Echotitbits – Nigeria News

Category: World

  • Bayern Humiliate Barca 8-2 as Pique Says Catalan Club Needs Lots of Changes

    Bayern Humiliate Barca 8-2 as Pique Says Catalan Club Needs Lots of Changes

    Barcelona defender Gerard Pique said radical changes were needed from top to bottom after his side were annihilated 8-2 by Bayern Munich on Friday to exit the Champions League in one of the Catalan side’s darkest ever nights, Reuters has reported.

    “We feel devastated, although shame is the real word I’m looking for. We cannot afford to compete like this because it’s not the first, the second or the third time that something like this has happened,” a tearful Pique told reporters after the quarter-final drubbing, their worst ever result in Europe.

    “This is very painful but I hope it serves some purpose.”

    Pique, one of the surviving members of the team who won the Champions League in 2009 under Pep Guardiola to begin a golden era for the Catalans, said he was ready to leave the club in order to ensure they improve.

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    He also appeared to blame the Barca hierarchy, which includes president Josep Maria Bartomeu, for the team’s predicament as he called for changes at the very top.

    “We all need to reflect deeply, the club needs lots of changes, I’m not talking about the coach, players – I don’t want to point the finger at anyone but the club needs changes on a structural level,” he said.

    “If new blood needs to come for the club to change course then I’m not untouchable and I’ll be the first to leave if needs be, because it seems as if we’ve hit rock bottom.

    “We all have to reflect about what is the best thing for the club and for Barca.”

    Barca coach Quique Setien is unlikely to survive overseeing such a debacle, although he did not say whether or not he saw himself continuing in charge of the team.

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    “I’m not going to go into all that as I’ve only been here for six months but seeing as this is Pique, surely some of what he said is true,” said the coach.

    “Right now we feel enormous frustration and all we can do is make conclusions and think about the future. Barca is a club that is so great that this will cause us a lot of damage and obviously some things will have to change.

    “The truth is this is a tremendously painful defeat.”

    Idowu Sowunmi

  • UK economy plunges into recession, Trump awards sixth vaccine contract

    UK economy plunges into recession, Trump awards sixth vaccine contract

    For the first time since 2008, the United Kingdom’s economy has plunged into a recession due to a 2020 second quarter shrink.

    The country’s economy decline of a record 20.4% in Q2, followed a 2.% drop in Q1.

    FILE – In this Tuesday, March 24, 2020 file photo, a woman wearing a face mask to protect against coronavirus, waits at a bus stop on a deserted Oxford Street in London. (AP Photo/Matt Dunham, File) The Associated Press

    Echotitbits gathered Wednesday morning that the development signaled the deepest slump UK economy has since 1954.

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    Elsewhere, United States President, Donald Trump on Tuesday announced a contract awarded to US biotech company, Moderna for the production of 100 million doses of “an eventual” coronavirus vaccine. The deal, which is the sixth since May, is worth $1.5 billion.

    Coronavirus Vaccine PHOTO: Getty images

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    At a White House news conference, President Trump said: “I’m pleased to announce that we have reached an agreement with Moderna to manufacture and deliver 100 million doses of their coronavirus vaccine candidate.

    “The federal government will own these vaccine doses, we’re buying them”, he said.

  • AU, Ecobank Launch MSME Academy for Africa’s Micro, Small and Medium Enterprises 

    AU, Ecobank Launch MSME Academy for Africa’s Micro, Small and Medium Enterprises 

    New Partnership for Africa’s Development (NEPAD), a socio-economic flagship programme of the African Union Development Agency (AUDA), otherwise called AUDA-NEPAD, has launched the Micro, Small and Medium Enterprises (MSME) Academy, in partnership with Ecobank Group.

    Spearheaded under AUDA-NEPAD ‘100,000 MSMEs by 2021’ (100K MSMEs) programme for Africa’s Micro, Small and Medium Enterprises, the Academy provides easy access to practical training and resources on financing opportunities in various countries, materials on how to build digital presence for businesses and how to adapt business operations in the era of the novel Coronavirus (COVID-19) pandemic.

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  • Putin: World’s First Vaccine against COVID-19 to Be Registered in Russia

    Putin: World’s First Vaccine against COVID-19 to Be Registered in Russia

    Russian President Vladimir Putin Monday disclosed that the world’s first vaccine against the novel Coronavirus (COVID-19) would be registered in his country in a few days.

    Putin, who stated this on his Facebook page, explained that Russian scientists have passed necessary test stages and proved the safety and effectiveness of the drug.

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    According to him, “The world’s first vaccine against coronavirus will be registered in Russia in a few days.

    “Russian scientists passed necessary test stages and proved the safety and effectiveness of the drug.

    “Our medicine has adequately coped with the epidemic and now gives hope not only to our country, but to the whole world.

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    “Once the Soviet satellite paved the way for humanity into space, now the Russian vaccine will pave the way to the future without COVID-19, masks and social isolation.”

  • It’s Compulsory: Coronavirus Tests for Travellers Returning to Germany

    It’s Compulsory: Coronavirus Tests for Travellers Returning to Germany

    Germany’s coronavirus testing requirement for travellers flying in from high-risk countries has come into force with few complications on Saturday, DW News has reported.

    Operators of airport testing centres across the country reported minimal wait times and ample supplies. Meanwhile, EU members Romania and Bulgaria were added to Germany’s list of high-risk countries.

    Coronavirus testing booth operators at Germany’s largest airport, Frankfurt Airport, said they did not see any major problems or notice a large increase in the number of people waiting to be tested.

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    “This is slightly more than in the past few days,” Benedikt Hart, the head of the German Red Cross-operated testing center at the airport told the DPA news agency. “The people have understanding. There are no disgruntled passengers.”

    A Hamburg Airport spokesperson echoed that statement, saying there were no complications related to the testing, and that passengers arriving from high-risk countries didn’t face more than a 30-minute wait to be tested. In Berlin, tests carried out at both Tegel and Schönefeld airports, as well as the central bus station were carried out with relative simplicity and only sporadic queues.

    The tests are typically to be taken directly upon arrival at airports, but are also available free of charge at separate testing centres and medical practices up to three days after arrival.

    DW correspondent Konrad Busen, who was at Frankfurt Airport, said the introduction of testing was expected to increase the number of cases identified.

    “Up until now here in Frankfurt the number of positive tests has been relatively small around about 1 per cent of the about 2,000 people tested her per day have been positive,” he said. “This number is expected to rise now as compulsory testing is introduced for people traveling from high-risk countries.”

    Praise and condemnation

    The largest German doctor’s union, the Marburger Bund, welcomed the move, citing a higher rate of positive tests in people coming from high-risk countries. “The obligatory testing could make this even more obvious, because people with a tendency toward risky behavior are more likely to bypass voluntary testing stations,” Marburger Bund Chairwoman Susanne Johne said.

    However, other practitioners have criticised the broad requirement. The risk areas are “much too general” and many general practitioners do not have the capacity to handle a “rush of people” asking to be tested, Ulrich Weigeldt, the chairman of the German Association of General Practitioners, told Die Welt newspaper.

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    He also said it was “absurd” that returning travellers should have to give a doctor proof that they were abroad, adding that general practitioners are “not a branch of the Federal Ministry of Health.”

    As an alternative to being tested in Germany, people arriving from abroad can be tested in the country where they were vacationing within 48 hours of their flight. Health authorities are, however, encouraging travelers to be tested a second time five to seven days after their journey.

    Around 130 countries, including the United States, Egypt and Russia are listed as high-risk by the Robert Koch Institute, Germany’s health research agency. High-risk EU countries include Luxembourg, the Belgian province of Antwerp, several regions of Spain and parts of Romania and Bulgaria. A place is considered to be high risk once the number of new infections rises in the past week rises above 50 cases per 100,000 people.
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    The number of infections in Germany has been steadily on the rise over the past weeks, with experts warning of a second wave. The daily number of new infections rose by over 1,000 for the third day in a row on Saturday, reflecting a trend not seen since May. The country has recorded nearly 217,000 cases and a death toll of 9,201.

    Idowu Sowunmi

  • Seven Multilateral Development Banks Contribute $61.6bn to Reduce Global Warming

    Seven Multilateral Development Banks Contribute $61.6bn to Reduce Global Warming

    A 2019 Joint Report on Multilateral Development Banks’ Climate Finance has disclosed that climate financing by seven of the world’s largest multilateral development banks (MDBs) now totalled $61.6 billion as at 2019, of which $41.5 billion (67 per cent) was in low- and middle-income economies.

    The study expanded the scope of reporting for the first time to all countries with multilateral development bank operations, providing data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.

    This year the report combined data from the African Development Bank, the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDB Group), the World Bank Group (WBG) and – for the first time – the Islamic Development Bank (IsDB), which joined the working group in October 2017.

    In 2019, the Asian Infrastructure Investment Bank (AIIB) also joined MDB working groups, and its data was presented separately within the current report.

    The 2019 report showed that $46.6 billion, or 76 per cent of total financing for the year, was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming. Of this, 59 per cent went to low- and middle-income economies.

    The remaining $15 billion, or 24 per cent, was invested in adaptation efforts to help countries build resilience to the mounting impacts of climate change, including worsening droughts, extreme flooding and rising sea levels. Ninety-three percent of this finance was directed at low- and middle-income economies.

    Additional climate funds channelled through MDBs, such as the Climate Investment Funds (CIF), the Global Environment Facility (GEF), Trust Fund, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the European Union’s funds for Climate Action, and the Green Climate Fund (GCF), which play an important role in boosting MDB climate financing.

    In 2019, MDBs reported a further $102.7 billion in net climate co-finance – investments from the public and private sector – taking the total of climate activity financed in the year to $164.3 billion.

    MDBs have reported on climate finance since 2011, based on a jointly developed methodology for climate finance tracking.

    The 2019 edition of the Joint Report on MDBs’ Climate Finance was published in the midst of the novel Coronavirus (COVID-19) pandemic, which has caused significant social and economic disruption, temporarily reducing global carbon emissions to 2006 levels.

    Speaking on this development, the Director of Climate Change and Green Growth at the African Development Bank, Anthony Nyong, noted: “Our investments that contribute to the goals of the Paris Agreement continue to grow. The climate finance provided by the bank increased from $3.2 in 2018 to $3.5 billion in 2019 – representing 35 per cent of total project approvals worth $10.2 billion.”

    The largest climate finance investments were made in the energy, agriculture and transport sectors.

    Importantly, the bank exceeded its target of achieving parity between adaptation and mitigation finance by allocating 55 per cent of its climate finance resources to adaptation and 45 per cent to mitigation, whereas globally more than 70 per cent of climate finance is allocated to mitigation. More global efforts are needed to build climate change resilience and adaptation in Africa.

    “As African economies face the devastating impacts of the COVID-19 pandemic, slacking action or redirecting financial resources from climate change will further compound these impacts in a diverse and complex manner,” Nyong said.

    Idowu Sowunmi

  • ‘Investment Committee will provide a bridge between investors and African energy industry’

    ‘Investment Committee will provide a bridge between investors and African energy industry’

    African Energy Chamber Wednesday announced the appointment of a seven-man member to its Investment Advisory Committee, the last body to serve on its Advisory Board for 2020 and 2021.

    The chamber said the new Investment Committee would provide solutions towards financing Africa’s energy resurgence.

    The members of the committee include: Global Head, Client Relations, Afreximbank, René Awambeng; Managing Director, EnergyInc Advisors and Senior Africa Advisor, IFU Danish Investment Fund, Rolake Akinkugbe-Filani; former Oil Executive and Energy Consultant, Abongwa Ndumu; Partner and Executive Director – Upstream, Cayo Energy LP, Robert Erlich; Vice President – Africa, ION, Folarin Lajumoke; Executive Chairman/Founder, Raise Africa Investments, Nosizwe Nokwe-Macamo; and CEO, Afara Solutions, Rachelle Yayi.

    Members of the Investment Committee have been serving in their personal capacity and have gathered a wide range of expertise in finance, legal and consulting.

    Beyond this, the members would play a key role in supporting the African Energy Chamber’s investment outreach initiatives.

    “Our Investment Committee is central to the African Energy Chamber’s objective of providing a bridge between investors and the continent’s energy industry.

    “Africa has limitless investment opportunities across energy sources and across value-chains, and there is a pressing need to communicate better with financiers and investors to increase investments in the continent.

    “The African Energy Chamber has made it its mission to boost capital and technology inflow on the continent, from engaging with new capital providers interested in Africa to advising on the structuring of better and future deals,” said the Executive Chairman at the African Energy Chamber, NJ Ayuk.

    With billions of dollars required every year to upgrade its energy infrastructure and fight energy poverty, the continent needs to successfully mobilise a wide variety of capital and financing.

    In doing so, African energy markets should be engaging with a broader range of capital providers, from traditional lenders to global institutional investors and private equity firms to venture capitalists.

    The energy resurgence of the continent following the novel Coronavirus (COVID-19) would require all stakeholders to come together and find new ways to structuring deals and raising capital for the benefits of local economies and jobs creation.

    Landmark gas projects across Africa have managed to attract regional and global capital in recent months and years.

    From Senegal to Mozambique and Equatorial Guinea, Africa has demonstrated its ability to attract funding. However, investment is still falling short of market needs.

    While Nigeria’s ongoing Marginal Fields Bidding Round stands to be a success, access to financing the development of such fields will remain a key challenge for the operators.

    African energy companies in Nigeria, Cameroon, Gabon, Ghana, Mozambique and South Sudan, Uganda and South Africa continue to see capital as their biggest obstacle when it comes to developing African natural resources or even competing for service contracts.

    Idowu Sowunmi

  • WAEC releases timetable for 2020 WASSCE

    WAEC releases timetable for 2020 WASSCE

    West African Examinations Council (WAEC) Tuesday released the final international timetable for the conduct of the 2020 West African Senior School Certificate Examination (WASSCE).

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    The council, which took to its Twitter handle to break the news in a statement by its spokesperson, Demainus Ojijeogu, enjoined the general public to disregard “several versions of the examination timetable that have been in circulation.”

    The statement stated that the examination would begin effective from August 17 to September 12, 2020.

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    “The council hereby urges the candidates to abide by the rules and regulations guiding the conduct of the examination by shunning all acts of malpractice and obeying all COVID-19 protocols that have been put in place at the examination centres,” WAEC said.

    Idowu Sowunmi

  • Energy Chamber strengthens quest for enabling environment with key appointments 

    Energy Chamber strengthens quest for enabling environment with key appointments 

    African Energy Chamber has announced the appointment of some prominent experts in the oil and gas industry into its Regulatory Affairs Committee to serve on its Advisory Board for 2020 and 2021.

    The experts so appointed include: Regional CTO, Strategy and Innovation at Microsoft, Jovita Nsoh; Associate Attorney, Centurion Law Group, Oneyeka Ojogbo; Managing Director, Africa Oil & Gas Limited, Nicolas Bonnefoy; President/CEO, WTD Resources LLC, Bill Drennen; Managing Director/CEO, Ocean Deep Drilling ESV Nigeria Limited (ODENL), Chijioke Akwukwuma; and Bruce Falkenstein of Upstream Advisory and Consulting.

    The committee would be central to the chamber’s policy advocacy and advisory efforts across the continent to provide an enabling business environment for investors and entrepreneurs.

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    Members of the Regulatory Affairs Committee act in their personal capacity and gather decades of experience within the public and private sector, with a strong legal expertise of African and global energy markets.

    “African markets must stay competitive and must do better at attracting investment and respecting the sanctity of contracts.

    “From adopting progressive local content legislation to implementing better fiscal regimes, African energy markets must seize the opportunity offered by the global pandemic to review their existing frameworks, keep what is working and amend what is slowing down the pace of investment in the continent,” said the Executive Chairman at the African Energy Chamber, Nj Ayuk.

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    Given increasing competition for investment and challenging market conditions, the right to adopt market-driven policies and promote an enabling business environment across Africa is greater than ever.

    Acting as the link between the public and private sector, the African Energy Chamber strongly believes that a recovery from the novel Coronavirus (COVID-19) pandemic would require a stronger emphasis on market-driven policies, investors-friendly environments and regulations that embrace digitisation so African markets could compete for capital and technology globally.

    Idowu Sowunmi

  • Israeli fighter jets strikes Syria military targets

    Israeli fighter jets strikes Syria military targets

    Military targets in southern Syria have been attacked by Israeli fighter jets and combat helicopters hours after “thwarting” an infiltration attempt by suspected Hezbollah militants from Syria.

    In a statement acknowledging strikes in neighbouring Syria, the Israeli Defence Force (IDF) said the targets included “observation posts and intelligence-collection systems, anti-aircraft artillery facilities and command and control systems” in Syrian bases.

    Syria acknowledged the strikes, saying Israeli helicopters fired missiles at Syrian outposts and reported unspecified “material damage”.

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    President Trump directs US Africa Command to relocate from Germany

    The incident comes amid heightened tension on Israel’s northern frontier following an Israeli airstrike that killed a Hezbollah fighter in Syria two weeks ago, as well as anticipation that the militant Lebanese group would retaliate.

    Addressing governing Likud party MPs, Prime Minister Benjamin Netanyahu said Israel “thwarted an attempted sabotage on the Syrian front” and would continue to “harm all those who try to harm us and all those who harm us”.

    The Israel-Syria frontier has heated up in recent years as Iran, which borders the Jewish state to the west, has tried to establish a military foothold in the area.

    Also, Tehran has been a longstanding ally of both Hezbollah and Syria.

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    Following the airstrike that killed the Hezbollah fighter in Syria, the Golan Heights, which Israel captured from Syria in 1967 and later annexed, was hit by explosives fired from Syria. In response, the IDF attacked Syrian military positions, and started beefing up its forces in the area.

    Israel has been bracing for further retaliation. Last week, it said it thwarted an infiltration attempt from Lebanon by Hezbollah militants.