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Appear Inc Acquires Crealev, Pioneer in Levitation Strategic acquisition of Netherlands-based firm is intended to disrupt global electronics markets with best-in-class, innovative-but-fun technologies

SAN FRANCISCO, May 17, 2021 (GLOBE NEWSWIRE) — Today, Appear, Inc., the global leader in innovation and design for future-thinking products, announced it has acquired Crealev, the world’s leading levitation technology company (www.crealev.com). The strategic acquisition of the Netherlands-based Crealev adds to Appear’s portfolio of best-in-class, innovative technologies. Appear is rolling out a number of […]

Lagos unveils plans to become tourism hub in Africa

Lagos State commissioner for tourism, arts and culture, Uzamat Akinbile-Yussuf, has said that the series of tourism activities of the ministry under the present administration are structured towards positioning the state as a major tourism destination in Africa, where the private sector can confidently invest their resources to advance the state’s tourism and entertainment sector. Akinbile-Yussuf stated this while presenting the account of stewardship of Babajide Olusola Sanwo-Olu’s administration in the tourism and entertainment sector in the last two years. She said the state is developing a tourism master plan that will serve as a pathway for the implementation of every tourism activity in the state, adding that the document would change the narrative in the state’s tourism sector and ensure uniformity of government programmes, plans and policies in the development of tourism. Akinbile-Yussuf described the document as a worthwhile achievement under the administration of Babajide Sanwo-Olu since two years ago, in addition to other tourism infrastructure being put in place in different parts of the state. With the master plan in place now, the commissioner averred that the era of haphazard development of tourism activities in the state is past. “There is now a structured guideline that must be followed for short, medium and long term tourism activities and projects”, she said. “Apart from this, some areas of tourism activities that have not been given attention before has now been captured in the Master Plan and this will engender all-round development of every aspect of tourism in the coming years”. She explained that more attention would be given to the development of the state’s waterfront for tourism purposes under Beach and Leisure captured in the tourism master plan, the exploration of medical Tourism, focus on MICE (Meetings, incentives, Conferences and Exhibition) among others. “We have equally identified the business side of entertainment and tourism. Beyond using tourism and entertainment as a vehicle for fun, relaxation and social integration, entertainment and Tourism remain a major source of income generation for different countries and cities of the world and we will also leverage on this aspect to boost the state’s IGR. “We believe in creating an enduring atmosphere for Tourism activities to thrive, being a majorly private-sector-driven sector. It is our belief that when businesses operate under the right atmosphere, the economic activities of the state would increase and the resources at the disposal of the government would also be impacted greatly,” she averred. The commissioner said that within the last one year, which is the second year of the present administration, the ministry had made appreciable progress in positioning entertainment and tourism to occupy its rightful position.

Ayade introduces sustainable housing scheme for civil servants in Cross River

Governor Ben Ayade of Cross River State The Cross River State governor, Ben Ayade has introduced a sustainable and affordable housing scheme for civil servants in the State. This was disclosed by the Cross River State head of service GeraldineAkpet-Ekanem in a meeting with all Directors/Heads of Administration in the Civil Service. According to her, the meeting is to enable the State Government to gather the needed data for take-off; ascertain the number of people interested adding that this would determine the number of houses to be completed. The head of Service commended the Governor for his commitment to the welfare of Civil Servants and urged Civil Servants to take advantage of the opportunity maintaining that “investments made while in Service are what make retirement worthwhile”. Ekanem further disclosed that the housing scheme which would include: one bedroom, two bedrooms, three and four-bedroom flats are to be situated in Yala and Obudu for the Northern Senatorial District, Ikom and Yakurr for the Central Senatorial District, as well as Tinapa Road and Jonathan Bye- Pass for the Southern Senatorial District. Interested Civil Servants are to obtain forms from the directors/heads of Administration in their various MDAs. Get real time updates directly on you device, subscribe now. Subscribe

UrbanGold Minerals’ Shareholders Overwhelmingly Approve Troilus Gold’s Acquisition of UrbanGold Minerals

TORONTO, May 17, 2021 (GLOBE NEWSWIRE) — UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold”) and Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus”) are pleased to announce that UrbanGold’s shareholders voted, at the special meeting of UrbanGold’s shareholders held earlier today (the “UrbanGold Meeting“), to approve the proposed acquisition by Troilus of all of the issued […]

Neptune Energy Working With Rothschild as It Studies IPO

(Bloomberg) — Neptune Energy Group Ltd., the oil and gas explorer backed by Carlyle Group Inc. and CVC Capital Partners, is working with financial adviser Rothschild & Co. to explore potential options including an initial public offering, according to people familiar with the matter. The company, formed in 2015, could be valued at more than […]

On restoring confidence in the naira

The Central Bank of Nigeria (CBN) has introduced a new currency policy that limits foreign currency transactions over domestic commercial bank’s counters. Weeks ago, commercial banks in the country could allow up to $10,000 monthly cash deposit into customers’ domiciliary accounts. Now, this amount has been adjusted by the CBN to a maximum of $5,000 monthly. This new restrictive policy, it is believed, should control the strong appetite for the dollar, which has been on a steady rise over time and restore confidence in the naira. However, this currency control strategy does not affect electronic transactions by customers, gas companies, and dollar payments into government accounts. Reports on foreign currency holdings by 10 top commercial banks in the country show that about 40% of total deposits in these banks are in dollars. This trend is expected to decline by this new decision from the apex banking authority. Commenting on this recent development, Ngozi Adeleye, a financial economics expert lecturing at Covenant University, Ota, maintains a sceptical position about the effectiveness of the restrictive policy. “Indeed, this policy by the CBN is expected to discourage the unwarranted holding of the dollar by a few individuals while leaving a vast majority who need this greenback for their daily business stranded,” she said. However, expressing her cynical position maintains, “if preventing hoarding and reducing pressure on the dollar is the main aim of the CBN at this time, then supply-side policies that boost the supply of foreign exchange are what should matter”. Basic economic theory of demand and supply exposes the effect of scarcity of resources on price. Therefore, an increase in the demand for the dollar relative to its supply will naturally push the price up, and an expectation of a future rise in prices will encourage hoarding by those who can afford to accumulate such resources. Olamofe Olayemi, an analyst at ARM Securities Limited, believes that increased desire to hold and accumulate the dollar shows weak confidence in the local currency. “…this has to do with how much confidence the people have in the naira…” he said. Over time, we have seen significant depreciation in the naira. “If you look at what happened in 2020, no one expected that the naira would be devalued twice in that year, and even the outlook, this year is suggesting further depreciation in the naira,” Olayemi laments. “So, it makes sense to a lot of people to store their money in dollars. But, from the CBN standpoint, you agree with me that there is dollar scarcity.” It is expected that fintech companies whose modus operandi involves substantial volumes of foreign exchange transactions will be negatively affected by this new development. This is possible because customers are now limited by how much they can fund their domiciliary accounts. Electronic transactions are not much of a fairer alternative since their transaction charges are pretty high, and the documentation process to prove the legitimacy of heavy transfers are burdensome. This new currency restriction now seems like a chokehold on business owners and traders, and many question the novelty of the CBN’s policy choice at this time. Peer-to-peer (P2P) transactions are also not an efficient alternative, especially for reasonably big deals involving large cash transfers. Highlighting the potential impact of this spending limit action by the country’s monetary system, Ngozi Adeleye emphasises that financial inclusion is on the verge of a steep decline. “If you mandate the public to deposit fewer dollars in the bank, then you leave them with much more at hand, which then circulates in the hidden economy”, she said. Furthermore, she warns that “access to formal, bank-related services will be discouraged or highly limited in this wise, and the quantity of foreign exchange moving around outside the banking system will increase substantially. These unreported transactions will not be captured in the official books, unfortunately”. Indeed, driving a cashless economy where many people are still unbanked and the electronic payment structures are still fragile is a tough call. In Nigeria, people still lack confidence in the e-payment system due to consistent failure and glitches in transactions, leading to irrecoverable monetary losses most times. Restoring public confidence in the naira will require much more than imposing spending limits on the already scarce foreign exchange in the country. Dealing with the current inflation challenge in Nigeria is a crucial route to restoring balance in the market for goods and services while empowering households to consume and save more. Allowing the foreign exchange market to be purely determined by market forces is another critical area the government may wish to explore if they hope to drive FX prices down appreciably and restore strength to the local currency. Also, ensuring the availability and accessibility of foreign exchange through official channels is mandatory to ensure price competition between the available exchange rate windows. This price tug will usually ensure that local currency gains weight against the foreign currency, thus, boosting the value of the naira.

Saudi sovereign fund PIF boosts U.S. equities exposure to over $15 billion

DUBAI (Reuters) - Saudi Arabia's sovereign wealth fund has increased its U.S. stock holdings to $15.4 billion in the first quarter from nearly $12.8...

Buy or hodl, says investor Raoul Pal as Bitcoin price chart hints at 'falling wedge'

In retrospect, bulls came under pressure after Elon Musk started rattling the cryptocurrency market. On May 12, the billionaire entrepreneur reversed his company Tesla...

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