Author: Chronicle Editor

The worldwide commercial aviation industry would need an extra 255,000 pilots by 2027 to sustain its rapid growth according to a 10-year forecast published by training company CAE Inc. More than half of the required pilots have not yet begun training, the report adds, storing up potential problems as the industry braces for an increase in passenger air traffic that is expected to double the size of the commercial air transport industry in the next 20 years. “Rapid fleet expansion and high pilot retirement rates create a further need to develop 180,000 first officers into new airline captains, more than…

Liverpool are closing in on signing Roma winger Mohamed Salah for a club record £40m after he flew into England for a medical. The 24-year-old has been a prime target for manager Jurgen Klopp and could join for a fee which would eclipse the £35m the Reds paid for Andy Carroll in 2011. Mo Salah is a Liverpool player. Sad to see him leave Serie A. Has been wildly entertaining and keeps getting better, esp. in front of goal.— Matteo Bonetti (@TheCalcioGuy) June 20, 2017 Liverpool have been holding talks with Roma in an attempt to sign Egypt forward Mohamed…

Shell is considering whether to invest in a gas project in Nigeria’s southern Niger Delta energy hub, the managing director of the local unit told Reuters on Tuesday. Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf). Oil prices hit seven-month lows on global oversupply Osagie Okunbor, managing director of Shell Petroleum Development Company of Nigeria (SPDC), said it was “on the verge of making a final investment decision” on a project in the city of Asa that would have a capacity of 300 million cubic feet. He declined to specify the sum of…

Oil prices fell to seven-month lows on Tuesday after news of increases in supply by several key producers, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output. Benchmark Brent dropped $1.06 to a low of $45.85 a barrel, its weakest since November 18, just before OPEC and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January. Brent was trading around $46.00, down 91 cents, by 1050 GMT. The U.S. crude oil futures contract for July, which was due to expire later on…

Index provider MSCI has indicated that Nigeria could be demoted from its frontier markets index to ‘standalone’ status following a continuous deterioration of the market accessibility. MSCI is however likely to open its emerging market benchmark to Chinese mainland-listed shares at its review on Tuesday, but investors are also expecting news on other markets such as Argentina and Saudi Arabia. MSCI will announce the results of its review on June 20 around 2130 GMT. It will hold conference calls with journalists at 2300 GMT and again at 0700 GMT on June 21. According to a report by MSCI, Nigeria is…

Roona Begum, the Indian girl who made international headlines when a rare condition caused her head to swell to more than twice the normal size has died, days before she was to undergo corrective surgery. Begum’s family said she died Sunday at her home in a village in India’s remote northeast after complaining of breathlessness. “She was otherwise fit and fine. But on Sunday she started having breathing problems and I rang up my husband asking him to come back home,” said Fatima Begum. Etisalat Nigeria changes shareholder structure “He rushed home and gave her water but before we could…

Etisalat Nigeria has commenced changes to its shareholding structure after talks to restructure a $1.2 billion loan failed, the company said on Tuesday. Services to its subscribers will not be affected by the changes, Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria said in a statement. The telecom company said discussions were on-going regarding its trading name, which may have to change as a result of the shareholding changes. These wholesome changes commenced after Etisalat UAE was instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed,…

Real Madrid forward Cristiano Ronaldo has been charged with tax fraud and has been summoned for a tax hearing on 31 July some judicial sources in Spain have said. Earlier today Manchester United manager Jose Mourinho was accused of tax fraud by Spanish prosecutors investigating his time as Real Madrid’s head coach. Portuguese-born Mourinho is accused of defrauding Spain of €3.3m (£2.9m; $3.6m) in taxes between 2011 and 2012. He has yet to comment on the claim. The four time Ballon d’or winner has been been accused of failing to pay 14.7 million euros ($16.5 million US) in taxes. Jose…

Manchester United manager Jose Mourinho has been accused of tax fraud by Spanish prosecutors investigating his time as Real Madrid’s head coach. Portuguese-born Mourinho is accused of defrauding Spain of €3.3m (£2.9m; $3.6m) in taxes between 2011 and 2012. He has yet to comment on the claim. Chelsea, Liverpool, Man City battle for Oxlade-Chamberlin A prosecutor said he did not declare income from the use of his image rights in order to get an “illicit benefit”. Other big names in football have been accused of tax fraud in Spain recently. Those include Real Madrid star Cristiano Ronaldo, who has been…

Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed, the Abu Dhabi telecoms company said on Tuesday. Etisalat Nigeria had been in talks with Nigerian banks to restructure a $1.2 billion loan after missing repayments but those discussions failed to produce an agreement on restructuring the debt, Etisalat said in a statement. The Nigerian banks include Guaranty Trust Bank, Access Bank, Zenith Bank and Fidelity Bank. PHOTOS: Osinbajo host northern traditional rulers to Iftar Nigeria’s financial system, hobbled by lower oil prices and economic recession,…