Items filtered by date: Friday, 07 September 2018

France reiterated its support to international efforts assisting elections in Libya by year-end, the French Foreign Ministry said in a statement.

“In support of the UN and its partners, France is determined to work towards the continuation of the political process and the holding of elections by the end of the year, in accordance with the UN Action Plan,” the ministry said.

Paris also “calls on the international community, regional organisations and all the friends of Libya to join their efforts in this direction,’’ the ministry added.

The ministry warned that “those, who seek to hinder this political process will have to answer for their actions.”

The UN Secretary-General, Antonio Guterres, and his special representative for Libya Ghassan Salame, French Foreign Minister, Jean-Yves Le Drian condemned the violence and attacks targeting the stability of Libya.

Since the 2011 uprising to oust former leader Muammar Gaddafi, Libya has been plunged into chaotic violence and political instability which has helped the terrorist cell flourish and put the security of the Maghreb region at risk.

This main oil exporter in North Africa, since then, has been struggling to make a transition to democracy.

It suffers from political division, with two rival parliaments and governments battling for legitimacy.

 

 

NAN..

Published in World
China has agreed to restructure some of Ethiopia’s loans, including a loan for a four billion dollars railway linking its capital Addis Ababa with neighbouring Djibouti, Ethiopia’s Prime Minister Abiy Ahmed said on Thursday.
 
“`During our stay, we had the opportunity to enact limited restructuring of some of our loans.
 
“In particular, the loan for the Addis Ababa-Djibouti railway which was meant to be paid over 10 years has now been extended to 30 years.
 
“Its maturity period has also been extended,” Ahmed told newsmen in the Ethiopian capital Addis Ababa, upon return from a summit in China.
 
President Xi Jinping announced 60 billion dollars in aid and loans for Africa on Monday while hosting more than 40 of the continent’s leaders in Beijing, saying that the money came with no expectation of anything in return.
 
Beijing pushed back on criticism that it was shackling poorer countries with heavy debt burdens they will struggle to pay back, portraying the Chinese government as a magnanimous one motivated only to share its experience of rapid industrialization.
 
“China’s investment in Africa does not come with any political conditions attached and will neither interfere in internal politics nor make demands that people feel are difficult to fulfill,” Xi said during a keynote address to the Forum on China-Africa Cooperation on Monday.
 
Zi said the money will be focused on infrastructure to help speed African countries’ development, not on “vanity projects.”
 
The package outlined by Xi also includes medical aid, environmental protection, agricultural training and assistance, and government scholarships and vocational training for more than 100,000 young Africans.
 
At the last forum, held in Johannesburg three years ago, Xi also pledged $60 billion in investment.
 
He said Monday that this money had already been granted or earmarked, so the latest announcement represented a second round of 60 billion dollars.
 
The program is part of Xi’s broader Belt and Road Initiative, an ambitious $120-billion-plus project that aims to link 65 countries in Europe, Asia and Africa — together accounting for almost two-thirds of the world’s population — through infrastructure projects and trade.
 
At a time when President Trump is engaged in trade fights with the United States’ neighbors and allies, the Chinese leader seems to relish the opportunity to appear as a popular international statesman and champion of the liberal economic order.
 
For two days in a row, every headline on the front page of the state-run People’s Daily started with the words “Xi Jinping,” as the president met with the leaders of Angola, Gabon, Mauritius, Senegal and elsewhere.
 
He also hosted Sudanese President Omar al-Bashir, who has been charged by the International Criminal Court with war crimes and crimes against humanity.
 
Analysts have raised concerns about African countries, many of which are subject to the whims of commodity markets, not being able to repay Chinese loans.
 
The three countries most vulnerable because of large debts owed to China are Djibouti, Congo and Zambia, say academics at the China Africa Research Initiative at Johns Hopkins University.
 
Zambia, which has a gross domestic product of 19.5 billion dollars, according to the World Bank, had taken about 6.4 billion dollars in loans from China, the researchers wrote in a briefing paper last month.
 
But Rwandan President Paul Kagame, who chairs the African Union, said that rather than viewing the investment as a “debt trap,” other countries should be asking why they’re not giving Africa as much assistance as China.
 
“We have benefited a lot from China’s support in our social and economic programs, and that has continued to strengthen the partnership between China and Rwanda,” Kagame told the People’s Daily.
Published in News Economy

The Nigerian Stock Exchange (NSE) is now ranked the worst performing equities market in the African continent as the Year-to-Date (YTD) return of the All-Share Index (ASI) worsened.

The YTD return is the amount of profit generated by an investment since the beginning of the current calendar year.

The latest development was occasioned by rising uncertainties in the Nigerian economy and the recent political developments in the country which undermined investors’ sentiments.

According to the weekly pan-African stock market monitor by a Lagos-based investment house, United Capital Plc., the NSE was the worst performing stock market in Africa having recorded a YTD return of -11.3 percent as at September 3, 2018.

The Nigerian bourse was trailed by the Regional Securities Exchange (BRVM) to emerge the second worst performing stock market in the continent after recording a YTD return of -11.1 percent.

The BRVM, which covers francophone nations in the West African sub-region like Benin, Guinea Bissau, Mali, Togo, Niger, Cote d’lvoire, Burkina Faso and Senegal, offers stock trading services from its headquarters in Abidjan, while its market offices are maintained in each country.

In 2017, the NSE was ranked among the top performing stock markets in Africa, and the exchange was ranked among the five top performers in the year after Argentina, Turkey, Hong Kong and the United States, according to S&P Dow Jones Indices. The NSE-ASI grew by 42.30 percent year-on-year in 2017.

Analysts at United Capital listed Morocco Stock Exchange as the third performing capital market with -7.1 percent YTD return.

The YTD return of the Kenya’s stock market, Nairobi Securities Exchange, dropped to -2.1 percent to emerged the fourth performing bourse in the continent, while South Africa’s stock market, Johannesburg Stock Exchange (JSE), went southwards to -1.3 percent.

Conversely, the Tunis Stock Exchange (TSE) led other exchanges in the continent as its ASI rose by 33.4 percent from the beginning of the year, while Zimbabwe Stock Exchange (ZSE) and Ghana Stock Exchange (GSE) trailed with YTD returns of 21.8 percent and 7.9 percent, respectively.

Analysts at Cordros Capital advised investors in Nigeria’s stock market to trade cautiously in the short to medium term, noting that selloffs were likely to persists.

The analysts attributed the poor performance at the NSE to negative sentiments of investors, particularly the foreign portfolio investors, as a result of “contagion effect of emerging market selloffs and political concerns ahead of the 2019 elections.”

  

Source: The Ripples

Published in News Economy
Friday, 07 September 2018 04:37

China To Invest N2.16trn In Africa In 3 Years

The Chinese Government has expressed readiness to invest N2.16 trillion ($60 billion) in Africa in the next three years.
 
The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang disclosed this in a post-summit article entitled, “FOCAC Beijing Summit: A New Milestone in China-Africa Relations”.
 
Chao said the new investment drive was one of the outcomes of the just concluded summit of the Forum on China-Africa Cooperation(FOCAC).
 
He said China would also in the next three collaborate with African countries in industrial promotion, infrastructure connectivity, trade facilitation, green development, capacity building, healthcare, people-to-people, peace and security.
 
“President Xi Jinping has announced that China will launch eight major initiatives in close collaboration with African countries in the next three years.
 
“The eight initiatives are in areas of industrial promotion, infrastructure connectivity, trade facilitation, green development, capacity building, health care, people-to-people, peace and security.
 
“To make sure these eight initiatives are implemented, China will extend 60 billion U.S. dollars (N2.16 trillion) financing to Africa in different forms which includes 15 billion U.S. dollars (N5.4 trillion) grants, interest-free loans and concessional loans.
 
“China will also encourage Chinese companies to invest more than 10 billion U.S. dollars (N3.6 trillion) in Africa in the coming three years,’’ he said.
 
According to him, China and African countries are destined to be good friends, good brothers and good partners.
 
Chao said that the Chinese government had also planned to set up ten Luban vocational workshops and an China-Africa innovation cooperation centres for youth innovation and entrepreneurship in Africa.
 
“There will also be a tailor-made programme to train 1000 Africans, as well as offer of 50,000 government scholarships to Africans.
 
“There will also be training opportunities for 50, 000 Africans through workshops and seminars and 2000 exchange opportunities for African youth,’’ he said.
 
Chao said the Summit was attended by President Muhammadu Buhari, 49 other Heads of State and Government, African Union (AU) Commission’s Chairperson and more than 240 Ministerial representatives from 53 African countries.
 
The consul-general said the meeting between Presidents Xi Jinping and Muhammadu Buhari at the summit, ended with the signing of more bilateral cooperation agreements between China and Nigeria.
 
He added: “We are confident that the FOCAC Beijing Summit and the meeting between the two Presidents will bring new opportunities for the comprehensive development of China-Nigeria strategic partnership.
 
“FOCAC Beijing Summit has set a new milestone for China-Africa relations. China with Nigeria and other African countries are ready to join hands to build a China-Africa community.
 
“A community with a shared future that features joint responsibility, win-win cooperation, happiness for all, common cultural prosperity,
common security, and harmonious co-existence.’’
 
 
Source: PMNEWSNIGERIA
Published in Business

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