Nigeria Government Directs Airlines To Increase Airfares

Airlines operators in Nigeria have been authorised to increase airfares to ensure safe and efficient services in the country.

The directive was issued by The Nigeria Civil Aviation Authority (NCAA) .Specifically, the NCAA, which is the regulatory body for aviation in Nigeria, urged the airlines to make sure that airfares are in tandem with cost of operation, factoring in the high prices of aviation fuel, charges and other expenses incurred by providing service to passengers.

NNPC Records N 273,74 Million As Operating profit In May

The Nigerian National Petroleum Corporation (NNPC) says it has recorded the total operating profit of N273.74 million for the month of May and reversing the losses of N35 billion made by NNPC over the last 15 years.

The report which was contained in the management report showed that the corporation’s N273.74 million operating profit in May 2016 as against its operating loss of N19.43 billion in April was attributed to improved cost efficiency at the corporate headquarters of NNPC and performance by the Petroleum Products Marketing Company (PPMC).

U.S. Stocks Fluctuate as Oil Falls; Treasuries Slide With Gold

U.S. stocks fluctuated, slowing an advance in global equities, as crude slid toward $46 a barrel on renewed concern of an oversupply in America. Treasuries fell with gold amid easing demand for haven assets before tomorrow’s U.S. payrolls report.

The S&P 500 Index erased gains as crude sank after government data showed inventories fell less than anticipated in the past week. European shares rose for the first time in four days, while emerging-market equities climbed the most in a week. Treasuries slipped, pushing yields higher from unprecedented lows, while a rally in gold faltered.

U.S. Clears Eight Airlines for Havana After More Than 50 Years Of Cold War

The U.S. government proposed eight airlines to begin scheduled passenger service to Havana, as carriers hustle to open regular flights to the Cuban capital for the first time in half a century, according to Bloomberg.

Flights may begin as early as this fall, the Department of Transportation said in a statement Thursday. The airlines winning approval for Havana service were American, Delta, United, Southwest, Spirit, Alaska, Frontier and JetBlue.

The proposed flights would begin normalizing air links between the U.S. and Cuba after the Cold War rivals’ decades-long estrangement. U.S. airlines applied for almost 60 flights a day to Havana, triple the 20 daily frequencies authorized under the arrangement between the U.S. and Cuba.

French Police Raids McDonald's Headquarters Over Tax Invasion

French police said Thursday they had raided the French headquarters of McDonald's last week as part of a tax fraud probe.

Agents of a special corruption, financial and tax crime unit searched the premises west of Paris on May 18, seizing documents, a police source said.

French authorities suspect McDonald's has been illegally lowering its tax bill by channeling French earnings to Luxembourg, where its European headquarters is based, and where corporate taxes are much lower.

US Jobless Claims Tumble As Private Hiring Holds Steady

New claims for US unemployment insurance benefits tumbled last week to near a three-month low as hiring in the private sector held steady in June, data released Thursday showed.

On the eve of the June US employment report, the Labor Department said that initial jobless claims, a sign of the level of layoffs, fell by 16,000 to 254,000 in the week ending July 2.

The four-week moving average of new claims fell by 2,500 to 264,750, down nearly 14,000 from a year ago. Initial claims have held below 300,000 for 70 straight weeks, the longest streak since 1973.

AFDB Grants $350 million lifeline To First Bank Of Nigeria

African Development Bank has granted $350 million loan to First Bank of Nigeria  and FSDH Merchant Bank Nigeria as part ot its effort to boost lending to ensure economic growth in Africa.

Of the amount, $300-million stands as Trade Finance Loans to FBN and and $50-million to FSDH Merchant Bank, representing AfDB’s broader efforts to provide countercyclical support to the Nigerian economy.

According to AfDB, the facility became necessary given the falling commodity prices, which has caused shortages in foreign currency supply and led to unmet demand for trade finance instruments to support Nigeria’s ongoing economic transitions.

IATA Rates African Airlines Low In Performance

African airlines have scored low in global industry performance rating for year 2015, particularly in the area of domestic passenger growth. The World Air Transport Statistics (WATS) recently released by The International Air Transport Association (IATA) showed that the African airlines accounted for only 2.2 per cent of the entire market share of passengers for the year under review.

The airlines were responsible for a total of 79.5 million passengers on scheduled services, an increase of 1.8 per cent over 2014.According to the statistics, being the yearbook of the airline industry’s performance, India, among the world’s largest domestic markets had the fastest domestic passenger growth in 2015.

Yen Pushes Higher Against Dollar and Euro

The yen pushed higher against the dollar and euro Thursday while the pound recovered some of its losses as traders weighed the fallout of Britain’s vote to leave the EU.

Investors sought out safe assets, pushing the dollar down to 100.94 yen from 101.31 yen in late trade in New York, while the pound strengthened after hitting a 31-year low of $1.2798 earlier on Wednesday.

The British unit failed to recover above the $1.30 mark as investors remained jittery about the impact of Brexit, with sterling changing hands at $1.2990 against 1.2922 on Wednesday in US trade.

The Japanese currency meanwhile firmed on the back of the overnight publication of minutes from the US Federal Reserve’s most recent policy meeting.

Those showed the rate-setting board was split on whether the world’s top economy can withstand a hike in borrowing costs this year.

Nigeria Gas Flaring Drops From Over I Billion Mscf To 750 Mscf

The Managing Director of Seplat Petroleum, Austin Avuru has said that the increasing utilisation of associated gas has reduced the amount of gas flare from over one billion standard cubic feet per day (bscf/d) to 750 million standard cubic feet per day (mmscf/d) as at the end of last year.

Avuru stated this at the 2016 Business Forum of the Nigerian Gas Association (NGA) in Lagos.

He  further noted that exported liquefied natural gas (LNG) accounted for 3.05bscf/d while re-injection and other operational usage accounted for 2.9bscf/d bringing the total gas utilised daily in 2015 to 8.0bscf.

Nigeria House Of Reps Warn Samsung, IOCs, Against Flouting Local Content Laws

House of Representatives’ Committee on Local Content has warned international oil and gas services companies, including Samsung Heavy Industries (SHI) of South Korea against flouting the Nigerian Local Content laws.

The committee said it strongly opposed a situation where foreign oil firms and their cohorts exceed expatriate quota and breaking other rules that are contained in the Nigerian Content Act, adding that it would not allow any infractions on the Act to go unpunished.

The Committee’s Chairman, Hon Emmanuel Ekon, while speaking on the side-line of tour of LADOL Free Trade Zone in Lagos by the committee, said no efforts would be spared on ensuring that foreign-owned firms comply with all known local content rules in Nigeria.

Avast Software to buy Dutch rival AVG for $1.3 billion

Security software company Avast Software said it would buy Dutch rival AVG Technologies (AVG.N) for $1.3 billion in cash to expand its presence in the emerging markets.

Avast said it will pay $25 per AVG share, representing a 33 percent premium to AVG stock's closing price on Wednesday.

"We believe that joining forces with Avast, a private company with significant resources, fully supports our growth objectives and represents the best interests of our stockholders," AVG Chief Executive Gary Kovacs said in a statement.

JPMorgan Could Move Thousands Of Staff Out Of UK: Report

JPMorgan Chase & Co (JPM.N) could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month's Brexit vote, bank CEO Jamie Dimon told an Italian newspaper.

Currently, banks based in the UK can sell services freely across the EU under a "passporting" system, considered the most significant feature of the EU single market for financial firms. But that is now in doubt after Britons voted to leave the bloc.

Ford Explorer Under Investigation For Exhaust Fume Leaks

 Safety regulators are investigating complaints that exhaust fumes are leaking into Ford Explorers.

The investigation, a step that sometimes comes before a recall, was disclosed on the National Highway Traffic Safety Administration's website. The agency has received 154 complaints from owners of Explorers from model year 2011 through 2015.