Consumption
Iran’s smog, blackouts made worse by power-sapping crypto mining
Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure
Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...
Nigerian government exempts Dangote from border closure – report
The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The move has, however, raised hopes that Nigeria may be opening up trade with neighbors after a year-long blockade. The administration of the President Muhammadu Buhari gave its authorisation for Africa’s biggest producer to export cement to Niger and Togo in the third quarter for the first time in ten months, Michel Puchercos, chief executive officer, said on an investor call in Lagos. The export was made possible “through authorisation given by this administration,” he said. The exemption to Dangote Cement is seen as a softening of the government’s position on a border closure that started in ...
Nigeria seeks to halt looting amid fury over ‘food warehouses’
Nigerian security forces are struggling to contain increasing cases of looting on government-run warehouses across the country, in the latest incident of unrest following widespread, youth-led protests against police brutality. The storage facilities hold tonnes of relief materials including food meant for distribution during lockdowns previously enforced to stem the spread of the novel coronavirus. While the distribution programme had been temporarily halted across several states in the country in recent months, it emerged this week relief items were still stored in some of these facilities, as well as the private homes of politicians. The news angered many in the country with the biggest number of people living in extreme poverty globally. “The food items belong to Nigerians. Why are the...
China loans: Nothing bad in borrowing – minister
Minister of Information, Lai Mohammed, has declared that there is nothing wrong in borrowing. He said what matters is that funds are invested in infrastructure rather than services or consumption. The minister insisted that Nigeria is effectively utilizing the funds it borrowed from China and elsewhere for infrastructural development and job creation. Mohammed spoke at the construction site of the Ibadan Train Station on Saturday. He inspected the Lagos-Ibadan Standard Gauge Rail Project with his Transportation counterpart, Rotimi Amaechi. “We didn’t borrow money for services or overhead expenditure. We borrowed money for capital projects: rail; roads; bridges; power – infrastructure generally,” he said. Mohammed expressed delight at the level of work on the train stations and the modern c...
Nigerians dying quietly from toxic preservatives in foods – scientists
Food processors and sellers across Nigeria are using toxic chemicals to improve the look of many food items, including cassava flour, beans and fish, scientists have said. The experts explained that with the practice, millions of people are subjected to the risk of experiencing kidney problems and cancer. They claim that weak government testing capacities and informal food supply chains leave traders and fishermen with little oversight and offer almost no protection to unwary consumers. Deputy Vice Chancellor (Research, Innovation and Strategic Partnerships), University of Ibadan, Professor Adenike Adeyemo, stated that many of the toxic chemicals are added as preservatives but are not safe for human consumption. Adeyemo, a professor of Aquatic Epidemiology and Toxicology, declared that the...
Suspected student lovers die in Imo after love making
The bodies of two lovers, Cynthia Obieshi, female, and Samuel Osuji, male, suspected to be students living around Federal Polytechnic, Nekede, Owerri, at JMJ Bus Stop, have been found lifeless after the police broke into their room. The incident, which happened on Sunday, the police through the State Police Public Relations Officer, PPRO, Orlando Ikeokwu, in Owerri, said that following their preliminary investigation that the two lovers might have taken drugs. However, the police said that the bodies of the deceased have been deposited at the morgue as the police confirmed that investigation has commenced on the matter. The police narrated: “On the 14/06/2020, at about 0900 hrs, acting on a report received at the Police station, operatives of the Divisional Police hqtrs, Nekede/Ihiagwa Div...
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