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Italy Approves 40-Bn-Euro Stimulus Package

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Italy’s government on Thursday approved a 40-billion-euro support package for its struggling economy, including 100 million for ailing flag carrier Alitalia.

The eurozone’s third largest economy has been devastated by the coronavirus pandemic, although Prime Minister Mario Draghi expects growth to improve this year as more people receive vaccines and business activity picks up.

The support package, worth around $49 billion, includes 26 billion euros for businesses and self-employed workers who have been hammered by the worst recession since World War II.

The equally battered tourism sector is to get more than three billion euros in aid.

Alitalia, which has been under state-controlled administration since 2017 and is still struggling to pay wages, won yet another cash injection “for operational and management continuity”, according to a draft government decree seen by AFP.

The airline’s future depends on EU approval of a bigger bailout worth three billion euros that would create a new debt-free company to take over some of Alitalia’s assets.

“I think we will shortly find a solution to allow the launch of this company,” Economy Minister Daniele Franco said, before adding that he did not expect Alitalia to change its name, as initially demanded by Brussels.

After expressing concern last week for a record drop in Italy’s birthrate, Draghi also announced mortgage subsidies for people aged under 36 to help them buy a home and start a family.

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Carlo Bonomi, president of the employers’ association Confindustria, called the measures adopted Thursday “important”, but said more was needed to get Italy’s economy back on track.

Last month, the government forecast gross domestic product (GDP) growth of 4.5 percent this year, after 2020’s record contraction of 8.9 percent — Italy’s worst recession since the second world war.

Draghi said “growth figures for this year will probably be revised upwards,” but stressed that a stronger recovery hinged on the success of Italy’s EU-funded 221.1-billion-euro recovery plan.

Since the coronavirus swept across Italy in February 2020, the government has allocated more than 130 billion euros to economic sectors shut down during the country’s lockdown periods.

As a result, public finances have taken a massive hit.

The government’s deficit is expected to balloon to 11.8 percent of GDP this year, compared with just 2.4 percent in 2019.

Public debt should hit 159.8 percent of GDP, the second-highest ratio in the eurozone behind Greece.

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May Day: ASUU urges Tinubu, governors to prioritise Nigerian workers’ welfare

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...workers worse hit by worsening economic situation

The Chairman of the Academic Staff Union of Universities (ASUU), University of Ibadan Chapter, Professor Ayoola Akinwole, has implored President Bola Ahmed Tinubu and state governors to make the welfare and working conditions of Nigerian workers a top priority.

Speaking on Tuesday, Professor Akinwole emphasised the dire impact of Nigeria’s socio-economic challenges, particularly exacerbated by the recent fuel subsidy removal backlash and ongoing fuel scarcity, on the working class and their families.

In a statement released to commemorate the 2024 May Day celebration, Akinwole underscored the invaluable contributions of Nigerian workers to the nation’s development, despite enduring undervaluation and inadequate compensation from both government and private sectors.

“Nigerians, particularly the working class, are celebrating 2024 Workers’ day experiencing fuel scarcity,” lamented Professor Akinwole.

“Workers who are poorly paid will still have to pay hiked transportation fare. The inflation in Nigeria is killing, and many are getting malnourished as the cost of food items have skyrocketed.”

He highlighted the disillusionment stemming from unfulfilled promises by federal and state governments to improve wages and working conditions, condemning the stark disparity between government officials’ wealth accumulation and workers’ impoverishment.

Expressing gratitude to Nigerian security forces for their service, Professor Akinwole urged President Tinubu to ensure special welfare provisions for families of those who have lost their lives defending the nation.

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He emphasised that just as education is vital, the welfare of security agencies should be of utmost concern to the president.

Also, Professor Akinwole called upon the President to finalise agreements with ASUU and enhance working conditions for intellectuals in Nigeria, warning of a brain drain if lecturers continue to face inadequate compensation and poor working environments.

“If this trend persists, Nigeria will lose the talent needed to develop the education sector, while those lacking skills will secure employment with little to contribute,” cautioned Akinwole.

He urged the president to address this disparity and collaborate with ASUU to establish a living wage and improved conditions for public university lecturers, recognising them as essential patriots deserving of special consideration.

 

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Court halts Multichoice Nigeria’s tariff increase on DStv, GOtv

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The Competition and Consumer Protection Tribunal (CCPT) in Abuja has issued a restraining order against MultiChoice Nigeria Limited, preventing the company from implementing its planned tariff increase and adjustments to the cost of products and services scheduled to commence on May 1.

Presiding over the three-member tribunal, Saratu Shafii, granted the interim order on Monday, in response to an ex-parte motion presented by Ejiro Awaritoma, legal counsel representing the applicant, Festus Onifade.

In her ruling, Shafii directed MultiChoice to refrain from proceeding with the impending price hike set to take effect from May 1 until the hearing and determination of the motion on notice before the tribunal.

Also, she mandated all involved parties to appear before the tribunal on May 7 at 10 a.m. for further proceedings regarding the motion on notice.

The petitioner, Festus Onifade, filed a lawsuit against MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC), seeking two specific orders.

These orders include an interim injunction restraining MultiChoice from implementing the impending price increase and any actions that could negatively impact the rights of the claimant and other consumers, pending the determination of the motion on notice.

MultiChoice Nigeria Ltd had previously raised the prices of all its packages on April 1, 2022, prompting legal action from concerned parties.

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Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

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In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

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He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

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