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European Union To Blacklist Belarus Airline Ahead Of Economic Sanctions – Diplomats

The European Union (EU) is preparing sanctions on Belarus’ national airline and around a dozen top Belarusian aviation officials, three diplomats said, a stop-gap measure before economic sanctions following the forced landing of a passenger plane.

The proposed asset freezes and travel bans are part of a package of new sanctions on Belarus from EU states, which are outraged that a Ryanair flight was pressed to land in Minsk on May 23 to arrest a dissident journalist and his girlfriend.

EU governments, which described the incident as state piracy, say they are looking at targeting sectors that play a central role in the Belarus economy, to inflict real punishment on President Alexander Lukashenko. They could include bond sales, the oil sector and potash, a big Belarusian export.

Before imposing such economic sanctions, the bloc is expected to agree by June 21 – when EU foreign ministers meet – a smaller sanctions list on individuals and two entities as a quick, intermediary response, the diplomats said.

“All EU states agree with this approach,” one diplomat said. A second diplomat said there would be “a clear signal for Lukashenko that his actions were dangerous and unacceptable”.

While the sanctions are still under discussion, EU ambassadors as early as Friday could pre-approve banning overflights and landing in EU territory by Belarus airlines, allowing EU ministers to formally sign off on them later in the month.

Britain, no longer part of the EU, has suspended the air permit for Belarus’ national carrier, Belavia. The EU is expected to do the same, the diplomats said.

OPEC Group, Allies Agree To Continue Planned Crude Output Increases

The OPEC group of oil-producing countries and its allies agreed on Tuesday (Jun 1) to maintain planned production increases, as pandemic-hit demand for crude recovers.

The 23-nation OPEC+ alliance implemented sharp output cuts to support prices after the coronavirus pandemic crushed the global economy last year.

But since early May the cartel has started implementing more generous production increases as oil prices have recovered and the health situation improves in developed economies.

At the end of a short meeting on Tuesday which lasted barely half an hour, the group agreed to continue rises up until July adding up to 1.2 million barrels per day (bpd), to which will be added a further million bpd which had been voluntarily withdrawn by Saudi Arabia.

However, the alliance took no decision on what policy to follow from August onwards, and did not discuss the possibility of Iranian oil returning to the market in the coming months.

Among OPEC’s allies, Russia has in recent times pushed for faster rises in output with traditional OPEC kingpin Saudi Arabia supporting a much more cautious approach.

For his part Russian Deputy Prime Minister Alexander Novak said: “We see that demand has increased, that prices have stabilised,” and spoke of a “normalisation” of the global economy.

OPEC has remained optimistic in its predictions for 2021, expecting demand to reach 96.5 million bpd, an increase of six million on 2020 levels.

World oil prices continued their recent upward trend on news of the OPEC+ decision, with the European Brent and US WTI benchmark contracts rising by around two percent at 1600 GMT on Tuesday, with WTI reaching levels unseen since October 2018.

Trans-Pacific Trade Deal Members Agree For U.K To Start Joining Process

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Member nations on Wednesday officially agreed to allow the United Kingdom to start the process of joining the pact, Japan’s economy minister said.

Japanese Economy Minister Yasutoshi Nishimura told reporters he welcomed the start of Britain’s joining process after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact.

“I think there’s a big meaning to this from a strategic viewpoint of strengthening economic relations between Japan and the United Kingdom,” Nishimura said.

The United Kingdom’s admission into CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the European Union, he added.

“The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world,” the 11 member countries said in a statement.

Britain made a formal request to join the trade deal in February as it sought to open new avenues for post-Brexit trade and influence.

The CPTPP removes 95 per cent of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. Unlike the EU, it does not aim to create a single market or a customs union, and it does not seek wider political integration.

The United Kingdom and Japan signed off on a trade agreement in October last year, marking its first major post-Brexit deal on trade.

Source: Reuters

Israel Finds Probable Link Between Pfizer Vaccines and Myocarditis Cases.

The ministry of health in Israel has said that it has found that cases of Myocarditis observed mainly in young men who received Pfizer’s COVID-19 vaccine in Israel, were likely linked to their vaccination.

Pfizer pharmaceuticals has said it is yet to observed a higher rate of the condition, but Israel has reported 275 cases of the heart disease and still counting between December 2020 and May 2021.

The team commissioned to examine the matter reported that “there is a probable link between receiving the second dose (of Pfizer) vaccine and the appearance of myocarditis among men aged 16 to 30.”

Most patients who experienced heart inflammation spent no more than four days in the hospital and the cases where more prominent between males from ages 16-19.

Israel had held off making its 12- to 15-year-old population eligible for the vaccines, pending the Health Ministry report.

A U.S. Centers for Disease Control and Prevention advisory group last month recommended further study of the possibility of a link between myocarditis and mRNA vaccines, which include those from Pfizer and Moderna Inc.

Serena Williams On Naomi Osaka’s Controversial French Open Exit: ‘I Know What It’s Like’

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The biggest controversy of the 2021 French Open came to an end on Monday with Naomi Osaka’s withdrawal, but the debate around the four-time Grand Slam champ figures to continue for some time.

Osaka announced her withdrawal from the tournament via a Twitter statement after she was fined and threatened with a default for refusing to speak with the media, a choice she ascribed to concerns about her mental health. The situation has sparked a loud conversation about the mental health of athletes and the role of media in professional sports.

Serena Williams, the player Osaka grew up idolizing, just wants Osaka to be OK, though.

Speaking with reporters after her 7-6 (6), 6-2 win over Irina-Camelia Begu in the first round, Williams said the situation reminds her of past controversies she’s faced:

“The only thing I feel is that I feel for Naomi. I feel like I wish I could give her a hug because I know what it’s like. Like I said, I’ve been in those positions.

“We have different personalities, and people are different. Not everyone is the same. I’m thick. Other people are thick. Everyone is different and everyone handles things differently.

“You just have to let her handle it the way she wants to, in the best way she thinks she can, and that’s the only thing I can say. I think she’s doing the best she can.”

Williams’ support is well in line with the world of professional athletes, with many expressing their support for Osaka on social media after her withdrawal.

The 39-year-old Williams is obviously no stranger to controversy. In addition to a number of confrontations with chair umpires at the US Open, Williams and her sister Venus boycotted the Indian Wells tournament for more than a decade following an incident involving accusations of match-fixing and racial slurs from the crowd.

MELBOURNE, AUSTRALIA - FEBRUARY 18: Serena Williams of the United States (R) embraces Naomi Osaka of Japan following her defeat in their Women’s Singles Semifinals match during day 11 of the 2021 Australian Open at Melbourne Park on February 18, 2021 in Melbourne, Australia. (Photo by Quinn Rooney/Getty Images)
Serena Williams sees a lot of herself in Naomi Osaka. (Photo by Quinn Rooney/Getty Images)

It’s unclear where Osaka and the world of tennis goes from here. Osaka clearly has a problem with how major tennis tournaments are currently run, and said in her statement she is taking some time away from tennis for her mental health. Tournament organizers have appeared to do little to accommodate the four-time Grand Slam champion.

Williams suggested Osaka become more proactive in seeking out help:

“I feel like there are a lot of articles and stuff that they put out. I think you really have to step forward and make an effort, just as in anything. You have to be able to make an effort and say, I need help with A, B, C and D and talk to someone. I think that’s so important to have a sounding board, whether it’s someone at the WTA or whether it’s someone in your life. Maybe it’s someone that you just talk to on a weekly basis.

“I’ve been in that position too. I’ve definitely had opportunities to talk to people, kind of get things off my chest that I can’t necessarily talk to anyone in my family or anyone that I know.

“For me it’s important to have awareness and make that step.”

We’ll see what Osaka and the organizers end up doing, if anything, but with Wimbledon only four weeks away, there isn’t much time for significant changes to be made.

Mass Withdrawals Threaten Nigeria, Cameroon Friendly

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No fewer than 11 Super Eagles players have pulled out of Friday’s international friendly against Cameroon in Austria, .

Coach Gernot Rohr initially selected a 31-man squad, before reducing the list of players to 23 last week.

However, that number has been dwindling over the last few days, leaving Rohr scrambling to find replacements in time for the game.

Kenneth Omeruo, Sadiq Umar, Frank Onyeka, Victor Osimhen, Semi Ajayi, Kevin Akpoguma, Zaidu Sanusi, Moses Simon, Simy Nwankwo, Ola Aina and Tyrone Ebuehi have all pulled out of the game, according to Rohr.

While the official reason for the other withdrawals have been medical, player sources told newsmen that outstanding debts owed by the Nigeria Football Federation have played a big part on their unwillingness to risk further injury.

“The players are not happy,” the source, who is one of the players who withdrew from the game, said

“They have not paid bonuses and allowances, nothing at all for the entire 2021 Africa Cup of Nations qualifiers.

“We have sacrificed by playing throughout the qualifiers without being paid. I think now, with all the injuries, it is hard for many of us to make the sacrifice to come and play a meaningless friendly when the outstanding bonuses have not been paid.

“It is better for us to stay away, recover properly, rest and get ready for the new season and the World Cup qualifiers.”

For Rohr, this presents a major logistical challenge, as he scrambles to make up a squad of 18 players less than a week before the match, though has attested that all the medical withdrawals are legitimate.

“We had nine defenders in the list, six now are out.
“They said they had some injuries and the doctors from the clubs said they need to rest because they have some pains. So, we got some medical attestations from the teams.

“Ola Aina told me yesterday (Sunday) that his ankle is painful and he cannot make it and the club physio said he cannot play. Then we have (Kevin) Akpoguma, we knew already he is injured and cannot play.

“Victor Osimhen is injured. He sent us an attestation. The meniscus in his knee is painful.

“(Zaidu) Sanusi is injured. He was in Paris to see a doctor, for surgery perhaps, but not for the moment. (Tyronne) Ebuehi sent us a message with a medical attestation that he cannot make it. And Semi Ajayi also says he has problems with his back and the physio says he needs two weeks of rest.

“Simy Nwankwo also, they sent us attestation from his club that he cannot make it because he is injured.”

To make up for the absentee players, Rohr called up some fresh ones as replacements: Valentine Ozornwafor from Galatasaray, Samson Tijani from RB Salzburg and Frank Onyeka from Midtylland, among others.

But even that failed to resolve the situation as players that he called up to replace the injured players, also ended up pulling out.

“I invited Tijani from Salzburg, who has told me that he is injured in training yesterday (Sunday) due to hamstring. And Frank Onyeka from Midjtylland, I called him but he cannot come either,” Rohr added.

NANS Fixes Protest For June 12

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National Association of Nigerian Students (NANS) has declared June 12, 2021, as the National Day of Peaceful Protest over incessant insecurity in the country.

NANS President, Sunday Asefon made this known to journalists in Ado-Ekiti, the Ekiti State capital, on Tuesday.

He lamented the worsening insecurity in the country and the ripple effects on students who fell victim to kidnapping and banditry.

According to him, the country has nothing to celebrate to mark June 12 Democracy Day when students were being killed and kidnapped by bandits.

Asefon said it saddens that insecurity has reached a frightening peak, where students can no longer go to school with the guarantee that they would return home safely.

Asefon, who bemoaned the kidnap of over 200 students of Islamiyya School in Rafi Council area of Niger State, said NANS had relocated its national headquarters to the North Central State pending when the students would be released, adding, “Nigerians have to come together to see what can be done on the issue of insecurity”.

He said, “I hereby declare 11th June as the national students’ day of prayers. Prayers shall be offered for the repose of our students who have died in the hands of kidnappers. Prayers shall be held for the safe return of our students who are still with their kidnappers.

“I hereby declare June 12, 2021, as the National Day of Peaceful Protest to call on the government to act decisively towards addressing insecurity in our schools, campuses and also announce a proactive measure or strategy towards ensuring safer schools.”

Asefon, while responding to a question on the choice of Democracy Day (June 12) for students’ protest, queried, “What are we celebrating as democracy when many of our students are in kidnappers’ den?

“What are we celebrating when people are not at peace, when insecurity is threatening our existence when killings and banditry are the order of the day? Democracy is about people, but what are we celebrating as democracy day when the people are being killed?”

Toll Likely To Return On Federal Highways

Tolling will soon return to the highways after their concessioning, the Federal Government said on Tuesday.

It noted that 75 companies have submitted concession bids for 12 highways under the first phase of the Highway Development Management Initiative (HDMI).

Head of the Public-Private Partnership (PPP) in the Federal Ministry of Works and Housing, Mrs Abimbola Asein, said the roads are Benin-Asaba, Abuja-Lokoja, Onitsha-Aba-Owerri, Shagamu-Benin, Abuja-Keffi-Akwanga, Kano-Maiduguri, Kano-Katsina, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Abeokuta and Lagos-Badagry.

Asein, in a statement by Director of Press and Public Relations Boade Akinola, said the HDMI was designed to attract investment and funding.

The ministry, she said, was working with the Infrastructure Concession Regulatory Commission (ICRC), Federal Ministry of Finance, Budget and National Planning and other stakeholders on the initiative.

The statement adds: “The buy-in of the Federal Executive Council (FEC) and the National Assembly had been obtained.

“The nation is looking forward to a robust procurement process that will attract capable concessionaires that will develop and manage these routes.”

Permanent Secretary, Federal Ministry of Works and Housing, Babangida Hussaini, was quoted as saying that the request for qualification bid opening ceremony signalled the commencement of the value-added concession evaluation exercise.

He said: “The ministry shall ensure that the procurement process is in line with the ICRC Act and approved public-private partnership guidelines.”

Hussaini said those who meet the basic prequalification criteria would be shortlisted and subsequently invited for the request for proposal (RFP) stage.

Also yesterday, the House of Representatives gave the contractors handling the Lagos-Ibadan Expressway rehabilitation/reconstruction project a May 2022 deadline to complete the road and bridges.

The House Committee on Works, led by its Chairman, Alhaji Abubakar Kabir, gave the time limit during oversight of roads in the Southwest.

The lawmakers decried the delay in the completion of the project, which began in 2013.

He promised to resolve the funding issues slowing down the project.

The committee’s chairman said the Lagos-Ibadan Expressway was one of the projects funded through the Nigeria Sovereign Investment Authority (NSIA) and assured of increased funding.

Kabir said the contractors had achieved significant progress to be able to meet the completion deadline.

“We are going to discuss how we can assist the contractors and the Federal Ministry of Works to resolve the issues of compensations and relocation of services so that the contractors will finish the project before May 2022,” he said.

Naira Falls At Parallel Market, As Expert Predicts Bitcoin Could Drop To $26k

uesday, 1st June 2021: The exchange rate between the naira and the US dollar closed at N412/$1 at the Investors and Exporters window, where forex is officially traded.

The naira maintained stability at the NAFEX window, for the third day in a stretch to close at N412 to a dollar, the same as recorded last week Friday and Monday, 31st May 2021.

On the other hand, naira fell at the parallel market to close at N498/$1, edging close to N500/$1. Specifically, the naira depreciated from N495/$1 recorded on Monday, 31st May 2021 to close at N498/$1 on Tuesday.

Meanwhile, a J.P Morgan strategist and Bitcoin expert has predicted that Bitcoin’s price could fall to as low as $26,000 before longer-term momentum would signal capitulation. He said this on the back of the recent bearish performance of the flagship cryptocurrency asset.

Trading at the official NAFEX window
Naira remained stable against the US dollar at the Investors and Exporters window on Tuesday, 1st June 2021 to close at N412/$1.

  • The opening indicative rate, however, depreciated by 19 kobo to close at N411.11/$1 on Tuesday, as against N410.92/$1 recorded on Monday, 31st May 2021.
  • An exchange rate of N420.33 to a dollar was the highest rate recorded during intra-day trading before it settled at N412/$1, while it also sold for as low as 400/$1 during intra-day trading.
  • Forex turnover at the Investors and Exporters (I&E) window decreased further by 22.7% on Tuesday, 1st June 2021.
  • Data tracked by Nairametrics from FMDQ revealed that forex turnover reduced from $125.44 million recorded on Monday, 31st May, 2021 to $96.91 million on Tuesday, 1st June, 2021.

Cryptocurrency watch

The cryptocurrency market continued in its bearish trend, as the market lost about $10.41 billion in the early hours of Wednesday, 2nd June, 2021.

  • The crypto market capitalisation declined by 0.78% to stand at $1.598 trillion as of 4:03am on Wednesday.
  • While the world’s most popular cryptocurrency, Bitcoin, dipped further by 0.9% to trade at $36,372.54, Ethereum also traded bearish on Wednesday morning, with a decline of 0.76% to trade at $2,614.28.
  • The month of May was that of significant losses for the crypto market, with the flagship cryptocurrency losing in excess of 36% in the month, representing its worst monthly performance since September 2011.
  • Meanwhile, a JP Morgan strategist has warned that the downturn experienced by bitcoin is not yet over, and is likely to continue, as cited by Yahoo Finance.
  • Nikolaos Panigirtzoglou, a J.P Morgan strategist and bitcoin expert said:

“We had argued previously that the failure of bitcoin to break above the $60k threshold would see momentum signals turn mechanically more bearish and induce further position unwinds, and that this has likely been a significant factor in the correction last week in pushing CTAs [commodity trading advisor] and other momentum-based investors to cut positions.”

“The longer-term signal remains problematic, as it has yet to turn short. It would still take price declines to the $26k level before longer-term momentum would signal capitulation,” he added.

Crude oil price

The global crude oil market has continued to capitalise on recent positive performances as prices recorded growth on Tuesday, 1st June 2021, maintaining their performance from the previous day, as Brent Crude price edged past the $70 mark.

  • In the early hours of Wednesday, 2nd June 2021, Brent Crude oil grew by 0.26% to trade at $70.43 as at 4:45am.
  • The growth came on the back of the optimism expressed by the Joint Technical Committee of the OPEC+ concerning global oil demand.
  • OPEC+ officials met for a virtual meeting on Tuesday and reaffirmed their current plans to gradually increase production in July.
  • Bonny Light grew 1.45% to trade at $69.37, while natural gas was trading at $3.083, representing a 0.68% decrease.

External reserve

Nigeria’s external reserve dropped by $13.26 million on Monday, 31st May 2021 to stand at $34.23 billion, representing a 0.04% decline when compared to $34.24 billion recorded as of Friday, 28th May 2021.

  • Nigeria’s foreign reserve has lost about $1.14 billion year-to-date, having recorded consecutive declines since 19th April 2021.
  • The country’s foreign reserve has continued to witness rapid decline despite the bullish trend recorded in the global oil market.
  • This suggests that export earnings from crude oil sales are not increasing in tandem with the growth in crude oil prices. This is attributable to the decline in the demand from India, one of the highest importers of Nigerian crude.

Cameroon’s Indomitable Lions Lay Siege For Super Eagles In Austria

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Neighbours and Nigeria’s football rivals, the Indomitable Lions of Cameroon have already assembled in Vienna, Austria ahead of the two friendly matches with Nigeria this Friday and next week.

Coach, Antonio Conceicao and his staff have shortlisted 28 players

They are staying at Hi;ton Danube Waterfront Hotel. According to Cameroon Tribune, the coach is using the two matches to rebuild the offensive of the squad ahead of the World Cup qualifiers in September.

In their last three matches, the Indomitable Lions scored just a goal which came in their 3-1 loss to Cape Verde which incidentally are one of Nigeria’s World Cup opponents.

Eric Maxim Choupo-Motting is expected to lead the attack for Cameroon. He could be supported by players like Karl Toko Ekambi, Christian Bassogog and Stephen Bahoken.

Among the new invitees to the squad are the duo of James Lea Siliki, a former France U-19 player and Yvan Neyou, the promising midfielder of Saint-Etienne Greens.