Akintunde Oyedokun
Research Analyst
Oil prices closed higher Thursday, reversing early losses after the White House said President Trump was displeased with Russia’s overnight attacks on Ukraine that killed 21 people in Kyiv. Brent settled at $68.62 a barrel, up 0.8%, while WTI gained 0.7% to $64.60, recovering from earlier declines as Ukraine hit Russian refineries with drones.
The rebound followed Washington’s sharp response and came amid trader caution over India’s Russian oil imports after the U.S. raised tariffs on Indian goods.
Italian Consumer Confidence Weakens in August, Business Sentiment Holds Steady
Italian consumer morale dropped more than expected in August, with ISTAT’s confidence index slipping to 96.2 from 97.2, below forecasts of 96.6. In contrast, business sentiment remained stable at 93.6, as stronger services activity offset declines in manufacturing, retail, and construction. The mixed data comes as Italy’s economy contracted 0.1% in Q2, while the government recently cut its 2025 growth forecast to 0.6% amid rising global uncertainties.
India’s Industrial Output Hits 4-Month High in July on Strong Manufacturing
India’s industrial production rose 3.5% year-on-year in July, the fastest pace in four months and above the 2.1% forecast in a Reuters poll, government data showed. The growth was driven mainly by a 5.4% rise in manufacturing, while electricity output edged up 0.6% and mining contracted 7.2%.
Consumer durables surged 7.7%, reflecting urban demand pressure against steady rural consumption, while non-durables grew only 0.5%. Capital goods output rose 5%. However, cumulative growth for April–July stood at 2.3%, down from 5.4% a year earlier.
Aid Cuts Threaten Life-Saving Food for Malnourished Children in 4 African Nations
At least four African countries—Nigeria, Kenya, Somalia, and South Sudan—could run out of life-saving therapeutic food for severely malnourished children within three months, Save the Children has warned. Supplies of high-energy biscuits and peanut-based Plumpy’Nut are running dangerously low due to aid funding cuts, forcing some clinics to turn to less effective treatments.
The charity said the shortage could worsen child hunger at a time of rising global food insecurity, with up to 15.6 million people across 18 countries expected to lose access to nutrition support this year.
Nigeria Approves Lifetime Salary Package For Senior Retirees
The Federal Government has approved lifetime salary benefits for officers retiring from the rank of Deputy Controller, Comptroller, and Commandant-General. Interior Minister Olubunmi Tunji-Ojo announced the policy at the 2025 Ministerial Retreat in Abuja, saying it was sanctioned by President Bola Tinubu as part of ongoing welfare reforms.
He added that over 50,000 officers had been promoted in two years, with merit-based promotions, a new Fire Academy, and improved workplace wellness forming part of broader institutional reforms.
