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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)
China's emissions, performance targets under danger after falling short in 2023
China is falling short on crucial targets for dealing with climatewarming emissions, and analysts stated Beijing's reliability in global climate talks might be at danger unless it enhances its efforts to get back on track.
The Chinese government has actually seldom missed targets in the past. Now, driven mainly by energy security issues, it has shown little political will to deal with the emissions gap, experts said.
China's National Development and Reform Commission (NDRC), a. planning firm, guaranteed recently to redouble efforts in. energy conservation and carbon reduction this year after it. fell short of expectations in 2023.
Analysts say it is well behind on its goal to slash energy. strength by 13.5% and carbon intensity by 18% in between 2021 and. 2025.
The strength rates-- measuring how much energy is consumed. and just how much co2 produced per unit of economic development. -- are an essential part of the country's pledge to bring emissions to a. peak before 2030 and to net no by 2060.
Keeping its targets within reach would require concerted. efforts throughout all sectors to bridge the space, said Jom Madan,. senior research study analyst with the consultancy Wood Mackenzie.
The preparation commission set targets for 2024 that fall. far short of what is required. For energy strength, the. commission mandated just a 2.5% decrease. It set no new target. for carbon strength, and made no brand-new moves to suppress making use of. coal-- the most polluting nonrenewable fuel source.
Madan anticipated that China might come close ... however not rather. accomplish its targets on energy efficiency. If the nation misses. its 2025 targets, it might raise doubts around the world about its. ability to check emissions.
The nation likewise runs the risk of a severe loss of diplomatic. credibility, said lead expert Lauri Myllyvirta of the Centre. for Research study on Energy and Clean Air.
China has actually long emphasised its capability to carry out the. nation's dedications, while criticising others for setting. lofty targets, he stated.
The NDRC did not respond to a request for comment.
As the world's greatest carbon polluter and second-largest. economy, China has actually dealt with growing global pressure to show. more climate aspiration. It has resisted, arguing that it is. already doing more than most fast-developing countries.
China's rising emissions represent 35% of the world's. annual total. On a per capita basis, the emissions level is 15%. higher per capita than the OECD average, the International. Energy Company said recently.
To fulfill its goals, Beijing should focus on effectiveness. improvements in market and building, and offer more. financial backing for business to retrofit or change outdated. facilities, Madan said. Expanding the carbon market would. help, he included.
NEW TRUTH
Formally, China's energy strength fell 0.5% in 2023, the. nation's data bureau stated last month, missing a 2%. target.
The gap would have been even worse, however China last month removed. non-fossil fuels such as nuclear and eco-friendly energy from the. equation to concentrate on tackling nonrenewable fuel sources. China is applying. this meaning retroactively, Myllyvirta said. Without the. modification, the energy strength calculation would have shown an. boost of 0.5%.
Myllyvirta approximated that China would need to cut energy. intensity by 6% in 2024 and 2025 to satisfy the 2021-2025 target--. far greater than the 2.5% objective set today.
Energy intensity might matter less in the future, nevertheless,. said Ma Jun, director of the Beijing-based Institute of Public. and Environmental Affairs. The modification in how it is computed. shows a brand-new truth for China, in which financial growth is. progressively driven by the renewables sector, and fossil-fuel. reliant markets will come under more pressure to improve. performance, Ma said.
That suggests carbon strength is going to matter more, he. stated.
Although China set no new targets for carbon strength, the. nation's financial development suggests the measure will fall about 3%. this year, analysts stated.
Nevertheless, after dropping 4.6% from 2020 to 2023, carbon. intensity would need to drop about 7% this year and next to. reach the 2025 goal, Myllyvirta stated.
Missing out on climate targets is unusual for China, which has made. task promotions contingent on ecological development to motivate. workers and firms to meet goals.
In 2022, China's corruption guard dog cautioned that some. regions were supplying fraudulent energy and carbon intensity. figures that were extremely positive.
Pressure to adhere to strength targets also triggered. economic disturbances in 2010, with provinces cutting power. materials to energy-intensive markets and requiring homes to. ration electricity.
Without a significant boost to its climate efforts now, meeting. the five-year strength targets by 2025 will be really. challenging, said Li Shuo, director of the China Climate Hub at. the Asia Society Policy Institute in Washington.
This year's federal government work report certainly did not signal. that level of decisiveness, Shou said.
(source: Reuters)