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U.S. economy: Unemployment rate peaks at 6.7%

Nnenna Okoronkwo
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The U.S. economy shed jobs for the first time in eight months in December with an unemployment rate going at 6.7 percent as the country buckled under an onslaught of COVID-19 infections, suggesting a significant loss of momentum that could temporarily stall the recovery from the pandemic.

Non-farm payrolls decreased by 140,000 jobs last month, the Labor Department said on Friday. Data for November was revised up to show 336,000 jobs added instead of 245,000 as previously reported.

That was the first decline in payrolls since April. The economy has recovered just over half of the 22.2 million jobs lost in March and April.

Despite the labor market weakness, the economy is unlikely to fall back into recession, with a backstop of nearly $900 billion in additional pandemic relief approved by the government last week.

More fiscal stimulus is expected now that the Democrats have gained control of Senate, boosting the prospects for President-elect Joe Biden’s legislative agenda. Congress on Thursday formally certified Biden’s election victory hours after hundreds of President Donald Trump’s supporters stormed the U.S. Capitol.

There is also optimism that the roll out of coronavirus vaccines will be better coordinated under the Biden administration. COVID-19 cases in the United States have jumped to more than 21 million, with the death toll exceeding 356,000 since the virus first emerged in China in late 2019, according to the U.S. Centers for Disease Control and Prevention.

Still, the employment report joined a raft of other weak data on consumer confidence and spending in underscoring the virus’ brutal impact on the economy, which plunged into recession in February.

“The economy will be on the soft side for the next several months, but with fiscal support and vaccines, the economy should kick into higher gear by summer,” said Mark Zandi, chief economist at Moody’s Analytics in West Chester, Pennsylvania.

The economy is believed to have expanded at around a 5% annualized rate in the fourth quarter, with the bulk of the rise in gross domestic product seen coming from inventory investment.

It grew at a historic 33.4% pace in the third quarter after shrinking at a 31.4% rate in the April-June period, the deepest since the government started keeping records in 1947.

Suzan O

Why we demolished poultry farms in Abuja – FCTA

Mosunmola Ore
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The Federal Capital Territory Administration (FCTA) in Nigeria has warned area councils officials against giving approval for land in any part of the territory.

Director of Development Control Department in the FCT, TpL Mukhtar Galadima, gave the warning on the background of a recent demolition of some poultry farms in Kubwa, a suburb of the Nigeria’s capital city, Abuja.

He said that all approvals for land allocations in the territory must be endorsed by the FCT minister.

Galadima frowned that, some people usually go behind the scene to use the name of area councils in the territory to grant or back date land approvals to unsuspecting residents, which he noted is totally illegal, adding that the department would address the challenge, as part of its plans for 2021.

The Director while explaining that the poultry farms in Kubwa were demolished by the department, noted that the farms were operating on a site designated as
Kubwa District Centre, meant to accommodate facilities, such as stadium complex, shopping complex, markets and others facilities in the area.

He hinted that the department has plans to organise a joint parley with heads of the area councils in the FCT, to tackle the challenge and to address the public on the roles and responsibilities of the department to avoid illegalities.

Galadima revealed that as part of the new FCT Parking Policy, the act of having event centres in parks and gardens in the territory is totally unacceptable, adding that the department has stopped giving approvals to event centres in parks and gardens n the FCT.

He explained further that the department also carried a demolition exercise on illegal structures at Tee & Cee Park in Area 3 yesterday, because there was an abuse of development plan in the area.

“There are illegal structures built within the stream corridor, open spaces and green area, at the park, which was discovered in the course of our monitoring exercise in parts of the city, and after serving them relevant notices, we removed the illegal structures“, he added

Singer Paul Okoye recovers from coronavirus

Nnenna Okoronkwo
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Nigerian musician and former member of the defunct group, Psquare, Paul Okoye has recovered from the dreaded coronavirus.

The music star shared the good news via his Instagram page on Wednesday, January 6, 2021.

“Happy new year all ❤️ 2021 pls don’t overhype it ohhhh

Nigeria’s Bonny Light rises to $54.11

Nnenna Okoronkwo
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The Price of Bonny Light, Nigeria’s premium oil grade, has risen to $54.11 per barrel, the highest in 2021 as the Organisation of Petroleum Exporting Countries (OPEC) and others move to achieve stability in the market. This showed an excess of $14 per barrel when compared to the $40 per barrel and 1.8 million barrels per day, mb/d output benchmark of the nation’s 2021 budget.

However, OPEC, which concluded its 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, January 5, 2021, called for the cooperation of all stakeholders in order to achieve stability.

In a statement, OPEC said: “The meeting, which reconvened following an initial round of discussions on 4 January, reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations; the efficient, economic and secure supply to consumers; and a fair return on invested capital.

“In addition, the Meeting recalled the decision taken by all DoC participating countries at the 10th (Extraordinary) ONOMM on April 12, 2020, to adjust downwards overall crude oil production, the unanimous decisions taken at the 11th ONOMM on 6 June 2020, and the outcomes of the 12th ONOMM on 3 December 2020.

“it highlighted the unprecedented events of 2020 and shocking impact of the COVID-19 pandemic on the world economy and markets and commended the DoC participating countries for undertaking the largest and longest crude oil production adjustments in history in response to the exceptional challenges and market conditions caused by the pandemic.”

It pointed out that rising infections, the return of stricter lockdown measures and growing uncertainties have resulted in a more fragile economic recovery that is expected to carry over into 2021.

The Meeting recognized that market sentiment has been buoyed recently by vaccine programmes and improved asset markets, but underscored the need for caution due to prevailing weak demand and poor refining margins, the high stock overhang and other underlying uncertainties.

It further acknowledged the need to gradually return 2 mb/d to the market, with the pace being determined according to market conditions. It reconfirmed the decision made at the 12th ONOMM to increase production by 0.5 mb/d starting in January 2021 and adjusting the production reduction from 7.7 mb/d to 7.2 mb/d.

The adjustments to the production level for February and March 2021 will be implemented as per the distribution detailed in the attached table. Production adjustments for April and subsequent months will be decided during the monthly ONOMM following the criteria agreed upon in the 12th ONOMM.

The Meeting reiterated the need to continue closely monitoring market fundamentals, including non-DoC supply and its impact on the global oil balance and overall market stability.  It noted that high conformity levels have contributed significantly to market rebalancing and stability. Between May and November, participating OPEC and non-OPEC countries contributed to reducing the global supply by approximately 1.9 billion barrels, including voluntary adjustments, and this has been key to the rebalancing of the market.

“The Meeting drew attention to the exceptional year of 2020 as an outlier that distorts the latest five-year average of OECD commercial oil stock levels. It recommended retaining the 2015-2019 average as a more representative metric, while keeping the latest five-year average for the time being.

“It requested all underperforming participating countries to submit their plans for implementation of the required compensation for the overproduced volumes to the OPEC Secretariat by 15 January 2021,” it also added.

Kano Government reaffirms commitment to minimum wage implementation

Nnenna Okoronkwo
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Kano state government has reaffirmed its commitment to the continuous implementation of the N30, 000.00 minimum wage for civil servants.

It, however, said that deduction in November/December workers’ salary was a temporary measure informed by the drop in federal allocation and dwindling internally generated revenue occasioned by the COVID-19 pandemic.

The state commissioner for Information, Malam Muhammad Garba in a statement, indicated that “the deduction was necessary to keep the government going in the face of the prevailing economic recession facing the country.”

“The state government took the measure instead of contemplating on paying half salary or in batches as obtains in other states or layoffs,” said the Commissioner.

Malam Garba said that a similar temporary measure was taken, including a cut in the allowances for all political appointees in its administrative structure, during the first wave of the pandemic in the country between March and July, last year, which was withdrawn soon after the virus situation improved.

The commissioner, therefore, gave the assurance that as soon as the state of affairs improves, the state government would not hesitate to pay workers in its employ the full salary.

He solicited the support and cooperation of the entire workforce in the state to bear with the situation and desist from spreading rumours on the government’s intention.

Nnenna.O

Nigerian Military troops rescue kidnapped victims

Nnenna Okoronkwo
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The troops of Operation WHIRL STROKE have rescued three kidnapped persons and neutralised one armed bandit following a successful rescue operation at Mararaba Udege general area in Nasarawa Local Government Area of Nasarawa State.

A statement by the Coordinator Defence Media Operations, Major General Enenche said the rescue follows actionable and credible intelligence received by the troops.

Eneche further said “the operation occurred in the early hours of January 7, 2021 following a fire fight that ensued between the troops and the bandits. The kidnapped victims were subsequently reunited with their respective families”.

The Armed Forces of Nigeria used the opportunity to assure the public that it will not relent until all enemies of the Country are neutralised and normalcy is restored to all troubled zones.

Nnenna.O

Two life-saving Covid drugs discovered – Experts

Lantana Nasir
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Two life-saving drugs that can cut deaths by a quarter in patients who are sickest with Covid-19 have been found in UK.

The anti-inflammatory medications, given via a drip, save an extra life for every 12 treated, say researchers who have carried out a trial in NHS intensive care units.

Supplies are already available across the UK so they can be used immediately to save hundreds of lives, say experts.

There are over 30,000 Covid patients in UK hospitals 39% more than in April.

The UK government is working closely with the manufacturer, to ensure the drugs tocilizumab and sarilumab continue to be available to UK patients.

As well as saving more lives, the treatments speed up patients’ recovery and reduce the length of time that critically-ill patients need to spend in intensive care by about a week.

Both appear to work equally well and add to the benefit already found with a cheap steroid drug called dexamethasone.

Although the drugs are not cheap, costing around £750 to £1,000 per patient, on top of the £5 course of dexamethasone, the advantage of using them is clear and less than the cost per day of an intensive care bed of around £2,000, say experts.

Lead researcher Prof Anthony Gordon, from Imperial College London, said: “For every 12 patients you treat with these drugs you would expect to save a life. It’s a big effect.”

In the REMAP-CAP trial carried out in six different countries, including the UK, with around 800 intensive care patients.

“Nearly 36% of intensive care Covid patients receiving standard care died.

The new drugs reduced that by a quarter, to 27%, when given to patients within 24 hours of them entering intensive care.”

Prof Stephen Powis, NHS national medical director, said: “The fact there is now another drug that can help to reduce mortality for patients with Covid-19 is hugely welcome news and another positive development in the continued fight against the virus.”

Health and Social Care Secretary Matt Hancock said: “The UK has proven time and time again it is at the very forefront of identifying and providing the most promising, innovative treatments for its patients.

Today’s results are yet another landmark development in finding a way out of this pandemic and, when added to the armoury of vaccines and treatments already being rolled out, will play a significant role in defeating this virus.”

The drugs dampen down inflammation, which can go into overdrive in Covid patients and cause damage to the lungs and other organs.

Doctors are being advised to give them to any Covid patient who, despite receiving dexamethasone, is deteriorating and needs intensive care.

Tocilizumab and sarilumab have already been added to the government’s export restriction list, which bans companies from buying medicines meant for UK patients and selling them on for a higher price in another country.

The research findings have not yet been peer reviewed or published in a medical journal.

Tela maize: Northern farmers thrilled at latest agricultural discovery

Mosunmola Ore
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Kaduna State chairman of All Farmers Association of Nigeria (AFAM), Nuhu Aminu, acknowledged the discovery of a new variety of maize, Tela,which was recently developed at the Institute of  Agricultural Research (IAR), Ahmadu Bello University (ABU), Zaria.

He  stated  that the new variety of maize was good and observed that it has the capacity to open up a new vista for farmers in the North.

“The new variety, which is resistant to pests and tolerant to drought, will afford local farmers the opportunity to engage in dry season farming, without the usual fear of insects, pests or shortage of rain water. Farmers here are indeed delighted to have this variety; certainly our problem has come to end.”

He said they are planning to set up a committee to dialogue with the IAR on the possibility of a collaborative effort towards developing the variety in large quantity. He admitted that a major factor militating against the mass production of maize in the region was the lack of good seeds that could resist diseases and overcome the seizure of rainfall in many parts of Northern Nigeria:

“We have a rainy season that lasts for a maximum of four months. Maize is so sensitive to rain and pests as such much care is needed for higher yields. With Tela, the importation of maize by will be a waste of resources, since our farmers would be able to produce enough of it for our domestic need and for our export.

“As soon as IAR released the variety, AFAN would push it for immediate use. We want to IAR to continue organising this type of farmers’ interactive forum so that more farmers will be educated on the innovation.”

Research Coordinator, Prof Rabiu Adamu, said the invention of Tela maize was informed by the need to arrest the problem of pests and drought in the production of maize: He quoted a journal, “African Agricultural Technology Foundation (AATF)” 2020, as saying: “New maize pests in Nigeria is projected to have destroyed up to 20 million metric tonnes of maize in Africa each year, which is enough to feed 100 million people.

“Tela maize is genetically modified through a technology, which has identified ways of mitigating drought risk, stabilizing yield and encouraging the small scale farmers to adopt best management practices.

“Trials in Africa have shown that Tela maize resistant variety gives a yield advantage of more than 50 per cent, compared to non-transgenic variety, due to its ability to protect damage.”

He said the research undertaken by the Zaria team of researchers was at its final stage, noting that the seed industry was being taken round the research field to get a fill of the farmers. He expressed delight at the way seed companies and institutes, especially the National Seed Council, had attended and applauded the efforts of the institute’s research on the new variety.

Benzema to face trial over Valbuena sex tape case

Nnenna Okoronkwo
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Real Madrid’s Karim Benzema is to face trial over his alleged involvement in the attempted blackmail of Mathieu Valbuena relating to a sex tape apparently featuring the Olympiakos star.

The former Lyon forward is accused of trying to extort money from his fellow France international ahead of a friendly against Armenia five years ago.

And, according to AFP, the French forward has now been informed by the Versailles prosecutor’s office that he will be taken to court at an as yet unspecified date.

Benzema’s lawyer responded to the news that his client is being charged with conspiracy to attempt blackmail by telling the Efe news agency: “The decision to try him is absurd and is unfair cruelty.

“Benzema has nothing to be ashamed of in this case.”

Valbuena’s lawyer Paul-Albert Iweins told L’Equipe that the decision to go to trial is “the logical continuation of the instruction which perfectly established the participation of the various people”.

Benzema has spoken out on the matter in question on a regular basis in recent years, with the Frenchman accusing Valbuena of dragging his name “through the mud”.

He told L’Equipe in May 2017: “He said he would not have lodged a complaint if he knew I was involved in the story. For more than a year and a half I’m his worst enemy, a bad guy, a thug, I have to be punished, dragged through the mud, my name and that of my family, in the dirt.

“It has been almost two years since I was forbidden to see my best friend [Karim Zenati], if not we go to prison, and he is quiet, but he must stop his crap, and I do not know why he keeps talking about me already.

“[Saying] I am his enemy, I wanted to take money from him… he really has to stop inventing, it makes me mad to keep on lying.

“He just had to tell the truth about what really happened, and he would not have had all of this.”

Benzema, who denies any wrongdoing, has been overlooked for international duty with France ever since the allegations made against him.

The 33-year-old has not figured for Les Bleus since November 2015, when the last of his 81 caps was earned.

A succession of national team coaches have kept him on the outside looking in, despite impressive standards being maintained at club level with Madrid.

Benzema has remained a prolific source of goals for the Blancos, with 261 efforts recorded through 533 appearances. He ranked eighth in Goal 50 in November.

A prominent role at Santiago Bernabeu has been taken on since Cristiano Ronaldo departed for Juventus in 2018, with his contribution helping Zinedine Zidane’s side to another La Liga title in 2019-20.

Aston Villa first team and manager to miss FA Cup

Nnenna Okoronkwo
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Aston Villa will be without their first-team squad and coach Dean Smith for the FA Cup third round tie against Liverpool on Friday after an outbreak of Covid-19 at the Midlands club.

The home side will use their Under 23s squad and other academy players for the clash with the Premier League champions, depending on how many test negative for the virus.

In place of Smith, U23s boss Mark Delaney will take charge of the team.

 

Villa were forced to close their Bodymoor Heath training ground on Thursday after reporting a “significant coronavirus outbreak”.

A number of senior players and staff received positive tests on Monday and began to self-isolate, with a further round of testing yielding yet more positive results on Thursday.

It meant the Villa first-team squad had their training session cancelled a little over 24 hours before they were due to take on Liverpool at Villa Park, in a repeat of the game that ended 7-2 to the home side in the Premier League earlier this season.

There were initial fears that the match would have to be called off and that Villa may have been forced to forfeit as the already-packed calendar means there is precious little time to reschedule the game.

Instead, they will field a team of younger players just as Championship side Derby plan to do when they take on non-league Chorley on Saturday after an outbreak forced their entire senior squad, including interim manager Wayne Rooney, to self-isolate.

Villa’s improvised squad will be a reversal of what happened at the Carabao Cup quarter-final tie between the sides in December 2019, when Liverpool were forced to play a reserve team as the senior squad were playing in the Club World Cup in Qatar on the same day.

Liverpool coach Jurgen Klopp said his side had no positive cases to report before they travel to Villa Park on Friday, but the results from the latest tests are yet to come in.

Asked if his side are in the clear, he told reporters: “Yes, 100 per cent we have no cases in this moment. But the tests from yesterday we don’t have the results yet. But up until then it was all fine.”

The Reds are expected to name the likes of James Milner, Xherdan Shaqiri, Divock Origi, Alex Oxlade-Chamberlain, Takumi Minamino, Neco Williams and Curtis Jones in the squad.

Villa are the latest of a growing number of Premier League clubs to suffer an outbreak of positive cases in recent weeks, which saw four matches postponed during December.

Newcastle’s match against Smith’s side at the start of last month was postponed because of an outbreak at the Magpies’ training ground. Manchester City then had to postpone their match against Everton on December 28 just four hours before kick-off after a number of cases were reported among players and staff.

Two of Fulham’s festive fixtures, against Tottenham and Burnley, were also called off after an outbreak among the Cottagers squad. Sheffield United also reported a number of positive cases, though their fixtures against Burnley and Crystal Palace went ahead as planned.

It is perhaps little surprise therefore that the Premier League reported on Tuesday that a season-high 40 positive cases had been recorded in the latest round of testing.

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It comes as the United Kingdom grapples with a surge in Covid-19 cases across the country, fuelled in part by a new, more transmissible variant of the disease.

The rise in cases prompted Prime Minister Boris Johnson to impose a full national lockdown on Monday, though elite sport such as the Premier League has been allowed to continue.

There had been talk of pausing the season for a few weeks to act as a ‘circuit breaker’ and stem the rise of cases. The Premier League denied those reports however, insisting it had faith in the strict hygiene protocols currently in place at training grounds and stadiums.

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