European stocks slumped at the open Monday and the
pound crashed as a new highly infectious strain of coronavirus
found in Britain sent traders running for cover.
London’s benchmark FTSE 100 index slid more than 1.0 percent,
while eurozone indices dived over 2.0 percent — with trade impacted
also by Britain and the EU failing again to reach a post-Brexit
trade deal.
The euro jumped 1.4 percent against sterling, which tumbled 1.9
percent versus the dollar.
British Prime Minister Boris Johnson was chairing a crisis
meeting Monday as a growing number of countries blocked flights
from Britain over a new highly infectious coronavirus strain the UK
said was “out of control”.
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It overshadowed positive news across the Atlantic, where US
lawmakers reached a deal for a nearly $900 billion Covid-19
financial rescue package to help struggling Americans.
“The US got its stimulus package through but it seems that was
largely priced in and investors are more concerned with the new
strain of Covid-19,” Craig Erlam, analyst at Oanda trading group,
told AFP.
“Coming at a time when another Brexit deadline has been missed…
it’s no surprise to see sentiment taking a big hit.”
AFP
Read more https://swordpress.com.ng/2020/12/21/european-stocks-tumble-at-open-pound-sharply-lower/
*Senate moves to throw Commission’s chair open
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Few weeks after Ayo Salami-led panel of inquiry submitted a
comprehensive report to President Muhammadu Buhari on alleged
diversion of assets by a suspended acting chairman of the Economic
and Financial Crimes Commission (EFCC), Ibrahim Magu, the Senate
has initiated moves to reform the anti-graft body.
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According to a bill sponsored by a senator from Cross River
State, Professor Sandy Onor, the chairmanship of the EFCC would no
longer be restricted to serving or retired senior police officers
or security agents.
The Bill also seeks to amend the EFCC Act to include other
criteria for the selection of a Chairman for the Commission.
The Bill, which is titled Economic and Financial Crimes
Commission (Amendment) Bill, 2020, has already passed first reading
on the floor of the upper legislative chamber. It specifically
targets Section 2(1a)(ii) of the EFCC Act, 2004.
The current Section reads: “The Commission shall consist of a
Chairman who shall be a serving or retired member of any government
security or law enforcement agency, not below the rank of Assistant
Commissioner of Police or equivalent.”
In the proposed amendment, the Senate said professionals from
other disciplines outside the security circle can now head the
country’s leading anti-graft body.
It said a lawyer, criminologist or Nigerians from any security
agencies can now head the body, so long as the person has about 15
years of cognitive experience.
The proposed amendment reads: “The Commission shall consist of a
Chairman, who either be a lawyer, criminologist or serving or
retired member of any government security or law enforcement agency
not below the rank of Assistant Commissioner of Police or
equivalent.”
This is the first time the Senate will be attempting to effect a
major shift in the running of the EFCC, since the Commission was
created in 2003-2004, through an Act of the National Assembly.
It is not also clear if the current moves to amend the Act is
related to claims that president Buhari was already planning to
initiate major reforms in the ongoing anti-graft
administration.
Already, President Buhari has commenced a gradual unbundling of
the Commission, by sending a Bill on Proceeds of Crime (Recovery
and Management) Agency to the Senate for passage into law.
Buhari had noted that the proposed bill, tagged: “Proceeds of
Crime Bill”, will address the problem of lack of transparency and
accountability associated with the management of recovered funds by
anti-corruption agencies in the country.
According to the letter dated October 6, 2020, the agency will
be critical in sustaining the fight against corruption, money
laundering and illicit movement of stolen funds through the banking
system and across Nigerian borders.
The bill is expected to strip the EFCC and six other agencies of
powers to seize assets or invoke the forfeiture clause. If signed
into law, the bill will stop the EFCC and six other anti-corruption
agencies from securing freezing orders on suspicious bank accounts
under investigation.