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UN Trade Agency Pushes To Curb Cryptocurrency Rise In Developing Countries

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The UN trade and development body, United Nations Conference on Trade and Development UNCTAD, has called for action to curb cryptocurrencies in developing nations, in three policy briefs published on Wednesday.

Although private digital currencies have rewarded some individuals and institutions, they are an unstable financial asset that can bring social risks and costs, the agency warned.

UNCTAD said their benefits to some are overshadowed by the threats they pose to financial stability, domestic resource mobilization, and the security of monetary systems.

Cryptocurrencies are an alternative form of payment. Transactions are done digitally through encrypted technology known as blockchain.

The use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic, reinforcing a trend that was already in motion. Some 19,000 are currently in existence.

In 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.

Ukraine topped the list with 12.7 per cent, followed by Russia and Venezuela, with 11.9 per cent and 10.3 per cent, respectively.

“Recent digital currency shocks in the market suggest that there are private risks to holding crypto, but if the central bank steps in to protect financial stability, then the problem becomes a public one,” UNCTAD said.

Furthermore, if cryptocurrencies continue to grow as a means of payment, and even replace domestic currencies unofficially, the “monetary sovereignty” of countries could be jeopardized.

President Buhari Reverses Authorization Of Seplat’s Exxonmobil Asset Purchase

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Nigeria’s President Muhammadu Buhari has reversed authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, intervening instead behind the regulator’s $1.3 billion transaction decline.

A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to be supported, and the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.”

“It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” spokesperson Garba Shehu told newsmen on Wednesday evening.

The NUPRC had on Monday said the proposed takeover of Mobil Producing Nigeria Unlimited by Seplat, an indigenous oil firm, was a regulatory matter and it had notified ExxonMobil the transaction could not go through.

“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains,” said a statement by NUPRC chief executive, Gbenga Komolafe.

“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.

Gas Prices Dip Just Below $4 For First Time In Five Months

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Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials.

AAA said the national average for a gallon of regular was $3.99 on Thursday.

Prices in the U.Shave dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.

The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.

Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.

Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia’s war against Ukraine.

Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June.

High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.

Prices at the pump are likely to be a major issue heading into the mid-term elections in November.

Pressure Grows On German Chancellor Over Tax Evasion Scam Ties

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Germany’s main opposition party has called on Chancellor Olaf Scholz to explain his role in a large-scale tax while he was mayor of Hamburg.

Scholz has been dogged by questions about meetings he had with private bank M.M. Warburg in 2016 and 2017. Hamburg officials later dropped demands for the bank to repay millions of Euros in tax refunds it had wrongly claimed for share trades.

Dozens of bankers are being investigated in connection with so-called cum-ex share transactions that are said to have cost the German state billions.

Scholz has denied wrongdoing and claimed not to recall details of his meetings with Warburg. But Thorsten Frei, a leading lawmaker with the center-right Christian Democrats, said recent revelations about 200,000 euros in cash being found in a safe belonging to a close party associate of Scholz raise further questions about the cum-ex affair.

The chancellor is holding his first annual summer news conference in Berlin on Thursday, during which the issue is likely to feature prominently.

Scholz, who was finance minister under Angela Merkel from 2018 to 2021 and became chancellor last December, will also face questions over Germany’s support for Ukraine, his government’s efforts to tackle inflation and a looming energy crisis and the coronavirus pandemic.

Edo State Varsity Disengages All Ad-hoc, Casual Workers

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The Management of the Ambrose Alli University, Ekpoma, Edo on Tuesday,  disengaged all ad-hoc and casual members of staff from the service of the university.

The university announced this via a Special Release  by the Acting Registrar of the university, Ambrose Odiase.

The university in the release, a copy of which was made available to the News correspondents in Benin, said it was abolishing the category of staff with immediate effect, to better reposition the institution.

“The management of Ambrose Alli University, Ekpoma in repositioning the university and in line with International Labour Law Conventions and best practices, hereby abolishes the position of Ad-Hoc and Casual Staff in Ambrose Alli University, Ekpoma, with immediate effect.

“In light of this, the university management hereby disengages from her employment, all ad-hoc and casual staff in Ambrose Alli university, Ekpoma.

“By this circular, all those affected, are to proceed to the Bursary department for the processing and payment of all outstanding allowances and stipends due to them by 2:00pm on Wednesday, Aug. 10.

The university management thanks all the erstwhile ad-hoc and casual staff of the university for their services and wishes them well in all their future endeavours,” it said.

Six New Faces To Watch In Serie A

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Paul Pogba #10 of Juventus dribbles the ball up the pitch against Chivas during their preseason friendly match at Allegiant Stadium on July 22, 2022 in Las Vegas, Nevada. Juventus defeated Chivas 2-0.

Another intriguing Serie A title race looks on the cards this season as Italy’s big boys have brought in some well-known names in a bid to dethrone champions AC Milan.

Let’s look at some of the most important new faces ready to make an impact ahead of the weekend’s kick-off:

Romelu Lukaku (Inter Milan)
Lukaku’s return to Inter was supposed to be part of a summer transfer campaign which would make them clear favourites for this year’s Scudetto.

However, their other two main targets, Paulo Dybala and Gleison Bremer were nabbed by Roma and Juventus respectively, leaving a big weight of expectation on Belgium striker Lukaku, who comes back to the Milan club with a reputation to rebuild after a dismal season at Chelsea.

He scored 64 times in 95 games in his previous two seasons at Inter and drove them to their first Serie A title in more than a decade, the 2021 crown ending both an 11-year drought and Juve’s grip on Italian football.

Paul Pogba (Juventus)
The France midfielder’s return to Turin from Manchester United was one of two big free-agent moves made by Juventus in the summer and a boost to Massimiliano Allegri despite a knee injury ruining his pre-season.

A meniscus injury in his right knee has pushed Pogba’s second Juve debut back a few weeks but with a World Cup looming in November and December, Pogba has reportedly decided against an operation before the start of 2023, leaving some worries over what kind of player Allegri will have at his disposal.

A Pogba on top form would close a gap in midfield which has been Juve’s weak point for some time.

Georginio Wijnaldum (Roma)
Roma have been riding the crest of a wave since winning the inaugural Europa Conference League last season, and the addition of Wijnaldum on loan from Paris Saint-Germain has made observers take Jose Mourinho’s team very seriously.

Some have even made them a dark horse for the league title now that the Netherlands international, a Champions League winner with Liverpool and still only 31 years old, will add his own brand of style and substance to Roma’s midfield.

Angel Di Maria (Juventus)
Juve’s second big free-agent signing of the summer is another certified name who brings a world-class pedigree to their attack, which has lost his Argentina teammate Dybala.

Copa America winner Di Maria moves to Turin after being released by PSG, where he won five league titles and five French Cups but missed out on the Champions League in 2020 when they were beaten in the final by Bayern Munich.

harles De Ketelaere (AC Milan)
Belgium forward De Ketelaere is to date Milan’s only big signing at 35 million euros ($36.2m) from Club Brugge, the second Belgian brought in by the champions after Divock Origi arrived as a free agent.

The 21-year-old, who has signed a five-year deal with Stefano Pioli’s side, has represented his country eight times and won the Belgian title with his hometown club in the last three seasons.

Milan are hoping that De Ketelaere will add extra punch to an attack which struggled at times last season, in particular against the league’s lesser lights.

Paulo Dybala (Roma)
Roma’s status as dark horses for the title is largely down to Dybala’s arrival as a free agent, a deal which could have a huge impact on the coming campaign.

The Argentina forward was expected to sign for Inter after being released by Juve but Lukaku’s return and an inability to shift dead wood in attack meant that they were unable to afford him.

In swooped Roma, and a telephone chat with Mourinho convinced Dybala to take a chance — and a massive pay cut — with a team who do not have Champions League football but have shown serious ambition after winning the Conference League in May.

Kyrgios Defeats Top-Ranked Medvedev At Montreal Masters

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Nick Kyrgios broke twice in the final set as he rallied to topple world number one Daniil Medvedev in the second round of the ATP Montreal Masters on Wednesday.

Australia’s Wimbledon finalist beat Medvedev 6-7 (2/7), 6-4, 6-2 to produce his second career upset of a reigning number one after ambushing Rafael Nadal at Wimbledon in 2014.

Kyrgios produced his usual on-court antics, complaining about a high bounce, hitting a ball into the stands to draw a warning and bickering with his player box in moments of tension.

But after gathering his formidable resources, the 27-year-old ranked 37th finished off the match in exactly two hours.

“This is our fourth meeting and we know each other well,” Kyrgios said. “I don’t go in looking at the rankings, just the guy in front of me.

“I had a clean objective today — play a lot of serve and volley and execute better.

“Hopefully I can keep this rolling and keep on winning. Medvedev is a machine — he’s number one for a reason.”

Both players were coming off weekend title wins, Kyrgios at the Washington 500 on Sunday and Medvedev at Los Cabos, Mexico, on Saturday.

Kyrgios has won 14 of his last 15 matches to improve to 29-7 for 2022.

Medvedev lost for the 11th time in 2022, but by reaching the final at Los Cabos — where he lifted his first trophy of the season — he is assured of taking the number one ranking into his US Open title defense later this month.

He was barred from Wimbledon as the tournament excluded Russian and Belarussian players over Russia’s invasion of Ukraine.

Second-seeded Carlos Alcaraz, who like Medvedev enjoyed a first-round bye, fared no better in his opening match.

American Tommy Paul spoiled the Spaniard’s Canadian debut with a 6-7 (4/7), 7-6 (9/7), 6-3 victory.

The unseeded American converted his fifth match point to seal the second-round victory in three hours and 20 minutes.

Alcaraz came into the event with two prestige Masters 1000 titles from Miami and Madrid and holding a 42-7 record this season.

But the 34th-ranked Paul claimed victory on a volley winner after holding off the Spaniard’s charge from 5-2 down in the third set. The American stayed in the match as he rallied from a 4-1 deficit in the second set to start his comeback surge.

Elsewhere, Italian Jannik Sinner needed three sets to get past Adrian Mannarino 2-6, 6-4, 6-2 while Alex de Minaur lined up an all-Aussie Thursday match against Kyrgios by defeating Grigor Dimitrov 7-6 (7/4), 7-5.

Peter Obi Cautions FG Against Further Borrowings

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The presidential candidate of the Labour Party, Peter Obi, has cautioned the present administration against further borrowing for consumption.

Obi handed down the words of caution in a series of tweets on his social media page yesterday.

He said: “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in regenerative development projects and other productive ventures.

“It’s ironic that states that received fiscal bailouts did not repay the loans and are still borrowing beyond their revenue earnings.

“Also, it has become imperative to restrict federal borrowings to the statutory 5 per cent of the previous year’s revenue.”

It would be recalled that the Minister of Finance, Zainab , had recently announced that Nigeria’s debt service, which has hit N1.94 trillion, has overshot the nation’s earnings by N310 billion.

This is even as the projected expenditure on fuel subsidies is expected to hit N6.72 trillion by 2023.

Obi warned that it has become imperative to restrict Federal borrowings to the statutory 5% of the previous year’s revenue.

Last month the Ministry of Finance, Budget and National Planning revealed that Nigeria’s debt service cost surpassed its revenue in the first four months of the year. Notably, debt service gulped a sum of N1.94 trillion between January and April 2022, against a retained revenue of N1.63 trillion, becoming 118% of revenue.

According to the report, as of April 2022, a sum of N1.63 trillion was earned as the federal government retained revenue, accounting for 49% of the prorated target of N3.32 trillion. This is significantly lower than the projected revenue of N9.97 trillion for the entire year.

While N1.94 trillion was spent on debt service, N1.26 trillion was spent on personnel costs, including pensions. Also, N773.63 billion has been spent on capital expenditure during the period.

Meet The 68-Year-Old Who Discovered World Champion Tobi Amusan

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Retired athletics coach Alaba Ogunde, has disclosed exclusively told The PUNCH how she discovered world and Commonwealth Games champion Tobi Amusan.

Amusan sent the social media into meltdown after she broke the women’s 100m hurdles record at the 2022 World Championships in Oregon, US with a stunning semi-final time of 12.12secs to erase Kendra Harrison’s 2016 effort by 0.08secs. She ran faster in the final, but her 12.06secs was ruled ineligible by an illegal tailwind.

She continued her impressive 2022 season at the just-concluded Commonwealth Games in Birmingham with another gold medal.

She clocked a blistering 12.30s to smash the Games’ record on Sunday morning at the Alexander Stadium in Birmingham.

Amusan and Ogunde (arrowed) in the early days

The athlete, who hails from Ijebu-Ode, also inspired the Nigeria relay team to their first-ever gold medal in the women’s 4×100 at the Commonwealth Games.

Amid reports in the media quoting a coach, who claimed to have discovered the 25-year-old athlete, the 68-year-old Ogunde, then a staff of the Ogun State Sports Council, said she discovered Amusan when she was posted to Ijebu Ode in 2005.

“I saw several reports that Tobi was discovered by someone else, but I want to make it clear that I was the one who discovered her,”

“In 2004 I was transferred to Ijebu Ode sports council from the headquarters in Abeokuta. I was mandated to cover all areas, including the rural and the urban areas, and I visit almost all the schools back then.

“In the course of moving around, I discovered so many talents and Tobi was one of them. I also discovered Omotola Kuku and the mentor of Tobi herself, Biola Onakoya, who was a 400m runner and so many others.

“No doubt, one person cannot train a child, but I was the one who noticed that Amusan had what it took to become a future champion.

“She was a student of Our Ladies of Apostle in Ijebu Ode and the Games Master then was Adeyemi, though I cannot remember his other name and Dr Adetoye Alatise was the Chairman of Ijebu Ode Local Government Area, though he is now the Oba of Ososa Ijebu, he supported our course for the development of young talents.

“We had an U-15 athletics competition in Ogun State and my team won it for two consecutive times before being dethroned by Ilaro and Tobi was part of my success story.”

Ogunde added, “I was the head athletics coach in Ijebu Ode back then, and I had so many responsibilities and people around me. We do have trials, inter-house sports and so many other events and I had to hand over the supervision to one of the trainers known as Charlie Baba. He was an apprentice under Ayodele Solaja back then.

“He was the one that suggested that we merged them all with the athletes under Solaja and Tobi was very good in 100m, 200m, high jump and long jump. The truth is whoever is good in all these fields can easily cope with participating in 100m hurdles, as we saw with Chioma Ajunwa.

Throwback Thursday – Francis II Assumes Title Of First Emperor Of Austria

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August 1, 1804 – Francis II Assumes Title Of First Emperor Of Austria

Francis II, the last Holy Roman emperor (1792-1806) and, as Francis I, first emperor of Austria (1804-35). Also reigned as King of Hungary (1792-1830) and King of Bohemia (1792-1836).

Involved in the wars of the French Revolution and in the Napoleonic Wars. After the extension of French control over western Germany and the reorganization of the German states by Napoleon Bonaparte in 1803, Francis consolidated his power in Austria, Hungary, Bohemia, and northern Italy and proclaimed himself emperor of Austria in 1804.

Two years later he formally dissolved the old Holy Roman Empire. As emperor of Austria, Francis gave Prince Klemens von Metternich almost complete control of foreign affairs after 1809 and devoted himself to the internal administration of the empire.

The marriage of his daughter Marie Louise to Napoleon in 1810 earned three peaceful years in which Francis revived Austrian strength for the campaign that would bring about Napoleon’s downfall.

By the Congress of Vienna in 1815, Francis recovered most of the territory Austria had lost.

Francis had married four times; firstly, in 1788, to Elisabeth of Württemberg; secondly, in 1790, to Maria Teresa of the Two Sicilies; thirdly, in 1808, to Maria Ludovica of Austria-Este; and fourthly, in 1816, to Caroline Charlotte Auguste of Bavaria.