Business
Brent crude falls below $100 on hopes of fresh Iran peace talks
Oil prices fell on Friday after it appeared a second round of Middle East talks was back on, bolstering prospects for an end to a war that has crippled energy shipments from the Gulf.
Equities traded mixed, however, with the tech-heavy Nasdaq Composite rising in New York thanks to a surge in stocks of chip manufacturing firms like Intel, which saw its shares rocket 25 percent higher after it smashed quarterly earnings expectations.
Oil prices had been climbing earlier as investors worried about a lack of progress in ending the Middle East crisis, with Tehran keeping the Strait of Hormuz closed and the US maintaining a blockade of Iranian ports.
But they dropped on reports Iran’s Foreign Minister Abbas Araghchi was to arrive in Islamabad on Friday night.
Brent crude, the international benchmark contract, fell back below $100 a barrel.
“Investors are anchoring themselves to this good news and seem to be happy to buy risky assets, as it suggests a de-escalation of the situation ahead of the weekend,” said Kathleen Brooks, head of research at trading platform XTB.
The Pakistan capital has been gearing up for an anticipated second round of talks between the United States and Iran, but it was not clear whether Araghchi and the delegation accompanying him would meet any US officials.
Sentiment was also boosted by Israel and Lebanon agreeing to extend their ceasefire for three weeks.
Wall Street’s three main indices climbed as trading got underway in New York, with the tech-heavy Nasdaq Composite rising 0.7 percent.
Global stock markets have recently managed to recover the heavy losses they suffered at the start of the war, with first-quarter earnings in many cases beating estimates and helping the S&P 500 and Nasdaq set fresh records.
Chipmakers in particular continue to outperform thanks to continued optimism about growth in the artificial intelligence sector.
“There has been a record 17-day rally in semiconductor stocks, which is a record,” said Brooks.
The jump in Intel shares came after the chipmaker, which was late to the AI game, forecast rising revenue on continued strong demand for its chips used in data centres.
Shares in Meta dipped while those in Microsoft rose after the companies announced layoffs as they pour massive sums into AI.
Meta plans to cut a tenth of its workforce, or 8,000 people, and Microsoft will offer buyouts to 8,750 employees in the United States, or seven percent of its US workforce.
“It is worth noting that these job cuts have more to do with overhiring during Covid rather than an AI revolution,” Brooks said.
“The cost reductions from these job cuts is a drop in the ocean compared to what Meta and Microsoft are spending in AI investment, and the market may not be too impressed with this news for long,” she added.
Investors were also looking to position themselves ahead of next week’s slew of earnings from US tech titans Alphabet, Meta, Microsoft, Amazon and Apple.
European stocks were mostly lower in afternoon trading.
Frankfurt’s DAX managed to hold steady despite data showing that German business morale had fallen to the lowest level since the Covid pandemic.
“The German economy is being hit hard by the Iran crisis,” said Ifo president Clemens Fuest. “Companies are considerably more pessimistic about the coming months.”
– Key figures at 1345 GMT –
Brent North Sea Crude: DOWN 0.7 percent at $98.63 a barrel
West Texas Intermediate: DOWN 1.1 percent at $94.76 a barrel
New York – Dow Jones: UP 0.1 percent at 49,364.93 points
New York – S&P 500: UP 0.4 percent at 7,136.33
New York – Nasdaq Composite 0.7 percent at 24,608.96
London – FTSE 100: DOWN 0.5 percent at 10,408.32
Paris – CAC 40: DOWN 0.7 percent at 8,166.47
Frankfurt – DAX: FLAT at 24,165.98
Tokyo – Nikkei 225: UP 1.0 percent at 59,716.18 (close)
Hong Kong – Hang Seng Index: UP 0.2 percent at 25,978.07 (close)
Shanghai – Composite: DOWN 0.3 percent at 4,079.90 (close)
Euro/dollar: UP at $1.1704 from $1.1684 on Thursday
Pound/dollar: UP at $1.3494 from $1.3465
Dollar/yen: DOWN at 159.60 yen from 159.72 yen
Euro/pound: DOWN at 86.72 pence from 86.76 pence
AFP
Business
Lekki Port Phase 2 construction set for kick-off, says Lagos govt

By Godwin Oritse
Lagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub.
Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the State’s commitment to expanding critical infrastructure and attracting investment.
He explained that the expansion of the Port will significantly enhance cargo handling capacity, strengthen maritime trade, and deepen Lagos’ role as a gateway to the African Continental Free Trade Area (AfCFTA) market of over 1.4 billion people.
He stated: “With AfCFTA creating a market of over 1.4 billion people and a combined GDP exceeding $3 trillion, Lagos occupies a uniquely strategic position.
“The Lekki Deep Sea Port, within five years, is moving to phase two because it is almost reaching the full potential of its installed capacity. And just within five years, it is moving to phase two. These are not just aspirations but projects that have been implemented and are under implementation. They have been funded, progressing, and transforming the investment landscape of our State”.
In his remark, the Managing Director, Lekki Port, Wang Qiang, commended the Lagos State Government for maintaining a stable and investment-friendly environment.
He noted that the next phase of development will play a key role in expanding the port’s operational and cargo-handling capacity, improving logistics efficiency along the Lekki corridor, and attracting additional global shipping and logistics investments.
Qiang noted that the expansion aligns with Nigeria’s broader trade facilitation agenda and the increasing demands of regional and international shipping networks.
He stated: “We are deeply encouraged by the continued support of the Lagos State Government, whose infrastructure-led policies have created a stable and forward-looking environment for long-term maritime investment.
“The commencement of the next phase of development represents a significant milestone in our journey to expand capacity, enhance operational efficiency, and strengthen Lekki Port’s position as a premier gateway for West African trade under the AfCFTA framework.”
The post Lekki Port Phase 2 construction set for kick-off, says Lagos govt appeared first on Vanguard News.
Business
NNPCL, security agencies intensify crackdown on pipeline vandals

By Udeme Akpan & Obas Esiedesa
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and security agencies have intensified efforts to combat pipeline vandalism following the discovery of a damaged section of the Nigerian Pipelines and Storage Company (NPSC) crude oil pipeline at Pai Community, Kwali Area Council of the Federal Capital Territory (FCT), Abuja.
The joint inspection involved NNPC’s Industry-wide Security Architecture (IWSA), NPSC, the Office of the National Security Adviser (ONSA) Special Prosecution Team (SPT), the FCT Police Command, the Nigerian Army and other security stakeholders.
The exercise was aimed at assessing the extent of damage, advancing investigations and strengthening coordinated measures to protect critical national energy infrastructure from economic sabotage.
The visit followed the arrest of three suspected pipeline vandals in Piri and Pai communities through a joint operation involving ONSA’s Special Prosecution Team, the FCT Police Command and NNPC Ltd.’s IWSA.
NPSC, a subsidiary of NNPC Ltd., operates more than 5,000 kilometres of crude oil and petroleum products pipelines across Nigeria. However, pipeline attacks have increased in recent years, with criminal groups targeting infrastructure for illegal removal and theft.
Industry records show that 19 pipeline vandalism cases were recorded in 2025, leading to the theft of about nine kilometres of pipeline sections along the Enugu-Makurdi-Yola route and the Piri-Izom section of the Warri-Kaduna pipeline corridor.
So far in 2026, five cases have been reported, including incidents around Piri-Kwali and Gwagwalada along the Warri-Kaduna crude oil pipeline route, as well as Badanga on the Jos-Gombe pipeline corridor.
Speaking during the inspection, Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, represented by Chief Interface Officer, Dahiru Sani-Gwarzo, said the arrests represented an important step towards dismantling criminal networks behind attacks on energy infrastructure.
He said the security architecture was focused not only on apprehending those directly involved but also identifying sponsors and receivers of stolen pipeline materials.
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Business
MTN Nigeria committed to transparency, consumer education — CEO

By Peter Egwuatu
MTN Nigeria, MTNN Plc, has expressed its commitment to transparency and consumer education in its drive to strengthen trust, and promote greater digital literacy as data continues to play a central role in everyday life.
Dr Karl Toriola, Chief Executive Officer, MTNN, stated this at its public engagement platform code-named Data on Trial designed to address consumer concerns about mobile data usage, billing transparency, and digital consumption, stressing that the organisation is committed to transparency in both its financial performance and operations since it is a quoted company on Nigerian Exchange Limited, NGX.
He stated: “Data on Trial was created based on a simple belief. Trust, with our customer, grows when they are given access to the information and they are allowed to make up their mind about it. Today’s event is an opportunity for everyone to understand the facts, understand the technology behind what delivers technology in real time, and to ask the most difficult questions and hear different perspectives”.
Throughout the event, MTN’s technical experts responded to questions frequently raised by consumers, including concerns around data depletion, billing accuracy, background application activity, automatic updates, cloud synchronisation, video streaming, and multi-device connectivity.
The post MTN Nigeria committed to transparency, consumer education — CEO appeared first on Vanguard News.
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