Nigeria records 27% decline in remittance in 2020
Diaspora remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, almost entirely due to a 27.7 per cent decline to Nigeria, which accounts for over 40 per cent of such flows to the region, according to the World Bank. Remittance flows to the region were affected by the COVID-19 pandemic, in particular by restricted mobility measures and the employment situation in the main host countries. The decrease in inflows to Nigeria is partly attributable to a high (27 percent) premium on the naira/US$ exchange rate in informal markets, and an unexpected policy directive requiring the agent banks of money transfer operators to pay out in US dollars (or hard currency) rather than naira. Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent, demonstrating resilience at a time of crisis. Indeed, strong remittance growth was reported in Zambia (37 percent), Mozambique (16 percent), Kenya (9 percent), and Ghana (5 percent).
Binance under investigation by US justice department
Binance, one of the world’s largest cryptocurrency exchanges, is under investigation by the Justice Department and Internal Revenue Service. As part of the inquiry, the officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business. “We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,” a spokesperson for Binance said in an email, adding that the company does not comment on specific matters or inquiries. “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” the spokesperson added.
The world’s most vaccinated nation, Seychelles record COVID-19 surge
Seychelles, which has vaccinated a higher proportion of its population against coronavirus than any other country, is struggling to contain a new surge in Covid-19 infections, raising questions about the effectiveness of a Chinese shot the island nation has administered to the majority of its vaccinated residents. In recent days, a rush of patients seeking treatment has overwhelmed the Seychelles’s sole coronavirus treatment center, as the pristine archipelago of 115 islands in the Indian Ocean battles its worst wave of infections, according to the health ministry. The daily rate of Covid-19 symptomatic infections has jumped to more than 300 cases, bringing the cumulative total to 8,172 and forcing the government to reinstitute lockdown measures. Although that number is low, it is an outsize problem for a tiny geographically isolated nation with a population of just 100,000. The Seychelles is viewed as having conducted a very successful vaccination rollout so far; it can boast having the highest share of people
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Bitcoin plunges as Elon Musk announces that Tesla won’t allow Bitcoin payments on cars anymore
Bitcoin rebounded to about $50,000 on Thursday after plunging as much as 17 percent after Elon Musk tweeted Tesla Inc had stopped accepting bitcoin to purchase its vehicles due to climate concerns. The price of the world’s largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1, in just under two hours following the tweet shortly after 2200 GMT. It recovered about half of that drop early in the Asian session, and last traded about $50,196. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk wrote. Tesla’s announcements earlier this year that it had bought $1.5 billion of bitcoin and that it would accept it as payment for cars has been one factor behind the digital tokens’ surging price this year. As a result, Musk’s comments roiled markets even though he said Tesla would not sell any bitcoin and would resume accepting bitcoin as soon as mining transitioned to more sustainable energy.
Israel launches airstrikes on Gaza Strip after Hamas rocket attacks
Tensions between Israel and the Palestinians escalated dramatically on Monday as militant groups in Gaza fired rockets into Israel and Israel responded with strikes on the Palestinian coastal territory following a police raid on the al-Aqsa mosque in Jerusalem that left hundreds injured. The rocket attacks were launched just minutes after the passing of a Hamas-issued ultimatum for Israel to withdraw security forces from both the Jerusalem compound that is home to the al-Aqsa mosque and the Old City’s Sheikh Jarrah neighbourhood. The two locations have been the scene of increasingly violent confrontations in recent days between Israeli security forces and Palestinians that have drawn mounting international concern. Anger had been growing for weeks among Palestinians before a now-delayed Israeli court ruling on whether authorities were able to evict dozens of Palestinians from the Sheikh Jarrah neighbourhood and give their homes to Jewish settlers.
Nigeria’s cement makers record bumper Q1 earning, shares price fail to reflect performance
Dangote Cement, Lafarge (WAPCO) and BUA Cement, Nigeria’s largest cement makers, recorded a combined profit growth of 37 percent in the first quarter of 2021 (Q1) but the bumper earnings have failed the boost investors interest as their share prices have not risen to compensate for their performance. The trio recorded a combined profit of N121 billion in Q1 compared to N88 billion recorded in the same period last year. The companies grew cement sales 27 percent to N465 billion in Q1 2021 compared to N366 billion in the first quarter of 2020. Despite this impressive performance, the share price of Dangote cement has dropped 14 percent year to date while WAPCO and BUA’s share prices have both dropped 1 percent respectively as the market closed, Monday. However, the dips in their share prices appear to be a broader market situation as investor’s appetite for equities have waned.
More than 4000 Indians died of Covid-19 for the second day in a row
India recorded more than 4,000 COVID-19 deaths for a second straight day on Thursday as infections stayed below 400,000, and extended the interval between doses of the AstraZeneca vaccine to up to 16 weeks amid a dire shortage of shots in the country. Experts remain unsure when numbers will peak and concern is growing about the transmissibility of the variant that is driving infections in India and spreading worldwide. According to health ministry data, India had 362,727 new COVID-19 infections over the last 24 hours while deaths climbed by 4,120. Although it is the world’s largest vaccine producer, India has run low on stocks in the face of the huge demand. As of Thursday, it had fully vaccinated just over 38.2 million people, or about 2.8% of a population of about 1.35 billion, government data shows.
