International
China to launch digital yuan” or “e-CNY” Jan 1
People’s Bank of China (PBoC) Deputy Governor Lu Lei, said “The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system.”
Image: China digital currency
China will on January 1 launch an “action plan” for boosting management and operations of its digital currency, a deputy governor of the country’s central bank said Monday.
AFP reports that monetary authorities around the world have in recent years been exploring ways to digitalise currencies, propelled by a boom in online payments during the pandemic and the increased popularity of cryptocurrencies such as bitcoin.
People’s Bank of China (PBoC) Deputy Governor Lu Lei, said “The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system.”
In the next step towards that goal, a “new generation” arrangement for digital yuan will be launched on January 1, Lu said, encompassing a “measurement framework, management system, operating mechanism and ecosystem”.
The “action plan” will see banks pay interest on balances held by clients in digital yuan — a move to incentivise broader adoption of the currency.
The plan also includes a proposal to establish an international digital yuan operations centre in the eastern financial hub of Shanghai, the report said.
International
FG hails Elias’ election to UN International Law Commission
Elias emerged successful in a competitive election conducted to fill the vacancy created by the resignation of Kenya’s representative, Professor Phoebe Okowa. Candidates from Ghana and Botswana also contested the seat.
The Federal Government has hailed the election of Nigerian international legal expert, Taoheed Elias, into the United Nations International Law Commission during the commission’s 77th session held in Geneva.
Elias emerged successful in a competitive election conducted to fill the vacancy created by the resignation of Kenya’s representative, Professor Phoebe Okowa. Candidates from Ghana and Botswana also contested the seat.
In a statement issued on Thursday by the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, the government described the election as a recognition of Nigeria’s contributions to the development of international law and multilateral diplomacy.
The government said Elias brings decades of experience in international legal affairs to the commission, having previously served as Registrar of the International Residual Mechanism for Criminal Tribunals with the rank of United Nations Assistant Secretary-General.
International
CNN’s founder, Ted Turner, dies at 87
CNN’s founder Ted Turner / AFP
Ted Turner, the flamboyant US entrepreneur who transformed television news with the creation of CNN in 1980, has died at the age of 87, the network said Wednesday.
The mustached southerner, yachting enthusiast and philanthropist, whose empire also included sports clubs, had been suffering from the degenerative disease Lewy Body Dementia.
Cable News Network upended established broadcasting with its dedication to around-the-clock breaking news and shot to global recognition with its coverage of the Gulf War in 1990-91.
The 24-hour network was the first in the United States to run non-stop news and quickly built a worldwide footprint.
Correspondents brought live coverage from major events ranging from the collapse of the Soviet Union to the Chinese crackdown on the Tiananmen Square protests.
CNN’s decision to keep reporters in Baghdad amid US bombing on the Iraqi capital cemented the network’s reputation as an indispensable source of breaking news.
International
Explosion at China fireworks factory kills 21 people
Authorities deployed nearly 500 personnel to conduct search and rescue operations and treat the injured, while robots were used to help find those trapped within the building.
A blast at a fireworks factory in China’s Hunan province has killed 21 people and left 61 wounded, according to state media.
The explosion at the Huasheng Fireworks plant happened at around 16:40 local time (08:40 GMT) on Monday, in the city of Liuyang, leading rescuers to evacuate everyone within a 3km (1.9mi) radius of the plant.
Authorities deployed nearly 500 personnel to conduct search and rescue operations and treat the injured, while robots were used to help find those trapped within the building.
Police, who are investigating the cause of the blast, have taken “control measures” against the person in charge of the fireworks company, Chinese state media reported.
Authorities said that two gunpowder warehouses within the factory area posed a high risk amid rescue efforts, state media reported.
Rescue teams had to evacuate everyone within a 3km (1.9mi) radius of the fireworks plant.
They also implemented measures like humidifying the area to “prevent secondary accidents during the rescue”.
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