Business
Shutdown crisis left ‘no winners’ – President Obama
WASHINGTON – President Barack Obama has moved to reassure the world the United States economy is back on track, now that the government has reopened and the debt ceiling has been raised.
Mr Obama yesterday authorised a last-minute bill to fund the government through to January 15 and extend its borrowing authority through to February 7.
Workers have now returned to their offices and tourists are again allowed to visit landmarks, national parks and museums.
Speaking after signing the legislation, Mr Obama said there was no winners in the budget row and the standoff had inflicted unnecessary damage on the economy.
“We hear some members who pushed for the shutdown say they were doing it to save the American economy,” Mr Obama said.
“But nothing has done more to undermine our economy these past three years than the kind of tactics that create these manufactured crises.
“Let’s be clear.
“There are no winners here.
“We know that families have gone without paycheques or services they depend on, small business loans have been put on hold.
If you don’t like a particular policy or a particular president, then argue for your position. Go out there and win an election.
President Barack Obama
“We know that consumers have cut back on spending, and that half of all CEOs say the shutdown and the threat of shutdown set back their plans to hire over the next six months.”
Mr Obama also urged Congress, specifically Republicans in the House of Representatives, to pass stalled bills on agriculture and on reforming America’s immigration system.
“There’s no good reason why we can’t govern responsibly, despite our differences, without lurching from manufactured crisis to manufactured crisis,” he said.
“If you don’t like a particular policy or a particular president, then argue for your position.
“Go out there and win an election.
“Don’t break what our predecessors spent over two centuries building.”
Thousands of federal workers troop back to work
The morning after the last-minute deal, Washington DC surged back into life.
Federal employees poured out of the city’s Metro and passed through security gates at government offices.
Vice-president Joe Biden brought muffins to federal workers entering the Environmental Protection Agency (RPA), where about 94 per cent of staff had been furloughed.
“These guys not only took a hit and… (had) the anxiety of knowing whether they’d get back or paid,” he said.
“But now they’re back, and they’ve got all that work piled up so they’ve got a lot to do, so I’m not going to hold them up very long.”
Jeff Harris, who was furloughed from his job at the EPA, joked he had been in training for early retirement.
“It was very unproductive,” he said.
“I kept thinking I have tomorrow, why do it today, and tomorrow never really came.”
At the agriculture department, secretary Tom Vilsack offered coffee and encouragement to returning employees, directing them to free doughnuts available inside the agency’s massive building.
Chuck Hagel praises returning workers
Most of the Pentagon’s civilian employees returned to work, and heard from defence secretary Chuck Hagel in a statement.
“To those returning from furlough: know that the work you perform is incredibly valued by your military team-mates and by me,” he wrote.
“I appreciate your professionalism and your patience during this difficult period of time.”
Treasury secretary Jack Lew offered workers a similar message: “I know how difficult this was for staff who worked tirelessly during the shutdown… (and) for everyone who wanted to be here to continue performing their duties with exceptional skill and dedication.”
White House chief of staff Denis McDonough meanwhile met executive branch employees at the gates of the White House, and handed out high-fives.
Tourists returned to the city’s World War II Memorial, which itself became a mini-battleground during the shutdown when veterans broke down barriers closing it off to the public.
Most of the Smithsonian Institution’s museums and other facilities have also reopened, including the National Zoo and its popular online Panda Cam.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre
In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
READ MORE: NNPC Ltd Opens Retail Outlet In Bauchi
His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
JUST IN: Okpebholo Summons Town Hall Meeting To Address Security Challenges
APC Sets N5m Nomination Fee For Chairmanship Aspirants In Lagos LG Polls
Marketers In Anguish, As Dangote, NNPC Ltd War Drag Price To N880/litre
Gold Prices Hit Historic $3,500 Amid Trump Tariffs, Fed Tensions
JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
