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Chelsea eyeing Osimhen as potential striker solution

Napoli star open to Stamford Bridge switch Chelsea are reportedly interested in signing Napoli striker Victor Osimhen as they look to bolster their attacking options in the January transfer window. The 24-year-old Nigerian has been in fine form for the Serie A side this season, scoring six goals in 10 appearances. According to The Evening Standard, Chelsea are confident that Osimhen would be keen on a move to Stamford Bridge,…

How Turkey’s Inflation Accounting Plan Affects Its Banks

A New Accounting System for Turkey Turkey is facing a severe economic crisis, with annual inflation reaching 61.5% in September 2023. To cope with the impact of hyperinflation on businesses and consumers, the government has decided to introduce a new accounting system that will adjust financial statements according to the changes in purchasing power and profitability. This system, known as inflation accounting, will apply to Turkish companies’ end-2023 balance sheets,…

The Pressure Mounts on Ramaphosa to Act on Bank Scandal

The Allegations of Currency Manipulation South Africa’s President Cyril Ramaphosa is facing growing calls to take action against the banks that allegedly manipulated the rand and the South African economy. The scandal has shaken the confidence of investors and the public in the country’s financial system. According to the Competition Commission, a British multinational bank, Standard Chartered, admitted to engaging in currency manipulation between 2007 and 2013, and agreed to…

Small businesses get a boost from banks to fight cyber scams

The banking industry has announced a major initiative to help small businesses protect themselves from online fraudsters. The $100 million upgrade will enable customers to verify the identity of the recipients before transferring money. How the new system works The new system, called confirmation of payee, will match the names of the payers and payees with their account numbers and BSBs. This will prevent scammers from diverting invoice payments by…

Treasury to introduce new banking laws amid criticism of SARB

The Treasury of South Africa is planning to bring in new banking laws to improve the governance and regulation of the financial sector. This comes as the South African Reserve Bank (SARB) faces mounting criticism over its inaction on the rising inflation and unemployment in the country. New banking laws to enhance investor protection and financial stability According to the Treasury, the new banking laws will amend the Banking Regulation…

Banks brace for new monetary policy conduct, regulation

The Central Bank of Nigeria (CBN) has introduced new banknotes and withdrawal limits as part of its monetary policy reforms. The new notes, which came into effect on December 15, 2023, are designed to curb counterfeiting, promote a cashless economy, reduce the circulation of dirty notes, discourage hoarding, and prevent crimes and illicit financial transactions. According to the CBN, the new banknotes have enhanced security features and are more durable…

Ripple Expands Its Crypto Services With Metaco Acquisition

Ripple, the blockchain company behind the XRP cryptocurrency, has announced that it has acquired Metaco, a Swiss-based crypto custody firm, for $250 million. The deal will enable Ripple to offer its customers the ability to custody, issue, and settle any type of tokenized asset in the emerging crypto economy. Ripple’s Vision for the Future of Money Ripple is a leading provider of cross-border payment solutions, using its XRP Ledger and…

New Federal Guidance Could Chill BaaS Deals, Experts Warn

Banking as a service (BaaS) is a business model that allows fintech companies to offer banking products and services to their customers without having to obtain a banking license. Instead, they partner with banks that provide the regulatory compliance, infrastructure, and access to the payment system. BaaS has been seen as a win-win situation for both fintechs and banks, as it enables innovation, customer acquisition, and revenue diversification. However, the…

Experts seek geospatial technology deployment to mitigate climate change

Geospatial technology is a powerful tool for understanding and addressing the impacts of climate change. Experts from various fields and sectors have called for the deployment of geospatial solutions to mitigate the effects of global warming and enhance resilience. According to a report by McKinsey, there are 10 crucial technologies that can help reduce greenhouse gas emissions and achieve net-zero targets by 2030. Among them, geospatial technology is a key…

How Big Tech Ate the Music Business

The music industry has undergone a radical transformation in the past two decades, thanks to the rise of digital technologies and the internet. While these innovations have enabled new ways of creating, distributing, and consuming music, they have also disrupted the traditional business models and power structures of the music world. The Digital Revolution The advent of digital recording and distribution technologies in the late 20th century changed the way…