Sudan Launches Program to Protect Private Sector Employees from Corruption

A customer receives money from a teller inside the Bank of Khartoum, in Khartoum, Sudan. (Reuters)
A customer receives money from a teller inside the Bank of Khartoum, in Khartoum, Sudan. (Reuters)
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Sudan Launches Program to Protect Private Sector Employees from Corruption

A customer receives money from a teller inside the Bank of Khartoum, in Khartoum, Sudan. (Reuters)
A customer receives money from a teller inside the Bank of Khartoum, in Khartoum, Sudan. (Reuters)

Khartoum announced preparations to launch a counter-corruption program next April, which will vet Sudan’s private sector employees, estimated at about 75,000.

“This program will enable employees to become familiar with the management program used by companies around the world to assess internal fraud, corruption risks and external fraud,” said Sudan’s Al-Oula Center for Accounting Studies Director Adelah Mohammed Al-Tayeb.

The US Chamber of Commerce, during negotiations with Sudan in October, said that the implementation of the anti-corruption program will be the basis for trade between both private sectors and is vital for lifting sanctions.

The Center for International Private Enterprise (CIPE) oversees the anti-corruption program, as the US aims to ensure that the program is built in every country where it has commercial interests thereby ensuring that its trade partners have the ability to fight and prevent corruption.

Tayeb pointed out that the first phase of the program in Sudan will include the implementation of a technical survey of all employees in Sudanese companies and jobs listed in official state records.

The survey will cover 250 companies.

Sudanese banking sources said that most fraud risks and crimes, especially those which are financial, can be traced back to employees.

The risk of financial fraud is only possible through the falsification of documents, checks, counterfeiting, burglary and systems penetration to obtain the passwords of customer accounts.

“The concept of corruption is not limited to acts such as fraud and embezzlement. But greater efforts must be made to combat other forms of corruption, such as exploitation of status, conflict of interest, or financing private projects from public funds," said the journalist.

Head of the anti-corruption agency in Sudan, Al-Tayeb Mukhtar said that his country is currently preparing to complete the anti-corruption plan, which was approved by the Sudanese parliament several years ago.

One of the first steps in the fight against corruption in Sudan is establishing independent police prosecution.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.