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Stock Market Sustains loss as Waning Sentiment Continues on NGX

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The waning sentiment observed in the Nigerian stock market this week continued on Thursday.

As a result, the stock market decreased further by 0.12percent while investors maintained cautious approach to the market.

At the close of trading session on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation – decreased further from 56,025.56 points and N30.506trillion respectively to 55,956.59 points and N30.468trillion.

Investors lost about N38billion at the close of trading session on Thursday. The market’s positive return year-to-date (YtD) printed lower at +9.18 percent.

John Holt led the league of laggards after its share price decreased from preceding day high of N1.55 to N1.40, losing 15kobo or 9.68 percent.

Also, Caverton Offshore Support Group decreased from a high of N1.40 to N1.30, losing 10kobo or 7.14 percent.

Coronation Insurance made the top laggards list after its share price moved down from preceding day high of 46kobo to 43kobo, losing 3kobo or 6.52 percent.

GSK was also down from a high of N7.55 to N7.15, shedding 40kobo or 5.30percent, while Stanbic IBTC decreased from N46.40 to N45, losing N1.40 or 3.02percent.

UBA, NPF Microfinance Bank, Access Corporation, Zenith Bank and Dangote Sugar Refinery were top-5 traded stocks as investors in
6,061 deals exchanged 531,784,757 shares valued at N7.682billion.

Africa’s investment in Blockchain technology increased by 1668% – report

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Blockchain technology investment in Africa increased by 1668 percent between 2021 and 2022, according to a report to be released by Emurgo Africa.

The report sponsored by the blockchain technology company is the first comprehensive state of Webinar 3:0 report in Africa, scheduled to be released on June 23, 2023 in Nairobi, Kenya.FG approves Nigeria Blockchain Policy in a bid to create a digital Nigeria

According to a statement released by the company, the report highlights the rapidly-evolving landscape of Web 3.0 technologies in African countries, providing in-depth analysis of their impact, opportunities, and challenges and offering recommendations for fostering growth and measurable impact.

“Key findings from the report include the immense opportunities for the African continent through the adoption of Web 3.0 technologies, a 1,668 percent increase in investment in blockchain technology in Africa between 2021 and 2022, and the crucial importance of collaboration between industry stakeholders, policymakers, and regulators in fostering an environment conducive to the growth of Web 3.0 technologies,” the statement revealed.

The statement also pointed out that the report is positioned to close the knowledge gap in Web 3:0 technologies by examining the potential of these technologies to advance social and economic development in Africa, presenting a detailed view of the current landscape and future prospects of Web 3.0 technologies in the region, featuring real-world use cases, possibilities and obstacles connected with their adoption.

It explores various aspects of Web 3.0, such as decentralised finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy. It also investigates the regulatory environment, infrastructure, and access to technology in the target nations, identifying areas for development that will facilitate the growth and adoption of Web 3.0 technologies the statement said.

Commenting on the first-of-its-kind report Ahmed Amer, the blockchain company’s CEO lauded the potential of web3.0 to drive unprecedented development in Africa.

“The future of Web 3.0 technologies in Africa is bright, with the potential to drive unprecedented social, financial and economic development across the continent. This report emphasizes the critical importance of collaboration between stakeholders, policymakers, and regulators in fully realizing the transformative power of Web 3.0 technologies in Africa,” Amer said.

“Web 3.0 technologies are experiencing exponential growth and expansion in Africa, with the potential to bring transformative change to various industries such as trade and industry, financial services and lending, supply chain management and logistics and healthcare provision and accessibility. Factors such as regulatory clarity, infrastructure development, and collaboration between stakeholders will play a significant role in the widespread use and successful implementation of these technologies.”

Pupils Face Lost Decade in Education After Covid – MPs

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Members of UK parliament say pupils will face a lost decade of progress in schools in England after the Covid, if action is not taken.

Reports expressed alarm that it could take 10 years for the gap between disadvantaged children and others to narrow to what it was before Covid.

It urged the government to take faster and more effective action, such as improving uptake of a tutoring scheme designed to help students catch up.

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The government said it had made £5bn available for education recovery.

About 13% of schools in England did not take part in the National Tutoring Programme (NTP) in 2021-22, affecting the education system.

The NTP provides primary and secondary schools with funding to subsidise tutoring, including one-to-one and group lessons.

The UK Department for Education (DfE) initially subsidized 75% of the costs which schools incurred for delivering the NTP, but this reduced to 60% this year and will go down to 50% next year.

Joint general secretary of the National Education Union, Kevin Courtney said the government was in denial about the scale of the problems schools are facing.

Uganda Education Council Replaces Expired Courses in Institution

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The National Council for Higher Education (NCHE) has announced that the Expired courses will be changed to Due For Review in categorization of academic programs at universities and all tertiary institutions.

This was revealed during a press conference conveyed by the executive director of NCHE, Prof Mary Okwakol.

Recent reports stated that some of the academic programs at different universities and tertiary institutions were expired.

As previously reflected on NCHE website, at least 1,470 programs had expired over the past five years.

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The affected programs included both graduate and undergraduate courses and the expiry period differed according to the academic institutions.

This has raised public concerns over the validity of accredited academic programs offered by NCHE.

The Executive director of NCHE, Prof Mary Okwakol, in a meetings with heads of degree awarding institutions and tertiary institutions, during which recommendations were suggested in regards to the categorization of academic programs.

Okwakol said the body, having taken into consideration the recommendations raised by the heads of institutions, have resolved to replace the word ‘Expiry’ with ‘Due For Review’ for programs whose re-assessment period has lapsed and have not been re-submitted to NCHE for review.

She also said that the council resolved to maintain the Under Review label for programme whose re-assessment had lapsed but have been submitted to NCHE.

Okwakol revealed that the council has also extended the period between accreditation and re-assessment to the equivalent of two equivalencies cycles plus one year, noting that During this period, a programs is recognized as accredited.

According to the NCHE, all the programs labeled Due for review must be submitted to the council by November 30, 2023 for re-assessment.

Kenya Examination Council Begins Recruitment of KCSE Practical Assessors

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Kenya National Examination Council (KNEC) has started the recruitment for teachers and college tutors to assess the Kenya Certificate of Secondary Education (KCSE) oral and practical papers.

KNEC’s Chief Executive Officer, David Njengere stated that between June 6 and July 28, the Commission will be recruiting secondary school teachers and college tutors to serve as assessors for the KCSE oral and practical papers.

He said the selected professionals will be trained on the job during the assessment of the 2023 KCSE papers.

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He said professionals will be recruited as KCSE assessors in Power Mechanics, Electricity, Aviation Technology, French, German and Arabic Oral, Kenya Sign Language (KSL) signing practical as well as Music practical.

He said to apply for the recruitment, a candidate must be a practicing tutor in the relevant subjects and must be registered or employed by the Teachers Service Commission (TSC) or a recognized professional body.

He added that they should be recommended by their individual Heads of Institution, hold a diploma or higher in Education or in the pertinent fields of specialization and have taught for at least three years.

He said candidates can check for the application process and further information by visiting the KNEC examiners’ web page.

UNILAG Inaugurates Centre For Clinical Trials

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The University of Lagos (UNILAG), College of Medicine has inaugurated the Centre for Clinical Trials, Research and Implementation Science (CCTRIS), to enhance capacity in medical research.

The institution’s Vice Chancellor, Prof. Folashade Ogunsola said that Nigeria and Africa at large have not made great advances in clinical trials.

Ogunsola, who was represented by Prof. Lucian Chukwu said the center is coming at the right time to enhance research works in clinical trials and implementation science.

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She said the area of clinical trials in the African continent has not been given its pride of place despite controlling a significant part of the global population.

She added that the implementation science of CCTRIS would assist in bridging the gap between theories and practicals.

Ogunsola urged the CCTRIS Director to ensure that the centre becomes a renowned facility in clinical research.

Provost of the College of Medicine, UNILAG, Prof. David Oke said  medical research plays a pivotal role in positioning the institution at the centre of global institutions.

Oke, who was represented by Deputy Provost, Prof. Osaretin Ebuehi said the centre would focus on developing and facilitating innovative research and treatment for a wide range of medical conditions.

Director of the Centre, Prof. Bosede Afolabi, said CCTRIS aimed to become a leading institution in the field of clinical trials and implementation.

She said that the goal of the centre was also to develop capacity with postgraduate courses and conduct multidisciplinary research.

She added that the center would also provide administrative and project management services to the clinical research community in the country.

Singapore To Hold Final Horse Race After More Than 180 Years

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The more than 180-year-long history of horse racing in Singapore is set to draw to a close.

It has been announced that the small Southeast Asian nation’s only racecourse – Singapore Turf Club – will hold its final meeting next year.

The country’s government will take back the 120-hectare site, which will be used for public and private housing.

Queen Elizabeth II, who was an avid racegoer and racehorse breeder, has an event named after her at the course.

Her late Majesty presented the inaugural Queen Elizabeth II Cup during a visit to Singapore in 1972. She attended the feature race a second time in 2006.

Queen Elizabeth II visited the Singapore Turf Club in 1972 and 2006

The sport was introduced to Singapore in 1842, when Scottish merchant William Henry Macleod Read and several other enthusiasts founded the Singapore Sporting Club.

They transformed a patch of semi-swampland in Farrer Park in central Singapore into a racecourse. In 1924, the site was renamed as the Singapore Turf Club.

Horse racing proved to be popular not only with Europeans, with meetings also attracting wealthy Malay and Chinese racegoers.

In 1933, as horse racing’s popularity increased on the island, the course was moved to a larger location at Bukit Timah in western Singapore.

Cars parked outside Singapore Turf Club’s Bukit Timah racecourse.

In March 2000, the Singapore Turf Club moved to its current location at Kranji, in the north of the island. The S$500m ($370.9m; £298m) racecourse has a five-storey grandstand, with capacity for 30,000 spectators.

However, the Singapore Turf Club has seen attendance decline over the past decade.

The country’s government said the land would be redeveloped for public and private housing to meet “future land use needs”.

The Ministry of National Development also said it would explore other uses for the land, including leisure and recreation facilities.

Jockeys compete in a race at the Singapore Turf Club’s Kranji Racecourse in May 2019.

Hawaii’s Kilauea Volcano Erupts In Fiery Display

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The Kilauea volcano has erupted spewing massive flows of lava around the crater floor.

The US Geological Survey captured the volcanic activity on a webcam.

The last time Kilauea erupted was in January this year, with activity stretching into March.

Located in a closed area of Hawaii Volcanoes National Park, Kilauea is one of the world’s most active volcanoes.

Exploring New Croton Dam, U.S.A.  

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The New Croton Dam, also known as the Cornell Dam, is an artificial dam built to hold the New Croton Reservoir which is part of the New York City water supply system, located in the town of Cortland, in the State of New York, within the United States of America.

Previously there was another Old Croton Dam, which was built between 1837 and 1842, however, as the demand for water in New York was rising, in 1885 it was ordered for the construction of a new bigger dam.

The construction of the New Croton Dam was a bit controversial at first, as it was intended to be built only 6 km (4 mi) downstream from the Old Croton Dam, which would have been submerged by the new reservoir, together with plenty of public and private buildings, six cemeteries and more than 400 farms.

Designed by Alphonse Fteley, the construction began in 1892, and interesting is that the superintendent of excavations, John B. Goldsborough, even recruited stonemasons from southern Italy to do a good job.

At first, the river was diverted from its natural path to dry the riverbed, so the construction of the masonry dam would be finished, which most of the time was in very harsh conditions.

The initial construction lasted for eight years, and later it took additional six years to complete everything what was intended to be built.

There were complications in 1901 when the Chief Engineer at the Croton Dam, William Hill, was told by one of his masonry inspectors that the work was defective.

It was noticeable that the dam had holes in it through which streams of water gushed, and the core wall would have to be torn down and rebuilt, without sparing anything, including the expenses, as the dam was essential to New York City’s water supply.

The New Croton Dam was completed finally in 1906, with a height of 91 meters (297 feet) and length of 667 meters (2,188 feet), making it very interesting due to the unusual spillway which is part natural and part artificial, forming a beautiful waterfall on the north side.

There is even a bridge that crosses over the waterfall which was replaced in 1975 and again in 2005, but nowadays, only pedestrians and emergency vehicles are allowed to pass.

Hailed to be the second largest hand-hewn masonry, nowadays, the New Croton Dam together with the public park and trail that are next to the reservoir are popular among the locals, especially for hiking and biking, and with the amazing natural surrounding makes a great escape from the urban life.

Once Upon A Time – June 8 – 1869 – Ives W. Mcgaffey Of Chicago Patents 1st Vacuum Cleaner, Calls It “Sweeping Machine”

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452 Italy invaded by Attila the Hun

793 Vikings in long ships from modern-day Norway plunder St Cuthbert’s monastery on Lindisfarne Island, off the northeast coast of England capturing and killing monks

1191 King Richard I of England arrives at Acre in modern day Israel to join the Siege of Acre during the Third Crusade

1783 Laki volcano in southern Iceland begins 8-month eruption, killing 10,000 and causing widespread famines throughout Asia and Europe

1789 James Madison introduces a proposed Bill of Rights in the US House of Representatives

1918 Nova Aquila, brightest nova since Kepler’s nova of 1604, discovered

1987 New Zealand’s Labour government legislates against nuclear weapons and nuclear powered vessels in NZ. Only nation to legislate against nuclear power.

Historical Events Today Events in 2023

Today in Film & TV

1993 Drag queen RuPaul releases his debut album “Supermodel of the World”

Today in Sport

1969 MLB legend Mickey Mantle gives his farewell retirement speech during “Mickey Mantle Day” at Yankee Stadium, 60,096 see #7 retired

1869 Ives W. McGaffey of Chicago patents the 1st vacuum cleaner, calls it a “sweeping machine”

1920 Reds’ Edd Roush falls asleep in center during long infield argument Heinie Groh goes to wake him, but umpire ejects Roush for delay of game

Famous Weddings

1927 Painter Marcel Duchamp (39) weds Lydie Sarazin-Lavassor

1931 Songwriter Johnny Mercer (21) weds chorus girl Ginger Meehan (21) in New York City

1952 American singer and actress Judy Garland (29) weds American producer Sidney Luft (36) in Hollister, California; divorce in 1965

Its vault was thought to be impregnable, but the bank had not reckoned on the ingenuity of a determined thief who died on this day, with the loot still missing – June 8, 1989