Facebook’s Digital Currency Operation Could Shift Power To The Wrong Hands

Facebook’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks.

Although the move of big tech firms such as Facebook, Amazon and Alibaba into financial services could speed up transactions and cut costs, especially in developing world countries, it could also undermine the stability of a banking system that has only just recovered from the crash of 2008.

Echoing warnings from many tech experts, the Bank for International Settlements (BIS) said that while there were potential benefits to be made, the adoption of digital currencies outside the current financial system could reduce competition and create data privacy issues.

“The aim should be to respond to big techs’ entry into financial services so as to benefit from the gains while limiting the risks,” said Hyun Song Shin, economic adviser and head of research at BIS.“Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation.”

The warning from the BIS on Sunday comes only days after Facebook announced it would launch its own digital currency, Libra, in 2020. It will allow its billions of users to make financial transactions across the globe in a move that could potentially shake up the world’s banking system.

Chris Hughes, a co-founder of Facebook, last week added his voice to concerns being expressed over big tech’s move into finance, warning that Libra could shift power into the wrong hands.

-NTA

BRIEF EULOGY TO MRS. GLADYS UZOAMAKA ONYEMAECHI (NEE IHEJIRIKA) DUE ON SATURDAY, 18TH MAY, 2019

Though she was older than I, Uzoamaka and I were close in age. Because of this, we shared a lot of the same friends. As siblings, we were mistaken for twins because we were in the same class. We started school in the same year and finished together (apology to our parents who had to buy double of all the books and other school materials when they had no twins).

Amaka was a very brilliant girl (or rather "woman") who was successful at everything she attempted. She married soon after school and raised a lovely family.

Hearing the news of Amaka's passing away was a sad event for us. It is hard to accept that she will no longer be with us. She once quoted while advising me: "Life is not about waiting for the storm to pass; it is about learning to dance in the rain". Although incredibly difficult, this saying reminds me not to feel sorrow for her demise, but instead to feel grateful that her presence has blessed our lives.

Nevertheless, I admit that it is not pleasant that Amaka's life ended so early when she had so much life left to live. I take solace in knowing that she is now in heaven and God knows the best for us. The memory of her will continue to be in our hearts.

Adieu!

Elections: FG Begins Payment Of February Salaries

The Federal Government has commenced the payment of February salaries to the civil servants ahead of the scheduled elections on Saturday.

This was disclosed to journalists by the Minister of Information, Lai Mohammed, after the Federal Executive Council (FEC) meeting in Abuja.

He said the payment of salaries to the civil servants is meant to ease the burden on those who want to travel for the Presidential elections.

“On the part of the Federal Government we decided that to make it easy for those who will want to go back to vote, salary payment started on Tuesday as opposed to the normal 25th of every month.

“This is just to ease the burden of people who want to go back and cast their vote”.

The Independent National Electoral Commission (INEC) had last Saturday announced the postponement the general elections by a week, less than five hours to the start of the polls.

READ ALSO: INEC Postpones General Elections To February 23

According to the commission, the Presidential and National Assembly elections, initially scheduled for, February 16, will now hold on February 23, while the governorship and state houses of assembly elections will take place on March 9.

INEC Chairman, Professor Mahmood Yakubu, announced the decision at a short press briefing in the early hours of Saturday.

He explained that after a careful review of the implementation of its logistics and operational plan, and the determination to conduct free, fair, and credible elections, the commission came to the conclusion that proceeding with the elections as scheduled is no longer feasible.

The INEC boss also noted that the postponement will afford the commission the opportunity to address identified challenges in order to maintain the quality of the nation’s elections.

¬ChannelsTV

Npower Extends 2016 Batch A Volunteers Programme

Mr Afolabi Imoukhuede, the Senior Special Assistant to the President on Job Creation and Youth Empowerment, has said that the 2016 batch ‘A’ Npower volunteers programme has been extended.

Imoukhuede disclosed this on Tuesday in Abuja while featuring on the News Agency of Nigeria (NAN) forum.

The 2018 Npower volunteers recruited into the scheme in 2016 were earlier scheduled to exit the programme in 2018.

According to him, although two years was originally designed for them to exit, the volunteers will now remain due to critical needs of their services in some sectors.

He said that the volunteers were filling a lot of gap, especially the N-teach who have had to make up for the shortfall of teachers in most schools across the country.

“What we have found out is that they are filling a lot of gaps in some places like schools, where they do not have enough teachers.

“In some schools where the Npower are posted to, you discovered that it is only the principal and some NYSC members that are teaching students, the Npower teachers have helped to compliment their efforts,” he said.

Imoukhuede added that these among many others were the reason they were asked to continue their job, adding that the programme had been of greater value to the country.

He, however, said that some volunteers had voluntarily exited the programmes as a result of new jobs, self employment among others.

According to him, about 10,000 of the volunteers have exited the job because some of them gained full employment.

“We often celebrate such exit or resignation in Npower,” the official said.

Imoukhuede said that the Job creation and youth empowerment office had been able to employ graduates without problem because of its use of technology.

The SSA to the President on Job Creation disclosed that states like Plateau, Edo and Kaduna were already mulling the idea of employing the volunteers as teachers in their schools.

He noted that Npower remains the largest youth employment initiative in the country, adding that the volunteers earned a tax free N30, 000 per month.

He said that, so far, N15 billion had been paid as stipends to the volunteers in the last 26 months of the scheme, adding that the Federal Government had been proactive in terms of job creation.
(NAN)

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