Business
IMF Warns Against High Oil Prices
The head of the International Monetary Fund has warned that global economic growth could suffer if the price of oil stays at its current high level for an extended period.
Oil prices jumped towards 120 dollars a barrel last week for the first time since 2008 as a revolt against Libyan leader Muammar Gaddafi has hit crude exports from the country, which is the world’s 12th largest producer.
“I am concerned,” said IMF chief Dominique Strauss-Kahn, during a visit to Panama.
“The hike to something which is between 110 dollars and 120 dollars a barrel is something which may affect (growth) if it lasts too long.”
“At the same time, Strauss-Kahn said oil prices were not likely hitting growth yet. “We are not there today,” he said.
Oil prices have eased in recent days, partly because top world exporter Saudi Arabia has promised to meet any shortages.
Crude oil shipments from Libya are at a virtual standstill, shipping sources said.
Gaddafi’s forces have been trying for days to push back a revolt that has won over large parts of the military, ended his control over eastern Libya and is holding the government at bay in western cities near Tripoli.
Strauss-Kahn said Panama, seen as a safe bet for sovereign bond investors, could be included in the IMF’s safety net for emerging markets, known as the Flexible Credit Line.
The IMF facility aims to be a backstop should investors sour on emerging markets or rush back into safe havens like U.S. Treasuries this year or next.
“There may be a high probability for Panama to qualify,” Strauss-Kahn said, reiterating the IMF’s policy that the credit is “really strictly limited to our members having the right policy in place.”
Mexico qualified for an extension of its credit line from the Washington-based lender in January.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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