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BEAC cuts liquidity injection to banks to CFA 200bn

12, September 2024

BEAC cuts liquidity injection to banks to CFA 200bn 0

The Central Bank of Central African States (BEAC) announced yesterday a new liquidity injection for banks, amounting to CFA200 billion. This comes just a week after a similar operation for CFA250 billion, which saw a subscription rate of almost 170%. Banks had expressed a total demand of CFA423 billion.

After gradually increasing the weekly liquidity offer from CFA50 billion in June 2024, when liquidity injections into the banking sector resumed, to CFA250 billion in August 2024 BEAC has now reduced its offer. However, recent refinancing operations show that banks in the CEMAC region are in significant need of liquidity. In recent months, demand has consistently exceeded supply.

This cautious approach by the central bank is aimed at balancing the fight against inflation with the need for economic growth. BEAC continues to tighten its refinancing policy to curb inflation, despite signs that inflation has eased in the CEMAC region over the past few months. BEAC notes that economic growth, which depends on financing the economy, is projected at 3.6% in 2024 the highest level in a decade.

Source: Business in Cameroon

Beti Assomo discusses cooperation with South Korea defense chief

11, September 2024

Beti Assomo discusses cooperation with South Korea defense chief 0

South Korea Defense Minister Kim Yong-hyun held bilateral talks with his counterpart from Cameroon on Wednesday to discuss the security situation, and ways to broaden defense and arms industry cooperation, his office said.

In what marked the first defense ministerial meeting between Korea and Cameroon since the establishment of diplomatic ties in 1961, Kim and his counterpart, Joseph Beti Assomo, agreed to seek cooperation in the defense and arms sectors, including in the state communications network business of Cameroon, according to the South’s defense ministry.

The meeting came on the sidelines of the annual Seoul Defense Dialogue that kicked off its two-day run earlier in the day. Some 900 security officials and experts around the world joined the forum for discussions on regional and global security issues and challenges.

Source: Korea Times

New York: Philemon Yang chairs UN Assembly

11, September 2024

New York: Philemon Yang chairs UN Assembly 0

Former Prime Minister Philemon Yang took over the presidency of the United Nations (UN) General Assembly on Tuesday, calling on the world’s divided nations to come together and act to address global challenges, from climate change to poverty, conflict and armed violence.

Yang told the 193-member world body that there were doubts about the ability of nations to join forces to tackle these and other pressing issues. But he added: “We must demonstrate that international cooperation remains the most effective tool at our disposal to address the deep and borderless problems we face.”

Mr Yang, a former diplomat who served as prime minister of Cameroon from 2009 to 2019, said the cornerstone of his one-year presidency “will be built on the principles of unity in diversity”. He added that peace and security would continue to be “of paramount importance” during his presidency.

“I will therefore urge the Assembly to intensify its determination to prioritize the resolution of conflicts, including the intractable conflicts in the Gaza Strip, Haiti and Ukraine, as well as to find lasting solutions to the situation in the Great Lakes region and elsewhere in Africa ,” Mr. Yang said.

Outgoing General Assembly President Dennis Francis has urged the United Nations, which was created from the ashes of World War II , to live up to its mandate of maintaining international peace and security.

“It is no exaggeration to say that the scale of man-made human suffering that we are witnessing around the world is simply staggering ,” said the former diplomat and ambassador of Trinidad and Tobago , referring to Gaza and other conflicts.

But Francis also warned that millions of people today live in abject poverty and despair, and that “on our current trajectory, millions more will face poverty and hunger by 2030. “

UN Secretary-General Antonio Guterres also stressed the need for nations to work together.

He said the 78th session of the General Assembly, which ended Tuesday morning, had been “a tumultuous year” marked by persistent poverty, inequality, injustice, division, violence and conflict, and had also been the hottest year on record.

“But this session also ends at a time of growing hope and inspiration about what we can achieve if we work together,” the UN chief said.

Opening the 79th session of the Assembly on Tuesday afternoon, Mr. Guterres told diplomats: “Step by step, solution by solution, we can rebuild trust and faith in each other, and in what we can achieve through collaboration and solidarity.”

Mr. Yang will chair the next gathering of world leaders at the General Assembly, beginning with the Future Summit on 22-23 September, convened by the Secretary-General to spur multilateral action on global issues and reform global institutions founded after World War II, including the United Nations.

Immediately after the summit, world leaders will hold their annual meeting from September 24 to 30, with public speeches at the assembly and many private meetings where world affairs are often discussed.

Source: Africa News

Football: Manchester United post losses for fifth straight year

11, September 2024

Football: Manchester United post losses for fifth straight year 0

Manchester United on Wednesday posted net losses of £113.2 million ($148 million) for 2023/24 despite earning record revenues — their fifth straight year of losses.

In the year to June 30, 2024 the Premier League club recorded record revenues of £661.8 million — up 2.1 percent — driven by record commercial and matchday revenues.

United incurred costs of £47.8 million in “exceptional items”, mostly related to Jim Ratcliffe’s purchase of a minority stake in the club, which was completed in February.

United finished eighth in the Premier League in the 2023/24 season — their lowest finish since 1990 — and exited at the group stage of the Champions League.

But Erik Ten Hag’s men won the FA Cup — beating Manchester City in the final at Wembley for a second trophy in two years.

United have embarked on a major backroom shake-up in recent months, including bringing in a new chief executive, Omar Berrada, poached from Premier League champions Manchester City.

“As I embark on my new role as chief executive officer of this historic club, we are all extremely focused on working collectively to create a bright future with football success at the heart of it,” said Berrada.

“We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance.”

The Premier League’s profitability and sustainability rules allow a maximum loss of £105 million over a three-season period, but within that certain losses are deemed “allowable” such as infrastructure, youth team and women’s team spending.

Everton and Nottingham Forest both incurred points deductions last season after being found to be in breach of PSR.

United, who have started the new Premier League season with two defeats in three matches, return to action at Southampton on Saturday.

Source: AFP

US: Trump claims presidential debate was ‘rigged’ against him

11, September 2024

US: Trump claims presidential debate was ‘rigged’ against him 0

Republican US presidential candidate Donald Trump on Wednesday claimed that his televised debate with Democratic rival Kamala Harris and carried by American outlet ABC had been “rigged”. He also criticised Taylor Swift, one of the music industry’s biggest stars, for endorsing Harris after the debate.

Republican US presidential candidate Donald Trump on Wednesday claimed — without providing evidence — that the debate between him and rival Kamala Harris was “rigged.”

“It was a rigged deal, as I assumed it would be, because when you looked at the fact that they were correcting everything and not correcting with her,” he said on right-wing news channel Fox News.

He also panned pop megastar Taylor Swift for endorsing Harris shortly after the debate, saying: “I was not a Taylor Swift fan… she’s a very liberal person. She seems to always endorse a Democrat, and she’ll probably pay a price for it in the marketplace.”

Source: AFP

US Presidential Debate: Harris won every round. Trump never landed a punch

11, September 2024

US Presidential Debate: Harris won every round. Trump never landed a punch 0

US Vice President Kamala Harris and former president Donald Trump clashed in a fiery presidential debate last night, with Harris frequently putting Trump on the defensive. With sharp critiques and direct jabs, she repeatedly forced Trump to defend his record and past behaviour.

The headlines speak for themselves today. “Harris Puts Trump on Defensive in Fierce Debate”, reads the New York Times. “Harris keeps Trump on defensive”, offers the Washington Post. “Harries tried to throw Trump off his game. He repeatedly took the bait”, CNN insists.

The through line of last night’s US presidential debate between Kamala Harris and Donald Trump seems to be that she laid out bait that he took, time and time again.

With only eight weeks until election day, Harris and Trump tried to make their case to voters in a debate that lasted 90 minutes. Meeting for the first time onstage in Philadelphia, the candidates addressed flashpoints including inflation, abortion, immigration and foreign policy.

Harris strategically deployed pointed remarks, accusing Trump of belittling people and stating that foreign leaders were laughing at him. Trump, visibly unsettled at times, often found himself rebutting rather than attacking. “She won every round. Trump never landed a punch,” historian and former adviser to Ronald Reagan Bruce Bartlett wrote on X.

Marco Vicenzino, a geopolitical expert, echoed this sentiment, telling FRANCE 24 it was “the most definitive evening of Harris’s political career”.

“Trump allowed Harris to get under his skin,” he added.

Immigration

During a question on immigration, Harris packed a hefty punch when she went on the offensive and mocked Trump rallies, suggesting attendees leave early “out of exhaustion and boredom”. The jab by Harris at the start of the section was, by any measure, a success. Instead of addressing the topics brought up by the moderators, including some Trump typically views as his political strengths, he ended up focusing heavily on the entertainment aspect of his rallies.

His retort then veered into unfounded claims, such as suggesting Haitian immigrants in an Ohio town were stealing and eating people’s pet cats and dogs. Trump also slandered immigrants in an earlier response on the cost of living and inflation, blaming them for destroying the economy. He claimed people were “pouring in” from “prisons and jails, from mental institutions and insane asylums” for taking jobs that are “occupied right now by African Americans and Hispanics, and also unions”.

Harris countered with an impassioned defence of foreign contributions to the US economy, pointing out the importance of migrant labour in essential sectors such as healthcare, agriculture, and technology. Describing Trump’s portrayal of immigrants as “fear-mongering”, she criticised his administration’s handling of the southern border and particularly the family separation policy.

To wrap up her arguments, Harris employed a strategic move that appealed to both progressives, who favour more lenient immigration policies, and moderates looking for sensible reforms: she emphasised her stance on transforming the immigration system to be more humane and contrasted her vision with Trump’s focus on border security and deportations. She recalled that the former president had killed a bipartisan bill she supported to strengthen security at the Mexico border. “He’d rather campaign on a problem than solve it,” she scoffed.

Economy

US polling suggests the public is disappointed by how the Biden administration has handled the economy, especially inflation. But Harris used the flashpoint to focus on Trump’s tariffs, dubbing them “Trump sales tax”, and mentioned Project 2025, a controversial plan for a future Republican administration that the former president has repeatedly denied having links to.

“Trump can deny any knowledge of Project 2025, but I know from experience as a political appointee that it will be a blueprint if Trump wins because that’s the only plan that exists,” Bartlett wrote on X.

Trump defended his widespread tariff plan that he has previously suggested could fund child care, boost manufacturing, quell immigration and encourage the use of the US dollar. He also highlighted how the Biden administration kept many of the tariffs he implemented from his first term. However, his defence left little room for an effective counterattack against Harris on economic issues. Trump’s insistence on a return to his tariff-heavy approach appeared disconnected from the more immediate economic concerns of many voters, which hinge on a high cost of living and inflation.

Harris emphasised her “opportunity economy” plan, focusing on tax breaks for first-time home buyers, young families and new businesses – as well as incentivising companies to build affordable housing.

In his closing statement, Trump finally came out with an argument that could have given him the upper hand earlier on in the debate. As Harris detailed her programme, the Republican candidate rebutted that as part of the Biden administration, Harris failed to “fix the border” and “create jobs”.

“She should leave right now, go down to that beautiful White House … and do the things you want to do but you haven’t done it – you won’t do it,” Trump said.

Abortion

Though a majority of the US public disapproved the Supreme Court’s decision to overturn Roe v Wade, Trump defended his handling of abortion by saying it is what the people wanted. But his flip-flopping on the issue in the last couple of weeks meant that his debate performance came across as “rambling” to many.

While Trump has sought to moderate his stance on the issue by criticising six-week abortion bans and expressing his support for exceptions in the case of rape or life of the mother, he also inaccurately argued in the debate that some states allow abortions after a baby has been born, a claim ABC News moderator Linsey Davis corrected. “There is no state in this country where it is legal to kill a baby after it’s born,” Davis interjected.

Harris was arguably strongest on abortion and made a personal appeal to those affected by restrictive state laws, dubbing them “Trump abortion bans”. Highlighting her opponent’s inconsistency on the matter, she warned that Trump’s lack of clarity posed a threat to women’s reproductive rights nationwide and framed his stance as an ongoing attack on women’s autonomy.

Foreign policy

Foreign policy discussions saw Harris targeting Trump’s previous negotiations with the Taliban and his plans for secret talks at Camp David, the presidential retreat in Maryland. She highlighted his controversial stance on NATO, where Trump reiterated his view of the alliance as a club.

Trump argued that the war in Gaza wouldn’t have erupted if he were in charge, claiming his tough stance on Israel kept adversaries in line. He slammed the Biden administration for lacking a strategy, while Harris shot back, pointing out that Trump’s policies like cutting aid to Palestinians and moving the US embassy to Jerusalem may have fanned the flames of conflict.

On Ukraine, Trump boasted that Putin wouldn’t have dared invade under his watch, citing his “strongman” approach and ties with the Russian leader as proof. Harris didn’t hold back and emphasised the need for steady support for Ukraine, countering that Trump’s isolationist tendencies would undermine NATO and embolden Putin.

On China, Trump continued his hardliner rhetoric, arguing that his tariffs and trade wars were necessary to protect American jobs. Harris countered that the tariffs had hurt American farmers and consumers more than China, and suggested that diplomacy and coalition-building were more effective strategies. She also pointed to Trump’s praise for authoritarian leaders, claiming it showed a troubling pattern of undermining democratic norms.

Following the debate, Trump complained about being “cornered” by both Harris and the moderators, accusing them of favouritism. While it remains unclear if the candidates will face off again before November, the Harris campaign immediately called for a second debate, signalling confidence from the Democratic camp.

“The key question is how did [the debate] impact centrist, independent voters in the seven key swing states that will determine the outcome of the election,” Vicenzino concluded.

“In my opinion, a lot of those independent voters are looking for real policy debate, which they did not get last night. What they got was more hype and more personal attacks.”

Culled from France 24

Chad: Floods have killed hundreds of people and affected 1.5 million

10, September 2024

Chad: Floods have killed hundreds of people and affected 1.5 million 0

Every single one of Chad’s provinces have been hit by intense floods brought on by severe rainfall that have left 341 dead and affected a total of 1.5 million inhabitants since July, the UN said on Monday.

Weeks of severe flooding in Chad have left 341 people dead and some 1.5 million affected since July, the United Nations said Monday.

The UN’s Office for the Coordination of Humanitarian Affairs (OCHA) said the flooding had hit all of the country’s 23 provinces.

It cited government data which said some 164,000 houses had been destroyed and almost 70,000 heads of cattle lost with 259,000 hectares (640,000 acres) of fields ruined.

The government has yet to publish a breakdown of the damage wrought by the deluge which has broken over the nation of some 16 million.

Last week, 14 students and their teacher died when a school collapsed after torrential rains battered the province of Ouaddai in the semi-arid east.

By mid-August, at least 54 people had lost their lives in flooding in Tibesti province, in Chad’s desert far north.

Typically, “rainfall hardly reaches 200 mm per year” in the mountainous region, but severe rainfall does occur “every five or 10 years”, according to Idriss Abdallah Hassan, director of meteorological observation and forecasting at Chad’s National Meteorological Agency.

The UN warned last week of the impact of “torrential rains and severe flooding” in the region generally, particularly in Chad, while urging immediate action and funding to tackle the climate crisis.

More than 700,000 people have been affected by severe flooding in South Sudan, according to a September 5 OCHA tally.

This summer has been the hottest ever recorded globally with a slew of record temperatures, heatwaves, drought and severe flooding.

Source: AFP

UNESCO secures $44.5M for Cameroon education

10, September 2024

UNESCO secures $44.5M for Cameroon education 0

During an official visit to Yaoundé, Audrey Azoulay, Director-General of UNESCO, announced the mobilisation of $44.5 million for education in Cameroon. The funds will be used to modernise school curricula and train more than 28,000 education professionals.

“Cameroon has made education a priority and it was essential for UNESCO to support these efforts. Thanks to the Global Partnership for Education, today we’re mobilising $44.5 million to boost the improvements of the country’s school system. This is yet another example of UNESCO’s firm commitment to supporting all its Member States in their efforts to achieve universal access to education” Audrey Azoulay, Director-General of UNESCO said.

With these new funds, UNESCO and Cameroon will work together to modernise school curricula, with a particular emphasis on multilingual education. The Organization will provide more than 4 million school textbooks and teaching manuals. It will also support the training of 15,000 teachers as well as 13,000 headteachers, trainers and educational professionals. Finally, this initiative will provide school meals to children from the poorest families to further support their schooling.

This initiative in Cameroon joins those already undertaken by UNESCO in many other African countries. In recent years, the Organization has notably raised $15.7m for education in Burundi, $48.2m in Chad, $39.5m in Côte d’Ivoire, and $10.7m in the Republic of Congo – again as part of the Global Partnership for Education. At a time when the African Union has dedicated 2024 as the year of education, UNESCO is once again demonstrating its role as a leading partner of African states in this field.

Source: miragenews

Indomitable Lions: captain Aboubakar joins Hatayspor from Besiktas

10, September 2024

Indomitable Lions: captain Aboubakar joins Hatayspor from Besiktas 0

Vincent Aboubakar has joined struggling Turkish club Hatayspor after falling out of favour at league rivals Besiktas, both clubs announced.

“We have signed a one-year contract with experienced striker Vincent Aboubakar,” Hatayspor said in a post on social media.

The 32-year-old rejoined Besiktas in January 2023, after a year and a half with Saudi club Al-Nassr.

Capped over 100 times for Cameroon, Aboubaker won two Turkish league titles with Besiktas in his two spells in 2017 and 2021.

He also won two league titles with Portuguese club Porto and the 2017 Africa Cup of Nations with Cameroon.

Antakya club Hatayspor are second last in the Turkish league.

Source: Citizen digital sports

Historian who predicted nearly every US election winner says Harris will win

9, September 2024

Historian who predicted nearly every US election winner says Harris will win 0

The American University history professor Allan Lichtman has a track record that’s hard to beat, having correctly predicted the results of all but one US presidential election since 1984. The historian’s 2024 prediction is that the Democratic presidential nominee Kamala Harris will take the White House in November.

Forget the polls, ditch the data and stop sending journalists to swing-state diners to interview undecided voters: historian Allan Lichtman already knows who is going to win the US presidential election.

“Harris will win,” Lichtman confidently announced to AFP.

He was speaking at his home in the leafy Washington suburb of Bethesda shortly after unveiling his much-discussed, once-every-four-years White House prediction, based on what he calls the “13 keys” method.

It can be easy to dismiss Lichtman’s signature methodology as just another gimmick in the endless, drawn-out “horse race” style coverage of US elections — where journalists, pollsters and pundits are constantly trying to see who is up and who is down.

But the American University history professor has answers for his critics — and a track record that’s hard to beat, having correctly called all but one election since 1984.

Lichtman pays no attention to opinion polls.

Instead, his predictions are based on a series of true-or-false propositions applied to the current presidential administration. If six or more of these “keys” are false, the election will go to the out-of-power challenger — in this case, Republican candidate Donald Trump.

Sage of Bethesda?

One of the keys, for example, posits that the president’s party won seats in the most recent midterm elections. The Democrats actually lost control of the House in the 2022 midterms, meaning this particular key is termed “false,” tipping the scales toward Trump.

A few more keys break Trump’s way: President Joe Biden stepped down, meaning Democrats lost the key which determines the “incumbency,” a vital advantage.

Biden’s vice president and replacement as nominee, Kamala Harris, is surging on optimism among party faithful. But Lichtman rules that she does not qualify for another of the keys, which is being a charismatic, “once-in-a-generation” candidate in the style of Ronald Reagan or Franklin Roosevelt.

More points to Trump, yes. But after that the keys start breaking in rapid succession for Harris.

For example, the Biden administration’s massive environment and infrastructure legislation ticks the box for the key requiring a “major policy change” by the current White House.

Another key for Harris is the exit of fringe independent candidate Robert F. Kennedy Jr.

She also satisfies the key demanding lack of major scandal.

Do the math and it turns out that only three keys are falling for Trump. But to be declared the presumptive winner, he would have needed six.

And there’s another key which could go Harris’s way, if the administration reaches a ceasefire and hostage release in Gaza.

It’s a move that would likely require Democrats to push harder against the Israeli government — sure to cause strain among poll-obsessed advisors in a party trying to straddle a base that is heavily divided over the issue. Yet, a ceasefire would mean the Democrats actually delivered a policy achievement, Lichtman argues, and deliver one of the keys on foreign policy.

“I don’t like to speculate, because the devil is in the details, but that could be seen as a big success,” he said.

Forget the ‘noise’

Critics of the “13 keys” home in on the speculative nature of some of the true-false propositions. What is a charismatic leader, for example?

Yet the sage of Bethesda, as some have dubbed him, is well-versed in arguing his case.

“I’ve been doing this for 40 years. I think I’ve heard every conceivable question,” he said. “‘Aren’t your keys subjective?’ I obviously have an answer to that — they’re not subjective, they’re judgmental.

“We’re dealing with human beings. Historians make judgments all the time, and the judgments are very tightly constrained.”

Amid the “noise” of national political punditry, Lichtman argues, presidential elections are a simple “vote up or down on the strength and performance of the White House party.”

In that way, his method is anti-horse race — focused on good governance rather than campaigns, since in reality “we forget virtually anything a candidate has to say.”

The one election where Lichtman’s calculations did not predict the president was the 2000 victory of George W. Bush. Lichtman can defend his record by pointing out that this was a legally complicated nail-biter in which Democrat Al Gore won the popular vote but Bush took victory courtesy of a Supreme Court decision.

Source: AFP

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