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$30.4 b in new estimates for 60,000 civil servants

$30.4 b in new estimates for 60,000 civil servants

CLARKE... We are seeking to facilitate members who have already signed [the wage agreement] with a payment at this time because of the nature of the time that we are in.

FINANCE Minister Dr Nigel Clarke has appealed to Parliament for more time to present details of the Government's new compensation scheme for the public sector, promising that the information will be provided once negotiations with central government groups are complete.

"We are seeking to facilitate members who have already signed [the wage agreement] with a payment at this time because of the nature of the time that we are in. It is my full intention and my commitment that, upon finalisation with all the groups, the new Establishment Act is going to be brought to this House, where the salary of every position will be detailed and tabled. I would ask that we don't make perfection the enemy of the good. It would be much better if we did this after everyone has signed. That would be the easiest and cleanest way to do it, but unfortunately, due to the fragmented nature of the bargaining process, as desirable as that outcome is, it's not one that can be practicably achieved," Dr Clarke stressed at Tuesday's sitting, as he outlined the provisions of the second supplementary estimates for the 2022/23 fiscal year.

He gave the undertaking as Opposition spokesperson on finance Julian Robinson expressed concern that with the payments to workers just two weeks away, the country was yet to hear the details of the compensation review. "I would think at this stage the public has a right to know exactly what will take place in two weeks' time. At this stage I find that difficult and really unacceptable," Robinson said.

The Government will be seeking Parliament's approval of $30.4 billion to facilitate back pay from April 1, and new salaries to 60,000 public sector employees, under its new compensation scheme.

The estimates also include an additional allocation of $1.7 billion for the University Hospital of the West Indies and the local authorities to meet their operational expenses. This pushes the national budget to $973.7 billion. Dr Clarke said the additional $1.7 billion will be covered by projected revenues of $1.8 billion, as revenue performance has improved moderately since the first supplementary estimates were tabled in mid-November.

The $30.4 billion is being allocated from funds that were previously captured under contingencies in the ministry's budget, across other ministries, departments and agencies to facilitate implementation of the new salaries system, Dr Clarke said.

Advance payments up to a maximum of $100,000 have been approved for public bodies based on requests from those entities, pending the finalisation of their review exercise. He noted that the process to finalise salaries with public bodies is not expected to be protracted, and that those entities that are not financed from the consolidated fund, will not receive the full amount of back payments.

The estimates come three weeks after the Government brought the first supplementary estimates for the year, an additional $60 billion, to Parliament.

Dr Clarke again indicated that negotiations have not been settled with all the sector groups, which means a third supplementary estimate will have to be tabled. Agreements have been reached with 17 unions and staff associations on the structure of the new compensation system. Teachers are one of the groups with which negotiations have not yet been settled.

He stressed that the arrears will only be paid to groups that have signed agreements with the Government, and that this will require all departments carrying out their role on the administrative end. "That is the policy intent. Getting that done is very challenging. It is going to require similar gymnastics from other ministries, departments and agencies, including the payroll departments. My hope is that everybody does his/her part," he said.

The estimates will go before the Public Administration and Appropriations Committee for review today.


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Skanska to lend staff cash

Skanska to lend staff cash

The initiative with Salary Finance will offer a range of financial benefits to all employees including loans with a fixed APR of 7.9%.

Staff can also access advances on earned pay to avoid relying on overdrafts or credit cards plus savings schemes and free financial education.

The move follows Skanska’s recent investment of £1m in cost-of-living support with one-off payments of £750 to around 1,300 employees.

Executive Vice President Harvey Francis said: “As a values and purpose-led business, we want to do everything we can to support our people during what is a very challenging period for many households.

“Our financial health is a vital part of our wellbeing. Unfortunately, most of us worry about money at some point in our lives, but recent increases to the cost of living have made financial concerns a key consideration for many more of us.”


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UAE Central Bank imposes Dh1.9 million penalty on exchange house

UAE Central Bank imposes Dh1.9 million penalty on exchange house

Regulator said financial sanctions were imposed on the company after an investigation revealed that it failed to do due diligence



File photo

File photo

Published: Wed 7 Dec 2022, 11:02 AM

Last updated: Wed 7 Dec 2022, 6:04 PM

The UAE Central Bank on Wednesday said it imposed Dh1.925 million penalty on an exchange house for not doing proper due diligence and not adhering to rules to prevent money laundering.

Without disclosing the name of the exchange house, the regulator said financial sanctions were imposed on the company after an investigation revealed that the exchange house “failed to obtain letters of no objection from the Central Bank to enter into certain business relationships.”

Exchange houses are a major stakeholder in the UAE’s remittances and currency exchanges industry with billions of dollars of transactions every year. The regulator has imposed financial sanctions on the exchange houses in the past for not adhering to the rules.

The apex bank’s findings also showed that the exchange house had “a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and the financing of terrorism.”

The Central Bank said it will ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the UAE financial system.

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Joburg city finance employees evicted from office after ‘rent not paid’

City of Johannesburg group finance employees were evicted from their offices on Wednesday afternoon due to the city's alleged failure to pay rent.

The employees, occupying at least four floors in the building situated at 75 Helen Joseph Street in the city centre, were ordered to leave their offices during working hours.

This comes amid the financial crisis that has plagued the DA-led multiparty government, with multiple attempts at getting council to approve a R2bn loan to “fix the cashflow mismatches” proving unsuccessful.

An employee at the revenue services department told TimesLIVE the eviction was “abruptly” communicated by their operational managers.

“We were not given even an hour to evacuate the building. We did not even have time to source transportation to take our office belongings,” the employee said.

“They told us the city has not been paying rent for eight months or so, and the landlord started switching off electricity supply on Tuesday.

“The city is not providing data for employees and is expecting us to take desktop machines to our residential areas. They are not considering the security threat in council property being removed from official premises to our private properties where security is not as tight” he added.

“We find it very discomforting to operate in this way.”

Staff representative Karabo Ramahuma said the eviction was likely to have an adverse effect on service delivery.

“Those employees are a key component of service delivery because they deal with revenue collection, customer query resolution. This means that the city's ability to collect rates and taxes will be hampered.

“The city has made a commitment to increase its revenue collection ability ... and today a department that has the function to do that has been evicted from work,” said Ramahuma.

It is alleged that employees with Wi-Fi connections in their houses have been told to work from home, while those without will be made to “squat” in alternative buildings rented by the city.

This is not the first time the City of Johannesburg has lost access to property and rented work facilities due to nonpayment. A fleet belonging to Avis was withdrawn recently due to contract and payment management issues, while Afrirent pulled its vehicles two weeks ago due to non-payment.

Mabine Seabe, the director of mayoral communications, has declined to comment, arguing that the matter was administrative but not a political one, suggesting that Mayor Mpho Phalatse had nothing to say on the matter.

The office of the city manager did not respond to queries at the time of publication.

TimesLIVE


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BNM’s international reserves at US$109.7b as at Nov 30

BNM’s international reserves at US$109.7b as at Nov 30

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to US$109.7 billion as at Nov 30, 2022, sufficient to finance 5.3 months of imports of goods and services.

In a statement on Dec 7, the central bank said the reserves position is 1.0 times the total short-term external debt.

It said the main components of the international reserves were foreign currency reserves (US$98.2 billion), International Monetary Fund reserves position (US$1.3 billion), Special Drawing Rights (SDRs) (US$5.5 billion), gold (US$2.1 billion), and other reserve assets (US$2.6 billion).

The assets comprised gold and foreign exchange and other reserves, including SDRs (RM509.02 billion), Malaysian government papers (RM12.36 billion), loans and advances (RM23.66 billion), land and buildings (RM4.14 billion), and other assets (RM56.99 billion).

The central bank added that capital and liabilities comprised paid-up capital (RM100 million), reserves (RM162.81 billion), currency in circulation (RM158.56 billion), deposits by financial institutions (RM196.7 billion), federal government deposits (RM12.5 billion), other deposits (RM34.82 billion), Bank Negara papers (RM7.51 billion), allocation of SDRs (RM28.7 billion), and other liabilities (RM4.46 billion). - Bernama


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MakerDAO, Solana, Toon Finance Price Prediction December 2022

MakerDAO, Solana, Toon Finance Price Prediction December 2022

MakerDAO

MakerDAO is a decentralized autonomous organization on the Ethereum blockchain that creates and backs the Dai stablecoin. The value of Dai is pegged to the US dollar, making it a stablecoin. In this blog post, we will attempt to predict whether MakerDAO’s price will increase or decrease by December 2022 using technical analysis. 

Technical analysis is a method of predicting future price movements by looking at past price data and patterns. There are many different indicators and methods used in technical analysis, but for the purposes of this blog post, we will focus on two key indicators – support and resistance levels, and moving averages. 

Support and resistance levels are important because they can give us an idea of where the price might find support (i.e. bounce off) or resistance (i.e. stop rising and start falling). These levels are usually identified by looking at past price data and finding patterns. For example, if the price has risen to a certain level multiple times but has never been able to break through that level, that level might act as resistance in the future. Similarly, if the price has fallen to a certain level multiple times but has always found support at that level and bounced back up, that level might act as support in the future. 

The moving average is another important technical indicator. A moving average is simply the average price of a security over a certain period of time (usually 20 days, 50 days, or 200 days). Moving averages can help us identify trends by smoothing out day-to-day price fluctuations. For example, if the 50-day moving average is rising while the 200-day moving average is flat or falling, that might be an indication that there is short-term bullishness (positive sentiment) in the market. 

Looking at MakerDAO’s historical price data, we can see that there is significant resistance around $2.00-$2.50, and the 200-day moving average has been flat for some time now. Based on this information, our prediction is that MakerDAO’s price will not exceed $2.50 by December 2022. 

In conclusion, our prediction is that MakerDAO’s price will not exceed $2.50 by December 2022 based on our technical analysis. However, it’s important to remember that markets are always changing and nothing is ever 100% certain when it comes to investing. Always do your own research before making any investment decisions!

Solana Price Prediction

Solana price predictions for December 2022 are looking pretty bad right now because of recent problems with their partner Alameda. Alameda is a DeFi protocol that was recently launched on the Solana network. However, there have been some major issues with the protocol, which has caused Solana’s price to drop significantly. Here’s what you need to know.

Alameda and Solana: What’s the Connection?

Solana is a cryptocurrency that is currently ranked as the #17 coin by market cap. The coin has been on a bit of a roller coaster ride over the past few months, but things really took a turn for the worse when Alameda launched on the Solana network. Alameda is a DeFi protocol that allows users to earn interest on their crypto holdings. However, shortly after launching, it was revealed that there were some major security flaws in the protocol. As a result, many users lost their funds, and Solana’s price took a significant hit.

Why is this happening?

It’s still not entirely clear what is going on with Alameda or how exactly the security flaw was exploited. However, it seems that the issue lies with the contracts that were used to launch the protocol. These contracts were not properly audited, which led to the exploit being unknown until it was too late. This is a huge problem for both Alameda and Solana because it reduces confidence in both projects. For now, it’s unclear how this will all play out, but it’s safe to say that Solana’s price prediction for December 2022 doesn’t look good right now.

No one likes seeing their investments go down in value, but that’s what has happened with Solana thanks to recent problems with their partner Alameda. It remains to be seen how this will all play out, but for now, it’s best to avoid Solana until things have stabilized a bit more.

Will Solana Recover?

While the cryptocurrency markets have taken a beating in recent months, with prices falling across the board, there are some that have been hit harder than others. One of those is Solana, which has seen the value of its native token fall by over 90% since reaching an all-time high back in May. So, will Solana recover? Let’s take a look. 

How Low Can It Go?

The first thing to note is that, while the recent sell-off has been brutal, it’s not entirely unexpected. Much of the run-up in prices that we saw last year was driven by speculation, with investors buying into projects on the basis of little more than hype. Now that the hype has died down, we’re seeing a lot of those same investors dumping their holdings and taking their profits. 

That being said, there’s no telling how low prices could go in the short-term. We’ve already seen a number of smaller tokens vanish into obscurity after similar price drops, and there’s always a chance that Solana could follow suit. In the long-term though, we believe there’s a good chance that Solana will recover—and here’s why. 

A Promising Project with Real Potential

Unlike many other cryptocurrencies, Solana actually has a working product. Its platform is being used by a number of high-profile organizations—including CoinList, FTX exchange, and celo—and is capable of processing over 50,000 transactions per second. That’s far more than Ethereum (which can handle around 15 per second) and puts Solana on par with Visa. 

What’s more, Solana is one of the few blockchain projects that is actually scalable. Rather than being limited by the number of nodes on its network (like Ethereum), it can theoretically scale to any size without sacrificing performance or security. This gives it a real advantage over other platforms and could make it the go-to choice for large-scale decentralized applications in the future. 

The bottom line is this: yes, Solana has taken a beating recently and there’s no telling how low prices could go in the short term. However, we believe that it remains a promising project with real potential—and one that is worth keeping an eye on in the months and years ahead.

Toon Finance Price Prediction 

Exciting news coming out of the Toon Finance camp! Although they are relatively new to the space, they have already made a name for themselves by being focused on making the greatest DeFi Protocol in the market. And now, they have an amazing collection of NFTs that will be airdropped to everyone who participated in their ICO. The best part? The NFTs are airdropped free of charge! However, because of the number of participants in the ICO and all the attention the project is getting from the space right now, we believe that the price of Toon Finance’s NFTs will be around 5 Ethereum. So if you’re thinking about participating in the ICO, don’t miss your chance to get your hands on one (or more!) of these NFTs! 

What is Toon Finance?

Toon Finance is a protocol that enables users to mint, buy, sell, and exchange NFTs on the Ethereum blockchain. Their mission is to create an ecosystem where people can easily connect with creators and collaborate on projects. Toon Finance was founded by a team of experienced entrepreneurs, developers, and designers who are passionate about blockchain technology and its potential to revolutionize the creative industry. 

What is an NFT? 

An NFT is a non-fungible token that represents a unique asset on the Ethereum blockchain. Unlike Bitcoin or other cryptocurrencies, which are interchangeable and can be divided into smaller units, NFTs are each unique and cannot be divided. This makes them well-suited for representing digital art, collectibles, or other items that are not easily replicated. 

How Will the Airdrop Work? 

The airdrop will take place over two rounds. In Round 1, 10% of the total supply of NFTs will be distributed proportionately to all participants who have contributed at least 0.1 ETH to the Toon Finance ICO. In Round 2, 5% of the total supply will be distributed proportionately to all participants who have contributed at least 0.1 ETH and have held their TOON tokens for at least 30 days prior to Round 2 beginning. The airdrop will happen automatically; there’s no need to do anything else once you’ve contributed to the ICO or held your TOON tokens for 30 days.                       

Don’t miss your chance to participate in Toon Finance’s exciting NFT airdrop! With rounds beginning on May 1st and July 1st respectively, there’s still plenty of time to contribute to their ICO or hold your TOON tokens for 30 days (if you want to participate in both rounds). But act fast—after Round 2 ends on July 31st, any unclaimed tokens will be burned! Visit their website today to learn more about how you can take part in this incredible opportunity.

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.


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Popular Copilot budgeting and finance app now available on the Mac

Popular Copilot budgeting and finance app now available on the Mac

One of the most popular budgeting and financial planning apps for iPhone, dubbed Copilot, is expanding to the Mac for the first time. Copilot combines in-depth reporting and personalization to help you budget and track your finances, with “hyper-personalized finance data insights powered by machine learning.”

Copilot works by aggregating all of your different accounts in one place. This includes things like credit cards, checking and savings accounts, loans, and investment data. From there, the app learns from your transaction history and other data points to give you insights into your spending.

Copilot is a beautifully designed home for your finances. It automatically tracks your accounts and helps you navigate your finances throughout the month. It also finds and tracks your subscriptions and bills, notifies you when you get paid, and shows you an end-of-month summary that accurately reflects where your money went and how your net worth changed.

On Copilot everything is customizable, and you can easily train it to better understand your finances. You can also connect your investment accounts to see your holdings and returns.

Using your transaction and spending data, Copilot creates what it calls “realistic budgets” based on that activity. The budgets are automatically created based on that spending data, but you can fine-tune them to your liking and see how you compare every month.

You can use Copilot to monitor all of your accounts, receive push notifications for deposits and unusual spending, and track your financial health over time. The app also helps you track all of your various subscriptions so you know how much you’re paying every month for streaming services, apps, and more.

The Copilot app for the Mac will be familiar to anyone who has used it on the iPhone. There’s a central dashboard view, then a menu along the left-hand side that allows you to dive into specific transaction history, account data, and more.

I’ve been a Copilot user for awhile and rely on it (combined with the Google Sheet I refuse to give up, even though I totally could) to give me a broad overview of my finances on a daily basis. The addition of a Mac is a major upgrade to the Copilot experience, as budgeting and tracking financial data on the iPhone was cumbersome at times.

One thing, however, that I think is important to point out is that everyone has a different way of tracking their financial health. While Copilot works for me, it may not work for you. There are plenty of other budgeting and finance apps on the App Store if that happens to be the case.

Copilot for Mac is a universal and native application, which means performance should be fast and reliable on any Mac, whether it’s Apple Silicon or Intel. You can download it from the Copilot website today. The app costs $8.99 per month or $69.99 per year.

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Sourced Group an Amdocs Company, empowers the growth of BaaS for Standard Chartered nexus

Sourced Group an Amdocs Company, empowers the growth of BaaS for Standard Chartered nexus


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Minority rejects govt’s debt exchange programme …calls on minister to consult broader 

Minority rejects govt’s debt exchange programme …calls on minister to consult broader 

The Minority says they are completely opposed to the domestic debt exchange programme announced by the Minister of Finance, Mr Ken Ofori-Atta, in Accra yesterday.

The caucus wonders why Mr Ofori-Atta did not announce the details of the programme to MPs in the 2023 budget he presented to Parliament on November 24.

Addressing a press conference in Accra moments after the Minister of Finance’s announcement, the Minority Leader, Haruna Iddrisu, said the programme would further exacerbate the suffering of Ghanaians.

“The form and structure of the debt restructuring announced by Ken Ofori-Atta is unacceptable to us and we simply will not accept it.

“How come the details of this debt exchange programme were not announced in the budget statement that was presented to Parliament?” Mr Iddrisu, MP, Tamale South, asked.

Under the programme, domestic bond holders would be expected to exchange their instruments for new ones with existing domestic bonds as of December 1, 2022 exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.

The annual coupons on the bonds, the minister said would be set at zero per cent in 2023, five per cent in 2024 and 10 per cent from 2025 until maturity.

But the Minority wonders what level of consultation was done before this decision which they termed “economic imposition.”

“Were investors consulted? Were bond holders consulted? How did the finance minister come to this conclusion? Are we not right to state that this amounts to an economic imposition against the investment intents and wishes of those who bought bonds?” he questioned.

In his view, the terms and condition of the yet-to-be-agreed International Monetary Fund debt exchange programme, which the Minister agreed necessitated the restructuring, constitutes a loan pursuant to Article 181(5) of the constitution and in so far as same alters the terms of existing loans, it needed parliamentary approval.

“As implied, any other debt restructuring programme constitutes a variation of the terms and conditions of past loans authorised by Parliament.

“It is the onus and mandate of Parliament to approve of terms and conditions of loans. It does not lie with the minister of finance, without prior approval of Parliament to make any changes to those terms and conditions.”

The House, he said ought to have been briefed on the socio-economic implications of the debt exchange programme of the country.

“The announcement of the Finance Minister has a dire consequence on Ghana’s financial sector, jobs, pensions and those who are by legislation compelled to invest 75 per cent of their profits in government instruments and bonds.

“We expected government to have thoroughly consulted and engaged before making this far-reaching decision.”

Breaking down the implication of the programme on affected persons, Mr Iddrisu said “they will suffer a drastic reduction in the rate of interest” with its trickling effect on the generality of the economy. 


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‎Saudi Arabia to announce 2023 general budget today

‎Saudi Arabia to announce 2023 general budget today

Saudi Arabia to announce 2023 general budget today

The Kingdom of Saudi Arabia's flag


The Saudi Cabinet will approve today, Dec. 7, the state's general budget for fiscal year 2023.

In its pre-budget statement, the Ministry of Finance estimated public revenue at SAR 1.123 trillion, and expenditures at SAR 1.114 trillion, with an expected surplus of SAR 9 billion, Argaam earlier reported.

The ministry expected revenues and expenditures to reach SAR 1.222 trillion and SAR 1.132 trillion, respectively, in 2022, with an estimated surplus of SAR 90 billion.

Saudi Arabia’s Actual Revenues and Expenditures (2000-2023)

Year 

Revenue (SAR bln)

Expenditures (SAR bln)

Surplus/Deficit (SAR bln)

2023 estimates

 1123

1114 

+9

2022 forecasts

 1222

1132

+90

2022 budget

1045

955

+90

2021

965

1039

(73)

2020 

782 

1076 

(294) 

2019 

927 

1059 

(133) 

2018 

906 

1079 

(174) 

2017 

692 

930 

(238) 

2016 

519 

831 

(311) 

2015 

613 

1001 

(389) 

2014 

1040 

1141 

(101) 

2013 

1153 

995 

158 

2012 

1247 

917 

329 

2011 

1118 

827 

291 

2010 

741 

654 

87 

2009 

510 

596 

(87) 

2008 

1101 

520 

581 

2007 

643 

466 

177 

2006 

674 

393 

280 

2005 

564 

346 

218 

2004 

392 

285 

107 

2003 

293 

257 

36 

2002 

213 

234 

(21)

2001 

228 

255 

(27)

2000 

258 

235 

23

Details and historical data of general budget


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