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Somalia, Ethiopia to jointly invest in seaports

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Somalia and Ethiopia announced they were jointly investing in four seaports to attract foreign investment to their two countries, the latest move in a tussle for access to ports along one of the world’s most strategic waterways.

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After Somalia’s president Mohamed Abdullahi Farmaajo hosted Ethiopia’s prime minister Abiy Ahmed for a meeting at the presidential palace in Mogadishu, the two leaders issued a joint statement of pledges to cooperate on everything from the development of infrastructure including roads linking the two countries to expanding visa services to promote cultural exchanges. 

The statement did not elaborate on which ports the two countries would develop.

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Nigeria: CBN monetary policy rate remains at 14%.

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.

The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.



He explained that all the eleven members of the committee that attended the meeting agreed to maintain the current monetary policy stance.

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He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.

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Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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China’s Economic downslide threat results to Oil price fall.

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Oil prices fell on Tuesday over signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand.

The gloomy economic news has pulled down financial markets across Asia, including crude oil futures.

International Brent oil futures were at 62.26 dollars per barrel at 0736 GMT, down 48 cents, or 0.8 per cent from their previous close.



US West Texas Intermediate crude futures were at 53.43 dollars per barrel, down 0.7 per cent, or 37 cents.

China’s state planner on Tuesday warned that the downward pressure on the economy will affect China’s job market as falling factory orders point to a further drop in activity in coming months and more job shedding.

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On Monday, China reported its lowest annual economic growth since 1990.

China’s oil imports have so far defied the economic slowdown, hitting a record above 10 million barrels per day in late 2018, but many analysts believe the country to be at peak energy growth, with its thirst set to wane as the slowdown bites.

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In a sign of spreading economic weakness, South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 per cent in 2018, official data showed on Tuesday.

This came after the International Monetary Fund on Monday trimmed its 2019 global growth forecast to 3.5 per cent, down from 3.7 per cent in last October’s outlook.

There is a high correlation between economic growth and oil demand growth.

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