economy
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US consumers are becoming increasingly worried about the trajectory of the US economy amid sticky inflation and the prospect of high interest rates for longer than initially hoped. The latest University of Michigan consumer sentiment survey released Friday revealed a 13% decline in overall sentiment during the month of May. The index reading for the…
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Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system. This Central Bank of Nigeria (CBN) stated this in its March 2024 Money and Statistics data. The figures paint a concerning picture of declining trust in the banking system and potential risks to the…
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Russia will ban petrol exports for six months from 1 March, according to a spokeswoman for deputy prime minister Alexander Novak, who oversees the country’s energy sector. The move is meant to compensate for rising demand from Russian consumers and farmers and to allow for planned maintenance of refineries. Russia adopted a similar ban between…
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Data released this week showed that Canada’s annual inflation rate slowed more than expected to 2.9 percent in January. In addition, core price measures also eased, making it more likely for the Bank of Canada to cut interest rates early. The drop in headline inflation was the first time it dipped below three percent in…
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The volume of investable assets held by individuals in the group will skyrocket over the next decade, according to Henley & Partners The number of new millionaires in the BRICS countries will see a surge by 2034, contributing to the biggest increase in wealth across any group of nations, according to a recent report by…
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‘Low growth is not a surprise – and UK is turning corner,’ says chancellor The chancellor has appeared to play down this morning’s GDP news, saying low growth is “not a surprise”. “High inflation is the single biggest barrier to growth which is why halving it has been our top priority,” Jeremy Hunt said in…
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‘UK economy going nowhere – but we’re not an outlier, and things will soon improve for our pockets’ On the back of the announcement that the UK is in recession, Simon Gordon, chief economist at Panmure Gordon, has explained what it means for the country and your pocket. What’s behind this? Mr Gordon told Sky…
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Laura Farris, the minister for victims and safeguarding, has stressed that the UK is “on track” to get inflation down to 2% “in the coming months”. She was responding to news from the Office for National Statistics that inflation stood at 4% in January. This is unchanged on the figure for December, which was also…
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Upwards of five million working days lost due to strikes since June 2022 The number of working days lost since the current period of strike action began has passed five million, new figures show. Some 5.05 million days are estimated to have been lost in labour disputes in the UK from June 2022 to December…
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The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According…
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Analysts have said there is hope for households and businesses as the lingering pressure on the naira is projected to ease in the second quarter of 2024. Their projections are premised on the expected inflows from external borrowing, donor support and oil sales. “We expect donor support and external borrowing to boost FX reserves,” Razia…
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Abstract Purpose This study examines the roles of poverty reduction and social inclusion as socioeconomic factors in achieving sustainable development (SD) in Nigeria from 1970 to 2019. Design/methodology/approach Vector error correction model (VECM) is adopted as the analytical technique. Three groups of factors are employed when determining SD: economic (per capital gross domestic product [GDP]…
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To fulfill the aims of the Strategic Plan with the multi-dimensionality and complexity that the 2030 Agenda demands, UNDP is implementing six cross-cutting approaches to development, known as Signature Solutions. A robust, integrated way to put our best work – or ‘signature’ skillset – into achieving the Sustainable Development Goals. UNDP’s Signature Solutions are cross-cutting approaches to development—…
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UNDP’s work, adapted to a range of country contexts, is framed through three broad development settings. These three development challenges often coexist within the same country, requiring tailored solutions that can adequately address specific deficits and barriers. Underpinning all three development challenges is a set of core development needs, including the need to strengthen gender…
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A member of the Anambra State House of Assembly, representing Awka South 1 constituency, Henry Mbachu has decried the level of poverty in Nigeria. The lawmaker who took a tour of some markets in his constituency said with the level of poverty ravaging a good number of Nigerians, it is evident that the country’s national…
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More Houthis attacks in the Red Sea will have “major global economic consequences”, a maritime security analyst has said. Ian Ralby told Sky News that the Yemen-based group’s “taste of global relevance” may inspire them “to be more aggressive and more hostile”. He said the Red Sea accounts for 10% of global energy supply and…
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