Author: starbpo

In Ivory Coast’s bustling economic center of Abidjan, families like Dame Touré’s scramble to salvage their belongings as bulldozers tear through their neighborhood. Thousands have been left destitute as their homes are razed amid alleged health hazards. The recent demolitions, predominantly in impoverished suburbs like Gesco and Sebroko, are among the largest in years, affecting hundreds of thousands since late January. Residents, without notice or compensation, find themselves homeless amidst Africa’s urbanization challenges. Governments across Africa grapple with urban population explosions and inadequate infrastructure. Chimezie Anajama, a policy researcher, underscores the need for innovative solutions to bridge developmental gaps. Local…

ASML Europe’s leading technology firm, ASML Holding NV, encountered a setback as its recent order figures failed to meet analyst projections, primarily due to a decline in demand for its most sophisticated chip-making machines. Bookings for the company totaled €3.6 billion in the first quarter, falling short of estimates by €1.03 billion. This decline follows a record-high of €9.19 billion in new orders reported in the fourth quarter. ASML’s shares witnessed a 7.3% drop on Tradegate compared to their previous close in Amsterdam. The company, renowned as the sole producer of equipment essential for manufacturing the most advanced chips, experienced…

Japan’s Nikkei share average experienced its third consecutive decline on Wednesday, closing below 38,000 points for the first time in two months amidst escalating tensions in the Middle East, which weighed heavily on investor sentiment. The Nikkei concluded the day down 1.3% at 37,961.80, marking its lowest closing level since February 14. This decline also positioned the index for its most significant weekly loss since December 2022. The broader Topix index mirrored this downturn, dropping 1.3% to 2663.15. Despite opening on a positive note, the Nikkei failed to sustain its early gains as caution prevailed among investors due to ongoing…

In a bold move defying China’s warnings, a U.S. Navy patrol aircraft traversed the highly contested Taiwan Strait. This action followed closely after a tense dialogue between Chinese and U.S. defense officials, where Beijing emphasized the sensitivity of the Taiwan issue. China asserts its authority over Taiwan, while Taiwan and the U.S. maintain it as an international waterway. The U.S. Navy’s 7th Fleet confirmed the flight of the P-8A Poseidon, highlighting its commitment to upholding international navigational rights. Notably, this flight occurred just after a discussion between U.S. Defense Secretary Lloyd Austin and Chinese Defence Minister Dong Jun, marking the…

The United States escalated its fight against union-busting tactics as Mexico rebuffed efforts to address labor infringements by a local enterprise. On Tuesday, the U.S. Trade Representatives Office announced the filing of a labor complaint after Mexico’s refusal to intervene in alleged union interference by a Mexican company. The complaint, lodged under the US-Mexico-Canada Free Trade Agreement (USMCA), highlights the establishment of rapid-resolution mechanisms aimed at safeguarding union rights in Mexico. Decades of suppressed union activities have resulted in persistently low wages in the country. Despite approximately 22 prior requests by the United States, Mexico had typically cooperated in pressuring…

Amidst escalating geopolitical tensions and heightened risks in the Red Sea region, Howden, a UK-based insurance broker, has launched an innovative cargo war insurance product. This insurance covers vessels navigating through the Red Sea against potential drone and missile attacks, responding to the increased threats in the area. Since November, when Yemen’s Iran-aligned Houthis began targeting shipping in the region in support of Palestinians in Gaza, the cost of insuring a seven-day Red Sea voyage has surged by significant amounts. Howden’s new insurance offering is the first of its kind, specifically designed to protect cargo vessels operating within an active…

1810.HK          XIACY         XPEV Xiaomi Corp.’s recent foray into the electric vehicle market is casting a shadow over the recovery prospects for China’s struggling auto startups. The company’s entry into the EV space, marked by the successful launch of its SU7 model, has fueled a surge in Xiaomi’s stock prices, while exacerbating concerns for competitors like NIO Inc. and Xpeng Inc. In contrast to Apple Inc.’s unsuccessful endeavors in the automotive sector, Xiaomi and Huawei Technologies Co. are demonstrating early signs of success by leveraging their expertise in consumer technology and supply chain…

IP          SMDS.L          MNDI.L          DSSMY International Paper has announced a significant move in the paper and packaging industry with its agreement to acquire DS Smith in a deal valued at $7.20 billion. The acquisition, structured as an all-share deal, positions the British firm at a valuation of 5.8 billion pounds. Upon finalization, DS Smith shareholders will hold approximately 33.7% ownership in the combined entity, with the remainder belonging to International Paper shareholders. The merged company intends to pursue a secondary listing on the London Stock Exchange. DS Smith has…

South Africa is escalating its confrontation with the European Union over citrus trade restrictions, taking steps towards lodging a complaint with the World Trade Organization. The African nation has initiated consultations with the EU at the WTO to address the dispute concerning citrus purchases. Ebrahim Patel, South Africa’s trade minister, expressed dissatisfaction with the EU’s measures, alleging them to be unjustified, disproportionate, and inappropriate. The EU imposed stringent requirements two years ago, mandating additional refrigeration for incoming fruit from South Africa, the second-largest citrus exporter globally after Spain, to combat Citrus Black Spot. South African producers are compelled to demonstrate…

Israel’s foreign minister has issued a fervent call to nations worldwide, urging for the imposition of sanctions on Iran’s missile program and the designation of its Revolutionary Guard Corps as a terrorist entity, following Iran’s unprecedented direct assault on Israel. In a social media post, Foreign Minister Israel Katz declared, “Alongside the military response to the firing of missiles and drones, I am leading a diplomatic attack against Iran.” Katz revealed that he had dispatched letters to 32 nations and engaged in discussions with numerous counterparts, urging them to “impose sanctions on Iran’s missile project and label the Revolutionary Guard…