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Nigerian Governor: Buhari Says Economy in ‘Bad Shape’

Nigeria’s President Muhammadu Buhari said the country’s economy was in “bad shape,” the governor of a northwestern state told reporters Friday after a meeting with governors from across the country. 

Buhari will seek a second term in an election to be held in February in which the economy is likely to be a campaign issue. 

Africa’s top oil producer last year emerged from its first recession in 25 years, caused by low crude prices, but growth remains sluggish. 

“Mr. President, as usual, responded by telling us that the economy is in a bad shape and we have to come together and think and rethink on the way forward,” Abdulaziz Yari, who chairs the Nigeria Governors’ Forum, told reporters when asked how Buhari answered requests for a bailout to some states. 

“Mr. President talked to us in the manner that we have a task ahead of us. So, we should tighten our belts and see how we can put the Nigerian economy in the right direction,” said Yari, governor of Zamfara state. He spoke to journalists in the capital, Abuja. 

The main opposition candidate, businessman and former Vice President Atiku Abubakar, has criticized Buhari’s handling of the economy and said that, if elected, he would aim to double the size of the economy to $900 billion by 2025. 

Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said Monday. And on Friday, it said consumer prices had risen 11.28 percent in November compared with a year ago. 

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Nigerian Governor: Buhari Says Economy in ‘Bad Shape’

Nigeria’s President Muhammadu Buhari said the country’s economy was in “bad shape,” the governor of a northwestern state told reporters Friday after a meeting with governors from across the country. 

Buhari will seek a second term in an election to be held in February in which the economy is likely to be a campaign issue. 

Africa’s top oil producer last year emerged from its first recession in 25 years, caused by low crude prices, but growth remains sluggish. 

“Mr. President, as usual, responded by telling us that the economy is in a bad shape and we have to come together and think and rethink on the way forward,” Abdulaziz Yari, who chairs the Nigeria Governors’ Forum, told reporters when asked how Buhari answered requests for a bailout to some states. 

“Mr. President talked to us in the manner that we have a task ahead of us. So, we should tighten our belts and see how we can put the Nigerian economy in the right direction,” said Yari, governor of Zamfara state. He spoke to journalists in the capital, Abuja. 

The main opposition candidate, businessman and former Vice President Atiku Abubakar, has criticized Buhari’s handling of the economy and said that, if elected, he would aim to double the size of the economy to $900 billion by 2025. 

Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said Monday. And on Friday, it said consumer prices had risen 11.28 percent in November compared with a year ago. 

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US Budget Deficit Hits Record $204.9B for November 

The federal budget deficit surged to a record for the month of November of $204.9 billion, but a big part of the increase reflected a calendar quirk. 

 

In its monthly budget report, the Treasury Department said Thursday that the deficit for November was $66.4 billion higher than the imbalance in November 2017. 

 

But $44 billion of that figure reflected the fact that December benefits in many government entitlement programs were paid in November this year because Dec. 1 fell on a Saturday. 

 

For the first two months of this budget year, the deficit totals $305.4 billion, up 51.4 percent from the same period last year. The Trump administration is projecting that this year’s deficit will top $1 trillion, reflecting increased government spending and the loss of revenue from a big tax cut. 

 

The new report showed that the higher tariffs from President Donald Trump’s get-tough trade policies are showing up in the budget totals. Customs duties totaled $6 billion in November, up 99 percent from November 2017. 

 

Trump has imposed penalty tariffs on steel and aluminum imports from a number of countries and on $250 billion of Chinese imports as the administration seeks to apply pressure to other countries to reduce their barriers to American exports. However, China and other nations have retaliated by imposing penalty tariffs on U.S. exports, sparking a tit-for-tat trade war. 

 

The administration still believes it will prevail and is currently in talks with China over trade practices the administration feels are unfair to American companies and workers. 

Three years of $1 trillion deficits

 

Last year’s budget deficit totaled $779 billion. The administration is projecting that this year’s deficit, for a budget year that runs from October through September, will total $1.09 trillion. The administration sees the deficit remaining above $1 trillion for three straight years. 

 

The only time the government has run deficits of this size was for four years from 2009 through 2012 when the Obama administration was boosting spending to grapple with the 2008 financial crisis and the worst recession since the 1930s. 

 

Trump has said that the new budget he will unveil next February will require 5 percent spending cuts for domestic agencies in a bid to trim future deficits. The administration is also counting on government revenues to be increased by faster economic growth from the $1.5 trillion tax cut passed a year ago. 

 

The $204.9 billion deficit last month was the biggest deficit ever recorded in November, a month when the government normally runs a deficit. Outlays were also a record in the month of November. 

 

Through the first two months of this budget year, revenues total $458.7 billion, 3.4 percent higher than the same period a year ago. Outlays totaled $764 billion, up 18.4 percent from the same period a year ago.  

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US Budget Deficit Hits Record $204.9B for November 

The federal budget deficit surged to a record for the month of November of $204.9 billion, but a big part of the increase reflected a calendar quirk. 

 

In its monthly budget report, the Treasury Department said Thursday that the deficit for November was $66.4 billion higher than the imbalance in November 2017. 

 

But $44 billion of that figure reflected the fact that December benefits in many government entitlement programs were paid in November this year because Dec. 1 fell on a Saturday. 

 

For the first two months of this budget year, the deficit totals $305.4 billion, up 51.4 percent from the same period last year. The Trump administration is projecting that this year’s deficit will top $1 trillion, reflecting increased government spending and the loss of revenue from a big tax cut. 

 

The new report showed that the higher tariffs from President Donald Trump’s get-tough trade policies are showing up in the budget totals. Customs duties totaled $6 billion in November, up 99 percent from November 2017. 

 

Trump has imposed penalty tariffs on steel and aluminum imports from a number of countries and on $250 billion of Chinese imports as the administration seeks to apply pressure to other countries to reduce their barriers to American exports. However, China and other nations have retaliated by imposing penalty tariffs on U.S. exports, sparking a tit-for-tat trade war. 

 

The administration still believes it will prevail and is currently in talks with China over trade practices the administration feels are unfair to American companies and workers. 

Three years of $1 trillion deficits

 

Last year’s budget deficit totaled $779 billion. The administration is projecting that this year’s deficit, for a budget year that runs from October through September, will total $1.09 trillion. The administration sees the deficit remaining above $1 trillion for three straight years. 

 

The only time the government has run deficits of this size was for four years from 2009 through 2012 when the Obama administration was boosting spending to grapple with the 2008 financial crisis and the worst recession since the 1930s. 

 

Trump has said that the new budget he will unveil next February will require 5 percent spending cuts for domestic agencies in a bid to trim future deficits. The administration is also counting on government revenues to be increased by faster economic growth from the $1.5 trillion tax cut passed a year ago. 

 

The $204.9 billion deficit last month was the biggest deficit ever recorded in November, a month when the government normally runs a deficit. Outlays were also a record in the month of November. 

 

Through the first two months of this budget year, revenues total $458.7 billion, 3.4 percent higher than the same period a year ago. Outlays totaled $764 billion, up 18.4 percent from the same period a year ago.  

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Stocks Lose Steam as Nerves Persist, Euro Dips

A gauge of world equities was little changed after giving up early gains on Thursday, continuing a pattern seen for the past several sessions, while the euro eased after the European Central Bank formally ended its bond purchasing scheme.

In the United States, the S&P and Nasdaq finished in the red while the Dow closed well off its session highs as cautious trade optimism faded.

Nervousness has heightened volatility in stocks recently, with a tendency for stocks to lose morning gains as the day wears on. 

In Beijing, a commerce ministry spokesman said China and the United States were in close contact over trade, and any U.S. trade delegation would be welcome to visit.  

Although signs of a trade thaw have been welcomed by investors, other worries have kept stocks from sustaining gains.

“It’s a market that’s been very nervous. Investors get excited in the morning and then their fears come back,” said Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management in San Francisco. 

“We need a catalyst to get us a more consistent trend — it could be good economic data or more clarity on the Fed’s intentions for next year or more certainty in U.S.-China. I don’t think it’s going to happen any time soon.”

Dow Jones rises while S&P 500 dips

The Dow Jones Industrial Average rose 70.11 points, or 0.29 percent, to 24,597.38, the S&P 500 lost 0.53 points, or 0.02 percent, to 2,650.54 and the Nasdaq Composite dropped 27.98 points, or 0.39 percent, to 7,070.33.

U.S. economic data showed jobless claims fell last week to near 49-year lows, while import prices dropped as the cost of petroleum products tumbled. Shares in Europe edged lower to snap a two-session winning streak, as concerns about Britain’s exit from the European Union and euro zone growth outweighed a budget compromise in Italy.

The pan-European STOXX 600 index lost 0.17 percent and MSCI’s gauge of stocks across the globe gained 0.05 percent.

Help from ECB to continue

Britain’s weakened prime minister, Theresa May, survived a late night no-confidence vote, and then said she did not expect a quick breakthrough in Brexit talks that would help get the deal through parliament. 

The ECB officially ended its post-crisis asset purchase program but promised to keep feeding stimulus into an economy struggling with an unexpected slowdown and political turmoil.

The euro and sterling were choppy on the Brexit uncertainty and in the wake of comments from ECB President Mario Draghi investors viewed as dovish following the policy announcement.

Dollar index slightly up 

The dollar index rose 0.02 percent, with the euro down 0.04 percent to $1.1363.

Sterling, rebounding from earlier declines, was last trading at $1.2662, up 0.26 percent on the day.

Oil prices were higher after data showed inventory declines in the United States and as investors began to expect the global oil market could have a deficit sooner than previously thought.

U.S. crude settled up 2.8 percent at $52.58 per barrel and Brent was last at $61.45, up 2.16 percent.

 

  

  

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Stocks Lose Steam as Nerves Persist, Euro Dips

A gauge of world equities was little changed after giving up early gains on Thursday, continuing a pattern seen for the past several sessions, while the euro eased after the European Central Bank formally ended its bond purchasing scheme.

In the United States, the S&P and Nasdaq finished in the red while the Dow closed well off its session highs as cautious trade optimism faded.

Nervousness has heightened volatility in stocks recently, with a tendency for stocks to lose morning gains as the day wears on. 

In Beijing, a commerce ministry spokesman said China and the United States were in close contact over trade, and any U.S. trade delegation would be welcome to visit.  

Although signs of a trade thaw have been welcomed by investors, other worries have kept stocks from sustaining gains.

“It’s a market that’s been very nervous. Investors get excited in the morning and then their fears come back,” said Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management in San Francisco. 

“We need a catalyst to get us a more consistent trend — it could be good economic data or more clarity on the Fed’s intentions for next year or more certainty in U.S.-China. I don’t think it’s going to happen any time soon.”

Dow Jones rises while S&P 500 dips

The Dow Jones Industrial Average rose 70.11 points, or 0.29 percent, to 24,597.38, the S&P 500 lost 0.53 points, or 0.02 percent, to 2,650.54 and the Nasdaq Composite dropped 27.98 points, or 0.39 percent, to 7,070.33.

U.S. economic data showed jobless claims fell last week to near 49-year lows, while import prices dropped as the cost of petroleum products tumbled. Shares in Europe edged lower to snap a two-session winning streak, as concerns about Britain’s exit from the European Union and euro zone growth outweighed a budget compromise in Italy.

The pan-European STOXX 600 index lost 0.17 percent and MSCI’s gauge of stocks across the globe gained 0.05 percent.

Help from ECB to continue

Britain’s weakened prime minister, Theresa May, survived a late night no-confidence vote, and then said she did not expect a quick breakthrough in Brexit talks that would help get the deal through parliament. 

The ECB officially ended its post-crisis asset purchase program but promised to keep feeding stimulus into an economy struggling with an unexpected slowdown and political turmoil.

The euro and sterling were choppy on the Brexit uncertainty and in the wake of comments from ECB President Mario Draghi investors viewed as dovish following the policy announcement.

Dollar index slightly up 

The dollar index rose 0.02 percent, with the euro down 0.04 percent to $1.1363.

Sterling, rebounding from earlier declines, was last trading at $1.2662, up 0.26 percent on the day.

Oil prices were higher after data showed inventory declines in the United States and as investors began to expect the global oil market could have a deficit sooner than previously thought.

U.S. crude settled up 2.8 percent at $52.58 per barrel and Brent was last at $61.45, up 2.16 percent.

 

  

  

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Європейські банки виділять Україні 176 млн євро на безпеку руху – Мінінфраструктури

Європейський інвестиційний банк та Європейський банк реконструкції та розвитку виділяють 176 мільйонів євро на новий проект з покращення безпеки руху в Україні, повідомив голова представництва Європейського інвестиційного банку в Україні Жан-Ерік де Загон, передає прес-служба Міністерства інфраструктури.

«Для ЄІБ це флагманський проект у регіоні, адже за обсягом інвестицій він найбільший – 176 мільйонів євро. З них Європейський інвестиційний банк виділяє 75 мільйонів євро, решта коштів надійдуть від нашого партнера ЄБРР. Проект буде реалізований у Києві, Львові, Одесі, Харкові та Дніпрі – саме ці міста були обраними серед перших на підставі статистки ДТП і готовності інвестувати у покращення безпеки дорожнього руху», – зазначив Жан-Ерік де Загон.

За даними Міністерства охорони здоров’я України, наведеними у листопаді, на українських дорогах щодня гине вісім людей. За дев’ять місяців від початку 2018 року, за даними поліції, загинули 2266 людей.

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Європейські банки виділять Україні 176 млн євро на безпеку руху – Мінінфраструктури

Європейський інвестиційний банк та Європейський банк реконструкції та розвитку виділяють 176 мільйонів євро на новий проект з покращення безпеки руху в Україні, повідомив голова представництва Європейського інвестиційного банку в Україні Жан-Ерік де Загон, передає прес-служба Міністерства інфраструктури.

«Для ЄІБ це флагманський проект у регіоні, адже за обсягом інвестицій він найбільший – 176 мільйонів євро. З них Європейський інвестиційний банк виділяє 75 мільйонів євро, решта коштів надійдуть від нашого партнера ЄБРР. Проект буде реалізований у Києві, Львові, Одесі, Харкові та Дніпрі – саме ці міста були обраними серед перших на підставі статистки ДТП і готовності інвестувати у покращення безпеки дорожнього руху», – зазначив Жан-Ерік де Загон.

За даними Міністерства охорони здоров’я України, наведеними у листопаді, на українських дорогах щодня гине вісім людей. За дев’ять місяців від початку 2018 року, за даними поліції, загинули 2266 людей.

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