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Exploring Cagsawa Ruins In The Philippines  

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The Cagsawa Ruins, sometimes spelled as Kagsawa, are remnants of a historic Franciscan church from 16th century that is located in the Barangay Busay of the Municipality of Daraga in the Bicol Region, within the Republic of the Philippines.

The ruins were part of the once thriving town of Cagsawa that was followed by not so fortunate destiny. As a matter in fact, the town was originally built in 1587, but in 1636 it was burned down and destroyed by the Dutch pirates that were roaming in the area.

After a while, in 1724 Cagsawa was rebuilt by Fr. Francisco Blanco, but the destiny played a bit more with the small town and once again Cagsawa was destroyed, but this time with the eruption of the Mayon Volcano that occurred on 1 February 1814.

Some 1,200 people sought refuge in the stone-built church, nonetheless, as the eruption was the strongest ever recorded for the Mayon Volcano, it killed most of the locals in the vicinity.

Those that survived this quite powerful volcanic blast resettled nearby, as they considered this to be their home to which they are used to.

Still, from that period, the belfry of the church is all that remains, even though the church’s façade survived the eruption, but collapsed over time, and nowadays together with the rest of the destroyed and buried town, it is in the memory of those that remember that Cagsawa once existed.

Due to the cultural importance the ruins have, Cagsawa Ruins are one of the most popular tourist attractions in the Province, as well as in the nation, which is why they are protected in a park which is overseen by the municipal government of Daraga.

Ultimately presented as a symbol of the dangers of living in close proximity with the Mayon Volcano, Cagsawa Ruins are gaining constantly greater attention from the tourists that would like to explore something extra from this impressive nation in South-East Asia.

External Reserves Fall by $915m After Naira Float

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Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market.

CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the naira was floated, fell to $33.74bn as of August 24, 2023.

The naira value had closed at 471.67/$ at the Investor & Exporter forex window on June 13, a day before the CBN announced the naira float.

Following the development, the local currency fell to over 700/$ at the I&E window.

Naira Ends Week on Negative Note

The naira has been trading at over 700/dollar since then.

At the parallel market on Saturday, the naira was bought and sold for 900/$ and 915/$.

Pounds Sterling was bought and sold for N1160 and N1180, according to Bureau de Change operators.

At the I&E window, the naira commenced trading on Friday at 773.29/$ and hit a high of 799.9/$ before closing at 778.42/$.

At the last Monetary Policy Committee meeting, the acting Governor, CBN, Mr Folashodun Shonubi, had said, “Accretion to external reserves remains weak while foreign exchange demand pressure persists.”

While noting that the apex bank would save the naira from further slides, he vowed to clamp down on operations of illegal Bureau de Change operators.

The development came after the Nigerian National Petroleum Corporation said it was taking a $3bn loan from Africa Import and Export Bank, as a temporary measure to improve dollar supply in the country.

The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, had said the CBN would be going tough on illegal operators in their efforts to stabilise the naira.

“At a sensitisation engagement between the CBN and a few of our compliance officers across the zones, the apex bank reiterated that by August 31, 2023, any breaches on the allowable margin of -2.5 per cent and +2.5  per cent on the average weighted rate of I&E closing rate, rendition of returns and payment of penalties, if any, will lead to revocation of the operating licence of the operator,” he said.

Nigerian Startups, Others’ Funding hits $20B– Report

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The Nigerian startup space and others on the continent attracted over $20bn in the last 15 years, according to Briter Bridges’ H1 Africa Investment Report 2023.

Briter Bridges stated that the continent’s funding in the first half of 2023 was over $2bn, which raised the total funding into the sector to over $20bn in 15 years.

The report said this came at a time when many in the ecosystem were concerned about what the future of investing in Africa looked like.

It stated, “Africa’s innovation industry is now worth more than $21bn. However, this milestone has come at a time when the change in the global macro environment is raising questions about the viability of investing in startups, let alone Africa.”

Significant changes in the funding environment were putting pressure on startups and investors alike, with many startups shutting down and many funds struggling to meet their target closings, the firm said.

President Buhari Inaugurates Council on Startup Act

“Others have been forced to write-down on their valuations and make deep cuts to their teams,” it said.

According to the report, investors were shifting focus from growth-stage startups to late and early-stage ones.

It stated that there had been some of mega-deals in fintech, logistics, and climate tech in the late-stage sub-ecosystem, and this had been responsible for the majority of funding in the first half of the year.

Despite losing its number-one status as the largest aggregator of funding volume, Nigerian startups were still the most active on the funding scene.

According to the report, Nigeria ($280m) was now number five on the continent in terms of funding volume. Kenya ($520m), Egypt ($510m), South Africa ($400m) and Rwanda ($280m) make up the top four.

Total funding dropped by 26 per cent during the period under review, with funding recording a negative trend so far.

The firm stated that the African tech ecosystem is now 18 months into the downturn.

It said, “Funding to startups in Africa peaked from Q3, 2021 to Q1, 2022, with the downturn in funding volumes starting in Q2, 2022. Each quarter following Q2, which saw a decrease in the volume of deals, By Q4, the volume of deals was down more than 50 per cent.”

Increasing pressure on startups and investors was raising questions about whether venture capital was sustainable in Africa, the firm stated.

It said that there was a need for innovation in the financing side, with debt financing already becoming an attractive option for startups.

U.S Feature Phones Market Grows

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The feature phones market in the United States have made a resurgence as Gen Z and millennials are advocating for digital detoxes due to the mental health concerns brought on by smartphones and social media.

This is as hashtags like #bringbackfliphones on TikTok have garnered millions of views leading to the increased adoption of feature phones by younger consumers looking to adhere to movements like digital detoxing, minimalist lifestyles, and unplugging, Counterpoint Research has said.

According to Counterpoint, the market is more crowded now. It stated that smartphones were widely adopted almost instantly when they arrived and because of this, the US feature phone market shrank significantly over the past 10 years.

It said, “Currently, the feature phone market contributes to only a little more than a two per cent share of overall handset sales in the US.

“Among the players catering to this segment of the market, TCL, which manufactures feature phones for major carriers in both branded and white-label capacities, leads the pack with a 43 per cent share due to its strong presence on carrier channels. HMD ranks second with a 26 per cent share, while other smaller players make up for the rest of the market.”

The firm noted that feature phones still hold their place in the market and are likely to see consistent shipments, helped by their affordability and durability to suit specific use cases. It continued that while growth in numbers may not be huge, the demand from consumers looking for a feature phone as a digital detox mechanism will continue.

It added, “There is a consumer base looking for devices that are minimalistic but also have features that are relevant to staying connected in today’s world. The design and specifications of feature phones have not changed much over the last few years.

“This is one of the factors that keep consumers from purchasing a feature phone. The addition of some new hardware configurations and features that are abreast with the current trends while still maintaining the simplicity of usage may open more gates for the growth of feature phones. NFC is one such feature.”

8-hour Blackout in Bauchi, Gombe, Plateau from Monday

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The Jos Electricity Distribution Company (JEDC) has said that its customers in Plateau, Bauchi and Gombe states would experience an eight hour blackout from Aug. 28 to Sept. 2.

The planned outage will hold from 9am to 5pm within the period.

The organisation made the announcement in a statement issued by its Head, Corporate Communications, Dr Friday Elijah, on Saturday in Jos.

He explained that the planned outage by the Transmission Company of Nigeria (TCN) was to enable its Local Engineering, Procurement and Construction (EPC) contractors make installations.

‘’The planned outage by TCN is to enable its EPCC contractors safely connect gantry beam of the new APO line to the existing Lafia line-Jos 330kv double circuit.

‘’Please note that there will be an increase in load shedding during this period as the 330KV Jos complex will remain on supply via Kaduna-Jos 330KV line,’’ he said .

The JED official urged customers to be patient and bear with the situation, saying that the company is determined to improve services.

Exploring Deriba Caldera, Republic Of Sudan

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Deriba Caldera is a prominent caldera rim which is known to be the highest point of the vast Marrah Mountains, and it is located Darfur Province in the Republic of the Sudan.

With an elevation of 3,042 meters (9,980 feet) above the sea level, the double crater caldera became Sudan’s highest point when South Sudan proclaimed its independence in 2011.

This cauldron-like volcanic part of the nation is a geologically young volcanic structure, which together with the Marra Mountains is part of a large geologic feature known as the Darfur Dome.

Being between 5 and 8 km (3 and 5 mi) in diameter across the outer crater, the inner crater is a little bit more interesting since it has a crater lake.

Formed some 3,500 years ago during the time of the eruption of voluminous airfall pumice and pyroclastic flows that traveled more than 30 km (19 mi) from the volcano.

As the Marrah Mountains are a mountain range, the part where Deriba Caldera is located is named as Jebel Marra, and it covers a broad area of the range. Nowadays, the volcano is dormant, even though there are hot springs and fumaroles present in the area, still there are no precipitations that it will become an active one.

Definitely, with the last eruption, what we can see today is the evidence of the collapsed magma chamber which allowed for the caldera to be formed and everyone to be able to enjoy in its beauty.

Even though there is no clear information about whether people can go to the top and enjoy the amazing scenery, Deriba Caldera is certainly among the most interesting natural places with which Sudan can brag about.

Nigeria Secures $500m For Digital Innovation Funding

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The Nigerian Government has secured access to approximately $500m to initiate a local funding programme to boost innovation and entrepreneurship in the Digital sector.

Minister of Communications and Digital Economy, Bosun Tijani said this at a dinner in partnership with the World Bank in Abuja on Friday.

Tijani said the government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, stressing that “it will be collaborating with the Bank of Industry.”

Tinubu Appoints Tijani as Minister of ICT

“So, we’ve got access to about half a billion dollars to start local funding,” he said.

“Part of my responsibilities is working with BOI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.

“And what we are going to see is that the funding is available locally and in the coming months it is going to become larger and as these funds become larger, we want to leverage that money as well,” Tijani stated.

“So, the government is not just going to put half a billion and that’s it, it can bring more investors to heart as we have more money more of our innovators can have access to resources,” the Minister added.

The World Bank Country Director for Nigeria, Shubham Chaudhuri reaffirmed the bank’s commitment to eradicating poverty, improving lives, and creating job opportunities for the country’s youth.

He emphasized the potential of leveraging digital technologies to drive transformation and outlined two key areas of partnership with Nigeria to achieve these goals.

“One of the areas that we think has the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID,” he said.

Chaudhuri said the World Bank is collaborating with the National Identity Management Commission (NIMC) to ensure the successful rollout and registration of Digital National IDs for all Nigerians.

The World Bank Country Director said the ambitious target is to provide at least 148 million people of working age with a digital National ID by the middle of next year, marking a significant step towards inclusion and accessibility.

“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity because without broadband connectivity, digital technologies will lead to a digital divide. So their support has been for good kinds of policies and regulations that will help invite private investment into this space and then fibre optic cables,” Chaudhuri said.

Employment Rate In Nigeria Rises By 76.7% In Q1 2023

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About three-quarters of working-age Nigerians were employed – 73.6%

in Q4 2022 and 76.7% in Q1 2023, a recent report by the National Bureau of Statistics has shown.

This indicates that most people were engaged in some type of job for at least one hour in a week, for pay or profit during the states time period.

A statement on the Nigeria Labour Force Survey published on the NBS website indicated that:

• The unemployment rate was 5.3% in Q4 2022 and 4.1% in Q1 2023 –

This it said, aligns with the rates in other developing countries where work, even if only for a few hours and in low-productivity jobs, is essential to make ends meet, particularly in the absence of any social protection for the unemployed. Also;

• The share of wage employment was 13.4% in Q4 2022 and 11.8% in Q1 2023, while more Nigerians operate their own businesses or engaged in farming activities, recorded at 73.1% in Q4, 2022 and 75.4% in Q1, 2023.

• About one-third (36.4% in Q4 2022 and 33.2% in Q1 2023) of employed persons worked less than 40 hours per week in both quarters, the statement added.

It said this is most common among women, individuals with lower levels of education, young people, and those living in rural areas.

• Underemployment rate which is the share of employed people working less than 40 hours per week and declaring themselves willing and available to work more was 13.7% in Q4 2022 and 12.2% in Q1 2023.

• The rate of informal employment including agriculture among the employed Nigerians was 93.5% in Q4 2022 and 92.6% in Q1 2023.

According to the statement, the report not only offers a snapshot of the current employment landscape but also provides a foundation for evidence-based policymaking.

It’s insights into labour market statistics empower stakeholders to make informed decisions that can shape the country’s labour market and economy.

The statement added that the survey was jointly conducted by the World Bank, International Labour Organisation, and other stakeholders.

Naira Ends Week on Negative Note

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The naira depreciated against the dollar on Friday as it exchanged at N778.42 at the Investors and Exporters window.

The naira lost by 0.87 per cent compared to the N771.69 it exchanged for the dollar on Thursday.

The open indicative rate closed at N773.29 to the dollar on Friday.

Forex: CBN Moves to Stop Naira Free Fall

A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N778.42.

The naira sold for as low as N700 to the dollar within the day’s trading.

A total of 73.80 million dollars was traded at the investors and exporters window on Friday

England Harlow Secondary School Closes Over Structural Concerns

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Harlow’s Frederick Gibberd College, a secondary school that opened to pupils only four years ago has closed its main building and sports hall due to structural irregularities.

Education minister, Robert Halfon described the situation at Frederick Gibberd College in Harlow, which is in his constituency, as shocking.

The school said its autumn term would start at a later date, affecting all new and returning pupils.

The closure followed advice from the Department for Education (DfE).

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A technical survey of the main school building was completed in April, which raised a number of queries about its structure.

Following a survey, a further report and risk assessment was carried out.

A DfE spokesperson said the body identified concerns with building work carried out by a specific contractor that is no longer in business.

The DfE said it was working closely with school leaders and the relevant local authorities to make sure pupils and parents were informed.

It said temporary measures would be put in place to accommodate pupils safely and protect their education.

Frederick Gibberd College said Specific plans for how teaching will be delivered across the year groups shall be shared in due course.