🔅 Somalia's Security Woes, Airline Discrimination in Ethiopia, and NBA Phenom on the Horizon
Stay up-to-date with Africa's latest developments - including the security challenges faced by Somalia, discrimination claims against Ethiopian Airlines, and the rise of a Congolese talent in the NBA
Photo of the day: Dar es Salaam, Tanzania
Markets:
🔴 Nigerian SE: 55,807.09 (-0.02%)
🟢 Johannesburg SE: 77,126.06 (+0.72%)
— Ghana SE: 2,515.18 (0.00%)
🟢 Nairobi SE: 106.09 (+2.31)
🟢 US S&P 500: 4,289.25 (+0.16%)
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Opec+'s Oil Power Play | Opec+—a group of oil-producing countries, including Saudi Arabia, Russia, and others—have decided to make cuts in production in an attempt to boost prices. The decision came after the group’s seven-hour meeting, which took place against the backdrop of a string of quarterly losses for oil companies due to COVID-19. In an unexpected move, Saudi Arabia announced that it would make a voluntary cut of one million barrels per day, with other members of Opec+ agreeing to continued cuts. The West has accused Opec of manipulating prices and undermining the global economy, but Opec insiders say that it's the West's monetary policy over the last decade that has caused inflation and forced oil-producing nations to act. As the leader of the pack, Saudi Arabia was in the best position to lower output—they need oil prices to stay over $80 a barrel for them to break even—but they also want elevated prices to keep investing in ambitious projects to diversify their economy away from oil. Look out for an increase in oil prices wherever you are...
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇸🇴 🇺🇬 Somalia's Security Crisis: 54 Ugandan Soldiers Killed | An attack by radical Islamist al Shabaab on an African Union base in Bulo Marer, 120 km southwest of the capital Mogadishu, has left 54 Ugandan soldiers dead. That’s one of the deadliest attacks since the African Union-backed Somali government launched an offensive against al Shabaab last September. Al Shebab, an al-Qaeda-affiliated group, have been waging a bloody insurgency in the country for more than fifteen years. Despite setbacks, they’ve continued to carry out deadly attacks, with the deadliest occurring last October when two car bombs exploded in Mogadishu, killing 121 people and wounding 333. To make matters worse, Somalia is facing a disastrous drought, the worst in at least four decades, which has left 8.3 million people in need of humanitarian aid.
🇪🇹 Tigrayans in Ethiopia Claim Airline Discrimination | Ethiopian Airlines has been accused of discriminating against Tigrayans by preventing them from buying tickets for flights from the Tigray region to the federal capital of Addis Ababa. The lawsuit, brought by Human Rights First, an NGO, alleges that the airline is blocking Tigrayans aged 15-60 from flying and hiking up ticket prices, which they say is a violation of the country’s constitution. One person was only allowed to travel after getting a letter from her doctor. Another was forced to take a two-day bus journey instead. A former Ethiopian Airlines employee said staff had been briefed not to sell tickets to people aged 15-65 travelling from Tigray, and that this stemmed from government security concerns. However, they said, “the flights are not full and seats are available.”
🇸🇩 Sudan: When Warring Factions Take it to the Bank | In Sudan, warring factions have been battling for control of the country for the past six weeks, with over a thousand casualties and hundreds of thousands of people displaced. The conflict has now escalated to a whole new level: the printing press. In an attempt to stop a paramilitary group from printing money to fund its operations, the army bombed the printing press. The militia responded by raiding the central bank. The US imposed economic sanctions on both sides, but if the situation is any indication, it doesn’t look like either side is ready to back down anytime soon.
🛢️ Gas Prices Skyrocket in Nigeria & Benin: Who's to Blame? | It’s been a wild ride for petrol prices in Nigeria and Benin. After Nigeria’s new President, Bola Tinubu, announced he’d be scrapping fuel subsidies—which reportedly cost the government around $10 billion last year—the price of gas skyrocketed. Filling stations stopped selling fuel and long queues formed at other outlets, while Nigeria’s dollar bonds got a bump from the move. But the surge in costs isn’t good news for everyone—it’s expected to fuel (no pun intended) inflation. Meanwhile, Benin was also affected by the announcement—gas prices there almost doubled. This is because fuel subsidies are routinely smuggled into Benin from Nigeria, where it’s sold by the roadside and is cheaper than fuelling up at stations. It’s been dubbed “kpayo” (“unoriginal” in Goun) and serves a large part of the population. Tinubu later clarified that the subsidies would be phased out over the coming weeks, but that’s still not much comfort for drivers in the two countries.
🇨🇩 Congolese Phenom Set to Take the NBA by Storm | Victor Wembanyama, the French-Congolese phenom, is about to make a big splash in the NBA. With his 7-foot-3 stature and a skill set that allows him to shoot like a wing player and pass like a point guard, Wembanyama is making history as the third No. 1 draft pick in the NBA in two decades. When asked about his plans for San Antonio, Wembanyama was crystal clear: “I’m trying to win a ring ASAP. So be ready.” This is music to the ears of Spurs fans, who have seen their team hit the lottery jackpot and are now ready to welcome a generational talent. The Spurs have had incredible success with international players in the past, and Wembanyama looks to be a continuation of that trend.
FOOD FOR THOUGHT
Proverb of the Day
“During times of peace in the country, the chief does not carry a shield.”
— Ugandan Proverb.
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