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Egypt Eyes Surge In Fintech Investment After New Laws

New legislation and regulatory changes in Egypt are set to unleash a surge in new fintech investments and change the way the country’s largely unbanked citizens do business, industry players say.

Fintech innovation in Egypt, the Arab world’s most populous country, has trailed other emerging market powerhouses such as China, India, Kenya and Indonesia, a situation the industry hopes the new legal environment will change.

One innovator is MNT NV, a microfinance lending and payments company with more than a million active customers and a 21.7% market share. It has just completed a share swap to take over fintech company Halan Inc, Mounir Nakhla, a cofounder of both firms, told Reuters. The deal had not previously been reported.

MNT-Halan is Egypt’s first private non-bank company to be licensed by the central bank to operate a digital wallet, a mobile telephone application that allows consumers, vendors, lenders and borrowers to transfer money, pay bills, buy goods on instalment, secure loans and make other transactions.

MNT is marrying its large base of unbanked users with electronic technology, hoping to place itself at the forefront of a digital transformation.

“What we’re going to do will be revolutionary, I believe. We have the reach, the technology and the capacity to scale,” said Nakhla, who created the first of a series of start-ups in 2010. MNT has attracted $50 million from venture capital funds and other investors, and hopes to raise more capital soon.

MNT will also leverage more than a hundred warehouses and distribution points it has around Egypt and a fleet of vehicles to deliver products ordered online the same day.

Private investors have been reluctant to put money in Egypt in recent years due to an expansion of state ownership in the economy, and it remains to be seen how keen fintech investors will be.

Tips for covering up blemishes

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When all else fails, there’s always makeup. You do not have to cover up your blemishes by any means, but we understand how stubborn breakouts can affect your mood and self-esteem. If a pimple or two bothers you, mind these tips:

With concealer, less is more: Loading up on product can turn cakey quickly. Rather, use precise movements to conceal blemishes: Swipe the product directly over the zit and spread the formula until the surrounding area is all covered. Take a moment to let it dry down fully before layering on any more products.

Use powder to nix shadow: Sure, a concealer can cover up discoloration, but if you have an angry, raised mound, grab a setting powder: Not only does it help your concealer last longer, but it can also mattify and blur the area, so you’re less likely to see the raised zit. With a clean eyeshadow brush, take a bit of powder and press it onto the pimple.

Use a zit patch: OK, not a makeup tip, but we’d be remiss not to mention the quick-fix nature of acne patches. These hydrocolloid dressings suck the entire gunk trapped in your pores, and some options include ingredients to soothe or treat the blemish simultaneously, like salicylic acid or niacinamide. Some even come in fun shapes and colors to take away some of the frustration associated with a blemish: Slap on a star-shaped sticker and call it a day.

John Terry Takes Big Step Towards Managerial Job After Completing UEFA Pro Licence

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John Terry has completed his UEFA Pro Licence as the Chelsea legend eyes a top managerial job in the future.

Terry, who is currently Dean Smith’s assistant coach at Aston Villa, has worked in the dugout at Villa Park since retiring from playing in 2018.

But the 40-year-old Chelsea legend has taken another step in his aspiration to landing a job as a No 1 after completing the final qualification in the coaching ladder and struggled to hide his joy as he posted an Instagram with his certificate.

Posing with his certificate on Instagram, Terry said: ‘I’m delighted to have completed my UEFA Pro Licence with the FA.

‘I have loved and enjoyed the journey where I have met and learnt from some great people on the course.

A huge thank you to all the FA Staff who have been superb in supporting us all the way through. Dream big JT.’

Terry was one of 24 coaches to pass the ‘FA Level 5 UEFA Pro Licence’ qualification in the ‘Class of 2021’, alongside former players including Manchester United man Quinton Fortune, former Stoke midfielder Rory Delap and ex-England Women’s star Casey Stoney.

In the past, Terry spoke of his ‘dream’ to manage Chelsea, where he made 717 appearances and won 18 trophies during 19 successful years.

Mauritania Arrests Former President Amid Corruption Probe

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Authorities in Mauritania on Wednesday arrested former president Mohammed Ould Abdel Aziz, amid an ongoing investigation into alleged high-level corruption during his time in office.

Abdel Aziz, who stepped down in 2019 after serving two five-year terms, was indicted in March and placed under house arrest in May following a parliamentary investigation into suspected graft during his administration.

Mohameden Ichidou, coordinator of the lawyers for his defence said the ex-president was taken into custody on Tuesday for failing to appear before a judge last week, as he was required to do regularly under the terms of his judicial supervision.

“The cause raised in the report relates to the absence of the former president in front of the judge on Friday and Sunday,’’ said Ichidou.

He said Abdel Aziz had stopped going to see the judge because each time he went he was followed by police and civilians along the road who hassled and threatened him.

The former president could not be reached for comment. He had previously denied the corruption allegations.

A family member confirmed that police appeared at the former president’s home in Nouakchott on Tuesday with a summon from the courthouse.

Abdel Aziz followed them, and the family was later informed he had been arrested, he said.

Abdel Aziz, 64, came to power in Mauritania, a vast desert country of fewer than five million people, in a 2008 coup and was an important ally of Western powers fighting Islamist militants in the Sahel region.

He was replaced by a political ally, current president Mohamed Ould Ghazouani, but quickly found that his government’s actions, including deals on offshore oil projects, came under scrutiny by parliament.

Former Prime Minister Ismail Ould Cheikh Sidiya and his entire government resigned amid the parliamentary investigation in 2020

Reasons you may be having sudden breakouts on your Face

Unless you have the uncanny ability to gaze into the future, all breakouts are “sudden,” in a sense. When you have clear, smooth skin, you might not think much about it until a blemish creates a bumpy terrain. Then comes another, and another, until you have an ensemble of zits that feels like a surprise attack.

Rather than slathering on any spot treatment you can get your hands on, it is best you pose a question: Why? Why are you breaking out all of a sudden? Because when you get to the root of the issue, you can figure out the best plan of action—and, better yet, keep those pimples from popping up in the future.

To help you get to the bottom of your breakout, dermatologists have expert advice.

What might cause a sudden breakout?

These are the most common culprits:

1. Hormonal fluctuations

Pages can be dedicated to how hormones affect the skin, but we to that another time. Hormones (your sex hormones, as well as others like cortisol and melatonin) can increase sebum production; they can affect how “sticky” skin cells are, which makes shedding more difficult and can lead to buildup and clogged pores; and they can cause increased overall inflammation.

When it comes to hormonal fluctuations, many point fingers at the menstrual cycle (two-thirds of acne-prone women report having flares before or on their menses), but acne can also crop up during pregnancy and menopause as well.

2. Stress

Stress is technically a member of the hormonal fluctuations family, stress releases the hormone cortisol, which then increases the levels of the corticotropin-releasing hormone (CRH), which actually tells your sebaceous glands to produce more oil. When sebum production rises, it creates an ideal environment for bacteria and clogged pores—both of which are a recipe for blemishes.

Stress also ramps up inflammation in the body, including in the skin, which can exacerbate acne flares (all acne stems from inflammation, after all). Not to mention, stress can slow down the healing process after the breakout: a study on stress and wound healing has shown that stress can slow down healing, which may worsen acne and acne scarring.

3. Reaction to a product

If a skin care (or hair care!) product contains comedogenic or irritating ingredients, your skin may greet you with a string of blemishes. Red flags differ for everyone, though, so you may have to play detective to figure out what might be clogging your pores; some experts even recommend a skin care journal to keep track of any new developments.

4. Environment

If your pimples tend to come and go with the seasons, your environment may very well be to blame. For example, when the weather heats up, increased sweat and oil production can clog pores and lead to blemishes. Consequently, during dry season, skin stripped of moisture may produce even more oil to compensate.

Additionally, Environmental pollution may cause acne breakouts. The tiny particulate matter in the air can sneak into your skin, block your pores, cause inflammation, and reduce oxygen. That’s why experts say washing your face every night is nonnegotiable.

5. Diet

Inflammatory foods like processed snacks, sugary sweets, and other high glycemic foods can exacerbate acne.

Blood glucose and insulin could affect the skin in a couple of different ways. First, this spike in blood sugar causes the release of insulin and insulin-like growth factor-1 (IGF-1). Insulin then stimulates the production of androgens (male hormones) that can then lead to higher sebum production in the skin and then lead to acne. Secondly, high amounts of insulin in the blood before or after a meal may make the skin create more skin cells, making acne that’s already present worse.

What to do regularly to prevent breakouts.

Rather than treating each and every zit like a never-ending game of Whack-A-Mole, here’s how you can regularly keep your skin clear:

1. See a dermatologist.

While everyone can benefit from a cleanse-treat-moisturize regimen, everyone’s skin is entirely unique—and if you’re dealing with acne, you might want to see a professional who can give you specific treatments for your individual needs.

2. Use targeted topical.

There are a few topical that dermatologists regard as acne-clearing mainstays. There are retinoid, perhaps the buzziest of them all, which increase cell turnover and make it more difficult for said cells to stick together and clog pores.

Then you have benzoyl peroxide and salicylic acid: The former actually kills acne-causing bacteria and it also helps to break up and remove dead skin cells that clog the pores.

Salicylic acid can also penetrate deep into your pores and unclog them at the source, but the BHA also has anti-inflammatory, skin-calming properties, which makes it a bit gentler than BP.

3. Swap your skin care with the seasons.

When the temperature changes, so should your skin care routine. Again, heading to the dermatologist may be your best bet, as a professional can take a long look at your skin and offer the right swaps; however, generally experts recommend opting for a lightweight moisturizer in the warmer months (perhaps washing your face more frequently, too) and a denser cream once the weather turns crisper.

4. Follow a balanced, antioxidant-rich diet.

What you consume shows up on your skin. If diet is an acne trigger for you, try filling your plate with hydrating, high-fat foods chock-full of antioxidants. If there are certain foods you know don’t sit well with your skin, perhaps limit those as well.

5. Manage sleep and stress.

Other lifestyle interventions, like sleep and stress, can affect the look and feel of your skin. we already mentioned stress earlier, now we are talking not getting enough or the lack of sleep can affect your levels of melatonin and cortisol, as well—hormones that have a delicate relationship with skin.

Specifically, Melatonin is critically important for your skin and plays a significant role in skin repair from environmental exposure, UV light, stressors, pollution, and so on. We know that production is only at night—so sleep hygiene is crucial for your skin.  If you’re not resting, you’re not generating that melatonin, and your skin isn’t repairing itself.

How to treat sudden breakouts.

For a quicker fix, these treatments are found to be effective:

1. Benzoyl peroxide

For angry pustules, benzoyl peroxide spot treatments can work wonders (if your skin can tolerate it; some find the ingredient way too drying). In fact, it’s hailed for shrinking inflammatory, painful pimples: Dab the product onto your blemishes and let it seep in overnight.

2. Salicylic acid

If you have a serum, mask, or spot treatment formulated with salicylic acid (or willow bark extract, the BHA’s all-natural cousin), dab a pea-sized dollop on the blemish and let it sit overnight. Again, the BHA can unclog the pores at the source while remaining relatively gentle on the skin.

3. Aspirin

In a pinch, aspirin can also help with inflammatory acne: dermatologists prescribe a holistic blemish treatments, Aspirin contains acetylsalicylic acid, a cousin to salicylic acid, and is thought to have direct anti-inflammatory effects.” So while the salicylic-acid-like active can shimmy into the pores and unclog the blockage, the anti-inflammatory effects of the drug can calm down the pimple and promote healing.

To make a spot treatment, Zeichner recommends crushing the aspirin and mixing it in warm water. Next, take a cotton ball or cotton tip applicator, soak it in the mix, and apply to the blemish for three to five minutes.

4. Green tea

“Topical use of green tea reduces sebum production, gets rid of oiliness, and protects against acne-causing bacteria,” says a licensed acupuncturist Antonia Balfour, LAc (who specializes in skin care), about the best teas for acne. In fact, one study found that a topical 2% green tea lotion was an effective treatment for mild to moderate acne.

Not to mention, green tea has immediate skin-soothing effects, as the caffeine acts as a vasoconstrictor (meaning, it constricts blood vessels) and helps deflate those tender, inflamed pimples. To make a DIY acne treatment, brew a cup of tea, let the bag cool, and place it directly on your breakout for a few minutes.

5. Ice

Another age-old remedy for shrinking a pimple fast: ice. Ice is another vasoconstrictor, as the cold temperature constricts a blood vessel—which effectively dials down the redness and inflammation. Wrap a cube in a napkin or paper towel and place it on the blemish for a few minutes; you don’t want to place the freezing block directly on the skin, as the intense chill can cause even more redness.

Takeaway

Sudden breakouts are a special kind of sneak attack. While you may not be able to catch them every time (hence, the “sudden” in “sudden breakouts”), there’s a whole lot you can do once the blemish pops up.

Mushroom can generate 16 million jobs, N1.8tn revenue – Growers

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The Chairman of the Mushroom Growers, Processors and Marketers Association of Nigeria, Michael Awunor, has disclosed the value of Nigeria’s mushroom industry.

He said that the Nigerian mushroom sub-sector has the ability to contribute N1.8tn trillion to the country’s revenue base if properly developed by Federal Government.

He disclosed this at the inaugural summit of the association held in Abuja adding that as a non-oil resource, the mushroom sector could boost the country’s Gross Domestic Product and create an estimated 16 million jobs for Nigerian youths and women.

He explained that mushroom as an agricultural commodity stood out among its peers due to its nutritional and medicinal benefits.

According to him, “Nigeria, undoubtedly has abundant non-oil resources waiting to be tapped It is in fact safe to declare that we can earn as much, if not more, from non-oil resources as much as oil

“This is where Mushroom offers so much hope to contribute significantly to the country’s GDP.

“The world mushroom market as at the end of 2020 stood at about $45.3bn and we are determined to earn 10 per cent of it. If calculated on about N400 to a dollar official rate of the Central Bank of Nigeria, the $4.53bn translates into about N1.8tn.”

He therefore called on the FG and principal stakeholders in the agricultural sector to take more interest in the well-being of the non-oil sector to ensure that the goal of economic diversification is achieved.

Series of fires, explosions show growing risks for Lagos residents

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It has been a tale of woes for some Lagos residents and neighbourhoods, and businesses in recent times, as numerous fire incidents in the sprawling city have destroyed markets, buildings, vehicles, and in some cases, taken lives.

The latest of such happened this Tuesday morning at the Romona Trailer Park in the Ogere area of Ogun State, along Lagos-Ibadan Expressway, where several vehicles went up in flames following a tanker explosion.

Last Thursday also, an explosion occurred along Mobolaji Bank-Anthony Way in Ikeja involving a tanker laden with Liquefied Petroleum Gas (LPG), which led to the loss of five lives and 25 vehicles burnt.

These unfortunate incidents and others before re-emphasising the need for an insurance policy, especially fire and genuine motor third-party insurances that can compensate for damage when and where they occur.

Operators in the insurance industry, who do not want their names mentioned, assure that insurers would always take up the bills if, as in the case of the tanker explosion, the vehicle had been properly insured. As at the point of this report, the validity of the insurance certificate for the exploded tanker was yet to be ascertained.

However, not known to many people, the nation’s insurance industry has continued to meet its expectation in terms of claims, despite the negative perception that trails the industry.

In 2019 alone, out of the N490.99 billion premiums generated, the operators paid out N330.37 billion in claims.

In the five-year period between 2014 and 2018, the industry, according to figures assessed from the Nigerian Insurers Association (NIA), paid out a total of N648.16 billion in claims, with life business accounting for N315.47 billion, while non-life or general business accounted for N332.69 billion.

However, a senior official in NIA told BusinessDay that there was no need for panic in the case of the recent explosion if the vehicle that caused the accident had genuine motor third-party insurance. He stated that fire and special peril accounted for the third largest claims paid in the industry annually, while motor accounts for the second largest after the oil and gas business.

Motor third-party policy, by the provision of the law in this kind of incident, covers all those who lost their lives and properties, as a result, provided the vehicle that caused the incident has genuine cover from a registered insurance company.

The coverage is also not limited to third party victims alone. Owners of the LPG tanker could as well get compensation for the vehicle if they had taken comprehensive cover, and also compensation for the exploded content if there was coverage for goods in transit.

According to the NIA official, motor third-party insurance for this class of vehicle is only N10,000 per annum but could do so much in events like this. For private vehicles, it is N5,000 per annum.
“The benefit of having a third-party insurance policy is huge because it protects against third-party damage, meaning that in the event of an accident occurring, the policyholder has a third party property damage limit up to N1 million and no limit to life in case of death or permanent disability,” the NIA official explained.

From January this year, Lagos has recorded fire incidents resulting from tankers going up in flames, or/and markets going into flames for various reasons.

As early as January 7, there was a fire incident involving a tanker near the DHL office on Apapa-Oshodi Expressway. This was followed by another incident at Alade Market in Shomolu, where 70 lock-up shops were destroyed.

In February and March, there were two fire incidents at Ido Train Terminus and Otedola Bridge, respectively. The Otedola Bridge incident involved a tanker that exploded.

There was a gas explosion in April at Iyasoko Street in Amuwo Odofin Local Government Area.

The month of May alone had three separate fire incidents. The first was the Oshodi Market fire, the cause of which was yet unknown. A tanker also caught fire at Banire on Ikotun Road in Alimosho LGA. The third was the fire incident at Oladipo Spare Parts Market where it was reported that goods worth billions of naira were destroyed by the inferno.

The challenge in all of these is the difficulty in ascertaining the real cost of the destroyed properties in monetary terms. Worse still, most of these burnt markets or vehicles do not have identifiable insurance cover that could compensate for the losses incurred by the victims.

“The frequency of these incidents and the enormity of destruction they leave in their trail underpin the need for the government to enforce compliance for the owners of high-risk vehicles to insure them. Leaders of market unions should also be compelled or persuaded to insure their facilities,” Godwin Okezie, an insurance broker, advised.

Okezie lamented that insurance penetration remained low in Nigeria, despite the large market, noting that the industry was still struggling to make an impact in the country after over 50 years in operations.

The LPG tanker explosion, which occurred about 11.45pm on Thursday in front of Sheraton Hotel and OPIC Plaza, left OPIC in ruins even though it was later put out by men of the Lagos State Fire Rescue Services and those of the National Emergency Management Agency (NEMA), Lagos State Emergency Management Agency (LASEMA), Nigerian Police, and other emergency responders.

“There were many shops and vehicles at the plaza that got burnt. Nobody knows yet whether or not these properties were insured. But I can bet you that over 70 percent of those properties did not have any insurance cover,” Okezie said.

Lubricants prices up 200% on poor local capacity, import dependence

In Africa’s biggest oil-producing country, the price of lubricant, a by-product of crude oil, has skyrocketed as high as 200 percent with businesses suffering more from rising operational cost while Nigeria’s projected $683 million lubricant market continues to face investor apathy.

From heavy manufacturers to small retail businesses, this rise in lubricant price translates to a rise in the cost of servicing vehicles as well as plant and machinery, which is further hurting the ease of doing business in Africa’s biggest economy.

The country has an installed lubricant capacity of 600,000 metric tons, accounting for about 20 percent of Africa’s total lubricants demand, according to data from the Lubricants Producers Association of Nigeria (LUPAN).

However, Nigeria’s poor local capacity has affected the cost of locally blended products now currently higher than that of imported lubricants due to global calls for energy transition, leading to a gradual switch from base oils to synthetic oils, currency devaluation, and shutdown of many foreign refineries due to the COVID-19 pandemic.

These have led to at least 200 percent rise in the price of lubricants from about N850 per litre to N2,200 per litre.

Correspondents, who monitored the situation in parts of Lagos and its surroundings, observed that some major oil marketers were selling four-litre gallon for N23,000 from N12,000, few weeks ago.

They noted that accelerated domestic refining and processing of petroleum products would end the unstable petroleum pricing and allow Nigeria to explore the full potentials in the sector’s value chain.

According to a report by TechSci Research, a research-based management consulting firm, Nigeria’s automotive lubricants market is projected to reach $683 million by 2023.

“Despite huge domestic opportunities, Nigeria is still 100 percent import-dependent because there is no local refining of base oil, which is a major component in lubricant products,” said Emeka Obidike, executive secretary, Lubricants Producers Association of Nigeria (LUPAN).

Data published by the National Bureau of Statistics (NBS) revealed in the first quarter of 2021 that Nigeria spent N71.6 billion on the importation of lubricants that would be blended

 Total Nigeria plc is the market leader with the highest market share in terms of sales volume in the Nigerian lubricants market, followed by Ammasco International Limited, 11 plc, Oando plc, Tonimas Nigeria Limited, Forte Oil plc, Conoil plc, Lubcon, MRS Oil Nigeria plc, A-Z Petroleum Products Limited, Dozzy Oil and Gas, Eterna plc, Techno Oil Limited and Ascon Oil Company Limited.

Experts say increasing favourable regulations in Nigeria’s lubricants market, collaboration with transportation companies, increasing knowledge of consumers and providing better quality lubricants at lower costs will aid the manufacturers of lubricants in Nigeria to grow and achieve higher profits.

Giant Panda Gives Birth To Twin Cubs At Tokyo Zoo

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A giant Panda at Tokyo’s Ueno zoo gave birth to twins in the early hours of Wednesday, the zoo said in a statement, adding that it had not yet confirmed the sex of the pair.

Zoo director Yutaka Fukuda said the twin birth was a first for the Ueno facility.

One of the babies, weighing in at 124 grams, was placed in an incubator, while Shin Shin, the mother panda is in good health, and carefully looking after the other baby, he added. The cubs were born an hour and a half apart and were barely the length of an adult human palm.

Since the mother panda and partner Ri Ri mated in early March, zookeepers have been on alert for a possible pregnancy.

With just a month to the Tokyo Olympics, japan has another reason to celebrate. Shin Shin sparked a rally in stocks for the eateries near the zoo earlier this month when her suspected pregnancy was announced, with investors anticipating a visitor boom to the area after the delivery.

Shares in one of the Chinese restaurant nearby spiked nearly 30 per cent on the pregnancy and was up around 6.4 per cent in early trading on Wednesday.

Olympics-India golfer Lahiri keen to make Tokyo ‘gift’ count

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India’s Anirban Lahiri knows that an Olympic medal, regardless of its colour, would go a long way to lifting golf’s profile in his country and the former Asia number one is keen to achieve that change at the Tokyo Games.

The 33-year-old squeezed himself into the top 60 as the final qualifier on the list published by the International Golf Federation on Tuesday.

“It was a big surprise, I wasn’t expecting it,” he told the PGA Tour after qualifying for his second Olympic Games.

“It’s a gift and an opportunity, so why would I throw it away,” said Lahiri, who finished a lowly 57th at the Rio Games playing with an injury.

“I know what it is to be an Olympian as I’ve done it before and I don’t want to be just an Olympian.

“I want to win a medal, I want to do something that makes a difference. I know winning a PGA Tour event will do that but winning a medal would even do more.”

A two-time winner on the European Tour, Lahiri endured a tough year made worse by COVID-19 infection.

Currently 118th on the rankings, Lahiri will be competing at this week’s Travelers Championship hoping to consolidate his position inside the top 125 to retain his tour card for the next season.

“I feel like I’m playing really well. I feel I’m close to playing my best golf right now and for a lot of reasons, it makes sense for me. It means everything for me to go,” he said.