Hamas says hostage guards in Gaza have been operating under new instructions

Hamas' armed wing said on Monday that since June the group has been operating under new instructions on how to handle hostages should Israeli forces approach their locations in Gaza.

The announcement comes days after the Israeli military recovered the bodies of six hostages from a tunnel in the southern Gaza city of Rafah, saying they had been shot dead by their captors as Israeli forces got close.

Abu Ubaida, spokesperson for Hamas' al-Qassam Brigades, did not provide details on what the instructions were. He said his group holds Israel responsible for the hostages' deaths.

The new instructions, Ubaida said, were given to guards of hostages after a rescue operation by Israel in June. At that time, Israeli forces freed four hostages in a raid in which dozens of Palestinians, including women and children, were killed.

"Netanyahu's insistence to free prisoners through military pressure, instead of sealing a deal, means they will be returned to their families in shrouds. Their families must choose whether they want them dead or alive," he said.

Later on Monday, the Hamas armed wing published a pre-recorded video of one of the six dead hostages. It was unclear when the video was made.

Netanyahu said in a press conference on Monday that the hostages had been shot in the back of the head, and promised that Hamas would pay a heavy price.

Senior Hamas official Sami Abu Zuhri said Netanyahu's accusations against Hamas were an attempt to escape responsibility for their deaths.

"Netanyahu killed the six prisoners and he is determined to kill the remaining ones. The Israelis should choose between Netanyahu or the deal," Abu Zuhri said.

Similarly, Ezzat El Rashq, a member of the Hamas political bureau, said in a statement published by the group on Monday: "The resistance's hostages can immediately return to their families, the [one] stalling their return and responsible for their lives is Netanyahu."

Israel and Hamas have failed to reach a deal that would end the war and see the release of Israeli and foreign hostages held by Hamas in Gaza in return for many Palestinians jailed by Israel.

Hamas wants an agreement to end the war and get Israeli forces out of Gaza while Netanyahu says the war can only end once Hamas is defeated.

Reuters

RUSSIAN PERSPECTIVE

West wants ‘total control’ over Ukraine – Putin

The Ukraine conflict stems from long-standing Western ambitions to control the country, Russian President Vladimir Putin has said. The Russian leader made the comments in an interview with Mongolian newspaper Onoodor, ahead of his visit to the country on Monday. 

“For decades, they [the West] have sought total control over Ukraine. They funded nationalist and anti-Russian organizations there; they persistently worked to convince Ukraine that Russia was its eternal enemy and the main threat to its existence,” Putin stated.

The Russian leader referred to the 2014 Maidan coup in Kiev, saying it was orchestrated by the US and its “satellites” and driven by “radical neo-Nazi groups” in Ukraine, which, Putin claimed, continue to determine the country’s policies.

The Kremlin has listed the “denazification” of Ukraine as one of the key objectives of the current military operation. 

“The hatred for everything Russian has become Ukraine’s official ideology. The use of the Russian language has been increasingly restricted, and the canonical Orthodoxy has been subjected to persecution, which now has come to the point of a direct ban,” Putin added. 

Last month, Ukraine’s Vladimir Zelensky signed into law legislation enabling any religious group suspected of having ties to Russia to be banned. The bill effectively threatens to shut down the Ukrainian Orthodox Church (UOC), the largest faith organization in the country. The UOC has historical ties with the Russian Orthodox Church (ROC).

The Russia-Ukraine conflict is the natural outcome of the “destructive strategy of the West towards Ukraine,” Putin said.

The Russian leader is scheduled to visit Mongolia on Monday for a World War II commemoration. He is expected to attend a ceremony honoring the 1939 Battle of Khalkhin Gol, in which the decisive victory of the Red Army and its Mongolian allies over the Imperial Japanese Army secured the Soviet Union’s eastern flank until 1945.

The visit would theoretically put the Russian leader at risk of arrest on the International Criminal Court’s “war crimes” warrant, as Ulaanbaatar recognizes the ICC’s jurisdiction. The court has insisted that Mongolia has an “obligation to cooperate.” However, Moscow “has no concerns”about the ICC warrant, Kremlin spokesman Dmitry Peskov told reporters, noting that all possible issues concerning Putin’s visit have been “worked out separately” in advance.

WESTERN PERSPECTIVE

US researchers find probable launch site of Russia's new nuclear-powered missile

Two U.S. researchers say they have identified the probable deployment site in Russia of the 9M370 Burevestnik, a new nuclear-powered, nuclear-armed cruise missile touted by President Vladimir Putin as "invincible."

Putin has said the weapon - dubbed the SSC-X-9 Skyfall by NATO - has an almost unlimited range and can evade U.S. missile defenses. But some Western experts dispute his claims and the Burevestnik's strategic value, saying it will not add capabilities that Moscow does not already have and risks a radiation-spewing mishap.

Using images taken on July 26 by Planet Labs, a commercial satellite firm, the two researchers identified a construction project abutting a nuclear warhead storage facility known by two names - Vologda-20 and Chebsara - as the new missile's potential deployment site. The facility is 295 miles (475 km) north of Moscow.

Reuters is the first to report this development.

Decker Eveleth, an analyst with the CNA research and analysis organization, found the satellite imagery and identified what he assessed are nine horizontal launch pads under construction. They are located in three groups inside high berms to shield them from attack or to prevent an accidental blast in one from detonating missiles in the others, he said.

The berms are linked by roads to what Eveleth concluded are likely buildings where the missiles and their components would be serviced, and to the existing complex of five nuclear warhead storage bunkers.

The site is "for a large, fixed missile system and the only large, fixed missile system that they're (Russia) currently developing is the Skyfall," said Eveleth.

Russia's defense ministry and Washington embassy did not respond to a request to comment on his assessment, Burevestnik's strategic value, its test record and the risks it poses.

A Kremlin spokesman said these were questions for the defence ministry and declined further comment.

The U.S. State Department, the CIA, the Office of the Director of National Intelligence and the U.S. Air Force National Air and Space Intelligence Center declined to comment.

The identification of the missile's probable launch site suggests that Russia is proceeding with its deployment after a series of tests in recent years marred by problems, said Eveleth and the second researcher, Jeffery Lewis, of the Middlebury Institute of International Studies at Monterey.

Lewis agreed with Eveleth's assessment after reviewing the imagery at his request. The imagery "suggests something very unique, very different. And obviously, we know that Russia is developing this nuclear-powered missile," he said.

Hans Kristensen of the Federation of American Scientists, who also studied the Vologda imagery at Eveleth's request, said that it appears to show launch pads and other features "possibly" related to Burevestnik. But he said he could not make a definitive assessment because Moscow does not typically place missile launchers next to nuclear warhead storage.

Eveleth, Lewis, Kristensen and three other experts said Moscow's normal practice has been stockpiling nuclear payloads for land-based missiles far from launch sites - except for those on its deployed Intercontinental Ballistic Missile (ICBM) force.

But deploying the Burevestnik at Vologda would allow the Russian military to stockpile the nuclear-armed missiles in its bunkers, making them available to launch quickly, said Lewis and Eveleth.

Deputy Foreign Minister Sergei Ryabkov said Russia will make changes to its guidelines on the use of nuclear weapons in response to what it regards as Western escalation in the war in Ukraine, state news agency TASS reported on Sunday.

POOR TEST RECORD

A 2020 report by the United States Air Force's National Air and Space Intelligence Center said that if Russia successfully brought the Burevestnik into service, it would give Moscow a "unique weapon with intercontinental-range capability".

But the weapon's checkered past and design limitations raised doubts among eight experts interviewed by Reuters about whether its deployment would change the nuclear stakes for the West and other Russian foes.

The Burevestnik has a poor test record of at least 13 known tests, with only two partial successes, since 2016, according to the Nuclear Threat Initiative (NTI), an advocacy group focused on reducing nuclear, biological and emergent technology risks.

The setbacks include a 2019 blast during the botched recovery of an unshielded nuclear reactor allowed to "smolder" on the White Sea floor for a year following a prototype crash, according to State Department reports.

Russia's state nuclear agency Rosatom saidfive staff members died during the testing of a rocket on Aug. 8. Putin presented their widows with top state awards, saying the weapon they were developing was without equal in the world, without naming the Burevestnik.

Pavel Podvig, a Geneva-based expert on Russia's nuclear forces, Lewis, Eveleth, and other experts said it will not add capabilities that Moscow's nuclear forces already do not have, including the ability to overwhelm U.S. missile defenses.

Moreover, its nuclear-powered engine threatens to disgorge radiation along its flight path and its deployment risks an accident that could contaminate the surrounding region, said Cheryl Rofer, a former U.S. nuclear weapons scientist and other experts.

"The Skyfall is a uniquely stupid weapon system, a flying Chernobyl that poses more threat to Russia than it does to other countries," agreed Thomas Countryman, a former top State Department official with the Arms Control Association, referring to the 1986 nuclear plant disaster.

NATO did not respond to questions about how the alliance would respond to the weapon's deployment.

Little publicly is known about the Burevestnik's technical details.

Experts assess that it would be sent aloft by a small solid-fuel rocket to drive air into an engine containing a miniature nuclear reactor. Superheated and possibly radioactive air would be blasted out, providing forward thrust.

Putin unveiled it in March 2018, saying the missile would be "low flying," with nearly unlimited range, an unpredictable flight path and "invincible" to current and future defenses.

Many experts are skeptical of Putin's claims.

The Burevestnik, they say, could have a range of some 15,000 miles (23,000 km) - compared to more than 11,000 miles (17,700 km) for the Sarmat, Russia's newest ICBM - while its subsonic speed would make it detectable.

"It’s going to be as vulnerable as any cruise missile," said Kristensen. "The longer it flies, the more vulnerable it becomes because there is more time to track it. I don't understand Putin's motive here."

The Burevestnik's deployment is not banned by New START, the last U.S.-Russian accord limiting strategic nuclear weapon deployments, which expires in February 2026.

A provision allows Washington to request negotiations with Moscow on bringing the Burevestnik under the caps but a State Department spokesperson said no such talks had been sought.

Citing the war in Ukraine, Russia has spurned U.S. calls for unconditional talks on replacing New START, stoking fears of an all-out nuclear arms race when it expires.

Podvig said Moscow might use the missile as a bargaining chip if talks ever resume.

He called the Burevestnik a "political weapon" that Putin used to bolster his strongman image before his 2018 re-election and to telegraph to Washington that it cannot dismiss his concerns over U.S. missile defenses and other issues.

RT/Reuters

Six months ago, Prime Minister Sheikh Hasina’s grip on power in Bangladesh appeared unbreakable. The ruling Awami League had just won a fourth successive term in an uncontested election, allowing it to remain in full control of the country’s institutions. With journalists, human-rights defenders, opposition members, and other critics facing politically motivated prosecution, prison, exile, and forced disappearance, the country’s continued descent into authoritarianism seemed certain.

But suddenly, last month, student-led protests erupted across the country, fueled by outrage over a quota system that allocates government jobs to the ruling party’s allies. The state’s response – a violent crackdown that claimed more than 400 lives – revealed the brittleness of Hasina’s 15-year rule. In scenes reminiscent of the Sri Lankan “Aragalaya” mass protests that ended the rule of the Rajapaksa family in 2022, young Bangladeshis forced Hasina to resign and flee into exile.

Bangladesh is the latest in a series of youth-driven uprisings that have shaken countries in Asia and Africa this year. In February, young Pakistanis delivered a shock result when, defying the military, they voted en masse for the imprisoned former Prime Minister Imran Khan, giving his allies the highest number of votes and seats in parliament.

The following month, young Senegalese voters reclaimed their democracy in an election that was nearly stolen from them. Bassirou Diomaye Faye, a little-known tax inspector, was catapulted from prison to the presidency in the space of just a few weeks.

Then, in June, the tremors reached Kenya, where protesters, proudly identifying themselves as “Gen Z,” took to the streets to express their outrage against President William Ruto’s plan to introduce new taxes on essential items. As in Bangladesh, the authorities responded with lethal violence, killing dozens and injuring hundreds. Ultimately, though, Ruto was forced to withdraw the bill. Now attention has turned to Nigeria, which has been jolted by protests over the rising cost of living.

A new generation is asserting itself in parts of Asia and Africa. Young people are spontaneously forming protest movements and forging rare coalitions. This is the first generation that has not known life before the internet, and they are using social media not just to announce and live-stream street protests, but also to organize and debate. In the process, they are devising innovative tactics, including the use of artificial intelligence, and creating new spaces by holding digital demonstrations when the streets are closed off to them. In response, governments have unleashed their own techno-repression, from throttling the internet to shutting it down altogether.

These movements also are unsettling conventional views of politics, transcending traditional ethnic and political divides, and often shunning traditional political parties and civil-society organizations. It is typically assumed that populism and authoritarianism are complementary forces, yet here we see expressions of populism challenging authoritarianism – and by a generation that is proving to be both fearless and uncompromising. Far from deterring them, state violence has often hardened their resolve.

Of course, it would be a mistake to overstate this “youthquake” or to generalize across two vast continents. Gen-Z protesters are not monolithic, nor are they all idealistic in their ambitions. Like any other age cohort, the young are politically divided. In Bangladesh, for example, the ruling party’s thuggish youth wing, the Chhatra League, was partly responsible for the violence.

While Senegal had a relatively smooth transition, owing to the resilience of its institutions, Bangladesh is on a more uncertain path, with the threat of violence and civil disorder still hanging over the country. Recent reprisals against members of the Awami League and attacks on the Hindu minority show how the taste of victory can lead some to temptations of vengeance.

Nonetheless, there are striking similarities. In each case mentioned above, people between the ages of 15 and 34 constitute at least one-third of the total population. Despite strong economic growth of around 6% per year, Bangladesh struggles with 15% youth unemployment. And many of these countries are weighed down by heavy debt burdens, using between 20%and 60% of government expenditures to keep their creditors at bay – a sum that dwarfs public spending on education, health, and urgently needed climate action. It’s no coincidence that these protests are taking place in some of the most climate-vulnerable countries in the world.

The protests were sparked in many cases by the announcement of new measures that would have inflicted more economic pain on young people – whether it was regressive taxes in Kenya, the unfair allocation of jobs in Bangladesh, or the rising cost of living in Nigeria. But these moves merely set aflame a tinderbox of grievances that had accumulated over decades. Young people are despairing not just the lack of economic prospects, but also their rulers’ greed, the state’s brutality, and a general unresponsiveness to their needs. There is an impatience with the status quo. They want to sweep away old, outdated orders and reimagine their political systems.

But this change will not come easily, nor is it guaranteed. A decade ago, youthful revolts also broke out across the Arab world, toppling dictatorships and rousing hopes for a more just and equitable order. To avoid those failures, the openings this moment has created will have to quickly be seized and built upon – and the dangers will have to be carefully navigated.

Project Syndicate

Key Takeaways

• Marketing your small retail business involves a creative, multichannel approach.
• You can maximize both in-store and online opportunities by using the simple yet effective marketing strategies listed in this article.

As a small retail shop owner, you have big ambitions but, perhaps, a tight budget. You want to attract more customers but not blow all your means on expensive ads or social media marketing. What are some strategies to implement now and attract more customers?

From the in-store experience to upping your digital "curb appeal," here are some simple yet effective ways to market your retail store.

1. Curate the in-store experience

An eye-catching storefront and thoughtful merchandising work wonders to not only draw in passersby but also increase sales. Carefully curating the in-store experience — from product displays to the checkout process to your customer service team — is essential for effective retail marketing.

The overall atmosphere of your store is important. Consider the colors, furniture, lighting, music and even scent. A pleasant ambiance makes the shopping experience more enjoyable and encourages customers to browse your store.

Make it easy for customers to find what they are looking for, with an intuitive layout and intentional product displays. Design your displays to highlight your best products, seasonal items or current promotions. Pair related products together (in proximity) to encourage customers to purchase complementary items. For example, place sunglasses near summer clothing or athletic equipment near sportswear.

Train staff to provide a positive, consistent customer service experience. For example, all staff should welcome guests as they enter the store and provide personalized recommendations based on the products customers are interested in.

2. Make it Meta (organic and ads)

With more than three billion monthly active users, Meta (formerly Facebook) is the biggest social media platform around. Meta is particularly effective when it comes to marketing a small retail business, whether through organic content or paid advertising.

First, create and optimize your Facebook business page to effectively describe your business, reflect your visual branding, share business updates, promote products and engage with customers. Your Facebook posts should have a consistent aesthetic and tone of voice so that when people visit your profile, they get a positive and clear impression of your business.

Meta also offers powerful ad-targeting tools to reach specific demographics based on location, interests and shopping behavior. You can run Meta ads on Facebook and Instagram to promote your store, online products, special offers or events.

Meta is also a great platform for sharing user-generated content. Encourage your customers to share photos of their purchases and tag your store. This type of content serves as impactful social proof and testimonials for your products.

3. Run pin-worthy product promos

If you sell products online through your website, then Pinterest is the place for promotion. With over 500 million active users, Pinterest is an extensive online marketplace that allows people to discover new products and brands.

Pinterest — like Google, Bing or YouTube — works as a search engine. People search for how-to guides, products, video content, etc., and the algorithm generates their feed to match. By creating content "pins" related to what people are searching for, you can get your products to rank high in Pinterest search.

The types of content that tend to perform best on Pinterest are product showcases with high-quality images, step-by-step tutorials featuring your products, seasonal inspiration boards and customer testimonials or reviews.

Experiment with different topics and content formats to see what your customers enjoy most. Use tools like Tailwind to automatically circulate your Pins, improving visibility and traffic.

4. Up your digital curb appeal with SEO

You don't need to depend on casual foot traffic to keep your store busy. Search Engine Optimization (SEO) works to attract local customers searching online. Through geo-specific targeting, you can drive more customers to your physical storefront.

Use an SEO keyword tool like Semrush to identify searchable key terms related to your product, niche and/or location. For instance, if you run a women's boutique clothing store in Brooklyn, some key terms to target might include "women's clothing store brooklyn" (50 searches per month) and "brooklyn dress shop" (70 searches per month).

You'll then incorporate these key terms into the content on your website, whether on your main pages (home, about, contact, etc.), product pages or blog posts. Ensure that the content effectively describes the key term you wish to target on each page, respectively.

Implement on-page SEO best practices, like writing concise page titles, descriptions and page headings, to improve the "searchability" of your website. Identify question-based keywords, like "how to dress for an interview" to target longer, more descriptive blog post content.

Create a Google Business Profile that includes your hours, location, phone number and website link. Add eye-catching photos of your storefront, products and staff, and request that happy customers leave reviews on your profile. This will work to build trust and attract more local customers.

In summary, marketing a small retail business involves a creative, multichannel approach. In-store merchandising, Meta organic content and ads, Pinterest and SEO strategies can all be used to drive more online sales and local customers. From curating eye-catching displays and personalized customer service to creating content for Meta and Pinterest, these strategies come together to form a cohesive marketing plan that maximizes both in-store and online opportunities.

Entrepreneur

The Nigerian National Petroleum Company Limited (NNPC Ltd) has raised alarms about its ability to sustain regular petrol supply across the country, citing significant financial strain due to escalating Premium Motor Spirit (PMS) supply costs. This financial pressure is now threatening the stability of fuel supply in Nigeria, according to Olufemi Soneye, the company's Chief Corporate Communications Officer.

In a statement released on Sunday, Soneye acknowledged the company’s considerable debt to petrol suppliers, which has been highlighted in recent media reports. The NNPC’s financial difficulties stem from the gap between fixed pump prices and rising international fuel costs, exacerbated by the fluctuating exchange rate of the Naira against the dollar.

The NNPC, under the Petroleum Industry Act (PIA), says the statement, has remained committed to its role as the supplier of last resort to ensure national energy security. However, the financial burden has become increasingly unsustainable, placing the company under intense pressure. "We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide," Soneye stated.

Recent reports suggest that Nigeria’s debt to petroleum product suppliers has surpassed $6 billion, doubling since April 2024. This growing debt has coincided with worsening fuel scarcity across major Nigerian cities, leading to long queues at petrol stations, skyrocketing prices, and a rise in transport costs.

The ongoing fuel crisis, coupled with NNPC's financial woes, has fueled speculation of an imminent hike in petrol prices. Analysts warn that this could see prices soar to between N950 and N1,000 per liter, marking the fourth price hike in 15 months. The Federal Government, which had previously admitted to paying subsidies on petrol despite earlier denials, faces increasing pressure to address the situation.

Experts suggest that the NNPC’s financial difficulties are partly due to the government's reluctance to allow petrol to be sold at an economic price, which would reduce the financial strain on NNPC and encourage private sector participation in fuel importation. The situation is further complicated by Nigeria's declining crude oil output, which has hampered the country’s capacity to import refined products.

As the NNPC struggles to navigate these financial challenges, Nigerians continue to feel the impact of the fuel crisis, with no immediate relief in sight.

Nigerians have stormed the TikTok page of a Jesus-like character, requesting help with economic and personal difficulties. Some mischievous users also inquire about Judgment Day and when it would happen.

The TikTok user behind the account ‘Love Everyone’ resembles English actor Robert Powell, who portrayed Jesus in the iconic 1977 epic British-Italian television drama series ‘Jesus of Nazareth’.

The TikTok account, created in August, has little information about the owner, but checks revealed that he is based in France and features French music in most of his videos.

The page shows Mr ‘Love Everyone’ walking through deserted bushes with a stick, what Nigerians would describe as ‘wilderness’, similar to Jesus’ portrayal in Christian literature.

Although the TikToker is light-skinned, other commenters argue with the famous saying that Jesus was not white but rather a brown-skinned Middle Eastern Jew.

Nigerians dominate the comment section, but he doesn’t seem to respond to them. The France-based TikToker rarely speaks in his videos, except for a few inspirational posts where he briefly mentions ‘God.’

He has over 20,000 followers and has garnered over 200,000 likes in less than two months.

Nigerians plea

Nigerians, who are deeply religious, could be seen in the comments referring to TikToker as a ‘rescuer’ of their situation.

Many are pleading humorously for deliverance from the economic hardships under President Bola Tinubu’s administration.

Since Tinubu’s 2023 inauguration and the subsequent removal of fuel subsidies, Nigeria has faced significant price increases and a higher cost of living. The recent August #EndBadGovernance movement further highlighted issues with governance and Nigerians’ lament of the escalating living cost.
On the now-famous TikTok page, Nigerian humorously plead for intervention, commenting, “Our Father, who art in TikTok, Tinubu is showing us no mercy. “The worst part is that my fellow Nigerians are all in the comments. Baba Jesus, do wonder, Tinubu has suffered us.”

“Lord Jesus, please pray for our country, Nigeria. Jesus, please blow the trumpet; Tinubu is making life hard for us,” and “My Jesus, Tinubu is causing us so much suffering.”

Ironic saviour

Interestingly, the comments on his videos reveal that some viewers aren’t just surprised by his resemblance to Jesus—they are also making requests and addressing him as though he were the Messiah.

Among the many comments, some stand out for their earnestness with phrases like “Messiah Messiah,” “My soul tells me you are Jesus,” “This is Jesus for real,” “I can’t wait to be with you, my Lord and Saviour,” and “Remember me in your kingdom.”

Other comments express a desire to be saved and join heaven, such as “I need to make heaven; God take me; I am tired of this life and make me rapture-ready,” and “Thank you for loving us and coming back to teach us; bless you all; glory to you, King of Kings, Jesus.”

The newspaper’s review of his page reveals that some of his videos feature him preaching about God.

However, some comments caution that this is not the real Jesus, aligning with biblical warnings that in the last days, many will come claiming to be the Messiah and will lead people astray.

Jesus role

Since Jesus had an imprint on religious walk and faith, film producers have attempted to establish a similar role in movies.

American actor Jim Caviezel became prominent for his portrayal of Jesus in 2004 ‘The Passion of Christ,’

The images of Robert Powell have been displayed in places of worship after his iconic ‘Jesus of Nazareth’ role. However, he has often clarified that he is not Jesus and requested that people stop worshipping and idolising his likeness.

Despite the caution, Powell and Caviezel made a lasting impression due to their long hair and full beard fit, characteristics aligning with the historical Christ descriptions.

Caviezel and Powell are not the only actors to have played Jesus; Brian Deacon also played the role of Jesus in the 1979 Jesus Film. Jonathan Roumie’s portrayal in The Chosen series (2017) also gained attention for its visual similarity. Many Christians have long adopted their likeness as Christ’s representation.

While the TikToker ‘Love Everyone’ and many others may closely resemble traditional depictions of Jesus, the genuine return of Christ is still a matter of faith and expectation.

PT

In a stunning display of economic genius that has left Nobel laureates scratching their heads, the Federal Competition and Consumer Protection Commission (FCCPC) has unveiled its revolutionary strategy to combat Nigeria's skyrocketing inflation: simply telling businesses to charge less money. Who knew it could be so easy?

Led by the visionary Tunji Bello, the FCCPC has boldly declared war on the true villains of Nigeria's economic crisis: small business owners and market traders. These nefarious individuals, with their dastardly plots to "stay in business" and "feed their families," have been put on notice. Their reign of terror, characterized by the audacity to adjust prices in response to increased costs, will no longer be tolerated.

Bello, in a move that surely secures his place in the pantheon of economic reformers alongside Karl Marx, Adam Smith and John Maynard Keynes, has magnanimously given these economic saboteurs a whole month to see the error of their ways. One can only imagine the scenes of jubilation in the streets as petty traders rush to slash their prices, heedless of trivial concerns like "profit margins" or "basic arithmetic."

But the FCCPC's brilliance doesn't stop there. Oh no. They've astutely identified that the root cause of Nigeria's economic woes lies not with minor, inconsequential factors like:

1. The removal of fuel subsidies that has sent transportation costs soaring

2. The free-falling value of the Naira that has made imports prohibitively expensive

3. The bloated salaries and perks of political appointees that drain public coffers

4. The fleet of presidential jets, bulletproof Cadillacs, and yachts that are absolutely essential for effective governance

5. The rampant corruption that treats state treasuries like personal piggy banks.

No, the real problem is clearly that the tomato seller in Lagos Market is charging too much for her wares. Shame on her for not absorbing the increased transportation costs, rising fertilizer prices, and the general economic uncertainty out of sheer patriotism!

When asked about the complaints raised by trade unions regarding electricity tariff hikes, petrol subsidy removal, increased taxes, corruption, and insecurity, Bello reportedly responded, "La la la, I can't hear you," while plugging his ears - a response that perfectly encapsulates the nuanced approach of the FCCPC.

The Commission has also hinted at its next groundbreaking initiative: solving Nigeria's poverty crisis by ordering everyone to be rich. Sources say they're considering a follow-up campaign to end crime by kindly asking criminals to stop breaking the law.

In light of these developments, we can all rest easy knowing that Nigeria's economic future is in the capable hands of bureaucrats who believe complex, systemic issues can be solved with strongly worded letters and vague threats. Bravo, FCCPC! Your commitment to addressing the symptoms while steadfastly ignoring the disease is truly an inspiration to us all.

As for the small business owners and traders facing this crackdown, fear not! You can always fall back on Nigeria's robust social safety net and thriving job market. And if all else fails, perhaps you can secure a lucrative position as a government advisor. After all, with economic strategies this brilliant, surely there's always room for more innovative thinkers in the halls of power.

In conclusion, we eagerly await the economic miracle that is sure to unfold this September. Who needs sound fiscal policy, infrastructure investment, or anti-corruption measures when you have the power of positive thinking and government mandates? Nigeria's future has never looked brighter - just don't look too closely at the details.

Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04 per cent to $391.91m compared to $912.35m in the same period of 2023.

This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website.

A Letter of Credit is a mode of payment used for the importation of visible goods.

It is a written undertaking given by s bank (issuing bank) at the request of its customer in which the bank promises in writing to pay the exporter a certain sum within a certain time frame in return for goods, as long as the customer provides the bank with the proper paperwork.

In the period under review, the country’s LCs payment shed about $520.44m, which some analysts have blamed on factors like the exit of multinationals, skyrocketing customs duties, and the unstable foreign exchange, which hampered Nigeria’s foreign trade in the period under review.

An analysis of the CBN data showed that the highest LC payments this year were recorded in February at $102.59m, followed by July at $79.65m and $58.33m in January.

In March, LCs payments were $43.53m compared to $269m in the same month in 2023, rose to $54.02m in April 2024 and dropped to $21.48m in May before rising to $32.26m in June.

Speaking on the trend, the Managing Director of Arthur Steven Asset Management Limited, Tunde Amolegbe, opined that the decline was expected given the unstable exchange rate, skyrocketing customs clearing charges and of course the exit of major international companies and the closure of other manufacturing in the country.

He, however, added that the situation may improve even if it is slightly on the back of the tax waivers given recently for the importation of some essential food products.

“Stability in the FX market and a lower interest rate and harmonised tax regime should also help,” he concluded.

According to Bloomberg, the naira has fallen by about 70 per cent since May 2023 when President Bola Tinubu took office following the devaluation of the currency. Several attempts by the CBN to boost liquidity have yet to yield significant results.

The Director of Research and Strategy at Chapel Hill Denham, Tajudeen Ibrahim, said “Nigerian businesses are paying down on their Letters of Credit. This is an indication of an improvement in the dollar liquidity in the Nigerian financial system, largely on the back of CBN’s policy response to the dollar shortage in the system.

“The CBN at the last RDAS auction did sell some volume of dollars to companies to help them pay down on their foreign currency loans. One of the major companies that has been paying down on their letters of credit is MTN. I reckon they have paid about $300m in LCs, so corporations have been clearing their LCs because of the negative impact it is having on their earnings and balance sheet.

“The outlook in Letters of Credit to my mind is positive because I expect improvement liquidity in US dollars inflow into the economy and I reckon that Nigerian companies will pay down further on their LCs.”

For economy and capital market analyst, Rotimi Fakayejo, dollar liquidity plays a role in the decline recorded in the LCs payments.

He said, “FX availability is inconsistent. At a point, the supply was less and the banks were given the leeway to get whatever they needed, but typical of the banks, they were targeting profit and I believe that slowed down the process. The slow or reduced supply from the CBN has so much impact.

“If importers want to import and there is no access to FX or the express undertaking of Letters of Credit on their behalf is not done, it will affect their business. Also, if what they are importing is becoming increasingly difficult to sell and the market is no longer friendly, then you will also see a reduction in the LCs.

“For instance, the importation of vehicles has reduced, whether new cars or tokunbo. People are buying more Nigerian used cars, but the customs duty we know is subject to the foreign exchange rate and the government is flip-flopping about it. Every time, what we see is an increase, so it has an impact.”

On the exit of the multinationals, Fakayejo posited that it was no longer new in the manufacturing sector and had since moved to the oil & gas sector.

He projected, “I believe with the slowdown in the LCs, the overall effect should be positive for the economy because less of our foreign exchange will be used on importation and local production should be the order of the day. I believe that the overall effect should be positive for us.

“Going forward, I don’t think the impact would be much. It is expected that by September, the local refinery will start producing and Dangote Refinery will start selling to the local market, which should mean more dollar availability because there would be less need to import PMS.

“So, we may see an improvement in the import receipts from the banks and increased LCs accessibility from the banks. I believe the slowdown is just for some time and the situation will improve.”

An Investment Banker and stockbroker, Tajudeen Olayinka, in his submission, opined that it is either that demand for imports is slowing down as a result of the prohibitive cost of imported goods in the country and consumers’ resistance, or importers are exploring other credit means, such as open account; direct remittances; and bills for collection to deal with imports.

“The likelihood of these other credit options is very doubtful, given concerns of foreign exporters to poor credit ratings of local importers. Therefore, high cost of raising naira to finance imports and high exchange rate may be the other reasons for the observed slowdown in letters of credit issuances by Nigerian banks.

“The development has both positive and negative implications: (i)Positive in that it will create scarcity of foreign goods and a new desire to resort to local production to arrest scarcity, with improvement to Nigeria’s Balance of Trade and Exchange Rate of the naira in the long run. Negative, in that it will continue to cause a drag on the economy and high inflationary pressure in the immediate to near term,” he said.

Punch

Massive protests hit Israel after six hostages killed in Gaza

Massive protests swept Israel on Sunday following the death of six hostages in Gaza as frustration mounted over the failure of the country's leadership to secure a ceasefire deal that would free Israeli captives.

Crowds estimated by Israeli media to number up to 500,000 strong demonstrated in Jerusalem, Tel Aviv and other cities, demanding that Prime Minister Benjamin Netanyahu do more to bring home the remaining 101 hostages, about of a third of whom Israeli officials estimate have died.

In Jerusalem, protesters blocked streets and demonstrated outside the prime minister's residence. Aerial footage showed Tel Aviv's main highway filled with protesters holding flags with pictures of the slain hostages.

Israeli television footage showed police directing water canons at demonstrators who had blocked roads. Local media reported 29 arrests.

Labour leaders called a one-day general strike on Monday.

The Israeli military announced the recovery of the bodies from a tunnel in the southern Gaza city of Rafah, as a polio vaccination campaign began in the war-shattered Palestinian territory and violence flared in the occupied West Bank.

The bodies of hostages Carmel Gat, Hersh Goldberg-Polin, Eden Yerushalmi, Alexander Lobanov, Almog Sarusi and Ori Danino were returned to Israel, military spokesperson Daniel Hagari told reporters.

A forensic examination determined they were "murdered by Hamas terrorists in a number of shots at close range" 48-72 hours previously, an Israeli health ministry spokesperson said.

Netanyahu, who faces growing calls to end nearly 11 months of war with a deal for a ceasefire and the release of remaining hostages, said Israel would not rest until it caught those responsible. "Whoever murders hostages - does not want a deal," he said.

Senior Hamas officials said that Israel, in its refusal to sign a ceasefire agreement, was to blame for the deaths.

"Netanyahu is responsible for the killing of Israeli prisoners," senior Hamas official Sami Abu Zuhri told Reuters. "The Israelis should choose between Netanyahu and the deal."

Israel's assault on Gaza began after Hamas and other militants killed about 1,200 people and took about 250 hostages in attacks on Israel on Oct. 7, according to Israeli tallies.

Since then, Israel's offensive has levelled much of the enclave of 2.3 million people, and the Gaza health ministry says at least 40,738 Palestinians have been killed. Displaced people are living in dire conditions with inadequate shelter and a hunger crisis.

'HAMAS WILL PAY,' BIDEN SAYS

Amid mounting public anger, the head of Israel's trades union federation, Arnon Bar-David, on Sunday called for a general strike on Monday to pressure the government into signing a deal, and said Ben Gurion airport, Israel's main air transport hub, would be closed from 8 a.m. (0500 GMT).

Defence Minister Yoav Gallant, who has clashed frequently with Netanyahu, also called for an agreement, and opposition leader and former Prime Minister Yair Lapid urged people to join the demonstration in Tel Aviv.

In a last-ditch bid to stop the demonstrations, Finance Minister Bezalel Smotrich, a hardline member of Israel's security cabinet, asked the attorney general to prohibit the strike.

The Hostage Families Forum called on Netanyahu to take responsibility and explain what was holding up an agreement.

The six hostages brought home on Sunday "were all murdered in the last few days, after surviving almost 11 months of abuse, torture, and starvation in Hamas captivity. The delay in signing the deal has led to their deaths and those of many other hostages," it said.

Netanyahu's office said he had spoken to the family of Lobanov, whose body was among those recovered, apologising and expressing "deep sorrow".

But the family of Gat said they refused to speak to the prime minister and instead called on Israelis to join protests.

"Take to the streets and shut down the country until everyone returns. They can still be saved," Gat's cousin, Gil Dickmann, wrote on X.

U.S. President Joe Biden said he was "devastated and outraged" by the death of 23-year-old Israeli American Goldberg-Polin and the other hostages.

"Hamas leaders will pay for these crimes. And we will keep working around the clock for a deal to secure the release of the remaining hostages," he said in a statement.

Speaking to reporters in Rehoboth Beach, Delaware, he said he was "still optimistic" about a ceasefire deal.

Months of stop-start negotiations mediated by the United States, Qatar and Egypt have so far failed to secure a deal, despite increased U.S. pressure and repeated trips by top officials to the region.

Speaking to Al-Jazeera television, chief Hamas negotiator Khalil Al-Hayya, based in Qatar, on Sunday reaffirmed the group would not sign an agreement unless Israel fully withdrew from Gaza Strip, including the Philadelphi and Netzarim corridors, issues that have been sticking points in the talks.

POLIO VACCINATIONS

Israel and Hamas agreed to pause fighting in areas of Gaza for at least eight hours daily from Sunday to Tuesday to begin vaccinating 640,000 children against polio.

Children, escorted by family members, crowded a UN clinic in the central Gaza city of Deir Al-Balah, according to Palestinian officials. The territory's health ministry said at least 72,611 children were vaccinated the first day.

The campaign comes after the confirmation last month that a baby was partially paralysed by the type 2 polio virus, the first such case in the territory in 25 years.

Israeli forces continued to battle Hamas-led militants in several parts of Gaza, with the Israeli military targeting what it said was a Hamas command centre in a former school in Gaza City. The Palestinian Civil Emergency Service said 11 people had died and medics said many others had been wounded.

In Khan Younis, an Israeli air strike killed two Palestinians and wounded 10 others, according to medics, bringing the day's total death toll in Gaza to 27.

Reuters

WESTERN PERSPECTIVE

Kharkiv struck by missiles after Ukraine launches mass drone attack on Russia

At least 47 people, including five children, were injured on Sunday after Russian missiles struck a shopping mall and events complex in Ukraine's northeastern city of Kharkiv, officials said.

Earlier in the day, Russia said Kyiv had launched one of the biggest drone attacks against it since the full-scale war began, targeting power plants and an oil refinery, while Moscow's forces made further gains towards a key town in eastern Ukraine.

The Kharkiv attack prompted Ukrainian President Volodymyr Zelenskiy to renew calls on allies to allow Kyiv to fire Western-supplied missiles deeper into enemy territory and reduce the military threat posed by Russia.

The fighting comes at a critical juncture in the two-and-a-half year conflict. Russia is pressing an offensive in eastern Ukraine while trying to expel Ukrainian forces that broke through its western border in a surprise incursion on Aug. 6.

Last week, Russia pounded Ukraine with its heaviest airstrikes of the war, hitting targets including energy facilities.

Moscow, which denies targeting civilians, says damaging Ukraine’s energy system is a legitimate military goal. Its drone and missile barrages have killed thousands of civilians since the conflict began in February 2022.

Ukraine, with a rapidly expanding domestic drone industry, has stepped up its own attacks on Russian energy, military and transport infrastructure.

Kyiv is also pressing the United States and other allies for permission to use more powerful Western-supplied weapons to inflict greater damage inside Russia and hit Moscow's abilities to attack Ukraine.

"All the necessary forces of the world must be brought in to stop this terror," Zelenskiy said on his Telegram channel, in response to the Kharkiv attack that Ukrainian officials said involved at least 10 missiles.

"This does not require extraordinary forces, but enough courage on the part of the leaders - courage to give Ukraine what it needs to defend itself."

In Kharkiv, rescue workers and volunteers carried injured civilians to ambulances outside the shopping complex. Shattered glass and debris were strewn across the ground and people fled to a metro station for safety.

Earlier, Russian officials said air defence units had destroyed 158 drones launched by Ukraine overnight, and that debris caused fires at the Moscow Oil Refinery and at the Konakovo Power Station in the neighbouring Tver region.

Kyiv has yet to comment on the drone barrage. Russia rarely discloses the full extent of damage inflicted by Ukraine's air attacks.

RUSSIA'S NUCLEAR DOCTRINE

Zelenskiy said that last week alone Russia had used 160 missiles, 780 guided aerial bombs and 400 attack drones against cities and troops across Ukraine.

He called on Telegram for "a decision on long-range strikes on missile launch sites from Russia, destruction of Russian military logistics, joint shooting down of missiles and drones".

Kyiv's allies are wary of how Russian President Vladimir Putin would respond if their weapons were used against targets far inside Russian territory.

Russia's TASS state news agency cited Deputy Foreign Minister Sergei Ryabkov as saying Moscow would change its nuclear doctrine in response to the West's actions over the conflict. He did not specify what the changes would entail.

Russia's existing nuclear doctrine, set out in a decree by President Vladimir Putin in 2020, says it may use nuclear weapons in the event of a nuclear attack by an enemy or a conventional attack that threatens the existence of the state.

Russia, which accuses the West of using Ukraine as a proxy to wage war against it, has said before it is considering changes.

"The work is at an advanced stage, and there is a clear intent to make corrections", TASS cited Ryabkov as saying.

Some hawks among Russia's military analysts have urged Putin to lower the threshold for nuclear use in order to "sober up" Russia's enemies in the West.

ADVANCES IN EASTERN UKRAINE

In eastern Ukraine, where the heaviest fighting of the war is concentrated, Russian forces continued to advance towards Pokrovsk, a vital military huband transport link to towns and cities further north.

Ukraine had hoped that its surprise incursion into Russia's Kursk region launched last month would force Russia to re-deploy troops and take pressure off besieged forces in the east, but so far it does not appear to have had this effect.

Russia's defence ministry said its forces had captured two more settlements in Donetsk region and were "continuing to advance deep into the enemy defences". One of them, Ptyche, is 21 km (13 miles) southeast of Pokrovsk.

At least three people were killed and nine wounded in Russian shelling of Kurakhove, a town around 35 km south of Pokrovsk, Ukrainian officials said.

Ukraine's army chief, Oleksandr Syrskyi, described the situation as "difficult" around Russia's main line of attack in eastern Ukraine.

Also on Sunday, Ukrainian forces shelled Russia's southern Belgorod region, injuring 11 people, including two children who were seriously hurt, regional governor Vyacheslav Gladkov said.

RUSSIAN PERSPECTIVE

Russia delivers 15 precision strikes at key Ukrainian energy sites, airfields over week

Russia delivered one massive and 14 combined strikes by precision weapons and unmanned aerial vehicles (UAVs) at key Ukrainian energy sites and airfields over the past week in the special military operation in Ukraine, the Russian Defense Ministry reported on Friday.

"On August 24-30, the Russian Armed Forces delivered one massive and 14 combined strikes by long-range precision weapons, Kinzhal hypersonic air-launched ballistic missiles and attack unmanned aerial vehicles, hitting vital Ukrainian energy and aerodrome infrastructure sites, fuel depots, arsenals of Western-made air-launched weapons and artillery munitions," the ministry said in a statement.

The strikes also targeted UAV production workshops, naval drone storage facilities, temporary deployment sites of Ukrainian nationalist formations and foreign mercenaries, it specified.

Ukraine’s army loses 16,910 troops in all frontline areas over week

The Ukrainian army lost roughly 16,910 troops in battles with Russian forces in all the frontline areas over the past week, according to the latest data on the special military operation released by Russia’s Defense Ministry.

The latest data show that the Ukrainian army suffered roughly 3,580 casualties from Russia’s Battlegroup North, more than 3,450 casualties from the Battlegroup West, over 4,840 casualties from the Battlegroup South, 3,720 casualties from the Battlegroup Center, 860 casualties from the Battlegroup East and 460 casualties from the Battlegroup Dnepr.

Russia’s Battlegroup North inflicts 3,580 casualties on Ukrainian army over week

Russia’s Battlegroup North inflicted roughly 3,580 casualties on Ukrainian troops and destroyed four enemy multiple launch rocket systems, including a US-made HIMARS launcher in its area of responsibility over the week, the ministry reported.

"During the week, Battlegroup North units continued destroying Ukrainian armed formations in the Kursk Region. Operational/tactical aircraft and army aviation helicopters, unmanned aerial vehicles and artillery inflicted losses on personnel and equipment of units from four mechanized brigades, a tank brigade and two air assault brigades of the Ukrainian army and three territorial defense brigades. Russian forces also thwarted the enemy’s attempts to deploy reserves from the territory of Ukraine," the ministry said.

In the Volchansk and Liptsy directions, the Battlegroup North units struck formations of a Ukrainian marine infantry brigade, two territorial defense brigades and two National Guard brigades, it specified.

"Over the week, the enemy’s losses in the Battlegroup North area of responsibility amounted to 3,580 personnel, six tanks, 181 armored combat vehicles and 103 motor vehicles. Russian forces also destroyed four multiple launch rocket systems, including a US-made HIMARS rocket launcher, 35 field artillery guns and 12 electronic warfare and counterbattery radar stations," the ministry said.

Russia’s Battlegroup West liberates two communities over week

Russia’s Battlegroup West liberated the settlements of Stelmakhovka in the Lugansk People’s Republic and Sinkovka in the Kharkov Region over the past week, the ministry reported.

"Battlegroup West units liberated the settlements of Stelmakhovka in the Lugansk People’s Republic and Sinkovka in the Kharkov Region as a result of well-coordinated operations," the ministry said.

Reuters/Tass