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Moody's downgrades Botswana's credit rating to "Baa1" amid a slump in the diamond industry
Moody's, the global credit rating agency, downgraded Botswana's ratings to 'Baa1' (from 'A3') on Friday. The downgrade was attributed to the government's difficulties in adapting to the structural decline in the diamond sector and the increasing government debt. Moody's stated in a press release that "the economy remains heavily dependent on capital-intensive mining of diamonds; diversification efforts are lagging due to reform delays while climate shocks continue to persist." Botswana, long regarded as an African success story in economics, is now in a slump. This is due to the prolonged decline in the global market for diamonds, its main export. The demand has been hurt by the economic uncertainty in the world and the growing popularity of lab-grown gemstones. According to Moody's, the world's largest diamond producer by value has seen its current account deficit increase and reserves fall to an historic low. Botswana is expected to see its economy decline by 6% more in 2025, as the country remains vulnerable to global demand shocks, technological disruptions from lab-grown substitutes and changes in consumer preference. S&P, a peer agency, cut Botswana’s rating last month to 'BBB.' It expects that weak global diamond prices and demand will continue to keep the Southern African nation's fiscal and external flow positions weak. The agency stated that the global diamond slump is not likely to reverse and maintained the country's view as 'negative.' (Reporting and editing by AnushkaChourasia and SfundoParakozov)
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Hand and foot remains found in Kenya suggest ancient human relatives
Researchers in northern Kenya have discovered fossils of the hand and foot bones of an extinct human relative that dates back to 1.52million years ago. This species was able to manipulate stone tools, and would have been fully bipedal. The fossils were the first to be unambiguously associated with the species Paranthropus boisei. Researchers found a partial skull that contained a large portion of the hand and three foot bones. They also discovered most of teeth, a forearm fragment, a partial tooth, and a fragment of a skull. The new discovery is a revelation, especially when you consider the fragmentary nature previous fossils. This species is a descendant of Homo Sapiens, who evolved much later. Paranthropus bossei had a robust build with massive teeth and strong jaws. The skull of Paranthropus boisei was designed for chewing tough plant food. It had a crest on top to anchor the large jaw muscles. Flaring cheekbones gave it a dish shape. It was difficult to know the species without hand and foot fossils. This included whether it could have made and used simple tools. The study, published in Nature this week, was led by paleoanthropologist Carrie Mongle, a researcher at Stony Brook University, New York. The fossils have been discovered on the eastern shore of Lake Turkana in a place called Koobi Fora. Before this discovery, researchers were only able to study the dental and cranial remains, but very little else was known about this species' skeleton, said Louise Leakey of the Koobi Fora Research Project, a paleoanthropologist who co-authored the study. Mongle stated that the hand bones showed it was able to form precision grips like modern humans. This suggests this species could have made and used stone tools. Leakey stated that the handshake would have been very firm. We can tell that this species' hand was built to be able to hold firmly and for a long time. It would have been similar to gorillas as it would have used the hands to break down tough plant food, such as tearing, crushing or stripping vegetation. This is consistent with their hard and fibrous dietary habits, seen in its robust dentition. Fossils also revealed the species' locomotion. It was well adapted to walk upright on two feet. Leakey explained that "we can tell from its few foot bones that it is fully bipedal and not flat-footed, like a monkey, and that it would have had a similar lateral arch to ours which would have propelled the animal forward as it walked." Hominins are species that have evolved from humans. Paranthropus boisei is one of the four hominins that shared East Africa's landscape between one and two millions years ago. There have been discoveries of stone and bone tools dating from this period, but it is unclear if Paranthropus could have made and used them. Genus is a term used to describe a grouping of closely related species. Our species belongs to Homo. Homo, Homo Rudolfensis, and Homo Erectus are extinct species that lived in East Africa at the same time as Paranthropus. Some of these species literally crossed paths. In a study published in 2013, Paranthropus erectus and Homo boisei left footprints that crossed each other at Koobi Fora, a once muddy lakeshore. This discovery raised interesting questions about the relationship and competition between the two species for resources. Mongle explained that "Conventional Wisdom" has it that, while Homo was specialized in bigger brains and stone tools that allowed them to adapt well to changing climates, Paranthropus became a grass-focused dietary specialist. Leakey stated that the Paranthropus eventually went extinct.
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US furloughs workers at Nuclear Weapons Agency due to shutdown
Chris Wright, the Energy Secretary of the United States, said that the Trump administration will start furloughing workers next week at the agency responsible for managing the U.S. arsenal of nuclear weapons due to the shutdown. Wright stated in a posting on X, that furloughs would affect National Nuclear Security Administration employees who are "critical for modernizing our nuclear weapons." The NNSA is a semi-autonomous department of energy that also works in Ukraine to protect dangerous nuclear materials as the war against Russia continues. About 2,000 employees supervise 60,000 contractors who maintain and test weapons in national laboratories across the U.S. Wright told USA Today, that due to the shutdown now in its 17th week, there could be up to tens-of-thousands of contractor layoffs and furloughs for staff. Experts in nuclear weapons control have criticized potential reductions. The Arms Control Association's executive director Daryl Kimball said, "If the Trump Administration really believes the NNSA functions are important - and many are essential for nuclear facilities safety and security - I am sure they will find the funding to keep workers on the jobs, or they may want to reconsider their position regarding the federal government shut down." Wright, speaking to Bloomberg Surveillance Friday, said that the agency would not be furloughing people who work in emergency services. Wright said that the nuclear weapons modernization program, which is replacing older weapons with newer ones, could be affected. He said that the modernization program was just starting to gain momentum. "To have everyone unpaid and not come to work will not be helpful." A non-partisan report from the Congressional Budget Office in April projected that costs for operating and modernizing America’s nuclear forces until 2034 would reach $946 billion. This is 25% more than a previous estimate of 2023. The NNSA and Pentagon share the costs of nuclear weapons.
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A stampede kills two and injures many at the funeral of Kenyan opposition leader Odinga
Doctors Without Borders reported that two people died and over 160 were injured during a stampede on Friday at the funeral of Kenyan Opposition Leader Raila Odinga. Nairobi's Nyayo National Stadium was packed with people for the funeral of Odinga. Heavy security was also in place. Kenyan broadcaster NTV said that some people in the crowd rushed forward to see Odinga's corpse, causing them to crush mourners. It did not provide any further details. Kenya Red Cross spokeswoman said that "our teams are helping to treat and evacuate the wounded" but added that more details were not available immediately. The police did no answer the phone. Doctors Without Borders released a statement saying that two people died in the melee, and that more than 160 other were injured. The exact cause of all injuries, including fractures and blunt trauma, was not immediately known. Three people died on Thursday, when security forces opened fire at mourners at the Kasarani Stadium during a public viewing. Former political prisoner, who ran for president unsuccessfully five times in Kenyan politics for decades. He died on Wednesday, aged 80, in India where he was receiving medical care. Thousands of mourners danced and waved white handkerchiefs at the Friday service. Banners bearing Odinga’s portrait were also displayed. Some blew vuvuzelas and whistles to honour the man whom they called "Baba" or father in Swahili. William Ruto, Kenya's President, attended the service on Friday which included military honours. Since early Thursday morning, people have been taking to the streets to show their respect and to celebrate Odinga. Mourners stormed the main airport of the country when the plane with his body arrived. Flights were suspended for two hours. Odinga will be buried on Sunday at his homestead, in western Kenya. He was particularly beloved by members of the Luo tribe. Many of them believe that he lost the presidency through electoral fraud. Odinga, who is primarily known as an opponent, became Prime Minister in 2008; he also formed a political alliance with the former President Uhuru Nairobitta in 2018 and Ruto in 2018. This has been a career marked by shifting alliances. (Reporting and editing by Toby Chopra, Cynthia Osterman, Vincent Mumo and George Obulutsa)
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Nigeria's Dangote refinery says that the reduction in crude inflow is due to high prices and not faults
Nigeria's Dangote Refinery stated on Friday that the recent reductions in crude inflows was a strategic reaction to high global prices and not a result of operational failures. The comments were made during a tour of the media to address concerns about crude volumes and possible outages at this facility. Edwin Devakumar said that the refinery adjusted crude purchases in response to price fluctuations and stock levels. The 650,000-barrel-per-day refinery, built by billionaire Aliko Dangote, has undergone several rounds of maintenance this year, leading to reduced crude demand. Devakumar stated that "no factory is 100% fault-free every day." What matters is whether the problem has an impact on final production. He said that the refinery, which started operations in early 2018, is designed to undergo turnaround maintenance every five year, unlike older installations, which require more frequent shut-downs. The refinery's gasoline division has been shut down four times this year, which is unusual for an old plant. The company usually declines to comment on the maintenance schedule. Devakumar, who was speaking about recent dismissals of staff, said that the company had recorded 22 sabotage efforts, including attempts to start fires or tamper equipment. The refinery's automated control and fire protection systems, he said, prevented damage. He said: "We have dates and units of attempted fire incidents documented." "Some people tried to destroy instruments, but they were overruled by the system." According to the Crude Oil Refinery Owners Association of Nigeria (a trade association representing domestic refiners), sabotage is rare in local refineries. Nigeria's state owned refineries are still mothballed after years of neglect and corruption. Reporting by Isaac Anyaogu, Editing by Chijioke Ahuocha and Rod Nickel
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Petroperu's chairman is ousted by the new government of Peru, says regulator
The country's market regulator announced on Friday that the interim government of Peruvian President Jose Jeri has dismissed the chairman of Petroperu, the cash-strapped energy company owned by the state. In a document, Peru's market regulator stated that the decision was taken to dismiss chairman Alejandro Narvaez during a shareholder's meeting on Thursday. Narvaez's position was terminated that same day. Fidel Augusto Moreno, the current vice-chairman of the board, was appointed as interim chairman. Officials from the Economy Ministry and Energy and Mines Ministry are the main shareholders in the oil company. Jeri appointed their new heads after taking office last week, following the sudden ouster of Dina Boluarte. Narvaez was appointed chairman of Petroperu’s board in November. The company is facing a financial emergency due to heavy debts and tight cash flow after an investment of $6.5 billion in modernizing its Talara refinery, which was more than twice the original estimate. (Reporting and writing by Marco Aquino, Editing by Sarah Morland; Brendan O'Boyle)
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The October budget revenue for Russia's oil and gas sector is expected to fall by 21%
Calculations show that Russia's oil and gas revenues in October will fall by about 21%, to 950 billion Russian roubles (about $11.7 billion), compared to the same month a year ago, due to lower prices and an increased rouble. This is a blow to Moscow's largest source of income. The projected decline will present more challenges to the Russian government. It is already facing a growing budget deficit, and it has been forced to raise taxes in order to finance increasing military and security expenditures. The oil and gas revenues account for up to one quarter of the Russian budget. They are also the main source of funds for Moscow's ongoing military campaign against Ukraine. According to calculations based upon data on oil and natural gas production, refining and supplies on the domestic and international market, October revenues are expected to increase by 63% month-over-month due to companies paying profit-based tax. Calculations show that revenue for the first 10 month of the year will fall by 20,5%, to 7,56 trillion roubles. On November 5, the Finance Ministry will publish its estimates for oil and gas revenues in October. The Ministry initially projected 2025 oil revenues at 10,94 trillion, or 5% of the gross domestic product. However, this has been reduced to 8,32 trillion roubles.
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The family of the Mango fashion tycoon says they are confident in their son's innocence.
After several local media outlets reported that he was under investigation for possible murder, the family of Mango founder Isak Andic said they were confident Jonathan was innocent. In a press release, the family stated that they "will continue to work with the authorities as it has been doing up until now." It also hopes that the process will be completed as quickly as possible, and that Jonathan Andic will be proven innocent. The company said that it would not provide any further comments at this time. COURT SAYS CASE IS NOT DIRECTED AT AN INDIVIDUAL La Vanguardia reported late Thursday that Jonathan was officially investigated by the judge investigating Andic's murder in September because of the contradictory testimony he provided as a witness. Authorities were also searching his phone to find more evidence. The press office of the Barcelona Court said Friday that this case, which was still sealed, did not target any specific individual. La Vanguardia reported that investigators had not found conclusive proof linking Jonathan Andic with the death of his father during their 10-month investigation. Isak Andic fell more than 100 meters (328 feet) while hiking in the Montserrat Caves near Barcelona with his family. Mango was founded in 1984 by the businessman who, in the 1960s, moved from Catalonia to northeastern Spain. He is a competitor of Zara founder Amancio Oreega. Forbes reports that at the time of his passing, he was the non-executive chairperson of the fashion company and valued $4.5 billion. Jonathan Andic became vice-president and president of MNG, the holding company of his privately owned company after the death of his father. MNG named his sisters Judith, and Sarah as vice presidents. After Andic's passing, Toni Ruiz became the chairman of both the board and the chief executive officer. Corina Poins and Charlie Devereux contributed to the reporting. Joan Faus contributed additional reporting. Editing by Hugh Lawson and Andrei Khalip)
Russia oil fleet shifts far from Liberia, Marshall Island flags amidst United States sanctions crackdown
Lots of oil tankers used by Russia have stopped cruising under the Liberian and Marshall Islands flags in current weeks after the United States ramped up sanctions enforcement on ships linked to those computer system registries, according to shipping information and interviews with industry and government authorities.
The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home nations, however in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S. sanctions enforcement.
The heavy past use of those flags also represents a. potentially lasting vulnerability for Russia's oil fleet, whose. tankers will remain accountable for sanctions offenses even after. they have changed to a new flag beyond U.S. reach,. according to energy and sanctions professionals.
They've created an enduring liability and long-lasting danger,. said Craig Kennedy, a center partner at Harvard University's. Davis Center for Russian and Eurasian Research Studies.
Commercial ships should be registered, or flagged, with a. particular country to ensure they are abiding by. worldwide acknowledged safety and ecological rules.
analyzed LSEG and Lloyd's List Intelligence shipping. data, and interviewed federal government officials, flag computer system registry. agents and shipping analysts to offer formerly. unpublished details on the role of flag windows registries in the recent. wave of U.S. sanctions statements targeting Russia's oil. fleet, and the vulnerabilities they position to Russian oil. shipping.
The G7, the EU and Australia imposed a $60 a barrel cost. cap on Russian oil exports in December 2022 as part of wider. economic sanctions targeted at cutting Moscow's incomes without. interfering with worldwide energy supplies, following Russia's intrusion. of Ukraine.
When, the cap bans the use of Western maritime services. tankers carry Russian oil priced at or above the cap. A U.S. official, who requested privacy when discussing the. sanctions, verified that the Liberian and Marshall Islands flag. computer system registries certify as Western services.
Considering that October, the U.S. Treasury Department has enforced. sanctions on some 41 oil tankers for Russian cost cap. offenses, 24 of which were flying the Liberian flag and among. which was utilizing the Marshall Islands flag.
Practically all of the other tankers were flagged in Gabon,. including 12 of the 14 targeted by the Treasury Department in. its newest bundle of sanctions on Feb. 23. Of those. Gabon-flagged tankers, in which Russia's top shipping business. Sovcomflot (SCF) has an interest, at least three had recently. flown the Liberian flag, according to ' analysis of. delivering information.
Those tankers were among a multitude of ships in the SCF fleet. transferring to Gabon, according to the information: since early February,. SCF had 42 tankers in its 147 tanker fleet that had recently. shifted to the Gabon flag, mainly from Liberia and Panama.
SCF decreased to comment and Russia's transportation ministry did. not react to an ask for remark.
The Liberian flag computer registry told that all the. Liberian-flagged vessels which were approved remained in the. procedure of having their Liberian flags eliminated. We are all. residing in a various world right now and the windows registries require to. adjust to what the global situation is at this point, the. Liberian registry said.
The computer registry decreased to comment on its previous. company with SCF.
A U.S. authorities told that Liberia had actually been actively. engaged with the Treasury Department, which sanctioned. tankers have about a three-month wind down duration to change to. another flag.
Marshall Islands registry officials are likewise in contact with. U.S. agencies on the issue, a Marshall Islands computer registry. representative stated.
Gabon Transport Minister Loic Moudouma validated to. that numerous tankers had left the Liberia registry for. Gabon recently, and said Gabon would de-list them if they are. discovered to be participated in illegal activity.
We are not a flag registry for the world's rogue navigators. or transporters, he said.
If any ally, any partner worldwide, recognizes that. there is a Gabonese ship flying the Gabonese flag and bring. out prohibited activities, all they need to do is send us the file. completely and we will take steps to remove the flag from this ship. ourselves. Whether Russian or any other citizenship.
Panama officials did not react to a request for. comment.
WELCOMING DIFFICULTY
The sanctions imposed so far have sent out a chill through the. market involved in Russian trade.
A lot of the still to be de-listed Liberian-flagged vessels,. Are stuck, sitting at anchor outside of ports. across the world consisting of in the Black Sea, according to. delivering information, marking a pricey liability for their owners and. those economically linked to their freights.
U.S. Treasury Department sanctions can have a contagion. impact on tankers by detering market gamers from handling. them, according to Harvard's Kennedy.
In the dollar denominated world of oil trading, why put a. deal worth 10s of countless dollars at risk by using a. obstructed tanker? You're just welcoming difficulty for everybody. involved, he stated.
Changing to the Gabon flag might also invite extra. danger at ports for tankers bring Russian oil.
A U.S. official said tankers that brought Russian oil above. $ 60 that change to the Gabon flag might likewise have a more. hard time with port authorities concerned about the safety. of ageing tankers.
The United States, European Union and UK issued a letter. late last year pressing Liberia, the Marshall Islands and. Panama to increase oversight of ships bring their flags to. guarantee they do not transport Russian oil offered above the cost. cap, a source told at the time.
While the U.S. has been the main enforcer of the cost. cap, other countries in the mechanism are working with. Washington to tighten the screws.
We're making it harder for Russia to use its shadow fleet,. which in turn would force more volume back into the G7 fleet,. where provider are compliant with the cap, Olga. Dimitrescu, an authorities at the UK Treasury's sanctions. enforcement arm OFSI informed a Feb. 1 podcast with ship insurer. NorthStandard.
U.S. officials state shipping practices associated with the. export of Russian oil above the West's cost cap remain in their. crosshairs. We are really concerned about evasion, I think that's. clear from the actions we have actually taken, Claire McCleskey, an. official with the U.S. Treasury's sanctions enforcement arm. OFAC, told a New York shipping conference last month.
You can anticipate our continuing to do something about it..
(source: Reuters)