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Nigeria: Central Bank to auction Yuan

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The Yuan traders say the Central Bank of Nigeria has directed lenders to submit bids for the Chinese currency in its second auction of the yuan after the agreed swap with the People’s Bank of China in May.

The Apex bank signed a $2.5 billion three-year currency swap deal with Beijing to facilitate trade between the two countries and cut reliance on the dollar.

It sold 69.86 million yuan that’s about $10.16 million in its first auction of the Chinese currency two weeks ago at a range of 49-51 naira.

 

24 Hours Across Africa

EU to probe Amazon over use of merchant data

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Amazon became the target of an antitrust investigation by the European Union on Wednesday over its use of merchants’ data, underlining the increasing regulatory scrutiny about how tech companies exploit customers’ information.

The European Commission has been seeking feedback from retailers and manufacturers since September into Amazon’s dual role as a marketplace for merchants and acting as a competitor following complaints from traders about Amazon’s practices.

The Commission said its investigation would focus on Amazon’s standard agreements with marketplace sellers and its use of data in choosing winners of the “buy box”, which allows consumers to add items from a specific retailer directly to their shopping carts.

European Competition Commissioner Margrethe Vestager, who can fine companies up to 10% of their global turnover, said the issue was crucial as more and more Europeans shop online.

“E-commerce has boosted retail competition and brought more choice and better prices. We need to ensure that large online platforms don’t eliminate these benefits through anti-competitive behavior,” she said.

Amazon said it would cooperate fully with the EU investigation. The company reached a deal with Germany’s antitrust authority on Wednesday to overhaul its terms of service for third-party merchants.

Under its terms of service for Europe here set out on its website, merchants grant Amazon “royalty-free” rights to use in a range of ways their materials, such as technology, trademarks, content and product information.

“There have been concerns around the world that competition authorities have failed to appreciate the market power that comes from ownership of data,” he said.

In Amazon’s case, he said the Commission needed to show “the standard agreements with retailers were anti-competitive in somehow allowing Amazon to use the data to manipulate market outcomes, or that Amazon had in some way abused its dominance.”

The Commission had been struggling to define the market in which Amazon operates in order to identify where the competitive harm could have been, sources said.

This would not be Amazon’s first run-in with the Commission. Two years ago, it was told to pay back taxes of about 250 million euros ($280 million) to Luxembourg because of illegal tax benefits. That same year it settled with the regulator over its distribution deals with e-book publishers in Europe.

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24 Hours Across Africa

Senegal to terminate deal with Mauritius over hiked tax

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Senegal has threaten to part ways with Mauritius over hike taxation, also stated they will pull out from the deal.

Senegal could leave the double taxation treaty signed with Mauritius in 2002. According to President Macky Sall, Senegal has lost more than $250 million in tax revenue to its partner in 17 years.

The Dakar government believes that Mauritius, already on the European Union’s grey list, is home to many companies investing in Senegal in mining resources such as Zircon or gold.

A way for these companies to bypass tax revenues by taking advantage of the treaty between the two countries.

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