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Global Economy in Whirl Of Mixed Data

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Apart from the global economy shifting back and forth, ForexTime said the process is bedeviled by a whirl of mixed data.

According to the report, a mix of sentiments emerged from the US last week, as both positive and negative data came through to reflect a somewhat muddled image of what is happening in the US right presently.

Unhindered by the high mortgage rates, existing home sales shot up  by 6.5% to reach 5.39M; a figure substantially higher than the predicted 5.15M.

Meanwhile, the housing data has been the most encouraging since 2009 and was reported as evidence of just how important to the health of the economy the housing sector is.

To dampen US spirits however, new home sales were not quite in line with existing home sales, falling to 497K and then further revised to 455K on August 23rd, raising question marks about the recovery of the housing sector.

Further discouraging were the jobless claims released on August 22nd ,which at 336K were a rise above the predicted 329K and a far move away from the 5 and a half year low of 320K recorded on August 15th.

“Wednesday, August 21st, saw a release of the Federal Reserve’s July Meeting Minutes, where most policymakers were in favor of Ben Bernanke’s plan to start gradually reducing bond-buying until finally putting an end to it in 2014. This week, the US is holding its breath for a number of key indicators such as core curable goods orders, out on the 26th and predicted at 0.6%, and CB consumer confidence, out on the 27th and expected at 79.6.

“Mixed data was also seen on the European front, where the disappointing French Flash Manufacturing PMI served as a contrast to the pleasing German counterpart. French Flash PMI failed to meet expectations, coming through at an unchanged 49.7 instead of reaching the hoped for 50.4. In juxtaposition, the German Flash PMI exceeded expectations by rising to 52.0 from July’s 50.7 and beating predictions of an expansion to 51.1,” the report read.

ForexTime also said that the final German GDP released on August 23rd rose by 0.7% as predicted; a two year high and a definite indication of the gulf between Germany and the rest of the eurozone.

Whilst other European countries cower in the shadow of austerity, Germany seems to be making its way to the light.

This week too, all eyes are on Germany as Europe awaits the Ifo Business Climate Index to rise to 107.01 from 106.2 and the unemployment levels to drop from 7K to 5K.

“Things were looking gloomy in the world’s third largest economy last week, with the Japanese trade deficit coming in at -0.94T on August 19th, much higher than the forecast -0.73T and practically double the figure recorded in 2012. Shinzo Abe’s policy of devaluing the yen to boost exports may be wise for achieving certain goals but has come with a huge consequence too.

“Nonetheless, Japan seems to be staying true to its aggressive policies and intends on ploughing its way through these difficult times by focusing on the country’s exports despite other drawbacks. Data out this week includes Japan’s National CPI on August 30th, anticipated to rise by 0.6%; if predictions are fulfilled it will mark the second consecutive yearly rise in National CPI for Japan.

“In the United Kingdom, the economy is continuing its recent bout of progress, with the second estimate of the UK GDP released on August 23rd and up by 0.7%, spurred on by positive services and manufacturing data, higher exports and imports and a rise in consumer spending. Of utmost importance this week in the UK will be Bank of England Governor Carney’s speech on August 28th, where he is expected to persist in keeping interest rates low for as long as possible,” it contained.


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E-Business

NITDA Takes Over National Digital Architecture System

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Nigeria has taken a major step toward strengthening its digital governance framework as the National Information Technology Development Agency (NITDA) officially assumes control of the Nigeria Government Enterprise Architecture (NGEA) infrastructure.

NITDA Takes Over National Digital Architecture System

The handover ceremony held in Abuja, marks the culmination of a high-level partnership with the Korea International Cooperation Agency (KOICA).

This transition signals a shift from fragmented IT projects to a unified, disciplined approach to national digital investment.

The NGEA initiative forms a core part of the e-Government Masterplan 2.0 (Ne-GMP 2.0), aimed at establishing a unified and structured approach to managing government IT investments and digital resources.

The framework is designed to ensure that technology deployment across public institutions aligns with national priorities while improving efficiency and accountability.

With the system now operational, government agencies are expected to adopt more integrated digital processes, allowing seamless data sharing and interoperability.

This is anticipated to reduce duplication, strengthen risk management, and translate policy objectives into measurable digital outcomes.

Over the past two and a half years, Nigerian technical experts worked closely with their Korean counterparts to develop the architecture framework, create reference models, and execute pilot programmes in key institutions.

These include the National Identity Management Commission, Nigeria Customs Service, Nigeria Immigration Service, and NITDA.

Officials say the NGEA represents a shift from fragmented digital efforts to a more coordinated, citizen-focused system.

The infrastructure is hosted by Galaxy Backbone Limited, providing a secure and reliable platform for nationwide deployment.

Looking ahead, NITDA is expected to work with government stakeholders to expand and sustain the system, while the Federal Ministry of Communications, Innovation and Digital Economy will provide policy guidance to ensure its adoption across the country.

 

 


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FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  – Minister

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Bosun Tijani, minister of Communications, Innovation and Digital Economy, has said the government is shifting focus from expanding access to ensuring “meaningful connectivity” that drives economic growth and inclusion.

FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion  - Minister

Bosun Tijani, minister of Communications, Innovation and Digital Economy

The minister made the statement on Friday while addressing stakeholders at the inauguration of board members of the Universal Service Provision Fund (USPF) in Abuja.

He said that although Nigeria had made significant progress since the introduction of GSM services, millions of people, particularly in rural and underserved communities, remain either unconnected or unable to fully benefit from digital services.

Dr Tijani highlighted ongoing investments in digital infrastructure, including plans to deploy 90,000 kilometres of fibre optic network and nearly 4,000 telecom towers nationwide.

He said initiatives under the USPF had improved access through projects such as rural connectivity and digital facilities in schools but stressed that the next phase must prioritise effective usage.

“It is not enough to connect a community. We must ensure that schools can teach with digital tools and that small businesses can access market opportunities,” he said, citing a pilot project in the Kura community where connectivity has enhanced access to communication, education and healthcare.

Aminu Maida, executive vice chairman, Nigerian Communications Commission (NCC) also called for a shift towards meaningful connectivity, noting that while data usage had grown significantly, it remained concentrated in urban areas.

According to him, recent data shows that telecom usage has increased by about 160% over the past two years, largely driven by urban demand.

“When we drill down, we see that a lot of that growth is actually in urban centres. So, the gap between those who are not connected or not meaningfully connected is growing,” he said.

Dr Maida added that the trend underscored the need for the USPF board to intensify efforts to bridge both access and usage gaps across the country.

Both officials emphasised the importance of collaboration, sustainable investment models and improved digital literacy to ensure that connectivity translates into real economic benefits for Nigerians.

 

 


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Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

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A jury in Los Angeles has found technology companies, Meta and Google liable for contributing to a young woman’s social media addiction, in a case being described as a landmark ruling.

Jury Finds Meta, Google Liable for Woman’s Social Media Addiction

The 20-year-old woman, identified only as Kaley, argued that she became addicted to Google’s YouTube and Meta’s Instagram from an early age due to their attention-driven design features.

According to her testimony, she began using YouTube at the age of six after downloading the app on her iPod Touch to watch videos about lip gloss and online games.

Kaley told the court that she joined Instagram at nine, bypassing parental restrictions put in place by her mother, and spent extended periods on social media.

The trial, which lasted about a month, with arguments and evidence from both sides.

Jurors also heard testimony from Mark Zuckerberg, chief executive, Meta and Adam Mosseri, Instagram head.

However, Neal Mohan, YouTube chief executive, did not testify.

The jury found that the companies were negligent in the design of their platforms and failed to adequately warn users about potential harms. Meta and Google were ordered to pay the woman $3 million in damages.

Jurors also recommended additional punitive damages, including $900,000 against YouTube and $2.1 million against Meta, according to company spokespersons.

The jury apportioned 70 per cent of the responsibility to Meta and 30 per cent to YouTube.

Kaley was present in the courtroom when the verdict was delivered, alongside parents of other teenagers who say they were harmed by social media use. Both companies said they plan to appeal the decision.

“We respectfully disagree with the verdict and will appeal. Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of protecting teens online”, a Meta spokesperson said.

José Castañeda, Google spokesperson, said the case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site.


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