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Dozens Of Boeing Aircraft Grounded After Crashes

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Dozens Of Boeing Aircraft Grounded After Crashes

Dozens of Boeing 777 aircraft were grounded globally after the engine of a United Airlines plane caught fire and scattered debris over a suburb of Denver, Colorado.
It is a fresh blow for the beleaguered US aviation giant that was forced to ground another fleet of planes after a series of deadly crashes.

Boeing said Monday that 128 of its 777 planes with Pratt & Whitney engines would stop flying after the fire Saturday that forced the United Airlines plane to make an emergency landing.

“I have just had confirmation that all the 777s equipped with this engine have been grounded,” a spokeswoman for the planemaker told AFP in a text message.

Flight UA328 had been headed from Denver to Honolulu when it experienced engine failure shortly after departure.

A video shot from inside the plane — which had 231 passengers and 10 crew on board — showed the right engine ablaze and wobbling on the wing of the Boeing 777-200.

Residents in the Denver suburb of Broomfield found large pieces of the plane scattered around their community.
Its front cowling, which landed in the front yard of a house, was entirely missing as the aircraft returned to Denver airport.
There were no injuries on the plane or on the ground, authorities said.

The US Federal Aviation Administration had ordered extra inspections of some passenger jets after the incident.
Steve Dickson, the head of the regulator, said he had consulted with experts, signalling the planes would likely be removed from the air.

READ ALSO: I’m Ready For Trial In Hague Over Defence Of My People – Kanu

I have directed them to issue an Emergency Airworthiness Directive that would require immediate or stepped-up inspections of Boeing 777 airplanes equipped with certain Pratt & Whitney PW4000 engines,” he said in a statement.

Dickson added that a preliminary safety data review pointed to a need for additional checks of the jet engine’s fan blades, which were unique to the engine model and only used on 777 planes.

Officials from the FAA met with Pratt & Whitney and Boeing representatives on Sunday evening, he added.
The US National Transportation and Safety Board also said it was investigating the incident, while United Airlines, Asiana, Japan Airlines and All Nippon Airways grounded their planes earlier.

Japan’s transport ministry had earlier said it had ordered stricter inspections of the engine after a Japan Airlines 777 plane flying from Haneda to Naha experienced trouble with “an engine in the same family” in December.

Asiana Airlines, South Korea’s second-largest carrier, had also said it would not fly any of its seven currently operational 777s.
The engine failure is unwelcome news for Boeing following several high-profile accidents.
The manufacturer’s 737 MAX was grounded worldwide in March 2019 after 346 people died in two crashes — the 2019 Lion Air disaster in Indonesia and an Ethiopian Airlines crash the following year.

Investigators said a main cause of both crashes was a faulty flight handling system known as the Maneuvering Characteristics Augmentation System, or MCAS.

Boeing was forced to revamp the system and implement new pilot training protocols.
This month the aircraft made its first commercial flight in Europe since the grounding, after the continent’s air safety regulator EASA approved the return of the 737 MAX.

The FAA and Britain’s Civil Aviation Authority have also cleared the aircraft for flying again.
The 737 MAX was a big hit with airlines, becoming Boeing’s fastest-selling aircraft until its grounding, which has now been lifted.
After the Covid-19 crisis decimated demand, airlines cancelled hundreds of orders for the plane.

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Nigeria’s Headline Inflation Rises To 21.9%

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Nigeria's Headline Inflation Rises To 21.9%

Nigeria‘s headline inflation has risen to 21.09 per cent according to the Consumer Price Index (CPI) report for the month of October.

The CPI report which was released on Tuesday by the National Bureau of Statistics (NBS) said that there was an increase of 0.32 per cent from the 20.77 per cent recorded in September.

The data suggests that the headline inflation rate climbed by 5.09 per cent in October 2022 as compared to the same month the year before (October 2021).

“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.

READ ALSO:  Nigeria’s Inflation Rises Over 18 Per Cent

“This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.

The report added that “On a month-on-month basis, the headline inflation rate for October 2022 was 1.24%, this was 0.11 % lower than the rate recorded in September 2022 (1.36%).

“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

The year-on-year food inflation rate in October 2022 was 23.72 per cent, an increase from the previous month’s rate of 23.34 per cent.

“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables,” the report further stated.

 

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N52b Cash Deposited In Banks Over Naira Re-design Policy

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N52b Cash Deposited In Banks Over Naira Re-design Policy

About N52 billion cash has been deposited in banks barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.

There were indications that the deposit sum may increase in the next few days because it is suspected that about N3 trillion cash was in circulation at the time the apex bank announced the policy.

The CBN claimed that some of the identified depositors were politicians, bureau de change operators, businessmen, real estate financiers, and traders.

It was also learnt that the Economic and Financial Crimes Commission (EFCC) and other security agencies have directed banks to keep records of depositors, including institutions.

 READ ALSO: I’m Fully Behind CBN Governor On Redesigning Naira Notes – Buhari

The screening of high-profile depositors, especially currency hoarders and money launderers, may begin soon.

There was the fear that the redesigning of some naira notes may affect cash haul during the ongoing 2023 campaign.

According to a reliable source, who was armed with facts and figures, security and intelligence agencies have confirmed huge cash deposits of N52 billion in banks in less than two weeks.

The source said some representatives of one of the agencies appeared before a Senate Committee on Tuesday in Abuja behind the curtains.

The source said: “As the cash was being taken to banks, we were getting the details of all the depositors and in some cases, we could trace the sources.

“As of Tuesday, over N52billion cash has been deposited in various banks. Some of the deposits have been traced to some politicians, bureau de change operators, suspected money launderers, middlemen, drug barons, businessmen and traders.

“All the banks have been directed by the EFCC and other anti-graft agencies to keep records of cash depositors and their KYC. They are also mandated to make the list available when required.
“With this directive, it will be easier to uncover currency hoarders, speculators and those sabotaging the nation’s economy.”

Responding to a question, the source said: “Some politicians, governors and suspected fronts of Politically Exposed Persons (PEPs) have been on the radar of some anti-graft agencies.

“Some state governments cannot pay salaries because the corrupt table payment system they have adopted is not practicable with the CBN directive.

“Apart from redesigning the notes, the CBN is also complementing the anti-graft agenda of the administration of President Muhammadu Buhari.

READ ALSO: Redesigning Of Naira May Not Hold As Finance Minister Disagrees With Emefiele

“Nigerians have virtually abandoned the cashless economic policy for cash transactions.

“We may be on our way to addressing basic issues compounding our anti-corruption campaign as a nation.”

On October 26, the CBN announced its decision to redesign the naira.
It cited significant hoarding of banknotes, worsening shortage of clean and fit banknotes, and increasing ease and risk of counterfeiting.

It added that over 85 per cent of the currency in circulation is outside the vaults of commercial banks.

CBN said as of the end of September, N2.73trillion out of the N3.23 trillion currencies in circulation was outside the vaults of commercial banks and supposedly held by the public.

 

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Lagos To Spend N1.6 Trillion Next Year

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Lagos To Spend N1.6 Trillion Next Year

The Lagos State government plans to spend N1.692 trillion next year.

The state governor,  Babajide Sanwo-Olu, presented the estimated N1.692 trillion budget estimates for the 2023 to the House of Assembly.

The ‘Budget of Continuity’ comprises revenue of N1.342 billion and deficit financing of N350,000 billion.

READ ALSO: Why We Aren’t Surprised By Wike’s Endorsement Of Sanwo-Olu – Jandor

This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion.

The estimate also proposes a recurrent expenditure of N759 billion and Capital expenditure of N670 billion.

 

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