President Bola Tinubu will on Thursday, June 22, join world leaders in Paris, France, to review and sign a New Global Financial Pact that places vulnerable countries on priority list for support and investment.

Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake, announced this in a statement released on Monday on the first official trip.

The President will be accompanied by members of the Presidential Policy Advisory Council and senior government officials to the summit.

The summit, which will be hosted by President Emmanuel Macron of France, will be held at Palais Brongniart.
Tinubu will participate in the two-day Summit, June 22 and 23, that looks at opportunities to restore fiscal space to countries that face difficult short-term financial challenges, especially the most indebted; mobilize innovative financing for countries vulnerable to climate change; foster development in low-income countries, and encourage investment in “green” infrastructure for the energy transition in emerging and developing economies.

The President and the other global leaders, multilateral institutions, financial experts and economists will take a more holistic look at the recovery of economies from the impact of Covid-19 pandemic, and rising cases of poverty, with a view to providing access to finance and investment that will leverage inclusive growth.

Tinubu will return to Abuja on Saturday.

 

Daily Trust

WESTERN PERSPECTIVE

Ukraine prepares 'biggest blow' as it claims recapture of eight villages from Russia

Ukraine said on Monday it had driven Russian forces out of an eighth village in its two-week-old counteroffensive and a defence official vowed Kyiv's "biggest blow" lay ahead despite tough resistance from Moscow's troops.

Deputy Defence Minister Hanna Maliar said Ukrainian forces had retaken Piatykhatky, a settlement on a heavily fortified part of the front line near the most direct route to the country's Azov Sea coast.

This was part of an advance by Kyiv of up to seven km (4.3 miles) into Russian lines in two weeks, capturing 113 square km (44 square miles) of land.

"The enemy will not easily give up their positions, and we must prepare ourselves for a tough duel," Maliar said on the Telegram messaging app. The military "are moving as they should have been moving. And the biggest blow is yet to come."

She said the fiercest fighting was in the east and south of Ukraine. Separately, she said Ukraine's military was preventing a Russian advance in the east where it concentrated its units, including air assault troops.

President Volodymyr Zelenskiy said in his nightly video address that Kyiv's military was moving forward in some sectors and defending against intensified attacks in others. But the net outcome was favourable for Ukraine, he said.

"We have no lost positions, only liberated ones. And they have only losses," he said.

Two slick videos released on Telegram by the Ukrainian armed forces showed what they said were attacks and advances by their forces in recapturing the village of Piatykhatky, including several strikes on Russian positions and a convoy. The video shows thick smoke rising from the area. Columns of Ukrainian armoured vehicles are seen advancing down a country road.

The video concluded with soldiers of the 128th separate assault brigade standing in front of a colonnaded building with Ukrainian flags and saying they have liberated the village.

Reuters was able to confirm the location of the video but could not independently verify the date.

The General Staff of the Ukrainian Armed Forces wrote on Facebook that anti-aircraft units had shot down four cruise missiles and four Iranian-made drones in the last 24 hours.

It said Russia had shelled more than a dozen towns and villages in the Zaporizhzhia region, including Piatykhatky.

Reuters could not verify the battlefield claims.

INCREMENTAL GAINS

The reported capture of the villages reflects the incremental nature of the gains so far for Ukraine along lines Moscow has spent months strengthening.

Piatykhatky is significant, however, as it lies around 90 km from the coast.

Zelenskiy said he would continue talks with Western allies to get weapons and ammunition to them as soon as possible.

Russia, hoping to dent Western resolve, said it had repelled numerous assaults and it released a video showing what its troops say is captured Western equipment, in this case a French-made tank reportedly seized in the eastern Donetsk region. It did not mention Piatykhatky.

Ukraine has acknowledged attacks along several parts of the 1,000-km-long front line in its long-anticipated counteroffensive to retake the 18% of its territory occupied by Russia, but carefully controls information for security reasons. Analysts say the main phase of the counteroffensive is yet to begin.

Both sides appear to have taken heavy losses in recent fighting and both say the other side's are greater.

Ukraine has prepared an array of new military units for the counteroffensive, while its established brigades weathered Russia's winter offensive in the east.

Separately, Ukraine Deputy Minister for Strategic Industries Sergiy Boyev told Reuters at the Paris Airshow on Monday that Ukraine is in talks with Western arms manufacturers to boost output of weapons, including drones, and possibly even in Ukraine.

The conflict has killed thousands of civilians, destroyed towns and cities and driven millions of people from their homes while exacerbating global inflation and reshaping security arrangements.

Russia says it invaded Ukraine to "denazify" it, an argument Ukraine and its Western allies call a pretext for a land grab.

REDEPLOYMENT?

Officials from two NATO member states said Moscow was redeploying some of its forces as it seeks to predict where Ukraine will strike.

British and Estonian intelligence officials said that Russia had been moving some forces east along the front line from areas south of the Dnipro river flooded by the destruction of the huge Kakhovka hydroelectric dam on June 6.

Russia and Ukraine have blamed each other for the unleashing of the vast reservoir. Flooding has destroyed homes and farmland along both sides of the front line in Kherson region. The death toll has risen to 52, with more than 11,000 people evacuated.

** Russia claims to have remotely detonated tank laden with explosives, in apparent new tactic

Russia’s Ministry of Defense has claimed that a Ukrainian stronghold was destroyed by a remotely-controlled tank packed with a huge amount of explosives, in what appears to be a new battlefield tactic.

In a post on its Telegram channel at the weekend, the ministry said that “about 3.5 tons of TNT and 5 FAB-100 bombs” were packed into the tank. FAB-100 bombs normally carry a 100-kilogram (220-pound) payload.

In a video shared by the ministry on Saturday, a Russian tank commander, callsign “Bernaul,” said he was assigned with the task of setting up the tank and executing the attack.

“About 300 meters (984 feet) away from the enemy, the tank operator put the vehicle on manual gas, directing it [to the enemy’s] direction. He jumped out and went to the rear. I stayed behind to observe, and after the vehicle approached the enemy’s positions, I detonated it by radio control,” the commander said.

“The explosion was very serious, there were a lot of explosives … as a result, according to radio intercept data, the enemy suffered significant losses,” he added.

Drone video shows the tank static after apparently hitting a mine close to Ukrainian lines. There is then a huge explosion, but it’s unclear why. A moment before the tank explodes, there appears to be a flash coming from Ukrainian positions, which may have been an attempt to destroy the tank.

On Sunday, a prominent Russian war blogger, “Voennyi Osvedomitel,” shared a video from the pro-Russia “Romanov” channel of drone footage that shows the tank detonating. Osvedomitel said the tank hit a mine before reaching its target.

“Sending an unmanned kamikaze tank filled with 6 tons of TNT to Ukrainian positions in Mariinka. Unfortunately, he didn’t make it, blown up by a mine,” he wrote.

It’s not possible to geolocate the incident but the Mariinka area of Donetsk has seen heavy fighting since the Russian invasion began.

CNN has reached out to Ukrainian authorities about the incident.

 

RUSSIAN PERSPECTIVE

West sent Ukraine broken weapons – NYT

Weapons provided to Ukraine by the US and its allies have either required fixing or had to be cannibalized for parts, the New York Times reported on Monday. Kiev has also complained that equipment worth hundreds of millions of dollars and bought on contract has not yet been delivered.

As proof, the NYT cited documents provided by Ukrainian officials on condition of anonymity, who are frustrated with the West saying they had enough weapons for an offensive against Russia. The Ukrainian attack, which began earlier this month, has resulted in heavy losses of men and equipment without much to show for it.

Up to 30% of Ukraine’s arsenal is undergoing repairs at any given time, according to the outlet, while a lot of Western equipment arrives “in poor or unusable condition.”

One case in point involved 33 American M109 howitzers donated by Italy. According to Rome, they had been decommissioned years ago, but Ukraine asked for them to be refurbished for use. An American contractor was paid $19.8 million to do the repairs. In January, they delivered 13 of the guns, which arrived “not suitable for combat missions,” according to one Ukrainian document.

“The American company, offering its services, had no prior intention to fulfill its obligations,” Ukraine’s defense procurement director Vladimir Pikuzo complained to the Pentagon in a February 3 letter.

“Every single one of them worked when we delivered them,” Matthew Herring, CEO of the Tampa-based Ultra Defense Corporation, told the Times, blaming Ukrainians for not properly maintaining the self-propelled guns.

There were problems with US Army-supplied equipment as well, according to a report by the Pentagon’s inspector general. Last summer, an Army unit at Kuwait’s Camp Arifjan was ordered to send 29 Humvees to Ukraine, but only three were fit for combat. Contractors worked through late August to repair “transmissions, dead batteries, fluid leaks, broken lights, door latches and seatbelts.” When the cars arrived in Poland, however, 25 of them had “rotten” tires, and it took another month to find enough replacements.

The same unit was supposed to send six of the towed M777 howitzers to Ukraine in March 2022, but they turned out to need “extensive maintenance” first. It took three months to have them repaired and shipped to Poland, but they then needed further repairs, as they were judged “non-mission capable.”

As of December 2022, the Ukrainian government had contracted for more than $800 million of weapons and supplies that “went completely or partly unfulfilled,”the Times reported, citing government documents. The most valuable of the contracts were between the Defense Ministry in Kiev and state-owned weapons companies serving as independent brokers. As of this spring, contracts worth “hundreds of millions of dollars” were still outstanding, however.

** NATO arsenals ‘empty’ – Stoltenberg

NATO needs a “more robust” industry in order to refill the stocks of weaponry and ammunition emptied by a year of supplying Kiev, the bloc’s Secretary General Jens Stoltenberg said on Monday, at an industrial conference in Germany.

The US-led military bloc “must continue to support Ukraine” as it has done since 2014, Stoltenberg insisted at the Day of Industry in Berlin, hosted by the Federation of German Industries (BDI).

“We also need a more robust defense industry,” the secretary general argued. “Our weapons and ammunition stocks are depleted and need to be replenished. Not just in Germany, but in many countries across NATO.”

He added that he met with representatives of the military industry last week and discussed how best to ramp up production and streamline supply chains, adding that this was “key to sustain our support for Ukraine.”

Stoltenberg also repeated his argument that only a Ukrainian victory on the battlefield can result in a just and lasting peace. Kiev’s forces had attempted a large-scale offensive on the southern front over the past week, with heavy losses in manpower, as well as in weaponry provided by the West.

The US and its allies have sent over $100 billion worth of weapons, equipment and ammunition to Kiev in the last year, after the conflict escalated. They insist this does not actually make them a party to the hostilities with Russia.

Russian Foreign Minister Sergey Lavrov has accused the West of direct involvement, not just with the weapons deliveries but also by training Ukrainian troops in the UK, Germany, Italy and elsewhere.

Kiev has complained that a lot of the weapons coming in are in such poor condition they have to be cannibalized for parts. At least a third of Ukraine’s military potential is undergoing repairs at any given time, according to the New York Times.

 

Reuters/CNN

International donors pledge $1.5 billion in Sudan aid

International donors made pledges on Monday of close to $1.5 billion in aid for Sudan and the surrounding region, about half of estimated needs for a deepening humanitarian crisis that has driven some 2.2 million people from their homes.

The conflict between Sudan's army and paramilitary Rapid Support Forces (RSF) has turned the capital Khartoum into a war zone and triggered lethal, repeated attacks and mass displacement in the western region of Darfur as well as other parts of the country.

Though a 72-hour ceasefire has brought a lull in fighting in Khartoum since Sunday, residents reported that looting had surged as clashes subsided and the International Committee of the Red Cross (ICRC) said gunfire had prevented the transfer of wounded soldiers to hospital.

In El Geneina, the worst hit city in Darfur, desperate residents have been trying to flee attacks by Arab militias, but face murder, rape or detention as they set out on foot for the nearby border with Chad, witnesses and aid workers say.

A fundraising conference in Geneva hosted by Germany, Saudi Arabia, Qatar, Egypt and the United Nations was meant to drum up pledges to support relief efforts that have been hampered by ceasefire violations, looting and bureaucratic controls.

Donors announced close to $1.5 billion in pledges, U.N. aid chief Martin Griffiths said, though it was not immediately clear if all the money was new or when it would be disbursed.

That included 200 million euros ($218 million) from Germany and $171 million from the United States. The European Union said it had committed 190 million euros, and Qatar pledged $50 million.

"This crisis will require sustained financial support and I hope that we can all keep Sudan at the top of our priorities," Griffiths said.

USAID chief Samantha Power said the U.S. had contributed more than half the funding for Sudan, which she described as unsustainable.

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"The funds pledged today fail to meet the urgency of the situation," said David Macdonald, of humanitarian agency CARE.

SURGE IN LOOTING

The war between the rival military factions began in mid-April amid tensions over an internationally backed plan for a transition towards elections under a civilian government.

It has left more than 3,000 people dead and 6,000 injured, according to Sudan's health minister, though aid workers and witnesses say many bodies have been uncounted.

The ceasefire that began on Sunday was brokered by Saudi Arabia and the United States at talks in Jeddah. It is the latest in a series of truce deals that have allowed for the delivery of some humanitarian aid but failed to prevent the conflict from intensifying.

"Since the truce began yesterday, there has been a big increase in the rate of theft and looting of homes," Mohamed Motasem, a 34-year-old resident of the capital, told Reuters by phone.

Residents reported clashes in Omdurman, across the Nile River from Khartoum. The RSF said the army had fired on an ICRC convoy carrying wounded army soldiers in the capital, while the army said it did not have any troops in the area. The army said it had repelled an RSF attack in Tawila in North Darfur.

U.N. Secretary-General Antonio Guterres said he was especially concerned by ethnic violence in Darfur and reports of gender-based and sexual violence. U.N. human rights chief Volker Turk said his office had received reports of sexual violence against at least 53 women and girls, saying that some 18 to 20 women were raped in a single attack.

Turk said the RSF had been identified as the perpetrator "in almost all cases" and also named them in relation to looting, large-scale attacks in West Darfur and enforced disappearances, of which 394 cases had been reported in the Khartoum area alone.

Before the donor conference, a U.N. appeal for $2.57 billion for humanitarian support within Sudan this year was about 17% funded, and an appeal for nearly $500 million for refugees fleeing from Sudan was just 15% funded, a situation U.N. refugee agency chief Filippo Grandi called "deeply distressing".

U.N. aid officials say privately they expect oil-rich Gulf states to do more to prop up the global U.N. aid budget, which had already reached record highs of $51.5 billion in 2023 before the Sudan conflict.

($1 = 0.9159 euro)

 

Reuters

We live in an age of wonder in which half the world now has access to a technology – the internet – that supports people’s health and education, can be a lifeline in a time of disaster or disease, and was designed to be open to everyone but owned by no one. And the Covid-19 pandemic has highlighted both its importance and its potential by forcing the world to connect remotely, contact-free, and in real time.

Unfortunately, we also live in an age of fear and suspicion. You don’t even need to “doomscroll” to find claims that the internet is worse than any previous pestilence or war. The internet is the scapegoat for many of today’s problems, including terrorism, child abuse, and even the end of democracy.

But think about it. To believe, for example, that fake news is somehow the internet’s fault is to forget the state propaganda machines perfected in the twentieth century. Likewise, excessive wealth concentration and overly powerful monopolies are not products of the digital age; once upon a time, there were firms like US Steel, Standard Oil, and the British and Dutch East India companies. Some even hold the internet responsible for the decline of civic values and even civility, as though lying politicians and incendiary speech were not possible before Twitter.

Transformative technologies have far-reaching effects on societies and individuals. We are now in a period of social change that is unquestionably attributable in part to the rise of the internet, because the tool has created new opportunities.

Some of those opportunities are socially valuable: people can now communicate easily and cheaply with friends or family far away. Some of them are socially harmful: scammers are almost certain to make money. And some are socially ambiguous: traditional authorities and gatekeepers are losing influence because people have more channels and ways to access information.

But while many of the harms people ascribe to the internet are neither new nor caused by it, governments are seeking to regulate the internet as though they are. Before heading down that path, we had better be sure we are regulating the right thing.

Consider the problem of today’s giant tech corporations and their effects on commerce and public discourse. Some advocate applying special regulations to these companies when they reach a certain market capitalization or level of revenue. But this is hardly the first time the issue of corporate concentration has arisen. After Standard Oil came to dominate the petroleum industry in the United States and many other countries in the late nineteenth and early twentieth centuries, governments addressed the firm’s power using antitrust policy, not “oil policy.”

Many people also express concern about internet-enabled political interference, both within a given country and from foreign actors. But it is careless and historically inaccurate to attribute this phenomenon entirely to the internet. The US, France, Russia, and China each underwent violent revolutions in pre-internet times. And long before anyone had sent a datagram on the internet, countries were interfering in other countries’ political processes, as both the Soviet Union and the US frequently did during the Cold War.

Political systems, and democracies in particular, depend on the efficient functioning and legitimacy of their governments. It is not possible to solve the problem of popular disaffection with a political regime by controlling information flows from abroad. That was just as true of Russia before 1917, when information was printed on paper, as it is now when it comes in packets of data.

To be sure, some challenges are unique to the internet. For starters, the technology enables more communication at a greater speed than ever before. It is also exceptionally difficult to be confident of the identity of someone online (or even to be confident that it is a person). But these are the types of narrow issues where internet-specific regulation might make sense, if policymakers can be sure that introducing such measures will not negatively affect the internet itself.

The internet is an ecosystem that we need to protect. When considering possible regulations, the best way forward is to undertake an Internet Impact Assessment, much like how we conduct environmental or traffic assessments before deciding whether to build new infrastructure. The evaluation can determine whether a given action will benefit or harm the internet’s underlying health.

Above all, we need to ensure that the internet is not made a scapegoat for problems caused by the legal, economic, and political systems where it is used. The internet must remain a tool for all of us. That means protecting it as we would any precious resource.

 

Project Syndicate

Inside the stables of Paleis Noordeinde in The Hague is a golden coachembellished with images of colonial offerings to Dutch rulers that many, including the current Dutch king, regard as a symbol of exploitation that, according to a new study, netted three Dutch rulers the equivalent of more than €545m (£465m).

Historians calculated the staggering value of colonial profit for Willem III (also king of England, Ireland and Scotland), Willem IV and Willem V for a report published at the request of the Dutch parliament last week before a widely expected apology over slavery from the Dutch king.

The study, State and Slavery, is the first to quantify the financial value to the Dutch House of Orange-Nassau of colonial trade that included enslaving at least 600,000 African men, women and children and between 660,000 and 1 million people from Asia to be tortured, exploited and robbed of their freedom and their names. It is a legacy for which Willem-Alexander is expected to present a formal apology in Amsterdam’s Oosterpark on 1 July, the festival of Keti Koti (breaking the chains), 150 years after Dutch slavery in effect ended.

The €545m equivalent exceeded the money that the rulers, known as Stadhouders, took as heads of the state and military. Between 1675 and 1770, William III netted 1,094,998 guilders in his share of profits from the Dutch East India Company – the equivalent of €196m today.

Raymund Schütz, a researcher at the municipal archives in The Hague, discovered the figures about the Dutch Stadhouders, appointed regents, last year in a private archive of Gerard van Vredenburch. This important figure in the Dutch East India Company was apparently hoarding and documenting secrets “like poker cards”, he said.

“It was seen as something to be proud of,” said Schütz. “In some cases, they took enslaved people to the Netherlands to show off. It was a kind of conspicuous investment and consumption to show you were important, a kind of status symbol. These days, everybody is ashamed and it’s hard to imagine how it was seen at the time. But the main thing was making money.”

Schütz said it was not yet known how much the Netherlands’ rulers profited from slavery between 1621 and its abolition on 1 July 1863 (followed by 10 years of compulsory employment for the enslaved). The Dutch king has commissioned a three-year independent study.

Last year, the UK’s King Charles, then Prince of Wales, expressed “the depths of his personal sorrow” about suffering caused by the British slave trade, and in 2021 Germany offered €1bn in recognition of colonial-era genocide in Namibia. Last December, the Dutch prime minister, Mark Rutte, apologised for the government’s role and the “appalling suffering” caused to generations, and announced a €200m fund for awareness initiatives but no reparations or damages.

A spokesperson for the Dutch royal household confirmed that Willem-Alexander would make a speech at the Keti Koti celebrations in Amsterdam – something widely expected to contain his own apology.

Don Ceder, an MP for the Christian Union and a lawyer, has played a major role in stimulating government recognition. “I think that an apology from the king in his institutional role would [be of] enormous significance in the reconciliation process,” he said. “The Dutch royal family received a significant portion of her wealth through the slave trade … A sincere reflection upon that past could contribute to a shared future.”

Descendants of the enslaved believe that recognition of the profit and wrongs of the past are long overdue, according to Linda Nooitmeer, president of the National Institute of the Dutch Slavery Past and Legacy (NiNsee), whose surname means “never again”. “The symbolic value of the king is so great that an apology is not just valued: it is self-evident,” she said. “In 2019, an investigation showed that 5% of Dutch GDP [in 1770] came from slavery. What the community thought, seems to be true.”

Roy Kaikusi Groenberg, of the Honour and Recovery Foundation, a Dutch Afro-Surinamese organisation, was one among many who took the government to courtlast year to demand a careful apology. “It would mean that the king, in the name of the monarchy and the Dutch head of state, underlines a kind of recognition,” he said.

“I’m not a psychologist, but I think this apology will be the start of another era, that it will bring a kind of peace. The relatives of the victims of slavery are right now confronted with the consequences of that behaviour: racism, discrimination, being undervalued, Black Pete [a festive tradition in the Netherlands in which people dress up in blackface]. If people in the Netherlands truly realise what happened and what still needs to happen, I do not think they will lack the will.”

The golden coach may be retired until the Netherlands is a land of real equality, according to the king. But one way of achieving this is, in classic Dutch style, by sitting at a table.

Across the country, organisations from the Rijksmuseum to police stations and town halls have organised hundreds of “Keti Koti Tafels” where, over a meal, different communities share personal stories about experiencing and tackling modern-day discrimination.

“The aim is to bring people closer together,” said a spokesperson. “We want to increase awareness of the internal consequences of a slavery past, that sits in a collective archive of us all … black, white and all colours in between, sharing personal experiences. We share a society, we are all people and we need to come together.”

 

The Guardian, UK

I have come to believe, sadly,  that it's impossible to convince the vast majority of digital consumers that they should take the few simple steps and invest the embarrassingly modest amount of dollars needed, to protect the security and confidentiality of their passwords.

You can explain things to people repeatedly, but the simple truth is that you can't understand things for them. If only we could learn what's important before it's too late, we'd be far ahead of the game.

Prevention rather than cure. It's so much smarter and cheaper to avoid the pothole entirely than to get a great deal on a tow truck or a new tire.

But instead of preemptive actions, we're lazy, we're sloppy and far too many of us continue to use the same short, stupid and easily solvable passwords repeatedly across multiple applications on our phones and PCs.

This creates continuing and growing risks of losses, which can be many times the amount of the costs of avoidance through basic preventative actions. When you're dying of thirst, it's too late to start digging your well.

There are simple, cost-effective solutions for password and secrets management available from firms like Keeper Security which do a first-class job of password protection.

But it's far harder than you'd expect to convince people to invest the one-time effort needed to protect their identity and most valuable assets.

We're apparently all willing to invest far more in trying to secure something good or advantageous than we are in trying to keep something bad from happening.

And, amazingly, it doesn't get much better or easier to get consumers to make such a move even after they've been hacked – whether they know it or not.

You'd think, if there was any substantial group of easily targeted and prospective adopters for security solutions like these, that major tech companies, consulting and accounting firms, government agencies and their employees would be high on the list, but, here again, it's a matter of the shoemaker's kids and large-scale IT departments generally do a horrible job of patrolling and securing their own environments and enforcing consistent security measures on their own teams.

But what's struck me lately is an entirely separate set of exposures which relate – with apologies to Capitol One – to exactly "what's in your wallet" and what would happen if it was lost or stolen in a theft or carjacking.

Even the best password plans won't really help you much in this situation, but a couple of simple steps and about 15 minutes of your time can make a huge difference.

I know that we see hundreds of ads every week online or on the tube about how quickly and easily we can shut down or replace a lost card, but here's a flash: All the contact numbers and URLs that you need to reach and tell the many issuers that your cards have gone astray are on the cards, which are in your wallet which – in a case like this – you no longer have in your possession.

It's a lot like trying to use "Find My Phone" app when it's your phone that's missing and that's where the app resides.

Worse yet, if you asked yourself and answered honestly, you'd admit that you really have little or no idea of exactly what credit cards, debit cards, access badges, medical alert info, insurance stuff, licenses and other stuff are stuffed in your wallet or purse at the moment – and absolutely no idea of who or how or where you'd go to cut off, cancel or replace these items.

So, here's what I would suggest to save yourself a great deal of grief and a lot of running around trying to track down and contact all these various parties when the problem arises.

(1)  Inventory your wallet or purse.

Throw away the four-year-old business card from the guy at the Omaha airport you never called. Dump the hardware store receipt for the touch-up paint you bought and never used.

Recycle the expired proof of insurance cards for the cars you sold years ago. Do you really need to carry your voter's registration card anymore? You get the idea.

(2)  Copy the cards and store the information in a couple of places.

Put all the cards that are still current and in use neatly on the glass of your printer, copier or whatever (or use your camera) and make copies of the front and back. This shouldn't be more than a page or two.

Make a few copies of the pages. Put the date you created the pages on each page as a reminder of how current your back up plan is.

(3)  Take an extra 5 minutes to write the contact phone numbers on the images of the front of the cards.

A lot of the critical info – sometimes even the card numbers themselves – isn't on the front of the cards, which is why you need to copy both sides.

But to save time and confusion, I also find the number to call and write that number for each card on the face image of the cards on your compilation pages so it's handy when you need it.

(4)  Do the same thing for your significant other and make sure you each have copies of both lists stored in a safe place.

This may take a little discussion, but again, it's worth doing and it's a good way for both of you to review, rehearse and understand what the necessary notification steps are in the case of any lost cards.

Pat yourself on the back(s) and hope you never need these lists. But remember that the frequency of these problems is constantly increasing and the costs of not being prepared and equipped to quickly deal with them are also growing.

It's so much easier to anticipate these things than to try to fix them after the fact. And, while the past is past, it's never too late to change the future.

 

Inc

A pan-African payment system that would allow African nations to trade among themselves, using their own currencies, is gaining momentum.

The African Export-Import Bank expects 15 to 20 countries to have joined the Pan-African Payment and Settlement System by the end of the year, Afreximbank President Benedict Oramah said in an interview ahead of the lender’s annual meetings in Accra, Ghana’s capital, that runs Sunday through June 21. The platform has started commercial operations with nine countries signed up so far, he said.

The system, known as PAPSS, is using dollar exchange rates for now, said Oramah, whose bank funds the system. “But we are working with central banks to develop an exchange-rate mechanism” that would allow Africa’s 42 currencies to be convertible among themselves. “What we are doing is to domesticate intra-African payments,” he said. 

The vast majority of Africa’s intra-regional trade is done through conversions to the dollar. Initiatives like PAPSS and the African Continental Free Trade Agreement, which would create the world’s largest free trade zone by area, seek to boost internal trade by reducing barriers, including the need for intermediaries such as the US dollar. 

The free trade zone and the payment system are ambitious projects in a fragmented region of 54 countries, with different languages, currencies and regulations. Africans trade more outside the continent than among themselves, with just 17% of exports going somewhere else within the region, according to a McKinsey Global Institute report published this month. That excludes informal trade, which is difficult to quantify.

Africa isn’t alone in looking for ways to break its dependency on the US currency; there’s been a de-dollarization push across emerging markets, including India’s efforts to clear trade through the rupee, Sweden’s SEB AB said in a May 2 note. China and Malaysia have played with the idea of an Asian Monetary Fund, while Brazil and Argentina announced a project for a common currency called the “sur.”

These alternatives are unlikely to unilaterally dethrone the dollar as the global reserve currency, SEB Chief EM strategist Erik Meyersson wrote, without referring to PAPSS. But if emerging markets “are instead more interested in simply reducing their relative dependence on the USD as well as finding alternatives as a potential hedge against the West’s weaponization of sanctions and other economic measures,” there are signs they may be achieving some results.

Oramah bucked against the idea that PAPSS might seek to bypass the dollar. “We’re not bypassing anybody,” he said. “Not the dollar, not the yuan, not the euro. That’s not the objective of the project.” It does, though, aim to cut dollar reliance over time, he said.

Afreximbank is budgeting $3 billion to clear trades so that anybody requiring dollars will get their dollars, Oramah said. As intraregional trade picks up, the hope is that “the net settlement position after clearing should turn to zero, so that there will be no need to pay any dollar to anybody.”

The Bloomberg Dollar Spot Index, which tracks the performance of a basket of 10 leading global currencies versus the dollar, has declined 2% so far this year. Half of the ten worst-performing currencies in the world have been African, including the Nigerian naira, the Angolan kwanza, the Burundi franc, and the Egyptian pound. 

The depreciation of many African currencies has added to the region’s inflationary pressures, which in turn spurred tighter monetary policy, with higher interest rates at home, in addition to the increased cost of external debt.

The creation of a concessional loan window, which will allow the bank “to blend” its own resources, is among the tools being deployed to cut borrowing costs, Oramah said. Afreximbank shareholders will vote on aspects of this window during this week’s annual meetings. 

But the ultimate relief would be a new injection of reserve assets from the International Monetary Fund, he said, adding to the voices of African leadersclamoring for fresh support.

“What will work best is for access to funding to improve in the system overall,” he said. “That’s why it’s very important for the IMF to issue new Special Drawing Rights.”

 

Bloomberg

Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted.

The apex bank said this in guidance to Deposit Money Banks (DMBs) after a meeting with the bankers’ committee on Sunday.

The guidance includes allowing all visible and invisible transactions to be eligible for the Investors’ and Exporters’ window, granting unrestricted access to funds in ordinary domiciliary accounts, and permitting cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer.

According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.

“All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the investors’ and exporters’ (I&E) window.”

“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I&E window. Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer.

“DMBs shall provide returns to the CBN including the purpose for such transactions. Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC (know your customer), due diligence, and adhering to the spirit and letter of extant anti-money laundering/ combating the financing of terrorism laws and other relevant rules and regulations.

“The CBN will prioritise orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.”

The CBN said it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users.

 

Daily Trust

Binance has issued a cease and desist order to "Binance Nigeria Limited", Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a "scammer entity".

Earlier this month, Nigeria's markets regulator ordered Binance to halt its operations in the country, saying local unit "Binance Nigeria Limited" that courted Nigerian investors through a website was not registered or regulated, making it illegal.

Binance, the world's biggest cryptocurrency exchange, has faced a string of setbacks recently, announcing plans to leave the Netherlands, Cyprus, Canada and Australia, and being charged by the U.S. Securities and Exchange Commission (SEC).

The SEC sued Binance and Zhao earlier this month alleging that the company artificially inflated its trading volumes, diverted customer funds, and misled investors about its market surveillance controls. Binance disputes the SEC charges.

 

Reuters

Sultan of Sokoto and President of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Muhammadu Sa’ad Abubakar III, has declared June 19, 2023 as the first day of Dhul-Hijjah 1444 AH.

This is contained in a statement Sunday night from the council.

“The Sultanate Council Sokoto has declared Monday 19 June, 2023 as the first day of Zul-Hijjah 1444 AH.”

“The Sultanate Council Sokoto has declared Monday 19 June, 2023 as the first day of Zul-Hijjah 1444 AH.”

“Accordingly Wednesday 28 June, 2023 will be the day of Eidul Adha 1444 AH. His Eminence The Sultan of Sokoto, Muhammad Sa‘ad Abubakar, wishes the entire Muslim Ummah happy Eidul Adha Mubarak in advance,” the statement said.

The Sultan had on Saturday directed Muslims to look out for the new moon of Dhul-Hijjah 1444 AH from Sunday.

The Supreme Court of Saudi Arabia had on Sunday announced that Monday, June 19, as the first day of Dhul-Hijjah, after sighting the new crescent in the Kingdom on Sunday night.

”Arafat Day falls on Tuesday, June 27, while Wednesday, June 28, will be the first day of Eid Al Adha,” the Saudi Arabia apex court said in the statement.

 

Daily Trust