Home Blog Page 772

Trafigura Seizes Ghana’s London Property Over $134 Million Judgment Debt

By
admin
-
0

LONDON  — Oil conglomerate Trafigura’s Ghana Power Generation Company (GPGC) has taken control of Regina House, one of Ghana’s most valuable commercial properties in London, following the West African nation’s failure to pay a $134 million judgment debt, Ghanaian officials confirmed Thursday.

The seizure comes after four years of unsuccessful attempts by Trafigura to secure payment from the Ghanaian government. The debt stems from a 2021 UK tribunal ruling that found Ghana in breach of its contractual obligations when it terminated a power purchase agreement with GPGC on February 18, 2018.

Papa Owusu-Ankomah, Ghana’s High Commissioner to the United Kingdom, disclosed in an exclusive interview with Joy News that Trafigura’s GPGC now has full control over revenues accruing from the property. “Until we pay in full or come into an arrangement to pay them,” Owusu-Ankomah stated, “Trafigura will remain in control over the receivership of the Regina House and its proceeds.”

The High Commissioner acknowledged Ghana’s current financial challenges and called for further negotiations to address the compounding interest on the debt.

The UK tribunal initially awarded GPGC $134,348,661 in damages, including interest at a rate of six-month USD LIBOR plus 6%, and reimbursement of arbitration fees totaling $3,309,877.74. Ghana made partial payments amounting to $1,897,692.40 but failed to clear the remaining balance.

Following unsuccessful attempts to secure the full payment, GPGC filed a case in the U.S. District Court on January 19, 2024, seeking to recover the compounding debt under the New York Convention and Chapter 2 of the Federal Arbitration Act.

Chief Judge James E. Boasberg of the U.S. District Court ruled in favor of GPGC on August 6, 2024, emphasizing that the arbitral award falls under the New York Convention, which requires member states to recognize and enforce such awards. The court will also award post-judgment interest at the rate specified in U.S. codes, further increasing Ghana’s financial burden.

Ghana’s Attorney General, Godfred Yeboah Dame, told Joy News that the responsibility for expediting payment lies with the Finance Ministry.

The seizure of Regina House has raised concerns about the transparency of the Ghanaian government’s handling of the situation. Bright Simons, Vice President of Imani Africa, a think tank, claimed on social media that information about the seizure was being concealed by the government.

This development highlights the ongoing challenges faced by Ghana in managing its international financial obligations and the potential consequences of defaulting on judgment debts. It also underscores the complexities of international arbitration and the enforcement of awards across jurisdictions.

As Ghana grapples with this significant financial setback, questions arise about the impact on its diplomatic and economic relationships, particularly with the United Kingdom, where the seized property is located. The situation may also affect Ghana’s credibility in future international business dealings and its ability to attract foreign investment.

The Ghanaian government now faces the task of negotiating a resolution with Trafigura while addressing the broader implications of this property seizure on its international standing and financial stability.

Tech Tycoon Mike Lynch Among Missing Five Bodies Recovered from Sunken Yacht Off Sicily

By
admin
-
0

PORTICELLO, Sicily — Italian authorities have recovered five bodies from the wreckage of the superyacht Bayesian, which sank off the coast of Sicily on Monday, with British tech entrepreneur Mike Lynch among those feared dead.

The Italian Coast Guard has not yet formally identified the recovered bodies. The search has focused on Lynch, his daughter Hannah, Jonathan Bloomer, chairman of Morgan Stanley Bank International, his wife Judy Bloomer, and others aboard the vessel.

Salvo Cocina, director of Sicily’s civil protection agency, told The Telegraph, “I believe Lynch and his daughter have been found,” but emphasized that formal identification is pending. One person remains missing as the search continues.

The 56-meter (184-foot) Bayesian, flying a British flag, sank early Monday morning approximately 700 meters (2,300 feet) from the coast during severe weather conditions. Authorities believe the yacht was struck by a waterspout, causing it to capsize and sink 50 meters (164 feet) to the seabed.

Of the 22 people aboard, including 10 crew members and 12 passengers, 15 survived. Among the survivors was a British mother who described holding her baby girl above water to prevent drowning.

The body of the yacht’s chef, Canadian-Antiguan national Recaldo Thomas, was recovered on Monday. Gareth Williams, a friend of Thomas, told the BBC they had known each other for 30 years, growing up together in Antigua.

The passengers were reportedly guests of Lynch, founder of software company Autonomy, celebrating his recent acquittal in a U.S. fraud case. Lynch was cleared in June of multiple fraud charges related to Autonomy’s $11 billion sale to Hewlett-Packard in 2011.

Recovery efforts have been challenging due to the yacht’s position and depth. Italian rescue services reported that specialist divers were hampered by the Bayesian lying on its side at the bottom of the seabed, with access points obstructed by debris.

Andy Goddard, a professional diver, told BBC Radio 5 Live, “You’re in this space and you’ve got stuff floating all around you, like being in a washing machine. It’s really dangerous for the diver.”

A team of four British inspectors from the Marine Accident Investigation Branch (MAIB) arrived in Sicily on Wednesday to assist with the investigation. Cocina stated that while there will be a full investigation in due course, the immediate priority is recovering all those who were on board.

According to Italian law, the deceased must be formally identified by a family member or a close associate before death can be officially certified. This process may explain the delay in releasing the identities of the recovered bodies.

As the search continues for the last missing person, the incident has shocked the international business and yachting communities. The Bayesian’s sinking underscores the potential dangers faced even by well-equipped luxury vessels in unpredictable weather conditions.

Authorities have announced that search efforts will resume on Thursday, utilizing specialist divers and underwater robots to navigate the challenging conditions at the wreck site.

Oprah Winfrey Makes Surprise Appearance at Democratic Convention, Urges Voters to ‘Choose Truth’

By
admin
-
0

CHICAGO — Television icon and media mogul Oprah Winfrey made a surprise appearance at the Democratic National Convention (DNC) in her hometown of Chicago on Wednesday, delivering an impassioned speech urging Democrats and independent voters to “choose common sense over nonsense” in the upcoming election.

“Let us choose truth, let us choose honor, let us choose joy,” Winfrey told an enthusiastic crowd. “Because that is the best of America.” Her unexpected presence added star power to the convention’s third night, preceding Minnesota Governor Tim Walz’s primetime speech to formally accept the party’s nomination for vice president.

Winfrey, 70, who has largely avoided the political spotlight in recent years, lent her considerable influence to the Democratic ticket of Vice President Kamala Harris and Walz. Her endorsement further energized the convention, which has already featured appearances by other celebrities such as rapper Lil Jon.

In her address, Winfrey tacitly criticized the Republican challengers, former President Donald Trump and Ohio Senator JD Vance, without naming them directly. “Despite what some would have you think, we are not so different from our neighbors,” she said, emphasizing unity. “When a house is on fire, we don’t ask about the homeowner’s race or religion, we don’t wonder who their partner is or how they voted. No. We just try to do the best we can to save them.”

In a pointed reference to Vance’s past comments, Winfrey added, “And if the place happens to belong to a childless cat lady, well, we try to get that cat out, too.” This remark alluded to a 2021 interview in which Vance referred to Democratic politicians as “a bunch of childless cat ladies,” comments that resurfaced after Trump announced Vance as his running mate.

Winfrey, who does not have children, positioned herself as an independent voter, appealing to others with similar leanings. “You’re looking at a registered Independent who’s proud to vote again and again and again, because I’m an American, and that’s what Americans do,” she declared.

The media mogul’s political involvement has been selective but impactful. In 2007, she endorsed then-Illinois Senator Barack Obama’s presidential bid, hosting fundraisers and campaigning in Iowa. Her support was widely credited with boosting Obama’s profile among key demographics.

Convention attendees Tracy Prince and Kathy Sykes, both from Winfrey’s home state of Mississippi, expressed enthusiasm for her appearance. “We love Oprah so much,” Sykes told BBC News. “Everyone in Mississippi is so proud that she claims us.” Sykes described Winfrey’s speech as a “powerful message” to independent voters, particularly in support of Harris.

Winfrey’s surprise appearance at the DNC mirrors the Republican strategy of incorporating celebrity endorsements, as seen at their convention last month featuring musician Kid Rock and wrestler Hulk Hogan.

As the convention enters its final day, Winfrey’s endorsement adds a significant boost to the Democratic campaign, potentially influencing undecided voters and energizing the party’s base. Her message of unity and appeal to common sense resonates with the party’s strategy to reach beyond traditional Democratic voters in what promises to be a closely contested election.

The impact of Winfrey’s endorsement and its potential influence on voter sentiment, especially among independents and her substantial fan base, will be closely watched as the campaign moves forward.

A bbc.com story

World Food Program Trucks Enter Sudan’s Darfur Region, Bringing Critical Aid

By
admin
-
0

KHARTOUM, Sudan  — The United Nations World Food Program (WFP) announced Wednesday that its trucks carrying urgently needed food and nutrition supplies have successfully entered Sudan’s Darfur region, marking a critical development in addressing the area’s dire humanitarian crisis.

The first convoy of trucks crossed into Darfur on Tuesday evening from Chad via the Adre border crossing, which had been closed for six months by Sudanese authorities. This initial shipment contained enough food to support approximately 13,000 people in West Darfur, with the WFP reporting that supplies for about 500,000 more individuals are ready to be transported through the same route.

WFP Director Cindy McCain emphasized the urgency of the situation in a statement, saying, “We urgently need to reach every corner of Sudan with food assistance – and this requires humanitarian corridors and all border crossings to be open so aid agencies can bring in supplies every single day. This is the only way to avoid widespread starvation.”

The humanitarian crisis in Sudan has been exacerbated by a war that began over a year ago between the country’s military and a rival paramilitary group. According to UN figures, the conflict has resulted in more than 18,800 deaths and over 33,000 injuries since mid-April 2023.

McCain hailed the reopening of the Adre crossing as a crucial step in preventing the spread of famine across Sudan, stating, “It must now stay in use. I want to acknowledge all parties for taking this vital step to help WFP get lifesaving aid to millions of people in desperate need.”

The Adre crossing had been closed since February, with WFP managing to send only two convoys through in March and April. Without access to this route, the agency was forced to use a longer and more dangerous path into North Darfur through the Tine crossing in Chad, as well as routes from Port Sudan that required convoys to cross conflict frontlines and areas controlled by various militias.

The United Nations has described the situation in Sudan as the world’s worst humanitarian crisis. The International Organization for Migration (IOM) reports that more than 10.7 million people, nearly half of them children, are internally displaced within Sudan, while over 2 million have fled as refugees to neighboring countries.

Mohamed Refaat, head of the IOM mission in Sudan, recently stated, “Almost all people displaced across Sudan — 97% — are in areas with acute food insecurity or worse. Over the next three months, an estimated 25.6 million people will face severe food insecurity as the conflict spreads and coping mechanisms are exhausted. One out of two are struggling to put food on the table every single day.”

The reopening of the Adre crossing and the arrival of WFP trucks in Darfur represent a glimmer of hope in an otherwise bleak humanitarian landscape. However, aid agencies stress that sustained access and increased support will be necessary to address the massive scale of need across Sudan.

As the situation continues to evolve, the international community watches closely, hoping that this development will lead to improved humanitarian access and a potential path towards alleviating the suffering of millions of Sudanese caught in the crossfire of conflict and crisis.

Nigeria Deploys Armed Rangers to Protect Farmers Amid Rising Insecurity

By
admin
-
0

ABUJA, Nigeria — The Nigerian government has deployed 10,000 armed agro rangers across 19 states and the Federal Capital Territory in response to escalating attacks on farmers, which have led to widespread abandonment of farmland and soaring food inflation.

This move comes after the government declared a state of emergency on food security in 2023. The rangers’ mission is to safeguard farmland and mediate conflicts, particularly in areas affected by farmer-herder clashes.

Fatima Bello, a smallholder farmer from Sokoto who cultivates rice, millet, and beans, exemplifies the challenges faced by Nigerian farmers. “During the dry season last year, I did not even plant anything because of this issue of insecurity,” Bello said. She welcomed the deployment of agro rangers, noting, “It has just been started, so we need to see, maybe take some time. Then we will be able to know the impact.”

Babawale Afolabi, spokesperson for the Nigeria Security and Civil Defense Corps, affirmed the rangers’ readiness. “Our operatives have been on top of the game since the commissioning of the agro rangers squad nationwide,” Afolabi stated. He emphasized that the rangers are “a well-seasoned, trained and formidable special force,” and thanked the federal government for providing necessary logistics.

The initiative has garnered support from states considered hot zones for farmer insecurity, including Plateau, Zamfara, and Niger, which are providing additional logistical support to the squad.

While praising the government’s intervention, Retson Tedheke, a farmer and agricultural economist, stressed the need for more personnel. “It’s a very good thing,” Tedheke said, “but 10,000 is a very small number.” He suggested that the number of agro rangers should be significantly higher, potentially matching or exceeding the number of polling units in the country.

Tedheke also emphasized the importance of addressing root causes of insecurity in farming communities. “Nigerian farmers should be getting loans at between 5% and 7%,” he argued, “because we are producing food… Food security is a major component of political development, governmental development and leadership development.”

The deployment comes as the United Nations Food and Agriculture Organization warns that 22 million Nigerians could face food insecurity in 2024, with projections rising to 82 million by 2030 if current trends continue.

Botswana Unearths Massive 2,492-Carat Diamond, Potentially One of the Largest Ever

By
admin
-
0

GABORONE, Botswana  — The Botswana government announced Wednesday that one of the largest diamonds ever found has been unearthed at the Karowe Mine, operated by Canadian mining company Lucara Diamond Corp. The massive 2,492-carat stone is believed to be the second-biggest ever recovered from a mine.

Lucara Diamond Corp. confirmed the discovery in a statement, describing the diamond as an “exceptional” and “high-quality” rough stone found intact using X-ray technology. William Lamb, Lucara’s president and CEO, expressed the company’s excitement, stating, “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond.”

The newly discovered gem is set to be unveiled to the public on Thursday at the office of Botswana President Mokgweetsi Masisi, who will be among the first to view it. The government has emphasized that this is the largest diamond ever found in the southern African nation, which has become the world’s second-largest diamond producer.

If confirmed, the diamond’s weight would make it the largest found in over a century and second only to the famed Cullinan Diamond. Discovered in South Africa in 1905, the Cullinan weighed 3,106 carats and was subsequently cut into several gems, some of which now form part of the British Crown Jewels.

A 1,098 carat diamond, discovered in Botswana and believed to be the third largest gem-quality stone ever to be mined, is seen in this undated handout picture received June 16, 2021. Debswana Diamond Company/Handout via REUTERS.

The Karowe Mine, where this latest discovery was made, has a history of producing exceptionally large diamonds. It has previously yielded four diamonds over 1,000 carats, including the 1,758-carat Sewelo diamond found in 2019, which was purchased by French fashion house Louis Vuitton for an undisclosed amount.

Another notable discovery from the same mine was the 1,111-carat Lesedi La Rona diamond, sold to a British jeweler for $53 million in 2017.

This latest find further cements Botswana’s reputation as a source of the world’s largest diamonds in recent years. The country’s diamond industry plays a crucial role in its economy, contributing significantly to its GDP and foreign exchange earnings.

Experts note that natural diamonds of this size are extremely rare, with most believed to be at least a billion years old, and some potentially over 3 billion years old. The discovery of such a large stone not only holds immense value but also provides valuable scientific insights into the Earth’s geological history.

Nigeria’s Dangote Refinery Set to Begin Gasoline Production in September

By
admin
-
0

LAGOS, Nigeria — Nigeria’s Dangote refinery, a $20 billion facility with a capacity of 650,000 barrels per day, is conducting test runs for gasoline production and is expected to be fully operational by mid-September, according to industry monitor IIR Energy.

The refinery, built by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, began operations in January after several years of delays. To date, it has only produced diesel and other distillate fuels.

Dangote had previously announced that gasoline deliveries from the refinery would start in July, revising an earlier target of May for the commencement of motor fuel production. IIR Energy noted in a client communication that further extensions to this timeline are possible.

The massive refinery project represents a significant development for Nigeria’s oil industry and the broader African energy sector. Once fully operational, it is expected to dramatically alter the Europe-to-Africa fuel trade dynamics and reduce Nigeria’s dependence on imported refined petroleum products.

Nigeria, despite being Africa’s largest oil producer, has long relied heavily on imported fuels due to the poor state of its existing refineries. The Dangote refinery’s entry into gasoline production could potentially alleviate fuel shortages that have plagued the country and ease pressure on foreign exchange reserves used for fuel imports.

The refinery’s progress is being closely watched by industry analysts and stakeholders across the continent. Its success could serve as a model for other African nations seeking to boost their refining capabilities and reduce reliance on imported fuels.

However, the project has faced numerous challenges, including funding issues, logistical hurdles, and delays exacerbated by the global COVID-19 pandemic. The repeated postponements of gasoline production have raised questions about the complexities involved in bringing such a large-scale refinery to full operational status.

The refinery’s impact extends beyond Nigeria’s borders. Its high production capacity has the potential to transform the West African sub-region into a net exporter of refined petroleum products, a significant shift from its current import-dependent status.

As the mid-September target for full operations approaches, eyes will be on the Dangote refinery to see if it can meet this latest deadline and begin to deliver on its promise of transforming Nigeria’s energy landscape.

Attempts to reach Dangote representatives for comment were unsuccessful, with emails undelivered and phone calls unable to connect.

The refinery’s progress comes at a critical time for Nigeria’s economy, which has been grappling with currency devaluation, high inflation, and the need for economic diversification. The success of the Dangote refinery could provide a much-needed boost to the country’s industrial sector and potentially serve as a catalyst for further investments in the Nigerian economy.

Reuters

Death Toll in Congo Boat Accident Rises to 29, Many Still Missing

By
admin
-
0

KINSHASA, Democratic Republic of Congo — The death toll from a river boat accident in western Democratic Republic of Congo has climbed to at least 29, with at least 128 survivors identified and an unknown number still missing, local authorities reported on Thursday.

The accident occurred Sunday night when a boat carrying between 250 and 300 passengers capsized after striking submerged tree trunks in a river within the Kutu territory. Rescue efforts have been ongoing for days as authorities grapple with the full extent of the tragedy.

Jacques Nzeza, the Kutu territory administrator, told Reuters by phone, “Overloading and navigating at night in contravention of the rules are seen as the causes of this tragedy.” Nzeza confirmed that among the 29 known fatalities were 15 women and one child.

The exact number of missing individuals remains unclear due to uncertainty about the total number of passengers on board and the fact that some survivors left the scene immediately after the accident before they could be counted, Nzeza added.

Fidele Lizoringo, head of a local civil society group, reported that fishermen had spotted an additional four bodies floating in the river but were unable to recover them. Lizoringo stated that 152 survivors had been registered, a figure slightly higher than the official count.

This incident highlights the persistent dangers of river travel in the Democratic Republic of Congo, a vast country with limited paved road infrastructure. Boat accidents are common, often due to vessels being loaded far beyond their intended capacity.

Source: Reuters

Russia Claims to Thwart New Ukrainian Cross-Border Raid as Conflict Intensifies

By
admin
-
0

MOSCOW — Russian authorities on Thursday claimed to have repelled an attempted infiltration by Ukrainian forces in the Bryansk region, marking a potential expansion of cross-border operations beyond the ongoing incursion in Kursk. Meanwhile, Ukrainian drones reportedly struck near an air base in southern Russia, further escalating tensions along the border.

Alexander Bogomaz, governor of Bryansk region, stated that Russian border guards and military units thwarted an attack by a Ukrainian sabotage and reconnaissance team on Wednesday. The alleged incident occurred approximately 240 kilometers (150 miles) from the site of Ukraine’s ongoing operation in the Kursk region, suggesting a possible widening of Kyiv’s cross-border strategy.

The reported raid comes as Ukrainian forces continue their surprise assault into Russia’s Kursk region, which began on August 6. In response to the incursion, authorities in Kursk announced they have started installing concrete shelters to protect civilians.

Ukrainian Defence Minister Rustem Umerov, meeting with a U.S. congressional delegation, justified the Kursk operation as a protective measure. “Our goals there are to clear the border from Russian military threats and make enemy shelling and attacks on our towns and villages impossible,” Umerov said in a statement.

The conflict has intensified on multiple fronts. In Russia’s southern Volgograd region, a Ukrainian drone reportedly crashed into a military facility, causing a fire. Governor Andrei Bocharov reported no casualties but did not specify the nature of the targeted facility. The incident led to temporary restrictions at Volgograd airport.

On the eastern front, Ukraine’s military reported intense fighting, with Russian forces launching numerous assaults and offensive actions near the transport hub of Pokrovsk. In the south, the Ukrainian navy claimed an attack on a Russian ammunition and fuel storage site on the Moscow-held Kinburn Spit in occupied southern Ukraine.

Ukrainian President Volodymyr Zelenskyy announced the capture of another village in the Kursk region during a visit to the Sumy border area. Ukrainian officials previously claimed control of over 90 settlements in the region.

Russia maintains that it has halted the Ukrainian offensive and begun pushing back in some areas, including Kursk. However, a senior Russian commander cautioned that Ukrainian forces might be regrouping for another potential attack.

As Ukraine prepares to mark its 33rd anniversary of independence from the Soviet Union on Saturday, the U.S. Embassy in Kyiv warned of a heightened risk of Russian missile and drone attacks throughout the country in the coming days.

Nashville Mother Charged in Daughter’s Death Suffers Severe Injury in Jail

By
admin
-
0

NASHVILLE, Tenn.  — Brandi Elliott, 33, a Nashville mother charged with first-degree murder for allegedly drowning her 7-year-old daughter, has suffered a severe head injury while in custody at Sumner County Jail, authorities reported Tuesday.

Elliott, who was being held without bond awaiting trial for the death of her daughter Piper, was rushed to the hospital over the weekend with a serious head injury, according to News Channel 5. The circumstances surrounding the injury remain unclear.

Jail officials have confirmed that Elliott was not attacked by another inmate but have not provided further details. It is unknown whether Elliott was on suicide watch or if the injury was self-inflicted. Updates on her condition and ability to stand trial have not been released.

The incident adds a new layer of complexity to an already tragic case. Elliott was arrested on July 13 after allegedly drowning her daughter, Piper, in Drakes Creek in Hendersonville.

According to WKRN, Elliott reportedly told police she held her daughter underwater “like a largemouth bass” until bubbles emerged, instructing the child to be quiet during the act.

During her initial court appearance last month, Elliott claimed to have mental health issues, stating, “When my daughter was two, I kind of lost it like I did this time. I had postpartum depression and they gave me medicine for it. I was having a really bad time with sleeping.” Despite these claims, both her attorney and state prosecutors did not request a mental evaluation at that time.

Elliott reportedly told officers she was having a bad day and wanted to be left alone when questioned about her daughter’s death. She claimed to have realized the gravity of her actions only after first responders attempted to revive Piper with CPR.

The case has shocked the local community. Piper’s family has started a memorial along the greenway where the incident occurred, with plans to create “Piper’s Pathway” in memory of the child.

Prosecutors have stated they are considering seeking the death penalty if Elliott is convicted. Meanwhile, a GoFundMe campaign has been established to support Piper’s father, Jon Elliott, a veteran who receives disability benefits.

Daily MailOnline

1...771772773...989Page 772 of 989