World Business Today (8 Dec 2015)

1.Mixed feelings as Nigeria’s cabinet agrees on 6 trillion naira budget for 2016:
Nigeria’s cabinet has decided on a 6 trillion naira ($30.3 billion) budget for 2016, the planning minister said on Monday, marking a 1.5 trillion naira rise on last year despite low oil prices that have hammered Africa’s biggest economy.

2.Oil crashed to a fresh six-year low last night as markets digested the outcome from Friday’s big OPEC meeting:
On Monday afternoon in New York, West Texas Intermediate crude futures fell 6% to as low as $37.59 (£24.99) per barrel.The previous low, reached in August, was $37.75 (£25.09).

3.OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In:
For months, many executives at the world’s largest oil producers have been talking about prices staying lower for longer. After OPEC’s decision to keep pumping full pelt that could become lower for even longer.

4.Ghana’s utility regulator lifts tariffs for electricity:
Ghana’s utility regulator increased tariffs for electricity and water by up to 89 percent on Monday in a renewed bid to attract competitive private investment to the sector as the West African nation grapples with a crippling power crisis.

5.Stalled Nigerian Petroleum industry bill broken up, new draft divides state giant:
Africa’s biggest oil producer has been trying to pass a new oil law for years but lawmakers have never agreed on every aspect of the 200-page Petroleum Industry Bill (PIB).

6.FG Pegs oil benchmark at $38 per barrel, 2.2m barrels per day for 2016:
The Federal Government on Monday pegged the benchmark oil price for the 2016 budget at $38 per barrel with an estimated daily output of 2.2 million barrels.

7.Rio Tinto Cuts Capital Spending Forecast to $5 Billion Next Year:
Rio Tinto Group, the second-largest mining company, cut its capital expenditure forecast for 2016 as the producer strives to balance shareholder returns with investing in projects.

8.South Africa Current-Account Gap Worsens to 4.1% as Imports Gain:
South Africa’s current-account deficit widened to 4.1 percent of gross domestic product in the third quarter as consumers boosted imports of mobile phones and cars and dividend payments to foreign investors increased.

9.Stocks Drop With Yuan as China Exports Add to Woes Amid Oil Rout:
NEW YORK—Oil prices plunged to near seven-year lows Monday on expectations that producers around the world will continue pumping crude at near-record levels in an already oversupplied market.

10.Dropbox is shutting down its Mailbox and Carousel apps:
Mailbox was an email client, and Carousel was a standalone photo management app.