World Bulletin/News Desk
Nigeria's finance ministry said on Friday it would not pay subsidies to fuel importers it was investigating for fraud, listing 21 local firms and pledging not to back down despite union strike threats.
A presidential committee, led by Access Bank chief Aigboje Aig Imoukhuede, is verifying all fuel marketers' claims before the finance ministry pays them any subsidy, it said.
Nigeria is among the top 10 crude oil exporters in the world but due to decades of corruption and mismanagement it has to import most of its refined fuel needs.
A parliamentary probe in April uncovered a $6.8 billion scam in the fuel subsidy administration, one of the biggest corruption scandals in Nigeria's history.
It found that marketers were claiming subsidy for fuel they never delivered or that they sold to the country's neighbouring states.
Unions, which are largely controlled by the companies, threatened to strike unless payments were released.
There were fuel shortages in the capital Abuja this week, as some marketers withheld deliveries, and Finance Minister Ngozi Okonjo-Iweala condemned what she called "blackmail" in a news conference on Thursday.
"It is clear that those behind the strikes are marketers being investigated for possible fraud," a finance ministry statement said on Friday.
"These elements have now resorted to hiding behind the unions to unnecessarily antagonize government and create hardship for Nigerians ... No degree of blackmail will stop the government from doing its work."
Another investigation by a committee President Goodluck Jonathan set up found that fuel traders fraudulently collected 382 billion naira ($2.38 billion) last year in subsidy payments.
In January Jonathan tried to end the fuel subsidy, which economists say is wasteful and corrupt, but a week of strikes and protests over petrol prices forced him to partly reinstate it.
Talks are reportedly underway for a number of investment projects, including in pharmaceuticals and automotive assembly, but no final investment agreements are expected this week.
The yuan will be the world's third largest currency after the U.S. dollar and euro, a Chinese report predicts.
Unemployment currently stands at 12.7 percent in Kenya and affects 30 percent of the country's population
GM so far this year has recalled about 14.7 million vehicles worldwide with switch-related issues and has linked at least 16 deaths to those issues.
The deal includes hydropower and nuclear power plants in the South American country.
State-run think tank Korea Institute for Defense Analyses (KIDA) reported earlier this month that a twin-engine version of the fighter jet is expected to cost around 8.5 trillion won
Western officials have repeatedly warned Iranian counterparts over the past six months that more economic pain is a risk for an OPEC member whose oil exports have already shrunk to a fraction of what they could have been
The EU's employment commissioner said he has asked to meet with Microsoft to discuss the social impact of the layoffs.
Although China has promised to invest in Brazil for years and failed to deliver, the pace of deals is picking up with a focus on deficient infrastructure.
The financial aid would be used for rebuilding houses and public buildings, the rapid restoration of water and energy supplies and urgent assistance for those still without proper shelter.
Washington and Brussels say Moscow has been fanning separatist violence in eastern Ukraine and broadened their sanctions, sending Russian shares and the rouble currency down.
Chinese Trade Minister Gao Hucheng said his country would not sit idly by while the United States harmed the rights of Chinese companies.
Beijing claims about 90 percent of the South China Sea, whose estimated energy potential varies widely. Vietnam, the Philippines, Malaysia, Brunei and Taiwan also claim parts of the key waterway.
Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports.
In the latest recall, about 574,000 of the affected cars were sold in the United States, about 450,000 in Germany and about 189,000 in the United Kingdom
The $17 billion dollar Central Asian pipeline project could revive Afghanistan's economy said a state advisor, but security and political issues have deterred investors.