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Around the World

India to discourage palm oil imports through heavy fines 

India has also started using stiff measures to combat the importation of palm oil into the country. 

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India to discourage palm oil imports through heavy fines 

India has now joined the countries aiming to boost local production of goods. As Nigeria and Ghana have begun to regulate the importation of rice and poultry into their territories, India has also started using stiff measures to combat the importation of palm oil.

The Details: The Government of India has decided to impose heavy fines on edible palm oil products as a means of discouraging the mass importation of the product. It also intends to increase goods and services tax on processed edible oil. This was reportedly disclosed by the country’s Finance Minister, Rajesh Malhotra.

Biggest loser is Malaysia: The move to produce palm oil locally may affect India’s trade ties with Malaysia, one of the biggest exporters of palm oil to India. The loss could also affect the $30 billion global industrial market due to India’s reputation as the world’s largest buyer of edible oil with a significant population of about 1.354 billion people.

India to discourage palm oil imports through heavy fines 

However, the Malaysian Government has promised that Indian’s decision to curb palm oil importation would not affect the already strained trade ties between the countries after a Reuters report disclosed that India was seeking to punish the Malaysian Prime Minister for comments made at the United Nations General Assembly last month.

The statement made by the Malaysian Prime Minister, Mahathir Mohamad on Jammu and Kashmir – a Himalayan region at the centre of the dispute between India and Pakistan – at the UN event on September 27 was said to be serious.

[READ MORE: CBN disagrees with IMF, says land border closure boosting local production]

What this means: This means that Malaysia, alongside other top oil exporters may have to look elsewhere following India’s new decision to boost local production while India carefully seeks different ways by which it can boost local production of edible oil.

Currently, India consumes a total of 25 million tonnes of refined palm oil products and imports a staggering 15 million tonnes of processed edible oil products. To be able to boost local production, the Southern Asian Nation needs to raise its production to 45 million tonnes between 2022 to 2023 from the 31 million tonnes of palm oil produced as at September 30, 2019.

Part of the nation’s initiatives to boost local production involves reviving the industry by doubling the income of palm oil farmers.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Around the World

Covid-19: US economy grappling with 10 million job losses, adds 379,000 jobs in February 

The Covid-19 pandemic has led to the mandatory lockdown of major businesses and factories in the US.

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The World’s biggest economy is grappling with the loss of 10 million jobs due to the Covid-19.

The Covid-19 pandemic led to the mandatory lockdown of major businesses and factories in the country. This meant downsizing for most companies who could not continue paying salaries with no incoming revenue

According to the Nasdaq, the unemployment rate in the United States economy was at its highest in April last year, reaching a record high of 14.7%. The unemployment rate dropped to 6% but that is still a significant number.

According to CNN, the US economy added 379,000 Jobs in February this year. This is a clear sign of the world biggest economy getting back on track. Although the US economy is still missing around 9.5 million jobs since the beginning of Covid-19.

Biggest losers 

According to Nasdaq, the most affected industries in the Covid 19 economic decline is the Hospitality and Outdoor industry. Hotels and restaurant workers were mostly put out of jobs. They also fall into a category regarded as the long-term unemployment category. This category is used to define those who have been without a job for 27 weeks.

Big government to the rescue 

The United States government has rolled out the following packages to cushion the effect of the Covid 19:

  • The Joe Biden Administration has postulated a 1.9 trillion Covid Relief Package for Americans. The Bill made it through a house vote and now needs to pass the senate-house too.
  • Jobless American workers will be entitled to an extra $400 a week.
  • The Joe Biden new relief bill will also contain a $1,400 stimulus check for citizens.

 What to know 

  • The US economy is gradually shifting to the post-Covid-19 era adding 379,000 jobs in February alone. It added a paltry 166,000 jobs in January.
  • The United States major economic rival China is already in the post-Covid-19 era, the only major economic country in the post-Covid-19 era.

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Around the World

Jack Dorsey’s Square set to acquire majority stake in Jay Z’s Tidal for $297 million

Jack Dorsey’s company, Square set to acquire Tidal, the streaming music service owned by Jay-Z for a $297 million deal.

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Square, the mobile payments company owned by Jack Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Hip-hop music mogul, Jay-Z.

Square said it expects to pay $297 million, in a combination of cash and stock, for a stake in Tidal. Shawn “Jay-Z” Carter will join Square’s board, subject to the closing of the transaction while Tidal will operate independently within Square.

Existing artist shareholders will still remain stakeholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.

In a tweet made by Jay-Z today, he highlighted that “from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.”

He also commented that “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.

“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jack Dorsey, who is CEO of both Square and Twitter, also commented on this deal “comes down to one simple idea: finding new ways for artists to support their work.”

“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

Jesse Dorogusker, a Square executive will lead Tidal on an interim basis. He added that Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,”.

What you should know

  • Last month, Jack Dorsey and Jay-Z announced a Bitcoin fund focused on developing the cryptocurrency’s adoption in Africa and India.
  • In 2017, Sprint bought a 33% stake in Tidal. This week, Jay-Z bought back those shares from T-Mobile (which acquired Sprint).
  • Last month, Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.

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