#federal ministry of finance job July 2017

[antoine-roquentin]

On July 3, the International Monetary Fund approved a $6 billion bailout package to help “return sustainable growth” to Pakistan’s economy. Throughout the deal spanning 39 months, the IMF will review Pakistan’s progress on a quarterly basis. As part of the agreement, $1 billion has been released to Pakistan.

This is the 13th IMF bailout for Pakistan, with the Fund looking toward the correction of “structural imbalances” in the country. In this regard, the IMF had announced in the negotiations over the past couple of months that Islamabad would have to increase taxation in order to repay external debt and increase foreign exchange reserves.

Details of the agreement reveal the targets that have been set for Pakistan, requiring the country to increase the foreign exchange reserves from the current $6.824 billion to $11.187 billion next year. As a result, the country’s net reserves are expected to increase from negative $17.7 billion to negative $10.8 billion over the same period.

The IMF has further asked Pakistan to pay $37.359 billion in external debt within the duration of the IMF bailout deal. Islamabad owes $14.682 billion of this figure to Beijing, largely due to the China-Pakistan Economic Corridor (CPEC).

The increase in taxation required by the IMF was visible in this fiscal year’s financial budget, with the government increasing the Federal Board of Revenue’s (FBR) tax collection target from 3.94 trillion Pakistani rupees ($25 billion) to 5.5 trillion rupees. The documents further reveal that over the next two years of the bailout package, additional 1.5 trillion rupee and 1.31 trillion rupee hikes in revenue collection have been scheduled.

Even before the budget was passed, the government had already implemented steps to enhance taxation, with hikes in the price of petrol and electricity. Government officials confirm that further hikes are expected next month.

In addition to the heavy taxation, another precondition of the IMF bailout was the devaluation of the Pakistani currency, which the Fund deemed to be artificially valued. With the IMF calling for a “market determined” value of the Pakistani currency, the rupee has lost over half its value since December 2017, resulting in the inflation rate reaching a five-year high at 9.4 percent in April, and expected to rise to over 13 percent, as per the Fund’s forecast.

The All Pakistan Anjuman-e-Tajran (meaning “trader’s association”) calling a nationwide strike is one example of the impact that the rise in taxation has had on local industries. As a result, the working class in Pakistan is rising up against what it calls the “IMF’s imperialistic takeover” of the country.

“[The IMF] package is littered with conditionalities that are putting [a] burden on the lives of ordinary people. Pakistani people and traders have no capacity to pay taxes demanded by the IMF,” Farooq Tariq, spokesperson and the former general secretary of the Awami Workers’ Party, told The Diplomat.

“As part of the package, the IMF installed its own ‘intelligent’ people on key posts. Not only does it serve the IMF’s purpose of increasing its stranglehold over the country, it reflects a total lack of confidence in PTI’s capacity to do the job,” Tariq added. PTI refers to Pakistan Tehreek-e-Insaf, the current ruling party of the country.

Multiple interviews with officials in the Finance Ministry reveal that the appointments of former IMF mission chief Reza Baqir as the governor of the State Bank of Pakistan and former Finance Minister Abdul Hafeez Shaikh as the prime minister’s adviser on finance were enforced by the IMF in the lead up  to the bailout agreement.

When asked, a senior government official told The Diplomat that the IMF forced the issue to install “its own men” amid continued deadlock with former Finance Minister Asad Umar. The IMF’s pressure further escalated after it was revealed that the entirety of the loan Pakistan received from Saudi Arabia and the UAE at the turn of the year was spent to prevent the currency market from crashing.

Senior financial journalist and analyst at FX Empire Shahab Jafry questions the manner in which the IMF has forced the government to manage the local currency’s valuation.

“The currency market was going haywire, and you had to dump the [U.S.] dollar to buy the rupees – to support the local currency. The government says it is letting the rupee free float – it can’t let that happen, the country will collapse in 48 hours,” he told The Diplomat.

“The currency has an annual 5 percent depreciation against the dollar. I don’t see the rupee stabilizing because I don’t see the economy stabilizing. In the modern day, in competitive floating currencies, you have to have a very strong export revenue generation to have a stable currency – or oil reserves, because you are prone to imports and the fluctuation of commodities and currencies can crash markets,” Jafry added.

Observers note the usual IMF pattern in its current dealings with Pakistan, with the Fund employing trusted people in countries where there is large-scale misappropriation of funds obtained from international institutions.

Abdul Hafeez Shaikh, the PM’s financial adviser, was also part of the team that negotiated the 11th bailout package with the IMF as the finance minister during the Pakistan People’s Party (PPP) rule from 2008 to 2013.

Last month, an entire inquiry commission was formed to probe the alleged corrupt practices of the PPP and the Pakistan Muslim League-Nawaz over the past decade. While many see it as an attempt to audit the funding received in the past, others see it as a maneuver led by the current ruling party, the PTI, to victimize its political opponents with the help of the Pakistan Army.

Farooq Tariq maintains that the military establishment has had a role to play in the aggravation of the economy, and the PTI isn’t the first party to seek the Army’s help in maintaining the vicious circle of debt for Pakistan.

“Pakistan goes to the IMF every few years because of its ruling political parties’ inability to run the economy. The reason is very simple: military and debt expenses. Both take up over half of the national budget at present. The successive governments have bowed down to the pressures of the generals and the creditors not to reduce these two unproductive expenditures,” he said.

Where the Army bolsters particular parties to safeguard its economic interests, the IMF wants Pakistan to pursue certain geopolitical interests. For many, the bailout agreement reveals that instead of economic reforms, geostrategic interests are at the heart of the deal.

“The IMF package is a straitjacket for Pakistan’s economy. The IMF document illustrates a very simplistic thought process,” economist and political scientist Farrukh Saleem, the PTI government’s former spokesperson on energy and economy, told The Diplomat.

“They say the budget deficit is extremely high, the solution is to increase the revenue by 45 percent. How exactly? It’s a shrinking economy. Similarly, they say the trade deficit is extremely high, and then devalue the rupee. The IMF isn’t trying to solve Pakistan’s problems at all, the package has zero reforms – be it power, budget deficit, or trade deficit. After all, the IMF is not a purely economic institute, it’s a political institute as well,” Saleem added.

The former spokesperson maintains that the IMF is advancing U.S. security interests in the region by using the bailout package to ensure Islamabad’s compliance. He refers to this year’s WikiLeaks document “Army Special Operations Forces Unconventional Warfare,” originally written in September 2008, as evidence of how the IMF and World Bank are used to serve U.S. regional goals.

Lieutenant-General Talat Masood, former secretary of Pakistan’s Ministry of Defense Production, says there are obvious U.S. goals that the IMF is looking to fulfill.

“They would like to control our nuclear development. They don’t want us to spend on conventional forces and try to match India. They want us to focus on the economy. They don’t want us to use Lashkar-e-Taiba [LeT] and others to destabilize India and Afghanistan. Also, CPEC and our relationship with China is too strong for their liking. They want us to contribute significantly in the Afghan peace process by pushing the Taliban,” Masood told The Diplomat.

Masood believes the recent arrest of LeT chief Hafiz Saeed, in the lead up to Prime Minister Imran Khan’s visit to the United States, underlines that Islamabad has succumbed to the American demands. But Masood is also critical of Pakistan’s own policymaking, which renders it vulnerable to external pressure.

“Pakistan’s policies are so shallow and aren’t based on any foundational principles, and hence can’t be defended. It’s a weakness of policy and the internal structure of Pakistan that they have to succumb to external pressure,” he adds.

[thetens-blog1]

Job Vacancies in a International Reputable Cosmetic Company, July 2017

Job Vacancies in a International Reputable Cosmetic Company, July 2017

Job Vacancies in a International Reputable Cosmetic Company, July 2017 FIL, an international reputable leading cosmetic company, hereby invites applications from suitably qualified candidates to fill the position below:   Job Title: Quality Control Officer Location: Nigeria Requirements Applicants should possess either B.Sc Biochemistry or Industrial Chemistry with minimum of 5 years cognate…

[cassh24sg]

A federal college loan program can trap parents in debt

Kate Schweizer and her husband didn’t want their two daughters to start their adult lives in college debt just 13 months apart, so they borrowed much of the money themselves. Starting in 2005, the couple took out a new series of federal loans every academic year and eventually amassed about $ 220,000 in debt.

Today they owe $ 500,000.

“Even if the tuition fees seemed insane to me, I convinced myself that everything makes sense and pays off in the end,” says Schweizer, 65. “I was hoping that we could afford it – we should, since my husband has one had a solid union job. “

But as they borrowed more each year, their monthly payments rose until they hit $ 1,500. “We have tried repeatedly to renegotiate the interest or the balance or the payments, or part of them,” she said. “It was over and over again ‘No, thank you – be patient or hard with 8.5% interest’.”

The Swiss took out Eltern-PLUS-Loans, which are taken over by the federal government and are popular with parents who want to take out a loan to finance their children’s education. Though Swiss people who live in the New York area have more debt than most, many parents have turned to such loans as college costs have spiked wage growth, researchers say.

Parent PLUS loans now make up nearly a quarter of new federal student loans. And while they still only account for 6% of the current $ 1.57 trillion national debt and can allow families with fewer resources to attend their children in a college of their choice, they can be problematic as they allow families allow regardless of their ability to repay.

It is also easier to pile up higher debts, as the only limit on Parent PLUS loans is the total cost of care minus all other assistance provided. They usually have higher interest rates than student loans and offer less coverage in the event a family’s financial situation worsens. Only a basic credit check – looking for “adverse” events – is required to receive one.

“The Parent PLUS loan is not an attempt to understand parents’ ability to repay,” said Rachel Fishman, assistant director of research for the college program at New America, a nonprofit research and policy group. “When the federal government says you can get this loan, and an institution says you can get this loan, it leads someone to believe that the federal government has done their due diligence. They have not.”

The Ministry of Education sees these loans – like all student loans – as “instruments of social security policy rather than traditional debt,” which is why they are not subject to traditional underwriting norms, a spokesman said.

At the end of last year, there were 3.6 million loan recipients with nearly $ 101 billion in Parent PLUS loans – an increase of about 40% from $ 72.2 billion (adjusted for inflation) at the end of 2014. In particular, they can be risky for experts said many black parents had taken out more of these loans in recent years but tended to be less wealthy.

In 2016, according to Fishman’s analysis of federal data, 58% of students whose parents took out Parent PLUS loans were white, 19% black, and 15% Hispanic or Latino. Four years earlier, 15% were black and 12% were Hispanic or Latino. Three-quarters of black borrowers had an adjusted gross income of $ 75,000 or less in 2016, compared with just 38% of whites.

According to an analysis of the Federal College Scorecard data that examined 2017-18 and 2018-19 graduates, a typical parent borrows $ 24,416 in PLUS loans. But many borrow significantly more – although the pandemic year was an exception – especially at private universities, which are much more expensive.

The interest on such loans can be unforgiving, said Adam Looney, professor of finance and executive director of the Marriner S. Eccles Institute for Economics and Quantitative Analysis at the University of Utah. When borrowers default or consolidate their loans – or when they receive a deferral or deferral that suspends payments – the interest accrued is capitalized, which means it is added to the principal balance, he said, which increases payments. This is what happened to the Swiss loans, which were consolidated more than once and tolerated for a long time.

“Things are really getting out of hand for borrowers facing repeated economic or financial ups and downs, especially when they have high-yielding loans like PLUS loans,” Looney said.

“For a financially secure, high-income parent making automatic payments,” he added, “the loans work well. But if something bad happens, it’s a disaster. “

Parent PLUS loans also offer less protection than other student loans. Generally, when borrowers cannot afford to pay, they only have access to the most expensive income-based repayment plan, which requires borrowers to pay 20% of their disposable income for 25 years; everything else is taken. PLUS loans, like other student debts, are not automatically canceled through bankruptcy, but require a separate procedure with tightened legal hurdles. The consequences of a payment default are serious: the state can seize tax refunds and seize wages and social security.

While the data on default rates for Parent PLUS loans is limited, it is far lower than for student-borrowed loans – but still worrying, said student loan researchers. In order to keep the debt manageable, parents should not borrow more than they earn in the year – for all children, says Mark Kantrowitz, an expert in financial aid.

“A significant proportion of the parents borrow more money,” he added.

Some college researchers say limiting parenting borrowing might help, but it needs to do so at the same time as providing more scholarships and other assistance to low- and middle-income students so they don’t get disfellowshipped or pushed into predatory loans elsewhere. They also say institutions that encourage or even incite parents to borrow should be held accountable for loan results.

Currently, “there is no impact if the parent fails to pay in the future and defaults,” New America’s Fishman said. “It’s ‘free money’ for the institution.”

But the restriction of access to PLUS credits also has consequences. For example, when the Obama administration tightened the criteria for credit checks in 2011, loan refusals increased. And certain institutions whose students are more reliant on the credit, including historically black colleges and universities, have been particularly hard hit. The backlash was quick – and the rules were relaxed a few years later.

The Swiss lived on a solid middle-class income when their older daughter started at New York University. They lived in a 900-square-foot house, drove used cars, and took their first vacation 15 years after their honeymoon. William Schweizer, 60, works as an operations engineer for air conditioning systems in large office buildings and is the main breadwinner.

When the couple took out their government-sponsored loans, they were making too much to get help that doesn’t have to be repaid, Kate Schweizer said. But a private college couldn’t be reached without big loans, so they took out loans.

Her older daughter graduated with honors after 3 1/2 years in late 2008, for which her parents borrowed approximately $ 114,000. They raised $ 107,000 for their younger daughter, who graduated from Manhattanville College in 2010. Today, her daughters carry additional debt, mostly for graduate school, but are enrolled in income-based repayment plans.

In addition to the loans, there were car repairs, dental work, and other unexpected expenses that would throw the couple’s budget off track. Her credit card balances rose while her daughters were in college. Finally, they filed for bankruptcy in March 2010, just before their younger daughter graduated, and their debts were settled in 2012. The next year, they began foreclosure proceedings and moved into a rented apartment.

Today, her standard monthly payment would be around $ 5,000, according to a letter from her loan service provider in July. The income-based plan would bring it down to about $ 2,200, as estimated by a calculator, and it would be paid off when the Swiss were 85 and 90 years old and put their loans on hold.

The “scolding” who say they borrowed too much are right, said Kate Schweizer. “But what should I do now?”

This article originally appeared in the New York Times.

This story was originally published on nytimes.com. Read it here.

source https://www.cassh24sg.com/2021/06/13/a-federal-college-loan-program-can-trap-parents-in-debt/

[abujaihs-blog]

What some state governments are doing in the area of housing

Housing is one of the critical needs of man. State governments in Nigeria have different approach towards tackling the housing deficit in their domain. Africanhousingnews.com here reviews some state’s housing polices. ABIA Abia state government under the leadership of Dr. Okezie Ikpeazu has made relative progress in terms of providing housing for its citizens. At the inception of the present administration in Abia, the housing estates already developed were not fully occupied. It therefore became imperative that the government ensured that the estates were occupied. It was in the process that it was also discovered that the housing estates except the Amaokwe Housing Estate, Umuahia lacked basic amenities such as roads and portable water. The state government also entered into an agreement with the private investor to ensure steady supply of water at the Isieke Housing Estate that has the problem of water. The philosophy of Ikpeazu is that functional housing estates must put into consideration the cultural practices of Abians. To address this issue, the government started working with the elected Chairman of the seventeen local government areas in 2017 under a PPP arrangement to build at least 60 housing units in each of the local governments of the state. Abia state also started discussion with an investor to build 3,000 units of housing at Obeaku in Ukwa West. The novel thing about this project is that Obeaku is close to Port Harcourt and that alone makes the project a viable venture. The Unity Garden Estate, Aba, which was started some years ago, has also been Our assessment: Not much has been done in the area of housing in the last two years by the Abia State government. It is expected that the state government will wake up to delivering affordable housing before the expiration of the tenure of the current administration. ADAMAWA Governor Ahmadu Umaru Fintiri of Adamawa state has been able to flag off a number of projects in the state since his swearing in as governor. Chief among this is the flagging off of the construction of 2,000 housing units in Yola in September 2019. At the flag off, the governor said the 1,300 houses would be built in Malkohi, 300 in Mubi Local Government Area and others in Yola metropolis. He recalls that no housing estate has been built in the last five years. He urged the contractors, Family Homes Limited, to stick to their promise of delivering the project in12 months. The Managing Director of Family Homes Ltd, Femi Adewole, said N8bn had been injected into the project. He said the homes will be allocated to civil servants at very affordable prices.  The housing units upon completion will have hospitals, schools, recreational centres, shopping malls among others. Our assessment: Though less than a year in office, Governor Fintiri must step up in the area of provision of affordable houses for the people of Adamawa state. AKWA IBOM Chief among the housing initiatives of the Akwa Ibom State government is the collaboration between the state government and the Federal Mortgage Bank of Nigeria (FMBN). In July 2019, the two parties entered into an agreement to ensure that low and medium-income workers in the state own houses at retirement. The governor, Udom Emmanuel said the era where some workers in the state within the low-medium income retired without a home is over. He assured the bank and workers in the state that his administration was determined to partner with FMBN to construct affordable housing units for low -income workers in the three senatorial districts of the state. In addition, the, Akwa Ibom government and Family Homes Fund in November 2018 also signed an MoU towards the delivery of six new estates. The housing projects were planned to be located in Uyo, Ikot Ekpene, Eket, Ikot Abasi, Onna and Uruan. The state government is partnering Family Homes Fund in the project. Construction started November last year on the 1,000 units of various houses. Another developer will build 3,000 units of houses at Odiok Itam in Itu local government council, according to the Commissioner for Lands and Housing, Ime Ekpo. Our assessment: The state government needs to start the construction of affordable houses for workers without any further delay. ANAMBRA Anambra State Governor, Willie Obiano in December 2019 inaugurated a N13bn estate to solve the housing needs of residents of Awka, the state capital. Obiano recently laid the foundation stone for the construction of the project, a smart city called Awka Millennium City (AMC). Obiano, during the inauguration stated that AMC, also known as 'Millionaire Estate', would have all the infrastructure found in any modern city, and would be an ideal place for the rich in the society to live in. Under his administration, the State government also signed a Memorandum of Understanding (MoU) with Rotech Energy Services Ltd. The MoU, which would cost N4.25 billion, for construction of 500 Housing Units at Nkwelle Ezunaka, Oyi Local Government Area (LGA). The housing units, which include schools, hospitals and others, would occupy 50 hectares of land. Obiano said his administration was committed to embarking on more housing schemes to reduce the accommodation challenges faced by citizens of the state. Gov. Obiano stressed that the work would also stimulate economic development by creating numerous job opportunities for citizens. The state has also benefitted from the housing initiatives of the federal government with the revival of the National Housing Programme in Anambra which has been stalled due to paucity of funds 32 years after the project was conceived. Our assessment: The Obiano administration appears to have lost its focus when it comes to delivering projects especially housing projects. There are no tangible housing initiatives that we can point to in his second term so far. BAUCHI Not much has been achieved in the area of housing by the administration of Bala Mohammed since his inauguration May last year. He has however been able to secure the commitment of the Federal Government through Family Homes Funds to build 2,500 housing units in the state. The Federal Ministry of Finance said in September 2019 that it would fund the construction of the housing units in the state through the FHF to the tune of N15 billion. Governor Bala Muhammed said his administration will key into the project as part of efforts to address housing deficit in the state. According to the governor, the project would also provide qualitative and affordable accommodation to people of the state and the project would be executed across the six Emirate Councils of the state. The governor said that the housing unit would be constructed with a modern school, hospital, mosque and church as well as other basic facilities, adding that the project has undergone the necessary procurement procedures to ensure that it is done in line with international best practice. Our assessment: Governor Bala Mohammed has only succeeded in partnering Family Homes Funds on delivering 2500 units of affordable houses. More can still be done for the people of Bauchi state in the housing sector. ....To be continued Read the full article

[bharatiyamedia-blog]

Union Funds 2019: Financial Survey serves as an annual report card on state of nation's economic system

http://tinyurl.com/y336slxs A day earlier than Finance Minister Nirmala Sitharaman presents her maiden Funds on 5 July, the Financial Survey for the yr 2019 might be tabled in each the Homes of the Parliament. The Financial Survey is an annual doc that opinions the developments within the economic system over the earlier 12 months. The doc summarises the efficiency on main growth programmes, highlights the coverage initiatives of the federal government and analyses the prospects of the economic system within the brief to medium-term.Yearly, the Financial Survey is tabled within the Parliament a day earlier than the Union Funds. Since 2015, the survey doc primarily consists of two components. One half consists of commentary on the state of the economic system, which is launched earlier than the Union Funds. The opposite half carries key financial statistics and knowledge, which is tabled in July or August. This break up within the presentation took impact after the Union Funds was moved from the final working day of February to the first day of the month in 2017. Representational picture. Reuters The flagship doc is ready by the Division of Financial Affairs, which comes underneath the Finance Ministry, and launched underneath the steerage of the Chief Financial Advisor (CEA). The Financial Survey serves as a helpful coverage doc because it additionally comprises coverage concepts, key statistics on financial parameters and in-depth analysis on macro and sectoral developments. Usually, the survey serves as a coverage guideline for the Union Funds. Nonetheless, its suggestions are usually not binding on the federal government. As a rule, the coverage suggestions introduced within the doc haven’t made their approach into the Funds proposals. Nonetheless, the federal government considers the doc “helpful for policymakers, economists, coverage analysts, enterprise practitioners, authorities companies, college students, researchers, the media, and all these within the growth within the Indian economic system”. Highlights of earlier Financial Surveys underneath Modi govt The Narendra Modi authorities introduced the Financial Survey in 2015, 2016, 2017, and 2018.The 2015 survey was reportedly impressed by the Worldwide Financial Fund’s (IMF) World Financial Outlook. The survey principally centered on JAM – Jan Dhan, Aadhaar and Cellular. The following Financial Survey (2016) centered on making a extra aggressive atmosphere and highlighted the “Chakravyuha problem”, a Mahabharata-inspired time period to indicate the shortage of exit coverage for firms working in losses. The survey famous that the shortage of exit coverage has been an obstacle to funding, effectivity, job creation, and development. The survey additionally talked about main investments in human assets to reap the demographic dividend. The 2017 Financial Survey deliberated on the demonetisation coverage. Whereas claiming that demonetisation was a fancy thought, the doc famous that the coverage had short-term prices however doubtlessly long-term advantages. The survey additionally launched the thought of guaranteeing Common Fundamental Revenue (UBI) for each citizen. Quantity two of the doc stated that there remained each nervousness and optimism within the economic system on account of numerous components. In line with a report in Enterprise Customary, the Financial Survey 2018 had a vivid pink cowl with the intention to “ship the message of empowerment of ladies and gender equality”. The survey additionally touched upon the cultural obsession with having a male little one and centered on parameters figuring out girls empowerment in India. Follow full coverage of Union Budget 2019-20 here Your information to the most recent cricket World Cup tales, evaluation, reviews, opinions, stay updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Observe us on Twitter and Instagram or like our Facebook web page for updates all through the continued occasion in England and Wales. !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function() {n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)} ; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '259288058299626'); fbq('track', 'PageView'); (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_GB/all.js#xfbml=1&version=v2.9&appId=1117108234997285"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.fbAsyncInit = function () { FB.init({appId: '1117108234997285', version: 2.4, xfbml: true}); // *** here is my code *** if (typeof facebookInit == 'function') { facebookInit(); } }; (function () { var e = document.createElement('script'); e.src = document.location.protocol + '//connect.facebook.net/en_US/all.js'; e.async = true; document.getElementById('fb-root').appendChild(e); }()); function facebookInit() { console.log('Found FB: Loading comments.'); FB.XFBML.parse(); } Source link

[thetens-blog1]

Provost Job at Federal College of Education (Technical) Umunze, Anambra State, July 2017

Provost Job at Federal College of Education (Technical) Umunze, Anambra State, July 2017

Provost Job at Federal College of Education (Technical) Umunze, Anambra State, July 2017 Federal College of Education (Technical) Umunze, Anambra State, currently invites applications from qualified candidates for the post below:   Job Title: Provost Location: Anambra Summary Candidates for the post must demonstrate evidence of strong academic and administrative leadership, initiative and…

[premimtimes]

The travails of Abdullahi Sambo and Waziri Bintube at Nigerian Bulk Electricity Trading Plc (NBET) began in June 2017 after the former wrote to the Ministry of Power, Works, and Housing challenging his redeployment in the company.

Mr Sambo maintains that his redeployment and subsequent predicament at NBET is not unconnected with his whistle-blowing on the MD/CEO of NBET, Marilyn Amobi, whom he accuses of mismanagement and misappropriation of funds.

Mr Bintube, who is an official in the finance department, co-authored the petition against the MD.

Redeployment and stoppage of salaries

In a letter dated June 13, 2017, and addressed to Mr Sambo, NBET’s management, led by Ms Amobi, announced an organizational shakeup that culminated in the redeployment of Mr Sambo from (Head) Internal Audit Unit to Project, Research and Peoples Development Department on his extant salary grade level.

In the letter signed by NBET’s Head of Corporate Services, Itohan Ehiede, management noted that Mr Sambo’s redeployment was part of “the organizational human capital plan” and based on the need to enhance the company’s internal capabilities.

Mr Sambo was directed to report to the GM, Project, Research and Peoples Development Department who will advise him on his functions accordingly.

A week earlier, the Office of the Accountant General of the Federation had written to NBET to inform the organization that one Hauwa Bello will resume to the Internal Audit Unit.

On receipt of the redeployment letter, Mr Sambo said he wrote a petition to Babatunde Fashola, the Minister of Power, Works, and Housing as the Ministry exercised a supervisory role over NBET in the absence of a board.

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola. [PHOTO CREDIT: Energy Mix Report]

Mr Sambo, in his petition, called on Mr Fashola to avert “another crisis in NBET”. He argued that his redeployment and the organisational reshuffling was orchestrated by Mrs Amobi without due recourse to the board (or ministry).

He further said his replacement by staff the Office of the Accountant General of the Federation was based on a letter written in 2012 and discarded on the order of the then finance minister and chairperson of NBET, Ngozi Okonjo-Iweala.

Mr Sambo accused the Accountant General of the Federation of colluding with Mrs Amobi as the duo were colleagues in the defunct Continental Merchant Bank.

Furthermore, Mr Sambo, in his letter, reiterated that Mrs Amobi had been involved in the abuse of office and financial infractions since her assumption of office in July 2016.

Six months later, things would go from bad to worse for Mr Sambo as NBET’s management informed him of the stoppage of his salary until the board decides his petition against the MD/CEO.

In a letter dated December 27, 2017, NBET accused Mr Sambo of refusing his redeployment from Head of Internal Audit to Head of the Learning and Development Unit.

“As you know, your redeployment became necessary following an organizational refinement that was made to accommodate the Treasury Accountants the Head of Service of the Federation approved to be deployed to NBET, pursuant to the request that NBET made in 2012 to the Office of Account General of the Federation (OAGF) for grant of self-serving status, as provided for in the Financial Regulations (Revised Edition, 2009), Government Notice No. 291.

“As you are aware, the deployment of a Deputy Director (DD), Mrs. Hauwa Bello as the new Head of Internal Audit was with immediate effect. Regardless, you refused to prepare and handover to her,” the letter said.

Furthermore, NBET’s management alleged that following his redeployment, Mr Sambo seized two audit stamps the OAGF issued to NBET. Additionally, Mr Sambo was accused of locking the organization’s security safe which forced NBET to replace the safe to the tune of N362, 250.

NBET’s management accordingly concluded that Mr Sambo had become redundant: “Since June 2017 that you have refused to accept your redeployment, you have become redundant, yet you earned the total sum of N11,272,505.07; whilst the organization spent N1,355,959 only, for fuelling and maintaining a project vehicle that you use,” a letter to him read.

Signed by the Head, Corporate Service of NBET, Itohan Ehiede, the letter added that “it is not in the public interest to continue paying you for being redundant. Based on this, I am directed to convey to you the company’s decision to stop further payments of your salary and emoluments effective from Friday 22nd day of December until the board decides your petition.”

Mr Sambo responded to the allegations levelled against him exactly a week after. According to him, the redeployment served to him did not contain a job description of his new role as it merely stated that the General Manager, Project, Research and Peoples Development Department (GM, PRPD) would advise him of his functions accordingly.

“To that extent, I have been carrying out my duties in my redeployed department as directed by the GM, PRPD including attending meetings, leave and excuse duty requests,” he said.

On the issue of audit stamps, Mr Sambo explained that he temporarily held them because of his complaint to the minister following his redeployment. He, however, revealed that he had since handed over the stamp to the Permanent Secretary (Power) being the supervisory ministry for further directives.

On the safe, Mr Sambo stated that: “The security safe in my custody was retained as that was where the audit stamps were kept. The stamps were security instruments that must be kept in the safe as required by the Financial Regulations. As such, there is no way I would have handed over the safe to you prior to when the stamps were returned to the Permanent Secretary (Power).”

He urged the management to rescind its decision to stop his salary and emoluments as he could not direct the Minister on when to decide his petition.

“The sequence of the stoppage of my salary is aimed at meting undeserved sanction on me and to prevent me from performing my domestic responsibilities as I was never involved in any misconduct,” Mr Sambo lamented.

Breakdown of Sambo’s salary and emoluments

As at December 2018, Mr Sambo’s owed salary and emoluments hit N18.5 million.

The breakdown is shown below:

Basic Salary: N4, 048,062

Transport Allowance: N734, 516

Rent Allowance: N4, 700,900

Entertainment Allowance: N352, 567

Medical Allowance: N734, 516

Vehicle Maintenance: N734, 516

Housing maintenance: N1, 028,322

Education Allowance: N734, 516

Annual leave allowance: N587, 612

Furniture Grant: N1, 828,062

Utility Allowance: N636, 580

Domestic Servant: N1, 713,870

Meal Subsidy: N665, 961

He is yet to be paid any salary or emolument as at the time of writing this report.

Ministry’s intervention

The Ministry of Power, Works, and Housing set up an investigative panel on February 19, 2018, to look into the NBET crises involving Messrs Sambo and Bintube.

At the end of the committee’s work in March 2018, the report noted that “there were several management crises involving the MD/CEO, Dr. Marilyn Amobi and some other management staff on policy issues and decisions which in essence is hindering smooth running of the company”.

In her submission to the committee, Mrs Amobi accused Mr Sambo of refusing to be deployed within the company, withholding the audit stamps and locking up the security safe of the company, leading a stoppage of his salary and other emoluments.

On the other hand, she alleged that Mr Bintube proceeded on leave without authorisation and failed to respond to a query within 48 hours, which was then deemed as resignation.

The committee, however, observed that disciplinary actions against Messrs Sambo and Bintube did not follow NBET’s Human Resource Policy Manual and the Federal Government Public Service Rules (PSR).

“In NBET, the power to exercise disciplinary control over the management staff, especially as it relates to termination of appointment, suspension or stoppage of salaries is vested on its Board.

“In the absence of a Board, the Ministry takes over this responsibility. The Board/Ministry has not delegated such powers/authority to the MD/CEO,” it said in a report seen by Leaks NG.

Some of the key recommendations of the committee include that “Bintube and Abdullahi should be allocated offices and their schedules restored.

“That NBET should restore the salaries and emoluments of the affected staff with immediate effect as earlier directed by the Honourable Minister and discountenance its decision of terminating the appointment of Waziri Bintube which is not in a good standing since she does not possess such powers of dismissal.”

Furthermore, the committee recommended that “the internal re-organization should be suspended until the Board/Ministry is informed and approval granted.”

Continued Stoppage of salary despite the Ministry’s directive

Sequel to a directive to the MD/CEO NBET to effect the payment of salaries and emoluments of Abdullahi Sambo and Waziri Bintube, the Ministry of Power, Works, and Housing sent a reminder to Marilyn Amobi in a letter dated March 20, 2018.

The ministry also directed the MD/CEO to forward evidence of compliance.

The ministry stressed that NBET management should “refrain from taking any action that will give effect to the report that Waziri Bintube – GM/Finance Officer and Sambo Abdullahi – DGM/Head of Internal Audit have ceased to be staff of NBET, until appropriate authority has determined that they have in fact ceased to be staff of NBET, after considering their petitions contesting the veracity of the report. And for avoidance of any doubt, activity (sic) of NBET management should refrain from taking decisions which includes suspension of their salaries and emoluments as contained in the Ministry’s earlier letter No. FMP/OPS/S.19?T dated 6thFebruary, 2018 paragraph 3 and 4.”

Despite the ministry’s order that the salary and emoluments of the duo be reinstated, they remain unpaid. Mr Sambo repeatedly wrote letters to the Ministry of Power, Works, and Housing informing the minister that NBET management is yet to comply with his directive.

Detention by DSS

Messrs Sambo and Bintube were reportedly invited and detained by the State Security Service (SSS, also called DSS) on July 17, 2018, till the following day, July 18, 2018. They were also asked to report to the SSS on July 19, 2018.

The duo was later queried by NBET for their absence on the days they claimed that they were in detention prompting Mr Sambo to write to the DSS to ask for evidence of detention which he said has not been provided till date.

SSS Officials (Photo Credit: Guardian Nigeria)

“I received a phone call from the Economic Intelligent Unit of the Directorate of the State Security Services through Mr Waziri Bintube inviting me for a chat on a petition allegedly sponsored by Dr Marilyn Amobi the MD/CEO of NBET on a matter bothering on my official assignment and I was asked to report immediately. I got to the DSS office not later than thirty minutes that I received the call but to my dismay, I was detained till the next day 18 July when I was asked to provide answers to the accusations contained in Dr Amobi’s petition,” he said in response to the query issued on July 20, 2018.

Mr Sambo explained further that the petitioner and CEO of NBET, Marilyn Amobi, was present at the point of his release. He added that he reported back to the DSS on the 19th of July as directed by the security agency. Mr Sambo informed NBET that he had written for evidence of detention from the DSS while encouraging them to enquire from the agency to verify his claims.

Meanwhile in a letter to the Minister of Power, Works, and Housing informing him of their arrest, the duo alleged that police officers from the Special Protection Unit were deployed to the premises of NBET and were harassing staff of the organization.

Suspension of health insurance; withdrawal of official car and driver; exclusion from official benefits

On September 3, 2018, Mr Sambo wrote a letter to Mrs Amobi, urging her to “avert the economic, social and psychological injustices” being meted out on him.

According to him, his NHIS had been suspended in addition to the withdrawal of his official vehicle and driver. He accused the management of attempting to pre-empt the outcome of the investigation by the Ministry and the DSS.

“I perceived the exploitation of the instruments of office to ensure that I am completely dehumanised and possibly unable to honour future invitations from government authorities such as the ministerial committee and SSS.

“To further express the level of devastation and tactical humiliation by the office on my person, I was excluded in the recent laptop and desktop distributions to staff in the newly relocated office; to which to the best of my knowledge the entire staff of NBET were allocated. I was perturbed about this development and on my enquiry at the Head of Corporate Services on the reason why the devices were not allocated to me, the Head, Corporate Services confirmed that it was on the instruction of the MD/CEO.”

Mr Sambo called on Mrs Amobi to allow due process and the rule of law to prevail pending the conclusion of the investigation by the Ministry of Power, Works, and Housing and DSS.

Human Rights Radio and dismissal

Mr Sambo courted more trouble after he featured in the popular brekete family broadcast on Human Rights Radio 101.1 Fm on November 2, 2018 during which he spoke on his running battle with Marilyn Amobi.

Five days later, he received a query for his appearance on the show. The query letter was signed by Itohan Ehiede, Head Corporate Services of NBET.

The query accused Mr Sambo of abandoning his official duties to feature on the programme during which he revealed confidential information to the public. The information according to letter was in relation to the Power Purchase Agreements (PPAs) the company executed with some power plants in its portfolio.

“Furthermore you discussed the contents of several internal communication that you alleged exists in the organization,” the query noted.

The letter then listed several allegations of corruption that Mr Sambo hurled at the MD/CEO. According to the query, Mr Sambo’s actions constituted gross misconduct based on the Human Resources Policy Manual of the organization.

NBET demanded that Mr Sambo provides written consent that he obtained to attend the live broadcast.

“Furthermore, given the reputational damage that you caused the company, kindly within the next forty-eight hours provide compelling reasons on why appropriate disciplinary actions should not be taken against you in line with the Human Policy Manual of NBET and the Public Service Rules,” the letter concluded.

In his response two days later, Mr Sambo noted that all the allegations of corruption that he labelled against the MD/CEO were already in the public domain through social media as far back as early 2018.

He also said that MD/CEO in the past granted interviews during which she divulged information and raised allegations against him. He also said many media houses including the Human Rights Radio were independently investigating the corruption allegations against the CEO.

“The anchor of the programme, “Brekete Family” contacted me in the same vein for clarification on the issues relating to the unlawful stoppage of my salary and other emoluments since December 22, 2017 and the genesis of my problem with the MD/CEO – Dr Marilyn Amobi so as to confirm the authenticity of his investigation (as a human right activist) and stories as published on social media. I responded to questions put forward to me by the anchor based on my personal ordeals,” he explained.

He stressed that when he was asked questions which bothers on NBET official matters he declined comment choosing to rather focus on matters which affected “financial injury into which NBET management” put him into.

The management of NBET was however unsatisfied with Sambo’s response and consequently constituted a Disciplinary Hearing Committee (DHC) to hear various complaints and allegations against him.

The hearing was scheduled for December 10, 2018, by 10 am to be chaired by the General Counsel and Company Secretary, Nnaemeka Ewelukwa with two members, namely, Itohan Ehiede – Head, Corporate Services and Eugene Edeoga – Head, Procurement.

Before the hearing date, Mr Sambo wrote to the Head of Corporate Services requesting additional documents including certified true copy of the confidentiality undertaking he executed with the company in 2015, approved NBET guidelines on the application of Public Service Rule, and NBET Human Resources Manual where there is conflict amongst others.

He also bemoaned that he had been denied working tools since the office relocated in addition to his blocked email. His request was however rejected amidst protests that he was lawfully entitled to such documents.

Next, Mr Sambo notified NBET management that he would not be attending the hearing because he had instituted a legal case at the National Industrial Court over the matter and it will amount to subjudice for him to be part of the hearing.

However, a week after, Mr Sambo received communication on the decision of the Hearing Committee which found him guilty of disclosing sensitive and confidential information that negatively affected the image of the organization and amounted to gross misconduct.

The committee, therefore, recommended his summary dismissal. The recommendation of the committee was approved by the management.

Mr Sambo, however, appealed his dismissal in a letter dated 20th December 2018 and addressed to the MD/CEO. In the letter he stated that he objected to appearing before the disciplinary hearing committee because it was in gross violation of the Human Resources Policy Manual which provides that members of the disciplinary committee cannot be a judge in their own case.

He explained that he was convinced that he would not be availed a fair hearing. He also noted that the DHC failed to appoint an independent and impartial investigator to investigate the allegations against him.

He further argued that for an officer of his cadre, only the Board could reach the conclusion to dismiss him in accordance with section 6.2.5(iv) of the Human Resources Policy Manual of NBET. He further stressed that he was not provided with the documents that would have enabled him to prepare for his defence.

Mr Sambo added that: “The NBET management kept mute when I filed a memo to halt the DHC process when I perceived that fairness and justice would not be guaranteed to me and this in law implies acceptance on the part of the DHC that the process will not proceed as no communication was passed to me that DHC would continue with its sitting on that date.

More so, the management of NBET was served with my complaint from the National Industrial Court and a motion for injunction restraining the management of NBET or its agents from any threat to my employment.”

Mr Sambo added that he observed the venue of the hearing on the scheduled date and noticed that none of the Committee members went to the venue up till the close of work.

Nevertheless, Mr Sambo has continued to report to the office till date as his access to the office via thumbprint and key card still functions unhindered. Furthermore, Mr Sambo has taken his case to several bodies including Presidential Advisory Committee Against Corruption (PACAC), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC), the Nigeria Police Force among others.

In a series of identical letters on December 19, 2018, he sought the intervention of the various bodies in his face off with the MD/CEO of NBET, Mrs Amobi.

His letters were titled: “A Cry for Justice: Threat to Life, Stoppage of my Salary and Other Emoluments, purported dismissal from the services of NBET for raising fraudulent activities against Dr Marilyn Amobi (MD/CEO)”

Helpless Ministry seeks SGF intervention

Following several directives from the Ministry of Power, Works, and Housing which was playing the role of the board of NBET for the reinstatement of the salaries and emoluments of Messrs Sambo and Bintube, the ministry sought the intervention of the Secretary to the Government of the Federation in a letter dated November 26, 2018.

The ministry noted that that it had severally directed the MD/CEO of NBET to refrain from any action that would give effect to the report that Messrs Bintube and Sambo have ceased to be staff of NBET which included the withholding of their salaries and emoluments until appropriate authority had reviewed and determined the cases against the officers.

However, the MD/CEO failed to comply.

“Considering that the efforts and measures deployed by the Ministry at resolving the impasse amicably, have failed, it has become imperative to escalate the matter to your office for final determination,” the ministry said.

The Office of the Secretary General of the Federation on its own part has written to the Chairman of the Governing Board of NBET in a letter dated January 18, 2019 to ensure a resolution on the matter and revert to the SGF although no timeframe was given for the execution of the directive.

However, The African Centre for Media and Information Literacy (AFRICMIL) has taken up the case of Messrs Sambo and Bintube. The organisation, whose work includes the protection of whistle-blowers, recently wrote the MD/CEO of NBET to furnish it with evidence of implementation of the directive of the Ministry of Power, Works and Housing to reinstate the salary and emoluments of Messrs Sambo and Bintube.

AFRICMIL also wrote to the Secretary to the Government of the Federation, urging it to resolve the matter rather than refer it an “unknown” Board.

“We appeal to you, Sir, to act faithfully to resolve this matter once and for all in the absence of any known Board. In the interest of justice, and in the interest of reversing the old and appalling ways of conducting public affairs which this administration promised the Nigerian people, we humbly request you to direct Dr. Amobi to comply with the directives of the Ministry of Power, Works, and Housing as contained in the letters dated January 22, 2018, and February 6, 2018 and addressed to her,” AFRICMIL said in its letter of January 30, 2019.

NBET: It is an internal matter

Leaks NG contacted Henrietta Ighomrore, a staff of NBET who insisted that due to ongoing restructuring at NBET, she was at the time of interaction, not the Head of Corporate Communications. Nevertheless, she still offered to speak on the matter.

When asked if NBET has complied with directives from the Ministry of Power, Works and Housing concerning the reinstatement of the salaries and emoluments of Abdullahi Sambo and Waziri Bintube, she first of all clarified that the ministry was not the board of NBET but only a “supervisory Ministry”.

Our reporter then reminded her that the board of NBET was only reconstituted in August 2018 while the Ministry of Power, Works, and Housing issued its directive earlier in February and March 2018. Ms Ighomrore then refused to confirm if the directive had been complied with but was however at pains to explain that NBET enjoys a “good relationship” with the ministry.

“One thing I can tell you is that the Ministry and the management of NBET are constantly in touch and collaborating with each other. If there is anything pending that NBET was supposed to do but did not do, I am sure the Ministry would have taken action,” she began.

Ms Ighomrore continued: “I cannot confirm the status of what you have asked but I can tell you NBET enjoys a good relationship with the Ministry and does its normal business processes with it as required.”

She then declined further comments on other issues raised by this reporter including denial of work tools to Mr Sambo and his continued access to the office despite his dismissal by the Disciplinary Hearing Committee last December.

Ms Ighomrore insisted that they were “internal issues” which will be dealt with internally and not meant to “make front page news.”

According to Ms Ighomrore, “Most of the things you have raised are internal processes issues. NBET as an organization has a process manual, so if there are internal issues they will be dealt with internally. I am not sure if the day to day work of a staff is what should make front page news.

“NBET has over 40 staff. If there are any issues, it will be dealt with internally. There is also a board for that”.

Ms Ighomrore then provided a telephone number which she said is the official communications line. That number has however not been reachable as at the time of filing this report.

For now, Mr Sambo’s faceoff with NBET’s management rumbles on with no definite end in sight.

How corruption whistleblowers are victimised in Nigerian agency, NBET The travails of Abdullahi Sambo and Waziri Bintube at Nigerian Bulk Electricity Trading Plc (NBET) began in June 2017 after the former wrote to the Ministry of Power, Works, and Housing challenging his redeployment in the company.

[mikemortgage]

B.C.’s money laundering problem may involve billions of dollars, documents say

VICTORIA — Documents that say money laundering in British Columbia now reaches into the billions of dollars are startling to the province’s attorney general who says the figures have finally drawn the attention of the federal government.

David Eby said he’s shocked and frustrated because the higher dollar estimates appear to have been known by the federal government and the RCMP, but weren’t provided to the B.C. government.

He said he recently spoke to Public Safety Minister Ralph Goodale about information gaps concerning cash being laundered in B.C. and he’ll be meeting next week with Minister of Organized Crime Reduction Bill Blair.

One of the biggest money laundering probes in Canadian history has collapsed

B.C. to probe money laundering ‘red flags’ in real estate, horse racing

Metro Vancouver casinos gang destinations for money laundering: report

“I’ve been startled initially by the lack of response nationally to what appeared to me to be a very profound issue in B.C. that was of national concern,” said Eby in an interview.

Last June, former Mountie Peter German estimated money laundering in B.C. amounted to more than $100 million in his government-commissioned Dirty Money report into activities at provincial casinos.

Eby said that number now appears low, especially after the release of an international report that pegs money laundering in B.C. at more than $1 billion annually, although a time period wasn’t mentioned in the report. A second report by the RCMP estimates $1 billion worth of property transactions in Vancouver were tied to the proceeds of crime, the attorney general said.

The government had estimated that it was a $200-million a year operation, instead the federal Ministry of Finance has provided estimates that pegs the problem at $1 billion annually, Eby said.

The provincial government only learned about the reports through media leaks or their public release and it wasn’t consulted about the reports, Eby said.

“The question I ask myself is why am I reading about this in an international report instead of receiving the information government to government,” he said. “It’s those information gaps that organized crime thrives in and we need to do a better job between our governments.”

A report issued last July by the Paris-based Financial Action Task Force, a body of G7 member countries fighting money laundering, terrorist financing and threats to the international financial system, highlighted B.C. money laundering activities.

Eby said the report includes details about a clandestine banking operation laundering money in B.C. that was not fully known by the provincial government.

“It is estimated that they laundered over $1 billion (Canadian) per year through an underground banking network, involving legal and illegal casinos, money value transfer services and asset procurement,” stated the report. “One portion of the money laundering network’s illegal activities was the use of drug money, illegal gambling money and money derived from extortion to supply cash to Chinese gamblers in Canada.”

The report stated the gamblers would call contacts who would make cash deliveries in casino parking lots and use the money to buy casino chips, cash them in and deposit the proceeds into a Canadian bank.

“Some of these funds were used for real estate purchases,” the report stated. “Surveillance identified links to 40 different organizations, including organized groups in Asia that dealt with cocaine, heroin and methamphetamine.”

Eby said the G7 task force report included information the province didn’t have about money laundering in B.C. from the federal government via the RCMP.

He said the B.C. government also confirmed the RCMP compiled an intelligence report about proceeds of crime connections to luxury real estate property sales in Vancouver, but his ministry doesn’t have the report.

“We still don’t have a copy of it,” Eby said.

Blair could not be reached for comment but in a statement said the federal government takes the threat posed by money laundering and organized crime seriously and is collaborating with the B.C. government and German.

“We are taking action to combat this by enhancing the RCMP’s investigative and intelligence capabilities both in Canada and abroad, and our Financial Intelligence Unit further helps protect Canadians and our financial system,” said the statement.

German’s report to the provincial government last June concluded B.C.’s gaming industry was not prepared for the onslaught of illegal cash at the casinos and estimated more than $100 million was funnelled through the casinos.

He was appointed last fall to conduct a second review identifying the scale and scope of illegal activity in the real estate market and whether money laundering is linked to horse racing and the sale of luxury vehicles.

“We’re having some difficulty getting the information we need for Dr. German to make a true assessment of the extent of the problem facing B.C.,” said Eby.

Maureen Maloney, a former B.C. deputy attorney general, was also appointed last fall to lead an expert panel on money laundering in real estate and report to the government in March.

“We do realize there is a lot of anecdotal evidence on the extent of money laundering in real estate, but we really don’t have a good handle on that,” said Maloney. “We’re looking at whether or not we can produce some good evidence of that. We’re looking at do we have that data available in B.C. or indeed Canada.”

Confidential provincial government documents dated April 2017 and released through Freedom of Information requests show the government was tracking suspicious currency transactions at B.C. casinos, especially in $20 bills, for years. The high-point of these transactions was more than $176 million in 2014-2015.

Documents dated August 2016, show the government’s Gaming Policy Enforcement Branch observed so-called “high roller” patrons at a Metro Vancouver casino for a year starting in January 2015 and concluded people connected to real estate were the top buy-in gamblers at $53.1 million.

A spokesman for B.C.’s gaming industry said reports from the gaming operators about cash transactions flagged concerns of money laundering.

Peter Goudron, B.C. Gaming Industry Association executive director, said casinos implemented measures to combat potential money laundering, including placing cash restrictions on players in 2015.

“This had the effect of reducing the value of suspicious transactions by more than 60 per cent over the next two years,” he said. “More recently, operators implemented Dr. Peter German’s interim recommendation requiring additional scrutiny of large cash buy-ins in January 2018 and this has further driven down the number of suspicious transactions.”

from Financial Post http://bit.ly/2VWZdlL via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[picardonhealth]

Philpott may be right person to improve Indigenous health delivery

Many were shocked to see Jane Philpott lose the health portfolio in Monday’s mini cabinet shuffle. But this is not a demotion

ANDRÉ PICARD, Globe and Mail 

Monday, August 28, 2017

When Justin Trudeau appointed his first cabinet in November, 2015, he took a chance by appointing a rookie MP, Jane Philpott, as minister of health.

But her performance was stellar, and almost flawless.

Many were shocked to see Dr. Philpott lose the health portfolio in Monday’s mini cabinet shuffle.

But this is not a demotion.

The PM is taking a competent minister and giving her more responsibility and an even more daunting task in an area where the government is floundering.

In her new role as Minister of Indigenous Services, Dr. Philpott will still play a central role in health-care, but focus specifically on improving care for the country’s 1.4 million First Nations, Inuit and Métis people.

Indigenous health is an area where the Liberal government has promised much and done little. It needs to reconcile talk and action.

Dr. Philpott may be the right person to do so. After all, she has handled a number of high-profile and politically delicate files.

She helped the government fashion and sell small-c conservative legislation on assisted death, action made necessary when the Supreme Court struck down provisions of the Criminal Code that made assisted suicide illegal.

Dr. Philpott also helped Ottawa negotiate and sign a health accord with all 13 provinces and territories by reaching separate but similar agreements with each jurisdiction. This kind of deal-making will be the cornerstone to reforming Indigenous health delivery in hundreds of disparate communities.

She also guided a sea change in the federal government’s response to illicit drugs, approving 14 new drug consumption sites, allowing the importation of medical-grade heroin and promoting a pragmatic harm-reduction message that is not always an easy sell with the public.

Just as importantly, but far from the public eye, Dr. Philpott did a tremendous job of boosting morale at Health Canada and the Public Health Agency of Canada, departments that had been neglected and marginalized for a decade under the previous government.

Such internal work will be even more challenging in her new role, because Indigenous and Northern Affairs Canada – which will be replaced by two new ministries, Crown-Indigenous Relations and Northern Affairs and Indigenous Services – has for far too long had a confrontational and condescending relationship with the people it is supposed to serve, and needs a good housecleaning.

The minister also begins her new role with a huge albatross around her neck, the Trudeau government’s inexplicable legal battle against a January, 2016, Canadian Human Rights Tribunal ruling that found Ottawa is discriminating against First Nations children by failing to provide them with the same level of social and health services that are available to other Canadian kids.

In a prescient speech last week to the Canadian Medical Association’s annual conference, Dr. Philpott said: “Of all the challenges that confront me as federal health minister, the most daunting is the need to address ... deplorable gaps in health outcomes faced by First Nations, Inuit and Métis peoples in Canada.”

She added that poor health outcomes were a “direct result of government policies in our collective past, including the policy of residential schools” and that the way to improve Indigenous health was by focusing on social inequities such as housing, employment, education, community infrastructure and more.

While Dr. Philpott’s new title is Minister of Indigenous Services, her unofficial title will certainly be Minister of Social Determinants of Health.

Those are words Canadians are going to be hearing a lot more often in the months and years to come.

Meanwhile, new federal Health Minister Ginette Petitpas Taylor inherits a department that is stable and largely problem free.

Yet a couple of hot button issues will test her mettle.

Proposed tax reforms to professional corporations have infuriated Canada’s doctors, 60 per cent of whom are incorporated.

Ms. Petitpas Taylor’s previous role, Parliamentary secretary to the Minister of Finance, will help her with the technical details of that complex file, but it will not help her assuage the anger of the medical profession.

The new Health Minister will also have to be alert and responsive to the ever-problematic opioids epidemic, and to navigate the legalization of marijuana, which takes effect on July 1, 2018.

Like most health files she will have to handle, the work overlaps with that of public health and politicians in several departments federally, and many provincial and territorial jurisdictions.

If there is a lesson that Ms. Petitpas Taylor can take from her predecessor, it is to consult extensively and have the patience of Job.

[todaynewsstories]

US Embassy in Turkey targeted by gunfire | Europe| News and current affairs from around the continent | DW

Gunshots were reportedly fired at the United States embassy in Ankara on Monday morning, according to reports on Turkish media. The shots were fired from a moving vehicle around 5 a.m. (0200 UTC/GMT). At least one of the bullets hit a security booth. 

Police teams were searching for the suspects who fled in a white car.

Tensions between the US and Turkey have emerged over a range of issues, including Ankara’s detention of American pastor Andrew Brunson, which has triggered a tit-for-tat trade dispute and pushed Turkey’s lira currency to a record low. 

US embassy spokesman, David Gainer, thanked police for their “rapid response” and said there were no reports of injuries. The embassy is closed this week to mark the Islamic holiday of Eid al-Adha, or the festival of sacrifice.

NATO partners adrift: USA and Turkey

Jovial gestures belie multiple disputes

May 16, 2017: Trump welcomes Erdogan to Washington, saying both presidents have a “great relationship” and would make it “even better.” Erdogan congratulates Trump on his “legendary” 2016 election win but complains bitterly about US arming of the Kurdish YPG militia, claiming that its inclusion in the US-led campaign against IS in in war-torn Syria provides a cover for Kurdish separatism.

NATO partners adrift: USA and Turkey

Melee becomes further irritant

May 17: As Erdogan ends his visit, Voice of America video footage emerges showing his guards assaulting Kurdish protesters outside the Turkish ambassador’s residence in Washington. A month later, US authorities issue arrest warrants for 12 members of Erdogan’s security detail, who had long returned to Turkey. US Secretary of State Rex Tillerson says the assaults breached “legitimate” free speech.

NATO partners adrift: USA and Turkey

First anniversary of coup attempt

July 15, 2017: Turkey marks the first anniversary of the failed coup attempt. In a post-coup bid crackdown 50,000 people were arrested, accused of links to the US-based cleric Fethullah Gulen, an Erdogan ally-turned-rival. Tens of thousands more face job suspensions. The refusal of the US to extradite Gulen has been a major sore spot in relations.

NATO partners adrift: USA and Turkey

Turkey ‘uneasy’ about US arming of Kurdish militia

August 23: US Defense Secretary James Mattis visits Ankara as the Pentagon stresses US commitment to bilateral relations and “honest dialogue.” Mattis had just visited Iraq to assess the anti-IS campaign. Erdogan tells Turkish media that Turkey will thwart any attempt by the Kurdish People’s Protection Units (YPG) to establish a “terror corridor” in northern Syria through to the Mediterranean.

NATO partners adrift: USA and Turkey

Turkey arrests US consulate employee

October 5: Turkish authorities arrest Metin Topuz, a Turkish national employed at the US consulate in Istanbul. He is formally charged with espionage and collaboration in the 2016 coup attempt. The US embassy in Ankara subsequently says it is “deeply disturbed” by the arrest. It’s reportedly the second since March, when a Turkish US consulate employee was arrested in Adana.

NATO partners adrift: USA and Turkey

US and Turkey suspend their respective visa services

October 8-9: The United States suspends its issuance of non-immigrant visa applications to Turkish nationals, saying it has to “reassess” Turkish readiness to respect security at US diplomatic missions. Turkey suspends its visa services for US nationals and summons another staffer at the US consulate in Istanbul.

NATO partners adrift: USA and Turkey

Attempts to make amends

November 6: The US Embassy in Ankara announces that it is reinstating its visa program for Turkish tourists on a “limited” basis after receiving assurances from the government that no employees will be detained “for carrying out official duties.” Shortly thereafter, Turkey confirms that it is also resuming visa services for US citizens one day before Prime Minister Yildirim visits Washington.

NATO partners adrift: USA and Turkey

At odds over Russian missiles

December through August, 2018: In December, Turkey announced it would buy the Russian S-400 missile system, which is incompatable with NATO systems. The US Congress has included a provision in a defense bill that would cut Turkey out of the F-35 fighter jet program if it moves forward with the S-400 deal.

NATO partners adrift: USA and Turkey

Release the pastor … or else

August 1, 2018: The US sanctions Turkey’s interior and justice ministers over the continued detention of pastor Andrew Brunson. Brunson had been moved from prison to house arrest in late July, but that fell short of US demands for his immediate release and end to terror and espionage charges. Brunson was arrested almost two years ago.

Economic, political tensions

Andrew Brunson went on trial over alleged involvement with both the movement of Fethullah Gulen — a Muslim preacher who lives in self-imposed exile in the US who Ankara says masterminded a failed 2016 coup in Turkey — and the Kurdistan Workers’ Party (PKK).

Turkey has repeatedly asked Washington to return Gulen, but US officials have said that Turkey has failed insufficient evidence to justify Gulen’s extradition, raising frustration in Ankara. Brunson, if convicted, could face two separate terms of 15 and 20 years in prison. 

Read more: US pastor Andrew Brunson released from jail and put under house arrest

In the Syria conflict, the United States has backed fighters from the Kurdish People’s Protection Units (YPG); a group Turkey considers a terrorist organization. 

Ankara and Washington have imposed trade tariffs on each other and the US also slapped sanctions on two leading Turkish ministers, accusing them of serious human rights abuses.

Turkey’s currency crisis explained

The big picture

Turkey is in the throes of a full-blown currency crisis, with the Turkish lira losing nearly 45 percent of its value since the start of the year. The currency crisis threatens to plunge the world’s 18th-largest economy into a financial crisis and trigger contagion in emerging markets and Europe.

Turkey’s currency crisis explained

Search for yield

Turkey has traditionally suffered from a large current account deficit. This difference between import and export of goods and services has been filled through external borrowing in foreign currency. A decade of easy money and low interest rates in the United States and EU following the 2008 financial crisis led to investors searching for higher yields to emerging markets like Turkey.

Turkey’s currency crisis explained

Credit-fueled growth

The external funds entered the Turkish economy to finance deficits, massive government spending and company borrowing. Credit-fueled growth helped the Turkish economy grow and boosted the government’s popularity through increased consumption and major construction projects. Here, road paint reads: “Slow down.”

Turkey’s currency crisis explained

Reducing exposure to emerging markets

Investors have pulled back money from emerging markets in recent months as the US Federal Reserve has steadily raised interest rates and is cutting back on easy money policies in response to a robust American economy. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

Turkey’s currency crisis explained

Loss of confidence in Erdogan’s strong hand

The pressure on Turkey is reflective of broader trends in emerging markets, although the lira is by far the worst performer. That’s because investors have lost confidence in management of the economy under President Recep Tayyip Erdogan, who believes in unorthodox economic policy, demands low interest rates and constantly assails “the interest rate lobby.” Inflation is at 16 percent a year.

Turkey’s currency crisis explained

Trump’s tweet shakes markets

On August 10, US President Donald Trump announced higher tariffs on Turkish imports of steel and aluminum. The tariffs themselves are minor and impact around $1 billion (€875 million) in trade, but they weighed on market confidence in the vulnerable Turkish economy. Even more, Trump’s direct reference to the Turkish lira sent the currency tumbling.

Turkey’s currency crisis explained

Frenemies

The imprisonment of US pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations. Ties between the two NATO allies have also nosedived over US support for Syrian Kurdish forces, Ankara’s plans to buy a Russian missile system and Turkey’s demand that Washington extradite US-based Islamic cleric Fethullah Gulen, whom Erdogan blames for the failed July 2016 coup bid.

Turkey’s currency crisis explained

One man show

Poor relations between Washington and Ankara have added to Turkey’s economic woes, but given broader fundamentals it is only a proximate cause of the market mayhem. More than 30 percent of the lira’s loss has come since June, when Erdogan took over the office with new sweeping powers. Erdogan’s authoritarian hand has distanced the country from traditional Western allies and hit confidence.

Turkey’s currency crisis explained

Albayrak: the son-in-law

After winning a June election, Erdogan spooked markets when he tightened his control over the central bank. Instead of appointing technocrats, Erdogan appointed his son-in-law Berat Albayrak (pictured) to lead the newly empowered Finance Ministry. This has raised concerns over the central bank’s independence given the president’s repeated statements against raising interest rates.

Turkey’s currency crisis explained

‘Economic war’

Erdogan has not inspired confidence in responding to the lira meltdown. He speaks of “economic war” and a “campaign” waged by external powers designed to weaken Turkey. Instead of taking drastic action to shore up confidence, such as raising interest rates or going to the International Monetary Fund (IMF), the government is couching itself in nationalistic rhetoric of sacrifice.

kw/msh (dpa, Reuters)Each evening at 1830 UTC, DW’s editors send out a selection of the day’s hard news and quality feature journalism. You can sign up to receive it directly here.

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The post US Embassy in Turkey targeted by gunfire | Europe| News and current affairs from around the continent | DW appeared first on Today News Stories.

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[alamante]

WASHINGTON (Reuters) – U.S. job growth slowed more than expected in July as employment in the transportation and utilities sectors fell, but a drop in the unemployment rate suggested that the labor market was tightening.

Nonfarm payrolls increased by 157,000 jobs last month, the Labor Department said on Friday. The economy created 59,000 more jobs in May and June than previously reported and needs to generate about 120,000 jobs per month to keep up with growth in the working-age population.

The unemployment rate fell one-tenth of a percentage point to 3.9 percent in July, even as more people entered the labor force in a sign of confidence in their job prospects. The low unemployment rate could allow the Federal Reserve to raise interest rates again in September.

The jobless rate had risen in June from an 18-year low of 3.8 percent in May. Economists polled by Reuters had forecast nonfarm payrolls increasing by 190,000 jobs last month and the unemployment rate falling to 3.9 percent.

The slowdown in hiring last month likely is not the result of trade tensions, which have escalated in recent days, but rather because of a shortage of workers. There are about 6.6 million unfilled jobs in the nation. A survey of small businesses published on Thursday showed a record number in July of establishments reporting that they could not find workers.

According to the NFIB, the vacancies were concentrated in construction, manufacturing and wholesale trade industries. Small businesses said they were also struggling to fill positions that did not require skilled labor.

The Fed’s Beige Book report last month showed a scarcity of labor across a wide range of occupations, including highly skilled engineers, specialized construction and manufacturing workers, information technology professionals and truck drivers.

The shortage of workers is steadily pushing up wages.

Average hourly earnings increased seven cents, or 0.3 percent, in July after gaining 0.1 percent in June. The annual increase in wages was unchanged at 2.7 percent in July.

U.S. stock market futures dipped after the data while the dollar .DXY fell against a basket of currencies. Prices of U.S. Treasuries were slightly higher.

TRADE TENSIONS

President Donald Trump’s administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States’ trade partners, including China, Canada, Mexico and the European Union. It has also slapped 25 percent tariffs on $34 billion worth of Chinese imports.

Beijing has fought back by slapping tariffs on U.S. exports to China. On Friday, China’s Commerce Ministry said a new set of proposed import tariffs on $60 billion worth of U.S. goods are rational and restrained and warned that it reserves the right of further countermeasures in the intensifying trade war.

On Wednesday, Trump proposed a higher 25 percent tariff on $200 billion worth of Chinese imports.

Economists have warned that the tit-for-tat import duties, which have unsettled financial markets, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

FILE PHOTO: People wait in line to attend TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson

There have also been concerns that the trade tensions could dampen business confidence and lead companies to shelve spending and hiring plans. But a $1.5 trillion fiscal stimulus, which helped to power the economy to a 4.1 percent annualized growth pace in the second quarter, is assisting the United States in navigating the stormy trade waters.

The Fed left interest rates unchanged on Wednesday while painting an upbeat portrait of both the labor market and economy. The U.S. central bank said “the labor market has continued to strengthen and economic activity has been rising at a strong rate.” It increased borrowing costs in June for the second time this year.

The moderation in employment gains and steady wage growth could ease concerns about the economy overheating, and keep the Fed on a gradual path of monetary policy tightening.

The Fed’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding the volatile food and energy components, increased 1.9 percent in June. The core PCE hit the central bank’s 2 percent inflation target in March for the first time since December 2011.

Manufacturing payrolls rose by 37,000 jobs last month after increasing by 33,000 in June. Construction companies hired 19,000 more workers after increasing payrolls by 13,000 jobs in June. Retail payrolls rebounded by 7,100 jobs last month after losing 20,200 in June.

Education and health services added 22,000 jobs last month, the fewest since October 2017, after boosting payrolls by 69,000 jobs in June. July’s slowdown in hiring reflected a loss of 10,800 education services jobs.

Transportation payrolls dropped by 1,300 jobs last month, with transit and ground transportation employment declining by 14,800 jobs. Utilities employment fell for a third straight month and the finance and insurance industry shed 9,400 jobs last month.

Government employment fell by 13,000 jobs in July.

FILE PHOTO: Brochures are displayed for job seekers at the Construction Careers Now! hiring event in Denver, Colorado U.S. August 2, 2017. REUTERS/Rick Wilking

Reporting by Lucia Mutikani; Editing by Jonathan Oatis and Paul Simao

Our Standards:The Thomson Reuters Trust Principles.

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   The post U.S. job growth slows in July, unemployment rate dips appeared first on MySourceSpot.

[newssplashy]

Politics: Here's why Nigeria is not in a hurry to sign the continental free trade agreement, according to finance minister Kemi Adeosun

Kemi Adeosun said Nigerian government was almost done on the nationwide consultations and would take a decision on whether to sign or not very soon.

Nigeria's finance minister said that the African Continental Free Trade Agreement (AfCFTA) was too important for Africa's largest economy to hurriedly sign.

She said the government was almost done on the nationwide consultations and would take a decision on whether to sign or not very soon.

As at last African Union summit, 49 out of 54 members have signed the agreement, leaving Nigeria and others.

Nigeria's finance minister, Kemi Adeosun has said that the African Continental Free Trade Agreement (AfCFTA) was too important for Africa's largest economy to hurriedly sign without making sure the interest of the people was protected.

Adeosun stated this while speaking on the pros and cons of the trade agreements on Wednesday, July 11, 2018, in Abuja at the 2018 Annual Meetings of the Afreximbank, with the theme: “Powering Africa Through Regional Integration”.

She said the government was almost done on the nationwide consultations with other federating units as well as manufacturers and other stakeholders and that it would take a decision on whether to sign or not very soon.

 Adeosun's statement came when President of South of Africa, Cyril Ramaphosa wooed Nigeria to joined the AfCFTA because of its obvious gains and how it will improve intra-African trade and improve the banking sector.

The AfCFTA is expected to cover 1.2 billion Africans with Gross Domestic Product of 2.5 trillion dollars and in 2050, it will cover four billion Africans, constituting 36 per cent of the global population.

The agreement is expected to increase intra-African trade from the current 16 per cent to 53 per cent with a corresponding GDP growth and increase employment and job creation on the continent.

ALSO READ: 49 African nations have signed the free trade pact but Africa's biggest economy is yet to

As at last African Union summit, 49 out of 54 members have signed the agreement, leaving Nigeria and others.

Also from Business Insider Sub-Sahara Africa:

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London City's Mayor, Charles Bowman was in Lagos to discuss possible collaborations in fintech, here are the highlights

Nigeria’s online savings platform secures $1.1 million seed funding to develop its products and expand massively

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This is how N1.5 trillion was released to Nigerian ministries, departments from 2017 budget

source https://www.newssplashy.com/2018/07/politics-heres-why-nigeria-is-not-in.html

[olaluwe]

On his first visit to Africa last week, US Secretary of State Rex Tillerson warned African countries to protect their sovereignty from the allure of cheap Chinese loans. “We are not in any way attempting to keep Chinese ‘dollars’ from Africa,” he said in Ethiopia on Thursday, calling on African countries to “carefully consider the terms of those agreements and not forfeit their sovereignty.” Mr. Tillerson said that Chinese investments “do not bring significant job creation locally” and criticised how the country structures loans to African governments, saying if a government accepts a Chinese loan and “gets into trouble”, it can “lose control of its own infrastructure or its own resources through default.” The warning followed an incident in January in which US President Donald Trump was reported as having called Haiti and African states “sh*thole” countries.  Trying to soothe African anger, Mr. Tillerson had said at a news conference in Canada afterwards that the US shared cooperation with African nations on many issues, adding, “I think those leaders know that the United States wants that relationship to continue to be strong.”

File photo: Sonala Olumhense syndicated.

Given that the US has lost some political and economic presence to China because of China’s splashy economic activity in recent years, it is easy to dismiss Mr. Tillerson’s warning as mere self-interest, but if any country ought to listen, it is Nigeria. Sadly, Nigeria may be the last to listen, as she has borrowed indiscriminately from that country, but does not know how much, or where it is. In April 2016, President Muhammadu Buhari travelled to China to conclude a loan deal of $2bn for infrastructure.  His government has worked strenuously since then to obtain legislative approval of another $30bn, most of it from China. In August 2015, months after he took office, he had demanded that the Ministry of Finance explain why a $1billion Chinese loan meant for the Lagos-Kano rail line had been “redirected” to other projects, as only $400 million of the money allegedly remained. It is unclear that he ever obtained that explanation, given the other developments on the China file since then, and the often confused outlook of his government.  As I have previously explained in this column, the loan about which he sought that explanation was approved by the federal cabinet in July 2012. President Goodluck Jonathan travelled to Beijing in July 2013 to conclude the $3bn loan, which was reportedly aimed at four new airport terminals; the Abuja light rail project; agriculture; the Bauchi Independent Power project; completion of the Galaxy backbone project; and some Niger Delta infrastructure.  If you know any of them that was undertaken or completed, please identify them. That was the prime era of Chinese loans, and there was a lot of freewheeling collaboration between Nigerian officials and Chinese companies. According to Ngozi Okonjo-Iweala, who was the Finance Minister at the time, there had arisen an embarrassing practice of Nigerian government scrambling to obtain “cheap” Chinese loans.  In some cases, Chinese companies arrived in Nigeria first to pitch projects to different ministries and agencies, and then offered to negotiate the credit. And why not?  According to her Ministry of Aviation counterpart, Stella Oduah, who supervised a $500m loan for those five airport terminals, it was “almost free” money. If it is easy, and almost free, there is perhaps a catch.  But it was also a period in which, according to President Goodluck Jonathan in an infamous gaffe, stealing was not corruption.  That was why, when President Buhari took power—and believing he was sincere about arresting the rot—I urged him in this column on August 23, 2015, to order the Ministry of Finance and the Debt Management Office to provide him with their China dossiers, citing a plethora of MOUs, negotiations and agreements. Where, for instance, is the $20 billion project for 20,000 megawatts of electricity capacity that Nigeria signed with Power Construction Corp. of China in July 2013 during Mr. Jonathan’s visit, which was reported by Bloomberg News? Where is the $1.07 billion road contract that the Ministry of Delta Affairs signed with China Railway Construction Corp. Ltd. (CRCC) in November 2013?  Designed to be completed within five years, is it (almost) ready? CRCC was also the recipient of another major contract, in November 2014, for the $11.97bn, 1402-kilometer Lagos-Calabar railway.  The Buhari government says it has renegotiated it.  In February 2017, an industry source, The Structural Engineer, reported the new contract completion to be set for 2018. Speaking during a visit to Nigeria last year, Wang Yi, China’s Foreign Affairs Minister, said his country would invest an additional $40 billion in Nigeria.  Added Geoffrey Onyeama, his Nigeria counterpart, “China has already invested or financed a total number of $22 billion projects here in Nigeria, another $23 billion projects are on-going.” These are astonishing amounts of money, but does Buhari know about them, or about the projects they are supposedly financing?  What and where are they? Do we care about our responsibility for those loans? Tillerson assured on Tuesday that Washington was not trying to keep Chinese investment away from Africa, but noted that China “encouraged dependency, utilised corrupt deals and endangered Africa’s natural resources.” Nigeria ought to listen, and ought to be careful, particularly now that the Chinese are tightening up their lending to Nigeria.  In mid-2016, as Nigeria chased a $20bn facility from the China EXIMbank, she came up against a brick wall, the Chinese demanding the right to supervise all funds released to Nigeria.  This point—reminiscent of Switzerland seeking reassurances before releasing recovered loot to Nigeria—rather than the Nigerian legislature, is probably the true explanation for why current loan efforts have stagnated. In this regard, it is interesting to recall that in May 2017, Nigeria named a consortium, led by General Electric (GE) of the US, to handle a concession for the Nigerian Railway Corporation.  But making the announcement, GE was curiously careful about its language, speaking only about having received “a Letter of Award confirming its selection as the preferred” bidder. “With this award letter, the Consortium is in the negotiation phase of the concession process with the Federal Government to finalise terms and condition and other pertinent details,” GE whispered. The matter had an interesting background.  In mid-September 2016, Minister of Transportation Rotimi Amaechi told the NAN of negotiations for the concession of narrow gauge lines in the country to GE, and that “they are bringing in 2 billion dollars” for the project. Two weeks later, in his Independence Day speech in October 2016, President Buhari affirmed: “…General Electric is investing $2.2bn in a concession to revamp, provide rolling stock, and manage the existing (rail) lines…” Not true, GE responded, its chief executive in Africa Jay Ireland immediately telling the Financial Times Africa Summit in London the company planned investment only of $2bn in Africa in the coming years, and only $150m in Nigeria by 2017. Despite all of that, just two weeks ago, Vice President Yemi Osinbajo declared at the Lagos-Kano Economic and Investment Summit GE wants to invest $2billion in a concession to revive the Lagos-Kano rail line. Something, clearly, is fiction.  The real fear is how much fiction there is in the China file. * Editor's note: Opinions and views expressed in this article are solely those of the author and do no necessarily represent the position of Deji Olaluwe's Blog and will not accept any liability whatsoever arising out of it. Meanwhile, the article appeared first in the PUNCH.

[bharatiyamedia-blog]

GDP information at five-year low mirrors all that's fallacious in Indian financial system; Narendra Modi's new govt should take observe

http://tinyurl.com/y49tzrf3 Three bits of information launched on Friday are disappointing at completely different ranges. Decrease development in GDP, stagnant development in core sector in April 2019 and the federal government nearly managing the three.Four p.c deficit quantity in FY19 pose puzzles for the brand new Cupboard which assumes accountability of kick-starting the financial system. There’s a want for deep introspection and direct motion to revive the financial system. There may be no debate on the truth that the financial system is stagnating. The This fall GVA development quantity is the bottom this 12 months at 5.7 p.c and except for some shiny numbers in development, finance and public administration, the remainder of the numbers look gloomy. The adverse development in agriculture is worrisome because the rabi crop was anticipated to be higher this 12 months. It has most likely been pushed down by the allied sectors.  The internals present that manufacturing development is simply 3.1 p.c and mining at 4.2 p.c and electrical energy at 4.Three p.c. The transport, commerce, and many others sector has lagged at 6 p.c. These sectors ought to ideally be rising at a speedy fee which isn’t taking place. The annual numbers present comparable developments and the truth that development has been decrease than 2016-17 and 2017-18 when there have been disruptive reforms signifies that the adverse influence has are available in with a lag. This may be put along with the SME sector which has been impacted fairly severely within the final two years. This reveals in manufacturing in addition to companies the place they have an inclination to dominate. As development in GVA has come down from 7.9 p.c in This fall-FY18 to 7.7 p.c , 6.9 p.c, 6.Three p.c and 5.7 p.c sequentially, there are clear indicators of the financial system winding downwards. Whereas the statistical base impact will present some solace subsequent 12 months, clear motion is required in some sectors. Representational picture. Reuters. First, agriculture must be made sturdy which incorporates each enhancing productiveness in addition to delivering greater costs to farmers. Final 12 months the federal government introduced greater costs (MSP) however was not in a position to ship the identical as mandi costs dominated decrease and there was no procurement course of for crops exterior of wheat and rice. This must be addressed within the coming kharif season the place a delayed monsoon, which appears to be like doubtless will create some disruption in sowing sample in addition to harvest. Second, manufacturing must be on prime precedence as a result of development of three.1 p.c in This fall and 6.9 p.c  in full-year FY19 must be greater to create jobs in addition to GVA. There must be concrete steps taken right here and the main target must be additionally on SME which have confronted issues in finance in addition to taxation. The Finances ought to attempt to tackle these points as this may take time to kind out. Points regarding labour and land must be taken up for dialogue and the commerce ministry should work with the exporters to make sure they will sail via these turbulent and unsure instances when there are commerce wars, sanctions and Brexit on the anvil or already in place. Third, the federal government has to play a extra proactive position. Whereas its contribution to GVA development has been excessive at 8.6 p.c for the 12 months, the fiscal numbers launched for FY19  level to the federal government reducing again on capex to fulfill the three.Four p.c quantity which has meant a lower of Rs 13,000 crore. This has occurred as a result of income has fallen quick on taxation—each GST and direct taxes as company India didn’t do too effectively. The federal government has to make sure that in FY20 the price range doesn’t compromise on capex because it has backward linkages with sectors like cement and metal which had been the primary drivers of the IIP final 12 months. There are pressures to rationalise GST charges additional and if achieved, may result in additional stress on income. A proper stability must be discovered right here. In truth, two essential elements this 12 months within the price range will likely be using RBI reserves (which seems a certainty now) in addition to disinvestment, as these will likely be helpful sources of income at a time when there’s uncertainty on tax collections that are linked with development. The constructive signal, nonetheless, is that the funding fee has improved from 28.6 p.c to 29.Three p.c. Whereas there are few indicators of personal funding choosing up, it may be attributed extra to authorities capex on roads and housing. Personal funding has been low key as there’s nonetheless extra capability and most sectors and infra funding has been held up given the problems pending with the IBC. Additionally, issues within the energy and telecom sectors have are available in the best way of recent funding. The federal government has to speak to non-public gamers and revive their curiosity in infrastructure. The core sector information reveals that this phase grew by simply 2.6 p.c in April with cement and metal not registering excessive development charges. Fairly clearly authorities exercise has been subdued previous to the Elections and focus was extra on dealing with the occasion. For all sensible functions it may be assumed that the expansion plans will start from July onwards after the Finances is introduced. It should therefore be a vital doc as it can present the best way for the personal gamers too. This additionally implies that the stress factors within the type of finance, tax charges, infra expenditure, particular sector-related insurance policies and many others. must be addressed. On the entire, the data released on Friday level in direction of difficult instances for the federal government which has 9 months just about to ship greater development by addressing myriad points. If one additionally provides the unemployment figures launched for FY18, nonetheless, the image is grim as 6.1 p.c does point out that it couldn’t have improved in FY19 when GDP development got here down! (The author is Chief Economist, CARE Scores) !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function() {n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)} ; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '259288058299626'); fbq('track', 'PageView'); (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_GB/all.js#xfbml=1&version=v2.9&appId=1117108234997285"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.fbAsyncInit = function () { FB.init({appId: '1117108234997285', version: 2.4, xfbml: true}); // *** here is my code *** if (typeof facebookInit == 'function') { facebookInit(); } }; (function () { var e = document.createElement('script'); e.src = document.location.protocol + '//connect.facebook.net/en_US/all.js'; e.async = true; document.getElementById('fb-root').appendChild(e); }()); function facebookInit() { console.log('Found FB: Loading comments.'); FB.XFBML.parse(); } Source link

[newsflashuk]

Nigeria grants tax break to music, movie producers, others in creative industry

The federal government has granted ‘Pioneer Status’ to the creative industry, in a landmark move aimed at transforming the industry to a creative economy and creating jobs.

In a statement issued in Abuja on Thursday, the Minister of Information and Culture, Lai Mohammed, said the decision to grant the industry ‘Pioneer Status’ is in fulfilment of the promise made by the Acting President, Yemi Osinbajo, represented by the Minister of Finance, Kemi Adeosun, at the opening of the Creative Industry Financing Conference in Lagos 17-18 July 2017.

The ‘Pioneer Status’ is granted to companies making investments in qualifying industries and products as tax holiday from the payment of corporate income tax and withholding tax on dividend from pioneer profits for an initial period of three years, extendable for one or two additional years.

The ‘Pioneer Status’ for the Creative Industry covers music production, publishing and distribution (including online digital distribution); Photography; Production and post-production of digital content for motion pictures, videos, television programmes, commercials, distribution and exhibition (digital movies, animation, videos, tv programmes and commercials); Publishing of books (copyrighted books) and development and Publishing of ready-made software (operating systems, software applications and computer games).

”This is a shot in the arm for the Creative Industry, and it will definitely catalyse investments in the industry. It is also the answer to our quest to spur the establishment of world class studios in Nigeria for production and post-production of movies and music videos,” the minister said.

He said the need to grant ‘Pioneer Status’ to the creative industry as well as tackle the piracy of creative works were among the key issues raised by participants at the Creative Industry Financing Conference.

”It is a measure of the increasing importance attached to the industry by the federal government that these issues are now being handled with utmost urgency. First, the ‘Pioneer Status’ has been granted within three weeks of the conclusion of the conference. Secondly, an Anti-Piracy Committee, comprising representatives of the Federal Ministry of Information and Culture, industry stakeholders and the police, has been set up to work out the modality for tackling piracy in a lasting and sustainable manner,” Mr. Mohammed said.

He thanked the stakeholders in the creative industry for supporting the federal government in its efforts that have succeeded in putting the industry in the front burner of the economy and made it a key plank of the government’s economic diversification policy.

”We are determined to do more for the creative industry in order to allow the creative talents of our youths to blossom, create massive jobs and position Nigeria as a global hub for the industry,” the minister said.

The post Nigeria grants tax break to music, movie producers, others in creative industry appeared first on Newsflash247.

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[naijanewspapersme-blog]

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YouWiN! Connect is a multimedia programme of the Federal Ministry of Finance. The programme aims to promote entrepreneurship, job creation and wealth via enterprise education for young Nigerians. Nigerian entrepreneurs will enhance their productivity through relevant SME development tools.

The administration of Muhammadu Buhari has opened its YouWiN! Connect programme portal through which it funds ventures of successful participants in the country. 

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We reports that the programme commenced under the administration of former President Goodluck Jonathan. The government is however warning prospective participants against registering through alternative sites, especially those that would demand for money. 

In a statement released by Mr Salisu Dambatta, the director of information in the ministry finance, Abuja, the portal: http://bit.ly/2hb3BNA was opened on July 24 and it is free. 

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He also said prospective participants did not need to know anybody to be successfully picked. He said: “YouWiN! Connect is an annual programme of the Federal Ministry of Finance which prepares qualified ventures for funding. “These ventures are promoted by young Nigerians in target sectors that align with the government’s objective of diversifying the economy and promoting competition and transparency. 

“YouWiN! Connect aims to promote entrepreneurship and viable career options for young Nigerians thereby creating jobs and wealth.” According to him, the programme is targeted at providing enterprise education to drive an upswing in the performance and growth of Nigeria’s economy. Danbatta said those qualified for the programme must have post-secondary school qualification and should be between the ages of 18 and 40. 

Such applicants must also Nigerians and resident and have their businesses domiciled in the country. 

Apart from this, they must be able to communicate effectively speaking and writing in English and be willing to attend all training and mentoring exercises organised by the programme. An applicant should not be an employee of the Nigerian Civil Service or previous YouWiN awardee. 

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