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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
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