2003 to 2006, Okonjo- Iweala spearheaded talks that led the Paris Club group of creditors to write off $18 billion in Nigerian debt. At the World Bank since 2007, she had special oversight for work in Africa, eastern Europe, and central and South Asia
The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer fell two basis points, or 0.02 percent to 5.87 percent, the lowest level since the debt was issued in January, as of 2:32 p.m. in London, according to data compiled by Bloomberg. The bonds’ price gained 0.1 percent to 106.313 cents on the dollar. The $500 million of bonds are Nigeria’s only international notes.
The federal government’s domestic debt rose to 5.21 trillion naira ($34 billion) at the end of June, from 4.87 trillion naira as of March, according to statements on the website of the Abuja-based Debt Management Office. The amount is equivalent to 15.3 percent of 2011 gross domestic product based on National Bureau of Statistic estimates, said Gregory Kronsten, head of macroeconomic and fixed income research at FBN Capital Ltd. The eurozone’s average debt as a percentage of GDP was 85.1 percent by the end of 2010, according to Eurostat.
“It’s still very, very low” compared to European peers, Kronsten said by phone from London today. “It’s still pretty strong credit Nigeria, the strength is the external balance sheet and public indebtedness and reserves.”
Nigeria’s foreign reserves increased 5.3 percent this month to $33.5 billion as of July 26. This is down from $37.6 billion a year ago, according to Central Bank of Nigeria data. Africa’s most populous nation is rated B+ by Standard & Poor’s and BB- with a “negative” outlook by Fitch Ratings.
Reform Expectations
President Goodluck Jonathan, who was returned to power in April elections, slashed almost 500 billion naira off a budget adopted two months earlier, taking the final spending plan to 4.5 trillion naira. Nigeria’s Senate passed a bill last month creating a sovereign-wealth fund to help the country save more of its oil revenue and funnel money into projects.
“There’s a feeling this presidency might actually achieve something,” said Kronsten. “There are quite high expectations of reforms” as Okonjo-Iweala leaves her World Bank post mid- August to become coordinating minister for the economy and minister of finance in Nigeria, the Washington-based lender said July 8.
As Nigeria’s finance minister from 2003 to 2006, Okonjo- Iweala spearheaded talks that led the Paris Club group of creditors to write off $18 billion in Nigerian debt. At the World Bank since 2007, she had special oversight for work in Africa, eastern Europe, and central and South Asia
Jobless Claims in U.S. Decreased to Three-Month Low
Applications for unemployment benefits dropped last week to the lowest level since April, a sign the weakness in the labor market is fading.
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, Labor Department figures showed today in Washington. The level of claims was fewer than forecast, as the median estimate of economists in a Bloomberg News survey called for a drop to 415,000. There were no special factors associated with the decrease other than the usual volatility that occurs each year in July, a Labor Department spokesman said.
A reduction in firings is a necessary step toward the point when employers are more willing to add workers. The lack of hiring means the unemployment rate will probably keep hovering near 9 percent, restraining consumer spending, which accounts for about 70 percent of the economy.
“Layoffs clearly remain elevated, but the worst part of the adjustment to the first-half slowdown is abating,” said Richard DeKaser, an economist at Parthenon Group in Boston. “I still don’t expect relief on the unemployment rate in the next few months.”
Stock-index futures rose after the report, erasing earlier losses. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.2 percent to 1,301.3 at 8:36 a.m. in New York. Treasury securities held earlier gains, sending the yield on the benchmark 10-year note down to 2.95 percent from 2.98 percent late yesterday.
Survey Results
The median forecast was based on a survey of 44 economists. Estimates ranged from 400,000 to 440,000. The Labor Department revised the prior week’s figure up to 422,000 from a previously reported 418,000.
The seasonal-adjustment figures projected a drop for last week as the usual quarter-end increase receded, and the actual decrease was even larger, the Labor Department spokesman said as the data was released to the press. The projected drop also reflected the end of the traditional auto retooling shutdowns.
The timing of closing for the new model year has been difficult to predict this year, making adjusting the claims data for these seasonal variations more challenging, the spokesman has said.
The four-week moving average, a less volatile measure than the weekly figures, fell to 413,750 last week from 422,250.
The number of people continuing to receive jobless benefits dropped by 17,000 in the week ended July 16 to 3.7 million.
Extended Benefits
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments increased by about 62,400 to 3.76 million in the week ended July 9.
The unemployment rate among people eligible for benefits decreased to 2.9 percent from 3 percent in the prior week, today’s report showed.
Twenty states and territories reported an increase in claims, while 33 reported a decrease. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates.
The economy’s growth slowed in the second quarter to a 1.8 percent annual rate, following a 1.9 percent pace in the first three months of 2011, according to the median forecast in a Bloomberg survey ahead of a Commerce Department report tomorrow. Consumer spending likely grew at a 0.8 percent rate, down from 2.2 percent in the first three months of the year.
Debt Talks
Businesses and consumers also are concerned about the outcome of negotiations between President Barack Obama and Congress to reach a debt-ceiling agreement by Aug. 2 that would avert a U.S. default.
Companies that are cutting jobs include Lockheed Martin Corp. (LMT) The world’s largest defense contractor said on July 19 it’ll offer a voluntary separation plan to 6,500 employees in the U.S. The Bethesda, Maryland-based company will in mid-August evaluate the need for involuntary reductions.
Tellabs Inc. (TLAB), a telecommunications equipment maker based in Naperville, Illinois, said on July 26 that it will cut 330 jobs or 10 percent of its workforce over the next year as part of a restructuring plan, while also adding some workers.
The elevated jobless rate remains a major concern for Federal Reserve policy makers, who are likely to keep interest rates close to zero for an extended period to stimulate growth.
“The most recent data attest to the continuing weakness of the labor market,” Fed Chairman Ben S. Bernanke said in a statement to lawmakers on July 13. For the economy as a whole, “the pace of the expansion so far this year has been modest.”
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, Labor Department figures showed today in Washington. The level of claims was fewer than forecast, as the median estimate of economists in a Bloomberg News survey called for a drop to 415,000. There were no special factors associated with the decrease other than the usual volatility that occurs each year in July, a Labor Department spokesman said.
A reduction in firings is a necessary step toward the point when employers are more willing to add workers. The lack of hiring means the unemployment rate will probably keep hovering near 9 percent, restraining consumer spending, which accounts for about 70 percent of the economy.
“Layoffs clearly remain elevated, but the worst part of the adjustment to the first-half slowdown is abating,” said Richard DeKaser, an economist at Parthenon Group in Boston. “I still don’t expect relief on the unemployment rate in the next few months.”
Stock-index futures rose after the report, erasing earlier losses. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.2 percent to 1,301.3 at 8:36 a.m. in New York. Treasury securities held earlier gains, sending the yield on the benchmark 10-year note down to 2.95 percent from 2.98 percent late yesterday.
Survey Results
The median forecast was based on a survey of 44 economists. Estimates ranged from 400,000 to 440,000. The Labor Department revised the prior week’s figure up to 422,000 from a previously reported 418,000.
The seasonal-adjustment figures projected a drop for last week as the usual quarter-end increase receded, and the actual decrease was even larger, the Labor Department spokesman said as the data was released to the press. The projected drop also reflected the end of the traditional auto retooling shutdowns.
The timing of closing for the new model year has been difficult to predict this year, making adjusting the claims data for these seasonal variations more challenging, the spokesman has said.
The four-week moving average, a less volatile measure than the weekly figures, fell to 413,750 last week from 422,250.
The number of people continuing to receive jobless benefits dropped by 17,000 in the week ended July 16 to 3.7 million.
Extended Benefits
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments increased by about 62,400 to 3.76 million in the week ended July 9.
The unemployment rate among people eligible for benefits decreased to 2.9 percent from 3 percent in the prior week, today’s report showed.
Twenty states and territories reported an increase in claims, while 33 reported a decrease. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates.
The economy’s growth slowed in the second quarter to a 1.8 percent annual rate, following a 1.9 percent pace in the first three months of 2011, according to the median forecast in a Bloomberg survey ahead of a Commerce Department report tomorrow. Consumer spending likely grew at a 0.8 percent rate, down from 2.2 percent in the first three months of the year.
Debt Talks
Businesses and consumers also are concerned about the outcome of negotiations between President Barack Obama and Congress to reach a debt-ceiling agreement by Aug. 2 that would avert a U.S. default.
Companies that are cutting jobs include Lockheed Martin Corp. (LMT) The world’s largest defense contractor said on July 19 it’ll offer a voluntary separation plan to 6,500 employees in the U.S. The Bethesda, Maryland-based company will in mid-August evaluate the need for involuntary reductions.
Tellabs Inc. (TLAB), a telecommunications equipment maker based in Naperville, Illinois, said on July 26 that it will cut 330 jobs or 10 percent of its workforce over the next year as part of a restructuring plan, while also adding some workers.
The elevated jobless rate remains a major concern for Federal Reserve policy makers, who are likely to keep interest rates close to zero for an extended period to stimulate growth.
“The most recent data attest to the continuing weakness of the labor market,” Fed Chairman Ben S. Bernanke said in a statement to lawmakers on July 13. For the economy as a whole, “the pace of the expansion so far this year has been modest.”
U.S. Stocks Climb on Economic Data
U.S. stocks rose, halting a three- day slump, as improving data on jobless claims and home sales bolstered confidence in the economy and diverted attention away from the budget impasse. European shares fell as earnings missed estimates. Treasuries and the dollar gained.
The Standard & Poor’s 500 Index added 0.4 percent to 1,310.16 as of 10:46 a.m. in New York after tumbling 2 percent yesterday, while the Stoxx Europe 600 Index lost 0.3 percent. The Dollar Index increased 0.2 percent, while the yen climbed versus 13 of 16 major peers monitored by Bloomberg. The yield on the 10-year Treasury note fell two basis points to 2.96 percent, while Italy’s yield rose nine points after a debt sale.
Equities recovered some of yesterday’s sell-off as initial jobless claims decreased below 400,000 for the first time since April and contracts to buy previously owned homes unexpectedly increased 2.4 percent. The House of Representatives plans to vote today on a debt-limit increase proposal that confronts unified Democratic opposition in the Senate, setting the stage for a congressional showdown to avert a U.S. default.
“The jobless claims report provided a temporary reprieve for markets amid so much other disturbing news,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said in a telephone interview. The Philadelphia- based firm manages about $54 billion. “It’s a hint that there may be turnaround after the loss of momentum in the economy that we’ve experienced coupled with Washington not helping to generate any enthusiasm for equities at the moment.”
Moving Together
Stocks and Treasuries are moving in tandem twice as often as they normally do, a sign investors are growing convinced the U.S. will lose its AAA credit rating and that an impasse among lawmakers may spur losses in both markets.
The S&P 500 has risen or fallen together with 10-year Treasury notes 80 percent of the time in the last 10 days, compared with the average since 2000 of 41 percent, according to data compiled by Bloomberg.
Passage of the House debt-ceiling measure, which all 51 Senate Democrats and two independents oppose, will lead to negotiations among leaders on both sides in an attempt to avert a U.S. default.
The S&P 500 tumbled 2 percent yesterday, its biggest loss since June 1, and has declined 2.9 percent since July 8, the day before Alcoa Inc. unofficially started the earnings season on July 11, even as four companies beat analyst estimates for every one that missed, according to data compiled by Bloomberg. In Europe’s Stoxx 600, more companies have trailed projections than surprised positively.
Jobless Claims Drop
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, fewer than forecast, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 415,000.
Cisco Systems Inc. rallied 3 percent to lead gains in the Dow Jones Industrial Average after Goldman Sachs Group Inc. advised buying the shares. DuPont Co. climbed 2.1 percent after raising its full-year earnings forecast
Exxon Mobil Corp. fell 1.5 percent after reporting second- quarter profit of $2.18 a share, compared with a $2.32 average estimate of seven analysts in a Bloomberg survey.
The four-day drop in the Stoxx 600 is the longest losing streak in seven weeks. Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, lost 2.4 percent after second-quarter profit fell 52 percent, and BASF SE, the world’s largest chemical company, sank 4.9 percent after signaling growth will slow. Air France-KLM Group and Deutsche Lufthansa AG, Europe’s biggest airlines, fell more than 3.4 percent as earnings missed estimates.
The Standard & Poor’s 500 Index added 0.4 percent to 1,310.16 as of 10:46 a.m. in New York after tumbling 2 percent yesterday, while the Stoxx Europe 600 Index lost 0.3 percent. The Dollar Index increased 0.2 percent, while the yen climbed versus 13 of 16 major peers monitored by Bloomberg. The yield on the 10-year Treasury note fell two basis points to 2.96 percent, while Italy’s yield rose nine points after a debt sale.
Equities recovered some of yesterday’s sell-off as initial jobless claims decreased below 400,000 for the first time since April and contracts to buy previously owned homes unexpectedly increased 2.4 percent. The House of Representatives plans to vote today on a debt-limit increase proposal that confronts unified Democratic opposition in the Senate, setting the stage for a congressional showdown to avert a U.S. default.
“The jobless claims report provided a temporary reprieve for markets amid so much other disturbing news,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said in a telephone interview. The Philadelphia- based firm manages about $54 billion. “It’s a hint that there may be turnaround after the loss of momentum in the economy that we’ve experienced coupled with Washington not helping to generate any enthusiasm for equities at the moment.”
Moving Together
Stocks and Treasuries are moving in tandem twice as often as they normally do, a sign investors are growing convinced the U.S. will lose its AAA credit rating and that an impasse among lawmakers may spur losses in both markets.
The S&P 500 has risen or fallen together with 10-year Treasury notes 80 percent of the time in the last 10 days, compared with the average since 2000 of 41 percent, according to data compiled by Bloomberg.
Passage of the House debt-ceiling measure, which all 51 Senate Democrats and two independents oppose, will lead to negotiations among leaders on both sides in an attempt to avert a U.S. default.
The S&P 500 tumbled 2 percent yesterday, its biggest loss since June 1, and has declined 2.9 percent since July 8, the day before Alcoa Inc. unofficially started the earnings season on July 11, even as four companies beat analyst estimates for every one that missed, according to data compiled by Bloomberg. In Europe’s Stoxx 600, more companies have trailed projections than surprised positively.
Jobless Claims Drop
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, fewer than forecast, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 415,000.
Cisco Systems Inc. rallied 3 percent to lead gains in the Dow Jones Industrial Average after Goldman Sachs Group Inc. advised buying the shares. DuPont Co. climbed 2.1 percent after raising its full-year earnings forecast
Exxon Mobil Corp. fell 1.5 percent after reporting second- quarter profit of $2.18 a share, compared with a $2.32 average estimate of seven analysts in a Bloomberg survey.
The four-day drop in the Stoxx 600 is the longest losing streak in seven weeks. Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, lost 2.4 percent after second-quarter profit fell 52 percent, and BASF SE, the world’s largest chemical company, sank 4.9 percent after signaling growth will slow. Air France-KLM Group and Deutsche Lufthansa AG, Europe’s biggest airlines, fell more than 3.4 percent as earnings missed estimates.
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