Next week, as promised during his trip to Africa last year, President Obama will host the first US-Africa Summit in Washington, D.C. to highlight the administration’s goal of strengthening political and economic ties with the continent. From August 4th-6th, more than 40 African presidents along with leaders of the African Union will be hosted at … More U.S.- Africa Summit: After Asia, is Obama Pivoting to Africa?
To gradually transition its economy from an export- and investment-based growth model to domestic consumption and services last September, Chinese authorities announced the creation of the China (Shanghai) Pilot Free Trade Zone (hereafter Shanghai FTZ). After three decades of double digits annual GDP growth rate, the Middle Kingdom decelerated to approximately 7.7 % annual growth rate … More Shanghai FTZ and China’s Shift Into Services and Consumption
Last week, Moody’s, the credit-rating agency, warned that rising government debt in Africa could lead to credit-rating downgrade in the continent. There is a flurry of sub-Saharan African countries issuing bonds to finance infrastructure projects and fill budget deficits. Since Ghana raised $750 million by issuing a 10-year Eurobond with an 8.5% coupon rate in 2007, others … More Bonds or Bust: Financing Africa
After recalculating its GDP earlier this year, as anticipated, Nigeria surpassed South Africa as the largest economy in Africa. Although still heavily dependent on crude oil exports and the petroleum sector for foreign exchange earnings, Nigeria is diversifying into non-oil sectors such as agriculture, services and others. For instance, non-oil sector is expected to grow … More Nigeria vs South Africa: A Short Comparison
A Dutch court ruled that a traditional figure known as Black Pete is a negative stereotype of black people. Here is the article by AP via USA TODAY: Black Pete is usually portrayed by white people in blackface makeup, with thick red lips and a frizzy Afro hairstyle. Opponents say that’s a racist caricature. Most Dutch … More Black Pete: Racism or Harmless Fantasy?