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US increases interest rates by 25 basis points, says more hikes to come

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The United States Federal Reserve (Fed), on Wednesday, raised its benchmark interest rate by 25 basis points to a target range of 4.5 percent to 4.75 percent.

This is the eight consecutive increase by the US central bank since March 2022 as it attempts to curb inflation.

In a statement issued after a two-day meeting, the bank’s federal open market committee (FOMC) said inflation has eased somewhat, but remains elevated.

It further warned that “ongoing increases” would be needed to bring inflation under control.

“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the statement reads.

“In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent.

“The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

In determining the extent of future increases in the target range, the committee said it would take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial development.

FOMC also said it would continue to reduce its holdings of treasury securities and agency debt and agency mortgage-backed securities.

“In assessing the appropriate stance of monetary policy, the committee will continue to monitor the implications of incoming information for the economic outlook,” the statement adds.

“The committee would be prepared to adjust the stance of monetary policy as appropriate, if risks emerge that could impede the attainment of the committee’s goals.

“The committee’s assessments will take into account a wide range of information, including readings on labour market conditions, inflation pressures and inflation expectations, and financial and international developments.”

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Israel launches counterattack on Iran

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Oil prices have surged by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

Explosions were reported in Isfahan province in central Iran, where the country’s nuclear plant is located.

The International Atomic Energy Agency (IAEA) later announced that there was no damage to the plant.

Israel had promised a response to missile and drone attacks by Iran last weekend.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

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Dubai international airport cancels flights as flood ravages runway, UAE

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A year’s worth of rainfall in Dubai, the United Arab Emirates, on Tuesday, left the city flooded and disrupted airport operations.

A video posted online showed the tarmac of Dubai International Airport — recently crowned the second busiest in the world — underwater as massive aircraft attempted to navigate floodwaters.

CNN reports that nearly four inches (100 mm) of rain fell over the course of just 12 hours on Tuesday, according to the weather observations at the airport.

According to United Nations data, the rainfall was around what Dubai usually records in an entire year.

The flooding disrupted airport operations in the city, with multiple airlines announcing flight delays and cancelled flights on Wednesday.

Jets were said to have looked more like boats moving through the flooded airport, while other parts of the UAE also recorded heavy rainfall.

“Operations continue to be significantly disrupted. There is major flooding on access roads around Dubai leading to the airport,” the airport was quoted as saying.

The rain reportedly fell so heavily and quickly that motorists were forced to abandon their vehicles as the floodwater rose and roads turned into rivers.

Dubai, like the rest of the UAE, has a hot and dry climate. As such, rainfall is infrequent and the infrastructure to handle extreme events is not in place.

Many roads and other areas have insufficient drainage due to the lack of regular rainfall, causing flooding.

The rain that ravaged the city is associated with a larger storm system traversing the Arabian Peninsula, moving across Oman and Iran.

Experts said torrential rainfall will become frequent in the region due to human-driven climate change.

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SEE FULL LIST: Fireboy, Osimhen, Amusan make Forbes Africa’s ‘30 Under 30’ list

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Fireboy DML, the singer, Victor Osimhen, Super Eagles footballer, and Veekee James, a fashion designer, are among the six Nigerians listed in the 2024 edition of Forbes Africa’s ‘30 Under 30’.

Forbes ’30 Under 30′ is an annual listicle by Forbes magazine spotlighting prominent business and industry figures.

In the tenth edition of the list recently released, the business magazine featured Africans under 30 who are shaping the continent in entertainment, education, sports, technology, healthcare, art, and other industries.

Other Nigerians on the list include Josiah Akinloye, founder and CEO of Mainlogix Technology; Tobi Amusan, track and field athlete; and Abioye Oyetunji; founder and CEO FXKudi.

Africans on the list include Tyla Laura Seethal, South African singer; Peace Wutawunashe, founder of Trigershot Engineering; Kenneth Njeru, director and founder of Africa Afya Healthcare; and Calvin Usiri, co-founder and CTO of Ramani, among others.

To curate the 2024 list, the finalists were drawn after a “rigorous vetting process” by the editorial team led by Under 30 curator Chanel Retief, alongside a panel of independent external judges such as Mo Abudu.

Other judges are Kate Kallot, Chris Maurice, Tlaleng Mofokeng, Helena Ndume, and Desiree Ellis.

Forbes said the evaluation process commenced in late 2023, with the support of its audit partner, SNG Grant Thornton.

Burna Boy, Davido, Wizkid, and Rema are among Nigerians who have made the list in the past.

The magazine earlier announced that Omah Lay, the singer, will be performing at the Under 30 summit in Botswana in May.

Below is the Forbes Africa ’30 Under 30′ list for 2024:

  • Alex Mativo, 29, Kenya, CEO and Co-founder, E-LAB, Nanasi and Duck, Industry: Multiple ventures
  • Ann-Kathrin Joos, 28, South Africa, CEO and Founder, Standard Beauty, Industry: Beauty
  • Vimbai Masiyiwa, 29, Zimbabwe, CEO, Batoka Hospitality, Industry: Tourism
  • Andrew Ddembe, 28, Uganda, Co-founder and CEO, MobiKlinic, Industry: Healthtech
  • Chad Jones, 28, South Africa, Social Media Content Creator and Brand Influencer, Industry: Social media
  • Adedamola Oyinlola Adefolahan (Fireboy DML), 28, Nigeria, Singer-songwriter, Industry: Entertainment
  • Tyla Laura Seethal, 22, South Africa, Singer-Songwriter, Industry: Entertainment
  • Ayushi Chandaria, 26, Kenya, Founder, Design Thinking Program (Kenya), Industry: Education
  • Ama Qamata, 25, South Africa, Actress, Producer, Industry: Entertainment
  • Daniel Novitzkas, 28, South Africa, Co-founder and Chairman of the Board, Specno, Industry: Software development and technology solutions
  • Prisca Wegesa Magori, 29, Tanzania, CEO and Co-founder, TenTen Explore and Smart EFD, Industry: Software development
  • Luke Mostert,27, South Africa, Co-founder and Chief Strategy Officer, CatalyzU, Industry: Venture Capital
  • Kenneth M. Njeru, 25, Kenya, Director and Founder, Africa Afya Healthcare, Industry: Health investment services  Services
  • Arooj Sheikh, 28, Kenya, Founder and CEO, Beyond Kenyan Bars, Sector: Social development
  • Cayley Jorgensen, 29, South Africa, CEO and Founder, Ingage Support; Registered Counselor, Sector: Mental health
  • Hildah Magaia, 29, South Africa, Forward for Mazatlán F.C Femenil and Banyana Banyana, Industry: Sport-football
  • Victor Osimhen, 25, Nigeria, Footballer and Striker for Super Eagles, Industry: Sport-football
  • Tobi Amusan, 26, Nigeria, Track and Field Athlete, Industry: Sport – athletics
  • Damian Willemse, 25, South Africa, Stormers and Springboks Rugby Player, Industry: Sport – rugby
  • Ricardo Lognath, 29, South Africa, Co-Founder and CEO, Omninela Medical, Industry: Healthcare/E-commerce
  • Nicolas Lognath, 27, South Africa, Co-Founder and Director, Omninela Medical, Industry: Healthcare/E-commerce
  • Ruth Erikan James, 29, Nigeria, Founder, Veekee James, Industry: Fashion
  • Shaun Maswanganyi, 23, South Africa, Track and Field Athlete, Industry: Sport – athletics
  • Jeremiah Thoronka, 24, Sierra Leone, Founder and CEO, Optim Energy, Sector: Climate change and sustainability (Social Impact)
  • Calvin Usiri, 28, Tanzania, Co-founder and CTO, Ramani, Industry: Geographic Information Systems (GIS)
  • Peace Wutawunashe, 27, Zimbabwe, Founder, Trigershot Engineering, Industry: Solar/Renewable Energy
  • Esethu Cenga, 29, South Africa, Co-founder and CEO, Rewoven, Industry: Fashion
  • Josiah Akinloye, 29, Nigeria, Founder and CEO, Mainlogix Technology, Industry: Automation and technology
  • Abioye Oyetunji, 29, Ghana, Founder and CEO, FXKudi, Industry: Fintech
  • Nadine Roos, 27, South Africa, South African Rugby Union (Springboks) and Sevens player, Industry: Sport – rugby
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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