The United Nations Conference on Trade and Development (UNCTAD) and the Global Entrepreneurship Network of the US State Department have ranked Cameroon first, scoring seven out of 10 points, for its “MyBusiness.cm” online business registration system which is listed in the Global Enterprise Regulation portal. A certificate of “Highest Appreciation” was awarded during the Global Economic Forum organised by the United Nations Organisation on 18 July, 2016 in Nairobi, Kenya.

Presenting the award to the Prime Minister, Head of Government at the Star Building, yesterday, July 26, 2016, the Minister of Small and Medium-Size Entreprises, Social Economy and Handicraft, Prof. Laurent Serge Etoundi Ngoa, was full of gratitude to Philemon Yang for instructing reforms in business registration in a bid to improve the business environment. Six months ago, government put in place the online business registration platform “MyBusiness.cm” and made it functional in the cities of Yaounde, Douala and Garoua.

“Upon a discreet on-the-spot evaluation and inquiries by agents from the US State Department’s Global Entrepreneurship Network in our One-Stop shops for business registration, they realised the system was functioning,” he told the press after the audience.

Cameroon beat 18 other countries to emerge first in the e-registration category, while the Kingdom of Bhutan ranked first in the e-regulation category. In all, 116 countries were evaluated this year. “We believe Cameroon’s ranking will improve in this yearly exercise when we must have installed the system in all 10 regions,” said Prof. Etoundi Ngoa, failing to conceal his determination to strive for a better business climate to attract investments.

Cameroon Tribune

Within the framework of a convention between the Ministry of Defense (MINDEF) and the Ministry of Livestock, Fisheries and Animal Industries (MINEPIA) for the surveillance and control of fishing activities in the Cameroon waters, another fishing vessel named the Liao Lulhuyu was caught by the National Marine on the 13th July in the SONARA exploitation area.

The National Marine brought the vessel to Limbe and handed it over to MINEPIA services to follow up the normal procedures. According to the law, the company that owns the fishing vessel has the right to apply for an amicable settlement, if not, depending on the gravity of the crime committed, MINEPIA can engage a legal action against the company.

According to the South West Regional Delegate of MINEPIA, Dr. Walters Andu Ndi, the amicable settlement applied for by the owners of the fishing vessel was actually granted and fines were levied. Another penalty was that the fish caught was confiscated because they fished in a restricted area and as a result, this fish was regarded as state property. The Regional Delegate added that since fish is a perishable product, it was auctioned to the public on Saturday, 16 July, 2016 in Limbe in collaboration with the Ministry of State Property who are the competent body to carry out auction sales.

“We have educated the business persons of the fishing sector to understand the rules and regulations governing fishing activities. Now is the period for action and punishment of those who do not respect the laws. We hope that others will learn from the mistakes for a more responsible and sustainable fishing activity.

Cameroon Tribune

The Russian prime minister says Western countries have lost an estimated USD 100 billion due to sanctions imposed on Moscow over the Kremlin’s alleged role in the Ukraine conflict. “According to estimates of international experts, in recent time, the countries that have imposed the sanctions have lost about USD 100 billion,” Dmitry Medvedev said on Saturday.

Medvedev, who was among the attendees in the 11th Asia-Europe Meeting (ASEM) summit in Mongolia, also noted that most of officials he talked to during the event agreed that the bans harm economic relations. On Friday, the Russian premier further held a meeting with German Chancellor Angela Merkel on the sidelines of the ASEM summit.

According to the Russian government press service, the two sides “discussed the situation in Ukraine, … the trade and economic relations between Russia and the European Union and … the Russian-German cooperation.”

Heads of state and representatives from 28 EU member states and 21 Asian countries attended the two-day event. The West’s sanctions against Russia were initially introduced after the Black Sea Crimean Peninsula declared independence from Ukraine and voted for reunification with the Russian Federation in March 2014.

The Kremlin has slapped restrictions on some food imports from the US, the EU, Norway, Australia and Canada in a tit-for-tat move. Washington and its European allies accuse Moscow of destabilizing Ukraine. Moscow, however, rejects having a hand in the crisis gripping the Eastern European state.

Ukraine’s eastern provinces of Donetsk and Lugansk have witnessed deadly clashes between pro-Moscow forces and the Ukrainian army since Kiev launched military operations in April 2014 to crush pro-Moscow protests there.  The conflict has left around 9,400 people dead and over 22,000 others injured.

Presstv

The World Economic Forum (WEF) recently released its 2016 report entitled “Innovation in the digital economy. Cameroon ranks 124 out of the 139 countries involved in the research.  Cameroon Intelligence Report understands the study relates to various policies of economic and social development.

 The World Economic Forum placed Cameroon among the worst countries in this area, with an overall score of 3 out of 7. To be sure, Cameroon is far behind some African countries such as Mauritius in 49^th position, South Africa 65th, Seychelles 74th, Morocco 78th, Rwanda 80th, Tunisia 81st, Cape Verde 85th, the Kenya 86th, Egypt 96th and Namibia 99^th.

Globally, the ranking was dominated by Singapore and Finland. Cameroon under the Biya dictatorship has hardly improved its ranking since 2013. The report noted that despite ICTs important role in the vision of the government of Cameroon, the country is still very backward regarding the development of online services.

The World Economic Forum findings also revealed that there was an excessive use of pirated software (82%) in Cameroon including high tariffs in the mobile telephony market and prepaid offers that represented 80% of subscribers park in the country.

Sama Ernest with files from Cameroon-info.net

It has been revealed that Asian miners fraudulently evacuate undeclared mines from the East region in Cameroon. Cameroon government officials claimed recently that 70% of local mine production leave the country via the back door. Security sources say the Chinese ship the gold and diamonds using domestic gas cylinders.

Cameroon Intelligence Report learnt that security forces confiscated supposed empty gas bottles following intelligence from a Cameroonian national serving at the gold plants in Bertoua and found that some were heavier than others.  Huge amounts of gold hidden in plastic bags were discovered in some of the bottles.

Gold extraction companies and diamonds in the Eastern Region are predominantly Chinese. The Chinese are working in collusion with local CPDM officials who consent to the gold plunder scheme on Cameroonian soil. Unfortunately, not a single word or arrest have been made on the instigators of this horrible economic crime.

Our chief economic reporter noted that the CPDM government is maintaining a kind of deliberate silence on the issue in order not to strain diplomatic relations with China.  A highly placed government official who sued for anonymity told Cameroon Intelligence Report that there is virtually no record on diamonds extracted from sites in Boumba and Ngoko.

Ebong Kingsley (Cameroon Intelligence Report)

The British pound hit fresh lows against the dollar and the euro on Wednesday as financial turmoil intensifies in the wake of UK’s decision to leave the European Union. The pound, also known as sterling, sank over two and a half cents, or 1.4 percent, to $1.3, the weakest level in 31 years against the US currency.

Britain’s vote to exit the EU, known as Brexit, has plunged global markets into turmoil. The British currency also fell to its lowest since 2013 against the euro. The pound is currently trading at 1.8 euros. It has lost more than 14 percent of its value since UK’s referendum last month to exit the EU, as investors worry about the impact on the British economy and continuing uncertainty about the country’s political direction.

This comes as the Bank of England highlighted a number of risks emanating from the Brexit vote. The risks include a hit to the commercial real estate market from the possible relocation of banking jobs to other European cities. Last week, the American financial services company, Standard and Poor’s, downgraded Britain’s credit rating by two notches, from AAA to AA, a humiliating blow for the country and one that could cost its economy.

S&P was the last of the big three ratings agencies to have a blue-chip rating on the UK’s credit-worthiness. Moody’s, which stripped the UK of its top-notch rating following the austerity cuts of 2013, said last week it might further downgrade its credit rating. The British departure has triggered concerns that other EU nations may follow, challenging the political fabric of an alliance that has been constructed among nearly thirty very different countries.

Presstv