November
Uganda election: Will Bobi Wine derail Yoweri Museveni’s sixth term bid?
As millions of Ugandans prepare to pick the country’s president this week, the stakes could not be higher. The run-up to Thursday’s vote has been marred by restrictions on campaigning, arrests of opposition figures and deadly violence. At least 54 people were killed in November as security forces put down protests by opposition supporters. Longtime President Yoweri Museveni, 76, is facing a strong challenge from popular musician-turned-politician Bobi Wine in his bid to secure a sixth, five-year term in office. Bobi Wine, whose real name is Robert Kyagulanyi Ssentamu, was just four years old when Museveni, a former rebel leader, came to power in 1986. In 2005, Uganda’s ruling-party-dominated parliament removed presidential term limits. And in 2017, lawmakers scrapped the age limit of 75 fo...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Governor Wike: PDP‘ll rescue Nigeria in 2023
Rivers State Governor, Nyesom Wike, said Nigerians have known clearly that the People’s Democratic Party (PDP), has their interest at heart with the commitment it has shown in fulfilling every promise made in ensuring an enduring improvement in their socio-economic situations. Governor Wike stated this at the commissioning of dualised Forces Avenue, Olumeni and Harvey Streets in Old Government Residential Area, Port Harcourt, by Sokoto State Governor, Aminu Tambuwal on Friday night. Governor Wike said the administration of his predecessor under the All Progressives Congress (APC), deliberately ignored the roads in the Old GRA of Port Harcourt, thereby leaving the area in blighted condition. Governor Wike stated that his conviction in developing the city and building it into world class sta...
Kano government reaffirms commitment to minimum wage, says deductions temporary
Kano state government has reaffirmed its commitment to the continuous implementation of the N30,600.00 minimum wage for civil servants. It however said, that deduction in November/December workers’ salary was a temporary measure informed by the drop in federal allocation and dwindling internally generated revenue occasioned by the COVID-19 pandemic. The state commissioner for Information, Malam Muhammad Garba who stated this in a statement, Thursday, indicated that the deduction was necessary to keep the government going in the face of the prevailing economic recession facing the country. “The state government took the measure instead of contemplating on paying half salary or in batches as obtained in other states or layoffs. “Similar temporary measure was taken, including cut in the allow...
US Democrat Senate wins push stocks higher despite Capitol chaos
Clean sweep by Democrats allows them to enact big-spending policies likely to benefit the economy, investors say. Global stock markets rose and bonds nursed losses on Thursday in anticipation of a big-borrowing and big-spending Democratic administration driving growth, following runoff elections that gave the party control of both houses of the United States Congress. On Wednesday, US Treasury bonds had suffered their steepest selloff in months after Democratic Party victories in two races in the state of Georgia handed them narrow control of the Senate and the power to pass their agenda. US S&P 500 futures rose 0.6 percent and Nasdaq 100 futures rose 0.9 percent as markets seemed to shake off a late fade that pulled Wall Street indexes back from fresh record peaks when chaotic protest...
Woman shot dead in US Capitol was a veteran and Trump supporter
The woman who died Wednesday of a bullet wound during the violent storming of the US Capitol was shot by police, authorities said. The only fatality tied to Wednesday’s unrest was the woman, reportedly a dedicated Donald Trump backer and air force veteran who was among a throng of supporters of the president that invaded the US legislature. Washington police chief Robert Contee said three other people, one woman and two men, had died Wednesday in the area around the Capitol, but did not link those deaths to the violence. Each of the three “appeared to have suffered medical emergencies which resulted in their deaths,” Contee told reporters. Contee said 52 people had been arrested Wednesday, 26 of them on the grounds of the Capitol, for curfew violations, unlawful entry and weapons charges. ...
Scottish leader Nicola Sturgeon questions Celtic’s Dubai trip
Agence France-Presse Scottish First Minister Nicola Sturgeon has questioned Celtic’s decision to jet off for a mid-season training camp in Dubai as the country struggles with tough coronavirus restrictions. The Premiership club insisted on Monday that they had received Scottish government approval for the trip. However, Sturgeon indicated the go-ahead was given in November, before tougher Covid-19 measures were put in place. “The rules have been — and they may need to change given the changing nature of the pandemic — that elite sports can go overseas for training camps if that’s important in the context of their training for competitions,” Sturgeon said at a media briefing on Tuesday. “I’ve seen a comment from the club that said it’s more for R (rest) and R (relaxation) than it is for tra...
Anambra election: PDP orders members to withdraw all litigations against party
File Photo The Peoples Democratic Party (PDP) has asked its members in court against the leadership of the party in Anambra to withdraw all litigations ahead of the November governorship poll in the state. The South-East National Vice Chairman of the party, Chief Ali Odefa, made the request in Awka during a meeting of the Zonal Working Committee with stakeholders in the state on Monday. Odefa said that it was in the overriding interest of the party for peace and unity to reign ahead of the poll. According to him, the party needs unity and cannot afford any court distractions, if it must form the next government in Anambra. He, therefore, urged the aggrieved party members to direct their complaints to the zonal leadership for amicable and dispassionate resolution. Odefa, who expressed satis...
Alibaba founder Jack Ma ‘missing’ after criticism of Chinese government
Chinese business magnate Jack Ma has reportedly gone missing for two months, Yahoo Finance reported early Monday. The seemingly awkward disappearance of the 56-year-old billionaire businessman from the public eye comes nearly three months after he made critical remarks about the ‘stifling of innovation’ by Chinese authorities through stringent regulations, which he said had outlived their relevance. “Today’s financial system is the legacy of the Industrial Age,” Yahoo Finance reported Mr. Ma to have said on October 24. “We must set up a new one for the next generation and young people. We must reform the current system.” The Alibaba and Ant Group founder, who has spent years advancing the course of an open and market-driven economy in the communist East Asian country, has not been seen in ...
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 borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
