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Hong Kong Retail Slump Eases as New Virus Wave Threat Looms

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Hong Kong’s subdued retail environment showed signs of improvement in October, though a new wave of virus cases threatens that progress as the city tightened social-distancing rules again.

Retail sales by value fell 8.8% from a year earlier to HK$27.4 billion ($3.5 billion), better than the median forecast of -10.3% in a Bloomberg survey of economists, and compared with a revised -12.8% in September. Sales by volume fell 9.3%.

A resurgent wave of infections and new social-distancing restrictions, however, threaten to upend the nascent signs of an economic recovery. The new virus cases have already forced Hong Kong to delay a travel bubble with Singapore and worsens pressure on retailers ahead of the critical December shopping season.

Sales by value of electrical goods and other consumer durables dropped almost 25% from a year ago, while food, alcohol and tobacco sales declined 6.5%. On the other hand, sales of goods in supermarkets rose 2.6%.

Chief Executive Carrie Lam this week announced further mobility restrictions, including reducing public gatherings to two people, closing nightclubs and karaoke parlors and cracking down on parties aboard yachts in order to bring the latest virus wave under control. Schools will shut again from Wednesday.

With assistance by Matt Turner

CAFCC: Missed chances affected us vs Futuro Kings – Rivers United boss

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Rivers United coach Stanley Eguma says his strikers’ wastefulness in front of goal affected his side psychologically in the Confederations Cup loss to Futuro Kings.

Eguma speaking after the team arrived in Nigeria that, the inability of his strikers to convert their chances even affected them psychologically in the fixture.

Obviously not pleased with the outcome of the encounter, Eguma, whose side won the Gov. Wike preseason Tournament and also reached the semi-finals of the Dapo Abiodun competition, says the result does not reflect their preparation.

Rivers United, who reached the group stages of the competition in 2017, is expected to advance to the first round despite the 2-1 loss to Futuro Kings.

Mirae Asset wins U.S. lawsuit against China’s Anbang on scrapped $5.8 billion hotel deal

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South Korean investment bank Mirae Asset Daewoo Co Ltd and affiliates won a U.S. court case against Anbang Insurance Group, a court document showed, after Mirae scrapped a $5.8 billion deal after the start of the pandemic to buy 15 U.S. hotels from Anbang.

The case in Delaware, where many companies are registered, could set a precedent for deals that have seen valuations drop since the COVID-19 pandemic, as buyers no longer want to buy assets under the terms of agreements reached before.

A consortium led by Mirae agreed last year to buy the hotels from Anbang, which had been selling some of its overseas assets after the Chinese government took control of the troubled insurer in 2018.

But Mirae did not close the deal on the scheduled April 2020 date, saying that Anbang’s representations and warranties were inaccurate and failed to satisfy conditions, which led Anbang to file the suit saying Mirae must fulfil its promised payment, the court document showed.

The Delaware Court of Chancery, presided by Vice Chancellor Travis Laster, found that the Anbang company that owns the hotels made extensive changes to its business because of COVID-19, such as employee layoffs, furloughs and closing amenities.

This led to a failure to meet a condition that business be “conducted in the ordinary course of business” and allowed Mirae to terminate the agreement, the court document said.

Mirae said in a regulatory filing on Tuesday that depending on whether the plaintiff appeals, it will respond through its legal representative.

Moscow to ban state officials & military personnel from holding foreign citizenships & residence permits

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Russian President Vladimir Putin has introduced a new bill to ban civil servants and armed forces personnel from holding other allegiances. The measure is set to apply to around one million state employees.

They will be prohibited from holding foreign citizenships and residence permits under the plan, which has been published in the State Duma’s online database.

Last week, the State Duma waved through a similar bill banning members of the State Council from the same rights, as well as having accounts with foreign banks.

However, earlier this month, legislation was introduced to formally allow Russian spies and intelligence officers to take foreign citizenship and residence permits if required as part of their missions. Previously, this had been a sackable offense for the country’s spooks.

Supreme Court’s Ruling on Church gatherings Shows Religious Liberty Hangs by a Thread

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In totalitarian societies, governments suppress the church and religious worship. That’s because dictators think citizens should worship them as the highest authority—and not a Higher Authority, which they view as a threat to their power and position.

In the United States, religious liberty has been under siege for some time. Last week’s Thanksgiving gift to believers from the Supreme Court may be only a temporary reprieve from government’s assault on faith and conscience. The narrow 5-4 ruling serves as a warning the threat is not over.

The court majority ruled that Gov. Andrew Cuomo of New York overstepped his authority and the Constitution when he arbitrarily declared that, during the COVID-19 pandemic, worship services must be limited to a number he created out of whole cloth.

What is it that causes so many Americans to place their faith in government over faith in God, or even faith in themselves? False gods of wood, iron, bronze, and gold could not answer the prayers of ancient peoples, so why, when government fails to answer the “prayers” of so many today, do people continue to put their faith in it? Indeed a sign of the times because the bible says in the last days men shall be lovers of themselves.

When government sets itself up as the ultimate authority on all things, including the right to gather and worship freely, other liberties can quickly be at risk and a sign that the Church must intensify its prayers to nip this vile trend opposed to the spread of the gospel in the bud.

If the First Amendment is to be challenged, even watered down when it comes to faith and practice, why not impose stricter controls on speech and the press, as is done in totalitarian states? Once the principle that government endows rights is established, it is a very short step for government to take them away.

In China and elsewhere around the globe, dictators view God as a challenge to their rule. They demand total fealty, or those who seek to go over their heads with appeals to heaven must be arrested, jailed, and in some instances killed, that the almighty state be preserved. Recently we have seen nations founded on democracy tilting towards the same model they have criticised and condemned.

One of the founding principles that brought Pilgrims from England to America was the freedom to worship God as their consciences dictated. The Constitution guarantees that right.

In more recent years, the term “separation between church and state,” penned by Thomas Jefferson in a private letter to a friend, has come to mean the right of the government to define the meaning of “church,” restricting the practice of faith to one hour on Sunday morning, and in the case of Cuomo and some other governors and mayors, dictating how many people can gather to worship someone other than them.

A Wall Street Journal editorial commenting on the court’s decision got it right: “The Court explains that New York’s order treats houses of worship more harshly than what Mr. Cuomo considers ‘essential’ businesses. Those include liquor stores, bike shops, acupuncturists, lawyers, accountants, and more.”

Sermons I have heard over the years have noted that in the eyes of God, when one has broken one of the Ten Commandments, one has broken them all. Breaking one law, they have noted, defines one as a lawbreaker.

It is a good analogy when considering our liberties. If one is threatened, all are potentially at risk.

Former Vice President Joe Biden has promised to name more liberal judges to federal benches. If he succeeds, expect more challenges to religious freedom and other constitutional rights, including the right to life. There is a saying that “the price for freedom is eternal vigilance”, so we must not rest on our oars as citizens.

By Cal Thomas

Social Welfare: National Assembly Moves To Regulate Investment Programmes

The National Assembly has made good its promise to regulate the social welfare and intervention programmes of the Federal Government under the Muhammadu Buhari regime.

A bill seeking the regulation is already slated for second reading at the House of Representatives.

The proposal is titled, ‘A Bill for an Act to Establish National Social Investments Trust Fund to Alleviate Poverty among Vulnerable Nigerian Citizens through Targeted Programmes for the Aged, Infirmed, Unemployed and Students; and for Related Matters.’

The National Social Investment Programme is currently domiciled with the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development.

Though the bill was listed for a second reading on Wednesday, it was, along with other items on the Order Paper, stepped down till another legislative day.

The bill was sponsored by Mansur Soro, the 33-year-old lawmaker representing Darazo/Ganjuwa Federal Constituency in Bauchi State.

The Speaker, Femi Gbajabiamila, had earlier in May 2020 said the parliament would soon introduce a bill that would define who a poor Nigerian is and how to benefit from the Federal Government’s NSIPs.

He had stated that the move was to legalise the NSIPs and codify the programmes.

Gbajabiamila, while speaking at an online interactive session (webinar) organised by the Emmanuel Chapel on May 29, 2020, stated that the House was now ready to review the SIPs.

The legislative and executive arms of the Federal Government had clashed over how palliatives were being disbursed to Nigerians considered to be poor.

The leadership of the National Assembly on April 7, 2020, faulted the NSIPs and how it was implemented, noting that the conditions set by officials most times excluded poor Nigerians for which the initiative was intended.

JUST IN: FG Increases N-Power, School Feeding Beneficiaries

President Muhammadu Buhari has ordered an increase in the number of beneficiaries for the National Social Investment Programmes.

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq revealed this on Monday at a ministerial press briefing to give account of her ministry in the last one year in Abuja.

The move, according to her, is to boost the present administration’s goal of lifting 100 million Nigerians out of poverty in the next 10 years.

She said the President directed the Ministry to increase the number of N-Power beneficiaries from 500,000 to 1,000,000.

President Buhari  also directed an increase in the number of beneficiaries of the Government Enterprise and Empowerment Programme (GEEP) by 1,000,000 and increase the beneficiaries of the Home-Grown School Feeding by 5,000,000.

 “In a bid to realise Mr. President’s commitment to lift 100 million Nigerians out of poverty in the next 10 years, the ministry places significant emphasis on youth empowerment by strategically ascertaining youth engagement as a foundational objective in implementing the following strategies: double the scope of the National Social Investment Programmes.

“Mr. President has graciously approved the expansion of all NSIP programmes. Such as increase of N-Power beneficiaries from 500,000 to 1,000,000, increase GEEP beneficiaries by 1,000,000 and increase of beneficiaries of Home-Grown School Feeding by 5,000,000,” she said.

About 3.7 million households comprising of more than 15.5 million individuals have been captured on the National Social Register, the Minister revealed, adding that the Ministry has developed a strategy for targeting the vulnerable in line with Buhari’s directive to expand the National Social Register.

“In championing Social Inclusion, deliberate efforts were made to capture vulnerable youth and groups which included Women, People with Special Needs, in the expansion of the National Social Register by one million households. Also, in the Economic Sustainability Plan, we have over 1,000,000 urban poor in the National Social Register.

“As of June 2020, 4.41 per cent of the total number of individuals captured in the National Social Register are recognised as persons with special needs. This comes to a total of 685,090 persons with special needs in the National Social Register.

“About 3.7 million households comprising of more than 15.5 million Individuals have been captured on the National Social Register. Of that number, over 2.8 million of the households which comprise of 13.5 million individuals are eligible for Conditional Cash Transfer. This numbers are spread across the 36 states and FCT. The numbers are further broken down to 7.6 million males and 7.9 million females as shown on the screen,” she said.

Terrorism Charges: FG To Arraign Aswani Market Leader, Others In Lagos Federal High Court

The Federal Government has filed terrorism charges against the leader of Aswani International Market in Lagos State, Chief Taoreed Farounbi, alias Baba Alado, and six others.

In the three counts filed before Justice Muslim Hassan of the Federal High Court in Lagos, Farounbi and his co-defendants were accused of conspiring and participating in acts of terrorism, leading to the killing of two men, Debo Olohunyo and Chibuzor Daniel, in the White Sand area of Isheri-Osun, Lagos State on March 19, this year.

The prosecution also alleged that the defendants unleashed mayhem, leading to the destruction of many properties in the area.

The prosecution said the defendants acted contrary to Section 1(2) (a) of the Terrorism Prevention Act 2011 as amended by Terrorism Prevention (Amendment) Act 2013.

Listed as Farounbi’s co-defendants are Alhaji Olusegun Akinde, alias Echo, Ayokunle Fakiyesi, Idowu Akinde, Musiliu Oladejo, Lekan Matthew, and Adeleke Akindeji.

The scheduled arraignment of the defendants was stalled on Monday as the prosecuting counsel for the state, A. K. Alilu, told the judge that save for the sixth defendant, Lekan Matthew, who was in court, the others had not been seen again after they were granted administrative bail.

The defence counsel, M.B. Jimoh-Akogun, assured the court that his clients had not absconded, saying the impression they had was that the case was fixed for December 16.

Following Jimoh-Akogun’s undertaking to accept service of the charge sheet on his clients, Justice Hassan ordered that the charge sheet be served on him, while he made an order remanding Matthew in correctional custody, pending the defendants’ arraignment on January 28, 2021.

They have started another round of closure of shops – Nigerian traders in Ghana raise alarm

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The National Association of Nigerian Traders has called on the Federal Government to take urgent action as Ghanaian authorities embarked on another round of closure of shops belonging to Nigerian traders on Monday.

The National President of NANTS, Ken Ukaoha, who made the call in an interview with the News Agency of Nigeria in Abuja, condemned the maltreatment of Nigerian traders in Ghana.

Ukaoha said that the entire process showed Ghana’s decision to undermine trade and economic integration process in the West African region.

He, therefore, urged the Federal Government to take immediate actions and urgently present the maltreatment of Nigerians in Ghana to the Council of Ministers and the Authority of Heads of State.

Hundreds of shops belonging to Nigerian traders in Ghana have been under lock and key since September, 2019.

“As at today, November 30, the Ghanaian Authorities led by Security Agencies have started another round of closure of shops belonging to Nigerian traders in Ghana.

“The notice placed above the padlocks on each of the locked shops informs owners to come to their Ministry of Trade and Industry with evidence of payment of one million dollars.

“It is indeed a complete dent on the face of ECOWAS and a bold question, perhaps asking the Nigerian Government ‘What would you do?’ or ‘Do your worst!’” Ukaoha noted.

He recalled that that a few weeks back, the traders had appealed to the Federal Government to start the process of evacuating them back to Nigeria while expressing their displeasure and insecurity of their wares and livelihoods in Ghana.

Money Laundering: Maina arrested in Niger Republic

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The former chairman of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina, has reportedly been arrested by authorities in the Niger Republic.

Maina was reported to have been arrested on Monday evening.

The newspaper said the arrest was possible because of a mutual relationship between Nigeria and the Niger Republic.

Maina is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering to the tune of N2 billion.

However, the former PRTT chairman jumped bail which prompted Okon Abang, a judge of the federal high court in Abuja, to order the arrest of Ali Ndume, senator representing Borno south.

Ndume had stood surety for Maina so that he could be granted bail.

After about four days in custody, the court granted the legislator bail on Friday.

Abang had said although other grounds of Ndume’s bail application failed, the senator has a record of “good behaviour”.

The judge asked the Borno lawmaker to produce a surety who must be a resident of the federal capital territory (FCT) and has property in the territory.

Abang said the surety must also depose an affidavit of their readiness to face the consequences if the senator absconds.