Stocks Are Heading for the Worst Year Since Before Obama

Rick Newman
Yahoo Finance News
Fri, Dec 7 4:23 PM EST

The S&P 500 stock index is now down about 1.5% for 2018. If it ends the year there—or lower—it will be the worst annual performance for the S&P since markets crashed in 2008.

The stock market, of course, has been in a bull market since March of 2009, with only a few corrections along the way. We’re in a correction now, with stocks down about 10.2% from the high of Sept. 20. A correction is a drop of 10% or more, while a bear market is a 20% drop, or greater. The last bear market ended in 2009.

Here’s the annual performance for the S&P 500, calculated as the percentage change at the end of December, from the December before:

There’s a silly manhood contest between supporters of President Trump and President Obama over who presided over a more robust stock market. Here are the numbers for the same period of time in the Trump and Obama first terms:

Percentage change in the S&P 500 from Inauguration Day through Dec. 7 of the following year:

Obama: 51.7%

Trump:  15.9%

Percentage change in the S&P 500 from Election Day through Dec. 7 two years later:

Obama: 21.7%

Trump:  23.1%

So starting with Inauguration Day, stocks rose more under Obama than under Trump through Dec. 7 of the following year. But if you start at Election Day—when markets begin pricing in implications of the future president’s policies—the edge goes to Trump.

At any rate, it’s totally irrelevant which president produced better stock market performance, because many factors beyond the control of the president determine the direction of the stock market. Obama came into office when an epic plunge in stock prices was nearly over, and stocks went up for most of his two terms. Trump came into office as a long and slow economic recovery was finally picking up steam, with job growth under Trump roughly the same as it was during Obama’s last two years.

Trump supporters claim Trump policies—including sharp corporate tax cuts and deregulation—have stimulated the economy above Obama-era levels. But if so, the stock market’s performance in 2018 sure hasn’t reflected that. It’s even more odd that stocks have slipped in 2018 because corporate profits have soared on account of the tax cuts.

More important than arguing about presidents is figuring out what a wobbly stock market seems to be saying about the future. Investors are vacillating between pessimism and optimism right now, with this fall’s selloffs revealing worries about slowing economic growth and profits, and a damaging trade war with China. Yet job growth is still good and unemployment remains extremely low. Consumer spending is strong and many companies can’t find enough workers.

Trump is contributing to investor worries with his on-and-off trade disputes. When profits were soaring and GDP growth came in above 4% earlier this year, markets brushed off the trade wars. But with the growth and profit boom possibly in the past, markets are more vulnerable to tariffs and other protectionist measure that add to costs on consumers and businesses. So if Trump is able to end his trade dispute with China, that in itself might give stocks a bump. They could certainly use it.

Zanu-PF Women’s League Endorses ED

08 DEC, 2018 - 00:12

President Mnangagwa and First Lady Auxillia Mnangagwa arrive for the zanu-pf Women's League National Assembly meeting at the party’s headquarters in Harare yesterday. —(Picture by Tawanda Mudimu)

Daniel Nemukuyu
Senior Reporter
Zimbabwe Herald

The ZANU-PF Women’s League yesterday endorsed President Mnangagwa as the party’s sole candidate for the 2023 presidential poll, describing him as a champion for women empowerment ahead of the ruling party’s People’s National Annual Conference slated for Matabeleland South Province next week.

The party’s Youth League and the Zimbabwe National Liberation War Veterans Association (ZNLWVA) have also endorsed President Mnangagwa’s candidature for the 2023 presidential election as has almost every province.

The league’s national assembly members hailed the President for allocating 30 percent of Cabinet posts to women, despite only a small number of them managing to make it to Parliament in the July 30 harmonised elections.

Addressing the Women’s League national assembly meeting in Harare yesterday, the league’s secretary for Administration Cde Monica Mutsvangwa announced the decision to endorse President Mnangagwa’s candidature, among a host of other resolutions.

The women also deplored the chaotic primary elections in the party earlier this year, like the imposition of candidates.

Cde Mutsvangwa said women were confident President Mnangagwa’s hard work and dedication to duty would turn around the economy and bring an improved standard of living.

“Women’s League supports the President and First Secretary of Zanu-PF Cde ED Mnanagawa’s leadership and therefore endorses him as the sole candidate for the 2023 election,” she said.

Cde Mutsvangwa said President Mnagagwa was a servant leader dedicated to duty.

“President Mnangagwa arrives at work around 7.45am everyday and leaves office at 9pm. That is a sign of hard work and dedication to duty,” she said.

The endorsement, Cde Mutsvangwa said, was unanimously made after consultations with all the country’s 10 provinces.

Addressing the same gathering, President Mnangagwa promised to restore sanity in the next primary elections, saying the imposition of candidates was now a thing of the past.

“When we held our primary elections this year, there were a lot of errors and problems. Those who were not strong enough could have been affected to the extent of quitting the party. You did not.

“Since you have the party at heart, you proceeded to vote for those imposed candidates although you were unhappy with the imposition,” he said.

The President said some challenges occurred because the commissariat had a new leader who was still learning.

He said Cde Engelbert Rugeje was now an experienced commissar and that the mistakes would not be repeated.

The President said the chief culprits in the imposition scandal were the party leadership.

“I do not think the juniors have the capacity to impose the seniors to positions, but instead, it is the seniors who can endorse people.

“We are totally against imposition of candidates. That will never happen again. The people’s choice must be respected. If people choose the leader they want and you take them for fools and impose the one that you want, you end up being the real fool,” he said.

Secretary for Women’s Affairs Cde Mabel Chinomona described President Mnangagwa as the champion of women’s empowerment.

First Lady Slams Gossip-mongers

08 DEC, 2018 - 00:12
Daniel Nemukuyu
Senior Reporter
Zimbabwe Herald

FIRST Lady Auxilia Mnangagwa has urged women in Zanu-PF to desist from gossiping, which she described as a destructive tendency that causes discord within the party.

Speaking at a Zanu-PF Women’s League national assembly meeting in Harare yesterday, the First Lady said she had an open-door policy but she does not entertain gossipers.

“I urge all women to shun gossiping. Gossip destroys the party. Let us respect each other, love each other and teach each other to do good for the development of the country.

“Zanu-PF women must be known all over for good works and it will be easy to woo people to the party if we behave well out there.

“My door is always open for all of you, but do not come with gossip. We should lead by example and stop the destructive tendency of speaking ill of others,” said the First Lady.

The meeting ran under the theme “Unshakeable Women in Support of Unwavering Action-Oriented Leadership”.

Zanu-PF Secretary for Women’s League Cde Mabel Chinomona warned women against establishing parallel structures within the party saying the intelligence unit was watching them.

“Do you know that President ED Mnangagwa was the one who set up the Central Intelligence Organisation (CIO)? You think your plans are not known?

“We are watching you. We do not enjoy firing people from the party and I urge you to desist from practices of destroying the party from within. Let us work together to build our party,” said Cde Chinomona.

Women’s League secretary for administration Cde Monica Mutsvangwa urged women to be true Zanu-PF cadres members who defend the ruling party at all costs.

“Be Zanu-PF at heart and also be prepared to defend your party all the time.

“Your works must show that you are truly Zanu-PF,” said Cde Mutsvangwa.

Cde Mutsvangwa said the Women’s League should remain united.

“During the ‘Thank You Rallies’ in Mashonaland West this year, President Mnangagwa praised the Women’s League for unity saying the wing did not have any discord.

“We must maintain the high standards and always rally behind our President,” said Cde Mutsvangwa.

Senegal Unveils China-funded Museum of Black Civilisations

Senegalese President Macky Sall inaugurated the Museum of Black Civilizations in Dakar on Thursday. The establishment intended to celebrate the achievements of the black man from the beginnings of humanity to the present day, is a fifty two-year-old dream come true.

At the opening ceremony held in the Grand National Theater, guests were treated to a show combining tradition and modernity, tributes to ancestors, the great figures of black civilisations, from Martin Luther King to Thomas Sankara, and the “Senegalese skirmishers”.

“The Museum of Black Civilizations is indeed joining a long-term dynamic. Dynamics of confluences and symphony between African and Afro-descendants, united in the affirmation of their values of culture and civilization,” said Senegalese President, Macky Sall.

This museum is a response to the aspirations of African children to better understand their memory and other cultures.

The museum’s catalogue is pan-African with works not only from Africa but also from the Caribbean.

The inauguration comes at a time when the cultural world in French-speaking Africa is in turmoil after the French authorities resolved to return part of the continent’s heritage.

UNESCO hopes that this initiative will contribute to advancing the aspirations of Africans to better appropriate their memory.

For his part, Ernesto O. Ramirez, Assistant Director-General for Culture of UNESCO said, “This museum is a response to the aspirations of African children to better understand their memory and other cultures. It is also an important step towards the realization of an Africa with a strong cultural identity: a common heritage, values and ethics.”

The idea of a museum of Black Civilizations was nursed by first Senegalese President Léopold Sédar Senghor in 1966. Financed by China at more than 30 million euros, the structure has a capacity for 18,000 exhibits.

Ethiopia's Tigray Region Plans 'Respect the Constitution' Rally

Abdur Rahman Alfa Shaban
Africa News

A rally has been planned for Ethiopia’s northern Tigray regional state’s capital, Mekelle, on Saturday. Dubbed ‘Respect the Constitution,’ it will be the second such in a space of three weeks.

The regional state is behind the rally targeted at the federal government led by Prime Minister Abiy Ahmed. Recent arrests of former Tigray generals accused of corruption is largely behind the rally.

The first rally took place on November 25 in Mekelle and other cities and towns in the state. Protesters bearing the nationals and regional flags denounced federal judicial process which they said were biased.

We do not compromise on the issue of rule of law, all of us should be accountable for our actions, but the mass arrests should not be used as a cover for political aims.

Debretsion Gebremichael, chairman of the Tigray People’s Liberation Front (TPLF), a bloc in the ruling EPRDF coalition is on record to have accused Abiy of conducting ethnic profiling in the name of fighting corruption.

He said the arrests of senior military officials was politically motivated and implemented along ethnic lines. “The arrests… targeting individuals accused of corruption and human rights has veered from course and is being used to bring Tigrayan people to their knees,” Debretsion claimed.

The TPLF is a founding member of the long-ruling Ethiopian People’s Revolutionary Democratic Front (EPRDF) in which Tigrayans have traditionally held the reins of power, despite accounting for only around six percent of the population.

“We do not compromise on the issue of rule of law, all of us should be accountable for our actions, but the mass arrests should not be used as a cover for political aims,” Debretsion warned.

Tigray’s resistance to Abiy

The appointment of Abiy, an Oromo, in April and his breakneck implementation of reforms has loosened the Tigrayan grip on government, stirring resentment in some quarters.

Previously: Ethiopia’s peace deal with Eritrea criticised by TPLF
Debretsion claimed to discern “a hand of a foreign country” in the arrests, without naming the state he was referring to.

“There is a foreign involvement in the process. Thus, it is unacceptable,” he said, without giving further details.

Among those so far arrested are a former deputy spy chief and the former head of the military-owned Metals and Engineering Corporation (METEC).

“While Kinfe was arrested peacefully, they tied him handcuffs. This is a political attack,” Debretsion told a news conference.

“While they should have gone after an individual, they went after an ethnic group and a party,” he said in comments aired by Dimtsi Woyane TV.

3rd Anti-corruption Congress Opens in Tunisia

Africa News

The 3rd National Anti-Corruption Congress opened in Tunisia on Friday to among other review the national anti-corruption strategy.

The two-day congress will afford participants including authorities and partners the opportunity to reaffirm their commitment to restore the foundations of good governance.

President of the national anti-corruption body, Chawki Tabib, called on the state to invest more in the fight against corruption.

I ask the Tunisian State to invest because we are seeing that some of our foreign partners are doing much more than the Tunisian State in this area.

‘‘Like any assessment, it is mixed.There are, of course, the positive aspects. These gains, which must be recognized, are quite numerous, particularly at the institutional and legislative levels, and there has been a considerable increase in the resources of the National Anti-Corruption Agency, and the judiciary. I ask the Tunisian State to invest because we are seeing that some of our foreign partners are doing much more than the Tunisian State in this area and this to me is somewhat scandalous’‘, Tabib said.

Participants are expected to make recommendations to deepen the fight against corruption.

Nigeria's Campaigns Picking Up: Atiku in North, Osinbajo in South

Abdur Rahman Alfa Shaban 
Africa News
06/12 - 05:00

Presidential campaigns are heating up in Nigeria ahead of elections slated for February 2019. The main opposition Peoples Democratic Party, PDP, kicked off their activities in the north.

Flag bearer Atiku Abubakar, a former vice-president was in Sokoto where the PDP campaign officially kicked off earlier this week. His last stop as at Thursday was in the north central Kwara State.

Along with PDP Chairman Uche Secondus and other top party officials, Atiku addressed thousands of party faithful stressing his message of getting Nigeria to work again.

Whiles in Kwara, home state of the Senate President, Atiku also threw jabs at the ruling All Progressives Congress, APC, led by incumbent Muhammadu Buhari.

“Today we have listened to the failures of the APC government since 2015 till today. There is nothing they have not promised us, they promised us security, jobs and better economy, they failed. Whatever they promised, they failed.

“It is time to return Nigeria to PDP, because the best years of this country was when the PDP was governing our country from 1999-2015.

“In terms of corruption, Nigeria is worse of today than we were in 2014. In terms of economy, we are the poorest country in the world today. In terms of insecurity, we are most insecure than at any other time in our history.”

Whiles Buhari has officially yet to hit the campaign trail, his vice Yemi Osinbajo has been busy in the southern part of the country with house to house engagements in the federal capital territory.

Osinbajo who has been leading the federal government’s social intervention program, Trader Moni, has stressed that the government will continue to guard the public purse and ensure that the ultimate beneficiaries are the people.

“Improving the lives of every Nigerian matters to us. It is why President Muhammadu Buhari and I are committed to working day and night for the majority of Nigerians. We will not rest till majority of Nigerians benefit from the resources of their own nation,” Osinbajo said in a tweet.

Buhari returned to the country from Poland where he attended a climate change summit. He will lead a special session of cabinet on Friday to deal with the 2019 budget for onward transmission to the National Assembly, a special aide said on Thursday.

Nigeria Electoral Bill: Atiku Knocks Buhari for Refusing to Sign

Abdur Rahman Alfa Shaban
Africa News

Main opposition candidate in Nigeria’s February 2019 elections, Atiku Abubakar, has jabbed incumbent Muhammadu Buhari for refusing to sign an election law.

Atiku, a former vice-president said Buhari’s promise of an above board election could not be taken seriously over his decision.

“Mr President, assurances that your administration will conduct a free, fair and credible elections can not be taken seriously. For Nigerians and especially us in the opposition, you just missed an opportunity to walk the talk,” Atiku said in a personally signed tweet on Friday.

For Nigerians and especially us in the opposition, you just missed an opportunity to walk the talk.

In letters addressed to speakers of the National Assembly – Senate and House of Representatives, Buhari said passing a new bill so close to an election could create some uncertainty about the legislation to govern the process, adding that parts of the bill needed legislative action.

It is the third time Buhari has refused to assent to the bill. In March this year the presidency said its decision was because parts of the law could usurp powers of the elections body, INEC. A second rejection was in September this year.

The upcoming elections pits Buhari leading the All Progressives Congress, APC, against Atiku and the Peoples Democratic Party, PDP. Campaigning have kicked off and are set to hit high gear later this month.

Atiku was until this year an ally of Buhari after they both joined the then APC in 2015 to help dethrone the PDP which had governed Nigeria for sixteen years.

Buhari beat then incumbent Goodluck Jonathan to the presidency. Jonathan became the first incumbent to lose an election and Buhari, the first opposition candidate to win the presidency.

The APC campaign was premised on security, corruption and the economy – largely the same issues are still at play in the upcoming vote.

DRC: Suspected Militiamen Kill at Least 18 Civilians in Ebola Zone

Suspected militiamen have killed at least 18 civilians in eastern Democratic Republic of Congo, near the epicentre of an Ebola outbreak, an army spokesman said Friday.

“Up until this morning, we are talking about 13 people executed in yesterday’s attack, and we have also visited the place that was attacked. There we have seen the bodies of five women, two wounded, including a one-year-old baby”, said FARDC spokesman, Mac Hazukay.

A visibly emotional survivor narrates her experience.

They arrived in the village and immediately started shooting, looting the shop and setting fire to the shop.

‘‘They arrived in the village and immediately started shooting, looting the shop and setting fire to the shop. At the same time they asked my aunt to come from under the bed and if we refused they would burn us alive. So I told my aunt we go out and if we die, then we die”, said survivor, Kavira Marie.

Repeated attacks by armed groups on civilians, Congolese soldiers and U.N. peacekeepers have strained efforts to contain the epidemic, the second worst in history.

So far, Ebola is believed to have infected 471 people and killed 273 of them.

Congolese authorities blame ADF rebels for dozens of attacks over the past four years that have killed more than 1,000 civilians.

But independent experts say other armed groups and Congolese soldiers are responsible for some of the killings.

Reuters

Europe’s Future Lies in the South and Not the North, Says Italian Finance Minister at Africa Conference

“Africa is a continent of great change and opportunities. However, Europe finds it difficult to understand that its future lies in the South and not in the North,” said Giovanni Tria, Italian Minister of Finance and Economy. He was a speaking in Rome at a conference on Africa, challenges and opportunities: Italy and the African Development Bank (www.AfDB.org).

Africa is currently  home to five of the world’s fastest growing economies, and only 4 African countries out of 54 will record negative growth in 2018, compared to 8 in previous years.

According to Tria, The current narrative about Africa is all wrong. He says, ‘Africa today has 5 distinctive advantages – a huge land mass of 30 million square kilometers, huge resources, a fast-growing population, fewer conflicts and major developments in education, and an economy that has consistently expanded over the last 15 years, even though it still only accounts for 3% of global GDP.

There is clear evidence of sustained demand growth across the continent. Consumer spending will reach $2.5 trillion by 2030, while business-to-business investments will reach over $3.5 trillion in the same period. “With a growing middle class and rapid urbanisation, consumer demand from a burgeoning middle class will turn the continent into a prime collective investment opportunity that cannot be ignored,” said Akinwumi Adesina, President of the African Development Bank.

“This is proof positive of an Africa in the process of full transformation. Africa is the new international investment frontier,” he added. With $11.6 billion, Italy was the largest European investor on the continent in 2017, and the third largest after China and the United Arab Emirates.

Minister Tria commended the African Development Bank for its unique role in fostering a favourable investment environment and addressing Africa’s development challenges.

According to Adesina,  “The migration crisis in Europe is one of the biggest current social and political challenges that Italy and Europe have to deal with. I do not believe that the future of Africa’s youth lies in Europe. Neither does it lie at the bottom of the Mediterranean Sea. The future of Africa’s youth is in Africa helping to grow its economy and employment opportunities”.

The African Development Bank has launched a major initiative, the Jobs for Youth in Africa programme, aimed at creating 25 million jobs over a ten-year period. The Bank has also launched the Affirmative Finance Action for Women in Africa (AFAWA) to encourage banks and finance institutions in Africa to lend to female entrepreneurs and businesses run by women. Adesina points out that it is now “critical to change the lenses with which we look at Africa, from development aid to profitable investment,”

The evidence for this comes from the tremendous success of the Bank’s new mould-breaking initiative, the Africa Investment Forum, an event dedicated to investment transactions which took place last month in Johannesburg, South Africa. investment interests were secured in deals worth $38.7 billion in three days of transaction-dominated meetings between investors, the private sector and African countries.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Chawki Chahed
Chief Communications Officer
T. +225 20 26 27 02 / C. +225 75 75 31 20
c.chahed@afdb.org

Switzerland Abandons Sanctions Against Eritrea Citing UNSC Vote

Abdur Rahman Alfa Shaban
Africa News

The Switzerland government on Friday (December 7) announced the lifting of targeted sanctions against Eritrea. The government also affirmed that it was working to normalize relations with Asmara.

An official statement said the decision was largely premised on the same position as adopted by the United Nations Security Council, UNSC, in mid-November 2018.

“The sanctions – that include an arms embargo, travel bans and asset freezes – will be repealed as of Friday evening, said a government statement.

“The UN Security Council had imposed the sanctions in December 2009 after Eritrea was suspected of supporting armed groups like Al-Shabaab with a view to destabilising the region. A border dispute with Djibouti also helped contribute to the decision,” the statement read in part.

After nine years, the UNSC lifted sanctions on Eritrea after the UN monitoring group on Eritrea found inconclusive evidence of Asmara arming Al-Shabaab.

On the part of Eritrea and Djibouti’s diplomatic spat, signs of warming of ties as leaders of both nations met in Saudi Arabia in September also counted in the UNSC’s decision.

Switzerland also underscored its relations with Eritrean asylum seekers. “About 20,000 Eritreans live in Switzerland, the largest Eritrean diaspora in the world. In addition, Eritreans make up the largest national group of asylum seekers in Switzerland,” the statement noted.

The statement cited recent engagements with Eritrea on development cooperation and reinforcement of diplomatic presence as signs of progress in bilateral ties.

“The slow return of Eritrea to the international community fold has also had an impact on Switzerland’s asylum policy towards Eritreans fleeing compulsory military service,” the statement concluded.

Angolan President Joao Talks to Some of State’s Toughest Critics

 05 DEC, 2018 - 19:12

LUANDA. – Angolan President Joao Lourenco, elected last year as the country’s first new leader in nearly four decades, met civic groups on Tuesday in unprecedented talks as part of his reforms.

Participants in the talks, including singer Luaty Beirao who served prison time on rebellion charges in 2015-2016, praised talks as progress in dialogue between the government and critics in Angola, dominated for decades by the dos Santos family.

“This meeting is a step forward in the construction of a national dialogue,” said Jose Patrocinio from the local NGO Omunga.

They praised the “frankness and respect” shown by the president who has promised to overhaul the economy of the African oil producer, which is struggling with foreign currency shortages, unemployment and poverty despite its petroleum wealth.

President Joao has quickly sought to distance himself from his predecessor and former mentor and promised to tackle widespread corruption that many Angolans blame on the long rule of the dos Santos family.

The former president’s son is in prison as part of an investigation into misappropriation of state funds.

Tuesday’s meeting fell short when journalist Marques was left out. A long-time opponent of the dos Santos regime, he was investigated and convicted several times for his denouncements of the regime.

On his website Maka Angola, Marques said he had been formally invited to the meeting but was refused entry by presidential officials who said his name was not on the list.

But later, Marques said he had been invited on Wednesday morning to meet the president privately and he was told Lourenco regretted his being refused at the meeting.

“I think it shows the president’s good will and I would be honoured to meet him,” he said, adding that he would discuss “key concerns of the people” during the talks.

– AFP

Burundi Orders UN to Close Human Rights Office in Bujumbura

07 DEC, 2018 - 00:

BUJUMBURA. – Burundi’s government has reportedly asked the United Nations Human Rights Council to close its office in the country within two months, according to foreign ministry and UN sources.

A senior official of the country’s foreign ministry told AFP news agency that a notice was on Wednesday given to the UN Resident Coordinator in Burundi, Garry Conille, for transmission in Geneva to the UN High Commissioner for Human Rights, Michelle Bachelet.

“All international staff must be redeployed immediately, and the Office has two months to pack its bags and close its doors permanently,” said the source, who prefered anonymity.

Burundi had suspended collaboration with the human rights office since October 2016.

The government accused it of “complicity” in the drafting of a UN report that highlighted “serious violations” of human rights and possible “crimes against humanity” by Burundian authorities.

Burundi has been embroiled in a political crisis since president Pierre Nkurunziza announced his candidacy for a third controversial term in April 2015. He was re-elected in July of the same year.

The violence that accompanied the crisis killed at least 1,200 people and displaced more than 400,000 between April 2015 and May 2017, according to estimates by the International Criminal Court.

Diplomats are worried that the East African nation is pursuing an isolationist agenda, and barricading itself from criticism by the international community.

“The Burundi government is growing more radical and defiant towards the international community,” another anonymous UN source told AFP.

Burundi boycotted an East African Community summit in November which was meant to focus on Burundi’s ongoing political crisis.

The country also clashed with the African Union (AU) last week, following its issuance of an arrest warrant against former president Pierre Buyoya, who is currently an AU envoy peace envoy.

In 2017, Burundi became the first country to leave the International Criminal Court after the latter launched an investigation into the alleged atrocities in the country.

– AFP

Visit to Wonsan Leather Shoes Factory

Kim Jong Un, Chairman of the Workers' Party of Korea, Chairman of the State Affairs Commission of the DPRK and Supreme Commander of the Korean People's Army, visited the Wonsan Leather Shoes Factory.

Supreme Leader Kim Jong Un said that he was so pleased to receive the report that the Wonsan Leather Shoes Factory took the first place at a recent national shoes exhibition and that Maebongsan-brand shoes presented by the factory were very popular among the people. He added that a small local factory has become a shoes factory well known all over the country, an iconic factory leading the shoe-making industry of the country.

He looked round the room for education in revolutionary history and the room dedicated to the history of the factory and the sample display room newly arranged by the factory.

Carefully looking at the historical relics displayed in the room for education in the revolutionary history, he said that a once old and shabby factory has undergone a complete change, noting that the factory, which Chairman Kim Jong Il had visited during the last period of his life and so much worried about, has now become a model and standard shoes factory of the country.

He underlined the need to make the visit to the room for education in the revolutionary history regular part of life to make sure that all the employees turn out in implementing the Party's policy and bring into a reality the lifetime desire of Kim Jong Il with increased production, cherishing deep in their minds the history of the factory associated with the footprints of patriotic devotion left by Kim Jong Il and his leadership exploits.

Touring the uppers-making workshop, shoemaking workshop and other places of the factory, he learned in detail about the implementation of the Party's policy.

Praising a young needle worker who just graduated from a school for successfully handling an auto-sewing machine operated by a control program at the uppers-making workshop, he called for giving full play to the creative wisdom of technicians and skilled workers and widely introducing computerization into the needlework.

After familiarizing himself with the progress made so far in the research work for automating the shoe sole pasting process, he set forth tasks for perfecting the automation of all shoe-making processes.

He stressed that in order to meet the daily-increasing people's demand, it is necessary to keep pushing ahead with the work of ensuring world-level quality with an emphasis on ensuring diverse patterns, decent colours and lightness and durability while meeting the aesthetic tastes of the Korean people.

A prerequisite to improving the quality of shoes lies in good designs, he repeatedly stressed, calling for deeply studying and actively introducing the world trend of the developing shoes industry and shoes engineering and thus putting primary efforts on creating various new designs favoured by people.

Praising the factory for collecting feedback from the public after placing "feedback books" at outlets and introducing them into production, he said that the factory should lend an attentive ear to the public comment, deeply consider what kinds of shoes people of different ages and jobs like in different seasons, and thus produce more shoes favoured and demanded by all men and women, young and old.

He had a photo session with the employees of the factory at workshops.

He was accompanied by Hwang Pyong So, first deputy department director of the WPK Central Committee; Jo Yong Won, deputy department director of the WPK Central Committee; and Kim Chang Son and Ma Won Chun, officials of the State Affairs Commission.

Japan's Impertinent Move Blasted

The Japanese ambassador to the UN said at a recent full-dress session of the United Nations General Assembly that the principle of unanimous approval should be revised as it is delaying the reform of the UNSC, expressing his dissatisfaction at the delay of the reform.

This, once again, laid bare the ambition of Japan to be a permanent member of the UNSC.

It is a long-cherished desire of Japan to poke its nose into dealing with international affairs, exercise the right to speak and influence and thus make the UN a stage for accomplishing its political and military ambition.

To this end, Japan has set a matter of becoming a permanent member of the UNSC as an important diplomatic task and it has gone hectic since long before.

It is not the first time that Abe and other Japanese politicians talked about the reform of the UN, including the UNSC for "interests of all people" at the UN General Assembly this year alone.

Is Japan furious in requiring the reform of the UN for interests of humankind?

It is a shameless act for political dwarf Japan, a war criminal state, to pose as a "political power" after imposing immeasurable sufferings upon Asian peoples in the last century.

Japan, the past criminal state, is still committing crimes.

Instead of sincerely repenting of crime-woven past and liquidating it, Japan is full of militarist and revanchist ambition over 70-odd years since its defeat.

Japan is never entitled to become a permanent member of the UNSC.

However, it is complaining that its advance toward the permanent membership of the UNSC is delayed, and is calling for changing the way of discussion. It is the height of arrogance.

Japan, a war state failing to liquidate its past dirty history and running headlong into overseas expansion, is trying to sit on the UNSC. It is highly illogical.

Such move of Japan is a mockery and insult to the Asian people who had undergone horrible humiliation and suffered damage by Japan, and an open challenge to the world public hoping for right ethics and order of the international community and the fair role of the UN.

For Japan to hold a responsible post of the UN is never tolerable as it goes quite contrary to the basic mission of the UN in the light of Japan's past unethical crimes and an instable factor of the world peace.

Japan, which is failing to get involved in the issue of the Korean peninsula due to the lack of its elementary judging and reacting ability, is trying to get itself involved in world politics and profess itself to be a "power of politics". This is enough to make the world laugh.

If it has far-sightedness and perception even a bit, it should be well aware of its position and make unconditional and thoroughgoing apology and reparation for its past crimes.

For Japan to sincerely repent of its crime-woven past is needed for itself rather than for others.

Kim Chol Man Is Given a State Funeral

A state funeral for Kim Chol Man, member of the Central Committee of the Workers' Party of Korea and deputy to the Supreme People's Assembly of the DPRK, took place in Pyongyang on December 5.

Present at the funeral were members of the state funeral committee, bereaved families of the deceased and officials of Party and government organs and the Cabinet.

The coffin was carried out.

The hearse arrived at the Revolutionary Martyrs Cemetery on Mt Taesong through streets of Pyongyang.

Choe Ryong Hae, member of the Presidium of the Political Bureau of the WPK Central Committee, vice-chairman of the State Affairs Commission of the DPRK and vice-chairman of the WPK Central Committee, and Kim Phyong Hae, Thae Jong Su, Choe Pu Il, Choe Hwi, No Kwang Chol, Ri Pyong Chol and Kim Nung O, members of the Political Bureau of the WPK Central Committee, were waiting there.

A ceremony of bidding the last farewell to the deceased took place there.

Choe Ryong Hae in a eulogy said that Kim Chol Man grew up to be a revolutionary and led a brilliant and worthwhile life under the deep trust and warm benevolence of the peerlessly great persons.

Although Kim Chol Man passed away, his exploits will always be remembered, the speaker stressed.

The remains of the deceased were buried.

Members of the state funeral committee and bereaved family members spread earth on the remains.

Placed before the grave were a wreath bearing the august name of Supreme Leader Kim Jong Un and wreaths in the names of the WPK Central Committee, the Presidium of the DPRK Supreme People's Assembly and the DPRK Cabinet.

The participants observed a moment's silence in memory of the late Kim Chol Man.

DPRK Government Delegation Visits Vietnam

The delegation of the DPRK government led by Foreign Minister Ri Yong Ho visited the Socialist Republic of Vietnam from November 29 to December 2.

During the visit Ri Yong Ho paid a courtesy call on Nguyen Xuan Phuc, prime minister of Vietnam, had talks with Pham Binh Minh, deputy prime minister and foreign minister, and was invited to a welcome reception given by the deputy prime minister and foreign minister.

During the courtesy call and talks both sides had an in-depth exchange of views and reached consensus on the issue of further developing the relations of friendship and cooperation between the two countries, provided and boosted by President Kim Il Sung together with President Ho Chi Minh, in various fields as required by the new era and other issues of mutual concern.

During the sojourn the delegation laid a wreath before the grave of President Ho Chi Minh and toured the Academy of Agricultural Sciences, Halong Bay, etc.

70th Anniversary of the Establishment of Diplomatic Relations Between Bulgaria and the DPRK

A seminar was held in Sofia on November 24 under the joint sponsorship of the Bulgarian Group for the Study of Kimilsungism-Kimjongilism and the Bulgaria-Korea Friendship Association to mark the 70th anniversary of the establishment of diplomatic relations between the DPRK and Bulgaria.

Present there were figures of various political parties, organizations and institutions of Bulgaria. Speeches titled "70-year history of the relations between the Democratic People's Republic of Korea and the Republic of Bulgaria", "Self-supporting national economy" and "New proposal of the DPRK for peace" were made.

Speakers congratulated the 70th anniversary of the establishment of diplomatic relations between the two countries and said that new generations should develop the good traditions of the friendship and cooperation provided amidst the support and solidarity of the peoples of the two countries.

They said that the Korean people firmly defended socialism despite the worsening sanctions of the hostile forces to stifle the DPRK. They noted that the Korean people were convinced of the justice of their cause rather than giving in to imperialism and held higher the banner of independence.

They praised the DPRK for having recently worked astonishing miracles in economic construction and improving the people's standard of living and achieved successes in inter-Korean relations as well as external relations.

They noted that a country, small in territory and population, stands in the centre of the international arena as it holds in the highest esteem the great men such as President Kim Il Sung, Chairman Kim Jong Il and Supreme Leader Kim Jong Un.

They expressed conviction that the Korean people rallied close around Kim Jong Un would surely win a brilliant victory in building socialism and accomplishing national reunification.

A congratulatory message to Kim Jong Un was adopted at the seminar.

A reception was given at the DPRK embassy in Sofia on November 28 on the same anniversary.

DPRK Delegation Arrives in Havana

A delegation of the DPRK led by Kim Yong Nam, president of the Presidium of the Supreme People's Assembly of the DPRK, arrived in Havana on November 28 to pay an official visit to the Republic of Cuba.

Kim was accompanied by Pak Thae Song, vice-chairman of the Central Committee of the Workers' Party of Korea, Ho Yong Bok, vice-minister of Foreign Affairs, and other members of the delegation.

The delegation was greeted at the Jose Marti International Airport by Rogelio Sierra Diaz, vice-minister of Foreign Affairs of Cuba, officials concerned, Ma Chol Su, DPRK ambassador to Cuba, and his embassy officials.

That day the DPRK delegation left Caracas after winding up its official visit to the Bolivarian Republic of Venezuela.

Talks Held Between Kim Yong Nam and Miguel Mario Diaz-Canel Bermudez

There were talks between Kim Yong Nam, president of the Presidium of the Supreme People's Assembly of the DPRK, heading the DPRK delegation on an official visit to the Republic of Cuba, and Miguel Mario Diaz-Canel Bermudez, president of the Council of State and president of the Council of Ministers of the Republic of Cuba, at the office building of the Council of State on the afternoon of November 29.

Kim Yong Nam said that he was pleased to visit Cuba at a time when an important turn has been provided in developing the friendly relations between the DPRK and the Republic of Cuba.

He expressed the conviction that the bilateral relations based on revolutionary principle and comradely obligation would grow stronger amid the common struggle for socialism against imperialism.

Miguel Mario Diaz-Canel Bermudez said that he could not forget the excitement of his visit to the DPRK and having an impressive meeting with Supreme Leader Kim Jong Un.

Saying that he would cherish as a valuable memory the warm hospitality shown by the Party, government and people of the DPRK, he sincerely hoped that Kim Jong Un would continue to victoriously lead the revolutionary struggle of the Korean people in good health.

Exchanged at the talks were views on political dialogue and the relations of support and cooperation between the two countries, developing the non-aligned movement and other issues of mutual concern.

The talks proceeded in a comradely and friendly atmosphere.

Present there from the DPRK side were Pak Thae Song, vice-chairman of the Central Committee of the Workers' Party of Korea, and other suite members of the DPRK delegation and Ma Chol Su, DPRK ambassador to the DPRK, and from the opposite side were Bruno Rodríguez Parrilla, foreign minister of the Republic of Cuba, and officials concerned.

Nkrumah’s All-African People’s Conference: The Zimbabwean Factor

Brooks Marmon

This December marks the 60th anniversary of the All African People’s Conference (AAPC) in Accra, Ghana. The nearly weeklong event in 1958 convened some 200 people representing 60 organisations from 27 countries, including prominent pan-African personalities like Patrice Lumumba and Tom Mboya. It marked a decisive shift in the organisation of pan-Africanist conferences from Europe to Africa and on the eve of the independence of many of the still colonised territories on the continent. It constitutes a key marker in the consolidation of Kwame Nkrumah’s image as a pan -African icon.

The initial impact of the AAPC was, however, much more than symbolic. An examination of the surge of political action in colonial Zimbabwe (then known as Southern Rhodesia) following the conference reveals the extent to which the AAPC contributed to deepening the liberation struggle in one of the African colonies with the strongest presence of white settlers.

Two Zimbabweans attended the AAPC conference – Joshua Nkomo, a major figure in the nationalist struggle who subsequently came to be known as “father Zimbabwe” and Paul Mushonga, who articulated a commitment to pan-African socialism but passed away early in the struggle in 1962.

Nkomo was named to the steering committee of the AAPC – attendance at its subsequent meetings across the continent enabled him to develop a range of important international contacts, which contributed to breaking the isolation the Rhodesian authorities sought to impose on the movement he led.

However, the impact of the AAPC on Zimbabwe was felt much more directly in the British colony as well.

On the side-lines of the conference, the delegates from Zimbabwe, Zambia, and Malawi (then known as Northern Rhodesia and Nyasaland, respectively) which were all linked at the time in the Central African Federation, held a number of meetings and resolved that as neighbours linked under a white dominated political structure, they would increase their cooperation to push for self-determination.

Returning from Accra, H. Kamuzu Banda, leader of the liberation struggle in Malawi, transited overnight in Zimbabwe. He lodged with Mushonga and gave a blistering speech at a public meeting convened by the Zimbabwean nationalists. The speech was viewed by the settler authorities as being so incendiary, that Banda was subsequently banned from entering the colony.

In the weeks following the conclusion of the AAPC, the Southern Rhodesian government would ban several additional individuals from Malawi and Zambia from entering the colony in a bid to undermine transnational links between the liberation movements in the adjacent territories.

The meeting in Accra so unsettled the Rhodesian authorities, that on several occasions in parliament in 1959, it was discussed if legislation should be passed that would specifically ban the AAPC itself, or any political movement emanating from Ghana, from operating in Southern Rhodesia. A May 1959 government memorandum identified Ghana as the number one external threat to the security of the Central African Federation.

It was not only top government officials who were threatened by the new militancy stirred by the AAPC. Weeks after the Accra conference, a private Rhodesian citizen announced the formation of a “European National Congress” in a bid to halt the objectives of the AAPC in Southern Rhodesia.

The hysteria from the public and the increasing attention that Ghana as an agent of African liberation was receiving across the Federation spurred the government to take action. Dual states of emergency were declared in Zimbabwe and Malawi in late February and early March of 1959 and hundreds of nationalists were detained and the two main political parties in each territory were outlawed.

The fallout from this act ushered in a new stage of the liberation struggle and greatly increased support from the masses.

The impact of the AAPC was significant and extended far beyond the borders of Ghana. In convening such a diverse array of Africans, on African soil, Nkrumah struck a blow against the prevailing colonial status quo. As the anxious actions of the Rhodesian officials showed, the times were changing.

* Brooks Marmon is a PhD student at the University of Edinburgh, researching early pan-African influences on the Zimbabwean nationalist struggle.

Namibia, Angola Oil Deal Aborted

Southern Times
Dec 03, 2018
By Timo Shihepo

Windhoek - At a time when Namibian motorists are dreading fuel price increases every month, the Namibian government has revealed that the proposed talks to import crude oil from Angola have broken down with no resumption insight.

In 2013, the then Namibia minister of mines and energy, Isak Katali led a delegation to Angola to hold talks with the Angolan delegation led by the then minister of petroleum, Jose de Vasconcelos with the interest of buying crude oil from Angola.

The talks were also extended to oil refining, the construction of a storage terminal and negotiations on a memorandum of understanding. In an effort to speed up the process, Vasconcelos, at the time, advocated for a close cooperation between the national oil companies, the National Petroleum Corporation of Namibia and Sonangol of Angola.

However, five years later, not only that deal died in its infant stage but there are also no indications that talks will resume sooner or later. “There was never a Namibia-Angola deal. There were discussions with Angola to buy Angolan crude oil and have it refined somewhere. It did not materialize. There is nothing being discussed currently,” Namibia’s Minister of Mines and Energy, Tom Alweendo, told The Southern Times this week.

As a result, Namibia continues to spend about R750 million per month on importing fuel into the country. Importation of fuel is done by the private sector companies, namely Engen, Total, Shell and Puma. Namibia’s fuel is imported all over the world, but mostly from Singapore.

It is news that is not music to the motorists’ ears, who have been enduring torrid times with fuel price increases almost every month since the beginning of the year. In February, a litre of unleaded petrol used to cost R11.70 but it is now costing R14.37 per litre. Diesel used to cost R11.73 per litre in February but it now costs R14.96 per litre. Namibia’s petrol prices are very high to the end consumer because of the levies and taxes added onto the normal price.  When a customer is fuelling at a service station, 55% goes to the cost of fuel at which it was bought, including the prescribed industry margin of R1.00; while 45% goes to various levies and taxes.

In February 2018, government increased tax on fuel. It said this was necessary to generate additional revenue for the state.

“The challenge is that Government has no control over the international fuel prices. Do we expect the petrol prices to normalise by next year? This will depend on what happens to the international crude oil price,” said Alweendo.

Although fuel prices have been increasing for the past several months, the energy ministry said it has not been passing on the full increases to the consumers. Over the past months, it says, over R470 million has been spent from the National Energy Fund to fund the fuel price increases.

It said the price increases have been caused by the global price per barrel of refined oil and the exchange rate between the Namibian Dollar against the US dollar. Another factor affecting the fuel prices is also the current shortage in the global market after Iran’s supply was reduced by the sanctions imposed by the US.

Namibia’s Energy Ministry Condemns Illegal Importation, Sale of Angolan Fuel

Southern Times
December 5, 2018
Sharon Kavhu

Windhoek - Ministry of Mines and Energy has condemned the illegal importation and selling of Angolan fuel in Namibia saying such activities are against the law and deprive the country of much-needed revenue in terms of tax.

Information gathered by the ministry shows that there has been a lot of illegal importation of fuel from Angola in the northern region of the country.

In a statement made by the Deputy Minister of Mines and Energy, Kornelia Shilunga, during the fuel information sharing campaign in the northern regions, the ministry is concerned about the public safety that is compromised by the illegal activities.

“Fuel smuggling is an illegal conduct of bringing petroleum products into the country by unlicensed individuals.  It is done without duly reporting the consignment to customs officials, thereby evading tax and fuel levies due to government agencies. Investigations have shown that this illegal and smuggled fuel is stored in dangerous containers, which poses a danger to the environment, and often sold in a manner that poses a health hazard to the people,” said Shilunga.

“The illegal activity also put authorised fuel retailers to the disadvantage as they will have to compete, in terms of sales volumes, with illegal fuel from our neighbouring country, Angola.”

She said the fuel being smuggled from Angola is incompatible to Namibia’s gazetted fuel specification standards. According to her, vehicles that burn fuel containing a higher degree of sulphur content are not only detrimental to the engines of Namibian vehicles but they emit more than the total allowable carbon into the air.

High sulphur content emitted by the vehicle raises environmental concerns, especially in light of the fact that Namibia is a signatory to inter-continental conventions against pollution and carbon emissions.

However, Shilunga said there is nothing wrong with Angolan fuel if it is consumed within the borders of Angola.

“In addition, on a regional level, SADC has set a target for all countries to move to low sulphur and cleaner fuel by 2030. Unlike other countries, Namibia has moved fast to phase out Petrol 93 and introduced diesel 50 ppm. By the end of this year, which is now, Namibia will be phasing out diesel 500 ppm and gradually introduce diesel 10 ppm into the market.  We are working hard to ensure that our market is moving with the changing world in terms of cleaner fuel,” she said.

“Further to that, the international community compels Namibia to move to cleaner fuel, a responsibility that we have gladly accepted ... Untested and illegal fuel takes us, as Namibians, backward.”

Chinese Investment in Africa Good for Africa's Development: Official

Xinhua
2018/12/4 1:02:49

The current Chinese investment in Africa, most especially in infrastructure development, is good for the continent to achieve economic and social transformation on the continent, an official of African Development Bank (AfDB) said Monday.

"Chinese investments are highly welcome to Africa," Gabriel Negatu, director general of AfDB East Africa regional development and business delivery office, told Xinhua in an interview on the sidelines of the ongoing African Economic Conference that opened on Monday.

Private investment from China, especially in transport, energy and industrial development, would help Africa to speed up the implementation of a continental free trade area, said Negatu.

"China has become Africa's great development partner, because the Chinese government has been able to support heavy infrastructure projects like the Kenya Standard Gauge Railway, among others," he said.

"It is us Africans who need to decide what it is that we want China to invest in. Today the west is not able to support that kind of big infrastructure developments in Africa," he added.

The 13th edition of the annual conference, organized by the United Nations Development Program and the United Nations Economic Commission for Africa is held under the theme "Regional and Continental Integration for Africa's Development."

The conference that runs to Wednesday, focuses, among others, on initiatives for accelerating progress in infrastructure integration, including the removal of barriers for movement of people and goods and services across borders.

South Africa Urges Increased Support for Developing Countries in Fighting Climate Change

Xinhua
2018/12/4 10:36:37

South Africa on Monday called for increased support for developing countries in fighting climate change.

South African Environmental Affairs Minister Nomvula Mokonyane made the appeal as she announced South Africa's participation in the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC COP24) in Katowice, Poland.

"The Katowice Conference should include taking stock of work required to fully implement the Paris Agreement, provide assurances that the political balance of the Paris Agreement is upheld, and that all issues of importance to developing countries will be addressed in the rule-book to be adopted," said Mokonyane.

The focus at COP24 should be on ensuring that commitments by developed countries in the pre-2020 period, including the provision of 100 billion US dollars per annum in climate finance to developing countries by 2020, are honored, the minister said.

COP24 is a critical milestone towards the success of the multilateral approach to addressing climate change at a time when such an approach is being opposed by the United States and further undermined by backtracking on commitments by several other developed countries, Mokonyane said.

The international climate change talks started on Sunday and will last until Dec. 14 under the presidency of Poland.

The mandate of the Katowice Climate Conference is to adopt the Paris Agreement Work Program, setting out the implementation guidelines required to operationalize the Paris Agreement in 2020.

The Conference will also host ministerial-level events, including the Talanoa Dialogue, which aims to raise ambition and accelerate action to address climate change, as well as dialogues on financial support for developing countries and implementation of the pre-2020 agenda under the convention and its Kyoto Protocol.

South Africa has identified a number of priorities for COP24 where it is important to ensure the technical needs and requirements of nations to mitigate and adapt to climate change are comprehensively negotiated.

In 2015, South Africa joined 196 countries in ratifying the Paris Agreement, which came into effect on Nov. 4, 2016.

South African National Assembly Approves Process to Amend Constitution for Land Reform

Xinhua
2018/12/5 8:30:38

The National Assembly (NA), or Lower House of Parliament, agreed on Tuesday that section 25 of the Constitution be amended to make land expropriation without compensation more explicit.

In a sitting, the NA voted in favor of a report submitted in mid-November by Parliament's Joint Constitutional Review Committee (JCRC) which recommends that section 25 of the Constitution be amended to make it explicitly clear that expropriation of land without compensation by the state in the public interest should be one mechanism to address the injustices of the past, inflicted on the majority of South Africans.

The report was approved by 209 lawmakers, while 91 others have voted "No", with no abstentions.

Speaking in the debate before the vote, Vincent Smith, MP of the ruling African National Congress (ANC), said the party believes that the land reform project "is about healing the wounds of the past, restoring our dignity, reclaiming our identity and unlocking the economic resources of our country."

"Without land redistribution, we will never achieve a united South Africa," he said.

Thandeka Mbabama, MP of the opposition Democratic Alliance (DA), said the DA acknowledges that effective land reform must be prioritized and pursued with greater urgency to redress past land dis-possessions, but to address this, "we do not need to change the Constitution, we need to change the government."

"Let us be clear: effective land reform is possible without threatening food security, without undermining commercial farming, without destroying social cohesion and without changing our Bill of Rights," Mbabama said.

The report now goes to the National Council of Provinces (NCOP), or Upper House of Parliament, for consideration. If the NCOP approves the report, a bill, which will legalize land expropriation without compensation, may be introduced.

Details of the bill would have to be published in the Government Gazette at least 30 days before it is introduced. This is to allow for public comment.

The NA may consider and vote on the bill only after at least 30 days have passed since its introduction.

Once the legislative process is completed, the bill will be submitted to the President to be signed into law.

Africa Slow in Converting Natural Resources to Tangible Development Outcomes: Report

Xinhua
2018/12/5 8:20:26

Africa has been slow to convert its natural resources endowments to tangible development outcomes, because of weaknesses in governance and capacities, a report released on Tuesday showed.

The report, jointly done by the African Union, the UN Economic Commission for Africa and the UN Development Program, examined efforts to improve governance of Africa's natural resources, especially need to strengthen natural resource governance institutions and frameworks for enhancement of domestic revenue mobilization.

Natural resource sector offers Africa potential to drive growth and provide the revenue base for financing development, but it is fraught with challenges, requiring all stakeholders -- governments, private sector and civil society -- to engage in reforming natural resource governance, said the 2018 Africa Sustainable Development Report released at the ongoing African Economic Conference in Rwandan capital Kigali.

"The executive wields significant control over the resources, which also compromises oversight by the legislature, in law and practice, with many countries experiencing unaccountable use of resource revenue, weak budget discipline and poor transparency," said the report.

Africa's overriding strategy of exporting commodities in their raw, non-valued-added form has failed to produce sustainable inclusive growth, improve people's wellbeing or diversify and transform its economies, according to the report.

The key to transforming natural resources into sustained prosperity in Africa is to build transparency and accountability into the decision-making chain and support inclusive decision-making over the long-term, Director of the Macroeconomic Policy Division of the UN Economic Commission for Africa Adam Elhiraika said at the releasing ceremony.

Africa Heavy on Security Council Agenda as Cote d'Ivoire Takes Over December Presidency

Xinhua
2018/12/4 8:26:27

Africa is high on the agenda of the Security Council's program of work in December as Cote d'Ivoire takes over the council's presidency for the month.

There will be a debate among Security Council members on post-conflict reconstruction on Wednesday, which will be attended by UN Secretary-General Antonio Guterres and African Union Commission Chairman Moussa Faki, said Cote d'Ivoire's ambassador to the United Nations Leon Adom.

The council debate would be followed by an open debate -- a debate that includes non-Security Council members -- on cooperation between the United Nations and regional and subregional groups for the purpose of conflict prevention and resolution.

Thursday's open debate will be chaired by Cote d'Ivoire's Foreign Minister Marcel Amon Tanoh with the participation of Guterres and Faki as well as Marcel Alain de Souza, the president of the Commission of the Economic Community of West African States, a key player in regional peacekeeping and peacebuilding, said Adom.

Both debates would focus heavily on Africa as shown by the high-level representation.

Half of the 14 UN peacekeeping operations are in Africa, including the largest and most costly ones.

In addition to the two "flagship events," the Security Council will also hold briefings or consultations on Guinea Bissau, South Sudan, the Sahel region and the Central African Republic, said Adom.

"Ending the crises in these countries as well as the security and humanitarian situations will be at the heart of our briefings and consultations."

Also on the Security Council agenda is the Middle East, particularly Syria, said Adom.

UN Special Envoy for Syria Staffan de Mistura will brief the council for the last time before he steps down by the end of the year.

De Mistura has expressed disappointment at the lack of progress on the issue of a constitutional committee for Syria at last week's Astana meeting between Russia, Turkey and Iran -- the leading countries of the Astana process, a parallel process to the UN-led Geneva process.

He had insisted on convening the constitutional committee by Dec. 31.

Saudi Crown Prince Starts Official Visit to Algeria

Xinhua
2018/12/3 10:17:51

Saudi Crown Prince Mohammed bin Salman (L) meets with Algerian Prime Minister Ahmed Ouyahia upon his arrival in Algiers, Algeria, Dec. 2, 2018. Saudi Crown Prince Mohammed bin Salman on Sunday kicked off a two-day official visit to Algeria with members of Saudi government, businessmen and prominent personalities. (Xinhua)

Saudi Crown Prince Mohammed bin Salman on Sunday kicked off a two-day official visit to Algeria with members of Saudi government, businessmen and prominent personalities.

He was welcomed by Algerian Prime Minister, Ahmed Ouyahia, and ministers at the Houari Boumediene International Airport in Algiers.

The Saudi crown prince is due to meet top Algerian officials to discuss bilateral relations and developments in the oil market as well as a couple of international issues, Algerian Presidency Office said in a statement on Saturday.

The source added that the visit aims at "consolidating distinguished bilateral relations, and giving a new impetus to bilateral cooperation, as well as boosting partnership and investment projects and opening new horizons for businessmen in a bid to increase trade exchange and expand economic partnership between the two countries."

The visit is also due to boost various bilateral workshops emanating from the 13th meeting Algerian-Saudi Joint Committee held in Riyadh in April, which resulted in the signing of several cooperation agreements.

The two parties will also discuss and exchange views on some prominent political and economic issues in the Arab and international regions.

The issues include the Palestinian issue and the situation in some sister countries, in addition to the recent developments in global oil market.

Opening-up in Sync With Solving Trade Row

Global Times
2018/12/5 21:48:40

China's National Development and Reform Commission (NDRC) and dozens of other ministries and commissions have issued a Memorandum of Understanding (MoU) on joint disciplinary action against serious unreliable subjects in the field of intellectual property (patent). According to it, China's Intellectual Property Office will provide a list of serious unreliable subjects in the area of intellectual property rights (patents) to other departments and entities who signed this memorandum under the law and strictly punish illegal acts in accordance with the law.

The MoU can be seen as the beginning of Beijing's swift implementation of the consensus reached during the just-concluded summit between Chinese President Xi Jinping and his US counterpart Donald Trump. Beijing will implement specific items as soon as possible, a spokesperson of China's Ministry of Commerce said on Wednesday.

It is welcome to see the Chinese government taking proactive actions. Carrying out the consensus of the Xi-Trump summit is a common wish of Chinese society. Ending or greatly alleviating the China-US trade war is seen by the most Chinese people as a strong measure to promote opening-up.

The MoU issued by the NDRC and other departments is obviously not a temporary Band-Aid, but a move which has been contemplated for a long time. The timing of this announcement showed that China's reform and opening-up can be coordinated with addressing Sino-US trade disputes. Making the best use of the circumstances is a long-term experience of China's reform and opening-up. Against the backdrop of the trade war, Beijing should do the same.

Over the years, China has been committed to promoting the protection of intellectual property rights. It goes without saying that the reality of China's intellectual property protection still lags behind developed nations. The country is solving the problem thoroughly this time. This is not only about working out trade disputes with the US, but also has great significance to sort out the internal order of China's economy.

A number of Chinese companies like Huawei have achieved world-class competitiveness. Many Chinese enterprises are capable of participating in global competition. Excessive market protection encourages laziness and opportunism. Gradually lowering protection thresholds will push more Chinese companies to compete in developed markets. This is the only way for China's economy to grow stronger.

With or without pressure from the Washington-launched trade war against Beijing, strengthening the country's intellectual property protection and lowering market access thresholds are must-dos for the promotion of opening-up.

Chinese people should have sufficient confidence. China, as an increasingly open market, has an irresistible attraction to the entire world including the US. The more Beijing opens itself up, the more confidence it has to negotiate with the outside world.

World Economy Facing More Challenges Next Year as Growth Woes Continue Across the Board

By Xiao Xin
Global Times
2018/12/4 18:32:42

After having experienced a tumultuous year, highlighted by the China-US trade dispute, the world economy may be facing grimmer prospects in 2019.

In a fresh sign of mounting growth woes, Federal Reserve Chair Jerome Powell said last week that interest rates are "just below" neutral, a distinct change from his remarks in early October that the Fed was "a long way" from neutral.

The change in phrasing by Powell, who has been under fire from US President Donald Trump about rate hikes, is considered a hint that Fed rate hikes may slow.

The significant change in the Fed's rate path apparently points to concerns that US economic growth might not hold up if the current monetary policy continues into the new year.

The news follows General Motors' recent announcement that it will lay off 14,000 workers and close five facilities in North America, which the car company said would prepare it for the future world of autonomous and electric vehicles. This move inevitably deepened global recession fears.

Also, the recent slump in crude oil prices indicates slowing demand growth, a portent of sluggish global GDP expansion.

The Chinese economy, for its part, is also under downward pressure as its quest for quality growth will continue.

A meeting between the leaders of China and the US on Saturday on the sidelines of the G20 summit in Argentina produced a consensus on economic and trade issues, as the two countries agreed to avoid an escalation of trade restrictions. But there are still concerns over a 90-day deadline - according to a White House statement regarding the meeting - to reach a broader trade agreement.

Challenges facing the world's two largest economies as well as uncertainties clouding the rest of the world are stoking fears of a gloomier global economic outlook in 2019.

In an update to its World Economic Outlook in October, the IMF already ratcheted down its July forecast of 3.9 percent global GDP growth for 2019 to 3.7 percent. It cited a confluence of factors including the trade dispute between the world's two largest economies, a weaker eurozone, specific conditions in the UK and Japan, and rising interest rates which would result in capital outflows from some emerging markets. While leaving the 2018 growth estimates for China and the US unchanged at 6.6 percent and 2.9 percent, respectively, the fund cut its 2019 growth forecasts for the two economies. China was forecast to grow 6.2 percent, instead of 6.4 percent, while the forecast of US expansion was eased to 2.5 percent, from 2.7 percent.

With the Fed possibly slowing its pace of rate hikes, interest rates will still trend upward. There's thus a strong case that the global economic outlook will darken over the next year.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn