In a statement from the White House, President Joe Biden expressed strong support for the reauthorization of the African Growth and Opportunity Act (AGOA). This bipartisan law has been a cornerstone of U.S. trade with sub-Saharan Africa for over two decades, and the President encouraged Congress to swiftly reauthorize and modernize AGOA to adapt to the economic opportunities of the coming decade. AGOA plays a crucial role in promoting private-sector-led economic growth across sub-Saharan Africa by enhancing the competitiveness of African products, expanding export diversity, and contributing to the creation of numerous high-quality jobs in Africa. Its positive impacts are…
Author: Editor Francis
The 23rd World Travel & Tourism Council Global Summit has commenced at the Kigali Convention Centre in Rwanda’s capital, Kigali. President Kagame officially opened the summit, which is taking place from November 1 to 3, and marks the first time an African country hosts this prestigious event. The summit has brought together industry leaders, experts, and figures like managing director Fawaz Farooqui and Julia Simpson, President and CEO of the World Tourism Network, to focus on the recovery and sustainability of the travel and tourism sector. Julia Simpson stressed the importance of sustainability and the sector’s resilience, emphasizing the need…
An individual company’s high P/E ratio, for example, would be less cause for concern when the entire sector has high P/E ratios. The earnings yield is also helpful when a company has zero or negative earnings. Since this is common among high-tech, high-growth, or startup companies, EPS will be negative and listed as an undefined P/E ratio (denoted as N/A). If a company has negative earnings, however, it would have a negative earnings yield, which can be used for comparison. This can be useful given that a company’s stock price, in and of itself, tells you nothing about the company’s…
The Nigerian Senate is poised to pass the ₦2.18 trillion 2023 Supplementary Appropriation Bill, which was submitted by President Bola Tinubu and expedited for consideration. Following the bill’s introduction during Senate plenary on Tuesday, the proposed budgetary allocations were debated, passed for a second reading, and referred to the Committee on Appropriations. This committee, chaired by Senator Solomon Adeola of the All Progressives Congress (APC), Ogun West, conducted extensive discussions with heads of the seven affected agencies, whose budgetary proposals were included in the supplementary budget. Senator Adeola confirmed that the committee met with these agency heads until late on…
The family of Dedan Kimathi, who was hanged by the British administration, and relatives of other well-known Kenyan freedom fighters didn’t immediately comment. In the past, they have called for an apology and compensation from Britain, along with any information on the whereabouts of Kimathi’s body. The British High Commission said only that the meeting was an “opportunity for the king to hear firsthand about the violence committed against Kenyans during their struggle for independence.” Attendees included the chair of the Mau Mau War Veterans Association. The issue remains painful for many Kenyans, and police dispersed a couple dozen people…
President Biden has taken action to reinstate the African Growth and Opportunity Act (AGOA) trade preference program benefits for one nation, Mauritania. Simultaneously, he has decided to terminate benefits for four countries, specifically Gabon, Niger, the Central African Republic, and Uganda, effective from January 1, 2024. Mauritania’s eligibility for AGOA benefits will be restored due to the significant progress made since the termination of its benefits in 2019, primarily concerning worker rights concerns. The government’s commitment to cooperating with the United States to make substantial strides in worker rights and eliminating forced labor has been a contributing…
A number of South American nations have lodged diplomatic protests against Israel in response to its latest conflict with Hamas in Gaza. Bolivia’s leftist government went further by fully cutting ties with Israel, accusing it of war crimes and human rights violations. Bolivia’s decision was announced Tuesday by Minister Maria Nela Prada, who condemned the “attacks on Gaza which have claimed thousands of civilian lives.” Hours later, Chile and Colombia recalled their ambassadors from Israel, while Brazil’s president criticized the airstrikes on Gaza. Bolivia previously severed relations with Israel in 2009 after an invasion of Gaza, but resumed ties in…
Pfizer reported Tuesday, a loss following a sharp fall in the sales of its Covid-19 vaccine and therapeutic from pandemic peaks. The drugmaker reported a third-quarter loss of $2.4 billion, compared with $8.6 billion in profits in the year-ago period. Results were dented by a $5.6 billion inventory write-down in Covid-19 therapeutic Paxlovid and vaccine Comirnaty. The results came after Pfizer on October 13 lowered its forecast due to the precipitous drop in company revenues as Covid-19 rates have declined. In the third quarter, revenues fell 42 percent to $13.2 billion. But following solid third-quarter growth in non-Covid products, Pfizer…
The Central Bank of Nigeria (CBN) has announced that the old N200, N500 and N1000 banknotes will continue to be accepted as legal tender beyond the previously stated deadline of December 31, 2023. The CBN had earlier said that the old notes would cease circulating by year’s end, in compliance with a Supreme Court ruling. This led to severe cash shortages when the redesigned new notes were rolled out inefficiently under former CBN Governor Godwin Emefiele. Citizens faced major hardship in February as banks rejected the old notes before the January 31 deposit deadline. Widespread protests and some riots targeting…
King Charles III begins the second day of his trip to Kenya on Wednesday after acknowledging there was “no excuse” for colonial-era abuses during Britain’s rule of the East African country. Charles said he wished to “deepen my own understanding of these wrongs” during the four-day state visit with Queen Camilla, but also to bolster “a modern partnership of equals facing today’s challenges”. There have been widespread calls for Charles to formally apologise to the country Britain violently ruled for decades before its hard-fought independence in 1963. On his first day in Kenya, the 74-year-old British head of state said…
The U.S. government is leading an effort to build a new 800 km rail line connecting Angola, the Democratic Republic of Congo (DRC), and Zambia. Acting Special Coordinator for the Partnership on Global Infrastructure Investment, Helaina Matza, made this known during a press briefing. The rail line will run from Chingola, Zambia, to Luau, Angola, crossing through the DRC. It is part of the U.S.-led Global Infrastructure Partnership (GIP) initiative, which aims to mobilise $600 billion in infrastructure investment globally by 2027. The rail project will be developed through a public-private partnership between the U.S. International Development Finance Corporation (DFC),…
King Charles of Britain embarked on his first official visit to a Commonwealth nation since his coronation in September 2022. The visit holds special importance as it coincides with Kenya’s celebration of its 60th anniversary of gaining independence from Britain. The British government and monarchy have chosen Kenya for this visit to reiterate the significance they attach to the East African nation. It also serves as a demonstration to other Commonwealth member states that a republic can maintain a positive relationship with Britain, especially at a time when some, like Jamaica, are considering removing the king as head of state.…