Through its “debt trap diplomacy,” China became the major shareholder controlling most of African natural resources, infrastructure and other assets. Beijing-owned businesses in Africa practice child labor, fund violent insurgency, and sustain corruption, illegal trade and money laundering. Source link
Houthi rebels have attacked vessels transporting goods through Bab al-Mandeb strait that they say are linked to Israel. Inflation was expected to ease in 2024 after more than 18 months of interest rate hikes by central banks. The most aggressive monetary tightening in decades. But attacks by Houthi rebels in the Red Sea are threatening to push up the cost of living again. Geopolitical tensions have disrupted global trade, sending shipping and insurance costs soaring. A widening war in the oil-producing Middle East region could further worsen people’s finances. Africa’s mounting debt is crippling the continent’s development. Plus, we look at how sleep has turned into a multibillion-dollar business. Source link
Somalia said Tuesday it was recalling its ambassador to Ethiopia, declaring that a controversial port deal Addas Ababa signed with the breakaway region of Somaliland was a violation of its sovereignty. Issued on: 02/01/2024 – 11:02 1 min Prime Minister Hamza Abdi Barre also vowed that Somalia would defend its territory by “all legal means possible” following Monday’s agreement that gives landlocked Ethiopia long sought-after access to the Red Sea. The government said it was appealing to international bodies including the United Nations and the African Union to stand with Somalia. “Somaliland is part of Somalia under the Somali constitution so Somalia finds this step to be a clear violation against its sovereignty and unity,” the Somali cabinet said in a statement. It said the memorandum of understanding signed in Addis Ababa on Monday was “null and void with no legal basis and Somalia will not accept it”. “In response to this, the Somali government has recalled its ambassador in Ethiopia for consultation.” The agreement signed by Ethiopia with Somaliland today is a serious concern …
