Biden Announces US-Africa Summit For Mid-December

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July 22, 2022

U.S President Joe Biden has announced that the United States will bring together leaders from across the African continent for a major summit in Washington, DC this December to discuss pressing challenges from food security to climate change.

“The summit will demonstrate the United States’ enduring commitment to Africa, and will underscore the importance of U.S.-Africa relations and increased cooperation on shared global priorities,” Biden said in a statement on Wednesday.

The US-Africa Leaders Summit, scheduled for December 13-15, was announced simultaneously in virtual remarks by Vice President Kamala Harris to the US-Africa Business Summit in Marrakesh, Morocco. The latter event is being hosted by the Corporate Council on Africa and the Kingdom of Morocco.

A senior administration official, while discussing the US-Africa summit plans on condition of anonymity, told the Reuters news agency that about 50 African leaders are expected to join Biden for the December 13-15 series of meetings.

It will come at the end of a year when Biden has engaged other regions of the world with trips to visit US allies in Asia, Europe and the Middle East. Biden has yet to visit Africa since becoming president, and the summit will be his most comprehensive look at the complexities of the continent.

So far, Biden’s diplomatic efforts have focused on promoting Western democracies as a counterweight to China, but the official said the US-Africa summit was not all about Beijing.

U.S.-Africa Business Summit In Morocco Focuses On Economic Recovery

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Elizabeth Williams

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July 22, 2022

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The U.S.-Africa Business Summit is a four-day 14th United States-Africa summit which began on Tuesday, July 19 to end July 22 in Marrakech, Morocco.

This year’s Summit themed “Building Forward Together” will explore a renewed commitment by both public and private sector stakeholders to building stronger U.S. and Africa trade, investment and commercial ties as we emerge from unprecedented health and economic challenges.

The event focuses on economic recovery post-COVID-19 pandemic. It provides opportunities for the Joe Biden-led administration and its partners in Africa to enhance their bilateral relations.The 2022 summit is being held under the theme “Building Forward Together”.

For four days, stakeholders in the public and private sectors will explore investment opportunities amid rising inflation and the high cost of living.Corporate Council on Africa (CCA) president and chief executive officer Florizelle Liser said the 2022 summit will build on the 2021 one that was held in the US and will seek to expand and deepen the US-Africa trade, investment, and business relationship.

“The 2021 Summit was a tremendous success, and the calibre of engagement by the US and African business and government leaders was outstanding. The partnerships forged, investment opportunities identified, and deals closed are still being cited by attendees.

Zimbabwe Gold Coin Buyers Will Need To Prove Source Of Funds – Central Bank

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Elizabeth Williams

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July 22, 2022

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The central bank of Zimbabwe recently announced the introduction of the gold coins as a store of value amid soaring inflation and depreciation of the local Zimbabwean dollar against major currencies.

Mosi-oa-Tunya is the local name of the Victoria Falls, which is located on the border of Zimbabwe and Zambia to the north.

“All sales of the gold coins by the agents will be subject to Know Your Customer principles in line with international best practice, which include declaration of the source of funds,” a statement from the bank said.

The bank on Monday issued guidelines for the purchase of the Mosi-oa-Tunya gold coins, which will be released on July 25, saying that the agents will include authorized dealers (banks) its subsidiaries and foreign banks to sell the coins.

The bank said once payment had been received by the agent through normal banking channels, a buyer was allowed to take physical possession and ownership of the coin or opt to keep it through a registered bank (custodial services) on terms and conditions of the service provider.

To promote a culture of saving, the coins can only be resold after 180 days, and all buybacks will be done on provision of the original bearer certificate for the specific coin, the bank said.

On selling, customers may decide whether they want to be paid in local or foreign currency. Among the features of the 22-carat coin is a serial number.

Residents and non-residents will be allowed to export the coins supported by the bearer certificate of each coin, the bank added.

“Agents shall sell the Mosi-oa-Tunya gold coins in both local currency and United States dollars and other tradable/denominated foreign currencies at the willing-buyer willing-seller exchange rate,” it said.

“Denominated currencies for the purpose of buying gold coins will include the British Pound, the Euro, Australian Dollar, Botswana Pula and Rand,” said the bank.

Russia-Europe Gas pipeline, Nord Stream 1 Reopens

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Elizabeth Williams

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July 22, 2022

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Natural gas started flowing through a major pipeline from Russia to Europe on Thursday after a 10-day shutdown for maintenance — but the gas flow remained well short of full capacity and the outlook was uncertain, which leaves Europe still facing the prospect of a hard winter.

Deliveries through the Nord Stream 1 pipeline under the Baltic Sea resumed at 40% of capacity, the level they had been at for weeks before annual maintenance. The German government announced that it would step up its gas storage requirements and take further measures to save gas.

The pipeline had been closed since July 11 for maintenance. Amid growing tensions over Russia’s war in Ukraine, German officials had feared that the pipeline — the country’s main source of Russian gas, which recently has accounted for around a third of Germany’s gas supplies — might not reopen at all.

But the gas deliveries that were arriving still weren’t enough to resolve Europe’s energy crisis, and officials suspect that Russia is likely to disrupt supplies further. German Vice Chancellor Robert Habeck said the reduced supply “speaks a clear political language and confirms that we can’t rely on deliveries.”

“The outlook is simply extremely volatile,” said Klaus Mueller, the head of Germany’s network regulator. “We must save more to get through the next two winters well.”

Russia’s state-owned Gazprom reduced the flow through Nord Stream 1 by 60% in mid-June, citing alleged technical problems involving equipment that partner Siemens Energy sent to Canada for overhaul and couldn’t be returned because of sanctions over Russia’s invasion of Ukraine.

The Canadian government earlier this month gave permission for the turbine to be delivered to Germany.

FG to formulate Policy for Health Industry development

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Cleopatra Okohai

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July 22, 2022

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The Federal Government is collaborating with key stakeholders to formulate a policy framework for the development of the Health Industries Corporation of Nigeria.

The Minister of State for Industry, Trade, and Investment, Amb. Mariam Katagum said this in a statement issued by Mrs. Oluwakemi Ogunmakinwa, the Assistant Director of Information in the ministry on Thursday in Abuja.

The minister of state spoke at the 9th African Day of Standardisation Symposium held in Lagos.

The theme of the Symposium was “Promoting the African Pharmaceutical and Medical Devices Industries through Standardisation”.

Katagum said that HICON was designed to provide the critical enabling environment that would attract investments for the growth and development of pharmaceutical and medical infrastructure in the country.

She said that setting up HICON as an institutional framework would fundamentally ensure Nigeria had successfully established capability and capacity in manufacturing Active Pharmaceutical Ingredients (API).

According to her, it will also ensure Basic Medical Hardware which would attract huge private investment into the health sector in the short to medium terms.

She said that with the implementation of HICON, the Federal Government would attract and incentivise local manufacturing of active pharmaceutical ingredients, herbalceuticals, and medical and diagnostics devices.

Katagum said that these would make healthcare affordable and accessible with good quality service delivery through strategies that would encourage private sector investments in healthcare and related industries.

She said that the health industry comprises business activities in manufacturing, which included drugs, and medical devices/equipment among others.

It also included infrastructure: hospitals, lab design and construction as well as services: medical and nursing care, insurance, and hospital management.

According to her, it is one of the fastest and largest growing sectors in global economies, the foundation of the welfare system, and one of the major factors for progress in the Human Development Index worldwide.

The minister of state said she was optimistic that the seamless implementation of HICON would be possible and practicable with strict adherence to the requirements of applicable Standards at the National, Regional, Continental, and International levels.

She, therefore, called for regular updates of applicable standards in line with international best practices, a strict regulatory regime, and an ingenious approach to preventing the importation, manufacture and distribution of substandard pharmaceutical and medical devices.

Katagum also called on the Standard Organisation of Nigeria and other regulatory authorities in the industry to redouble efforts in ensuring that only goods and services that complied with the laid down standards were available in the market.

She said that SON would continue to get the much-needed support from her ministry to continue to effectively discharge its mandate.

“This can be attested to by the recent approval secured for the organisation to return provisionally to the Ports to collaborate with the Nigerian Customs Service to tackle the menace of substandard goods at all entry points in Nigeria.

“It is imperative to note that the operationalisation of the African Continental Free Trade Area has turned the continent into one huge market and provided us the competitive edge in trading with other continents as a body.

“The need to promote intra-African trade and commerce has become more compelling in order not only to take optimum advantage of the huge African market but to position the continent against future pandemics,” she said.

The African Day of Standardisation is an annual event to create and promote awareness on issues relating to standardisation and conformity assessment among member countries of the African Organisation for Standardisation.

The event was organised by SON in collaboration with ARSO.

JAMB Adopts New Cut-off Marks for 2022 Admission In Universities, Others

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Rhoda Onuzulike

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July 22, 2022

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The Joint Admissions and Matriculation Board (JAMB) has adopted 140 as the minimum cut-off mark for degree awarding institutions for the 2022 admission process.

The minimum cut-off marks for polytechnics is 100 while colleges of education is 100.

This was made known at the Policy Meeting on Admissions presided by the Minister of Education, Adamu Adamu, in Abuja on Thursday .

The JAMB Registrar, Prof. Ishaq Oloyede had earlier displayed the minimum cut-off marks adopted by tertiary institutions.

Unlike the 2021, the adopted cut-off marks revealed that institutions now have uniform cut-off marks for the 2022 admissions.

According to him, for federal universities, merit quota remained 45 per cent while that of the state universities falls between indigene quota and national quota.

“The National merit quota for State institutions is the first 10 per cent irrespective of location of the candidate, 35 per cent allowed to indigenes of the state,” he said.

A total number of 1,761,262 candidates applied for the 2022 Unified Tertiary Matriculation Board UTME, while 98,270 applied for Direct Entry into the universities through the board.

The meeting, however, resolved that December 31 would be the deadline for 2022 admissions into all public institutions and private institutions across the country for Universities, polytechnics and Colleges of Education.

Meanwhile, the minister of education advised tertiary institutions to adopt a more flexible posture in the admissions process provided all actions were in compliance with the guidelines.

“Just as in the previous admissions exercises, the admissions criteria still remain as approved and circulated.

“All institutions must therefore adhere strictly to them and all others prescribed by the regulatory bodies such as the National Universities Commission (NUC), National Board for Technical Education (NBTE) and the National Commission for Colleges of Education (NCCE).

“This is particularly with regards to approved quotas, ratios and other specifications meant for improved quality, accountability and equity,” he said

Spain, Portugal Reject EU Plan To Limit Natural Gas Use

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Elizabeth Williams

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July 22, 2022

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The European Union’s plan to reduce the bloc’s natural gas use by 15% to prepare for a potential cutoff by Russia this winter received sharp skepticism on Thursday from the governments of Spain and Portugal, which are usually big supporters of the bloc.

The governments in Madrid and Lisbon said they would not support the initiative announced by European Commission President Ursula von der Leyen on Wednesday. The proposal would start with voluntary reductions, but the EU’s head office also wants the power to make 15% savings mandatory in the event of an EU-wide energy emergency.

Spain and Portugal said making reductions obligatory was a non-starter. They noted that there are scant energy connections linking them to the rest of Europe and that they use very little Russian gas compared to fellow EU members such as Germany and Italy.

Spanish Ecological Transition Minister Teresa Ribera said, “We will defend European values, but we won’t accept a sacrifice regarding an issue that we have not even been allowed to give our opinion on,”

Americans Filing Unemployment Benefits At Highest Level In Eight Months

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Elizabeth Williams

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July 22, 2022

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The number of Americans applying for last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening.

Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor Department reported Thursday. That’s the most since Nov. 13, 2021 when 265,000 Americans applied for benefits.

First-time applications generally reflect layoffs.

The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 4,500 from the previous week, to 240,500.

The total number of Americans collecting jobless benefits for the week ending July 9 rose by 51,000 from the previous week, to 1,384,000. That figure has been near 50-year lows for months.

Earlier this month, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and similar to the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness.

The unemployment rate remained 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020.

EU Imposes More Sanctions On Russia Over Ukraine Invasion

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Elizabeth Williams

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July 22, 2022

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The European Union imposed more sanctions on Russia over the war in Ukraine on after the bloc’s 27 members backed measures that include a ban on gold imports, further restrictions on the country’s biggest bank and tighter export controls on some high-technology goods.

European Commission Ursula von der Leyen said the “reinforced, prolonged EU sanctions against the Kremlin” send “a strong signal to Moscow: we will keep the pressure high for as long as it takes.”

The EU has described the new round of sanctions as minor adjustments and intended to align its actions with commitments from global partners. Any ban on Russian gas imports, which are still a lifeline to many of the EU’s juggernaut industries, is not under consideration.

EU officials worked all week to tighten the bloc’s extensive package of sanctions on Russia and looked at ways to add a ban on gold exports, hoping the measures might start to have a decisive impact on the war in Ukraine.

On Thursday, EU foreign policy chief Josep Borrell was able to say, “We are effectively banning Russia’s most significant export after energy – Russian gold.”

The Group of Seven leading industrial nations committed to a gold ban last month, arguing that Russia has used its gold to back up its currency and circumvent the impact of earlier sanctions nations around the world imposed after the Feb. 24 invasion of Ukraine.

AFDB Injects Over $20m To Support Zimbabwe Food Production

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Elizabeth Williams

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July 22, 2022

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The African Development Bank (AfDB) has injected a total US$25, 65 million grant drawn from the Transition Support Facility. This is to enhance domestic food production and mitigate against possible food crisis in Zimbabwe.

The funds were drawn from the African Development Fund, a concessional arm of the AfDB Group which granted the country an exemption from debt-related eligibility criteria, given the severity of its circumstances.

Under normal circumstances the Southern Africa nation would not qualify for the grant because it remains in arrears.

The development comes shortly after the AfDB president, Akinwumi Adesina committed to assist Zimbabwe with a strategy to clear off its US$13,5 billion debt owed to external financiers.

A fortnight ago, the World Food Program added Zimbabwe to the list of countries with hunger hotspots following a bad agricultural season due to poor rains received last year.

“This $25.65 million project aims to mitigate the food insecurity situation in Zimbabwe, which results from a poor agriculture season due to rainfall deficits and the impacts of the Russia/Ukraine conflict. The conflict has contributed to a sharp rise in commodity prices, including food and farm inputs, such as fertilizer and seed.

“This project is in line with the Bank’s Zimbabwe strategy to support the private sector and agriculture productivity and sustainability as well as developing related value chains,” said Leila Mokaddem, the Bank’s Director General in southern Africa.

Under the initiative , the African Emergency Food Production Facility will distribute certified seeds and fertilizer to 180,000 beneficiaries, including around 70,000 women, in the eight farming provinces of Zimbabwe, namely Mashonaland Central, Mashonaland West, Mashonaland East, Manicaland, Masvingo, Matabeleland North, Matabeleland South and the Midlands.

It will make use of ICT-based platforms and the existing private sector-based distribution channels.

The farming inputs will be delivered to beneficiary farmers through innovative financing, using a transparent and accountable electronic platform. To improve efficiency and productivity, it will employ extension systems based on the AfDB’s Technologies for African Agricultural Transformation Initiative (TAAT), which has boosted agricultural output in several countries.

The World Food Program has identified Zimbabwe as one of 20 countries globally that need the most urgent support due to rainfall deficits that cut 2022 cereal production below average and caused permanent crop wilting in four provinces.

The project will also support the Zimbabwean government’s implementation of agriculture and trade policy reforms that create an enabling environment to support market-led input distribution and import and export markets.