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U.S Recovery Doubts Lingers As World Market Falls

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16 years ago

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The World Stock Market lingers despite the improvement in U.S manufacturing sector. Experts have doubts about its durability to rebound in the world’s economy.

Asian stocks, which tumbled the day before on a fall in U.S. consumer spending, got little relief  from news that American manufacturing grew at its fastest pace last month since April 2006.

Unemployment due Friday will confirm that job losses continue to swell as investors were nervous  that a report on US., Suggesting an anaemic  economic recovery, U.S. unemployment hit a 26-year high of 9.8 per cent in September.

Interest rate like in Australia failed to inspire the same jubilation among investors as last months’, the October rate increased, the first in a major economy since the onset of the crisis was greeted as evidence of an improving world economy.  

“There seems to be lots of uncertainty in the market” Peter Lai said, investment manager at DBS Vickers in Hong Kong. I’m very cautious about the U.S. economic figures “ It will be very damaging to sentiment if the U.S. unemployment rate crosses 10 per cent”.

Hong Kong’s Hang Seng led Asia’s losses falling 380.13, or 1.8 per cent, to 21,240.06 while South Korea’s Kosip was down 0.6 per cent at 1,549.GR Japan’s market was closed for a holiday.  

Elsewhere, Australia’s S&P/AS 200 closed down from  China’s Shanghai index bucked the trend, gaining 1.2 per cent to 3,114.23 with sentiment still boosted by a weekend report manufacturing expanded for an eight straight month in October.

As trading got under way in Europe, FTSE 100 was off 1.3 per cent, Germany’s DAX lost 1.4 per cent and France’s CAC 40 fell 1.5 per cent  stock features pointed to losses yesterday on Wall Street.

Dow futures were down 49, or 0.5 per cent at 9.686 and S & P futures dropped 5.9 or 0.6 per cent to 1,033.20.

On Monday, the dow rose 76.71 or 0.8 per cent to 9.789.44, its fourth gain in 10 days – boosted by the Institute of Supply Management report on manufacturing and other economic figures.   The broader Standard  & poor’s  500 index rose  from 6.69 or 0.7 per cent, to 1,042.83 and the Nasdaq composite index rose from  4.09 or 0.2 per cent to 2,049.20.

Oil prices hovered near $78 a barrel in Asia amid hopes of improved crude demand. Benchmark crude for December delivery was off 36 cents at $77.75 a barrel to settle at $78.13 on Monday.

In currencies, the dollar fell to 89.92 yen from 90.92 yen. The Euro fell to $1.4739 from $1.4764.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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