🔅 Should the Star of Africa Shine in the UK this weekend?
Plus:☀️ A Mugabe Divorce: $80 Million and Counting, 🇳🇬 Nigeria's Floating LNG Plant, 🪖 AU's Peacekeeping Mission in Somalia: A Bloody and Costly Affair, ☕ And much more...
Photo of the day: Port, Conakry, Guinea
Markets:
🔻 Nigerian SE: 52,207.77 (-0.17%)
🔺 Johannesburg SE: 78,218.60 (+0.88%)
— Ghana SE: 2,729.68 (0.00%)
🔻 Nairobi SE: 104.30 (-2.08%)
🔻 US S&P 500: 4,097.62 (-0.53%)
🔺 Shanghai Composite: 3,323.27 (+1.14%)
Global Markets: The US Federal Reserve has been busy raising interest rates to the highest level in 16 years to make it more expensive to borrow money and cool off the economy. The move has already led to a slowdown in the housing sector and the failures of three US banks, and Fed chair Jerome Powell says it might be the last rate hike—at least for now. “We’re no longer saying that we anticipate” additional increases, he said at a press conference. But don’t get too excited—Powell isn’t ruling out more hikes if the data warrants it. The good news is that inflation has moderated since the Fed started raising rates, but some economists think they should pause before the US falls into a recession. When the US Federal Reserve increases interest rates, it becomes more expensive for African countries to borrow and pay back money (typically denominated in US dollars), making it harder for them to finance projects and grow their economies.
*Data accurate as of the close of markets across the continent
COLONIALISM
Should the Star of Africa Shine in the UK this weekend?
The Star of Africa, a 530-carat diamond set in the royal sceptre for Saturday's royal coronation of King Charles, is sparking a major debate in South Africa.
Some are calling for Britain to return the world’s largest diamond, which was discovered in South Africa in 1905 and presented to the British monarchy.
The petition for its return has already garnered 8,000 signatures.
What's the history of the diamond?
Officially known as Cullinan I, the diamond in the sceptre was cut from the Cullinan diamond, a 3,100 carat stone that was mined near Pretoria.
A smaller diamond cut from the same stone, known as Cullinan II, is set in the Imperial State Crown which is worn by British monarchs on ceremonial occasions. Along with the sceptre, it is kept with the other crown jewels in the Tower of London.
Why should it be returned?
According to Mothusi Kamanga, a lawyer and activist in Johannesburg, "The diamond needs to come to South Africa. It needs to be a sign of our pride, our heritage and our culture."
The diamond was taken during colonial times, and Kamanga believes that to decolonise is not just to give people freedom, but to take back what was taken from the African people.
What do others think?
Although there are some who believe the diamond should be brought back home, others feel that it doesn’t matter anymore.
Dieketseng Nzhadzhaba, a local resident, said, "Things have changed, we're evolving. What mattered for them in the olden days about being superior... it doesn't matter to us anymore."
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OTHER HEADLINES
Across the Continent
☀️ A Mugabe Divorce: $80 Million and Counting | The daughter of the late Robert Mugabe, Bona, is caught up in a messy divorce from her husband, Simba Mutsahuni Chikore, and it has been making headlines. The court papers list an impressive property portfolio of 25 homes, 21 farms, and luxury vehicles—all reportedly owned by Bona and totalling a jaw-dropping $80 million. As Zimbabweans react with shock and outrage to the extent of the wealth allegedly accumulated by just one of Mr Mugabe’s children, the former spokesman for Robert Mugabe, George Charamba, has denied the 21 farms, tweeting “all agricultural land belongs to the state, with farmers using it on LEASE BASIS.” Bona and Simba were married at a lavish wedding in 2014 attended by African heads of state and broadcast live on state television. With no word yet on when the divorce case will end, it’s unclear who will come out on top—or how the $80 million bag will be split.
🇳🇬 Nigeria's Floating LNG Plant | The Nigerian National Petroleum Corporation Limited (NNPC) just a memorandum of understanding (MoU) with Norway’s Golar LNG to build a floating liquefied natural gas (LNG) plant in the country. Nigeria is already Africa’s biggest oil producer and holds some of the world’s biggest gas reserves. It’s also working on a 614km long natural gas pipeline that will connect Nigeria to Algeria and the Niger Republic and eventually to Europe.
🪖 AU's Peacekeeping Mission in Somalia: A Bloody, Costly Affair | Since 2007, the African Union has sent peacekeepers to Somalia to fight al Shabaab—a mission that has cost thousands of lives and over $200 million in compensation to the families of fallen soldiers. The war has been going on for 16 years, with Uganda, Kenya, Ethiopia, and Burundi supplying the bulk of troops. The EU is the mission’s largest financier, and the AU has received $264 million from its partners in 2021. Sadly, it has all come at a great human cost, with over 3,500 casualties reported and an estimated 5,000 more injuries and disabilities. According to the terms of the agreement, $50,000 is paid to families of soldiers killed, while injuries and disabilities are compensated on a case-by-case basis. Still, reports say that many of the families have yet to receive their payments, and some soldiers have yet to be compensated for their services.
FOOD FOR THOUGHT
Proverb of the Day
“He who's destined for power does not have to fight for it.”
— Ugandan Proverb.