Telecom
Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed
By Hussein Sayed, Chief Market Strategist at FXTM,
After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.
The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.
Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?
From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.
In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.
As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.
Telecom
QNET Named ‘Direct Selling Company of the Year’ at AfriTECH 4.0 Awards
QNET, a leading global lifestyle and wellness direct selling company, has been honored with the prestigious “Direct Selling Company of the Year” award at the recent AfriTECH 4.0 Conference and Awards.
This recognition underscores QNET’s significant contributions to financial inclusion and e-commerce in Africa.
The award was presented to QNET by Mr. Chike Onwuegbuchi, Co-Convener of AfriTech & ATAEx Awards. Onwuegbuchi commended QNET for its unwavering commitment to empowering individuals and driving economic growth across the continent.
He highlighted the company’s innovative approach to direct selling, coupled with its focus on financial literacy and digital innovation.
Biram Fall, Regional Manager for QNET Sub-Saharan Africa, expressed his gratitude for the recognition.
He emphasized QNET’s dedication to innovation, entrepreneurship, and digital transformation in Africa.
Fall highlighted the company’s impact on the Nigerian economy, particularly through its advanced technology and robust e-commerce platform.
“QNET’s participation in this event further solidified its position as a key player in the region’s digital transformation journey.
“We are committed to staying in Nigeria, our biggest market in Sub-Saharan Africa, and contributing to the region’s development,” Fall stated.
During his keynote speech, Fall underscored QNET’s commitment to empowering individuals through knowledge and skill development.
He highlighted the FinGreen financial literacy program, which has already trained over 1,350 young people in Nigeria to make informed financial decisions.
Fall also emphasized the potential of direct selling to drive economic growth in Africa. “Our e-commerce-driven direct-selling model provides opportunities for income generation across more than 100 countries, helping individuals pursue their goals while contributing to community growth,” he explained.
Addressing the challenges of limited banking infrastructure and cash dependency in Africa, Fall stressed the importance of financial inclusion for e-commerce growth.
He called for collaboration to accelerate financial inclusion and e-commerce growth in Africa, fostering a financially inclusive future for the continent.
Telecom
Martin Ekpeke Honored with Digital Reporting Excellence Award @ATAEx
Martin Ekpeke, Managing Editor of ITPulse, a leading Nigerian online Information and Communications Technology (ICT) news platform, was awarded the prestigious Digital Reporting Excellence Award at the Africa Tech Alliance Excellence (ATAEx) Awards.
The award, presented by Tech Castle Foundation, recognizes Ekpeke’s exceptional coverage of cyber threats, digital privacy, and the evolving online security landscape.
“We are thrilled to honor Martin Ekpeke with the Digital Reporting Excellence Award.
“His insightful reporting has been instrumental in raising awareness about critical digital issues and empowering individuals and organizations to stay informed and protected,” said Chike Onwuegbuchi from Tech Castle Foundation.
Ekpeke expressed his gratitude for the recognition, stating, “I am deeply honored to receive this award.
“It is a testament to the hard work and dedication of the entire ITPulse team.
“We are committed to delivering high-quality, informative content that empowers our readers to navigate the complex digital world.”
The Africa Tech Alliance Excellence (ATAEx) Awards celebrate individuals, businesses, and institutions driving digital transformation in Africa.
This year’s event brought together tech enthusiasts, regulators, and other key stakeholders in the Nigerian ICT ecosystem.
Telecom
NCC Calls on Judiciary to Champion Nigeria’s Digital Transformation
Nigerian Communications Commission (NCC) has emphasized the judiciary’s crucial role in Nigeria’s digital transformation. During the Annual Workshop for Judges on Legal Issues in Telecommunications, Executive Vice Chairman Aminu Maida highlighted the judiciary’s reliance on digital tools to enhance justice delivery.
He stressed the need for special protections for telecommunication infrastructure, which faces disruptions from vandalism, theft, and restricted access.
Maida called for judicial support to implement the Presidential Order designating telecommunications infrastructure as Critical National Information Infrastructure.
This order prohibits unauthorized actions against such infrastructure without a lawful court order.
The judiciary’s role in protecting fundamental rights, enforcing digital contracts, and developing digital jurisprudence is vital for Nigeria’s digital transformation.
Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, commended the NCC’s efforts to protect consumers from unfair practices and emphasized the judiciary’s commitment to the telecommunications sector.
She highlighted concerns such as cybersecurity risks, consumer data protection, and the need for improved dispute resolution frameworks within the digital economy.
The workshop aims to equip judicial officers with the technical expertise required to address emerging legal challenges in telecommunications.
Nigeria’s digital economy has significant growth potential, with projected revenues of $18.30 billion by 2026, expected to create employment opportunities, reduce poverty, and promote innovation.
The NCC is working with key stakeholders to ensure the seamless implementation of the Presidential Order and to keep Nigeria competitive in the global digital economy.
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