African Union, RECS And RMs Meet To Coordinate Implementation Of The Continental Integration Programme

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African Union, RECS and RMs meet to coordinate implementation of the continental integration programme

The African Union (AU), represented by the Bureau of its Assembly, Chairpersons of the Eight (8) Regional Economic Communities, as well as Regional Mechanisms, held their third Mid-Year Coordination Meeting on the 16th of October, to harmonise and coordinate the implementation of the continental integration programme.. It was chaired by H.E. Félix Antoine Tshisekedi Tshilombo, President of the Democratic Republic of Congo (DRC), and Chairperson of the African Union for 2021.

On the agenda were three key areas i.e. African integration; division of labour between the AU, the RECs and the RMs; and the COVID19 situation in Africa. At the end, the leaders adopted their declaration which shall soon be made public.

President Felix Tshisekedi, highlighted that; “Africa needs to establish a specialized unit to monitor progress” on COVID19. He applauded President Cyril Ramaphosa who is the continental #COVID19 champion, for his work in acquiring vaccines, and promoting the manufacturing of vaccines on the continent. He also thanked the AfricaCDC Director Dr John Nkengasong for his contribution to the continental response to the pandemic.

President Tshisekedi obsrerved that the division of labour between the AU, the RECs and the RMs will lead to more efficiency, effectiveness and elimination of duplication, while rationalising the mobilisation of resources to implement continental development programmes.

The AU Commission Chairperson Mr Moussa Faki Mahamat noted that the African continent faces multiple challenges such as the health systems and political insecurity.

On health, he said “although the continent has been less affected than other parts of the world, it continues to confront the cruel effects of the COVID-19 pandemic.”

He added, “in spite of all the efforts being taken by the African Union and the member states in sensitizing the people, we have observed that we are relaxing on the precautionary measures”, and went on to encourage African people to comply with the vaccination campaigns.

Mr. Moussa Faki Mahamat also observed that the continent needs to have more robust systems to beef up fragile democracies, adding that “we see a setback, with unconstitutional changes of government”, before stressing that “the African Union systematically supports the electoral processes through its electoral missions, and condemns any forms of military involvement in the electoral processes.”

He pointed to some areas affected by conflict such as Mozambique, East DRC, the Sahel, the Lake Chad Basin, and Libya, where he said the presence of foreign mercenaries poses a serious threat to the stability of both the country and neighbouring states.

He noted that all these challenges affect the programme of regional integration in Africa and that the AU, the RECs and RMs need to strengthen their linkages and make progress in regional and continental integration as enshrined in the Abuja Treaty of 1991. He added that the RECs themselves also need strengthening as they are not all operating at the same level

Small Luxury Hotels of the World pushes on with Expansion in China with 4 New Hotels

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SHANGHAI, CHINA – Media OutReach – 21 October 2021 – Small Luxury Hotels of the World continues its expansion as the brand welcomes 4 member hotels including 3 new openers to its China portfolio. SLH now has 20 hotels in Greater China (including 15 hotels in mainland China), making it the largest collection of members in the Asia-Pacific.

Mark Wong, Senior Vice-President Asia-Pacific of SLH said: “At SLH we champion independently-owned hotels and make sure we provide them with the best possible platform to connect with independently minded travellers. We are delighted to welcome our new members in China, all quality homegrown brands which we are proud to introduce to the world. Over the past four years we have worked hard to expand our foothold in mainland China, and we are now well-placed throughout China to appeal to local guests looking for enthralling luxury getaways for now, as well as international guests wanting to experience diverse facets of Chinese culture when travel borders re-open imminently.”

 

Resort

Jangala Dunhuang (Gansu, Dunhuang)

25 rooms from CNY1,700 with breakfast

Opened 15 September 2021

 

As the first ultra-luxury hotel in Dunhuang along the ancient Southern Silk Road, Jangala Dunhuang aims to create a modern private retreat with a blend of local culture. Drawing inspiration from the Silk Road and the area’s most famous UESCO landmark Mogao Grottoes, its Jangala namesake signifies “oasis in the wilderness” in Sanskrit. Located near Mingsha Mountain’s Crescent Moon Spring in the scenic Qili Town, the hotel covers a vast area of 10,000 square metres. With environmental preservation being a key consideration, the hotel adopts natural building materials, minimalist design aligned with its surroundings, the use of natural lighting and renewable energy in addition to environmentally-friendly amenities. At the same time, the desert retreat comes with its own vineyard and organic vegetable garden. The Living Room fuses minimalist marble décor with cosy sofas, and is also a boutique and art exhibition space. Outside, the Water View Theatre puts on a range of shows all year round, while the spacious rooms and suites make luxurious exhibits of desert and sky. For guests wanting to up the romance, the Courtyard Suite comes with a TV projection wall on its outdoor terrace, in addition to a stargazing telescope. Its rooftop Mirage Bar, also the city’s first international bar, is the best place to catch Dunhuang’s spectacular golden sunsets.

 

SLH Insider Tip: There is plenty to do for guests wanting to immerse in the local culture and customs, from exploration tours and mural research expeditions to the Mogao Grottoes (莫高窟), Mingsha (Sighing Sand) Dunes (鸣沙山) and nearby Crescent Moon Spring  (月牙泉), desert camping, camel rides, desert cycling to wine brewing workshops, meditation sessions and private sunset dinners.

 

Country House

Qiushui VillaHangzhou

11 rooms from CNY7,900 with breakfast

Opened 6 August 2021

 

A century-old villa turned lakeside retreat on the shores of Hangzhou’s West Lake, everything about Qiushui Villa is designed to press pause on the bustle of modern life. Built by the founder of the influential newspaper” Shanghai News” Shi Liangcai for his wife Shen Qiushui, the revitalized building fuses the very best of China’s rich history with well-appointed contemporary comforts. The implicit beauty of Chinese culture comes through its landscaping inspired by ancient Jiangnan architecture – flanked by stone statues and vibrant flowers, the central courtyard sets the scene of the owner’s poignant love story. The arched cornices and wooden lattice windows on the original building are now protected as cultural relics. The rooms and suites continue this theme, with modern design touches and handpicked antique furniture. Each suite is named after historical personalities such as Feng Zikai (Chinese painter) and Zhang Ailing (novelist), each decorated in a different style. The spacious garden deck is perfect for holiday reading, while a state-of-the-art fitness suite is available for personal workouts. Add to the mix unique French cuisine, a never-too-much-to-ask butler service and a stunning infinity pool, and you have a truly luxurious escape.

 

SLH Insider Tip: Watch mist rise from the serene waters of the West Lake’s famed Broken Bridge right from your room in the morning, step out and explore its many winding causeways and bridges by bike, or simply revel in the poetic charm of the mansion’s surroundings. Fun fact: the owner was very fond of “Dream of Red Mansions” and reproduced the protagonist Jia Baoyu’s Yihong Courtyard at Qiushui Villa.

 

Country House

Valllie HotelHangzhou

8 rooms from CNY5,800 with breakfast

 

Hidden in the heart of the lush forest by the South Yangtze River, serenaded by the chimes of the tower bells of nearby Liuhe Pagoda, Vallie Hotel embodies a combination of nature’s charm and the inclination towards simplicity, making it feel like a picturesque romantic escape from another era. Guests looking for utmost privacy would appreciate its location and quietude. Once homes for local tea farmers, the restored buildings blend beautifully into the tree-filled landscape. Minimalist furnishings, white linens and exposed wooden beams make each generously-sized room a calm and relaxing space. All rooms come with 24-hr heated private pools filled with water from the nearby Hupao Tiger Spring, and some also feature private courtyards and living rooms for entertaining guests. For those who would like to explore the surroundings, the hotel is in close proximity of Liuhe Pagoda, which towers above the trees and offers stunning views over the Qiantang River.  

 

SLH Insider Tip: The low-key hotel’s French gastro lounge SHIJIU (溪畔十九) is highly lauded on social media, and has guests specially coming to the secluded valley to visit. By day the gastro lounge serves a sumptuous afternoon tea encircled amongst nature while it transforms into a fine-dining setting when night falls. For those celebrating special occasions, private dining set within the hotel’s French-style garden can be arranged.

  

With the addition of two new Hangzhou members, SLH now has a total of four hotels in this ‘city of heaven’, each with its unique character and surrounding leisure highlights to suit the independently-minded traveller. Beyond Hangzhou’s picturesque West Lake vistas and cultural sites, idyllic mist-covered tea hills, an unpretentious food scene, lively shopping streets and buoyant nightlife make the city easily one of the most popular holiday destinations in mainland China. SLH recommends the best sights with our Hangzhou city guide. For those wishing to explore further, combine the journey with nearby Shanghai and Nanjing.

 

Resort

Yulongwan Lakeview Hotel (Kunming)

132 rooms; Rates TBC

Soft Opening early Q1 2022

 

Surrounded by dense, green forest, rolling mountains and clear waters, SLH’s first member hotel in the capital city of Yunnan province is a haven of natural beauty. Overlooking the Yulongwan river, the Lakeview Hotel resides in the mountain valley of Kunming – affectionately known as the ‘City of Eternal Spring’ for its year-round spring-like temperatures, always-in-bloom flowers and low air pollution. From floor-to-ceiling windows to terrace-style balconies, every aspect of this hotel designed by Norihiko Shinya, former Vice President of Japanese design company SUPER POTATO, has been designed to showcase its surroundings. Meanwhile inside, Japanese-inspired minimalism effortlessly combines simplicity with luxury: picture cool neutral tones, wood panelling and enviable lake and mountain views from every room. All elements converge to create a lakeside living experience for guests to savour the art of slow travel and its natural surroundings, and ultimately leave with a better quality of life.

 

SLH Insider Tip: With 870,000 square meters of dense green forest and rolling mountains as well as 200,000 square meters of crystal lake water, Yulongwan Lakeview Hotel is abuzz with adventure. Home to over 30 horse breeds, Yulongwan Equestrian Club – complete with indoor equestrian venues, dressage pastures and outdoor competition venues – is the perfect place to learn a new skill or reignite a forgotten passion.  Wildlife trails, water-sports and famed Yulongwan golf course are also nearby. Or if you feel like venturing further afield, the hotel is well-placed to visit Kunming’s famous local attractions.

 

More information and images can be downloaded here or via www.slhimages.com

 

About Small Luxury Hotels of the World:

Small Luxury Hotels of the World™ (SLH) is the most desirable community of independently minded travellers and independently spirited hotels in the world. We turned the luxury boutique hotel into a phenomenon and selected the distinctive, the diverse and the downright delightful. People, places and experiences with individual character, intimate charm and inherent class. We’ve personally visited, vetted and verified over 520 hotels in more than 90 countries. We are envisioning a future where people experience the world with intention, experience its intensity and protect its integrity. Be part of the community – join us at INVITED, visit us at www.slh.com, contact a travel agent or call the Small Luxury Hotels of the World VIP Desk. Click here to view a full contact listing by country.

I: @smallluxuryhotels / F: @smallluxuryhotelsoftheworld / T: @SLHLuxuryHotels

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Tems, Wizkid, Amaarae, Diamond Platnumz, And Focalistic Get Global Recognition At “2021 Mtv Emas”

MTV has announced nominations for the “2021 MTV EMAs” with Africa’s biggest acts from Nigeria, Ghana, Tanzania and South Africa, securing nominations. 

 

Nigerian superstars Wizkid and songstress Tems who both collaborated on the global hit “Essence” were each nominated in the Best African Act category alongside while South African “Ke Star” hitmaker Focalistic as Amapiano’s global recognition continues to grow.

Tems, Wizkid, Amaarae, Diamond Platnumz, And Focalistic Get Global Recognition At “2021 Mtv Emas” BrandspurgTems, Wizkid, Amaarae, Diamond Platnumz, And Focalistic Get Global Recognition At “2021 Mtv Emas” Brandspurg

Ghanaian songstress Amaarae of “SAD GIRLZ LUV MONEY” fame and African superstar Diamond Platnumz of Tanzania have also clinched a nomination in the category. Voting is now open at mtvema.com until Wednesday, November 10 at 22:59 WAT, so fans can cast votes for their favourite African Act beginning today.

 

The “2021 MTV EMAs” will premiere exclusively on MTV Base (DStv Channel 322, GOtv Channel 72) on Sunday, November 14 at 20:00 WAT (Pre-Show) and 21:00 WAT (Main Show).

 

 

Monde Twala, Senior Vice President and General Manager of ViacomCBS Networks Africa commented, “The 2021 MTV EMAs is one of the biggest entertainment stages in the world and we are excited to see African stars shine and make their presence felt globally. Congratulations to all of our African nominees for their incredible achievements. We are proud to witness such great diversity of African talent, music and culture. This is an amazing showcase of their artistry to the world”.

 

 

Nigerian nominee Tems said, “I’m extremely excited to be nominated for the Best African Act at the MTV EMAs. The last few years have been crazy and I am just grateful to God for all the blessings so far. I am honoured to be a part of the amazing voices from our continent who are breaking barriers and redefining music globally.”

 

 

“I am so happy and proud to be nominated at the 2021 MTV EMAs, it means a lot to me, my generation, the Swahili nation and the whole of Africa, I truly appreciate it,” commented Diamond Platnumz.

 

 

Globally Justin Bieber is the Award’s frontrunner securing eight nominations. Bieber’s nods include “Best Artist,” “Best Pop,” two “Best Song” noms for his global hits “Peaches” featuring Daniel Caesar and Giveon and “STAY” with The Kid LAROI, “Best Video” for “Peaches,” “Best Collaboration” alongside The Kid LAROI and “Biggest Fans.” Doja Cat and Lil Nas X follow Bieber with six nods each, both across “Best Song,” “Best Video” and “Best Collaboration.” British global superstar Ed Sheeran and EMA newcomers Olivia Rodrigo and The Kid LAROI follow closely with five nominations each, including “Best Pop” and “Best Song” for Sheeran and Rodrigo. The above artists’ nominations also include “Best Local Act” for each of their respective home countries.

 

 

The “2021 MTV EMAs” will take place at the Papp László Budapest Sportaréna in Hungary, and broadcast live on MTV channels in 180 countries and will air locally on MTV Base (DStv Channel 322, GOtv Channel 72) on Sunday November 14 at 20:00 WAT (Pre-Show) and 21:00 WAT (Main Show).

 

The 2021 MTV EMAs is sponsored by [CLICK HERE FOR A LIST OF ALL SPONSORS].

Voting is now open at mtvema.com until Wednesday, November 10 at 22:59 WAT, so fans can cast votes beginning today.

 

COMPLETE LIST – 2021 MTV EMA NOMINEES

 

Best African Act 

Tems

Wizkid

Amaarae
Diamond Platnumz
Focalistic

Best Artist
Doja Cat
Ed Sheeran
Justin Bieber
Lady Gaga
Lil Nas X
The Weeknd

Best Pop
BTS
Doja Cat
Dua Lipa
Ed Sheeran
Justin Bieber
Olivia Rodrigo

Best Song
Doja Cat ft. SZA – Kiss Me More
Ed Sheeran – Bad Habits
Justin Bieber – Peaches ft. Daniel Caesar, Giveon
Lil Nas X – MONTERO (Call Me By Your Name)
Olivia Rodrigo – Drivers License
The Kid LAROI, Justin Bieber – STAY

Best Video
Doja Cat ft. SZA – Kiss Me More
Ed Sheeran – Bad Habits
Justin Bieber – Peaches ft. Daniel Caesar, Giveon
Lil Nas X – MONTERO (Call Me By Your Name)
Normani ft. Cardi B – Wild Side
Taylor Swift – willow

Best Collaboration
Black Eyed Peas, Shakira  – GIRL LIKE ME
Bruno Mars, Anderson .Paak, Silk Sonic – Leave the Door Open
Doja Cat ft. SZA – Kiss Me More
Lil Nas X, Jack Harlow – INDUSTRY BABY
The Kid LAROI, Justin Bieber – STAY
The Weeknd & Ariana Grande – Save Your Tears (Remix)

Best New
Giveon
Griff
Olivia Rodrigo
Rauw Alejandro
Saweetie
The Kid LAROI

Best Electronic
Calvin Harris
David Guetta
Joel Corry
Marshmello
Skrillex
Swedish House Mafia

Best Rock
Coldplay
Foo Fighters
Imagine Dragons
Kings Of Leon
Måneskin
The Killers

Best Alternative
Halsey
Lorde
Machine Gun Kelly
Twenty One Pilots
WILLOW
YUNGBLUD

Best Latin
Bad Bunny
J. Balvin
Maluma
Rauw Alejandro
Rosalía
Shakira

Best Hip Hop
Cardi B
DJ Khaled
Drake
Kanye West
Megan Thee Stallion
Nicki Minaj

Best K-Pop
BTS
LISA
Monsta X
NCT 127
ROSÉ
TWICE

 

Best Group
BTS
Imagine Dragons
Jonas Brothers
Little Mix
Måneskin
Silk Sonic

Best Push
24KGoldn
Fousheé
girl in red
Griff
JC Stewart
JXDN
Latto
Madison Beer
Olivia Rodrigo
Remi Wolf
SAINt JHN
The Kid LAROI

Biggest Fans
Ariana Grande
BLACKPINK
BTS
Justin Bieber
Lady Gaga
Taylor Swift

Video for Good
Billie Eilish  – Your Power
Demi Lovato – Dancing With The Devil
girl in red – Serotonin
H.E.R. – Fight For You
Harry Styles – Treat People With Kindness
Lil Nas X – MONTERO (Call Me By Your Name)

Best US Act (BEST LOCAL ACT*)
Ariana Grande
Doja Cat
Lil Nas X
Olivia Rodrigo
Taylor Swift

 

 

edotco Group launches inaugural Infrastructure Design Competition in collaboration with University Kebangsaan Malaysia (UKM)

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Expecting more than 100 entries from top engineering universities across 16 Asia countries

KUALA LUMPUR, MALAYSIA – Media OutReach – 21 October 2021 – edotco Group (‘edotco’), the region’s leading telecommunications infrastructure services company, is organising the first in Asia, Infrastructure Design Competition in collaboration with the University Community Transformation Centre under Universiti Kebangsaan Malaysia (‘UCTC-UKM’). The competition is open to Year 3, Year 4, and postgraduate Engineering students who are currently studying in universities based in Malaysia, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Bangladesh, Sri Lanka, Pakistan, Japan, Korea, and China.

 

The Enabling Festival 2021: Trigger our food memories via Taste to enable and support persons living with dementia and their caregivers

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SINGAPORE – Media OutReach – 21 October 2021 – Enable Asia, a local social enterprise focused on advocacy for persons living with dementia and their caregivers, kicks off its fourth instalment of the Enabling Festival today.  Supported by The Majurity Trust and Agency for Integrated Care, the annual event focuses on building awareness and facilitating discussions around dementia, as well as provides a channel of support and enablement for persons living with dementia and their caregivers.

Salaries, Costs Of Running Offices Gulp 73% Of Nigeria’s 2022 Health Budget

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PAYMENT of workers’ salaries, training of staff, cost of running offices and related matters will consume 73 per cent of the budget proposed for health by the Nigerian government in the 2022 fiscal year.

Of the nearly N16.4 trillion Appropriation Bill, the Federal Government allocated N711.28 billion to the health sector. Also, the government proposed N54.87 billion as grants from the Global Alliance for Vaccine and Immunization (GAVI) to support immunisation.

Personnel cost takes N503.97 billion of the health budget, N12.7 billion goes to overhead, while the remaining N194.6 billion is earmarked for capital projects.

Personnel and overhead costs are finance jargons regarded as recurrent expenditures.

Personnel cost comprises funds for salaries, staff training, and related activities, while overhead costs are used for running offices.

A breakdown of the budget shows that the recurrent budget for health by the Federal Government is about 72.6 per cent of the fund proposed for the sector, while the capital budget stands at 27.35 per cent.

The fund includes N54 billion dedicated to the Basic Health Care Fund.

A further breakdown of the health budget reveals that the country has again reneged on its vow to commit at least 15 per cent of its budget to the sector in what is famously known as the Abuja Declaration.

The total proposed budget for the fiscal year 2022 is N16.39 trillion.

The budget for health (N766.15 billion, inclusive of GAVI grant) is 4.67 per cent of the national budget, which is far too low to the 15 per cent minimum pledged in the Abuja declaration.

The government allocated N768 billion for statutory transfers, N3.9 trillion for debt service, N6.8 trillion for recurrent expenditure, and N4.8 trillion for capital expenditure.

Consequently, debt service in the budget is 24.3 per cent, recurrent expenditure gulps 42.5 per cent, while capital expenditure takes 30 per cent of the budget.

Recurrent expenditure takes 73 per cent of the budget for health.

Budgetary allocation to the health sector by the Federal Government has revolved around four per cent of the national budget for years.

In 2016, the Federal Government had a budget of N6.06 trillion, out of which it earmarked N550 billion to the health sector. The amount represented 4.1 per cent of the budget.

In 2017, the total national budget was N7.4 trillion. The health sector got N304.1 billion, representing 4.0 per cent.

The budget remained low in 2020 and 2021, despite the emergence of COVID and its attendant impacts on the nation.

Out of the 2021 budget of N13.6 trillion, recurrent and capital expenditures valued at N380 billion and N134 billion, respectively, were allocated to the health sector, amounting to N549 billion, inclusive of the Basic Health Care Fund The amount represented 4.3 per cent of the budget.

The ICIR reports that the government has sustained its low budgets for health amidst increasing poor health infrastructures, brain drain of health professionals, rising poor health indices and disease burdens, as well as COVID-19 threats.

BOI Boss Under Fire Over Lack Of Knowledge On Loans ‘Beneficiaries

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The Managing Director of Bank of Industry (BOI), Olukayode Pitan, came under fire in Senate Wednesday for not knowing identities of beneficiaries of loans given out by the Bank across the country.

The BOI boss ran into trouble while making submissions before the Senate Committee on Industry for 2022 budget defence.

Mr Pitan in his comments on loans given out by the Bank, claimed that they don’t know the loan beneficiaries, but the destination of the loan.

He said the loans are secured through bank guarantees provided by commercial banks on behalf of the beneficiaries.

“Loans are given to commercial banks that provide guarantees, which then forwarded the money to the beneficiaries,” he said.

Angered by his submission, the trio of Senators Adamu Bulkachuwa (APC Bauchi North), Christopher Ekpenyong (PDP Akwa Ibom North West) and Danjuma La’ah (PDP Kaduna South) , said that they are in dark about the activities of Bank of Industry in their Senatorial Districts .

Senator Danjuma in particular said, “I don’t know what is going on with Bank of Industry activities in my Senatorial district.”

Also, Senator Ekpenyong in reaction lamented that most of his Senatorial district members are unable to access loans from Bank of Industry adding Union Bank and United Bank of Africa (UBA) do not give Bank Gurantee to his people.

BOI Boss Under Fire Over Lack Of Knowledge On Loans ‘Beneficiaries

In addition, Senator Bulkachuwa said, “The MD/CEO, you made comments while trying to answer my questions on the distribution’s of loan beneficiaries. You actually said that you were not in the position to know, exactly where these loans are going to, with regards to the geopolitical areas of the country.

“Does it mean that the Bank of Industry does not know where the loans are going to and where the actual beneficiaries are located in the country?

“If you don’t know , we are interested in knowing where those loans go to.

“You, the giver of the loan should be more interested in the loan and where each kobo you give out is going and which part of the country is benefiting. You should be able to know. You should not leave it for the commercial banks to handle alone.

“Our interest is to know how the bank of industry is performing its duty in terms of ensuring that industries are spread across the country.”

Mr. Pitan however responded by saying, “The Senator misunderstood me. BOI knows where our money is. We know where every kobo goes to but not the beneficiaries because we are not the one determining the beneficiaries.

“The commercial banks are the ones that give guarantees because they are the ones that would finalise the process.

“They determine where the loans go but there is no loan that goes out of the bank of industry that we on our own, don’t analyse. It is a requirement every month for the bank of industry to provide the document. We know exactly where our monies are.”

The Committee chaired by Senator Tokunbo Abiru (APC Lagos East), also expressed dissatisfaction to meagre allocation for the Micro, Small and Medium Enterprises which are the real driver of economy in 2021 budget.

The Bank of Industry in 2021 budget released N165 billion to large enterprises in the country while Micro, Small and Medium Enterprises benefited N40 billion as at September, 2021.

But the Managing Director of BOI while defending the meagre allocation Micro, Small and Medium Enterprises said most people in that level are not ready to repay the loan believing that the money is government money and they don’t have to pay it back.

Platform For Collaboration On Tax Strengthened Support To Countries: PCT Report

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The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and the World Bank – enhanced its support to countries in the area of domestic resource mobilization during the COVID-19 pandemic, according to the PCT Progress Report 2021.

The report, released today, highlights that the PCT Partners are committed to deepening their tax collaboration further with a revamped work program to help countries develop resilient tax systems and better fiscal policies in response to the crisis.

The PCT Progress Report 2021 examines activities that the PCT has undertaken in five focus areas since July 2020: medium-term revenue strategies (MTRS), COVID-19, tax and sustainable development goals (SDGs), international taxation, and coordination. The new workstreams reflect the changing global tax landscape and the challenges of the pandemic for governments and policymakers as countries around the world try to balance the increased spending and lower revenues due to the COVID-19 crisis.

Platform For Collaboration On Tax Strengthened Support To Countries: PCT Report

During this period, the PCT Partners increased their support to countries through the release of joint knowledge products, technical assistance concerning tax-related responses to the crisis, and workshops on critical issues, as the report reveals. The PCT released the final versions of two toolkits on Transfer Pricing Documentation and Tax Treaty Negotiations with virtual consultations and public workshops, hosting over 1,300 participants from governments and other stakeholders. Additionally, the PCT Secretariat collaborated with the African Tax Administration Forum (ATAF) and the Asian Development Bank (ADB) to hold three regional workshops on MTRS, which provided 53 governments from Africa, Asia and the Pacific with a platform to exchange information on how the MTRS can benefit their tax system reform in the face of the pandemic. The PCT Partners also raised awareness on the role of taxation in promoting gender equality and growth through a joint blog and a public workshop.

The report illustrates that the PCT website continues to serve as a global resource on international taxation for tax officials from developing and emerging economies with its enriched content. The MTRS resource page, the e-learning calendar of the PCT Partners’ tax-related courses and the regularly updated Online Integrated Platform, which is the public database of domestic resource mobilization activities and projects of the Partners, are among the new and existing products that provide countries with capacity-building support and transparent information.

Looking ahead, the PCT Partners will, in the coming months, focus on areas where coordination brings the most value by identifying new priorities and activities for their work in light of the recent developments in the global tax agenda. Further activities on the interconnection between tax and SDGs, more and improved resource pages on the PCT website and expanded engagement with countries on the PCT toolkits and MTRS are among the future PCT initiatives that aim to offer tax officials more capacity-building tools and resources.

The PCT Progress Report 2021 is available at tax-platform.org

Positive Performance Returns In The Local Bourse As Investors Gain ₦54.82 Billion

Positive Performance Returns in the Local Bourse after Eid-El-Maulud Break, NGX ASI Up 26bps

The Nigerian equities market closed positive at the end of today’s sessio Positive Performance Returns In The Local Bourse As Investors Gain ₦54.82 Billionn as the benchmark index improved by 0.26% to close at 41,249.71 points.

This was mainly due to buy pressures in bellwether stocks such as WAPCO (+0.61%) and ZENITHBANK (+0.40%). Consequently, the YTD return increased to 2.43% as market capitalisation increased by ₦54.82 billion to close at  ₦21.53 trillion.

The sectoral performance marginally weakened as three of the five indices under coverage declined. The Oil & Gas index, the biggest loser, decreased by 0.39% on OANDO (-1.96%). The Consumer Goods and Banking indices followed suit, falling by 0.24% and 0.20% on CADBURY (-5.88%) and ACCESS (-1.04%) respectively. Conversely, the Insurance and Industrial indices, improved by 0.58% and 0.04% on WAPIC (+4.17%) and WAPCO (+0.61%)

Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.17x from 0.90x. This was illustrated by the advance of 21 stocks, led by NGXGROUP (+10.00%) and GLAXOSMITH (+6.87%) and the decline of 18 stocks, led by PRESTIGE (-8.51%) and CHIPLC (-8.33%).

Activity level strengthened as total volume and value increased by 47.47% and 25.16% as investors exchanged about 499.51 million units of shares worth over N5.08 billion.

 Positive Performance Returns In The Local Bourse As Investors Gain ₦54.82 Billion