Akintunde Oyedokun
Research Analyst
Oil prices fell about 2% Tuesday, extending losses as traders assessed U.S. sanctions on Russian oil giants and talk of an OPEC+ output hike.
Brent closed at $64.40, WTI at $60.15. A German waiver on Rosneft’s assets eased supply fears, while Lukoil moved to sell foreign holdings. Indian refiners paused new Russian oil orders, and OPEC+ is reportedly weighing a December production increase, keeping prices under pressure.
South Korea’s Economy Grows at Fastest Pace in 18 Months
South Korea’s GDP rose 1.2% in the third quarter, its strongest growth in a year and a half, driven by robust exports and higher consumer spending from government stimulus. Private consumption climbed 1.3%, capital investment rebounded 2.4%, and exports grew 1.5%. Analysts warned growth may ease to 0.5% in the final quarter amid U.S. tariff risks, with the Bank of Korea projecting full-year expansion around 0.9%, the weakest since 2020.
UK Retail Prices Fall as Food Costs See Sharpest Drop Since 2020
UK shop prices declined by 0.3% in October, the first monthly fall since March, driven by a 0.4% drop in food prices — the biggest since 2020. Annual inflation slowed to 1.0%, with food inflation easing to 3.7%. The British Retail Consortium credited heavy discounting, strong competition, and lower sugar prices. The Bank of England welcomed the relief as inflation held at 3.8%. Retailers urged the government not to raise sector taxes in the upcoming budget to avoid prolonging inflation.
Mombasa Air Safari Plane Crash Claims 11 Lives In Kenya
A Mombasa Air Safari aircraft crashed in Kenya on Tuesday, killing all 11 people on board — eight Hungarians, two Germans, and a Kenyan pilot. The airline confirmed there were no survivors and expressed deep sorrow over the tragedy.
Rescue teams rushed to the scene, but all efforts to save passengers were unsuccessful. Officials have launched a full investigation to determine the cause of the crash and prevent future incidents.
Nigeria Introduces 10% Tax On Short-Term Investment Interest
The Federal Inland Revenue Service (FIRS) has ordered banks and financial institutions to withhold 10% tax on interest from short-term securities like treasury bills and corporate bonds, previously tax-exempt. Investors can claim credits unless the tax is final, while federal government bonds remain exempt. FIRS warned non-compliance could attract penalties.
The move aims to widen Nigeria’s tax base and boost government revenue. Yield-seeking investors may need to reassess returns on short-term instruments.
