Finance Students & Associates-FINSA (UGBS)♨
               🇬🇭8th April, 2019
                ⏰6:00pm

BUSINESS SPACE📈
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📡Banks must prioritize fight against cyber fraud—Zenith Bank CEO

The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018, according to figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service. In an interview with Citi Business News, Mr. Oroh said banks need to ensure that as they roll out new digital products they make the needed investment to ensure customers are safe when using such products.

📡Informal sector to  pay taxes through Mobile Money—GRA

The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The  authority says  it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal sector pay taxes.

📡Aker Energy announces $4.5m support for capacity-building in oil & gas sector

Aker Energy, operator of the Deepwater Tano Cape Three Point (DWT/CTP) Block offshore Ghana, has announced a $4.5 million support for the Accelerated Oil and Gas Capacity-building (AOGC) Programme, a Ghana government scheme designed to enhance the competencies and expertise of Ghanaians in the oil and gas sector.

📡Gov't lures investors as deal is reached with 10 countries on double taxation

The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government expressed the hope of signing more of such agreements to encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands and Germany.

|Policy Rate in Ghana - 16.0%|

|Inflation Rate in Ghana - 9.20%|

|Treasury bills rates|
Period        Discount Rates       Interest Rates
91 - Day           14.1887%                  14.7105%
182 - Day         14.0566%                  15.1192%

Foreign News💤
⚖ Oil climbs to 5-month high amid OPEC cuts, US sanctions and Libya fighting

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data. International benchmark Brent futures were at $70.62 per barrel at 07:16 GMT on Monday, up 28 cents, or 0.4% from their close. US West Texas Intermediate (WTI) crude were up 30 cents, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.

⚖ Big-time investors snapping up China's bonds

Global Investors are snapping up high-risk bonds in Asia - especially those in a sign that investors are increasingly more willing to take bigger bets. Those debt securities, known as high-yield or junk bonds, fell out of favour for much of last year amid an escalating tariff fight between Washington and Beijing.  In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two to three year maturities - longer than the less than one-year notes commonly seen a year ago.

⚖ Saudi energy ministers expects Aramco bond demand at 'north of' $30bn

Saudi Arabia Energy Minister Khalid al Falih expects robust demand for state oil giant Saudi Aramco's first-ever bond issuance, the deal for which is expected to close on Wednesday. Demand for the bond should should be "north of" $30bn, al Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday.

⚖ Carlyle Group to buy up to 40% in Spanish oil company from Mubadala

Private equity firm Carlyle Group is set to acquire a significant minority stake in Europe's largest privately-owned oil and gas company, Cepsa, from Abu Dhabi sovereign wealth fund Mubadala. Mubadala will still remain the majority shareholder, and the transaction's completion is expected by the end of 2019, subject to regulatory approvals.

|Daily Interbank FX Rates|
Currency         Pairs Code   Buying   Selling
U.S Dollar            USDGHS       5.0827    5.0877
Pound Sterling   GBPGHS       6.6131    6.6216
Swiss Franc         CHFGHS       5.0804    5.0865
Canadian Dollar CADGHS       3.7993    3.8031
Euro                      EURGHS       5.7044    5.7088
Chinese Reminbi CNYGHS      0.7573    0.7582

🌀|Sources|
www.citibusinessnews.com
www.bog.gov.gh
www.myjoyonline.com
www.bloomberg.com
www.cnbc.com
www.investopedia.com
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Term of the day📚
🤔 Double Taxation
Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.

🤔 What are the problems of double taxation?

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📍Compiled & edited by:   
Philip Elike Gagah
Agnes Boatemaa Appiadu