Saturday, July 24We Break the News

World Bank

South Africa goes into Lockdown for 21 days

South Africa goes into Lockdown for 21 days

AFRICA, COVID-19, INTERNATIONAL, INTERNET, South Africa, World Bank, World Health Organization
Cape Town – South Africa will move to adjusted Level 4 as the country is faced with a rising number of Covid-19 infections dominated by the more transmissible Delta variant, President Ramaphosa said. “What we are seeing is that the existing containment measures in place are not enough to cope with the speed and the scale of the infections we are experiencing under this third wave,” Ramaphosa said in a televised address. President Cyril Ramaphosa announced a three weeks Level 4 lockdown for the coming weeks and, with it, comes a complete ban on alcohol. The President's Coordinating Council (PCC), which consists of premiers and executive mayors, met on Sunday to discuss the way forward in the wake of rising Covid-19 infections. The wave prompted South African President Cyril Ram...
NATO to call out China’s behaviour as ‘systemic challenge’

NATO to call out China’s behaviour as ‘systemic challenge’

BREAKING NEWS, EUROPE, G7, G7 SUMMIT, HUMAN INTEREST STORIES, INTERNATIONAL, WORLD, World Bank
Turkey's President Tayyip Erdogan, US President Joe Biden and NATO Secretary General Jens Stoltenberg talk as Britain's Prime Minister Boris Johnson sits before a plenary session at a NATO summit in Brussels, Belgium Expected statement would mark a first for the Western alliance, which is historically focused on Russia. NATO is expected to formally call out China’s behaviour as a “systemic challenge” in its final summit statement, a first for the alliance historically focused on Russia. Leaders of the Western military alliance meeting in Brussels on Monday, including US President Joe Biden, will condemn China for rapidly expanding its nuclear arsenal, its opaqueness in modernising its forces and its military cooperation with Russia, according to the document seen by Reuters. h...
EAST AFRICAN BUSINESS COUNCIL APPOINTS NEW BOARD-UGANDA CHAPTER.

EAST AFRICAN BUSINESS COUNCIL APPOINTS NEW BOARD-UGANDA CHAPTER.

AFRICA, Business, EALA, EAST AFRICA, HUMAN INTEREST STORIES, Kenyan Parliament, PAN AFRICA, Parliament, UGANDA, World Bank
EAST AFRICAN BUSINESS COUNCIL APPOINTS NEW CHAIR The Board of the East African Business Council (EABC) Uganda Chapter has appointed Coca-Cola Beverages Africa's Simon Kaheru as Acting Chair, a (Uganda Chapter) after Madhvani Group's Jim Kabeho stepped aside to set the stage for a transition. Mr Simon Kaheru. Kabeho made the announcement during an EABC Members meeting at the Sheraton Kampala Hotel, where he was applauded for his 22 years of service to the EABC. The East African Business Council (EABC) is the regional apex body of Private Sector associations and corporates in East Africa, with a single purpose of driving the East African Community integration process through trade and investment. The EABC Uganda Chapter Board is composed of Barbara Mulwana, UMA Chairperson; S...
Security Council Report Monthly Forecast, June 2021

Security Council Report Monthly Forecast, June 2021

AFRICA, INTERNATIONAL, Security, Somalia, UN, UN Human RiGHTS, UN Women, UNDP, UNHCR, UNICEF, WORLD, World Bank
https://reliefweb.int/sites/reliefweb.int/files/resources/2021_06_forecast.pdf Overview In June, Estonia will have the presidency. The Council may hold meetings in the Security Council chamber this month, although high-level meetings will most likely continue to be held by videoconference (VTC). Estonia has chosen to hold three open debates: children and armed conflict, cybersecurity and working methods. The children and armed conflict open debate on the Secretary-General’s annual report will be at ministerial level and will be chaired by the President of Estonia, Kersti Kaljulaid. Briefings are expected from a senior Secretariat official,UNICEF and a civil society representative. The cybersecurity open debate will also be at ministerial level, with the Prime Minister of Eston...
President Kenyatta holds talks with visiting Foreign Affairs Minister of Saudi Arabia

President Kenyatta holds talks with visiting Foreign Affairs Minister of Saudi Arabia

AFRICA, Diplomats, EALA, EAST AFRICA, HUMAN INTEREST STORIES, INTERNATIONAL, Kenyan Parliament, Kisumu, POLITICS, Saudi Arabia, World Bank
NAIROBI, 26th May 2021, (PSCU)—President Uhuru Kenyatta today at State House, Nairobi held talks with visiting Foreign Affairs Minister of the Kingdom of Saudi Arabia Prince Faisal bin Farhan Alsaud. President Uhuru Kenyatta today at State House, Nairobi held talks with visiting Foreign Affairs Minister of the Kingdom of Saudi Arabia Prince Faisal bin Farhan Alsaud. Also present during the meeting was Foreign Affairs Cabinet Secretary Raychelle Omamo. During their talks, the President and his guest discussed the strong bilateral ties between Kenya and Saudi Arabia, noting that the two countries were keen on deepening their relations going forward. President Uhuru Kenyatta today at State House, Nairobi held talks with visiting Foreign Affairs Minister of the Kingdom of Saudi Arabi...
Kampala Lord Mayor,Councillors take oath

Kampala Lord Mayor,Councillors take oath

AFRICA, EAST AFRICA, EUROPEAN UNION, HUMAN INTEREST STORIES, INTERNATIONAL, KCCA, Media, POLITICS, Twitter, UGANDA, World Bank
Erias Lukwago, a 51 year old lawyer on Wednesday led a team of new leaders (Councillors) for the swearing in Ceremony at a function presided over by Buganda Road Court Chief Magistrate Mariam Akello Ayo at City Hall. Kampala Lord Mayor Salongo Erias Lukwago (L) listens to KCCA ED Mrs Kisaka Dorothy. Lukwago who was being flanked by his wife Nalongo and children took oath to lead the city for another term of five years until 2026. He was later handed the instruments of power to conduct business at City Hall. Lukwago who was first elected as Kampala Lord Mayor in 2011 has had a troubled time, especially during his first term in office. In November 2013, KCCA councilors voted him out of office after a tribunal headed by Lady Justice Catherine Bamugemereire found him ...
China crypto mining business hit by Beijing crackdown, bitcoin tumbles

China crypto mining business hit by Beijing crackdown, bitcoin tumbles

Asia, Banking World, China, POLITICS, TECHNOLOGY, USA, WORLD, World Bank
BEIJING, China Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China's cabinet has targeted virtual currency mining, a sizable business in the world's second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply. read more Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and some trading services to new clients from mainland China, adding it will instead focus on ov...
Investors are still confident in thematic tech even as prices plunge

Investors are still confident in thematic tech even as prices plunge

TECHNOLOGY, UNDP, USA, World Bank
NEW YORK, United States of America Thematic tech is seeing big price declines, but most investors are not bailing out.  It’s been a horrible year for the formerly red-hot investment darling, “thematic tech” investing, a catch-all phrase for emerging tech sub-sectors like Cathie Wood’s Ark funds, clean energy, cybersecurity, cloud computing and 3D printing.   After rocketing up in 2020 and into early 2021, these funds have seen dramatic declines since mid-February when rising interest rates put a crimp in the more speculative sectors of the markets, including thematic tech. Thematic tech sells off (from 52-week highs)  ARK Innovation (ARKK)    33% Global X FinTech (FINX)     20% Global X Lithium/Battery (LIT) ...
IMF proposes $50 billion plan to end the pandemic: official

IMF proposes $50 billion plan to end the pandemic: official

HUMAN INTEREST STORIES, INTERNATIONAL, UN, UNDP, WORLD, World Bank
WASHINGTON D.C, United States of America What you need to know: The fund is prioritizing closing the vaccine gap to put the world back on the path to growth.  The IMF on Friday proposed $50 billion plan to end the Covid-19 pandemic, with a target of vaccinating at least 40 percent of the world's population by the end of 2021. "Our proposal sets targets, estimates financing requirements, and lays out pragmatic action," said Kristalina Georgieva, head of the International Monetary Fund, at the Global Health Summit held in Rome as part of the G20. Looking ahead to a long-term sustainable global economic recovery, the plan then aims to have at least 60 percent of the world's population vaccinated by the end of 2022. The authors of the report point out that it is now...
Bitcoin tanks below $40,000; here’s why

Bitcoin tanks below $40,000; here’s why

Banking World, TECHNOLOGY, WORLD, World Bank
Bitcoin continued its week-long slide triggered by Elon Musk's back-and-forth remarks on Tesla's holdings of the digital currency. Extending its losses, the cryptocurrency fell below $40,000 on Wednesday, May 19. As per the latest data on Coinbase (at around 11.30 am), Bitcoin was trading at $38,570.90 (on May 19). This is the cryptocurrency's lowest level since February 2021 and comes after knocking a peak of $64,895 last month. It had dipped as much as 5.1% to $42,547 in New York on May 18. Bitcoin's price traded below $45,000 on May 16 following a tweet by Tesla CEO Elon Musk, who has been a forthright supporter of cryptocurrency, suggesting that the California-based company may be mulling offloading its bitcoin holdings. The most popular digital currency has been on a downwar...
Global connectedness spurs Turkey’s economic growth

Global connectedness spurs Turkey’s economic growth

Banking World, UN, UNBS, UNDP, WORLD, World Bank
BONN, Germany Turkey is the most globally connected country in South and Central Asia, according to the DHL Global Connectedness Index (www.DHL.com); The country moves ten places up to rank 55th out of 169 countries on the Index. One of the few countries to have experienced economic growth in 2020, a year when COVID-19 ravaged economies around the world, Turkey saw its economy grow by 1.8% last year (https://bit.ly/3ftjqKq) and is forecasted to expand by 4.8% in 2021 (https://reut.rs/3v4QnTX). In addition to the Turkish Government’s robust economic stimulus campaign, the country’s global connectedness seems to have played a pivotal role in Turkey’s recovery. Global Connectedness According to the seventh DHL Global Connectedness Index (GCI), published by DHL and N...
Canadian Stocks Little Changed on Thursday, Baltic Exchange Dry Index Up for 2nd Day, Copper Falls for 2nd Day, European Shares Recover in Afternoon Trading

Canadian Stocks Little Changed on Thursday, Baltic Exchange Dry Index Up for 2nd Day, Copper Falls for 2nd Day, European Shares Recover in Afternoon Trading

AFRICA, Asia, WORLD, World Bank
Canadian Stocks Little Changed on ThursdayThe S&P/TSX traded around the flatline on Thursday, after snapping a four-day winning streak the day before with heavyweight energy and materials stocks were among the worst performers dragged down by lower commodities prices. Adding to the bearish tone were the last minutes from an April Federal Reserve meeting, which showed that some policymakers are already comfortable discussing a tapering plan if the US economy continues to pick up strongly and inflationary pressures persist. On the domestic front, latest data showed prices of new homes rose 1.9 % from the previous month in April.Baltic Exchange Dry Index Up for 2nd DayThe Baltic Dry Index rose 0.8% to 2,824 on Thursday, extending gains for a second straight session, as the panamax index ...
Dollar Eases as Fed Minutes-Fuelled Bounce Fades, European Shares Recover in Afternoon Trading, Copper Falls for 2nd Day, Brazilian Equities Little Changed

Dollar Eases as Fed Minutes-Fuelled Bounce Fades, European Shares Recover in Afternoon Trading, Copper Falls for 2nd Day, Brazilian Equities Little Changed

AFRICA, Asia, WORLD, World Bank
Copper Falls for 2nd DayCopper futures fell for the second session on Thursday, trading below $4.6 per pound, after China said it will strengthen its management of commodity supply and demand to curb any “unreasonable” increases in prices. On the supply side, miner Glencore will restart operations at the currently idled Mutanda copper mine in the Democratic Republic of Congo in 2022 while in top producer Chile a possible strike at the world's largest Chile's Escondida mine threatens output. In spite of the price adjustment from a record high of $4.9 per pound reached on May 11th the copper cost is set to remain elevated given how crucial the metal is in the transition to a carbon-free world and as supply is constrained due to lack of investment by large miners. Meantime, the world’s top p...
US Weekly Jobless Claims Continue to Fall, Canada New Housing Prices Rise 1.9% MoM, US Futures Cut Most Losses after Claims Report

US Weekly Jobless Claims Continue to Fall, Canada New Housing Prices Rise 1.9% MoM, US Futures Cut Most Losses after Claims Report

AFRICA, Asia, EUROPEAN UNION, USA, WORLD, World Bank
US Futures Cut Most Losses after Claims ReportUS futures cut some losses on Thursday, with contracts on the Dow Jones little changed after falling almost 200 points early in the premarket session, as traders welcomed an upbeat claims report. Initial jobless claims dropped to a fresh pre-pandemic low of 444K, below market expectations of 450K. Still, worries over a rise in inflation and an early pull back in Fed's monetary stimulus continue to weigh on investors' mood. Last FOMC minutes showed some officials consider it might be appropriate to start discussing a tapering plan in upcoming meetings if the US economy continues to pick up strongly and inflationary pressures persist. Some officials also said that in several industries, the supply-chain disruptions appeared to be “more persisten...
Taiwan Export Orders Highest on Record For April, US Stocks Set to Extend Losses for 4th Day, Taiwan Export Orders Highest on Record For April, Poland Employment Rises for 1st Time in a Year

Taiwan Export Orders Highest on Record For April, US Stocks Set to Extend Losses for 4th Day, Taiwan Export Orders Highest on Record For April, Poland Employment Rises for 1st Time in a Year

AFRICA, Asia, WORLD, World Bank
Poland Employment Rises for 1st Time in a YearPoland's corporate employment rebounded by 0.9 percent from a year earlier, slightly short of market expectations, to 6.317 million people in April of 2021, following a 1.3 percent decline in the previous month. This reading interrupted a 12-month series of consecutive contractions in employment levels, as the economy seems to slowly start recovering from the pandemic crisis. On a monthly basis employment edged down by 0.2 percent, marginally faster than the 0.1 percent decrease in March.Taiwan Export Orders Highest on Record For AprilExport orders from Taiwan jumped 42.6% over a year earlier to USD 54.9 billion in April of 2021, the most on record for an April month, largely beating market expectations of a 32.6% surge. It is the 14th consecu...
Poland Corporative Wage Growth at Over 12-1/2-Year High, European Equities Pare Gains on Inflation Fears, European Equities Pare Gains on Inflation Fears

Poland Corporative Wage Growth at Over 12-1/2-Year High, European Equities Pare Gains on Inflation Fears, European Equities Pare Gains on Inflation Fears

AFRICA, Asia, EUROPEAN UNION, WORLD, World Bank
European Equities Pare Gains on Inflation FearsEuropean stocks cut early gains to trade flat to lower on Thursday, after economic data showed German producer prices rose in April by the most in nearly a decade, adding to signs of growing inflationary pressure in Europe's largest economy. At the same time, the US Federal Reserve minutes suggested policymakers could soon talk about starting to scale back stimulus. Elsewhere, investors welcomed signs of solid economic recovery as EU countries agreed on Wednesday to ease COVID-19 travel restrictions on non-EU visitors, while EU Commission chief Ursula von der Leyen said on Thursday the EU vaccination campaign is catching up with that of the US. The EU has signed a third contract with pharmaceutical companies BioNTech and Pfizer for an additio...
Montenegro Current Account Gap Narrows in Q1, Italy Current Account Surplus Shrinks in March, Croatia Unemployment Rate Falls to 8.9% in April, South Africa Building Permits Rise Less in March

Montenegro Current Account Gap Narrows in Q1, Italy Current Account Surplus Shrinks in March, Croatia Unemployment Rate Falls to 8.9% in April, South Africa Building Permits Rise Less in March

AFRICA, Asia, EUROPEAN UNION, WORLD, World Bank
South Africa Building Permits Rise Less in MarchThe value of recorded building plans passed in South Africa rose 3.4 percent from a year earlier in March of 2021, down from an upwardly revised 22.2 percent jump in the previous month. Building plans for the non-residential segment (18.5 percent vs 49.8 percent in February) and additions & alterations (3.1 percent vs 5.4 percent) posted smaller increases. In addition, those for the residential segment declined (-3.1 percent vs 20.2 percent).Croatia Unemployment Rate Falls to 8.9% in AprilCroatia’s jobless rate fell to 8.9 percent in April 2021, from 9.4 percent in the same month last year as the economy tries to recover from the coronavirus hit. The number of unemployed persons declined by 6.6 percent to 148,744 and employment went down...
Canada New Housing Prices Rise 1.9% MoM, US Weekly Jobless Claims Continue to Fall, Sri Lanka Producer Inflation Slows in March, Coffee Hits 4-year High

Canada New Housing Prices Rise 1.9% MoM, US Weekly Jobless Claims Continue to Fall, Sri Lanka Producer Inflation Slows in March, Coffee Hits 4-year High

AFRICA, Asia, WORLD, World Bank
Canada New Housing Prices Rise 1.9% MoMPrices of new homes in Canada rose 1.9 percent from the previous month in April of 2021, following a 1.1 percent increase in March. New house prices in March were up in 22 of the 27 census metropolitan areas surveyed. Year-on-year, new house prices jumped 9.9%, the largest increase since February 2007.US Weekly Jobless Claims Continue to FallThe number of Americans filing new claims for unemployment benefits dropped by 34 thousand to 444 thousand in the week ending May 15th, a new 14-month low and below market expectations of 450 thousand. The labor market continued to show signs of recovery, helped by the country's re-opening efforts, the ongoing government support and one of the world's most successful vaccination campaigns. However, the weekly rep...
Chinese Shares Close at 10-Week Highs, Malaysia Shares Stay in Positive Territory, South African Stocks at 1-Week High, Stocks in Euro Area Hit 13-year High

Chinese Shares Close at 10-Week Highs, Malaysia Shares Stay in Positive Territory, South African Stocks at 1-Week High, Stocks in Euro Area Hit 13-year High

AFRICA, Asia, EUROPEAN UNION, WORLD, World Bank
Chinese Shares Close at 10-Week HighsThe Shanghai Composite gained 11.4 points or 0.32% to 3529.01 on Tuesday, closing at 10-week highs, with traders digesting reports that the Biden administration in the US takes inflation very seriously but added that it was Federal Reserve's responsibility to deal with its fluctuations. Investors also assessed a statement by Fed's Kaplan that the US central bank could raise rates in 2022 and that the economy may grow by 6.4% this year. On the trade front, China announced Monday another extension of tariff exemptions for a total of 79 products imported from the US. The new extension will kick in on May 19th and is set to expire on December 25th, 2021. Meantime, the Hang Seng Index added 368.6 points or 1.31% to 28562.69, extending gains for the 3rd cons...
Singapore Equities Trade at Near 1-week High, 10-Year Treasury Yield Steady on Tuesday, FOMC Minutes Eyed, UK Stocks Rise Towards 14-Month Highs, Japan Annualized GDP Shrinks More than Expected

Singapore Equities Trade at Near 1-week High, 10-Year Treasury Yield Steady on Tuesday, FOMC Minutes Eyed, UK Stocks Rise Towards 14-Month Highs, Japan Annualized GDP Shrinks More than Expected

AFRICA, Asia, EUROPEAN UNION, WORLD, World Bank
Singapore Equities Trade at Near 1-week HighThe STI surged 56 points or 1.8% to a near one-week high of 3,135 in late trade on Tuesday, amid easing concerns over a surge in inflation and tight monetary policy from the US Federal Reserve after retail sales stalled in April. On the pandemic front, Singapore announced Monday that the travel bubble with Hong Kong will be postponed again in light of the spike in COVID-19 cases in the city-state, while Hong Kong said that another update will be announced on or before June 13th. Meantime, the World Economic Forum canceled its annual meeting in Singapore this August. In business news, GDS Holdings, a developer and operator of a data center across China, is holding preliminary talks with the Singapore-based logistics real estate developer and fund...
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