CC™ VideoSpective
Wednesday
China tells US companies it will protect rights of foreign-funded firms
China's Vice Commerce Minister Ling Ji told U.S. companies including Tesla and GE Healthcare that the country would always protect the rights of foreign-funded firms in China, including those from the United States.
China has been, is, and will be an "ideal, safe, and promising investment ground for foreign investors," Ling said at a roundtable meeting in Beijing on Sunday with more than 20 U.S.-funded companies.
The comments from Ling, also China’s deputy trade negotiator, suggest Beijing has no plans to penalise U.S. companies even as U.S. President Donald Trump escalates a tariff war with the rest of the world including China.
Citing Ling, China's Commerce Ministry said in a statement on Monday that it would protect the "legitimate rights and interests of foreign-funded enterprises in accordance with the law, and actively promote the resolution of foreign-funded enterprises' problems and demands."
The "abuse of tariffs on all trading partners, including China" has seriously damaged the rules-based multilateral trading system," Ling said, adding that the root of the tariff dispute "lies in the United States".
Last month, President Xi Jinping urged a gathering of multinational CEOs in Beijing to protect global industry and supply chains.
Xi said foreign firms contribute one-third of China's imports and exports and have also created more than 30 million jobs, stressing their value to the world's second-biggest economy.
Tuesday
Trump slams Nigeria’s import ban, says it affects American exporters
Nigeria’s import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods, the United States Trade Representative said in a statement on Monday.
According to the statement posted on its X platform, Nigeria’s restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities.
These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market.
The country’s reaction comes at a time when tensions are rising over its sweeping tariffs imposed on several countries.
Last week, the Trump administration imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.
Nigerian stocks on Monday recorded their biggest drop in recent times following the impact of U.S President Donald Trump’s tariffs on global trade markets.
Investors lost about N659 billion at the close of trading after the Nigerian Exchange’s All Share Index (ASI) decreased by 1.23 percent, its biggest single-day decline this month.
Stocks like Oando and Honeywell Flour Mills helped to push the market lower. Oando decreased the most, from N42 to N37.80, down by N4.20 or 10 percent, while Honeywell dropped from N11.32 to N10.19, losing N1.13 or 9.98 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from the preceding day’s 105,511.89 points and N66.147 trillion, respectively, to 104,216.87 points and N65.488 billion. The Nigerian market’s return this year has decreased to +1.25 percent.
Countries such as China have since said they would retaliate from the imposed tariffs.
China vowed on Tuesday to “fight to the end” against fresh tariffs of 50 percent threatened by US President Donald Trump, further aggravating a trade war that has already wiped trillions off global markets.
The Minister of Finance, Wale Edun, on Monday said that the Federal Government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Edun also assured that the Economic Management Team (EMT) will meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.
He said the EMT will afterwards, make recommendations to cushion its impact on the nation’s economy.
Edun, who was speaking at an event organised by the Ministry of Finance Incorporated on Monday, said that while the adverse effect on Nigeria will be through an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
CHANNELS TV
Monday
Dominican Republic: Nightclub Roof Collapses, Kills 27 Including Governor
The governor of the northern Montecristi province, Nelsy Cruz, was among those who have died.
Rescue workers have been searching for survivors in the rubble of the Jet Set club, director of the Centre of Emergency Operations, Juan Manuel Mendez, said.
There were 134 ambulance transfers to different hospitals, which Mr Mendez said could be the equivalent of 150 to 160 patients.
He added that many people were still expected to be alive, adding that authorities “will not give up until not a single person remains under that rubble”.
The cause of the roof collapse was yet to be ascertained.
Among the injured is Dominican singer Rubby Perez, who was performing when the roof collapsed.
His manager, Enrique Paulino, whose shirt was spattered with blood, told reporters at the scene that the concert began shortly before midnight, with the roof collapsing almost an hour later, killing the group’s saxophonist.
Mr Paulino said: “It happened so quickly. I managed to throw myself into a corner.”
He added that he initially thought there had been an earthquake.
Dominican Republic President Luis Abinader wrote on X: “We deeply regret the tragedy that occurred at the Jet Set nightclub. We have been following the incident minute by minute since it occurred. All relief agencies have provided the necessary assistance and are working tirelessly in the rescue efforts. Our prayers are with the affected families.”
Mr Abinader arrived at the scene and hugged those looking for friends and family, some with tears streaming down their faces.
Sunday
No country has developed under democracy — Burkina Faso President
Captain Ibrahim Traoré, Burkina Faso’s interim leader, has dismissed the notion that democracy is a prerequisite to development.
Traoré said it is difficult to pinpoint a country whose development is attributable to democracy as a system of government.
According to him, it is false to believe any country has developed under a democratic system.
The military leader said this recently during a flag-raising ceremony at the Koulouba Palace.
He clarified that Burkina Faso practices what he called “a popular, progressive revolution,” adding that democracy has no place in his country.
“If we have to say it loud and clear here, we are not in a democracy, we are in a popular, progressive revolution.
“We must necessarily go through a revolution, and we are indeed in a revolution. So this question of democracy or libertinism of action or expression has no place. As much as you think you are free to speak and act, the other is also free to speak and act, and there we end up with a society of disorder.”
“It is impossible to name a country that has developed in democracy. Democracy is only the result,” Traoré said.
The 37-year-old military officer emerged as Burkina Faso’s interim leader following the September 2022 coup d’état that ousted interim president Paul-Henri Sandaogo Damiba.
Saturday
Fulani Terrorists Declare War on Edo State With The Acquiescence
CC™ VideoSpective
CREDITS - IFEOMA EDUM
Friday
The Corruption at CAF and Patrice Motsepe’s agenda against the West African Football Union (WAFU)
CC™ VideoSpective
CREDITS - OUR AFRICAN FOOTBALL MEDIA
Thursday
In leaked audio, Atiku allegedly admits to setting up channels for corruption
The presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar, has been accused of complicity regarding bribery and misappropriation of public funds.
This came to light in a viral audio shared by Atiku’s former aide, Michael Achimugu, where the former vice-president allegedly admitted to having collected N100 million bribe from Mr Joshua Dariye, a former Plateau State governor, which was paid directly to Marine Float, one of the three firms he registered.Play audio
In the audio recording which Achimugu claimed was with Atiku, the former Vice President is heard explaining how he set up an ‘SPV -Special Purpose Vehicle’ to receive monies from corruption-related dealings.
During his tenure as governor from 1999 to 2007, Dariye was found to have stolen N2 billion in public funds. He was found guilty of criminal misappropriation and criminal breach of trust.
“When the governor sent donations, he sent it to Marine Float. It stayed in Marine Float. One of the subscribers of Marine Float was Otunba Fasawe. That was where the N100 million went to. It did not go to Atiku Abubakar. It went to Marine Float. Marine Float was a special-purpose vehicle,” Atiku revealed in the YouTube phone recording.
Atiku said the Economic and Financial Crimes Commission had afterwards “very thoroughly” investigated Marine Float accounts but had still not “discovered anything” connecting him to the company’s fraudulent practices.
The former vice president also described how he was in charge of establishing onshore shell companies to operate as a conduit for taking large sums of money from public works contracts for himself and former President Olusegun Obasanjo.
He said, “What happened was when we came into office and I advised the president against open corruption.
“I told him to give me three people you trust and I will prepare three companies in which they will be subscribers or rather the directors.
“So that if there is any contract that we give they will act like consultants and they are given a fee. That fee is what we use to fund the party.”
Atiku was accused by Nigerian senators in 2007 of misusing more than $100 million (£51 million) in taxpayer money for personal gain.
A Senate investigation suggested that Atiku be prosecuted for diverting funds to businesses he was associated with.
After the then-president, Obasanjo, transmitted accusations made against Atiku by Nigeria’s anti-corruption agency, the Senate opened the investigation.
The investigative panel acknowledged in a report given to the Senate that it concurred with the conclusion that Atiku had abetted in the transfer of $145 million from Nigerian government accounts to banks.
The panel’s research and conclusions, though, had no effect.
Wednesday
Tuesday
Barbarians at the gate - How America mortgaged its future on the altar of MAGA
The administration of Donald J. Trump has predicated its policies on ‘cleaning the swamp’.
Here are the facts:
1) 8 of Trump’s cabinet picks donated almost half-a-billion dollars to his (Trump’s) re-election campaign. While the influence of large campaign donors on policy making is a recurring concern across administrations, the scale of these donations with regard to the incoming Trump administration, raises valid concerns about cronyism and how these relationships might shape policymaking.
2) Department of Government Efficiency (DOGE)
The establishment of the DOGE with figures like Elon Musk (and Vivek Ramaswamy at the onset), underscores broader concerns about potential conflicts of interest. Tesla’s historical receipt of government funds to innovate in clean energy contrasts with any policy that undermines competitors like Rivian. Canceling Biden-era funding for Rivian, as Ramaswamy had intimated, could:
•Stifle competition in the EV market, undermining innovation.
•Harm Georgia’s economy if the promised 8,000 jobs fail to materialize.
•Reinforce perceptions of favoritism, potentially benefiting Tesla.
3) Regulation Rollbacks
A loosening of regulatory oversight, particularly in critical sectors like healthcare and aviation, could indeed have far-reaching consequences. Historical examples suggest that deregulation:
•May increase corporate profits but often at the expense of public safety or service quality.
•Risks weakening consumer protections, as seen in sectors like banking and energy following similar moves in the past.
4) Broader Implications
My concern (and that of many well-meaning folks) is about how concentrated wealth and political influence can blur the lines between public service and personal gain. While Trump’s policies have long championed deregulation as a driver of economic growth, the balance between efficiency and accountability will ultimately define public perception of his governance.
Policy Implications for the EV Industry as a result of the possible actions of DOGE and the impact of deregulation, using the Healthcare and Aviation industries as test cases:
Policy Implications for the EV Industry
The competition between Tesla and newer players like Rivian is central to understanding the potential effects of DOGE’s decisions. Here are the key points:
1. Market Competition and Innovation
•Favoritism Risks: If Rivian loses the $6 billion promised by the Biden administration while Tesla continues benefiting from previous subsidies, the playing field could tilt significantly in Tesla’s favor. This reduces competition, which is vital for innovation and cost reduction in the EV market.
•Job Loss and Economic Impact: The proposed Rivian factory in Georgia would generate around 8,000 jobs, directly boosting the local economy. Its cancellation could harm not only the state’s workforce but also U.S. efforts to expand domestic EV manufacturing capacity.
2. Global Leadership in EVs
•Policies favoring one company over others may hinder the U.S.’s ability to compete globally, especially with countries like China, which dominates the EV supply chain and production. A diverse domestic EV ecosystem is critical to achieving energy independence and global competitiveness.
3. Public Perception and Policy Credibility
•Rolling back Rivian’s funding while Tesla remains dominant could spark accusations of bias or corruption, undermining public trust in government energy policies.
Impact of Deregulation
Deregulation in sectors like healthcare and aviation often has mixed results, with both short-term gains for businesses and long-term risks for consumers and workers.
1. Healthcare
•Impact on Safety Standards: Deregulation could loosen controls on drug approvals, hospital standards, and medical device quality. While this might accelerate innovation and reduce costs for companies, it risks patient safety if oversight is weakened.
•Access and Affordability: If deregulation leads to the consolidation of insurance companies or healthcare providers, patients may face fewer options and higher prices in the long run.
2. Aviation
•Safety Concerns: The aviation industry is highly regulated to ensure passenger safety. Reduced oversight could increase the risk of accidents or mechanical failures, as was seen in the aftermath of deregulation in the 1980s. We have already seen that with the tragic air mishaps in Washington D.C. and Philadelphia.
•Cost vs. Quality Trade-offs: While deregulation might lower ticket prices, it often comes at the cost of service quality (e.g., reduced legroom, increased fees, or overbooked flights).
With no guard rails in place for the incoming Trump administration, balancing efficiency and oversight will be a tall order as Trump will not be favorably disposed to the concept of independent watchdogs.
Furthermore, policies that support fair competition, especially in the EV industry, through the encouragement of a diverse marketplace that engenders innovation across multiple players, will be abandoned for archaic and authoritarian policies that promote favoritism and stifle competition.
The basic premise for the creation of DOGE was to promote transparency around funding and policy decisions. It was supposed to help rebuild trust and reduce perceptions of corruption.
Under Trump, with Musk as the main anchor, realizing that aforementioned noble premise will be at best, an illusion.
America and Americans are in for a long and painful ride.
Subscribe to:
Posts (Atom)
Posts
