Business

Five things to know to start your Friday


Biden tests positive for Covid-19

Karine Jean-Pierre, the White House Press Secretary said in a statement that the US President Joe Biden has tested positive for Covid-19.

This comes despite the 79-year-old president being fully vaccinated against the virus, having received two Covid booster shots. Jean-Pierre said that the President was experiencing “very mild symptoms.” The president had previously tested negative on Tuesday.

She said that Biden had started taking Paxlovid, an antiviral pill that can reduce the risk of hospitalisation for people who test positive for Covid-19.

The president’s symptoms include a dry cough, a runny nose, and fatigue, White House physician Kevin O’Connor said in a memorandum. Those symptoms began Wednesday evening, O’Connor said.

Meanwhile, Jill Biden, the US first lady, told reporters in Detroit, Michigan, on Thursday morning that her husband is “feeling good.”

The Press Secretary said that Biden will work in isolation until he tests negative for the virus.

EFCC to arraign Ex-Accountant General Idris on July 22

The Economic and Financial Crimes Commission (EFCC) will today arraign Ahmed Idris, a former Accountant General of the Federation, and three others on charges of stealing N109.4 billion.

The others to be arraigned alongside the AGF are Godfrey Olusegun Akindele, Mohammed Kudu Usman, and Gezawa Commodity Market and Exchange Limited before Justice Adeyemi Ajayi of the Federal Capital Territory High Court, Abuja.

Wilson Uwujaren, the spokesperson for the EFCC, said in a statement on Thursday that the four will be arraigned on 14 counts, two months after Idris was arrested by the EFCC.

Read also:Accountant-General’s N80bn saga shows IPPIS is fraud – Emmanuel Osodeke

Peter Obi asks court to dismiss PDP’s case

Peter Obi, the Presidential candidate of the Labour Party, has asked a Federal High Court in Abuja to dismiss a suit seeking his disqualification on the grounds of nominating Doyin Okupe, his erstwhile campaign manager, as his placeholder.

The Peoples Democratic Party (PDP) had earlier asked the court to stop Obi from replacing Okupe as his running mate.

According to the PDP, it was wrong for Obi to have used Okupe as a placeholder. A similar suit was filed against Bola Ahmed Tinubu, the presidential candidate of the All Progressive Congress who used Masari as his placeholder.

For want of requisite jurisdiction, Alex Ejesieme (SAN), Obi’s counsel who was responding to the originating motion, is seeking an order of the court striking out or dismissing PDP’s suit.

The objection by Obi to the PDP’s prayers is based on the fact that the PDP’s suit is speculative, conjectural in nature, and devoid of hard facts.

18 people killed in police raid on Rio Favela, Brazil

The gang violence that has characterised much of Brazil’s urban areas continued unabated Thursday morning as 18 people were reportedly killed following a raid by the local police force against a criminal gang that controls one of Rio de Janeiro’s most violent favelas.

According to the BBC, four hundred heavily-armed military police were deployed to the Alemão favela in the early hours of Thursday.

Sixteen of the dead were suspected criminals, while a police officer and a bystander were the other two victims, officials said.

The operation lasted all day and left thousands trapped in their homes.

According to the police, the raid was to locate and arrest criminals who were planning operations in rival slums.

Some of the targets were wearing uniforms similar to military police, which made them harder to spot, local media outlet O Dia reported.

The 400 officers were backed up by 10 bullet-proof vehicles and four helicopters.

Locals were seen carrying injured people into vehicles as police watched.

Brent gains despite continued uncertainty in oil market

Brent crude futures picked up some steam on Friday morning as it rose above $105 per barrel after falling for two straight sessions.

The gains came despite the troublesome week in the oil market as traders navigated around the challenges brought about by persistent supply-side issues. These issues also weaken US gasoline demand and raise the possibility of a global economic slowdown.

According to Trading Economics, President Joe Biden failed to secure a pledge from Arab leaders this week to pump more oil despite remarks from a top US energy envoy indicating confidence that major producers have spare capacity and are likely to boost supplies.

In a phone call on Thursday, Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reportedly discussed continued cooperation within OPEC+.



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