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Senegal’s Dollar Bonds Drop Following Government Audit Revealing Higher Debt and Deficit

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Senegal’s Dollar Bonds Drop Following Government Audit Revealing Higher Debt and Deficit

Senegal’s sovereign dollar bonds experienced a significant decline on Friday following the release of a government audit that revealed larger debt and deficit figures than those reported by the previous administration. The audit, ordered by recently elected President Bassirou Diomaye Faye, has underscored the economic challenges facing the West African nation.

According to Tradeweb data, Senegal’s dollar bonds fell by more than 2 cents in early trading before stabilizing at approximately 1.3 cents lower, trading between 73.01-85.52 cents on the dollar by 1200 GMT. This drop reflects investor concerns over the country’s fiscal health and economic outlook.

Economy Minister Abdourahmane Sarr announced late Thursday that the audit showed a deficit of more than 10% at the end of 2023, significantly higher than the roughly 5% reported by the previous government. Additionally, public debt was revealed to average 76.3% of GDP, compared to the previously reported 65.9%, due to higher-than-published public deficits.

Evghenia Sleptsova, senior emerging markets economist at Oxford Economics, characterized the announcement as a “credit-negative event,” highlighting the potential impact on Senegal’s financial standing in international markets.

The International Monetary Fund (IMF), which has a $1.9 billion bailout program with Senegal, acknowledged that the government had shared initial audit findings. The IMF stated it is working with Senegalese authorities to determine appropriate next steps, given the discrepancies in reported figures.

This handout picture taken an distributed by the Senegalese Presidency on March 28, 2024 shows outgoing Senegalese President Macky Sall (not seen) meeting with Senegal’s president-elect Bassirou Diomaye Faye at the Presidential palace in Dakar. RESTRICTED TO EDITORIAL USE – MANDATORY CREDIT “AFP PHOTO / Senegalese Presidency ” – NO MARKETING NO ADVERTISING CAMPAIGNS – DISTRIBUTED AS A SERVICE TO CLIENTS (Photo by SENEGALESE PRESIDENCY / AFP) / RESTRICTED TO EDITORIAL USE – MANDATORY CREDIT “AFP PHOTO / Senegalese Presidency ” – NO MARKETING NO ADVERTISING CAMPAIGNS – DISTRIBUTED AS A SERVICE TO CLIENTS

President Faye, who ordered the audit, has blamed the previous administration for releasing false figures. The revelation has complicated Senegal’s relationship with the IMF, with Sarr noting that concerns over the figures and fear of violating IMF rules prevented the government from requesting IMF funds that could have been disbursed in July.

The audit’s findings have prompted calls for further investigation and action. Abdoulaye Ndiaye, professor of macroeconomics and public finance at New York University’s Stern School of Business, emphasized the need for “courageous choices” and a thorough legal investigation into the discrepancies.

In response to the economic challenges, President Faye has called for a snap legislative election scheduled for November 17, aiming to break deadlock over a new budget and efforts to cut government waste.

Despite these challenges, Senegal’s economic outlook is not entirely bleak. The country began oil production in June, with gas output expected by the end of the year, potentially boosting government finances.

Illegal Gold Mine Collapse in Indonesia Kills 15, Seven Missing

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Illegal Gold Mine Collapse in Indonesia Kills 15, Seven Missing

At least 15 people have died following the collapse of an illegal gold mine in Indonesia’s West Sumatra province, a disaster official reported on Friday. The incident, triggered by a landslide after heavy rains, has left rescuers scrambling to locate seven individuals still missing.

Irwan Efendi, head of the provincial disaster agency, told Reuters that the collapse occurred on Thursday evening in the Solok district. “The victims are the residents who manually mine for gold,” Efendi stated, highlighting the dangers of small-scale and illegal mining operations that are common in Indonesia’s remote areas.

The mine’s location poses significant challenges for rescue efforts. Efendi explained that rescuers must undertake an eight-hour trek to reach the site, which is inaccessible by road. He estimated that approximately 25 people were in the mine at the time of the collapse.

In addition to the 15 fatalities and seven missing, three individuals were reported injured. Police and military personnel launched a search operation early Friday morning, combining efforts to locate the missing miners and evacuate the deceased.

Reuters

Shigeru Ishiba Elected Japan’s New Prime Minister on Fifth Attempt

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Shigeru Ishiba Elected Japan’s New Prime Minister on Fifth Attempt

Shigeru Ishiba, a 67-year-old former defense minister, has been elected leader of Japan’s ruling Liberal Democratic Party (LDP), effectively securing his position as the country’s next prime minister. Ishiba’s victory on Friday came after a highly competitive race featuring a record nine candidates, marking his successful fifth and self-proclaimed final attempt at party leadership.

Ishiba narrowly defeated hard-line nationalist Sanae Takaichi in the final round of voting. The LDP’s majority in parliament virtually assures that Ishiba will be confirmed as prime minister in a special session scheduled for Tuesday.

In his first press conference as party leader, Ishiba outlined his priorities: “We ought to be a party that lets members discuss the truth in a free and open manner, a party that is fair and impartial on all matters and a party with humility.” He emphasized the need to clean up the LDP, which has been plagued by recent scandals, including undocumented political donations that led to record-low approval ratings.

Addressing Japan’s security concerns, Ishiba cited recent incursions from Russia and China into Japanese territory and North Korea’s repeated missile tests as evidence for the need to strengthen national defense. He also stressed the importance of revitalizing consumption in the world’s fourth-largest economy to fully emerge from a prolonged period of economic stagnation.

The leadership race was triggered by outgoing Prime Minister Fumio Kishida’s announcement in August that he would step down due to a series of scandals. Ishiba, long popular with the general public but often at odds with party elites, benefited from a more open voting process following the disbandment of powerful LDP factions.

Ishiba’s victory suggests that party members have set aside personal grievances to capitalize on his public appeal. Jeffrey Hall, a lecturer at Kanda University of International Studies, noted that the party has “gravitated towards a popular figure who does well in media appearances and isn’t afraid to criticise his own party when he thinks they’re in the wrong.”

The new leader faces numerous challenges, including quelling public anger over rising living costs, navigating a volatile security environment in East Asia, and managing Japan’s crucial alliance with the United States. Ishiba has called for a more balanced relationship with Washington and proposed creating an “Asian NATO,” an idea that could provoke tension with Beijing.

Ishiba’s contrarian views on issues such as nuclear energy and married couples’ surnames have previously put him at odds with party leadership. As he forms his cabinet, analysts suggest he will need to draw from a wide base to solidify his rule over a fractured party.

U.S. Ambassador to Japan Rahm Emanuel congratulated Ishiba, expressing eagerness to strengthen the U.S.-Japan alliance. Meanwhile, China’s foreign ministry spokesperson expressed hope that Japan would maintain an “objective and correct” understanding of China under its new leadership.

Hurricane Helene Batters Florida, Georgia, Leaving Widespread Destruction

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Hurricane Helene Batters Florida, Georgia, Leaving Widespread Destruction

Hurricane Helene, one of the most powerful storms to strike the United States in recent history, roared through Florida and Georgia overnight Thursday into Friday, leaving a trail of destruction in its wake. The Category 4 storm has claimed at least one life, flooded neighborhoods, and left more than 2 million homes and businesses without power.

Helene made landfall around midnight with winds reaching 140 mph (225 kph), ranking as the joint 14th most powerful hurricane to hit the U.S. since records began and the seventh most powerful in Florida, according to the National Hurricane Center (NHC). By dawn, it had weakened to a tropical storm with winds of 70 mph (110 kph) as it moved north across Georgia.

Florida Governor Ron DeSantis confirmed one fatality, a driver whose car was struck by debris, and warned of the potential for more casualties as the full extent of the damage becomes clear. “When we wake up tomorrow morning, the chances are there will likely have been more fatalities,” DeSantis said.

The storm’s impact was immediately visible in coastal areas, with images from Tampa, Naples, and St. Petersburg showing overturned boats in harbors, felled trees, stranded cars, and flooded streets. Power companies reported that more than 1.2 million customers in Florida and 800,000 in Georgia were without electricity.

NHC director Michael Brennan described a “really unsurvivable scenario” playing out in coastal areas, with storm surges capable of destroying buildings and carrying away vehicles. In Taylor County, the Sheriff’s Department advised residents who chose not to evacuate to write their names and birth dates on their arms in permanent ink for identification purposes.

Despite evacuation orders, some residents chose to ride out the storm. Ken Wood, a 58-year-old state ferry boat operator in Dunedin, Florida, told Reuters he planned to stay at home with his 16-year-old cat, Andy.

Officials in Pinellas County warned that Helene’s impact could be as severe as last year’s Hurricane Idalia, which flooded 1,500 homes. Videos showed swamped beachside roads and rising water levels over boat docks.

The storm’s effects extended beyond immediate coastal areas. Airports in Tampa, Tallahassee, and St. Petersburg suspended operations on Thursday. Heavy rainfall affected parts of Florida, Georgia, South Carolina, central and western North Carolina, and Tennessee. Georgia’s cotton and pecan crops, in the midst of harvesting season, were particularly vulnerable.

Reinsurance broker Gallagher Re estimated preliminary private insurance losses could range from $3 billion to $6 billion, with additional losses to federal insurance programs potentially approaching $1 billion. Energy facilities along the U.S. Gulf Coast scaled back operations and evacuated some production sites in preparation for the storm.

Federal Emergency Management Agency Director Deanne Criswell announced plans to travel to Florida on Friday to assess the damage. As Helene continues to move inland, authorities warn of ongoing life-threatening storm surges, winds, and heavy rains, urging residents to remain vigilant and follow local guidance.

REUTERS

X Seeks Reinstatement in Brazil After Complying with Judge’s Orders

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X Seeks Reinstatement in Brazil After Complying with Judge’s Orders

Elon Musk’s social media platform X has reportedly complied with Brazilian Supreme Court Justice Alexandre de Moraes’ orders and requested reinstatement of its service in the country, according to sources familiar with the matter. This development marks a significant shift in the high-profile standoff between the world’s richest man and the Brazilian judiciary.

Two sources, speaking on condition of anonymity, revealed Thursday that X has submitted a petition to Brazilian authorities outlining its compliance with previous court orders. The platform has reportedly blocked certain accounts, named an official legal representative in Brazil, and paid fines imposed for earlier non-compliance.

X was blocked in Brazil on August 30, cutting off access to over 20 million users in one of the platform’s largest markets. The shutdown followed months of tension between Musk and de Moraes over issues of free speech, far-right accounts, and misinformation.

In a surprising move, X’s new legal representative is reportedly Rachel de Oliveira Villa Nova Conceição, the same person who held the position before X closed its Brazil office. Her appointment comes with a clause in the representation agreement aimed at protecting her from potential legal consequences of X’s actions.

The conflict between X and the Brazilian judiciary has raised significant questions about the limits of free speech and the power of social media platforms in democratic societies. Unlike the United States, Brazil has more restrictions on speech, with judges able to order the removal of content deemed harmful or illegal.

Justice de Moraes has been at the center of investigations into “digital militias” accused of spreading misinformation and threats against Supreme Court justices. His orders to block certain accounts, many belonging to supporters of former President Jair Bolsonaro, led to the clash with Musk, who accused the judge of suppressing free speech.

The standoff escalated when Musk suggested users could bypass the shutdown using VPNs, prompting de Moraes to impose hefty fines on anyone attempting to circumvent the ban.

X’s decision to comply with the court orders may have been influenced by the mass migration of Brazilian users to rival platforms like BlueSky and Threads during the shutdown. Bruna Santos, a lawyer and global campaigns manager at Digital Action, suggested that the move indicates X’s “state of good-faith cooperation with Brazilian authorities.”

Associated Press report

Trump Launches $100,000 Diamond-Encrusted Watches Amid Presidential Campaign

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Trump Launches $100,000 Diamond-Encrusted Watches Amid Presidential Campaign

Former President Donald Trump has launched a new business venture selling high-end watches, including a $100,000 diamond-encrusted model, as part of his ongoing 2024 presidential campaign. The “Official Trump Watch Collection,” unveiled Thursday, features timepieces ranging from $499 to $100,000, with the most expensive boasting 122 diamonds on its bezel and available in three 18-karat gold styles.

This latest merchandising effort follows a series of branded products Trump has promoted during his third White House bid, including Bibles, sneakers, photo books, and cryptocurrency. The launch, occurring just 40 days before Election Day, may invite criticism about monetizing his campaign, particularly as Trump argues that Vice President Kamala Harris is out of touch with Americans’ economic struggles.

While the product websites state that sales proceeds do not directly benefit the former president or his campaign, they note that each item is subject to a “paid license agreement.” This arrangement mirrors Trump’s pre-political business model, which allowed him to profit from sales of various branded products.

Earlier this week, Trump announced $100 silver coins bearing his likeness. In March, he promoted a $59.99 “God Bless the USA Bible,” inspired by Lee Greenwood’s patriotic song. February saw the launch of Trump-branded sneakers, “Never Surrender High-Tops,” selling for $399, alongside “Victory47” cologne and perfume at $99 a bottle.

The former president has also ventured into NFTs (non-fungible tokens), reporting earnings between $100,000 and $1 million from digital trading cards featuring cartoon-like images of himself in various roles.

Many of these items, including the coins, sneakers, and Bibles, are affiliated with CIC Ventures LLC, a company he reported owning in his 2023 financial disclosure. The watches are covered by a similar licensing agreement for Trump’s name, image, and likeness.

According to the sales website, TheBestWatchesonEarth LLC is the entity behind the watch sales, using the Trump brand under a paid license agreement. The company states that the watches are intended as collectible items for individual enjoyment, not for investment purposes.

This merchandise push comes in the wake of a $489 million civil fraud judgment against Trump, which a New York appellate court recently indicated it might reduce or reverse.

As Trump continues to blend his business interests with his political campaign, questions persist about the ethics and legality of such practices. The Trump campaign has referred inquiries about the licensing deals to the Trump Organization, which has not immediately responded to requests for comment.

AP

New Chinese Nuclear Submarine Sinks During Construction, U.S. Official Reports

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New Chinese Nuclear Submarine Sinks During Construction, U.S. Official Reports

A senior U.S. defense official disclosed Thursday that China’s newest nuclear-powered attack submarine sank alongside a pier during construction, as evidenced by satellite imagery. The incident, involving China’s first Zhou-class submarine, represents a significant setback for Beijing’s ambitious naval expansion program.

The official, speaking on condition of anonymity, stated that the submarine likely sank between May and June. Satellite images from that period showed cranes positioned in a manner suggesting efforts to lift the vessel from the riverbed.

This development comes amid rising tensions in the South China Sea, where China has become increasingly assertive in pursuing territorial claims. The region, crucial for international trade, is contested by several nations including Brunei, Malaysia, the Philippines, Taiwan, and Vietnam. The United States has responded by strengthening ties with regional allies and conducting freedom of navigation operations, actions that have drawn criticism from Beijing.

When asked about the incident at a press conference in Beijing on Friday, a Chinese Foreign Ministry spokesperson claimed no familiarity with the topic and provided no additional information.

The submarine’s sinking was first reported by The Wall Street Journal, following initial observations by Thomas Shugart, a former U.S. Navy submariner and analyst at the Center for a New American Security, in July. At that time, it was not publicly known that the vessel was the new Zhou-class submarine.

Satellite imagery from Planet Labs PBC, analyzed by The Associated Press, shows what appears to be a submarine docked at the Shuangliu shipyard on the Yangtze River before the incident. A June 15 image reveals the submarine either fully or partially submerged just below the river’s surface, surrounded by rescue equipment, cranes, and containment booms to prevent potential leaks.

The U.S. official noted that it was “not surprising” for China’s navy to conceal such an incident. The current status of the submarine remains unknown.

This setback occurs as China continues to rapidly expand its naval capabilities. As of last year, China operated six nuclear-powered ballistic missile submarines, six nuclear-powered attack submarines, and 48 diesel-powered attack submarines, according to U.S. military reports.

The news coincides with China’s rare launch of an intercontinental ballistic missile into international waters in the Pacific Ocean this week, reportedly the first such test since 1980.

An Associated Press story

Nigerian Prison Officials Suspended Amid Bobrisky Bribery Allegations

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Nigerian Prison Officials Suspended Amid Bobrisky Bribery Allegations

Two senior Nigerian prison officials have been suspended amid bribery allegations involving controversial transgender celebrity Bobrisky, authorities announced Thursday.

The suspensions follow claims by social media influencer Martins Otse, known as VeryDarkMan, that anti-corruption officials were bribed to drop money laundering charges against Bobrisky. The celebrity, whose real name is Idris Okuneye, has denied these allegations.

Bobrisky was released from prison last month after serving a six-month sentence for abusing the naira, Nigeria’s local currency. Money laundering charges against her were dismissed by a court.

The Nigerian Correctional Service (NCoS) and the Economic and Financial Crimes Commission (EFCC) have launched investigations into a viral video allegedly linking Bobrisky to the bribery claims. In the leaked footage, someone purported to be Bobrisky is heard claiming to have paid $9,000 (£7,000) to EFCC officials to have charges dropped. The video also alleges that she paid millions of naira to secure a private apartment near the prison during her sentence.

Bobrisky, who has nearly five million Instagram followers, vehemently denied the accusations in a social media post, stating, “I didn’t pay any EFCC money, which is a very big lie. I served my term in full, and I came out. Discard any false information.”

The Civil Defence, Correctional, Fire, and Immigration Services Board suspended the two prison officers linked to the bribery allegations, along with two other senior officials over separate accusations. The board stated that the suspensions would allow for a thorough investigation, promising to make the findings public upon conclusion.

This scandal highlights ongoing concerns about corruption in Nigeria, which ranked 145 out of 180 countries in Transparency International’s 2023 Corruption Perceptions Index. The case has sparked widespread condemnation in the country, underlining the persistent challenges in combating bribery and ensuring transparency in government institutions.

Myanmar Rebel Groups Reject Junta’s Peace Offer Amid Ongoing Civil War

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Myanmar Rebel Groups Reject Junta’s Peace Offer Amid Ongoing Civil War

Rebel groups in Myanmar have rejected a peace offer from the country’s military junta, which is facing significant battlefield losses and defections in a civil war that has raged for over three years since the 2021 coup.

The junta’s unprecedented outreach called on ethnic armed groups and “terrorist insurgent groups” to “communicate with us to solve political problems politically” and urged them to participate in planned elections next year. However, the exiled National Unity Government (NUG) dismissed the offer, stating the junta lacks the authority to hold elections.

Key rebel groups expressed skepticism towards the junta’s proposal. The Karen National Union (KNU), which has long fought for autonomy along the Thai border, outlined conditions for talks including no military participation in future politics, agreement to a federal democratic constitution, and accountability for war crimes and crimes against humanity. Maung Saungkha, leader of the Bamar People’s Liberation Army, told Reuters his group is “not interested in this offer.” Soe Thu Ya Zaw, commander of the Mandalay People’s Defense Forces, likened the offer to “hanging goat’s heads but selling dog meat” in a Facebook post.

The junta’s peace overture comes as it struggles to maintain control, with some reports suggesting it now holds less than half of Myanmar’s territory. Recent offensives by ethnic armies have disrupted China’s economic corridor plans in the region, potentially prompting diplomatic pressure from Beijing.

Since the 2021 coup that ousted Myanmar’s democratically-elected government, the country has plunged into civil war. The United Nations estimates at least 50,000 people have been killed and over two million displaced. Last week, the UN warned that Myanmar was “sinking into an abyss of human suffering.”

As the conflict continues, the rejection of the junta’s peace offer underscores the deep-seated mistrust between Myanmar’s military rulers and ethnic armed organizations, as well as the ongoing demand for democratic reforms and accountability for human rights abuses.

Malian Singer Rokia Traore to be Extradited from Italy to Belgium Over Child Custody Dispute

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Malian Singer Rokia Traore to be Extradited from Italy to Belgium Over Child Custody Dispute

Malian singer and guitarist Rokia Traore will be extradited from Italy to Belgium within 10 days to serve a two-year prison sentence related to a child custody dispute, her lawyer Maddalena Claudia Del Re confirmed to AFP on Thursday.

Traore, an internationally acclaimed musician and UN ambassador for refugees, was sentenced in absentia by a Brussels court last year on charges of parental abduction. She was arrested in Italy in June and challenged the extradition order, but a Rome court ruled in favor of her transfer to Belgium.

The case stems from a custody battle over Traore’s nine-year-old daughter. Traore was initially arrested in Paris in March 2020 on a European arrest warrant following a Belgian court ruling that ordered her to return her daughter to the child’s Belgian father. She subsequently defied a travel ban and flew to Mali before she could be sent to Belgium.

A lawyer representing the child’s father stated that he has not had any contact with his daughter, who currently lives in Mali, since she was four years old. The father has reportedly offered to create a new custody agreement, to be validated by both Malian and Belgian courts, in an effort to “find a way out of this nightmare and guarantee their child a future with two parents.”

This case highlights the complex legal and emotional challenges surrounding international child custody disputes. It also raises questions about the intersection of cultural differences, parental rights, and the enforcement of international court orders.

Traore, known for her innovative blend of traditional Malian music with jazz and blues, has also gained recognition for her advocacy work. In 2015, she was appointed as a UN ambassador for refugees, adding to her profile as both an artist and humanitarian.

As the extradition process moves forward, the case continues to draw attention to the complexities of resolving family law matters across international borders.

Vanguardng.com

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