Ugandan shilling slips on interbank demand for dollars
At 0838 GMT, commercial banks quoted the shilling at 3,600/3,610, compared to Thursday's close of 3,585/3,595.
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Reuters
2 hours ago
- Reuters
Gold gains on weakness in dollar, yields; Jackson Hole summit in focus
Aug 19 (Reuters) - Gold prices rose on Tuesday, buoyed by lower treasury yields and a weaker dollar amid prospects of lower U.S. interest rates, while investors looked ahead to the Federal Reserve chair's speech at Jackson Hole later this week. Spot gold was up 0.4% at $3,341.89 per ounce by 1008 GMT. U.S. gold futures for December delivery rose 0.3% to $3,386.60. The dollar index (.DXY), opens new tab fell 0.1% against its rivals, while benchmark 10-year yields also slipped. "Gold has been in a tight range over recent weeks, being pulled in different directions amid the ebb and flow of trade frictions, efforts to secure a Russia-Ukraine peace deal, and weak U.S. labor data, but we believe the risks will drive it higher over the medium term," said UBS commodity analyst Giovanni Staunovo. On Monday, U.S. President Donald Trumppledged to Ukrainian President Volodymyr Zelenskiy that the U.S. would help guarantee Ukraine's security in any deal to end the war with Russia, though the extent of any assistance was not immediately clear. Trump hosted Zelenskiy and a group of European allies days after he met with Putinin Alaska, which ended without an agreement. Meanwhile, market attention is on Fed Chair Jerome Powell's remarks at the Jackson Hole symposium through August 21-23, which could offer clarity on the central bank's economic outlook. Investors expect an 83% probability of a 25-basis-point rate cut at the Fed's September meeting, per the CME FedWatch tool. FEDWATCH "With several data points between now and the next FOMC meeting there might be no commitment (from the Fed) on next steps," UBS' Staunovo said. Minutes from the Fed's July meeting, due for release on Wednesday, are also expected to provide cues into the United States' economic outlook. Elsewhere, spot silver rose 0.2% to $38.1 per ounce, platinum was up 1.5% at $1,343.28 and palladium gained 0.4% to $1,127.43.
BBC News
2 hours ago
- BBC News
How much President Tinubu and ministers dey collect as salary - why dem wan review am?
Di reviewing of salaries of political office holders for Nigeria don dey gada plenty reactions for di kontri. Dis dey come afta di Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) announce say dem don begin di process to review di current Revenue Allocation Formula between di federal, state and local governments. RMAFC Chairman Mohammmed Shehu during one presser for Abuja, Nigeria capital argue say di current salary wey politicians dey receive too small, unrealistic and outdated for di face of dia rising responsibilities and economic challenge. Oga Shehu say di current monthly salary of President Bola Tinubu na 1.5 million naira ($977), while dat of ministers dey earn less dan N1 million evri month. "You dey pay di President of di Federal Republic of Nigeria 1.5m naira a month, wit a population of ova 200 million pipo. You no fit pay minister less dan one million naira per month since 2008 and expect am to put im best and e no go involve for oda tins." Di chairmo argue say meanwhile, Central Bank of Nigeria govnor or di Director General dey collect 10 times more dan di salary wey di president dey collect. "E no dey not right. Or you pay am [di head of an agency] twenty times higher dan di Attorney-General of di Federation. E no dey right at all," Oga Shehu add. Oga Shehu disclose say di last time dem carry out comprehensive revenue allocation formula review na for 1992, and dem dey adjust am small-small through executive orders from 2002 to date. E say sake of dat dem wan review di current Revenue Allocation Formula (RAF) to ensure equity, fairness, and responsiveness to di changing social economic realities of di kontri. E describe di exercise as constitutional responsibility wey don become imperative in light of Nigeria evolving socio-economic and political landscape. As tori pipo ask if di commission go review di salary of civil servants too, di RMAFC boss say dia work dey strictly restricted to political office holders, govnors, senators, legislators, ministers, DGs, and oda pipo. "Time don reach wey pipo like you and odas suppose support di commission to come up wit reasonable living salaries for ministers, DGs, plus di President. Why RMAFC dey review di salary of politicians According to Oga Shehu, dem dey review di revenue allocation formular to produce a fair, just, and equitable revenue-sharing formula wey go reflect di current responsibilities, needs, and capacities of di three tiers of govments in line with di constitutional roles. "Di recent constitutional amendments, wey share responsibilities like power generation, railways, and correctional services to subnational govment don place financial and administrative burdens on dem. Dis situation don make am essential to re-evaluate di structure of fiscal federalism to foster economic growth and ensure sustainability," e tok. E add say under di current revenue allocation formula, di federal govment share na 52.6 per cent, 26.7 per cent for di state governments, and 20.6 per cent dey allocated to di local governments. Di committee also give one per cent each to di Federal Capital Territory, ecological fund, natural resources, plus di stabilisation fund under the vertical revenue allocation. Speaking further, e quote Paragraph 32 (b), Part I of di Third Schedule of di1999 Constitution of di Federal Republic of Nigeria (as amended), wey compulsory RMAFC to "review, from time to time, di revenue allocation formulae and principles in operation to ensure conformity wit changing realities". "In line wit dis constitutional responsibility and in response to di evolving socio-economic, political, and fiscal realities of our nation, di commission don reolve to initiate di process of reviewing di revenue allocation formula to reflect emerging socio-economic realities. Nigerians reaction Some Nigerians don react following di announcement of di RMAFC, while some question why di commission go wan add to di salary of politicians wey already dey live very lavish lifestyle while dia citizens dey suffer, and govment dey find am difficult to pay N70,000 minimum wage. Odas hail di initiative as ogbonge development.
The Independent
3 hours ago
- The Independent
Putin calls Brics allies to debrief them on his Trump summit
Russian president Vladimir Putin called the leaders of India, Brazil and South Africa to brief them about his summit with Donald Trump in Alaska, in what is being seen as an attempt to rally major Brics economies facing some of the harshest US tariffs. The Kremlin said Mr Putin spoke to Indian prime minister Narendra Modi on Monday, briefing him on the outcome of Friday's meeting with the US president. The two leaders 'discussed the prospects for a long-term settlement of the crisis in Ukraine', the Kremlin readout said, adding that they agreed to continue the dialogue on this issue. Mr Modi described Mr Putin as his 'friend' and thanked him for 'sharing insights on his recent meeting with President Trump in Alaska '. ' India has consistently called for a peaceful resolution of the Ukraine conflict and supports all efforts in this regard. I look forward to our continued exchanges in the days to come,' he wrote on X on Monday evening. India is facing significant pressure from the Trump administration over its continued imports of energy from Russia during the Ukraine war. Mr Trump has doubled tariffs on Indian exports to the country, increasing them to 50 per cent by next week. Mr Putin also called Brazil 's Luiz Inacio Lula da Silva on Monday, another Brics nation facing a 50 per cent tariff alongside India. The Brazilian president's office said Mr Lula and Mr Putin had a 30-minute-long conversation. Mr Lula confirmed that he and the Russian president discussed the Alaska meeting. He described the talks with Mr Putin as 'positive' and 'acknowledged Brazil 's involvement in the Group Friends for Peace', an initiative to include supposedly neutral countries – including China, one of Russia's closest allies – to find a resolution for the Ukraine crisis. "President Lula reaffirmed Brazil's support for all efforts aimed at a peaceful resolution to the conflict between Russia and Ukraine," it added. South African president Cyril Ramaphosa said the Russian leader 'expressed satisfaction' with his meeting with Mr Trump and urged for 'compromise on key issues for lasting peace.' The Kremlin said Mr Ramaphosa 'expressed support for the diplomatic efforts' on Ukraine. Mr Putin also spoke to Mr Modi, Mr Lula and Chinese president Xi Jinping earlier this month after the announcement of Mr Trump's meeting with the Russian president. Brazil, Russia, India, South Africa and China are the founding members of Brics, an economic and political bloc often seen as a counterweight to the West. Although the three-hour Trump-Putin meeting – the longest face-to-face meeting between the two leaders – was described as 'productive' by both sides, it failed to deliver a ceasefire in Ukraine. Tensions between Washington and the Brics bloc have escalated in recent weeks after Mr Trump announced a sweeping hike in trade tariffs. While India and Brazil face the steepest duties at 50 per cent, South Africa has been hit with a 30 per cent tariff. China, under a temporary trade truce, currently faces a 30 per cent tariff – with the risk of further increases if negotiations fail.
