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World Bank Say Nigeria’s Apex Bank Is To Be Blamed For Its Foreign Exchange Crisis

The foreign exchange crisis in Nigeria is making it difficult for investors to help country as many have to been forced to ditch the official market for the black market due to shortage supply and mismanagement by the county’s apex bank.

According to World Bank, in its bi-annual Nigerian Development Update, a report published twice yearly, the way the exchange rate was managed limited access to FX and thus adversely affected investor confidence and investment appetite. This has widened the disparity between the official I&E Foreign Exchange Window (IEFX) and the parallel market in recent weeks due to a combination of speculation, demand and fear of future devaluation of the currency.

The Washington-based lender also noted that surging inflation is undermining the economic recovery of the nation as it projects an economic growth of 1.8% this year, compared with a previous estimate of 1.2%. It warned that the economy will continue to grow slower than the pace of population expansion of about 2.6% a year if deep reforms are nit implemented.

“Policy decisions related to exchange rate, trade and monetary and fiscal factors are driving inflation, especially during 2021, more so than exogenous factors related to conflict and weather shocks,” said Marco Hernandez, the World Bank’s chief economist for the country.

World Bank advised that the central bank should aim for greater flexibility by reestablishing a dollar interbank market, effectively allowing banks to trade currency on their own behalf to increase liquidity and move toward a single rate.

It added that the lack of a credible monetary anchor will keep inflation elevated as the central bank is too busy trying to achieve too many objectives, such as controlling price increases, promoting economic growth and keeping a stable exchange rate.

Malaysia’s King Calls For Stable, Secure Government Administration

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Malaysia’s King Al-Sultan Abdullah said on Wednesday the country’s parliament should reconvene as soon as possible, to allow emergency ordinances and a coronavirus recovery plan to be debated by lawmakers.

The king’s remarks come a day after Prime Minister Muhyiddin Yassin said parliament could reopen by September at the earliest, providing that the average number of daily coronavirus infections fall below 2,000.

Parliament was suspended in January after the king declared a national emergency on Muhyiddin’s advice. The opposition said it was an attempt by the premier to shore up his position amid a leadership challenge.

The king in a statement on Wednesday said parliament plays an important role in discussing steps taken by the government to deal with the health and economic crises.

The king also stressed on the need for a “stable and secure government administration” capable of effectively handling the epidemic and restoring the economy.

In a separate statement, the nine-member conference of rulers – which includes the king – said they do not see a need for the emergency to be extended beyond its Aug. 1 expiry date.

The conference echoed the king’s view on the need for a stable and secure government, and said that all efforts must be made to secure as much public support for inclusive measures to manage COVID-19.

Malaysia has reported 4,142 deaths from the coronavirus. The country has the highest number of infections per capita in Southeast Asia, with more than 673,000 cases recorded.

INEC Announces Dates For Ekiti, Osun Governorship Elections

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The Independent National Electoral Commission (INEC) has announced the dates to conduct the governorship elections in Ekiti and Osun States.

INEC Chairman, Mahmood Yakubu, announced this on Wednesday at the meeting of the commission held at its headquarters in Abuja, the nation’s capital.

He said the Commission has approved that the Ekiti State Governorship election will hold on Saturday, June 18, 2022, while the Osun State Governorship election will hold one month later on Saturday, July 16, 2022.

Professor Yakubu added that the Commission is preparing to conduct the remaining off-season end of tenure elections ahead of the 2023 general elections.

He said already, activities listed in the timetable for the Anambra State Governorship election are being implemented as well as are those of the FCT Area Council election holding on February 12, 2022.

He informed the meeting that the detailed Timetable and Schedule of Activities for the two governorship elections have been uploaded on the website and social media platforms of the electoral umpire.

The INEC boss, appealed to political parties and aspirants to ensure rancour-free primaries and conduct peaceful electioneering campaigns.

He revealed that the commission has relocated many polling units from inappropriate places to public buildings accessible to voters, polling agents, observers, and the media during elections.

Following the latest development, he unveiled a total of 56,872 new polling units, saying Nigeria now has 176,846 full-fledged polling units.

MTN Says Rising Insecurity Could Disrupt Its Service In Nigeria

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The telco is the first company in Nigeria to admit that there could be a possible disruption to its services due to the growing insecurity.

A statement seen by Reuters said that “Sadly, we must inform you that with the rising insecurity in different parts of Nigeria, service delivery to your organization may be impacted in the coming days.”

“This means that in some cases, our technical support team may not be able to get to your site and achieve optimum turnaround time in fault management as quickly as possible.”

MTN operates in 22 countries across Africa, Asia and the Middle East. Out of the 22, Nigeria is MTN’s most lucrative market. However, it is also one of the markets with the most problems.

MTN Nigeria generates about one-third of the company’s revenue.

Economic growth stalled in Nigeria due to the Covid-19 pandemic. According to the World Bank, food inflation, heightened insecurity and stalled reforms slowed the economy and increased poverty. However, growth resumed in the fourth quarter of 2020.

Nigeria faces increased insecurity across the country. The insecurity ranges from mass abductions at schools, kidnappings for ransom, armed conflict between herdsmen and farmers, armed robberies and various insurgencies.

The growing insecurity affects economic growth and job creation in the West African country.

China To Launch High-Stakes Crewed Mission To Space

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China will send three astronauts into orbit on Thursday in a high-stakes mission, the first of four crewed space flights to complete the country’s space station by the end of next year.

China will launch Nie Haisheng, Liu Boming and Tang Hongbo into orbit aboard the spacecraft Shenzhou-12 at 9:22 a.m. (0122 GMT) on June 17 from Jiuquan in northwestern Gansu province.

Nie, 56, a former air force pilot, will be the oldest Chinese astronaut to go to space.

Shenzhou-12, meaning “Divine Vessel”, is the third of 11 missions needed to build China’s space station. Construction began in April with the launch of Tianhe, the first and largest of three modules.

The Shenzhou-12 crew are to live on the Tianhe, which means “Harmony of the Heavens”, a cylinder 16.6 m (55 ft) long and 4.2 m (14 ft) in diameter.

The three-month stay for Nie, Liu and Tang will be the longest for any Chinese astronauts, and one focus will be seeing how the men handle their relatively long time in orbit.

“The (mission) is longer this time, and not only do we have to set up the core module – this ‘home’ in space – we’ve to carry out a series of pivotal technical tests,” Nie told reporters in Jiuquan.

“This mission is more arduous and the challenges are greater.”

Shenzhou-12 will be Nie’s third space outing, the second for Liu, 54, and the first for Tang, 45.

On Liu’s Shenzhou-7 mission in 2008, his first, he almost did not get to perform a space walk to plant the Chinese flag on the exterior of the spacecraft.

Liu, with the help of another astronaut, used a crowbar to pry open the hatch after it refused to budge.

“We experienced some dangerous situations and encountered some difficulties on that mission,” Liu said on Wednesday.

“The amount of time spent outside the cabin on this mission is much longer, and there will be many rounds of extra-vehicular activity. The mission has thus become extremely complex and tough.”

Ethiopians Fight Climate Change With Rocks And Wire

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Heavy flooding has washed away soil in an agricultural area of Ethiopia’s Amhara state – but members of the community are fighting back with a simple solution.

In the highlands of Ethiopia, Terrefe Tsega and dozens of other construction workers are loading rocks into wire cages.

They’re called gabions, and for farmers here they could be a vital weapon against the effects of climate change.

“This work is about maintaining the gullies. First we collect and prepare the stones; then we dig into the ground, and then we put in the gabions.”

This is an area of Ethiopia’s northern Amhara state that used to be covered in farms.

But heavy flooding has washed away the soil – leaving farmers with less food to sell or feed to their families.

The gullies are part of an irrigation system that directs the rainwater and traps soil.

“The benefit of our work for this community is that we are helping to save the environment from soil erosion and the youth from the community are getting employment and earning income to cover expenses.”

Terrefe is employed by the Rural Poor Stimulus Facility.

It was set up by the International Fund for Agricultural Development to support rural communities hit by the global health crisis.

For Terrefe it’s meant being able to help his community but he says the money he has earned has also changed his life – allowing him to buy sheep, chickens and clothes for his children.

Cristiano Ronaldo’s Gesture Reportedly Tanks Coca-Cola’s Share Price By $4 Billion

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Cristiano Ronaldo’s recent gesture towards bottles of Coca-Cola may have adversely impacted the share price of the company.

Ronaldo removed two bottles of Coca-Cola from his region during Monday’s news conference ahead of Portugal’s game against Hungary. The Portuguese star sat down and spotted the two bottles of the carbonated drink and pushed them aside. Unfortunately, the gesture had a big negative influence on the brand.

The Portuguese international has even said in some interviews that it is important for children to have a healthy and healthy diet, away from sugar and fats. Being asked on one occasion about his relationship with his son on this issue, Ronaldo was clear. “I’m tough on my son. Sometimes he drinks Coke and Fanta and eats chips and he knows I don’t like it,” he said.

A drop in share price for Coca-Cola

According to The Athletic, Coca Cola’s shares were worth $56.1 each when the market opened in Europe on Monday. But by the end of the press conference, they had fallen to $55.2 each. The 1.6% drop in share price meant a loss of $4 billion dollars in terms of company worth. At the time of writing this article, the stock price has seen some recovery to $55.44.

It is important to note that Coca-Cola shares were on a bearish trend on Monday trading session with a dropped by -1.09%. Investors are expectant of a strong bullish recovery as regards their next earnings release.

Man City To Visit Spurs In Premier League Opener

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Premier League champions Manchester City will start the defence of their title away to Tottenham after the fixtures for the 2021-22 season were unveiled on Wednesday.

City are among the sides heavily linked with Spurs striker Harry Kane, throwing up the tantalising possibility that the England captain could line up against his boyhood club on the opening weekend.

Pep Guardiola’s side won the league by 12 points last season ahead of rivals Manchester United, who open their campaign against old foes Leeds at Old Trafford.

Both clashes were played behind closed doors on Leeds’ return to the top flight last season, but hopes are high for significant crowd numbers for the coming season.

A 40,000 crowd will witness the Euro 2020 semi-finals and final at Wembley in July as part of a UK government pilot scheme.

Elsewhere on the weekend of August 14, new boys Brentford begin life back in the top flight for the first time in 75 years with a London derby at home to Arsenal, while Championship winners Norwich entertain Liverpool on their return to the Premier League.

Champions League winners Chelsea welcome managerless Crystal Palace to Stamford Bridge

There are a number of early meetings between the ‘big six’. Liverpool host Chelsea on the third weekend of the season before the Blues host Manchester City in a repeat of the Champions League final on September 25.

Liverpool renew their rivalry with City on October 2 at Anfield and their clash at the Etihad on April 9 could be key in the title race.

United and Liverpool face off at Old Trafford on October 23 and March 19 at Anfield.

All fixtures are still subject to change for TV coverage.

Premier League 2021-22 opening weekend fixtures

Date Time Match

14/08/2021 15:00 Brentford v Arsenal

14/08/2021 15:00 Burnley v Brighton

14/08/2021 15:00 Chelsea v Crystal Palace

14/08/2021 15:00 Everton v Southampton

14/08/2021 15:00 Leicester City v Wolverhampton

14/08/2021 15:00 Manchester United v Leeds United

14/08/2021 15:00 Newcastle United v West Ham United

14/08/2021 15:00 Norwich City v Liverpool

14/08/2021 15:00 Tottenham Hotspur v Manchester City

14/08/2021 15:00 Watford v Aston Villa

Key Premier League derby dates 2021-22

Here is a handy breakdown of the main derby match dates this season.

Merseyside derby

November 30, 2021 – Everton vs Liverpool

April 23, 2022 – Liverpool vs Everton

Manchester derby

November 6, 2021 – Man Utd vs Man City

March 5, 2022 – Man City vs Man Utd

North-west derby

October 23, 2021 – Man Utd vs Liverpool

March 19, 2022 – Liverpool vs Man Utd

North London derby

September 25, 2021 – Arsenal vs Tottenham

January 15, 2022 – Tottenham vs Arsenal

Increasing e-waste put health of children, expectant mothers at risk, WHO warns

The World Health Organisation says the health of children, adolescents and expectant mothers worldwide is at risk from the illegal processing of old electrical or electronic devices (e-waste).

WHO raised the alert on Tuesday in a landmark new report on the toxic threat, entitled: “Children and Digital Dumpsites’’.

In a statement, the WHO Director-General, Tedros Ghebreyesus, warned that the health threat was growing, in line with the “mounting tsunami of e-waste”.

“In the same way the world has rallied to protect the seas and their ecosystems from plastic and microplastic pollution, we need to rally to protect our most valuable resource – the health of our children – from the growing threat of e-waste,” he added.

Discarded electronic devices or e-waste has become the fastest-growing domestic waste category in the world, according to the UN health agency.

The Global E-waste Statistics Partnership (GESP) said that of the 53.6 million tonnes produced worldwide in 2019, only 17.4 percent was recorded as collected and appropriately recycled.

While the fate of the remaining e-waste is unknown, it is unlikely to have been managed and recycled in an environmentally sound manner.

While some e-waste ends up in landfills, significant amounts are often illegally shipped to low and middle-income countries where informal workers, including children and adolescents, pick through, dismantle, or use acid baths to extract valuable metals and materials from the discarded items.

WHO said that an estimated 12.9 million women who work in the informal waste sector were potentially exposing themselves and their unborn children to the toxic residue.

Read Also: Amnesty international Calls For Closure Of Guantanamo Bay

“Additionally, more than 18 million youngsters globally and some as young as five – are said to be “actively engaged” in the wider industrial sector, of which e-waste processing is a small part.

“Informal methods of removing materials from e-waste have been linked to a range of health effects, especially in children.

“Recycling e-waste particularly impacts those in vital stages of physical and neurological development, with children, adolescents and pregnant women most vulnerable.

“Children are more susceptible to the toxic chemicals because they absorb pollutants relative to their size and, with not-fully-developed organs, are less able than adults to eradicate harmful substances,’’ it said.

According to WHO lead author, Marie-Noel Drisse, improper e-waste management is a rising issue that many countries do not recognise yet as a health problem.

Drisse warned that if action is not taken now, “its impacts will have a devastating health effect on children and lay a heavy burden on the health sector in the years to come”.

The Children and Digital Dumpsites report delve into the multiple dimensions of the problem, to practical action that the health sector and others concerned, can take to confront the insidious health risk.

It calls for binding action by exporters, importers and governments to ensure environmentally sound disposal of e-waste and the health and safety of workers and communities.

The health sector is also being asked to reduce adverse effects from e-waste by building up capacity to diagnose, monitor and prevent toxic exposure, and to advocate for better data and health research on risks faced by informal e-waste workers.

“Children and adolescents have the right to grow and learn in a healthy environment, and exposure to electrical and electronic waste and its many toxic components unquestionably impacts that right.

“The health sector can play a role by providing leadership and advocacy, conducting research, influencing policy-makers and engaging communities.

“It can also play a role by reaching out to other sectors to demand that health concerns be made central to e-waste policies,” said Maria Neira, WHO Director, Department of Environment, Climate Change and Health. 

Soccer-Sierra Leone end long wait for Africa Cup of Nations finals berth

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Striker Kei Kamara scored a first half penalty as Sierra Leone sealed a berth at the Africa Cup of Nations tournament for the first time since 1996, following a 1-0 victory over Benin in their twice-postponed qualifier in neutral Conakry on Tuesday.

Kamara slotted in the spot-kick after 19 minutes and the Leone Stars then were forced to weather waves of Benin attacks, but were able to hold on for a historic victory and earn a place in the 24-team continental finals scheduled for Cameroon early next year.

Sierra Leone needed victory to move above Benin, who had required just a point to seal second place behind group winners Nigeria.

The final fixture in the pool was originally scheduled for Freetown on March 30, but was postponed after Benin refused to play having been told 90 minutes before kick-off that five of their players had tested positive for COVID-19.

The Confederation of African Football postponed the game to yesterday in Guinea, but just before kick off, it was the Leone Stars’ turn to launch a vehement protest after they were told six players and two members of their technical team had tested positive.

They demanded the match be postponed again to Tuesday and the tests done again, and after all eight individuals returned negative results the match finally went ahead.