Summary of Business News Today 13 December 2022


Newspaper business headlines today 13 December 2022 focus on rise in cost of aviation fuel, forex, investment, deregulation and oil subsidy, stock prices arrest of Sam Bankman-Fried, and Asian stock markets.

Airlines to pay $222bn extra for fuel in 2022

The International Air Transport Association has revealed that airlines will pay $222bn extra for fuel this year.

IATA’s Regional Vice President for Africa and the Middle East, Kamil Alawadhi, in his address to the 2022 General Assembly of the African Airlines Association taking place in Dakar, Senegal, said although oil prices have retreated from mid-year peaks, the average price of jet fuel so far this year has been $138.8 a barrel.

According to the IATA boss, this means airlines would collectively pay an extra $222 billion for fuel this year compared with 2021, adding that fuel accounts for 30% of airline costs _ PUNCH.


Forex, insecurity threatening $2.7bn Nigeria-Canadian trade

Foreign exchange rate and insecurity have been described as major threats and impediments to Nigeria-Canada trade valued at $2.7bn annually.

The Canadian Deputy High Commissioner to Nigeria, Teshome Nkrumah, made this revelation in Lagos on Thursday during a business roundtable themed, ‘Creating Opportunities for Fresh Foreign Direct Investment into the Nigerian Economy’ which was organised by the Nigerian-Canadian Business Association_ PUNCH.


FDI drops by 59% in 11 years – W’Bank

The Foreign Direct Investment in Nigeria has plunged by 58.98 per cent in 11 years, data from the World Bank have revealed. According to the Washington-based lender’s annual report tagged, ‘International Debt Report’, the country’s FDI depreciated from $5.966bn in 2010 to $2.447bn in 2021_ PUNCH.


Oil marketers urge FG to prepare Nigerians for deregulation amid inefficient subsidy

Stakeholders in the nation’s downstream sector were unanimous in their position as regards the need for the government to commence a dialogue with the Nigerian people on the necessity for deregulation to reduce inefficient subsidy, address local energy crisis and mitigate further shocks that the global economy may bring next year _ GUARDIAN.

Nigerian Breweries Shareholders Approve 2.1bn Bonus Share Scheme

The shareholders of Nigerian Breweries Plc have unanimously approved the issuance of 2.1 billion bonus shares to qualifying shareholders following the conclusion of its Extraordinary General Meeting (EGM) held in Lagos.

The value of the 2.1 billion bonus shares as at the date of the EGM was N84 billion _THIS DAY.


Former FTX CEO Bankman-Fried arrested in Bahamas after U.S. files charges

FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency exchanges ­­_ REUTERS.


Asian stocks rise on optimism ahead of central bank rate decisions

Asian stock markets were buoyed on Tuesday by overnight optimism on Wall Street that the U.S. Federal Reserve and other central banks would ease off on the pace at which interest rates have been hiked to tackle the highest inflation levels in decades ­_ REUTERS.

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