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Polls open in Congo as main opposition party boycotts election

Polls have opened in the Republic of Congo’s presidential election that is boycotted by the main opposition party and attacked by critics as tilted toward veteran leader Denis Sassou Nguesso. Voting centres opened at 07:00 (06:00 GMT) and will close at 17:00 (16:00 GMT). More than 2.5 million voters have registered to take part in the election which Nguesso, 77, is widely expected to win against six contenders. The list of contenders is led by economist and 2016 presidential runner-up Guy-Brice Parfait Kolelas, who was hospitalised on Saturday. Kolelas’ campaign did not say what illness had struck the 60-year-old but a family member told the Associated Press he had been diagnosed with coronavirus. Nguesso, a former paratrooper, first rose to power in 1979 and has since accumulated 36 years...

Sudan announces new cabinet with ex-rebels as ministers

Sudan’s Prime Minister Abdalla Hamdok announced Monday a new cabinet bringing in seven ex-rebel chiefs as ministers, following a peace deal in October aimed to end decades of war. Veteran rebel leader and economist Gibril Ibrahim, of the Justice and Equality Movement (JEM) – which played a major role in the Darfur conflict – was appointed as Sudan’s new finance minister. “We have reached consensus on over 25 ministries,” Hamdok said, during a press conference in Khartoum. “This line up aims to preserve this country from collapse… we know there will be challenges but we are certain that we will move forward.” Hamdok dissolved the previous cabinet on Sunday to make way for a more inclusive line up in government. Two ministers were selected from the military, with the remaining coming from th...

Economist: Official exchange rate may depreciate to N420 to the dollar

The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021. Rewane was speaking at a virtual event tagged ‘Vantage Forum 2021’, organised by The Elevation Church (TEC) on Saturday. The economist also projected that the naira will exchange at N470 to the dollar at the parallel market. At present, the naira trades at N480/$ at the parallel market and N380 at the official rate operated by the Central Bank of Nigeria. This, he said, is based on a worst-case scenario where Nigeria produces 1.5 million barrels per day (bpd) with an inflation rate of 16.15 percent in the full year. “In the worst-case scenario, it goes the other way, in all cases you find that the average...

We paid N10 million to secure hospital bed space for Bolu Akin-Olugbade – brother

Sunmade Akin-Olugbade, the economist brother of late socialite and businessman, Bolu Akin-Olugbade, has alleged that the family had to cough up N10m before his brother could be allocated a bed space at a hospital in Lagos to be treated for Covid-19. Unfortunately, the Rolls Royce connoisseur gave up the ghost. Speaking to Asabe Afrika TV, Sunmade said his billionaire brother who had been away for most of 2020, arrived Nigeria from London in October hale and hearty and began attending parties against his advice. Bolu he said, would always dismiss his worries by telling him he had his face mask on. He said Bolu was doing fine until New Year’s Eve when he complained that he was feeling unwell. He was initially sent some bitter kola and ginger among other local herbs but it was his breathing d...

Joe Biden picks diverse team of top economic advisers

President-elect Joe Biden named former Federal Reserve Chair Janet Yellen as his Treasury secretary nominee on Monday, and named three women to other top economic posts, setting the stage for a more diverse White House. While Biden’s transition to the presidency on Jan. 20 appeared to be hitting its stride, he himself was hobbling after fracturing his foot while playing with his dog on Saturday and will wear a protective boot for several weeks, his doctors said. The incoming administration has been hampered for weeks by Republican President Donald Trump, who has refused to concede to Biden, a Democrat. Trump has said without providing evidence that the Nov. 3 vote was fraudulent, claims that state and federal election officials have dismissed. Biden named leading members of an economic tea...

Holiday shopping moves online amid surging coronavirus, retailers face shaky prospects

File Photo Long lines and crowds at shopping centers have been as much a Thanksgiving tradition as the turkey dinner, but this year, things could look different. As COVID-19 numbers continue to surge, rushing to brick-and-mortar retail stores might seem not so appealing to many, and the holiday shopping season is moving online. “More and more shopping was already moving online, but COVID-19 concerns are definitely accelerating the shift to online buying,” David Reibstein, a marketing professor from Wharton School at the University of Pennsylvania, told Xinhua. The trend is evident as shown by recent data. Walmart, the nation’s largest retailer, reported that its third-quarter e-commerce sales surged 79 percent from a year ago. Amazon, the largest e-commerce retailer, reported a 37 percent ...

Rollercoaster: Bitcoiners who missed rally feel relief and regret

Arianna O’Dell, a 30-year-old entrepreneur and songwriter based in New York City, had a tumultuous four-year journey in cryptocurrency before selling her investments in February. During her rollercoaster ride, bitcoin prices swung from less than $1,000 to nearly $20,000. O’Dell may not have made optimal decisions about when to buy or sell, and missed out on the recent rally – but said she does not regret that. Investing $2,705 worth of proceeds into her business was better than enduring the stress of daily fluctuations, even though the price has since doubled, she said. “Honestly, I’ve had more luck in Vegas than I’ve had with cryptocurrencies,” O’Dell said in an interview. She is part of a relatively new class of retail investors who joined the cryptocurrency market years ago, helping pro...

Nigeria invites bid for monitoring of spending of Abacha loot

File Photo The Federal Ministry of Justice on Thursday opened technical bids for Consultancy Service to monitor the implementation of Abacha loot III. Newsmen that the Consultancy Service is to undertake the monitoring of the implementation of the tripartite agreement on the Sharing, Transfer, Disposition, Repatriation and Management of the Abacha Forfeited Assets. Mrs Ladidi Mohammed, Head, Asset Recovery and Management Unit, Ministry of justice declared open the bidding process. Mohammed said the process is in tandem with the Asset Return Agreement of Feb. 3 by the Nigeria government, the United States and the Bailiwick of Jersey. ‘`This Agreement is based on international law and cooperation measures that set out the procedures for the repatriation, transfer, disposition and management ...