Labour Minister says job creation not his job
Muhammadu Dingyadi, the minister of labour and employment, delivered a straightforward message to Nigerians on Thursday: his ministry will not directly create jobs for the population.
While acknowledging Nigeria’s large youth population and the critical need for meaningful employment opportunities, the minister said that providing jobs is not his ministry’s responsibility.
Dingyadi explained that their primary objective is to create a supportive environment for job creation, rather than securing employment for individuals.
States are holding last-minute talks with Labour to avoid Monday’s strike
With the deadline approaching, three remaining states are making last-minute moves to avoid a potential strike by the Nigeria Labour Congress on Monday, December 1.
Katsina, Cross River, and Zamfara are the only states yet to approve the new monthly wage. This comes after the Imo State Government approved the implementation on Tuesday, bringing the total number of states in compliance to 33, along with the Federal Capital Territory.
Many states are going beyond the minimum requirement. Lagos and Rivers states are leading the way by offering the highest pay at N85,000.
Australia officially bans social media for children
Australia has approved a strict social media ban for children under 16, setting a potential global standard for protecting young people online. The law requires platforms like Meta and TikTok to prevent users under 16 from logging in or face fines of up to A$49.5 million ($32 million).
A trial of enforcement methods will start in January, with the full ban taking effect a year later. Unlike some other countries (such as France and some parts of the US) that require parental permission, Australia’s approach is an absolute prohibition.
Read Also: Social media can be a threat to democracy, security – Osinbajo
Wall Street banks heading for worst year for FX, interest rate since pandemic
Banks are making less money from trading currencies and interest rates this year, with foreign exchange and rates trading expected to hit the lowest levels since the pandemic. Over 250 firms, including Goldman Sachs, JPMorgan, Citigroup, and Morgan Stanley, are projected to earn $32 billion from rates trading and $16.7 billion from currencies – roughly 17% and 9% less than last year.
Investor uncertainty has been driven by unpredictable economic data, shifting central bank interest-rate expectations, the recent US presidential election, and the unwinding of popular trading strategies.
Air cargo flights soaring in China as Trump’s return, tariff hike loom
Businesses are rushing to import goods from China before potential new tariffs, leading to a surge in international cargo flights. Last week saw 3,485 international cargo flights to and from China, the highest number since March 2023 when the country first reopened its borders after COVID-19 restrictions.
This marks the third consecutive week with over 3,400 cargo flights, according to data from China’s Ministry of Transport.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
