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European stocks extend losses on fear of virus pandemic

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European stock markets fell further on Tuesday but declines in midday trading were far less than during a major sell-off a day earlier.

Fashola urges top ministry officials to work as team

World equities suffered dizzying declines Monday, sparked by fears that the COVID-19 outbreak could derail the global economy.

More deaths and a surge in new coronavirus cases in Iran, Italy, Japan and South Korea has fanned fears of a pandemic.

Tokyo’s main stocks index closed Tuesday with a hefty 3.3-percent loss as traders caught up with global markets after a Japanese public holiday Monday.

Other Asian equity markets recovered a bit meanwhile, with increases in Hong Kong and Seoul.

After rebounding early on Tuesday, major European markets then headed lower once again, although with much less momentum compared with their losses of between 3.0 and 4.0 percent the day before.

– ‘Positive mood not short-lived’ –

“Equity markets in Europe enjoyed a rebound in early trading in the wake of yesterday’s bloodbath of a session, but the positive move was short-lived,” said CMC Markets UK analyst David Madden.

“The brutal losses endured yesterday coaxed a few buyers out of the woodwork, but given that equity benchmarks are back in the red suggests that sentiment is still sour.

“The coronavirus crisis in Italy remains at the forefront of traders’ minds,” Madden added.

Italy has seen a serious jump in cases — from six to 229 since Friday — and now has the biggest number of confirmed infections in Europe.

News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked Monday’s market rout, with Wall Street’s Dow index suffering its worst day in two years.

The rapid spread abroad came as the World Health Organization said the epidemic had peaked at its epicentre in China, where it has killed more than 2,600 people and infected more than 77,000 others.

But the situation has worsened elsewhere with nearly 2,700 other cases and more than 40 deaths globally, prompting restrictions on travellers from infected nations, the cancellation of football matches and national efforts to isolate suspected carriers.

“What was largely a Chinese issue to resolve has soon become an international problem, with European eyes transfixed on Italian efforts to curb the spread of the virus,” IG analyst Joshua Mahony said.

“Fears over a potential coronavirus contagion throughout Europe is likely to provide substantial risk-off sentiment for days and weeks to come, with significant pressure on the Italians to stop this outbreak from spreading throughout the continent.”

Italian Prime Minister Giuseppe Conte blamed the management of a hospital in northern Italy for an outbreak there.

Elsewhere Tuesday, haven investment gold slid after hitting a seven-year high on Monday.

Oil prices, which tanked by around 3.8 percent on Monday, remained in negative territory owing to concerns that the global economy would require less crude in the days and weeks to come.

– Key figures around 1215 GMT –

London – FTSE 100: DOWN 0.7 percent at 7,103.80 points

Frankfurt – DAX 30: DOWN 0.5 percent at 12,974.07

Paris – CAC 40: DOWN 0.6 percent at 5,756.01

Milan – FTSE Mib: DOWN 0.6 percent at 23,293.34

Madrid – IBEX 35: DOWN 1.1 percent at 9,379.00

EURO STOXX 50: DOWN 0.7 percent at 3,621.61

Tokyo – Nikkei 225: DOWN 3.3 percent at 22,605.41 (close)

Hong Kong – Hang Seng: UP 0.3 percent at 26,893.23 (close)

Shanghai – Composite: DOWN 0.6 percent at 3013.05 (close)

New York – Dow: DOWN 3.6 percent at 27,960.80 (close)

Euro/dollar: DOWN at $1.0834 from $1.0854

Pound/dollar: UP at $1.2965 from $1.2924

Euro/pound: DOWN at 83.54 pence from 83.98 pence

Dollar/yen: DOWN at 110.53 from 110.72

Gold: DOWN at $1,655.59 per ounce from $1,659.38 late on Monday

Brent Crude: DOWN 0.3 percent at $55.60 per barrel

West Texas Intermediate: DOWN 0.1 percent at $51.33

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Court stops APC, INEC from altering Benue APC primary winners

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The Federal High Court in Abuja has ordered the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) to maintain the status quo in a dispute over the party’s candidates emerging from the Benue State APC primaries for the 2027 general election.

The order was made on Thursday by Justice Inyang Ekwo during proceedings in Suit No. FHC/ABJ/CS/1429/2026, filed by Engr. Sesugh Akaagba and other aggrieved APC candidates from Benue State against the APC and INEC.
The plaintiffs had, through an ex parte motion filed on July 5, 2026, sought six interim reliefs, including an order restraining the APC from substituting its validly nominated candidates in Benue State through its June 29, 2026 correspondence, or any subsequent communication, to INEC, pending determination of the substantive suit.
They also sought an order compelling the APC to immediately transmit to INEC the names of candidates validly nominated during the primaries monitored by the electoral commission.

When the matter first came up on July 8, 2026, the court declined to grant the interim application immediately, directing both APC and INEC to appear and respond before any decision was taken. The matter was adjourned to July 16.

At Thursday’s proceedings, counsel representing the APC and INEC were present in court, while the plaintiffs were represented by Mohammed Ndarani, SAN, alongside his legal team.

In his ruling, Justice Ekwo held that since issues had been joined by the parties particularly with INEC now before the court, the defendants were required by law to preserve the subject matter of the litigation pending determination of the substantive suit.
When counsel to the plaintiffs urged the court to caution APC and INEC against taking any further action that could affect the disputed list of candidates, the judge responded that it was “not a matter of advice but of law,” stressing that the defendants were bound to maintain the status quo.

The court consequently restrained APC and INEC from taking any action capable of altering the disputed list of candidates pending the hearing and determination of the substantive suit.
The defendants did not object to the restraining order.
At the commencement of proceedings, the court noted that all parties had voluntarily submitted to its jurisdiction by duly filing and exchanging their respective processes.
It held that there was no procedural or jurisdictional impediment to the expeditious determination of the substantive action, and directed that the matter be heard without further delay.
In furtherance of the objective of preserving the res and safeguarding the efficacy of the judicial process, the court ordered all parties to maintain the status quo pending the hearing and final determination of the substantive suit, restraining any act or omission capable of prejudicing the rights of the parties or rendering the proceedings nugatory.
The court further directed that INEC be served forthwith with the originating and all consequential processes.
The effect of the subsisting order is that INEC is restrained from tampering with the existing list of candidates pending final determination of the suit, and from receiving, recognising, or acting upon any purported substituted list of National Assembly candidates from Benue State submitted by the APC.
The matter was adjourned to July 21, 2026, for hearing of the substantive suit.

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Goodluck Jonathan’s Family Celebrates Son’s Graduation in UK

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Former President Goodluck Ebele Jonathan and former First Lady Patience Ibifaka Jonathan recently celebrated a significant family milestone as they attended the graduation ceremony of their son, Ariara Goodluck Jonathan, at Manchester Metropolitan University in the United Kingdom.

The proud parents joined family members and well-wishers to witness Ariara receive his degree, marking the successful completion of his academic programme. The occasion was filled with joy as the Jonathan family commemorated the achievement, highlighting the importance they place on education and personal development.

The graduation ceremony attracted warm congratulatory messages from friends, associates, and admirers, who wished the graduate continued success in his future endeavours.

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2027 BENUE GUBER: MORE TROUBLE FOR GOV ALIA

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The Following names joined the political family of Sen. Dr. George Akume today after leaving the sinking Alia ship .

Under the leadership of Barr. Emmanuel Jime .

The are ;
Chief Nelson Alapa
Douglas pepe SAN senatorial Aspirant zone A,
Engr Peter Ashiekaa
QS Clement Beetseh
Former commissioners
Joy Luga
Ann itodo
Barr martins Shaagee
Miss Dorcas
Prof Usar Joseh
Prof Cephas Tushima
Chief Patrick Idoko
Hon Patience Akor
Hon Fred Idoko
Hon Lawrence Ekpo Onoja Jnr
Hon Andrew Abah
Hon Agbo Innocent Ikwumonu
Hon Simon Omachoko
Hon David Egboja
Dr John Garba
Among together,

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