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Venezuela Devalues Currency by 95%

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  • Venezuela Devalues Currency by 95%

Venezuelan president Nicolas Maduro devalued the local currency bolívar by 95 percent in an effort to shore up its struggling economy.

Maduro in a televised speech from the presidential palace said: “I want the country to recover and I have the formula.” The formula known as the “programme for recovery, growth and economic prosperity” represent economic blueprint of the administration.

The blueprint includes raising the minimum wage by more than 3,000 percent, increasing petrol price for some drivers, raising taxes and the introduction of a new currency, the sovereign bolívar — which according to him will have five fewer zeros than the inflation stricken bolívar.

Earlier this year, the International Monetary Fund (IMF) predicted that Venezuela’s inflation rate could hit 1 million percent in 2018.

This year, more than 500,000 Venezuelans have fled overseas to escape chronic food shortage, rising crime rate and lack of medicine in hospitals.

A recent survey showed more than 89 percent of Venezuelans now live in poverty, while more than 60 percent admitted waking up hungry because they lacked the means to buy food.

However, president Maduro believes his formula is going to revive the economy, “Venezuela is going to experience an economic miracle,” said Maduro.

A prominent opposition leader, Henrique Capriles, fault Maduro’s blueprint and described it as a Venezuelan “Black Friday”.

“The government has decided to thrust us into one final disaster,” Capriles wrote in an online essay in which he accused Maduro of plunging the oil-rich nation into “the greatest tragedy in its history”.

Andrés Velásquez, another opposition leader said “The measures announced on Friday are not any economic recovery plan for the country. On the contrary, they represent more hunger, more ruin, more poverty, more suffering, more pain, more inflation, more deterioration of the economy.”

Venezuela inflation has risen more than 60,000 percent in the last one year, while over 2.3 million Venezuelan citizens have abandoned their country since 2015.

“The situation is critical and it will get worse,” said Marisela Guédez, a 38-year-old civil servant who fled to Ecuadorian border town of Tulcán a week ago, having sold her hair for 100,000 pesos (about $33) in order to pay for the journey.

“I never, ever thought about leaving Venezuela – not once,” added the homeless mother-of-five, who had left her children behind in Caracas. “Venezuela was such a rich country.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

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The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

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British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

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As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.

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Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

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Israeli troops took control of the Rafah border-crossing area in Gaza on Tuesday morning, with Hamas saying all aid flows from Egypt had stopped.

The army has halted “the movement of people and aid completely,” the Hamas-run crossing authority said in a statement. Soldiers replaced Palestinian flags with Israeli ones.

It’s the first time Israel’s army has moved into the area since the war with Hamas began in October.

Israeli Military Tells About 100,000 People to Leave Eastern Rafah

Palestinians sheltering in Rafah were told Monday to move to an “expanded humanitarian area”.

The border is the main entry point for aid into Gaza, and the Palestinian territory’s only crossing aside from those with Israel. The US has been urging Israel for weeks to allow more food and other supplies into Gaza, parts of which the United Nations says are on the verge of famine.

The movement of troops came a day after Israel told residents in parts of eastern Rafah to leave immediately ahead of a possible attack on the city.

Most Arab and many European states have said Israel should not attack Rafah, fearing it would cause mass casualties. Prime Minister Benjamin Netanyahu says Rafah is the last bastion of Hamas, with about 5,000 to 8,000 of its fighters and senior leaders lodged in the city, as well as many Israeli hostages.

Cease-fire talks between the two sides continue to drag. Hamas said on Monday night it had accepted a proposal from mediators Egypt and Qatar. Israel rejected it, saying it contained demands the Jewish state cannot accept.

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