Binnabook

Readers Stats

Search on Binnabook

Translate

Cuba Adopts Cryptocurrency as Part of Communist Party Agenda

 Cryptocurrency is now officially part of the Communist Party agenda in Cuba. Over the weekend, Cuba’s government adopted a proposal to include cryptocurrency as part of the “economic and social policy guidelines of the party and of the revolution” until 2026.



In Cuba, public policy is discussed and decided upon in massive assemblies held by the country’s Communist Party. During the eighth congress of the Communist Party of Cuba, attendees proposed various changes that aim to improve the country’s economy amid global economic sanctions initiated by the United States.


The list of adopted proposals will function as a sort of general guideline that provide government bodies with objectives to accomplish over the next five years. One of those objectives will now be to “advance in the study of cryptocurrencies in the current conditions of the economy.” The idea that the island nation should explore ways to use crypto to circumvent economic sanctions had been previously discussed by government officials, but the recent measure makes it now official policy.


Details remain scarce and the Communist Party of Cuba has yet to flesh out its specific plans regarding cryptocurrency. But should the country take its cues from Venezuela, a fellow socialist nation and strong political ally, then anything from developing its own state-backed digital currency to making use of established cryptos such as Bitcoin or Ethereum, could be on the table.


Bitcoin meets politics

Bitcoin and cryptocurrency have increasingly become part of the larger geopolitical discussion. Just last week, PayPal and Palantir Co-Founder Peter Thiel floated the possibility of China using Bitcoin as a financial weapon that could threaten the US dollar’s global hegemony. All the while, however, several prominent US institutions like Tesla, BlackRock, Anthony Scaramucci's Skybridge and even Miami continue to look to Bitcoin as a potential inflation hedge, protecting their assets should the dollar decline.




Meanwhile, several countries around the world have begun to explore ways to use digital currency to diminish the US’s influence over their own economies. Nations such as Brazil, Iran, China, Bermuda, Venezuela, and the Marshall Islands have taken various approaches that range from supporting the cryptocurrency mining industry to developing sovereign digital currencies. Venezuela has taken it a step further and confirmed that it now includes Bitcoin and Ethereum as part of its international reserves.


While it remains unclear what approach the Cuban government will take with crypto, citizens of the island nation aren’t waiting around, as Bitcoin adoption continues to rise.


While cryptocurrency adoption remains low relative to the general population, small communities of Bitcoin users in Cuba are flourishing—and growing. As Decrypt reported last year, software developers in the country are increasingly looking for ways to make it easier for people in Cuba to access Bitcoin, despite the country’s poor internet infrastructure.

Real Madrid President Florentino Perez says European Super League is in Stand-by for Now

 Florentino Perez claims the European Super League is in ‘stand-by’ as the Real Madrid president remains bullish amid fierce backlash to the controversial plans.


The new competition was announced on Sunday with 12 founder member clubs announcing their involvement to the radical plans.


It would have seen those clubs guaranteed a place in the competition every season, along with vast financial rewards.


It would have effectively been an end to the Champions League, but widespread condemnation led to its effective cancellation 48 hours later.


Arsenal, Chelsea, Liverpool, Man City, Man United and Tottenham all withdrew amid protests from fans, while clubs on the continent slowly followed.


Perez, who would have been heading up the European Super League, claims the plans are by no means dead.


In an interview with El Larguero: “The Super League poject is now in stand-by, I can confirm.


“Juventus and AC Milan have not left the Super League. Real Madrid, Barcelona, Juventus and AC Milan are still in talks to find solutions.


“If this project didn’t work, another one will. Remember: all the 12 clubs have signed a binding contract.”


He continued: “I am a bit sad, disappointed. We have been working three years on this project, on fighting the current financial situation in Spanish football. It is easy to understand – you cannot touch La Liga, so you look for more money midweek and UCL format is obsolete.


“I have never seen aggression greater on the part of the president of UEFA and other presidents of Liga, it was orchestrated, it surprised it all. Never seen anything like it – insults, threats, as if we had killed someone, killed football.



“We are just working on saving football, after this pandemic. Madrid income falling from 900m to 600m this year. We have worked very hard on something that would satisfy everyone – and we did expect such a response.”


On the British club’s decision to withdraw, Perez said: “There was someone in the English six clubs who did not have much interest. That started to affect the others, there was fear. One of the English clubs was never really convinced.


“There was a campaign, totally manipulated, that we were going to finish the national leagues. That we were ending football, it was terrible. But we were working for football to survive.”


“There are people with privileges who do not want to lose them, and are willing to run clubs, although when the clubs are ruined they will lose their privileges.”


“The English clubs tried to do something, but they were being told they were killing football. But there is no other solution, than the Super League. Or somebody invents something else


They are leaving due to UEFA putting on a show, which surprised me. I don’t want to get into it with the UEFA president, but he needs to be able to talk. It was like we had thrown an atomic bomb. They did not let us explain, as they did not want anything to change.”


“It cannot be that in England, the six lose money, and 14 make money. In Spain the top three lose money, and the others make money. It cannot continue – at the moment the rich are those who are losing money.”




Nigeria Communication Minister Pantami Plotted Against the Killing of Former Governor of Kaduna State Patrick Yakowa- Document Reveals

He was killed in a helicopter crash in 2012, alongside former national security adviser Owoeye Patrick Azazi.

A document has been uncovered which showed how President Muhammadu Buhari’s communication minister Isa Pantami and other Muslim leaders plotted to assassinate former Kaduna State Governor Patrick Yakowa. It was unclear whether the conclusion of the Muslim leaders was responsible for the helicopter crash that killed Mr Yakowa, and the minister did not immediately return a request seeking comments from Peoples Gazette on Wednesday night.




Mr Yakowa was the first Christian governor of Kaduna, which is divided between Muslim and Christians, although with a mostly Muslim population. 


Mr Pantami chaired the July 13, 2010, meeting of Jama’atu Nasril Islam (JNI), a foremost Isla mic body led by Sultan of Sokoto Sa’ad Abubakar, where it was agreed that Mr Yakowa and his family must be eliminated because he was a Christian leader leading a state in the Muslim-dominated North.


“We must either use the security or other means to eliminate the governor, his family and all those they perceive as supporting him,” Mr Pantami and other leaders said in their communique adopted at the meeting held at Bauchi Central Mosque. 


The meeting complained that Mr Yakowa was making moves to contest for governor in 2011 and he had the support of former President Goodluck Jonathan, a fellow Christian. 

Mr Yakowa became governor in 2010 when Mr Jonathan tapped Namadi Sambo, then Kaduna governor, as his vice-president. 


Mr Yakowa contested in 2011 and won a substantive four-year term. He was killed in a helicopter crash barely a year later in 2012, alongside former national security adviser Owoye Andrew Azazi. The event had long been suspected to be more than just an accident, and investigation into what happened was never concluded or made public.


The minister did not immediately return a request seeking comments about the 2010 meeting.


Document about the meeting surfaced as Mr Pantami came under pressure to step down from office after The Gazette uncovered details of his past inflammatory statements. The minister said he was always happy about the massacre of unbelievers. 


He also said Osama Bin Laden was a better Muslim than himself and wished Al Qaeda and the Taliban success in their terrorism. 

Amazon Coming to Africa with First South Africa Headquarters

 Amazon has concluded plans to open its African headquarters in South Africa with a real estate investment of over R4 billion.

Authorities in Cape Town said Amazon would be occupying a new development in River Club, a prime section of the city, local media reported on Wednesday.


The 15-hectare parcel of land will cost R4 billion and include two precincts. Authorities said the first precinct of 60,000sqm will occupy different layers of development; while the second section of 70,000 will hold Amazon headquarters in Africa.


“The development is envisaged to take place in phases, with construction set to take place over three to five years,” Cape Town city officials said in a statement.


Over 5,000 direct construction jobs and 19,000 indirect jobs are expected to be created as a result of the move, Business Tech reported.

Joel Glazer Manchester United Owner Apologies to Fans Over European Super League Flaws


To all Manchester United supporters,


Over the past few days, we have all witnessed the great passion which football generates, and the deep loyalty our fans have for this great club.

You made very clear your opposition to the European Super League, and we have listened. We got it wrong, and we want to show that we can put things right.


Although the wounds are raw and I understand that it will take time for the scars to heal, I am personally committed to rebuilding trust with our fans and learning from the message you delivered with such conviction.


We continue to believe that European football needs to become more sustainable throughout the pyramid for the long-term. However, we fully accept that the Super League was not the right way to go about it.


In seeking to create a more stable foundation for the game, we failed to show enough respect for its deep-rooted traditions –promotion, relegation, the pyramid – and for that we are sorry.


This is the world’s greatest football club and we apologise unreservedly for the unrest caused during these past few days.


It is important for us to put that right.


Manchester United has a rich heritage and we recognise our responsibility to live up to its great traditions and values.


The pandemic has thrown up so many unique challenges and we are proud of the way Manchester United and its fans from Manchester and around the world have reacted to the enormous pressures during this period.


We also realise that we need to better communicate with you, our fans, because you will always be at the heart of the club.


In the background, you can be sure that we will be taking the necessary steps to rebuild relationships with other stakeholders across the game, with a view to working together on solutions to the long-term challenges facing the football pyramid.


Right now, our priority is to continue to support all of our teams as they push for the strongest possible finish to the season.


In closing, I would like to recognise that it is your support which makes this club so great, and we thank you for that.


With best regards,


Joel Glazer

Ghana local firms that helped to issue $3bn Eurobond

 Five indigenous financial institutions have emerged as critical parts of the processes that led to the raising of US$3.025billion in Eurobonds for Ghana in March 2021.

The institutions - Fidelity Bank Ghana Limited, CalBank PLC, Databank Brokerage Limited, IC Securities (Ghana) Limited and Temple Investments Limited - acted as co-managers of the transaction that turned out to be the country's largest bond sale in history and featured a novel zero-coupon Eurobond, the first of its kind by an emerging market economy.


Known as co-managers in the finance parlance, the five indigenous firms played supporting roles to the joint lead managers in the issuance that was oversubscribed in spite of the grim that the COVID-19 pandemic posed to investor appetite.


The firms worked with their foreign counterparts to develop investor presentation, fashion out the liability management strategy and coordinate the logistics for the first ever virtual roadshow outside Accra.


They also helped to aggregate what turned out to be significant domestic demand for all tranches of the Eurobond, with the largest being the debut zero-coupon bond.


Experts say the demand to the local co-managers came mainly from domestic indigenous investors and that provided access for Ghanaian investors on the international capital markets.


Historically, local co-managers have contributed relatively lower amounts to the total order books.


However, in recent years, there have been improvement in the local co-managers contribution to the total order book, with each successive issuance enjoying increments.


Analysts say the successful collaboration between the local co-managers and the joint lead managers in the 2021 bond sale resulted in the oversubscription by investors and the government securing favourable interest rates for the four-tranche Eurobonds in spite of the impact of COVID-19 and the energy and the financial sectors debts on the 2020 fiscal deficit.



Novelty


The $3.025 billion Eurobond was novel as it was the largest Eurobond issuance by the country and also marked the first time a zero-coupon bond denominated in US dollar had been issued by an emerging market economy for new money or outside of a restructuring.


Of significant importance is the fact that it also marked the first time that four tranches had been issued by a SSA country.



Impressive showing


The Minister of Finance, Mr Ken Ofori-Atta, told the Daily Graphic on April 14 that he was delighted about the role of the indigenous firms in the issuance processes, explaining that their active involvement was testament that efforts by the government to develop indigenous capacity in the banking and financial sector were yielding the expected results.


Beyond helping investors domiciled in the country to access the international capital market, Mr Ofori-Atta said the arrangement ensured that almost 50 per cent of the novel zero-coupon bond was taken up by these resident investors, a development that he said was positive for the economy.


“For the first time in Africa, we have seen local managers drive significant local market participation in fund raising in a global Eurobond. Close to 50 per cent of the zero-coupon bond was taken up by the local market through the efforts of the local co-nanagers, " he said.


The Minister of Finance said the gains from the local co-managers showed the deepening of the financial sector and further expressed the commitment of the government to work with the private sector to unlock more opportunities for Ghanaian enterprises.


Mr Ofori-Atta disclosed that Ghana was currently the only country in sub-Saharan Africa (SSA) to have "logistics for global issuances managed by local entities.”


He noted that while the local co-managers supported the joint lead managers in the various streams of work, including the investor presentation, development of the liability management strategy and the logistics for the virtual roadshow, "there is the desire for local institutions to take on other lead roles in a bid to localise a significant portion of the work for global and local fund raising efforts."


Usage of proceeds


Of the amount issued, about $1.5 billion of the 2021 Eurobond, which was approved last year, is to be used to finance this year's budget deficit.


It followed elevated pressures on the public purse, following the outbreak of the COVID-19 pandemic and the rolling out of measures by the government to stop the spread and mitigate the impact on lives and livelihoods.


The government also planned to use part of the proceeds to pay off existing debts that were relatively expensive and closer to maturity.

Known as liability management, the practice helps to reduce the average cost of debt and create fiscal space for the government.


Eurobonds


The country made its debut into the Eurobond market in 2007,with the latest being in March when the government successfully raised $3.025 billion in four tranches.


Thus, while Eurobonds are not new to the country, the issuance of a four-year zero-coupon tranche was an innovative market-oriented solution to address post-COVID-19 challenges and improve the cash flow required for debt servicing.

Electricity Company of Ghana timetable for Greater Accra for the month of May 'dumsor'

 The Electricity Company of Ghana (ECG) has released the power outages timetable for Greater Accra for the month of May 2021, due to ongoing construction works in the power sector especially at the Pokuase Bulk Supply Point.



According to the ECG, as part of projects to improve power supply reliability and system voltages, the Ghana Grid Company (GRIDCo) in collaboration with the ECG are undertaking interruptions in the power supply to facilitate the work of contractors at various stages and times.


This, according to the ECG requires a complete shutdown of the 330kv line thereby affecting power supply reliability to the Mallam Bulk Supply Point (BSP).


This is because, the new Pokuase Bulk Supply Point, which is near completion and sponsored by the Millennium Challenge Corporation (MCC) under the auspices of the Millennium Development Authority (MiDA) will require a tie-in to GRIDCo's 330kv transmission line.


While some of the areas will sleep in darkness for two nights and have their power off for two days during the day in the month of May, others will sleep in darkness for three nights and have their power off for just one day. Others will also sleep in darkness for three nights and have power off for just one day.


The outages will rotate between day and night from 6am to 6pm and 6pm to 6am for eight days.


According to the ECG, the tie-in works will take eight days from Monday, May 10 to Monday, May 17, 2021 and will affect power supply to some customers in the North-Eastern parts of Accra.


The ECG has explained that other needed interruptions in power supply to enable contractors complete the different intervention projects, will be communicated in due course.


The affected areas which have been divided into four groups are listed below.


Group A - Power off on May 10 and May 14 during the day and power off at night on May 12 and May 16.


Nsakina, Oduman, Odorkor Official Town, Awoshie, Odorgonno, Mallam Abease, Top Base (Gbawe), Kokompe, Zamrama Line, Banana Inn, Chorkor, Korle Gonno, Gbegbeyse, Shiabu, Kwashi-Bu, Abeka Lapaz, Nii Boye Town, Alhaji, Sowutuom, Ablekuma New Town, Dansoman Control, Market, GBC Staff Quarters, Old barrier, Opeikuma, Ashalaja, Lamptey Mills (Kasoa).


Group B - Power off during the day on May 12 and May 16 and power off during the night on May 10 and May 14.


Lower McCarthy, Mallam, Gbawe, Agape junction, Bubiashie, Demod, Abossey Okai, Santa Maria, Bortianor, Red Top, New Aplaku, Mataheko, Dansoman SSNIT Flats, Glefe, Nyanyano, Nyanyano Kakraba, Iron City, Breku, Tuba.


Group C - Power off during the day on May 11, May 15, May 17 and power off during the night on May 13.


Sakaman, Hansonic, Upper McCarthy Hill, Tetegu, Melcom Plus Industrial Area, Abeka Market, Lartebiokorshie, Tantra Hill, Nyamekye, Pokuase ACP Estates, Amasaman, Anyaa, NIC, Nsumfa, Antieku, Bortianor, Wesley Grammar, Ayigbe Town, Korkordzor, Banana Inn, Mamprobi New Town.


Group D - Power off during the day on May 13 and power off at night on May 11, May 15, May 17,


Odorkor, St. Anthony, Djaman township, Oblogo, Salaga market, CMB Flats, Mamprobi, Soko, Taifa, Ofankor, Asofa, Alhajo, Tabora, Chantan, Israel, Fadama, North Kaneshie, Joma, NIC Top, Seminary, Sowutuom Last Stop, Ablekuma Curve, Russia, Sukura, Kokrobite, Bortianor, Osofo Dadzie, Datus. 

Cuba Adopts Cryptocurrency as Part of Communist Party Agenda

 Cryptocurrency is now officially part of the Communist Party agenda in Cuba. Over the weekend, Cuba’s government adopted a proposal to incl...

BINNABOOK BLOG POSTS


BINNAPARLOUR BLOG POST


MOST READ POST


COPYRIGHT: All rights reserved. This material and any other material on this platform may not be reproduced, published, written in full or in part, without written permission from BINNABOOK PUBLISHERS.But you can share through the social Media