Business

ABUJA, Dec 3 (NNN-AGENCIES) — The Federal Government has frowned on China’s domination of the Nigerian mining sector, noting that the development had not helped the country’s economy.

Chinese businessmen and firms, alongside other Asians, are the major players in the exploitation of solid minerals in the country, with Nigerian operators playing minor roles.

The Minister of Mines and Steel Development, Olamilekan Adegbite, made the observation during a workshop organised by the ministry in collaboration with the Lagos Business School, in Abuja.

MANILA, Dec 3 (NNN-PNA) – The Asian Development Bank (ADB), said today (Tuesday) that it has approved a 400-million-U.S. dollar policy-based loan, to support the Philippine government’s efforts, to reduce the number of out-of-school and unemployed young Filipinos, that impedes more inclusive growth in the country.

The Manila-based ADB said, this programme will support government reforms, aimed at improving the employability of young Filipinos, through labour market programmes and providing easier access to on-the-job training schemes, to help them secure and retain jobs.

DAURA (Nigeria), Dec 3 (NNN-NAN) — President Muhammadu Buhari says Nigeria’s domestic fuel consumption has dropped by more than 30 per cent, following the closure of land borders.

Buhari, who said this at his country home in Daura, while receiving a delegation of Katsina State Elders Forum, also said he had not given any date for the reopening of the land borders.

MANILA, Dec 3 (NNN-PNA) – Manila’s international airport, the Ninoy Aquino International Airport, will be closed for 12 hours starting 11 a.m. today (Tuesday), due to the threat posed by powerful typhoon Kammuri, airport authorities said on Monday.

Ed Monreal, general manager of the Manila international airport authority, said that the airport will be closed from 11 a.m. until 11 p.m. today.

“This is technically force majeure, and for safety of the passengers,” Monreal told a news conference. Monreal said, a total of 438 flights are going to be affected.

WASHINGTON (AP) — The Trump administration is proposing tariffs on up to $2.4 billion worth of French imports — including Roquefort cheese, handbags, lipstick and sparkling wine — in retaliation for France’s tax on American tech giants like Google, Amazon and Facebook.

The Office of the U.S. Trade Representative charged Monday that France’s new digital services tax discriminates against U.S. companies. The trade office will accept public comments on the tariffs, which could hit 100%, through Jan. 6 and hold a hearing Jan. 7.

02 Dec 2019; MEMO: Saudi Arabia’s State General Reserve Fund fell from 496.04 billion Saudi riyals, in September, to 490.06 billion Saudi riyals ($130.7 billion), in October, marking a decline of nearly six billion Saudi riyals.

The surplus in the budget revenues is conventionally transferred to the State General Reserve Fund. It may be withdrawn only by a Royal Decree, in cases of extreme necessity relating to the higher interests of the State.

02 Dec 2019; MEMO: Israel’s Foreign Ministry said yesterday that an official Israeli delegation is visiting Dubai to attend a preparatory meeting for participation in Expo 2020, Quds Press reported.

The ministry said in a statement posted on its Facebook page that the meeting which took place over the weekend aimed to inform Israel of the ongoing preparations for the fair.

Riyadh, Dec 1 (AFP/PTI) Saudi Arabia became the first Arab nation Sunday to take over the G20 presidency as it seeks to bounce back onto the world stage following global uproar over its human rights record.

The oil-rich kingdom has promoted a liberalisation drive, including granting greater rights to women, but faced strong criticism over a crackdown on dissent and the murder last year of journalist Jamal Khashoggi.

Mumbai, Dec 2 (PTI) Maharashtra Chief Minister Uddhav Thackeray has ordered a review of all on-going development projects in the state, including the Mumbai-Ahmedabad bullet train.

The bullet train project has faced stiff opposition from farmers and tribals whose lands are to be acquired.

"This government is of the common man. Like you asked now, yes, we will review the bullet train (project). Have I stayed the bullet train project like Aarey car shed? No, I haven't," Thackeray told reporters here late Sunday night.

GEOJE (South Korea), Dec 2 (NNN-BERNAMA) — Petronas’ Floating Liquefied Natural Gas Dua (PFLNG Dua) is expected to start commercial operations in November 2020.

Its chief executive officer Abang Yusuf Abang Puteh said the vessel, designed to extract gas from deepwater gas reservoirs in depths up to 1,500 meters is scheduled for completion and sail away from the shipyard to Malaysian waters in February 2020.

“We will be able to start it up in July, followed by commercial operation in November 2020,” he told Bernama and TV3 in an interview here.