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Nigeria Signs Oil Deal To Unlock $10Bn Investment

Nigeria has signed an offshore oil deal with Shell, Exxon, Total and Eni, that the state says will generate millions, settle disputes and open the way to a $10 billion investment.

The “Execution of Oil Mining Lease (OML) 118 (Bonga) Agreements” was signed Tuesday by the local subsidiaries of the four oil majors and the Nigerian National Petroleum Corporation (NNPC).

Nigeria, Africa’s largest oil producer and exporter, has been hit hard by a combination of falling crude prices and the global pandemic.

“This marks a watershed in the administration of deepwater operations in Nigeria,” the NNPC said on Twitter.

“Over $10bn of investment will be unlocked as a result of this development.”

The offshore oil block OML 118 situated 120 kilometres (75 miles) off the coast includes Bonga, the largest deep-water project to commence production in Nigeria.

Bonga produced 90,000 barrels per day in February, below its maximum capacity of 225,000 bpd, and the new deal could lead to an expansion of the field’s capacity.

The agreement also brings “immediate income for government in the excess of $780 million”, NNPC Chief Mele Kyari said, and an opportunity to resolve a $9 billion which he did not specify,

Kyari said in a speech that he hoped the agreement would be an “opportunity for investors to see that this country is open for business.”

OPEC-member Nigeria draws only a fraction of oil and gas investments in Africa as it struggles with a reputation for inefficiency, corruption and high operating costs.

World Trade Organisation To Rule On Malaysia-EU Palm Oil Spat

The WTO has agreed to establish an expert panel to resolve a row between Malaysia and the European Union over rules affecting the consumption of palm oil-based biofuels in the bloc.

Malaysia had requested a World Trade Organization arbitration panel back in January, charging that the EU, and in particular member states France and Lithuania, had imposed restrictive measures on the use of palm oil that violate international trade agreements.

Brussels blocked the initial demand for a panel, but the second request was granted Friday during a meeting of the organisation’s Dispute Settlement Board, according to a Geneva-based trade official.

Under WTO regulations, parties in a dispute can block a first request for the creation of an arbitration panel, but if the parties make a second request, it is all but guaranteed to go through.

Malaysia, the world’s second-largest producer of palm oil, initially filed a complaint with the WTO last July, balking at EU efforts to phase out its use as a biofuel.

The EU has embarked on a major plan committing member states to build a carbon-neutral economy by 2050, including by promoting the use of biofuels.

But it has deemed that palm oil production is not sustainable, and palm oil-based biofuels cannot be counted towards EU renewable targets.

By doing so, the bloc and its member states “confer unfair benefits to EU domestic producers of certain biofuel feedstocks, such as rapeseed oil and soy, and the biofuels produced therefrom, at the expense of palm oil and oil palm crop-based biofuels from Malaysia,” according to Kuala Lumpur’s complaint last year.

Palm oil is a key ingredient in a wide range of products from food to cosmetics but it has long been controversial.

Environmentalists say it drives deforestation, with huge swathes of rainforest logged in recent decades to make way for plantations.

Its use in food and cosmetics has already dropped in Europe, partly due to pressure from green groups on major corporations, but has been increasing in biofuels.

OECD Raises World GPD Growth Forecast To 5.8%

The OECD raised its 2021 global GPD growth forecast Monday but warned that “too many headwinds persist” as not enough Covid vaccines are reaching emerging economies.

The world economy will expand by 5.8 percent this year, up from a previous estimate of 5.6 percent, the Paris-based Organisation for Economic Co-operation and Development said in a report.

This follows a massive global recession last year that was caused by lockdowns and travel curbs imposed by governments.

“It is with some relief that we can see the economic outlook brightening, but with some discomfort that it is doing so in a very uneven way,” OECD chief Laurence Boone said in the report.

The recovery is uneven so far, with the United States and China returning to pre-pandemic levels and forecast to have much stronger growth than other major economies such as Japan and Germany.

The 38-nation organisation, whose members account for 60 percent of global gross domestic product, applauded the rapid reaction of governments to prop up the economy.

Boone said it was “very disturbing” that not enough vaccines were reaching emerging and low-income economies.

“This is exposing these economies to a fundamental threat because they have less policy capacity to support activity than advanced economies,” she said.

The warning comes as the emergence of more contagious coronavirus variants has raised concerns around the world, with India battling.

“As long as the vast majority of the global population is not vaccinated, all of us remain vulnerable to the emergence of new variants,” Boone said.

However, it is evident enough that world policy agency such as the OECD is also serving as a strong voice in the push for global drive for vaccination and using it as criteria to a meaningful and sustainable global growth partern.

COVID-19 Sceptics Stage Unite For Freedom Protest In London

COVID-19 sceptics covering a London red bus with anti-lockdown stickers, at the “Unite for Freedom” rally. The demonstrators marched in London against the regulations imposed by the British government to curb coronavirus infections. Protesters condemn what they see as harsh measures. They believe that coronavirus restrictions are limiting their civil liberties, they also expressed  displeasure over coronavirus vaccinations drive.

Similar demonstrations have been taking place across the UK over the past year, with people demanding more freedoms and condemning what they see as harsh measures.

Under the current regulations in England, pubs and restaurants can serve customers outdoors, museums, theaters and cinemas are allowed to operate and people can meet outdoors in groups of up to 30 people.

The government has warned, however, that outbreaks of the Indian variant of COVID-19 could delay the next steps towards the easing of restrictions.

Greece Unveils Health Pass To Hasten EU Travel Revival – Prime Minister

Greece has unveiled its digital health certificate aimed at rebooting the country’s coronavirus-hit tourism sector and part of a wider EU scheme to reopen national borders.

The certificate will be open to all EU citizens from July 1 at the latest, though Greece will try to start the programme sooner than that, Prime Minister Kyriakos Mitsotakis said.

Eagerly awaited by Europe’s tourism-dependent countries, the certificate was agreed and rolled out at a record pace in just two months, said EU Vice-President Margaritis Schinas — himself a Greek politician.

The certificate was “an example that shows how Europe can act when solidarity meets determination”, he said during the announcement in Athens, adding that Greece was among the first countries in Europe to launch the health pass.

Together with European Council President Charles Michel, Schinas was in Athens to mark the 40th anniversary of Greece’s entry into the European community.

Last week, the European Parliament and EU member states endorsed the certificate, with Commission President Ursula von der Leyen saying it would be “a key element on the way to resuming safe and easy travel across the EU”.

The certificate contains a QR code indicating that its holder has been vaccinated, has tested negative for the coronavirus or has immunity after being infected.

The EU agreement will prevent member states imposing additional travel restrictions, such as tests or quarantine, unless they are “necessary and proportionate” to protect public health.

“This is particularly important for Greece as a tourist country, but also important for every EU state because what we want to do is to restore freedom of movement,” Mitsotakis said.

UK To Build New ‘National Flagship’ To Promote Post-Brexit Trade

British Prime Minister Boris Johnson announced Saturday, Britain will build what it is calling a new “national flagship” vessel to host trade events and promote its post-Brexit interests around the world,

The ship will provide a global platform for high level trade negotiations as well as British businesses’ products, his office said, as the United Kingdom seeks new trading ties after leaving the European Union last year.

It will also be expected to play a role in delivering the country’s foreign and security policies, including by hosting summits and other diplomatic talks.

It will be the first so-called national flagship in service since 1997, when the Royal Yacht Britannia was decommissioned.

However, Johnson insisted the new vessel’s role will be “distinct” from those of forerunners, “reflecting the UK’s burgeoning status as a great, independent maritime trading nation”.

“Every aspect of the ship, from its build to the businesses it showcases on board, will represent and promote the best of British — a clear and powerful symbol of our commitment to be an active player on the world stage,” he said in a statement.

The ship’s construction is expected to begin in 2022 and be completed within four years, with its costs confirmed following a competitive tendering process, according to Johnson’s office.

The vessel, yet to be named, will be crewed by the Royal Navy and earmarked for around 30 years’ service.

The government is likely to face calls to name it after Prince Philip, Queen Elizabeth II’s late husband and a former navy commander, who died in April aged 99.

Britain formally left the EU after nearly five decades of membership in January 2020, and quit its single market and customs union at the start of this year.

It has replicated or rolled over existing trade agreements with the bloc, Japan and several other countries, but is yet to strike an entirely new deal with any country.

London is currently in advanced discussions with Australia and has held initial talks with India, New Zealand and the United States about future pacts.

Mary J. Blige Inducted Into NYC’s Apollo Walk Of Fame.

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Multi award winning American singer-songwriter Mary J. Blige, has again been recognized and awarded, this time, with an induction into NYC’s Apollo walk of fame.

The singer’s nearly 3 decades illustrious career has earned her nine Grammy Awards, two Oscar nominations, several BET awards, AMA’s, NAACP’s to mention a few.

Born in the Bronx and raised in Yonkers, New York, the latest honor has further contributed to cementing her status as a global Icon who has made her city proud and whose city is delighted to be associated with her.

Addressing a crowd of about a hundred, the singer said “None of this is possible without the fans, so thank you to all the fans,”

Blige is now part of an iconic line of inductees who have left their mark on the Apollo theater stage including Aretha Franklin, Patti Labelle and Little Richard.

D’Tigers Drawn Against Kenya, Mali, Ivory Coast In Afrobasket Group

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Nigeria men’s basketball team, D’Tigers will battle Kenya, Mali and Cote d’Ivoire in group C of the 2021 FIBA Afrobasket to be hosted by Rwanda.

At a brief ceremony held on Friday, Nigeria, the 2015 Afrobasket champions landed in group C for the tournament that is billed to be held between 24th, August and 5th, September.

D’Tigers will face Cote d’Ivoire (ranked 50), 77th ranked Mali and Coach Liz Mills inspired Kenya, who pulled off an upset against Angola with a buzzer beater to qualify after 28 years wait

The 2021 Tokyo Olympics bound team will hope to go a step further than their 2017 achievement where they won the silver medal.

The team who lost to hosts Tunisia had since evolved to become number one in Africa and number 22 in the world.

D’Tigers in 2019 became the first country in the world to qualify for the FIBA World Cup.

Despite narrowly missing out of the quarter finals, the team were able to punch their Olympics ticket as the highest-ranked team out of Africa at the tournament.

French Open 2021: Naomi Osaka Faces Default From Grand Slam For Refusing To Speak To Media

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World number two Naomi Osaka faces expulsion from the French Open and future Grand Slams if she continues to refuse to speak to the media, organisers said.

Japan’s Osaka said last week she will not give any news conferences during Roland Garros because she wants to protect her mental health.

She was fined $15,000 (£10,570) for not doing media after Sunday’s first-round win over Romania’s Patricia Maria Tig.

The second seed won 6-4 7-6 (7-4).

A joint statement from the four Grand Slam organisers said Osaka also faces “more substantial fines and future Grand Slam suspensions”.

Later on Sunday, Osaka tweeted “change makes people uncomfortable”.

The Grand Slams added that following Osaka’s announcement on Wednesday, Roland Garros teams asked the 23-year-old to reconsider her position and were unsuccessful in their attempts to check on her wellbeing.

After a “lack of engagement” from Osaka, the Grand Slam organisers wrote to her to offer support, as well as to “remind her of her obligations”.

“A core element of the Grand Slam regulations is the responsibility of the players to engage with the media, whatever the result of their match, a responsibility which players take for the benefit of the sport, the fans and for themselves,” the statement said.

“We have advised Naomi Osaka that should she continue to ignore her media obligations during the tournament, she would be exposing herself to possible further Code of Conduct infringement consequences.

“As might be expected, repeat violations attract tougher sanctions, including default from the tournament and the trigger of a major offence investigation that could lead to more substantial fines and future Grand Slam suspensions.”

It added that the rules exist “to ensure all players are treated exactly the same”.

How did it get to this point?

On Wednesday, Osaka released a statement saying she would not face the media during the course of the French Open, citing the impact of news conferences on the mental health of players.

She said expecting players to answer questions after a defeat amounted to “kicking a person while they’re down”.

“I’ve often felt that people have no regard for athletes’ mental health and this rings true whenever I see a press conference or partake in one,” she said in the statement, which she posted on social media.

“We’re often sat there and asked questions that we’ve been asked multiple times before or asked questions that bring doubt into our minds and I’m just not going to subject myself to people that doubt me.”

Grand Slam rules state players can be fined up to $20,000 (£14,160) for failing to meet their media obligations, with the Women’s Tennis Association (WTA) saying the players “have a responsibility to their sport and their fans” to speak to the media during competitions.

Many athletes, both in and out of tennis, applauded Osaka’s stance, though many accepted that speaking to the media is “part of the job”.

Following her win over Tig, Osaka did take part in the usual on-court interview with the victor.

“My movement on clay is a work in progress. If I keep playing more matches, hopefully it will get better,” she said.

‘An explosive statement’ as Grand Slams ‘stick together’ – analysis

It is an explosive statement from the four Grand Slams and some rare unity from the world of tennis.

Whatever you think about the rights and wrongs of this, Osaka has got into a mess at the start of the second Grand Slam of the year.

Osaka seems to have got this wrong. I thought her initial statement was poorly judged and worded, even though she raises some points that should be debated properly.

Her post effectively tarnished the WTA for the way they liaise with players and the media for not being able to conduct a sensitive interview.

Naomi Broady, British player

It is a strong stance and because it is coming from the Grand Slam board, they are sticking together and saying the same stance will be taken across the board at Wimbledon, US Open and Australian Open.

The fine is them following the rules – you could say they are being generous with the fine because the maximum fine is $20,000.

Largely the prize money given to us is from the media rights that the tournament sells and if you’re not participating with the media then maybe you can’t participate in the tournament.

Laura Robson, former British number one

I think I’ve been close to crying in a press conference and I think many many players have been. But I have always seen the interviews as part of the job. It’s something you’ve got to deal with on the day.

I’ve always found the tour to be accommodating with the 30-minute rule, where you’re supposed to be in a press conference within 30 minutes of the match. If you say you need to compose yourself they try their best to figure it out and work together with everyone.

I totally understand everyone’s experiences have been different and I’m sure Osaka has so many media responsibilities. I’d be interested to see if that will be whittled down going forward and the process improved.

Naomi Cavaday, former British player

Even if you agree with what Osaka is trying to get across and you think it can be a little unfair at times, the way she has gone about it is extraordinary. No dialogue with the WTA, no dialogue with Roland Garros or with the other Grand Slams at all.

The first they heard of any difficulties or strains was the statement to say she is protesting about it. It is a combative way of going about business from arguably one of the most powerful tennis players.

Quartararo Wins Italian MotoGP

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Fabio Quartararo dominated the Italian MotoGP on Sunday at a Mugello circuit shaken by the death hours earlier of Motor rider Jason Dupasquier.

Yamaha’s French world championship leader held up a Swiss flag on the podium in honour of his 19-year-old “friend” whose promising young career was cut short in brutal fashion.

The Swiss teenager’s death was announced around midday by MotoGP organisers after he succumbed to injuries sustained in a multi-bike crash in qualifying on Saturday.

Quartararo crossed the line with over two and a half seconds of daylight back to Portugal’s Miguel Oliveira in second, with reigning world champion Joan Mir completing the sombre podium after losing a place because of penalties incurred.

The sixth leg of the season was preceded by a minute’s silence for Dupasquier – the sport’s first fatality since Luis Salom died in practice at the Catalonia Moto2 Grand Prix in Barcelona in 2016.

As the MotoGP roadshow perservered despite the tragic circumstances, it was Quartararo, who had set a new lap record when securing pole on Saturday, who emerged with his third win of the season to tighten his grip on the riders’ standings.