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Global Economy in Whirl Of Mixed Data

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Apart from the global economy shifting back and forth, ForexTime said the process is bedeviled by a whirl of mixed data.

According to the report, a mix of sentiments emerged from the US last week, as both positive and negative data came through to reflect a somewhat muddled image of what is happening in the US right presently.

Unhindered by the high mortgage rates, existing home sales shot up  by 6.5% to reach 5.39M; a figure substantially higher than the predicted 5.15M.

Meanwhile, the housing data has been the most encouraging since 2009 and was reported as evidence of just how important to the health of the economy the housing sector is.

To dampen US spirits however, new home sales were not quite in line with existing home sales, falling to 497K and then further revised to 455K on August 23rd, raising question marks about the recovery of the housing sector.

Further discouraging were the jobless claims released on August 22nd ,which at 336K were a rise above the predicted 329K and a far move away from the 5 and a half year low of 320K recorded on August 15th.

“Wednesday, August 21st, saw a release of the Federal Reserve’s July Meeting Minutes, where most policymakers were in favor of Ben Bernanke’s plan to start gradually reducing bond-buying until finally putting an end to it in 2014. This week, the US is holding its breath for a number of key indicators such as core curable goods orders, out on the 26th and predicted at 0.6%, and CB consumer confidence, out on the 27th and expected at 79.6.

“Mixed data was also seen on the European front, where the disappointing French Flash Manufacturing PMI served as a contrast to the pleasing German counterpart. French Flash PMI failed to meet expectations, coming through at an unchanged 49.7 instead of reaching the hoped for 50.4. In juxtaposition, the German Flash PMI exceeded expectations by rising to 52.0 from July’s 50.7 and beating predictions of an expansion to 51.1,” the report read.

ForexTime also said that the final German GDP released on August 23rd rose by 0.7% as predicted; a two year high and a definite indication of the gulf between Germany and the rest of the eurozone.

Whilst other European countries cower in the shadow of austerity, Germany seems to be making its way to the light.

This week too, all eyes are on Germany as Europe awaits the Ifo Business Climate Index to rise to 107.01 from 106.2 and the unemployment levels to drop from 7K to 5K.

“Things were looking gloomy in the world’s third largest economy last week, with the Japanese trade deficit coming in at -0.94T on August 19th, much higher than the forecast -0.73T and practically double the figure recorded in 2012. Shinzo Abe’s policy of devaluing the yen to boost exports may be wise for achieving certain goals but has come with a huge consequence too.

“Nonetheless, Japan seems to be staying true to its aggressive policies and intends on ploughing its way through these difficult times by focusing on the country’s exports despite other drawbacks. Data out this week includes Japan’s National CPI on August 30th, anticipated to rise by 0.6%; if predictions are fulfilled it will mark the second consecutive yearly rise in National CPI for Japan.

“In the United Kingdom, the economy is continuing its recent bout of progress, with the second estimate of the UK GDP released on August 23rd and up by 0.7%, spurred on by positive services and manufacturing data, higher exports and imports and a rise in consumer spending. Of utmost importance this week in the UK will be Bank of England Governor Carney’s speech on August 28th, where he is expected to persist in keeping interest rates low for as long as possible,” it contained.


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E-Business

Microsoft Servers Hacked by Chinese Groups

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Chinese “threat actors” have hacked Microsoft’s SharePoint document software servers and targeted the data of the businesses using it, the firm has said.

Microsoft Servers Hacked by Chinese Groups

 

China state-backed Linen Typhoon and Violet Typhoon as well as China-based Storm-2603 were said to have “exploited vulnerabilities” in on-premises SharePoint servers, the kind used by firms, but not in its cloud-based service.

The US tech giant has released security updates in response and has advised all on-premises SharePoint server customers to install them.

“Investigations into other actors also using these exploits are still ongoing,” Microsoft said in a statement.

The firm said it had “high confidence” the hackers would continue to target systems which have not installed its security updates.

It added that it would update its website blog with more information as its investigation continues.

Microsoft said it had observed attacks in which hackers had sent a request to a SharePoint server “enabling the theft of the key material by threat actors”.

Charles Carmakal, chief technology officer at Mandiant Consulting firm, a division of Google Cloud, told reporter, it was “aware of several victims in several different sectors across a number of global geographies”.

Carmakal said it appeared that governments and businesses that use SharePoint on their sites were the primary target.

A number of adversaries who stole material encoded by cryptography were then able to regain ongoing access to the victims’ SharePoint data, he said.

“This was exploited in a very broad way, very opportunistically before a patch was made available. That’s why this is significant,” Carmakal said.

Carmakal said the “China-nexus actor” was deploying techniques similar to previous campaigns associated with Beijing.

Microsoft said Linen Typhoon had “focused on stealing intellectual property, primarily targeting organizations related to government, defence, strategic planning, and human rights” for 13 years.

It added that Violet Typhoon had been “dedicated to espionage”, primarily targeting former government and military staff, non-governmental organizations, think tanks, higher education, the media, the financial sector and the health sector in the US, Europe, and East Asia.

Meanwhile, Storm-2603 was “assessed with medium confidence to be a China-based threat actor”.

 

 

 


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NIMC Warns Nigerians of Fake NIN Website

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National Identity Management Commission (NIMC) has issued a public warning that it is not associated with NINcard.com.

NIMC Warns Nigerians of Fake NIN Website

According to the commission, the website has been circulating online to offer services for Nigerians seeking National Identification Number (NIN) services.

NIMC, in a post on its official X account on Wednesday, said, “NINcard.com is not in anyway affiliated to NIMC. Stay vigilant!”

The warning was accompanied by screenshots of fake payment receipts and OTP request pages from the website, both of which were boldly stamped “FAKE” by NIMC to alert the public.


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NITDA, API Partner Against Harmful Online Content

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National Information Technology Development Agency (NITDA), in partnership with the Advocacy for Policy and Innovation (API), has convened a one-day workshop in Abuja to advance dialogue on the draft Online Harm Protection (OHP) Bill to confront harmful online content.

NITDA, API Partner Against Harmful Online Content

The bill, a rights-based, locally rooted, and multi-stakeholder initiative, is aimed at addressing the challenges of the digital age.

The event, which held yesterday, brought together government officials, civil society, academics, digital platforms, and legal experts to shape a policy framework designed to combat online ills such as cyberbullying, disinformation, hate speech, digital exploitation, and gender-based violence, while safeguarding democratic freedoms and digital inclusion.

In his keynote remarks, Kashifu Inuwa, director general, NITDA urged a paradigm shift in the way society engages with digital technologies.

“For almost two decades, we have viewed digital technology through a consumer lens. But these technologies are not just products and services. They are transforming how we live, work, and interact. They shape our politics, our society, and our democracy,” he said.

Warning against unaccountable digital power in the hands of private corporations, the DG likened the digital journey to the tale of Alice in Wonderland, where initial fascination with innovation has given way to deeper concerns about privacy, autonomy, and manipulation by big tech platforms.

“We thought we were using Google, but now we realise Google is using us. Social media, once a tool of expression, has become a tool of surveillance and influence,” Inuwa noted.

He, therefore, emphasised the urgency of developing a democratic and accountable framework.  He explained that following the 2021 Twitter ban, NITDA facilitated dialogue between the government and platform operators, leading to a Code of Practice that stressed Nigeria’s sovereignty and legal standards.

According to him, the same process birthed the multi-stakeholder steering committee and the OHP White Paper in December 2024, laying the foundation for the current legislative push.

Earlier in her opening remarks,  Victoria Manya, co-founder, API, observed the moral and civic necessity of the bill.

Her words: “The internet did not break society, it merely revealed its unfiltered version. Every day, Nigerians are exposed to harassment, disinformation, exploitation, and even algorithmic violence. The OHP Bill is not a war on the Internet. It is a peace offering to its users, a social contract for a digital future that is safe, inclusive, and democratic.

“We cannot answer the question of algorithmic power with unchecked state control. We must answer it with shared, rights-based governance. This bill must not be written for the people, but with them.”


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