Connect with us

VenturesNow

Tunisia defends hike in fuel prices, three times in six months

Fuel prices in Tunisia have been raised for the third time this year. The last increment of 4% was effected on Friday. Earlier adjustments were made in January and March, 2018

Published

on

Fuel prices in Tunisia have been raised for the third time this year. The last increment of 4% was effected on Friday. Earlier adjustments were made in January and March, 2018.

The Tunisian government, led by Prime Minister Youssef Chahed, says it is seeking to reduce the public budget deficit.

However, watchers of the economy believe that the price reviews are aimed at meeting the requirements of international lenders, as the International Monetary Fund (IMF) had urged Tunisia to raise energy prices and the retirement age to reduce the budget deficit and support economic growth.

Fuel prices now stand at TND 1.925 ($0.741), up from TND 1.85 dinars, effective Saturday, according to an official statement by the energy ministry.

The government is determined to see the policy fully implemented in spite of concerns over its full import for inflationary trends in the country.

‘The State is obliged to increase the selling prices of certain petroleum products according to the significant rise in the prices of hydrocarbons on the international market, and also on the basis of the mechanism of automatic adjustment of the prices of these products, decided since 2008 and entered into force in 2016, ‘said Tuesday Minister of Energy, Mines and Renewable Energies, Khaled Kaddour.

The minister, who was speaking to journalists at the Kasbah’s government palace, said that the application of this mechanism requires an adjustment every three months or even less, either upwards or downwards, of selling prices of petroleum products at a rate not exceeding 5%.

‘The state bears a very heavy subsidy of petroleum products,’ he said.

VenturesNow

Binance in talks with Nigerian govt over executive’s detention

Published

on

Following the arrest of Binance’s head of financial crime compliance by Nigerian authorities last month, the company’s CEO said Thursday that the company was working very closely with Nigerian officials.

The trial against Tigran Gambaryan, the executive, and another Binance employee, who are accused of moving more than $35 million, had been put off until May 2 in Nigeria, the country’s anti-corruption body said on April 8.

“What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter,” CEO Richard Teng said, speaking about Gambaryan’s case during the Token2049 crypto conference in Dubai.

Former executive, Nadeem Anjarwalla, a British Kenyan who works as a regional manager for Africa, escaped detention in Nigeria last month. While in Nigeria, Anjarwalla and Gambaryan were arrested by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), after arriving on February 26, after which the country banned several websites that traded cryptocurrencies.

Before they were arrested, the head of Nigeria’s central bank said that Binance was being investigated in Nigeria because of “suspicious flows” of cash through Binance Nigeria in 2023. The Securities and Trade Commission of the United States and other government agencies have susbsisting restrictions on bitcoin trade.

Besides the case brought by the EFCC, the Federal Inland Revenue Service (FIRS), Nigeria’s tax office, has also charged Binance and the executives with tax evasion.

Sacheendran declined to comment on the charges against the company but stressed that “This was a one-off. It’s never happened to us before”. The Binance head of regional markets told Reuters on the sidelines of the Dubai conference when asked about the detentions.

Additionally, Binance revealed on Thursday that it had obtained a license from VARA, Dubai’s regulatory body. This will enable the world’s largest cryptocurrency exchange to target regular people in addition to qualified and institutional ones.

Bloomberg reported earlier Thursday, citing sources, that parts of VARA’s process to give the license included Changpeng Zhao, the founder and former CEO of Binance, giving up vote control of the Dubai unit.

“That’s pure speculation. Again, we don’t comment on media speculation… Our relationship, our dealings with regulators are confidential,” Teng told journalists.

Continue Reading

VenturesNow

IMF says South Africa needs to do more to cut spending, lower debt-to-GDP ratio

Published

on

A top official from the International Monetary Fund has revealed that South Africa needs to do more to cut spending and lower its debt-to-gross domestic product ratio. The multilateral body stressed that the ratio is expected to rise from 74% in 2022 to almost 86% by 2029.

Era Dabla-Norris, deputy head of Fiscal Affairs, said that the government could cut back on transfers to state-owned businesses, make cuts to subsidies that don’t help specific companies, and make big changes to the way the economy works to boost growth.

She told a news conference that South Africa’s energy and logistics problems had to be fixed right away.

A Statista study shows that between 2023 and 2028, the South African national debt was expected to keep going up by a total of 163.3 billion U.S. dollars, or 59.99%.

The national debt is expected to hit a new high point of 435.46 billion U.S. dollars in 2028, after going up for ten years in a row. Notably, the national debt has steadily risen over the past few years.

The IMF says that the general government’s gross debt is made up of all its debts that need to be paid back with interest and/or capital at some point in the future.

Continue Reading

EDITOR’S PICK

Tech9 hours ago

Kenya’s agri-tech startup Pula raises $20m funding for farmers’ insurance

Kenyan agri-tech and insurance startup, Pula, has announced raising $20 million Series B funding round which will be used to...

Sports9 hours ago

Kenya’s Peres Jepchirchir fulfils promise of breaking world record at London Marathon

Kenyan Olympic champion, Peres Jepchirchir, on Sunday, lived up to her promise of breaking compatriot Mary Keitany’s women’s-only world record...

Culture13 hours ago

Ghana’s Elmina Fishing Harbour welcomes first-ever cruise liner SH Vega

The Ghanaian tourism industry got a big boost when the legendary Elmina Fishing Harbour welcomed its first ever cruise liner,...

Metro13 hours ago

Zambian agency issues flood alert around Lake Tanganyika areas, advises relocation

The Zambian Water Resources Management Authority (WARMA) has issued a flood alert on areas surrounding Lake Tanganyika in Northern Province,...

Metro15 hours ago

Yoruba secessionist group seeks exit from Nigeria, writes open letter to Tinubu

A secessionist group known as the Yoruba Self-Determination Movement (YSDM) has written an open letter to Nigeria’s President Bola Tinubu...

VenturesNow2 days ago

Binance in talks with Nigerian govt over executive’s detention

Following the arrest of Binance’s head of financial crime compliance by Nigerian authorities last month, the company’s CEO said Thursday...

Metro2 days ago

South African police arrest 8 Nigerians following attacks on officers

The South African Police Service (SAPS) have confirmed the arrest of eight Nigerians for allegedly attacking police officers in Kimberley,...

Tech2 days ago

Africa’s largest tech hub AfriLabs welcomes 16 new additions

The largest network technology hub in Africa, AfriLabs, has announced the admission of 16 new hubs into its fold, thereby...

Culture2 days ago

Wife of Zambian music star Yo Maps sues businessman over alleged cyberbullying

The wife of Zambian music sensation, Elton Mulenga, popularly known as Yo Maps, Kidist Kifle, has sued a Lusaka-based businessman...

Metro2 days ago

IMF gives reasons why it advised Nigeria to remove fuel subsidy

The International Monetary Fund (IMF) has given reasons why it advised Nigeria to end the fuel subsidy regime which it...

Trending