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EU Draws Up Energy Plan In Case Of Russian Gas Cutoff

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The European Union’s head office on Wednesday proposed that member states cut their gas use by 15% over the coming months as the bloc braced for a possible full Russian cutoff of natural gas supplies that could add a big chill to the upcoming winter.

While the initial cuts would be voluntary, the Commission also asked for the power to impose mandatory reductions across the bloc in the event of an EU-wide emergency caused by what Commission President Ursula von der Leyen saw as a deliberate attempt by President Vladimir Putin to weaponize gas exports.

“Russia is blackmailing us. Russia is using energy as a weapon. And therefore, in any event, whether it’s a partial major cutoff of Russian gas or total cutoff of Russian gas, Europe needs to be ready,” von der Leyen said.

EU member states will discuss the measures at an emergency meeting of energy ministers next Tuesday. For them to be approved, national capitals would have to consider yielding some of their powers over energy policy to Brussels.

“We have to be proactive. We have to prepare for a potential full disruption of Russian gas. And this is a likely scenario. That’s what we’ve seen in the past,” von der Leyen said, adding that Kremlin-controlled Gazprom showed scant interest in market forces and instead played a political game to choke off the EU.

Saving 15% on gas use between August and next March will not come all that easy. The European Commission signaled its proposed target would require EU countries as a whole to triple the rationing achieved to date since the Russian invasion of Ukraine started Feb. 24.

“EU-level savings so far have been equal to 5%,” EU Energy Commissioner Kadri Simson said. “This is clearly not enough.”

Wednesday’s proposal comes at a time when a blog post from the International Monetary Fund has warned about the weaknesses of the 27-nation bloc.

Russian President Warns EU Gas Supplies Could Keep Dwindling

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Russian President Vladimir Putin said Tuesday it is the West’s own fault that the flow of Russian natural gas to European customers has dwindled and warned that it could continue ebbing.

Putin’s statement further cranked up pressure on the European Union, which fears Russia could cut off gas to wreak economic and political havoc in Europe in the winter.

Speaking to Russian reporters in Tehran, where he attended the talks with the leaders of Iran and Turkey, Putin said the amount of gas pumped through the Nord Stream pipeline to Germany will fall further from 60 million to 30 million cubic meters a day, or about one fifth of its capacity, if a turbine isn’t quickly replaced.

He added that Russia could launch the recently completed Nord Stream 2 pipeline that has never entered service, but noted that it would only have half of its designated capacity because the rest has been used for domestic needs.

The Russian leader also warned the West that its plan to cap the prices of Russian oil as part of its sanctions over Ukraine will destabilize the global oil market and make prices soar.

“We are hearing some crazy ideas about restricting the volumes of Russian oil and capping the Russian oil price,” he said. “The result will be the same — a rise in prices. Prices will skyrocket.”

Oil Prices Fall Above $1 Per Barrel In Bid To Limit Inflation

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Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation as fuel demand weakens.

Brent crude prices for September fell $1.06, or 0.9%, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.09, or 1%, to $103.13 per barrel.

The more active September WTI contract was at $99.64 a barrel, down $1.10.

Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears caused by Western sanctions on Russia and expectations of economic weakness; and reduced demand as central bankers indicated they will raise interest rates to combat inflation.

Limited supplies have kept Brent above $105/bbl and prompt Brent inter-month spreads at about $4.40 a barrel.

Interbank Transfer Services: Nigerian Lawmakers Want CBN To Rectify Delays

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The lower chamber of the National Assembly, House of Representatives has urged the Central Bank of Nigeria (CBN), to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria with a view to finding a lasting solution to the problem.

The appeal followed a motion moved by a member from Kano State Muhammed Bello at plenary.

The House of Representatives also appealed to the apex Bank to make regulations with respect to the procedure channelling complaints by aggrieved customers.

According to Bello, the regulations are not being complied with by Banks and other financial institutions as issues regarding failed and delayed transfers are still very pronounced in the Country.

Mohammed while expressing concern over the delays occasioned by sending and receiving entities with respect to E-Funds Services; said customers of financial institutions across the country have inadequate means of filing complaints and getting immediate resolutions over failed transactions that occur on weekends and public holidays.

Ruling on the motion, the Deputy Speaker Ahmed Wase, who presided the pledge, mandated the Committee on Banking and Currency to seek further legislative approach in ensuring compliance of the resolution.

Emefiele threatens to “PND” politicians bank accounts used for illegal dollar electioneering

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CBN Governor Godwin Emefiele has warned politicians looking to withdraw their naira in exchange for dollar speculations for election purposes insisting that it was illegal to do so.

Mr. Emefiele was responding to questions from journalists who pressed him on the likely impact of election spending on the value of the naira when compared to the dollars.

The Governor insisted that the apex bank was monitoring the situation and will continue to use its monetary policy (discretionary powers) tools to mop up excess liquidity in the system when it believes banks might be looking to facilitate election spending or speculate on forex.

Essential Nutrients and Why Your Body Needs Them

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Essential nutrients are compounds that the body can not make at all or can not make sufficient quantity. According to the World Health Organization, these nutrients must come from food, and they’re vital for growth, disease prevention and good health.

While there are many essential nutrients, they can be broken into two categories: macronutrients and micronutrients.

Macronutrients are eaten in large amounts and include the primary building blocks of your diet — protein, carbohydrates, and fat — which provide your body with energy.

Vitamins and minerals are micronutrients, and small doses go a long way. There are six main groups of essential micronutrients and macronutrients.

Protein

Fish and Vegetable Sauce

Protein is having its moment, and not just in the workout community. But all of the hype is for a good reason. Protein is essential for good health.

Protein provides the building blocks of the body, and not just for muscle. Every cell, from bone to skin to hair, contains protein.

A startling 16 percent of the average person’s body weight is from protein. Protein is used primarily for growth, health, and body maintenance.

All of your hormones, antibodies, and other important substances are composed of protein. Protein is not used to fuel the body unless necessary.

Proteins are made up of different amino acids. While the body can create some amino acids on its own, there are many essential amino acids that can only come from food. You need a variety of amino acids for your body to function properly.

The good news is that you don’t need to eat all of the amino acids at once. Your body can create complete proteins from the foods you eat throughout the day.

Healthy sources

While meat, fish, and eggs are good sources of essential amino acids, you can also get protein from plant sources like beans, soy, nuts, and some grains. Exactly how much protein you need daily depends on a variety of factors including how active you are, and your age.

Despite the growing popularity of high-protein diets, there haven’t been enough studies to prove that they’re healthier or can influence weight loss, this is according to the Mayo Clinic.

Carbohydrates

Cereal from Wheat

Don’t let the low-carb craze fool you. Carbohydrates are necessary for a healthy body. Carbs fuel your body, especially your central nervous system and brain, and protect against disease.

Carbohydrates should make up 45 to 65 percent of your total daily calories, according to the Dietary Guidelines for Americans.

Healthy sources

Before you reach for the white bread or pasta, keep in mind that the type of carb you eat matters. Some carbs are healthier than others. Opt for whole grains, beans, and fiber-rich vegetables and fruits instead of refined grains and products with added sugar.

Fats

Avocado

Fats often get a bad reputation, but recent research has shown that healthy fats are an important part of a healthy diet.

According to Harvard Medical School, fat supports many of your body’s functions such as vitamin and mineral absorption, blood clotting, building cells, and muscle movement.

Yes, fat is high in calories, but those calories are an important energy source for your body.

The Dietary Guidelines for Americans recommends that 20 to 35 percent of your daily calories come from fat, but the World Health Organization suggests keeping it under 30 percent of your calories.

Including healthy fats in your diet can help you to balance your blood sugar, decrease your risk of heart disease and type 2 diabetes, and improve your brain function. They’re also powerful anti-inflammatories, and they may lower your risk of arthritis, cancer, and Alzheimer’s disease.

Healthy sources

The most famous unsaturated fats are omega-3 and omega-6 fatty acids. Unsaturated fats are important for your body as they provide essential fatty acids your body can not make. You can find these healthy fats in nuts, seeds, fish, and vegetable oils (like olive, avocado, and flaxseed).

Avoid trans fats and limit your intake of saturated animal-based fats like butter, cheese, red meat, and ice cream.

Vitamins

Fruits and Vegetables

Vitamins are vital for warding off disease and staying healthy. The body needs these micronutrients to support its functions. There are 13 essential vitamins that the body needs to function properly, including vitamins A, C, B6, and D.

Each vitamin plays an important role in the body, and not getting enough of them can cause health problems and disease. Many Americans do not get enough of many essential vitamins. Vitamins are essential for healthy vision, skin, and bones.

Vitamins may lower the risk of lung and prostate cancer, and they’re powerful antioxidants. Vitamins like vitamin C boost the immune system and help the body heal.

Healthy sources

If you eat a varied, well-balanced diet full of vegetables and fruits, and have a normal and healthy functioning digestive tract, you likely don’t need to take vitamin supplements.

Minerals

Much like vitamins, minerals help support the body. They’re essential for many body functions, including building strong bones and teeth, regulating your metabolism, and staying properly hydrated. Some of the most common minerals are calcium, iron, and zinc.

In addition to strengthening bones, calcium helps with nerve signal transmission, maintaining healthy blood pressure, and muscle contraction and relaxation. Iron supports your red blood cells and hormone creation, while zinc boosts your immune system and wound healing.

Water

Fruit Infused Water

You can go for weeks without food, but you can not last more than a few days without water. Water is absolutely crucial for every system in your body. It’s also the main thing you are made of. About 62 percent of your body weight is water.

Water improves your brain function and mood. It acts a shock absorber and a lubricant in the body. It also helps flush out toxins, carry nutrients to cells, hydrate the body, and prevent constipation.

Even mild dehydration can make you feel tired and impair your concentration and physical performance.

Healthy sources

You don’t have to chug water to stay hydrated. Fruits and vegetables can also be a great source. Munch on some spinach or watermelon to stay hydrated.

The best way to know if you’re properly hydrated is the color and volume of your urine. If your urine isn’t frequent and pale yellow or nearly clear, you need more water.

Worthy of note is, eating a varied diet full of fruits, vegetables, healthy proteins and fats, and whole grains is the best way to get enough of these six essential nutrients plus the important category of phytonutrients — the beneficial chemicals in colorful plants that prevent disease. These micronutrients and macronutrients are vital for your body to function normally and stay healthy.

President Buhari Presides Over Cabinet Meeting

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President Muhammadu Buhari is presiding over a virtual meeting of the Federal Executive Council at the Council Chambers of the Presidential Villa Abuja.

Physically present at the meeting are Secretary to the Government of the Federation, Boss Mustapha and Head of the Service of the Federation, Dr Folasade Yemi-Esan.

Also present are some Ministers. They include; Minister of Information and Culture, Lai Mohammed, Finance, Zainab Ahmed Aviation, Hadi Sirika, and Labour, Dr Chris Ngige.

Others are the Ministers of Power, Abubakar Aliyu, Science and Technology, Mamora Olorunnimbe, Niger Delta Affairs, Umana Umana and Water Resources, Suleiman Adamu.

Other cabinet members are participating virtually from their respective offices in Abuja.

The meeting was preceded by the launch of a compendium of ecological projects executed by the current administration from 2015-2022.

Details later……..

Nigeria’s President Unveils Compendium Of Ecological Projects

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President Muhammadu Buhari has declared that a total of 266 ecological projects have been completed across Nigeria in the last seven years (2015-2022), Wednesday in Abuja.

Speaking on Wednesday, at the launch of a compendium of ecological projects undertaken by this administration, the President said 332 ecological projects were approved during the period in review, out of which 266 were accomplished while the remaining 66 are at different stages of completion.

The President, who launched the publication before the commencement of the Federal Executive Council (FEC) meeting, commended the Secretary to the Government of the Federation and the Management Team of the Ecological Project Office (EPO), for the judicious use of available resources for the effective implementation of approved projects, as well as the initiative for the publication.

In order to leverage the benefits accruable to government from the commendable efforts of the EPO, and the effective communication of these efforts through the publication, the President directed Ministries, Departments and Agencies (MDAs) which have not done so to showcase their performance and achievements to the public.

Why the black market is holding the naira ransom

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The naira continued to devalue against the dollar as it traded at N630 per dollar on Tuesday. However, the official market saw it trade at N430 to the dollar because of the persistent scarcity of the currency, resulting in a differential of N200.

Due to shortages of dollars and an increase in the number of Nigerians keeping it as a safe haven asset, the naira depreciated as a result of end-user demand pressure.

Despite the fact that many worldwide currencies have declined in value versus the dollar, the naira, which is the largest economy in Africa and a key reserve currency, has fared the worst.

Although it is true that many worldwide currencies have declined in value against the dollar, the situation is worse for the naira because Africa’s largest economy and top oil producer continues to import petroleum products, distorting its export margins.

Nigeria’s economy, which is a genuine reflection of the naira, is in terrible shape. About 40% of Nigerians, or over 90 million people, live in extreme poverty. Food production is anticipated to decline due to fertilizer shortages caused by the Russian/Ukrainian war; Nigeria has also yet to fully recover from the devastating effects of Covid-19; the rising insecurity that has hampered agricultural activities is having a different impact on Nigeria’s food security; food inflation, according to NBS, stood at around 18%; and finally, food prices are expected to rise in the coming years.

The N17 trillion budget for 2022 is being pulled in more than a N6 trillion deficit, and the majority of that money will go toward debt servicing.

The value of the local currency continues to fall, and the country is still not producing much; the unemployment and underemployment rates were 33% and 22% respectively.

Due to the Central Bank’s ongoing involvement in the FX market to maintain the stability of the local currency, the Nigerian foreign reserve has been on the decline.

Complicating Nigeria’s currency liquidity despite high oil prices is Nigeria’s state oil company (NNPC) Limited which has, for many months, failed to remit its statutory funding to the Federation Account which is jointly operated by the federal, state and local governments, amid falling oil production, rising subsidy payments and high oil output costs.

Consequently, for participants in the economy, the exceptional currency depreciation has the following effects: high cost of production due to our manufacturing sector’s heavy reliance on imported raw materials, and high operational costs across industries.

Market analysts say that the nation must concentrate on becoming a producing economy over the medium to long term in order to sustain interest in the local currency. Under any crisis, the exchange rate will be under pressure if Nigeria cannot export high-quality goods coupled with tackling the oil theft menace that is making the country lose billions of dollars yearly.

UK inflation hits a 40-year high of 9.4% in June

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U.K. inflation rose fr another new 40-year high in June, driven by the increasing food and energy prices which continues to impact the cost of living.

hit yet another new 40-year high in June as food and energy prices continued to soar, as the consumer price index rose from 9.1% in May to 9.4% in June, escalating the country’s historic cost-of-living crisis.

The difference represents a 0.8% monthly incline in consumer prices, more than the previous month’s 0.7% rise though it remains short of the 2.5% monthly increase in April.

In lieu of this, there are speculations that the MPC may increase the interest rate to 50% in its August monetary policy.