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Oil Falls To $49 On Economic Concerns, Ample Supply

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Oil fell below $50 a barrel on Tuesday as concern about a potential slowdown in economic growth that would sap demand trumped supply outages in Nigeria and other exporting nations.

Trade in one of Britain’s largest property funds was suspended in a sign of financial stress following the country’s vote to leave the EU. A flurry of data from China in coming weeks is expected to show weakness in trade and investment.

Brent crude was down 99 cents at $49.11 a barrel at 1039 GMT. The global benchmark is still up more than 80 percent from a 12-year low close to $27 reached in January. U.S. crude was down $1.15 at $47.84 a barrel.

“Asia has been relatively weak and China is not providing much support,” said Olivier Jakob, oil analyst at Petromatrix, who also said weak refined products were pressuring crude.

“Without the support of the products and with a structure in crude oil that is weakening, it is difficult to think that crude can break away to the upside.”

British bank Barclays said concern over the global economy was weighing.

“The deterioration in the global economic outlook, financial market uncertainty and ripple effects on key areas of oil demand growth are likely to exacerbate already-lacklustre industrial demand growth trends,” the bank said in a report.

Oil has gained support this year from the perception that a supply glut that has halved oil prices in the last two years may be easing, and from unplanned outages from Canada to Nigeria. But signs of ample supply of crude and products persist.

A partial recovery in Nigeria contributed to a rise in OPEC crude production last month, a Reuters survey found last week. Several tankers carrying gasoline-making components have dropped anchor off New York harbour, unable to discharge as onshore tanks are full.

In Libya, where oil output has slowed to a trickle due to conflict, the National Oil Corporation has agreed to merge with its domestic rival, raising hopes the OPEC country could start to pump more.

“Further downward price pressure is expected as signs of an oversupplied global market refuse to go away,” said oil broker PVM, adding that “marco-economic risk” was scaring buyers away.

Another attack in Nigeria had a limited impact on prices.

A militant group that has been carrying out attacks on the country’s oil installations said on Tuesday it blew up a well and two pipelines, having claimed responsibility on Sunday for five other attacks.

 

 

Source: www.businessday.com

MUSIC

Victony Drops Debut Album “Stubborn”

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Stubborn: Victony Drops Debut Album | Fab.ng

Nigerian artist Victony, known for his global hit “Soweto,” has finally dropped his debut album, “Stubborn.” This highly anticipated release marks a turning point in Victony’s musical journey.

Victony collaborates with a star-studded lineup. This includes Afrobeats giant Asake, Shallipopi, American rapper Teezo Touchdown, and Guyanese-American star Saint Jhn. This impressive roster blends musical styles. Also, it showcases the rich tapestry of African music for the world.

Released on June 21st, 2024, “Stubborn” is more than just music.

The album is a testament to Victony’s resilience. Three years ago, he was in a near-fatal accident that tragically took his best friend’s life. Victony required extensive surgery and rehab to walk again. The title “Stubborn” reflects his unwavering determination to return to music stronger than ever.

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MOVIES

Kanayo O. Kanayo Vows To Disrupt Any Film Set That Engages The Service Of Actress Angel Unigwe

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Kanayo to disrupt any film set that engages Angel Unigwe | Fab.ng

Veteran Nollywood actor Kanayo O. Kanayo is raising a red flag about working with young actress Angel Unigwe. In a recent Instagram video, Kanayo expressed his frustration with Unigwe’s mother, who he believes is managing her daughter’s career unprofessionally.

Kanayo admitted hearing rumours about unprofessional behaviour but didn’t take them seriously until he had a personal experience. He had apparently cast Unigwe in a film and reached an agreement with her mother, the details of which weren’t mentioned. However, the agreement wasn’t honoured, prompting Kanayo’s public warning.

Furthermore, Kanayo urged other movie producers to avoid working with Angel Unigwe.

He went as far as saying he would disrupt filming sets if he saw her working on a production. This is a serious move in the Nollywood industry. Also, it highlights the level of Kanayo’s frustration and his desire to protect other producers from similar experiences.

He stated,

“I am making this video to protect the entertainment industry in Nigeria. A particular woman has been holding producers to ransoms and it is unfortunate it has happened to me. Unfortunately, she is Angel Unigwe’s mother. A contract is breached by every producer, orally or written and it’s all respected but I found out that immediately this woman takes money from you, everything changes. She took her daughter at 9 pm when the particular date that we agreed hadn’t expired. She came at 9 pm and took her daughter.

“I have gotten reports from people before it happened to me. This is a Clarion call to producers, I beg you in the name of professionalism, from this moment to the first day of July 2024 any set that employs the services of Angel Unigwe, I will come to that set and make sure filming doesn’t hold. Her mother has been threatening many producers.”

 

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A post shared by Kanayo O Kanayo (@kanayo.o.kanayo)

Get more updates here.

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ENTERTAINMENT

Whitemoney Says He Pays His 150 Employees Five Years In Advance

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Whitemoney pays his 150 employees 5 years in advance | Fab.ng

Reality TV star Whitemoney, whose real name is Hazel Oyeze Onou, recently surprised fans with a revelation about his business practices. In an interview with Echoo Room, Whitemoney claimed to have a whopping 150 employees on his payroll! That’s a significant number of people who rely on him for their income.

But here’s the even more surprising part: Whitemoney says he doesn’t believe in the traditional monthly pay cycle. According to him, he actually pays his staff members their salaries up to five years in advance! This might sound unbelievable, but Whitemoney explained his reasoning behind this unconventional approach.

He says that by pre-paying his employees, he avoids the hassle and stress of managing monthly payroll. Imagine the administrative burden of processing payroll for 150 people every month. Whitemoney seems to believe that pre-paying eliminates that headache entirely.

The host asked, “I’ve heard that you pay staff members a couple of years in advance; five years, three years in advance. Is this true?”

Whitemoney replied, “To be honest, it is. I operate on that system because it helps me take my mind off things. The way I set up my system is because I’m versatile; I do a lot of things, and I can easily get carried away. Currently, I have 150 staff members.”

Of course, some questions naturally arise from this revelation. For instance, how does Whitemoney manage his cash flow if he’s essentially giving out large sums of money upfront? Is there any kind of contract or agreement in place to ensure his employees fulfil their job duties for the entire five-year period after receiving their salaries? These are details Whitemoney hasn’t publicly addressed yet.

One thing’s for sure, Whitemoney’s approach to payroll is certainly unconventional. While it might work for him and his specific business model, it’s not likely a strategy that could be easily replicated by everyone.

Watch the video clip below.

Check out more entertainment news here.

 

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