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_44477746_obasanjo_ap203i.jpgNigerian deals ‘wasted billions’
One was to a company with less than $200 of base capital at the time, a witness told a parliamentary committee. It is investigating why $16bn of investment in the energy sector during Olusegun Obasanjo’s eight years in power failed to end power shortages. Ex-President Abdulsalami Abubakar heads one of the firms, the committee heard. He is chairman of Energo Nigeria Ltd, which received a $163m contract to build a power station by 2009. According to a state official, only 5% of the work has so far been completed. (Continue Reading…)

Bear Stearns gets emergency funds
JP Morgan Chase will provide the money to Bear Stearns for 28 days with the Federal Reserve of New York’s backing. JP Morgan is also trying to get long-term financing for Bear Stearns. Bear Stearns’ problems stem from the global credit crunch and the worry is that other lenders may also have major funding problems, analysts said. (Continue Reading…)

China warning on Tibet protests
Braced for possible further disorder, officials warned what they called the “plot of the separatists” would fail. They also denied police had opened fire on crowds that torched Chinese-owned shops in Tibet’s main city, Lhasa. China’s Xinhua news agency said the dead were “innocent civilians” who had been “burnt to death”. Lhasa had “reverted to calm” early Saturday, the agency reported, in the worst unrest there in nearly 20 years. It said electricity and telephone services, which were cut for parts of Friday, were also being restored. (Continue Reading…)

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