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China To Unveil Financial Plan to Combat Global Economy Downturn

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China releases results of investigation into math textbook illustrations

China To Unveil Financial Plan to Combat Global Economy Downturn

By: Michael Mike

China is planning to come out with a strategy to combat the growing impact of COVID-19 and Russia/Ukraine war on global economy.

Beijing, the capital of China is presently hosting the Financial Street Forum, where  27 activities on 39 topics are being held, with four parallel forums, namely real economy and financial services, global market and financial development, digital economy and financial technology, and governance system and financial stability.

The forum was first held in 2012 and upgraded as a state-level and international industry forum in 2020. A decade later, it has been referred to as the guidepost for China’s financial reform.

Beijing Financial Street, dubbed “China’s Wall Street” and the “brain” of China’s finance, which was officially formed in 1993, celebrates its 30th year anniversary this year. 

The annual Financial Street Forum, which is holding from Monday to Wednesday in Beijing with the focus on economic development and financial cooperation amid unprecedented changes, is expected to proffer solution to the global economy that is experiencing a number of changes, including significant economic growth slowdown in a growing share of economies, high inflation unseen in several decades, tightening financial conditions in most regions and the lingering COVID-19 pandemic.

READ ALSO: https://newsng.ng/unicef-celebrates-world-childrens-day-calls-for-ends-to-discrimination/

Recent reports show that the global GDP growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 – the weakest growth outlook since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic – according to the International Monetary Fund (IMF).

Also, a third of the world economy faces two consecutive quarters of negative growth. The GDP of the United States contrasted in the first half of 2022, while the euro zone contrasted in the second half, said the IMF.

Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 before dropping to 6.5 percent in 2023, according to the IMF. Upside inflation surprises have been most widespread among advanced economies, with greater variability in emerging markets and developing economies.

High inflation has prompted rapid monetary policy tightening as fiscal support related to COVID-19 pandemic wanes.

Beijing Financial Street (BFS) hosts Chinese financial and monetary authorities and over 1,900 financial institutions. It is also home to the headquarters of 175 large financial institutions, 16 of which are on the Fortune Global 500 list, as well as 143 foreign financial institutions.

Assets of financial institutions on the BFS have reached 133.6 trillion yuan ($18.8 trillion), while assets of listed companies on the BFS are valued at over 143 trillion yuan ($20.1 trillion) this year, according to data from the BFS.

About 41 percent of the national assets of commercial banks are on the BFS, which also hosts 90 percent of national credit funds and 65 percent of insurance premium funds.

China To Unveil Financial Plan to Combat Global Economy Downturn

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Nigeria Commiserates with Catholic Church Over Demise of Pope Francis

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Nigeria Commiserates with Catholic Church Over Demise of Pope Francis

By: Michael Mike

The Federal Government has expressed profound sorrow at the passing of His Holiness Pope Francis, who died on Monday, 21 April 2025, at the age of 88 years.

The departed Holy Father, the political head of Vatican City and the head of the Catholic Church, was described in the statement as a global moral leader whose papacy was marked by humility, compassion, and an unwavering commitment to peace, social justice, and the dignity of all people.

The statement read: “Nigeria commiserates with the teaming population of the catholic church in the country and joins the international community, particularly the Catholic faithful worldwide, in mourning this immense loss. Pope Francis’ deep concern for the marginalized; including refugees, the poor, and victims of conflict, resonated strongly in Nigeria, where his calls for interreligious harmony and solidarity were a beacon of hope amid challenges.

“His historic 2022 apology for the Church’s role in colonial injustices, including the suffering of Indigenous peoples, indeed set a powerful example of reconciliation. Also worthy of commendation is his advocacy for peace in Africa, and other conflict areas in the world, reflecting his universal pastoral mission.”

The statement further read that: “In this moment of grief, therefore, Nigeria extends heartfelt condolences to the Vatican, the Catholic Church, and the Argentine people, who gifted the world this extraordinary pontiff.

“We pray for the repose of his soul and trust that his legacy of mercy, dialogue, and care for our common home will endure.”

Nigeria Commiserates with Catholic Church Over Demise of Pope Francis

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Chinese National Abducted in Durumi Abuja, as Kidnappers demand N300million ransom

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Chinese National Abducted in Durumi Abuja, as Kidnappers demand N300million ransom

By: Zagazola Makama

A suspected abduction occurred on April 18, 2025, when Mr. Yangi Ming, a Chinese national working at Panda Supermarket in Jabi, was reportedly abducted by unknown individuals.

Intelligence sources told Zagazola Makama that Mr Yangi Ming left his residence at Stargate Apartment in Durumi around 1700hrs and was last seen wearing brown shorts and a black polo shirt.

His sister, Aisha Pan, residing in Sharanda, Kano State, later received a ransom demand of ₦300 million, made from Yangi Ming’s mobile phone number.

Chinese National Abducted in Durumi Abuja, as Kidnappers demand N300million ransom

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India-bound Siblings Arrested with Cocaine at Lagos Airport

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India-bound Siblings Arrested with Cocaine at Lagos Airport

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested two siblings at the Murtala Muhammed International Airport, Lagos during a planned travel to India with 5 kilogrammes of cocaine.

The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday said: “Operatives of a Special Operations Unit of the National Drug Law Enforcement Agency, NDLEA, have arrested two brothers: John Abugu, 43, and Kenneth Abugu, 31, at the Murtala Muhammed International Airport, MMIA Ikeja, Lagos with 5 kilogrammes cocaine concealed in walls of their suitcases while attempting to board a flight to India.”

He said the two brothers were arrested at the Lagos airport last Thursday following proactive processing of credible intelligence. He said they claimed they were travelling to India for medical treatment but when their suitcases were thoroughly searched by NDLEA officers, whitish powdery substances later confirmed to be cocaine were discovered on the walls of their bags.

Babafemi said in a similar development, NDLEA officers of the MMIA Strategic Command same day, Thursday intercepted a 20-year-old Ghanaian – British man, Parker Osei with 36 parcels of Loud, a strong strain of cannabis weighing 19.4 kilogrammes packed in a giant travelling bag. The suspect who claims he is a student of Computer Science at East London University, UK, was arrested during the inward clearance of passengers on an Ethiopian Airlines flight from Bangkok, Thailand, at the E-arrival hall of the Lagos airport.

In his statement, the techie claims he lives with his parents in the UK but left London about a week ago for Bangkok where he picked up the illicit drug consignment to deliver in Nigeria.

NDLEA operatives in Kogi state have arrested a 33-year-old woman, Ngozi Ogili while moving 3 kilogrammes of methamphetamine from Lagos to Abuja. She was nabbed in a commercial transport bus along Okene-Lokoja highway last Monday. Babafemi said a follow up operation at her point of delivery in Apo mechanic area of Abuja led to the seizure of quantities of Loud and Colorado, both synthetic strains of cannabis.

In Abia state, NDLEA officers on Saturday arrested a 75-year-old grandpa, Nnanna Felix with 1.6 kilogrammes skunk, a strain of cannabis during a raid at Umunteke Asa, Ukwa West local government area, while another suspect David Chinemerem, 21, was nabbed with 2,050 ampoules of pentazocine at 7 Nnajiego Lane, Umuode road, Aba last Tuesday.

No fewer than 381 bottles of codeine syrup and 108 tablets of tramadol were seized from a suspect, Abdullahi Adamu along Potiskum-Damaturu road, Yobe state by NDLEA operatives on Saturday, just as raid operations at Osogbo motor park, Onitsha and a house at Oba in Idemili Local Government Area of Anambra state led to the arrest of Obinna Sunday and the seizure of 195,000 pills of tramadol. Also arrested during the raid at the motor park was Ugochukwu Ojalanonye with 4.2 kilogrammes codeine syrup and 5.4kg pentazocine.

In the Federal Capital Territory, FCT, NDLEA operatives last Thursday arrested 51-year-old Sunday Ayogu with 25 kilogrammes skunk and 90.4 grammes of methamphetamine during a raid operation at Wuse market Abuja, while two women: Faith Etim, 64, and Victoria Etim, 40, were nabbed lasr Friday when NDLEA operatives supported by men of the Nigerian Army raided cannabis plantations in Esuk-Odot community, Odukpani local government area of Cross River State where 250,000 kilogrammes of the psychoactive plant were destroyed on over 100 hectares of farm land.

Babafemi said with the same vigour, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week.

Meanwhile, while commending the officers and men of MMIA, SOU, Yobe, Abia, Kogi, Anambra, Cross River and FCT commands of the agency for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd) stated that their operational successes and those of their compatriots across the country especially their balanced approach to drug supply reduction and drug demand reduction efforts are well appreciated.

India-bound Siblings Arrested with Cocaine at Lagos Airport

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