Grist to the mill (2024)

24/04/2022

Nigerians have been justifiably confused by conflicting poverty data presented by the Muhammadu Buhari administration and the World Bank. According to Buhari, his administration has lifted 10.5 million Nigerians out of poverty within the past two years. But no sooner had he made the statement than the World Bank asserted that inflation has plunged seven million Nigerians into poverty.
These statements might seem to be contradictory to non-economists. But closer analysis suggests that Buhari and the World Bank are right - depending on how poverty is measured.
The first is income or monetary measure of poverty, what economists refer to as the 'headcount index'. It measures the proportion of the population that is poor based on a minimum personal income - for example $1.90 per day. This minimum amount is deemed adequate to maintain an acceptable living standard, given the cost of living in a given country.
Based on this measure, Buhari is right to claim that - by transferring cash to 12 million households during the past five years - a majority of these Nigerians have exceeded the income threshold. Therefore, they have escaped poverty.
The other measure is known as the multidimensional poverty measure. It measures poverty by income, and by the access people have to health, education and living standard indicators. These include sanitation, drinking water, electricity, and housing. It is therefore possible for someone to be regarded as non-poor under Buhari's calculations, but poor when this measure is used.
This is the measure the World Bank appears to be applying. By this measure 47.3% Nigerians, or 98 million people, live in multidimensional poverty. Most of them are located in northern Nigeria. This poverty rate does not include Borno State, where insurgency has prevented data collection.
Aware of this, the Buhari administration has set the very ambitious goal of lifting 100 million Nigerians out of poverty by 2030. This is a tall order, considering that another five million more Nigerians are expected to become poor as a result of COVID-19 in 2020.
The administration's cash transfer programme is commendable. But Buhari should turn his focus more on promoting structural transformation. This would move millions of poor Nigerians from low-productivity agricultural and informal-sector activities to high-productivity sectors such as manufacturing, agro-processing, as well as information and communication technologies.

23/04/2022

A second-half goal created by Luis Suarez rescued a point for Uruguay in the Copa America group stage in a 1-1 draw with Chile on Monday. Uruguay were coming off a 1-0 loss to Argentina where their attack was non-existent, and while it was improved in this one, it was far from the level the team expects as it stretched its winless streak to five games.
Chile managed just one shot on frame in this one, but it was all they needed to beat Fernando Muslera, as Eduardo Vargas scored this lovely opener 26 minutes in: With their backs against the wall again and looking to break a streak of four matches without a goal, Uruguay were much improved in the second half, showing creativity and putting the ball into dangerous spots, while giving Chile next to nothing.
But as the time was winding down, some key veteran was going to need to step up to get a point, and it came thanks to the attentive Suarez. Though it has been declared an own goal by Arturo Vidal, Suarez was able to get the ball into the back of the net on a corner kick in the 66th minute by battling his former Barcelona teammate for a ball at the far post. The ball hit the Chilean player and rocked off the crossbar and in, beating Claudio Bravo.

22/04/2022

A 7.0-magnitude earthquake and several aftershocks have rattled Chile, triggering panic as authorities issued a nationwide tsunami alert while only seeking to evacuate the country’s largest research station in Antarctica.
The strongest of over half a dozen jolts struck South Shetland Islands 216 kilometers northeast of Chile’s O’Higgins scientific base at 8:36pm, while another 5.8 quake shook the Chile-Argentina border region close to the capital, Santiago around 30 minutes later.
While the warning was only meant for the coastal regions of Antarctica, people all across Chile received messages urging them to abandon coastal areas due to a tsunami threat, triggering much confusion.

20/04/2022

A spillover from 2020, the soap brow continued to reign in 2021 for its laminated brow effect.Instead of turning to brow gels, the soap brow is a lot more low-maintenance. It only involves a spoolie brush and a bar of soap. Wet the spoolie with water, coat it in soap and brush (in an up and out motion) through the eyebrows for fluffy, full yet natural-looking brows.The glycerin in soap coats the surface of the brow strands and keeps them in place.

18/04/2022

Chile’s vaccination campaign against the coronavirus has been one of the world’s quickest and most extensive, but a recent surge in infections has sparked concern beyond its borders.
Almost 40% of the South American country’s total population have now received at least one dose of a Covid-19 vaccine, according to statistics compiled by Our World in Data, reflecting one of the highest vaccination rates in the world.
Only Israel and the U.K., respectively, have inoculated a larger share of their population with at least one dose.
Nonetheless, Chile has endured a sharp uptick in coronavirus infections in recent weeks, even with its world-renowned vaccine rollout and strict lockdowns in place for much of its 19 million inhabitants.
The Pan American Health Organization’s regional director has since emphasized that for most countries in the region, vaccines won’t be enough to prevent rising infection rates.
The number of daily cases in Chile rose to a record high on April 9, climbing above 9,000 for the first time since the pandemic began and significantly higher than the peak of almost 7,000 recorded last summer.

17/04/2022

SANTIAGO, June 24 (Reuters) - With copper prices soaring and Chile's economy reeling from the COVID-19 pandemic, lawmakers want to fund recovery efforts by hiking royalties on the booming mining sector but the drive could flounder because of deals that previous governments signed decades ago to freeze tariffs on the biggest miners.
Major foreign miners operating in the world´s largest copper producer obtained tax stability agreements that maintain payment regimes, and a Reuters review shows these do not expire for two to 15 years.
The deals, meant to buffer investors from political or economic upheaval, helped attract investments in some of Chile's largest mines.
Experts interviewed by Reuters said that even after likely passage of a law outlining a royalty as high as 75% on copper sales, the agreements could diminish Chile's windfall.
Some lawmakers want to push to renegotiate the stability clauses, taking a cue from nearby Peru, the world's second-largest copper miner. There, Pedro Castillo, who pledged to boost social spending to help the poor, is on the verge of being confirmed as president after a disputed election. read more
Castillo's team has suggested he will seek to circumvent any delays to a plan to raise taxes on miners by renegotiating tax stability agreements covering 25 operators including major Chinese mines. read more
Among those in Chile who want to take a similar tack is Catalina Perez of the radical-left Democratic Revolution party. She and other opposition lawmakers, many representing mining areas, co-authored the mining royalties bill.
Nonetheless, miners and Pinera's administration will seek to modify the bill as it moves through the senate, with more than a month of evidence-gathering sessions starting this week. read more
But industry analysts warned that trying to override tax stability agreements could damage Chile's business-friendly reputation and bring legal action.

16/04/2022

This week we will take a look at prices and volumes of kiwifruit in the U.S. market.
In a recent article, we discussed how Chilean kiwifruit production had decreased due to labor shortages as a result of the pandemic, and how Northern California, whose season has already ended, also saw a drop in production. Add this to the increase in consumption of fruits rich in vitamin C, and you get high kiwifruit prices in the market.
To the above, we must add the fact that kiwifruit stocks in the Northern Hemisphere (United States, Italy, Greece, France) are lower compared to previous years, and that there are also delays in Chilean production. Let us also remember that the majority of kiwifruit volumes from New Zealand go to the Asian market and to Europe.
As we mentioned, and as can be seen in the graph below, the reported average prices of kiwifruit in the North American market have been the highest in recent years. The average reported price in May was US$25.68 for containers of nine kilograms or 19.8 pounds, which represents a 15 percent increase year-on-year.

15/04/2022

health secret. Load Up on Probiotics. Cleaning up your gut will help you look and feel younger and healthier. Researchers have linked healthy gut bacteria to a reduced risk of Alzheimer's, so it's time to make probiotic foods like sauerkraut, yogurt, and kimchi part of your regular menu.

15/04/2022

Digital payments
As well as offering passengers more information through mobile phone applications, operators are also looking to make payments more efficient and COVID-safe through contactless options. Some Latin American cities already offer the option to pay using debit and credit cards, like Rio de Janeiro and Guatemala City, and others like Panama City and San José, Costa Rica are working to implement pilots. Cashless payments aim to simplify and streamline the experience for users by reducing the purchase and entry queues at transport hubs, minimising crowds at peak hours and increasing customer satisfaction using ‘tap and go’.
“The future is new Mobility-as-a-Service applications and there will be more integration in travel within the city and metropolitan regions without the need for interruptions to buy a new ticket,” said Fernanda Caraballo, Director of Business Development for Latin America at Mastercard. “This is a benefit for the frequent, infrequent and tourist travellers because they save time by paying with a debit or credit card and, in the case of tourists, the language barrier and doubts are eliminated, if they are in an unknown city.”
Caraballo says Mastercard’s aim is to transform the collection schemes for transportation systems to generate savings and efficiency for the city and for transportation operators, and to improve the quality of life for citizens.
“Mastercard seeks to offer the best solution that suits the specific needs of each city,” she added.

12/04/2022

secret of youth Add Some Cinnamon to Your Food. Adding cinnamon to your coffee or your favorite baked goods can make a big difference when it comes to how your brain ages. According to the study, animals given cinnamon supplements experienced lower rates of cognitive decline than animals given a placebo.

Grist to the mill

24/04/2022

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22/04/2022

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