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Ghana's Mahama returns as president, dealing with old issues
John Dramani Mahama will be sworn in for his second term as Ghana's president on Tuesday with a fresh required to take on familiar difficulties, including corruption, high unemployment, inflation and public discontent. The opposition leader, 66, won the Dec. 7 presidential election by a large margin to stage a political return in the West African nation, the world's number-two cocoa producer. He changes Nana Akufo-Addo, who steps down after serving two terms, continuing Ghana's democratic tradition in an area grasped somewhere else by military coups and jihadist revolts. Following the COVID-19 pandemic, a cost-of-living crisis, an continuous bailout from the International Monetary Fund and a. sovereign debt default, Ghana's economy is again growing. But Mahama will be under pressure to provide rapidly on. campaign guarantees to curb high youth joblessness and root out. established corruption - problems that have sustained suspect in. Ghana's political system. The typical Ghanaian is growing restless with our. democracy, Godfred Bokpin, a finance professor at the. University of Ghana, informed Reuters. People have done their part by voting but they're asking:. what have they obtained from this democracy? BANDAGING OPEN WOUNDS Analysts and advocates of Mahama's National Democratic. Congress (NDC) celebration see his political experience and a. two-thirds majority in parliament as a strong mandate to take. hard decisions and execute reputable policies to improve. incomes and restore financier self-confidence. But a looming power crisis will present an early and familiar. difficulty. Mahama ended up being president in 2012 when John Evans Atta-Mills. died in workplace. He won a presidential election a few months. later on and his first and only term was afflicted by power. lacks, macroeconomic instability and claims of. political corruption. He said last month the energy sector remained in crisis with. initial quotes showing arrears to provider in. excess of $2.5 billion. The intensifying outlook threatens to. cut output and hamper the nascent economic healing. The outbound federal government kept the system running by. bandaging open sores, said Bright Simons of Accra-based IMANI. think tank. They left the festering injuries for him. Simons stated Mahama needs to quickly protect a financing deal with. private power producers, who provide about 40% of Ghana's power. while checking out enduring services. GHANAIANS ARE HUNGRY In addition to pledges to invest massively in farming. and infrastructure, Mahama has vowed to prioritise fighting. corruption. Bokpin and Simons stated suppressing graft would help restore. public trust, however inflation and exchange rate obstacles. required instant attention likewise. Inflation increased for the 3rd month in a row in November. to 23.0%, enhanced by surges in food prices. We can discuss the skyscrapers and complex things but. the reality is that the typical Ghanaian is hungry. You must. prioritise food production, Bokpin said.
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Exxon takes legal action against California AG, ecological groups for defaming recycling efforts
Exxon Mobil submitted a lawsuit on Monday against California Attorney General Rob Bonta and several ecological groups, court records reveal, accusing them of defaming and disparaging the oil giant's advanced plastics recycling initiatives. The suit signifies how Exxon is significantly resisting against ecologists and other critics, who have long brought lawsuits versus the company declaring its participation in environment change and rising greenhouse gas emissions. Submitted in federal court in Beaumont, Texas, the claim implicated Bonta and the activists of disparaging Exxon's advanced recycling technology. Exxon implicated Bonta of acting in concert with Australian business rivals of the oil giant. Exxon's innovative recycling innovation uses heat to break down plastics that are difficult to recycle to a molecular level, so they can be reused. Exxon independently took legal action against activist investors last year after they filed an investor proposal on climate modification. The business continued to pursue the claim even after the activist investors withdrew the proposition, which raised alarm from environment supporters that the legal action would muzzle dispute in between shareholders and public companies. A U.S. judge tossed out Exxon's suit in June. The chief law officer's office did not immediately respond to a request for remark. Instead of coming alongside efforts to support a developing technology ... Defendants are repeatedly and openly attacking ExxonMobil with incorrect accusations of being a 'phony' and declarations that advanced recycling is a 'misconception' and a 'sham,'. Exxon stated in the problem. In November, Exxon stated it was moving forward with a plan to. spend $200 million in Texas to broaden its innovative recycling. abilities.
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Guard shot dead at Honduran consulate in Atlanta
A security guard at the Honduran consulate near Atlanta was shot dead on Monday by an armed male who refused to turn over his weapon before entering the structure and instead fired on the security guard, the Honduran foreign minister stated. Officials in the Atlanta suburb of Doraville said the suspect was in custody and another individual was injured. Honduran Foreign Minister Eduardo Enrique Reina told a press conference in Tegucigalpa the suspect was a Honduran national and the personal guard of Mexican origin. The specific refused to hand over his weapon and unfortunately pulled out his weapon, mortally wounding the security guard with five shots, Reina said. The security guard managed to close the door, preventing the armed man from going into and potentially sparing more victims, the foreign minister stated. A Honduran witness waiting to go into the consulate noted the running away suspect's license plate number and reported it to cops, Reina stated. The suspect was undergoing questioning at the Doraville Authorities Department and the wounded person was being treated at the medical facility, city of Doraville representative Emily Heenan said.
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Nippon Steel claim versus Biden might purchase time to keep U.S. Steel deal alive
Nippon Steel and U.S. Steel are unlikely to convince a court to ditch President Joe Biden's decision to obstruct their $14.9 billion merger, however their suit could give them more time to reach a. deal with incoming President Donald Trump. The companies argued in a suit revealed on Monday that Biden. broke the Constitution by obstructing the merger by means of a sham. nationwide security evaluation that denied the business of their. right to a fair process. Taking legal action against the federal government will be an uphill struggle, said Nick. Klein, a nationwide security legal representative with DLA Piper, keeping in mind that. courts are normally extremely deferential to the executive branch on. nationwide security concerns. Still, the suit will provide more time to negotiate. with the new administration or discover options that are. acceptable, Klein included. Nippon Steel declined to comment. U.S. Steel did not. immediately respond to a request for remark. The remarks reveal that while the suit itself might be. doomed, it could provide the offer a brand-new lease on life, if the. companies can convince Trump to reverse his opposition. I am completely versus the as soon as fantastic and effective U.S. Steel. being bought by a foreign company, in this case Nippon Steel of. Japan, he wrote on his social networks platform Fact Social last. month. I will block this deal from happening. Buyer Beware!!! However some lawyers see an opening. Trump has a history of. altering his mind, stated Joshua Gruenspecht, a national security. attorney with Wilson Sonsini, who also sees the claim as a play. for more time. THIRTY DAYS The order signed by Biden on Friday provides the business 30. days to relax their transaction. While the companies do not. explicitly ask the courts to remain the order, they mention in a. copy of the grievance shown Reuters that they mean to. ask the government if it plans to impose the 30-day. requirement. If it does, the business could seek preliminary relief,. the file states. On the other hand the merger contract includes an. end date of June 18 to obtain regulatory approvals and total. the merger. DUE PROCESS RIGHTS The business claim a nationwide security review led by the. Committee on Foreign Financial Investment in the U.S., which scrutinizes. foreign financial investments for nationwide security risks, was unjustly. influenced by Biden, who took aim at the handle March before. the evaluation began. His opposition to the deal, they allege, was targeted at. currying favor with United Steelworkers President David McCall,. whose recommendation he hoped would assist him clinch the swing state. of Pennsylvania in the U.S. presidential election in November. U.S. Steel is headquartered there. Biden was later on changed on. the ticket by Vice President Kamala Harris, who also opposed the. deal and was backed by the USW. The White House and the USW reject the allegations. But the. business state those truths total up to CFIUS and Biden breaking. their due procedure rights under the constitution along with CFIUS. statute, for prejudging the case and not basing the decision on. real national security threats. The president, through the committee, shall review (the. offer) to determine the effects of the deal on the. national security of the United States, the statute states. But the reality that the CFIUS statute clearly disallows courts. from examining governmental decisions, combined with courts' high. degree of deference on nationwide security choices, means the. business are in a hard spot, according to Tatiana Sullivan, a. former CFIUS authorities at the Pentagon and nationwide security. attorney with Skadden Arps. However, she noted that the companies' arguments that the. President's actions and public comments corrupted the CFIUS. procedure and hence created due process offenses are unique claims. for the courts to think about..
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Australia's Syrah Resources secures loan waiver amid Mozambique discontent
Australia's Syrah Resources said on Tuesday it has actually secured a waiver for default occasions under its United States International Advancement Financing Corporation ( DFC) loan of $150 million, giving it relief following operational interruptions at its Balama Graphite operation in Mozambique due to continuous across the country demonstrations. The business suspended operations at its flagship graphite mine in December, following disruptions caused by farmer-led demonstrations considering that September 2024. In spite of the suspension, Syrah has actually not defaulted on any loan payment obligations. The Melbourne-based miner got a $53 million tranche in November 2024, which is now available for Balama's working capital. While the staying balance is dedicated, further DFC loan disbursements are not available while Balama operations are blocked by the protest actions, Syrah stated in a statement. Operating conditions in Mozambique are challenging with ongoing across the country protests related to basic elections causing widespread disturbances throughout the country, it added. Syrah said it is actively collaborating with the DFC and the U.S. Department of Energy concerning these default events as the across the country demonstrations continue to interfere with operations throughout Mozambique. Shares of the miner were up 2.3% to A$ 0.22 in early trade.
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Stocks increase, United States dollar drops after Trump rejects tariff policy pullback
Global stocks rose while the U.S. dollar index dropped on Monday after Presidentelect Donald Trump rejected a newspaper report that his inbound administration would likely pursue a lessaggressive tariff policy than he previously threatened. European stocks and currencies climbed up following a. Washington Post report previously on Monday that Trump assistants were. exploring tariff strategies that would be applied to every country. however just cover certain sectors considered important to nationwide or. financial security. That would mark a substantial shift from. Trump's project promise for more comprehensive tariffs. Trump called the story incorrect and just another example of. Fake News in a social media post. We are going through this game where they are going to. continue to utilize trial balloons from other people, providing the. president the right to disclaim if he's not happy with the. messaging, said Tom Plumb, CEO and lead portfolio manager at. Plumb Funds in Madison, Wisconsin. We are still in the spot where if you look at the top 11. market-cap companies in the S&P 500, they're anticipated to have. 50% profits growth. Wall Street's primary indexes were trading higher, led by gains. in technology, materials, interaction services and consumer. discretionary stocks. The Dow Jones Industrial Average increased 0.58% to. 42,981.89, the S&P 500 rose 1.13% to 6,009.78 and the. Nasdaq Composite increased 1.76% to 19,967.32. The pan-European stock index was up 0.78% to. 512.17, trading near its session high of 513.08. MSCI's gauge of. stocks across the globe rose 1.02% to 855.91. The dollar index, which increased 0.9% last week, fell around. 0.65%.
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Brazil loosens power capacity auction guidelines, enhancing Eneva
The Brazilian federal government has actually loosened rules for an auction to secure longterm power capability, the official gazette showed on Monday, in a positive relocation for power generator Eneva. Eneva shares, which plunged recently when the federal government revealed guidelines permitting just new power jobs to bid for contracts from 2028 to 2030, rose 5% after the modifications were divulged. Eneva's Parnaiba power complex would have been restricted from bidding for agreements beyond the 2027 expiry of its existing offers under the initial rules, which were criticized by power-generation lobby group Abraget as decreasing the auction's. competitiveness. The updated rules permit operating power plants to bid for. those agreements, which will stand for 10 years. Brand-new tasks. can win agreements spanning 15 years. The move was a clear favorable for Eneva, analysts at. JPMorgan stated. In the brand-new format there is even the possibility. of reduced competition for the products. The June 27 auction will be the second of its kind held by. Brazil and intends to protect complementary power capacity to be. utilized in case the nation requires more electricity, especially. throughout peak afternoon hours. Large gamers in the thermoelectric sector showed interest. in the auction, including state-run oil manufacturer Petrobras. , J&F- regulated Ambar Energia and Eneva, which is. backed by lender BTG Pactual. Eneva stock was also increased on Monday by the statement a. day earlier of a brand-new share buyback program aimed at buying. as much as 50 million common shares over 18 months. JPMorgan stated the. move signals management's optimism.
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Numerous miners trapped in coal mine in India's Assam
Several miners are feared caught inside a coal mine in a remote location in the northeast Indian state of Assam and the state has requested the army's. help in rescue operations, authorities stated on Monday. Since Monday evening, rescue operations were underway, and. authorities were ascertaining the exact number of individuals. caught, Assam Director General of Cops GP Singh informed. Reuters. As of now, input suggests that numbers would be in single. digits. The State Catastrophe Action Force has actually been pushed into. service, he stated. The mine remains in a remote area in Assam's sloping Dima Hasao. district. Regional media reported the miners were caught by. flooding. We have requested the Army's assistance in the ongoing. rescue operation. The State Disaster Reaction Force (SDRF) and. the National Disaster Response Force (NDRF) are also on their. method to the event website to assist in the efforts, Assam chief. minister Himanta Biswa Sarma wrote on X. The Dima Hasao district's superintendent of Cops (SP) and. administrative head (Deputy Commissioner) were on their method to. the area. Mayank Kumar Jha, Dima Hasao SP, informed Reuters the area was. extremely remote and hard to reach. Coal mine-related catastrophes in the remote northeastern part. of India are not unusual. In among the biggest catastrophes, in. 2019, at least 15 miners were buried while operating in an illegal. mine in the neighbouring state of Meghalaya after water from a. nearby river flooded it.
Myanmar households maimed as currency topples to record low
A fast devaluation of Myanmar's. currency is pushing up the rates of basics, consisting of food. and medication, debilitating normal households in the Southeast. Asian country wrecked by civil war and a crumbling economy.
The Myanmar kyat has been extremely unpredictable in. current days, plunging to a low of 7,500 to the dollar in the. black market last week from 5,000 earlier in the month,. according to 4 forex traders. The plunge followed. reports that the Myanmar junta was printing more kyat to prop up. the currency, two traders said.
Individuals are anxiously buying (Thai) baht and selling. kyat, said a cash transfer representative in neighbouring Thailand who. asked not to be named.
The only ones selling baht are those sending out money back to. Myanmar from Thailand.
The kyat has actually given that recovered to around 6,000 to the dollar. in the black market while the reserve bank's official reference. rate was 2,100 on Tuesday, with an online market trading rate of. 3,400. However prices of fundamentals have not boil down, six. citizens stated.
The kyat's fall, increasing transportation costs and interruptions. in border trade have actually sent out expenses of some medicines and groceries. skyrocketing in Myanmar's main cities in current weeks, they stated.
All 6, who include traders, pharmaceutical officials, a. physician and Myanmar locals, asked not to be named fearing. retribution from the junta.
It used to cost about 25,000 kyat ($ 11.94) weekly for our. household groceries up until about a month back and now it costs. about 40,000 kyat, stated a 27-year-old homemaker from Naypyitaw,. Myanmar's capital.
A spokesman for Myanmar's military federal government did not. respond to calls seeking remark.
When seen as an appealing frontier market, Myanmar has been. torn by violence given that the military's 2021 overthrow of an. elected government, which set off an investor exodus, Western. sanctions and protests that have grown into an across the country armed. disobedience.
The junta has gradually lost control of large areas of the. nation of 55 million individuals, consisting of crucial trade paths with. China and Thailand, and has had a hard time to handle the economy.
Poverty in Myanmar is more prevalent than at any time in. the last six years and financial development is most likely to remain at a. 1% in the current , the World Bank said in June.
' NO SYSTEM IN PLACE'
At the exact same time, home earnings have decreased - after. changing for inflation - and unemployment has actually broadened, the. World Bank said in June, underlining growing pressures for big. areas of the population.
It's disorderly and 100% triggered by the regime's financial. policy and choice making, said analyst David Mathieson,. describing the increasing inflation and other financial woes.
The junta has actually taken a heavy-handed approach in its attempt. to stabilise the currency and the economy.
Considering that June, it has actually jailed at least 56 people, consisting of. gold traders, forex dealerships, and representatives offering. foreign realty, to try and stem the kyat's slide.
With the currency in falling, the cost of imported items,. consisting of basics like cooking oil that is brought in from. Thailand, has leapt in current weeks, 2 grocers said.
An increase in transportation costs, due to a scarcity of. imported fuel that caused long queues in several parts of the. country last week, has further impacted list prices, they. said.
The rate has actually doubled or tripled, due to transport. expenses, stated a supermarket owner in Mawlamyine, a city in. southern Myanmar, describing some veggies.
Medicines, including blood sugar strips utilized by diabetes. patients, have actually ended up being in between 10% and 30% more pricey in the. last month, 2 pharma officials and a physician said.
Yet, even at inflated rates, the schedule of specific. medications is limited due to the impact of ongoing battling on. border trade, they said.
The National Unity Government (NUG), consisting of previous. lawmakers and other junta opponents, stated the armed force has no. appropriate strategy to manage the existing financial circumstance.
They have no system in place and are just printing more. kyats, which is fuelling inflation and producing a financial. crisis like we have actually never ever seen before, said representative Kyaw Zaw.
(source: Reuters)