African Reserves Loans

Five things to know to start your Monday

FG to address tariff deficits in the electricity sector

The federal government said it had begun to take steps to address tariff shortfalls in the electricity sector.

Vice President Yemi Osinbajo made the remark during his speech at the inauguration of the Nigeria Electricity Liability Management Company (NELMCO) Board of Directors.

The Vice President said that NELMCO would go a long way in addressing liability issues related to tariff shortfalls for distribution companies and other issues plaguing the Nigerian power sector.

The vice president expressed his confidence in the board members, believing that their personalities, skills and experience would help solve not only the tariff deficit problem, but also other problems that have reduced the production of electricity well below capacity.

No return on the transmission of election results – INEC

The Independent National Electoral Commission (INEC) said that the electronic transmission of results has not been abandoned for the manual process of transmission of results.

INEC spokesperson Festus Okoye said this in a statement when the commission issued a brief statement titled “Clarification on Electronic Transmission of Election Results” on Sunday.

Okoye said the commission does not plan to return to the manual process of transmitting results. He said that contrary to popular media reports, the commission intends to use electronic transmission in addition to manual transmission.

According to him, “some have interpreted the explanation of the results management procedure to mean that the Commission has abandoned the electronic transmission of results and returned to the manual process”.

“That is not correct,” the INEC spokesperson said.

“For clarity, the procedure for transmission of results remains the same as in the recent gubernatorial elections in Ekiti and Osun States. There will be no changes in any future elections, including the of 2023,” he added.

The INEC commissioner reassured Nigerians that electronic transmission of results has come to stay.

He added that the transmission adds credibility and transparency to the electoral process when citizens follow the results at the polling station level on the INEC results visualization portal (IReV) in real time on election day. .

Japanese Prime Minister Kishida tests positive for COVID and cancels African Development Conference trip

Japanese Prime Minister Fumio Kishida has tested positive for COVID-19, forcing him to cancel his trip to Tunisia to attend a business conference on African development.

According to Reuters, Kishida, who tested positive for COVID-19, will work from his residence from Monday and attend the Tokyo International Conference on African Development (TICAD) online.

The source said the prime minister developed a cough and fever on Saturday and took a PCR test on Sunday morning, which confirmed his positive result.

This year, TICAD, which is the eighth and the first since 2019, is expected to bring together the United Nations, the African Union, the African Development Bank and the World Bank.

Discussion topics will focus on measures to boost development and tackle the impact of the COVID-19 pandemic and the current food and energy crisis caused by the war between Ukraine and Russia.

Poll shows China likely to lower lending rate to revive economy

A recent Reuters poll shows that China is likely to lower lending rates on Monday, which the majority of respondents believe will help lift the housing market and the economy in general.

According to the survey, the lending prime rate (LPR), which banks normally charge their best customers, is set by 18 designated commercial banks that submit rate proposals to the People’s Bank of China (PBOC).

Reuters reported that 25 of 30 respondents to the Reuters Snapshot poll predicted a 10 basis point reduction in the LPR year on year.

However, all 30 respondents expect the duration to be reduced by five years, with 27 expecting a reduction of more than 10 basis points.

The LPR cuts are expected to help the COVID-19-hit country’s economy revive. in addition to meeting the current challenge of the real estate market which has resulted in the loss of more than 10 billion dollars for the country’s economy.

Most new and outstanding loans in China are based on the one-year LPR, which now stands at 3.70% after a cut in January.

Nikkei shares fall on concerns over Fed rate hike

According to Trading Economics, the Nikkei 225 index fell 0.6% to around 28,750 while the Topix index lost 0.25% to 1,990 on Monday morning.

The drop in both indexes represents a fall from a seven-month high, following remarks on interest rate hikes from Federal Reserve policymakers.

Investors are also expecting a rate hike confirmation speech from Fed Chairman Jerome Powell at his upcoming annual symposium in Jackson Hole this week.

Analyzing the stock market, Japanese tech stocks led the decline, with heavy losses from Tokyo Electron (-2.1%) and Recruit Holdings (-2.4%).

Meanwhile, it has been revealed that Toyota Motor has unveiled plans to increase production and lower prices of its hybrid cars in India.