A bill currently under consideration in New York State could reshape sovereign debt renegotiations around the world by making private creditors accept the same losses as the U.S. government would as a sovereign creditor instead of holding out for a full payback.
The bill comes as countries like Zambia and Sri Lanka face their loan renegotiations being dragged out for years as U.S.-based private lenders stonewall to obtain better deals. 52% of the ...
Country: Nigeria
Anti-Chinese Campaign on Nigerian Twitter Raises Questions
Readers following West Africa-China relations will know that unhappiness about Chinese involvement in small-scale mining is ongoing, especially in Ghana. However, a new campaign on Nigerian Twitter under the tag #STOPCHINESEILLEGALMINING is raising all kinds of questions. First, a significant number of the ...
Hunan’s Trade With Africa is Up 90% in 2023
The central Chinese province of Hunan has spent years positioning itself as an African trading hub, and according to the latest customs data, its efforts are now paying significant dividends. Trade between the province and African countries surged by 90% in ...
Chinese Brands Take a Hit as Smartphone Sales Slump in Mideast and African Countries
First-quarter smartphone shipments to countries in the Mideast and Africa slumped to their lowest level in seven years, with some of China's top device makers all losing share. High inflation and weak local currencies are largely to blame for the downturn, according to analysts at the technology ...
Africa’s Debt-fueled Infrastructure Binge Will Not Generate Economic Growth, Says Prominent Kenyan Scholar
Kenya, Nigeria and Zambia are among a number of African countries that borrowed billions of dollars over the past twenty years to build massive infrastructure projects that policymakers in those countries all thought would help grow their economies. That didn't happen ...
Nigeria to Finance Major Pipeline After Chinese Funding Falls Through
The Nigerian government will pick up the tab to build the last portion of the 614-kilometer AKK natural gas pipeline that China had originally agreed to finance. In 2017, the Bank of China negotiated a deal to fund the $2.5 billion project ...
Analysis from Cobus van Staden
Proposed New York Law Could Reshape Debt Negotiations Around the World
Chinese Embassy in Nigeria Refutes Times (UK) Story That Claimed “Beijing is Indirectly Funding Terrorism”
The Chinese embassy in Abuja denounced a report published last weekend in The Times (UK) newspaper that alleged Chinese companies are bribing militants for access to mineral reserves in northern Nigeria. The embassy said the report by the paper's West Africa correspondent ...
Pirates Seize Chinese-run Oil Tanker in the Gulf of Guinea
Pirates took command of a Chinese-operated oil tanker this week 300 kilometers off the coast of Ivory Coast in the Gulf of Guinea, according to a London-based risk management company. Details about how many crew are being held captive and how ...
African Leaders Push Back Against Western Media Narratives on China
While Vice President Kamala Harris worked hard to keep the focus on U.S.-Africa relations during her recent tour of the continent, reporters in the traveling press corps kept bringing up China -- much to the chagrin of her hosts in Ghana, ...
Nigerian VP: “Most African Countries Are Rightly Unapologetic About Their Close Ties to China”
Nigeria's Vice President Yemi Osinbajo pushed back against Western criticisms of Chinese engagement in Africa, saying concerns over predatory lending are "an overreaction." The Vice President spoke at King's College in London, where he also reminded the audience that "the history ...
CAR Attack Sparks New Concerns About Safety of Chinese People in Africa
One week after a brutal attack on a Chinese mining site in the Central African Republic (CAR) that killed nine people and injured two others, it's still not clear who is responsible and why they did it. All Chinese personnel in ...