COP27, Nigeria’s energy generation report… 7 top business news to track this week

Here are the seven top business news you need to track this week — November 7 to November 13

UN COP27

The United Nations will hold its climate change conference, more commonly referred to as the conference of the parties of the UNFCCC, or COP27.

This is the 27th United Nations climate change conference.

The event which began on November 6, will continue till November 18, 2022, in Sharm El Sheikh, Egypt.

The aim is that developed countries that have contributed the most to the climate crisis should compensate developing countries for the losses and damages caused by the climate impacts.

AFRICA TECH FESTIVAL

Africa Tech Festival will begin from November 7 to November 11, 2022, in Cape Town, South Africa.

;The festival comprises two anchor host events; ‘Africa com’ and ‘Africa tech’, dedicated to accelerating Africa’s enterprise digital transformation, with premium content dedicated to AI, IoT, blockchain, fintech, cloud, data centres and security.

NBS’ ENERGY GENERATION REPORTS

The National Bureau of Statistics (NBS) is expected release a report on daily energy generated and sent out in the third quarter of the year 2022.

The bureau will also release a report on the national socio-economic survey 2022.

In addition, NBS intends to release a report on internally generated revenue at the state level for half year 2022.

DANA AIR TO RESUME OPERATIONS NOV 9

Dana Air has announced that it will resume flight operations on November 9, 2022.

The airline disclosed this in a statement on Friday.

The development comes four months after the Nigerian Civil Aviation Authority (NCAA) suspended Dana Air for multiple regulatory infractions.

The air transport firm, however, said it would resume flight operations after a successful conclusion of NCAA’s audit.

BANK OF ENGLAND’S INTEREST RATE HIKE, UK RECESSION

The Bank of England (BoE) has raised its interest rates from 2.25 percent to 3 percent – its highest rate hike since 1989.

This is the eighth time in a row that the central bank of the United Kingdom has hiked interest rates.

At a media briefing following the interest rate hike, Andrew Bailey, BoE governor, had said the move was part of efforts by the bank to tame rising inflation.

Meanwhile, BoE said the economy already entered a “challenging” downturn this summer, which will continue next year and into the first half of 2024 – a possible general election year.

“While it will not be the UK’s deepest downturn, it will be the longest since records began in the 1920s,” the Bank said.

OIL PRICE TOPS $98 A BARREL — FIRST TIME IN TWO MONTHS

Oil prices climbed higher on Friday as the dollar eased and supply risks lingered.

Brent crude climbed 4.02 percent to $98.45 a barrel — first time since August 30.

Also, US West Texas Intermediate (WTI) crude rose 4.08 percent to $92.24.

Last week, Brent crude had peaked at $97.15 a barrel, as well as West Texas Intermediate, at $89.70 a barrel.

EMIRATES AIRLINE SUSPENDS FLIGHT OPERATIONS TO NIGERIA OVER TRAPPED FUNDS

Emirates Airlines has suspended flights operation to Nigeria over its inability to repatriate funds trapped in the country.

This is the second time the airline will be suspending flights to the West African country over its $85 million revenue.

After several engagements with stakeholders, the Central Bank of Nigeria (CBN) had promised to release another $120 million to the international carriers to offset part of the trapped funds by the end of October.

However, Emirates, the flag carrier of the United Arab Emirates (UAE), disclosed that despite promises of allocation by CBN, nothing was done.