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Asian markets track Wall St record as Hong Kong, Shanghai stabilise

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Mainland and Hong Kong markets advanced after China's central bank released details of a facility allowing stock-buyers to access liquidity. Photo: STRINGER / AFP Source: AFP
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Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong supported by a Chinese central bank move to boost liquidity for major stock-buyers.

The yen sat around two-month lows after taking a hit in the wake of minutes showing Federal Reserve decision-makers were split on last month’s bumper interest rate cut while a top official sparked questions about how many more could be in the pipeline.

Chinese investors were settling down after a volatile start to the week that saw mainland and Hong Kong markets whipsaw as the euphoria over last month’s stimulus was dampened by a news conference that failed to unveil more measures or give details on those already announced.

Traders welcomed news that the People’s Bank of China had released details of a “swap facility” that will allow “qualified securities, funds and insurance companies” to access more than $70 billion in liquidity to purchase equities.

The move, one of a number of measures announced last month, helped Shanghai rise more than one percent at one point, having dived more than six percent Wednesday — its worst day in more than four years.

Hong Kong was up more than two percent, building on the previous day’s advance that followed a more than nine percent plunge, its heftiest in 16 years.

Dealers are now keenly awaiting a Saturday news conference on fiscal policy by the finance ministry, though observers warned the bar would be high for Finance Minister Lan Fo’an if he is to get the recent market rally back on track.

The gains led a rally across Asia, which came after the Dow and S&P 500 chalked up fresh records on Wall Street thanks to a burst in tech giants including Amazon and Apple.

Tokyo was boosted by a drop in the yen fuelled by minutes from the Fed’s September meeting, where it cut rates by 50 basis points but officials were split on the decision.

They showed that while the move was ultimately supported by 11-1, some “noted that there had been a plausible case for a 25 basis point rate cut at the previous meeting”.

“Some participants observed that they would have preferred a 25 basis point reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision,” the minutes said.

Meanwhile, San Francisco Fed President Mary Daly said she had backed the big cut in order to “recalibrate” monetary policy and added that “two more cuts this year, or one more cut this year, really spans the range of what is likely in my mind, given my projection for the economy”.

But she warned the bank would remain “data-dependent”.

Focus now turns to the release of consumer price inflation later in the day and wholesale prices on Friday.

Key figures around 0230 GMT

Shanghai – Composite: UP 0.8 percent at 3,286.30

Hong Kong – Hang Seng Index: UP 2.3 percent at 21,105.19

Tokyo – Nikkei 225: UP 0.3 percent at 39,395.05 (break)

West Texas Intermediate: UP 0.4 percent at $73.55 per barrel

Brent North Sea Crude: UP 0.4 percent at $76.88 per barrel

Dollar/yen: DOWN at 149.16 yen from 149.35 yen on Wednesday

Euro/dollar: UP at $1.0942 from $1.0940

Pound/dollar: UP at $1.3071 from $1.3062

Euro/pound: DOWN at 83.70 pence from 83.72 pence

New York – Dow: UP 1.0 percent at 42,512.00 (close)

London – FTSE 100: UP 0.7 percent at 8,243.74 (close)

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Breaking News: Nigerian Youngest Billionaire, B-Lord, Pioneers Electric Taxi Revolution in Nigeria

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In a groundbreaking move for Nigeria’s transport and energy sectors, Nigeria’s youngest billionaire and business mogul, B-Lord, has launched an electric car taxi service, marking a significant step toward sustainable mobility in the country. The initiative is set to commence operations in Anambra State.

In an exclusive statement, B-Lord disclosed that over five containers filled with fully electric city cars are currently en route to Nigeria from China. The vehicles are expected to revolutionize public transport by providing an eco-friendly, cost-efficient, and modern alternative for commuters.

To support this venture, several charging station terminals are already under construction across Anambra State. These charging hubs aim to ensure a seamless experience for the upcoming fleet of electric vehicles, setting the foundation for a robust, sustainable infrastructure.

“This initiative is not just about transportation; it’s about boosting economic growth, creating jobs, and setting Nigeria on the global map of innovation and sustainability,” said B-Lord.

The electric taxi project is poised to enhance the state’s economy by generating employment, reducing carbon emissions, and modernizing the transportation sector. Experts believe this move will ripple across other states, driving further investment in green technology in Nigeria.

As Nigeria takes its first steps into the electric vehicle era, B-Lord’s vision is a testament to the power of entrepreneurship and innovation in shaping a better future for the nation.

Stay tuned for more updates as this transformative project unfolds!

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World Pizza Day: How an Italian food favourite conquered the world

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Pizza Margherita © Liz Hafalia/San Francisco Chronicle
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17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.

In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.

As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.

Where is pizza eaten the most in the world? And in Europe?

In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.

Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.

Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.

Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.

In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.

The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.

The most and least popular pizzas in the world

According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.

In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.

How much does pizza cost in Italy?

Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.

A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).

Whatever pizza you love, with or without pineapple, happy World Pizza day.

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Petrol price increases nationwide

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Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.

This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.

Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).

Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.

Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.

Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.

Private depots in Lagos and Calabar have also adjusted their loading costs.

For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.

Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.

Marketers predict that prices will continue to rise due to the global increase in crude oil costs.

With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.

Experts warn that this trend will significantly impact consumers and businesses across the country.

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