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Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks

Oil prices rose on Friday and were on track for a fourth monthly gain ?as traders braced for a potential escalation in the US-Iran conflict after the US midterm elections, with an attack on a tanker in the of Hormuz highlighting supply risks from the war.

Brent crude futures for December , which expire on Friday, were up $2.26, or 2%, at $117.14 a barrel as of 1236 GMT. The more active January contract gained $2.30 to $113.10.

US West Texas Intermediate (WTI) crude futures climbed $1.94, or 1.9%, to $103.94.

For the month, Brent was on course to finish 13% higher, while WTI was heading for ?a 15% jump.

‘The oil market is getting increasingly spooked as we approach the midterms,’ said Ole Hansen, head of commodity strategy at Saxo ?Bank. Some investors and analysts are expecting another resumption of US attacks on Iran after the elections, he said.

On Friday, a ?tanker in the Strait of Hormuz – the key sea outlet for Gulf crude and fuel supplies – was hit by explosive devices attached by a small boat, ?the UKMTO said. It was not immediately clear who was behind the attack.

It was the first known successful strike using limpet mines, explosives which are attached ?to a ship’s hull by a small boat, in the waterway since the US war with Iran began in February, maritime sources said.

‘Continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,’ said Saul Kavonic, head of energy research ?at MST Marquee.

Centre for Change condemns attack on Sowore in Ekiti

The Centre for Change, led by Dr. Joe Okei-Odumakin, has condemned the alleged attack on the African Action Congress (AAC) presidential candidate, Comrade Omoyele Sowore, at a restaurant in Ado Ekiti, Ekiti State.

Sowore was reportedly attacked by by suspected political thugs shortly after conducting an interview at Midas FM 90.5.

In a statement dated October 30, 2026, the organisation described the incident as an indication of intolerance towards dissenting voices.

It said the incident was not merely an attack on an opposition political candidate but also an assault on democratic freedoms, political participation and the fundamental rights of Nigerians.

The Centre expressed concern that the alleged violence occurred at a time when political activities were intensifying ahead of the 2027 general elections.

It warned against a situation where cult groups, hired thugs and firearms replace democratic engagement, citizens’ freedom to organise and political debate.

‘Our democracy was bought with blood. We therefore cannot continue to spill the blood of our citizens for its sustainability,’ the statement said.

The organisation called for an immediate investigation into the allegations and demanded that anyone found culpable be brought to justice.

Troops kill 48 ISWAP fighters, seize weapons, ammunition in Borno, Yobe fierce gun battles

Nigerian troops killed 48 Islamic State West Africa Province (ISWAP) terrorists and seized a large quantity of weapons and ammunition as they repelled coordinated attacks on military bases by the insurgents in Borno and Yobe states.

The terrorists had launched the coordinated attacks on troops stationed in Bitta, Gwoza Local Government Area of Borno State, and the North East Theatre Training School (NETTS) in Buni Yadi, Gujba Local Government Area of Yobe State between October 29 and 30, 2026

But the Nigerian Army, in a statement by Acting Media Information Officer of the Operation HADIN KAI task force, Capt. Mohammed Goni, said the troops repelled the attacks with the terrorists suffering heavy losses and losing their prized weapons.

Goni said troops repelled the attempted assault on their position in Bitta on the night of Oct. 29 through a coordinated response involving ground forces and air support.

He added that the troops also launched a counter-offensive against a large concentration of ISWAP fighters who attacked Natt Buni Yadi from Oct. 29 into the early hours of Oct. 30.

Goni said the five-hour battle against the terrorists was coordinated by the Theatre Command, with intelligence, surveillance, target acquisition and reconnaissance capabilities integrated with air and ground assets.

He added that the operations led to killing of 48 terrorists, while troops recovered 42 AK-47 rifles, five PKT machine guns, four general-purpose machine guns and one 60mm mortar.

Other items recovered included 105 AK-47 magazines, two video cameras and assorted ammunition.

The ammunition comprised 30 rounds of 12.7mm armour-piercing incendiary ammunition, 2,738 rounds of 7.62mm special ammunition, 223 rounds of 7.62mm NATO ammunition and 2,054 rounds of PKT ammunition.

However, Goni said one soldier was killed during the engagements, while two others sustained minor injuries and were responding to treatment.

The spokesperson said troops’ morale remained high as operations continued to deny terrorists freedom of action across the theatre while the engagements was a significant setback to the operational capabilities of the insurgents.

32 AI-powered teams compete in virtual football tournament [PHOTOS]

Artificial intelligence took to the virtual pitch at the AWS Agentic Football Cup. Organized by AWS User Group Baku with Azercell’s support, the tournament featured 32 teams competing with AI-powered football squads they had developed.

With guidance from Amazon Web Services (AWS) mentors, participants developed virtual football squads with five AI agents each. During matches, the agents independently made tactical decisions about passing, attacking and defending. Participants analyzed match results to refine their code and strategies, while AWS mentors helped to enhance their technical solutions and explore the capabilities of cloud technologies.

The tournament brought together students, engineers and aspiring developers to exchange knowledge. By combining football with coding, the competition provided an excellent platform for participants to observe how their AI agents responded to changing match conditions. Also, they gained hands-on experience in developing agentic AI solutions and deploying them on the AWS cloud platform. Three winning teams were selected at the end of the tournament.

By supporting this initiative, Azercell invests in the development of local talent in AI and cloud technologies, contributing to the growth of Azerbaijan’s technology community and the country’s wider digital ecosystem.

Makinde unveils agenda in Southeast promises to train one million youths

Allied Peoples Movement (APM) presidential candidate Seyi Makinde yesterday unveiled his agenda with a promise to train one million Nigerian youths in employable skills.

The training of one million youths is part of the four-point agenda to reset the economy rejig the security architecture education system and socio-political space if elected president on January 16.

Makinde made the pledge during the Southeast Town Hall of the Makinde/Daura 2027 presidential campaign in Enugu.

He explained that the plans outlined in his manifesto would tackle unemployment poverty and economic hardship while rebuilding public trust in government.

The presidential hopeful who is the current governor of Oyo State said his campaign team consulted Nigerians across the six geopolitical zones to develop a manifesto that reflects their expectations and addresses the country’s challenges.

The manifesto according to him will be unveiled on November 4 2026.

‘We don’t just manufacture things from the sky. We listen to our people we hear from them what they would like to see and we incorporate it into our agenda’ he said.

Makinde identified the four pillars of his proposed reset agenda as economic reform restructuring the security architecture improving the educational system and transforming the socio-political space.

He argued that sincerity in governance would significantly reduce the country’s challenges and help bridge the trust deficit between leaders and citizens.

‘To deal with those challenges 30 per cent of it will go away just by being sincere. When we take those challenges and we deal with them with sincerity 30 per cent will go away on its own’ Makinde said citing his experience in Oyo State as evidence that public confidence could be restored through honest leadership and fulfilled promises.

He urged Nigerians to reject religious and ethnic divisions stressing that the country’s problems affect citizens regardless of their backgrounds.

‘The challenges we are faced with do not know religion do not know ethnicity’ he said adding that government must create opportunities for young people to overcome hunger unemployment and poverty.

As part of his youth empowerment plan Makinde announced a partnership with Skill Research Nigeria to train one million young Nigerians in skills that could improve their employment prospects.

‘We have one million youth that we want to train on skills that can get them employed almost immediately’ he said urging interested youths to access the programme through the organisation’s online platform.

On the economy the APM candidate said Nigeria must move away from sharing revenue allocations towards expanding production supporting manufacturers and creating sustainable jobs.

He expressed concern about high borrowing costs and the lack of long-term financing for businesses particularly manufacturers in the Southeast.

‘You cannot expand manufacturing where millions are employed at 25 per cent interest rates and no long-term facility. Those two challenges we will tackle and tackle decisively’ he said citing Nnewi and Onitsha as examples of Southeast commercial centres where manufacturing and trading contribute to economic activity.

Makinde who said he had been paying salaries since entering the private sector at 29 maintained that government should create an enabling environment for entrepreneurs to establish and expand businesses.

‘The job of the government is to create an atmosphere a conducive atmosphere for businesses to thrive. And that is exactly what we will do’ he said.

He also questioned why Nigeria continues to borrow despite government claims of substantial foreign reserves and improved revenue collections.

The presidential hopeful argued that economic performance should be measured by its impact on citizens and productive businesses.

He called for greater transparency in communicating the country’s financial situation and addressing the hardship confronting Nigerians.

The governor further alleged that opposition parties had faced attempts to undermine their activities through the destruction of campaign posters and billboards and disruptions at political events.

He urged supporters to remain committed to the democratic process saying: ‘Let them pull the posters down. Let them destroy your billboards. But please have your voter’s card and your thumb. They cannot pull your thumb from you. And that is what you will use to send them away.’

Makinde acknowledged that the Southeast is widely associated with support for Peter Obi but insisted that his campaign would present its proposals to voters in the region.

‘When we were coming here we were almost discouraged. ‘Oh this is the zone for my friend and brother His Excellency Peter Obi.’ And the Southeast is totally for him.

‘We said well we definitely will bring our message also to the Southeast’ he said.

Earlier APM National Chairman Yusuf Mamman Dantalle said Nigerians are experiencing severe economic hardship and need a change in leadership.

‘We were buying fuel at N185 before Tinubu came but today we are buying almost N1400’ he said citing rising fuel prices struggling industries and worsening insecurity as evidence of the country’s difficulties.

Dantalle argued that transport support for some civil servants could not adequately address the hardship affecting the wider population insisting that manufacturers needed policies that encouraged domestic production.

He urged Nigerians to support Makinde as a youthful presidential candidate capable of transforming the country and appealed particularly to women to back the APM ticket.

Zik’s Mausoleum abandoned, overgrown with weeds

Zik’s Mausoleum, the final resting place of Nnamdi Azikiwe, first President of Nigeria and the Owelle of Onitsha, currently needs immediate attention as bushes, weeds, as well as all manner of abandoned trucks and other vehicles have taken over the entrance gate of the edifice.

The BusinessDay Investigations on Thursday also revealed that the premises facing the edifice on the left side have grown green and bushy, which deserves urgent attention to clear and remove.

Recall that the place for the Mausoleum was mapped out by the late Zik himself when he was alive as his final resting place, and he erected some structures before his demise on May 11, 1996, at the age of 92.

During his burial in 1996, when the Federal Government decorated him as a Field Marshall, late General Sani Abacha, the then Military Head of State, represented by the Chief of General Staff, late Lieutenant-General Oladipo Diya, announced that the Federal Government had awarded a contract for the expansion and beautification of the Mausoleum in honour and recognition of Zik’s contributions towards the unification of the Nigerian nation.

The initial contract for the construction of the Zik Mausoleum was awarded in 1997 by the Abacha regime to Messrs Lemmy Akakem for N350 million.

It was abandoned and overtaken by weeds until it was re-awarded in 2013 by the then President Goodluck Jonathan regime to a French construction company at N1.49 billion.

President Muhammadu Buhari, upon coming to power in 2015, gave a marching order to his Works Minister, Babatunde Fashola, that the contractor must deliver the job by October 2018.

Eventually, the late Buhari completed the project and inaugurated it to the delight of Ndigbo and Nigerians in general.

The Zik Mausoleum consists of the museum housing Zik’s grave and an administrative unit on two floors.

The administrative block is made up of a reception, offices, conference halls, VIP lounge, museum-cum-archives, video display room, research, library, documentation section, and conveniences.

The Zik Mausoleum follows in the line of the Mausoleum at Halicarnassus, the grave of King Mausolus of Persia, one of the Seven Wonders of the Ancient World.

But after the completion and commissioning ceremony, the project appeared to have been abandoned to its fate, allowing the entire compound to be overgrown with weeds as of the time of filing this report.

In the compound, one of the security guards disclosed that apart from the ongoing renovation of one of the buildings behind the Mausoleum being carried out by Zik’s wife, both the Federal and Anambra State Governments had not shown any concern in keeping the place tidy, not to mention upgrading it to a tourist attraction centre.

The security guard lamented that for years now, nothing tangible is happening at the compound as the Museum, the Library and the Hall are not functional but under lock and key.

He added that many visitors and tourists, who came all the way from Asia, Europe, Africa and other parts of the world, usually end up making uncomplementary remarks against Nigeria’s Government and the entire citizens for not recognising Zik’s personality as the father of ‘One Nigeria.’

Those who spoke along the same vein said: ‘Of course, the man called Zik of Africa in his lifetime would not be happy in the grave as per what his dear country has turned out to become’.

According to one of them, ‘the Zik Mausoleum, Zik’s resting place, in Onitsha, Anambra State, is a crucial metaphor that tugs at the challenges attending to the demise of a pan-Nigerian essence.’

They lamented that the final resting place for Nnamdi Azikiwe, the only black Governor-General of Nigeria, the first President and Commander-in-Chief of the Armed Forces, the only Nigerian whose name appeared in the Constitution of Nigeria, among many other sterling firsts, could not be properly maintained and advanced to the level it deserves as a tourist place.

Landlocked Botswana looks to secure fuel from Nigeria’s Dangote refinery

Botswana is negotiating to buy fuel from a wide range of sources including Nigeria to safeguard its supply from war-related shocks and increase its options, according to its energy minister.

The nation has already struck deals with Oman and had now held talks with its neighbors and Aliko Dangote, whose Lagos refinery ramped up production in February.

Botswana is looking at alternatives to receiving fuel via South Africa, including bringing it in via a pipeline which Dangote plans to build from a terminal in the Namibian port of Walvis Bay.

‘Because we are clear that we never want to have any fuel insecurity, we’ve engaged Dangote, we’ve engaged Angola, we’ve engaged Cote d’Ivoire to ensure that they can supply us,’ she said in an interview in Gaborone, the capital. A deal with Oman resulted in the delivery of the first shipment from OQ Trading Ltd. earlier this month.

Physical shortages of fuel and skyrocketing pump prices are sensitive issues for nations in Africa, where transportation costs consume a large portion of household budgets.

Governments have struck exclusive supply deals with traders including Vitol Group with the aim of avoiding outages.

Botswana has typically received fuel via South Africa and is looking at alternatives, including bringing it in via a pipeline which Dangote plans to build and will run from a terminal in the Namibian port of Walvis Bay through southern Africa, according to Kenewendo.

‘We have diversified our routes to Mozambique and to Namibia, and in order for those routes to work properly, we need to have good storage facilities, coastal storage facilities, in both areas,’ she said.

Villaflor, Amora punch tickets to round of eight

National University’s Clarence Villaflor opened his bid for the inaugural University Athletic Association of the Philippines men’s badminton singles title with a 21-8, 21-4 win over University of the Philippines’ Josh Dupet in the Round of 16 on Friday at Gameville Central Park in Mandaluyong City.

Villaflor, bronze medalist in the 2026 Azerbaijan International Challenge, needed just 24 minutes to defeat the Fighting Maroons co-captain.

The NU shuttler will face La Salle’s Lovic Javier in the quarterfinals on Saturday.

Adamson University’s Steveric Muring and John Vincent Saturinas also advanced, defeating University of Santo Tomas’ Ivan Tuazon, 21-10, 21-10, and Clark Brillantes, 21-12, 21-17, respectively.

Muring will face UP skipper Shan Clar, while Saturinas takes on Ateneo’s Lance Vargas.

Ateneo’s Zeth Quiambao advanced with a 21-15, 21-15 win over La Salle’s Joshua Cuarte and will meet NU captain Lanz Zafra, who received a first-round bye.

In doubles play, NU’s MJ Perez and Jacinth Paul Ruedas defeated UST’s John Vincent Espinoza and Manuel Fulmentera, 21-17, 21-18, setting up a quarterfinal showdown with La Salle’s Karl Contreras and Gift Linaban.

NU’s Ben Dictado and John Benedict Gam scored a 21-18, 21-12 win over La Salle’s Rey Nier Dalimo-Os and AJ Lorenz Jurada to advance against Ateneo rookies Wijel Albo and Rolan De Guzman.

Ateneo’s Lyrden Laborte and Robby Ramos defeated UP’s JM Amerodin and Joshua Martinez, 21-12, 21-12, to arrange a quarterfinal clash with Adamson’s Prince Betaisar and Jasper Manlangit.

UP’s Arjay Lazareto and Ryan Mendoza averted a shutout with a 21-18, 21-15 win over UST’s Ron Galve and Bien Miraflor. They will face Adamson’s John Paul Badang and Eur Cabanducos.

Amora, Fuggan march on

National University’s Sab Amora advanced to the women’s singles quarterfinals with a 21-16, 21-11 victory over Ateneo’s Jochelle Alvarez.

Amora will face La Salle’s Lady Tuario in the quarterfinals on Saturday.

University of the Philippines’ Brys Fuggan defeated NU’s Karyll Rio, 21-18, 21-15, and will next meet Ateneo captain Althea Ocampo.

UP’s Anthea Gonzalez swept Adamson University’s Abby Barcelona, 21-16, 21-14, to arrange a quarterfinal clash with UST’s Angelica Racca.

Adamson rookie Roshella Quierez defeated DLSU’s Kim Lagare, 21-10, 21-12, and will face UST’s Angel Vitangcol in the next round.

In women’s doubles, UP seniors Kimberly Lao and Susmita Ramos defeated Adamson’s Camille Buagas and Jennifer Ondol, 21-12, 21-16. They will face UST’s Marielle Alvarez and Harlene Herbabuena in the quarterfinals.

Adamson rookies Mary Destiny Untal and Jasmine Reformina also advanced with a 21-8, 21-11 win over DLSU’s Ghiselle Bautista and Erin Vitangcol. They will meet NU’s Tia Bualat and Lee-Anne De Leon.

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Ateneo also secured two women’s doubles quarterfinal spots. Althea Hernandez and Angel Valle defeated DLSU’s Alphecca Espe and Venice Salapong, 21-8, 21-16, to set up a meeting with NU’s Naeomi Gulpany and Harlene Diaz.

Daena Castro and Andrea Hernandez beat UST’s Hanie De Jesus and Christine Dorega, 21-15, 21-11, and will face UP’s Pat and Krissa De Leon.

Dizon inspects Naia T1 ahead of Undas 2026 travel rush

Transportation Secretary Vince Dizon inspected Ninoy Aquino International Airport (NAIA) Terminal 1 on Friday as the country’s main gateway prepares to handle around 1.2 million travelers during the Undas travel period.

‘Nandito po tayo ngayon sa Naia Terminal 1 kasi nga direktiba ng Pangulo na siguraduhin natin na maging safe and comfortable at convenient ang biyahe ng mga kababayan natin,’ Dizon told reporters.

(We are here at Naia Terminal 1 because the President [Ferdinand Marcos Jr.] directed us to ensure safe, comfortable and convenient travel for our countrymen.)

The transportation chief inspected airport facilities, including the arrival area, immigration e-gates and surveillance systems, as authorities stepped up preparations for the holiday rush.

He welcomed improvements at the airport, particularly the renovated arrival area and automated immigration gates, which he said had helped speed up passenger processing.

Airport theft

Dizon, however, also raised concerns over airport security following the recent theft of a tourist’s belongings worth millions of pesos.

He said the suspect had been arrested and the stolen items recovered, adding that he had directed airport officials to strengthen surveillance measures to prevent similar incidents.

The transportation chief also said he would recommend expanding access to automated immigration e-gates to more passengers to help ease congestion.

Meanwhile, airport operator New Naia Infrastructure Corp. (NNIC) earlier projected that around 1.25 million passengers would pass through Naia from Oct. 27 to Nov. 4, with Friday expected to be the busiest day.

About 149,000 passengers were expected to use the airport on Friday alone, according to NNIC.

The airport operator said it would deploy additional security personnel, increase police and K-9 patrols, and maintain round-the-clock monitoring of airport operations during the holiday period.

Public assistance desks would also operate 24 hours a day at the arrival and departure areas of the airport’s three terminals.

Asian developers shift from size to focus as capital recycling becomes standard portfolio management

MAKATI CITY – Major property developers across Asia continue to recycle capital by selling or monetizing mature assets to finance new investments and expand recurring-income businesses, reflecting a shift in how the industry measures success: less by the size of the asset base, more by the quality of returns it generates.

The strategy has become an established component of the business models of regional property groups such as Hongkong Land, CapitaLand Investment and Keppel, which have set monetization targets or linked asset sales to growth investments, debt reduction and shareholder returns.

Capital recycling allows developers to recover funds tied up in completed properties rather than retaining every asset indefinitely. Depending on the transaction structure, companies may also continue earning management fees or maintain exposure to properties sold to investment funds or real estate investment trusts (REITs), allowing them to unlock capital without necessarily relinquishing every connection to the assets.

According to Jardine Matheson, an investment company, Hongkong Land provides one of the region’s clearest examples of a structured capital-recycling program. In October 2024, it announced plans to recycle up to US$10 billion in assets over 10 years, including a nearer-term target of at least US$4 billion by the end of 2027. By the end of February 2026, it had recycled US$3.6 billion, equivalent to 90% of that target.

The company intends to reinvest at least 80% of net proceeds in new growth opportunities, with up to 20% allocated to share buybacks. Its strategy also includes exiting its build-to-sell residential business, making its portfolio repositioning more extensive than asset monetization alone. Hong Kong Land’s chairman has described the changes as part of transforming the company into a more disciplined, capital-efficient and growth-oriented business. The company reported a total shareholder return of more than 60% for 2025, and its shares have roughly doubled since the strategy was announced [verify].

A report by EdgeProp indicates that Singapore-based CapitaLand Investment has likewise been monetizing assets while organizing its portfolio around investment management and recurring fee income. It recorded S$3.1 billion in divestments in 2025 and about S$5 billion in gross divestments in the first half of 2026, with additional non-core assets identified for potential future monetization.

Keppel, meanwhile, reported approximately S$14.5 billion in announced monetization from October 2020 through the end of 2025. It reported a return on equity of 18.7% in 2025, up from 14.9% a year earlier, and a total shareholder return of 58.5% for the year.

Based on the reports of Umbrex, a consulting platform, Japan’s Mitsui Fudosan offers another example of how capital recycling can operate alongside property development. The company develops or stabilizes assets before selling selected properties to investors, private funds or listed REITs, then redeploys the capital into new developments. The approach demonstrates that monetization can be integrated into a continuing development business rather than treated as an exit from property ownership.

What these companies have in common is a change in the measure of success. Rather than pointing to the growth of their asset bases, they cite returns on the capital employed: return on equity, the share of earnings from recurring income, and how efficiently each asset contributes to the whole. The objective is to hold the assets that earn the best returns, release capital from those that no longer fit, and put the proceeds to work where they can earn more.

For listed property companies, monetization can also reduce reliance on fresh borrowing or new equity to fund investment programs. The trade-off is that developers must weigh the capital released against the future rental income, potential appreciation and strategic value of the assets sold.

Regional peers have made this shift and have seen success. In the Philippines, where listed REITs and property-for-share structures are already part of developers’ toolkits, the same portfolio logic is available as a standard part of how property companies manage and allocate capital.

Ultimately, capital recycling is a portfolio-management tool rather than an end in itself. Its value rests on whether developers can convert capital tied up in existing assets into productive new investments, strengthen their financial flexibility and sustain the income streams that support their businesses over time.