Friday, July 12, 2019

Nigeria Spends $357.26m Servicing External Debt In Q1, 2019




The Debt Management Office (DMO) has disclosed that the Federal Government spent $357.26 million servicing external debt in the first quarter of 2019.

DMO data showed a total of $210.76 million was spent servicing commercial loans in the first quarter, accounting for 58.99 percent of the total cost incurred.

The commercial loans include Eurobonds with maturity ranging from 2018 to 2038.

while another $79.4 million or 22.22 percent was spent servicing multilateral external loans.

Multilateral loans include funds disbursed by the International Bank of Reconstruction and Development and the International Development Association (both two arms of the World Bank), the African Development Bank and the Islamic Development Bank.

The remaining $67.1 million was spent on bilateral loans such as the one from the Export-Import Bank of China used in funding the Nigerian Communications Satellite project and the Nigeria National Public Security Communications Systems project.

Nigeria’s rising debt amid huge cost of debt servicing remained a source of concern despite the government saying Nigeria’s debt-to-GDP ratio is one of the lowest at slightly above 19 percent.

However, the ratio of ‘debt servicing cost’ to budget remained an issue at 25.59 percent.

The Federal Government had budgeted N2.26 trillion for debt servicing in the approved 2019 budget (N8.83 trillion), a 12.44 percent higher than the N2.01 trillion allocated in 2018. While revenue generation was estimated to increase by just 0.1 percent in 2019, suggesting that even though loans and cost of debt servicing continued to rise, the very reason for those loans — to up revenue generation and increase economic growth — remains weak or at a ground level.

It should also be noted that the larger part of the remaining amount is to be spent on recurrent expenditure with just about N2 trillion appropriated for capital expenditure in the current fiscal year.

Also, the inability to enhance revenue generation substantially means the Federal Government, like last year, may not fully implement the 2019 budget. Leaving projects uncompleted with a carried over recurrent expenditure for the 2020 fiscal year.

Poor infrastructure development has limited economic productivity as new job creation is almost not existing with a high inflation rate and unimpressive economic policy.

Nigeria’s total debt rose by N560 billion during the first quarter to N24.9 trillion.


US Growing Largest Crop Of Marijuana For Research In 5 Years

This 2014 photo provided by the University of Mississippi shows marijuana plants growing at the Ole Miss medicinal gardens in University, Miss. The plants are used for research under a contract from the National Institute on Drug Abuse. The planned NIDA grow for 2019 will be divided between high THC and high CBD varieties with “recent interest (in CBD) as a potential medicine for a number of medical conditions,” NIDA said. (Robert Jordan/University of Mississippi via AP)

BY CARLA K. JOHNSON
THE ASSOCIATED PRESS

The U.S. government is growing the largest crop of research marijuana in five years, responding to interest in varieties with high levels of THC and CBD.

The government is the only source of pot for nearly all research in the U.S., while it still considers it illegal and dangerous.

Scientists have asked for weed that more closely matches what’s sold in states that have legalized medical or recreational marijuana, the National Institute on Drug Abuse said in an email Thursday to The Associated Press.

The federal agency said it plans to grow 2,000 kilograms (4,409 pounds) this year at the University of Mississippi, which holds the sole federal contract for producing marijuana. That’s enough for 5 million joints, although the government provides the marijuana in different forms.

The crop will be divided between high THC and high CBD varieties with “recent interest (in CBD) as a potential medicine for a number of medical conditions,” NIDA said. The compound THC causes pot’s mind-altering effect; CBD doesn’t get people high.

Last year, a CBD-based drug was approved by federal regulators for two rare seizure disorders and researchers are pursuing research on it for other conditions. Others are focused on THC.

“We want to study what our patients are using,” said University of Colorado Assistant Professor Emily Lindley, who is investigating marijuana with high THC as an alternative to opioids for chronic back pain.

Lindley and other researchers want others besides the University of Mississippi to get federal authorization to grow research pot. The U.S. Drug Enforcement Administration created an application process for growers, but has not acted on more than two dozen applications. In June, Scottsdale Research Institute in Arizona asked the U.S. Court of Appeals for the District of Columbia to order the DEA to process the applications.

“We are still working through the process and those applications remain under review,” said DEA spokeswoman Katherine Pfaff in an email Thursday. She declined to comment on the litigation.

In response to questions from the AP, NIDA said there had been no major increase in demand for cannabis by researchers in recent years. Last year, 20 researchers got shipments of government marijuana, much of it from frozen cannabis grown in 2014. Since 2010, the number of researchers receiving government marijuana has ranged from eight to 21.

Researchers should be able to obtain material from the new crop in the fall after harvest and analyses are completed, NIDA said.

Follow AP Medical Writer Carla K. Johnson on Twitter: @CarlaKJohnson

The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.

Utah Farmers And Entrepreneurs Compete To Grow Medical Pot

In this Tuesday, July 2, 2019 photo, Darren Johnson, a hemp processor, holds raw hemp that will be used to make CBD oil at his processing facility, Wasatch Extraction, in Salt Lake City. Johnson is one of 81 applicants vying for a medical marijuana growers license in Utah. (AP Photo/Morgan Smith)

BY MORGAN SMITH

NEPHI, UTAH (AP)
— The wide metal barn on the Utah alfalfa farm owned by Russell and Diane Jones will host their youngest son’s wedding next month. By September, they hope the structure will be full of marijuana plants.

The Joneses are fourth-generation farmers, members of The Church of Jesus Christ of Latter-day Saints, and among 81 applicants for one of a handful of coveted spots as a licensed medical marijuana grower in conservative Utah.

Though leaders of their faith once opposed the bid to legalize medical marijuana, Russell Jones says he researched the drug’s pain-relieving benefits as he battled Hodgkin’s lymphoma. Now he and his wife want to be part of an emerging industry that some doubted would ever come to the state.


“This is groundbreaking for Utah,” Diane Jones said. “Who doesn’t want to make history?”

Others hoping to win licenses include larger operations that grow hemp, and a handful of out-of-state growers. State officials are expected to begin awarding up to 10 licenses later this month.

The state recently opened the licensing process to out-of-state growers, a change that makes locals like hemp processor Darren Johnson nervous.

“Does it bode well for me? No, but they want it to be seamless. They don’t want hiccups. And I get that,” he said.

Some applicants worry the process stacks the deck against local growers in favor of “Big Weed,” or companies that have successfully grown cannabis in other states where the crop is legal. The application requires a $2,500 fee, and submissions are hundreds of pages long. Those who get a license pay $100,000 every year to keep it, in addition to buying tools and facilities that can cost millions.

Department of Agriculture officials said they are awarding extra points to applicants with community ties as they review applications. Eight applications came from out-of-state growers. The state is looking for farmers able to expand operations as demand increases while keeping costs low and growing plants free of mold and pesticides.

At an indoor facility in North Salt Lake, Troy Young tends to rows of hemp plants under the harsh, purple glow of LED lights designed to nurture growth. Young grows industrial hemp, a nonpsychoactive cousin of marijuana legalized in Utah last year.

He is among a number of ambitious growers who have invested in equipment and set aside money hoping to receive a license to grow medical marijuana.

Cannabis in its various forms is challenging to grow and requires a lot of experimentation, he said.

“It’s fun for me. I get to be a mad scientist,” said Young, 52. He has a personal stake in marijuana legalization. Young lost his mother to an opioid addiction. If she had access to a less destructive pain-relieving drug, like marijuana, he said, maybe she’d still be alive.

Marijuana has been shown to help ease chronic pain, and studies have suggested medical marijuana laws may reduce opioid prescribing.

“There’s a real need for it. It’s not just about the high,” Young said.

Johnson, the hemp processor, has a spacious warehouse in Salt Lake City with a team of technicians and equipment primed to grow medical marijuana. One room is filled with large beakers. Sticky hemp drips through paper filters and into the glass to extract CBD oil.

Hemp is his side business. Johnson works full-time in construction but views cultivating marijuana as a smart, long-term investment.

“Once (medical marijuana) becomes less taboo and people opt for that over an opiate-based drug, we’re going to see more demand and a stronger market,” he said.

Revenues from the state’s medical cannabis program are projected to reach $5.4 million in 2020 then grow to $16.2 million in 2021, said Richard Oborn, director of the state health department’s Center of Medical Cannabis.

Utah joined 33 states in legalizing medical marijuana after voters approved a new law last year.

Leaders of the state’s predominant faith originally opposed the push to ask voters to approve medical marijuana but eventually struck a compromise with some advocates to allow medicinal use of the drug with more regulation.

Whoever wins the state’s 10 grower licenses will have to grow the cannabis in Utah. The state also will choose licensed processors to make medical marijuana products to be sold in dispensaries expected to open next year.

Britain Sending Destroyer To Gulf Amid Iranian Threats

This undated Ministry of Defence handout shows the HMS Duncan, a Type 45 Destroyer, which will relieve HMS Montrose in the region as Iran threatens to disrupt shipping. Iran on Friday, July 12, 2019 demanded the British navy release an Iranian oil tanker seized last week off Gibraltar, accusing London of playing a “dangerous game” and threatening retribution. British media reported a second warship, the destroyer HMS Duncan, was being sent to the Persian Gulf to operate alongside the Royal Navi’s HMS Montrose frigate and American forces, and would be there in a few days. The British Ministry of Defense refused to comment. (Stu Hill/Ministry of Defence via AP)

BY NASSER KARIMI, DAVID RISING

TEHRAN, IRAN (AP
) — Iran on Friday demanded the British navy release an Iranian oil tanker seized last week off Gibraltar, accusing London of playing a “dangerous game” and threatening retribution, while London announced it was sending a destroyer to the Persian Gulf.

The comments from Iran’s Foreign Ministry came the day after police in Gibraltar, a British overseas territory on the southern tip of Spain, said they arrested the captain and chief officer of the supertanker suspected of breaching European Union sanctions by carrying a shipment of Iranian crude oil to Syria.

Foreign Ministry spokesman Abbas Mousavi told Iranian state news agency IRNA that “the legal pretexts for the capture are not valid ... the release of the tanker is in all countries’ interest.”

“This is a dangerous game and has consequences,” Mousavi warned.

During Friday prayers, Kazem Sedighi, an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, threatened retribution.

“Rest assured, Britons will soon feel the slap of the powerful hands of the Islamic Republic,” he said.

The British navy said Thursday it had stopped three Iranian paramilitary vessels from disrupting the passage of a British oil tanker through the Strait of Hormuz, a critical shipping lane at the mouth of the Persian Gulf. Iran’s Revolutionary Guard denied any incident had occurred in the strait.

That brief but tense standoff is believed to have stemmed from the British seizure of the Iranian tanker off Gibraltar on July 4.

On Friday, the British Ministry of Defense said it was moving up its timetable for relieve the HMS Montrose, a frigate operating in the Persian Gulf, with the larger HMS Duncan destroyer in the wake of the recent developments.

“This will ensure that the UK alongside international partners can continue to support freedom of navigation for vessels transiting through this vital shipping lane,” the ministry said.

At the same time, British Foreign Secretary Jeremy Hunt called for “cool heads” to prevail to ensure there is no “unintended escalation.”

“We are being clear to Iran that we are not seeking to escalate this situation,” he said, adding that the British response had been “measured and careful.”

The Iranian tanker intercepted last week was carrying 2.1 million barrels of light crude oil, the head of Gibraltar’s government said Friday.

A senior Spanish official had previously said the interception was carried out at the request of the United States, but Gibraltar’s Chief Minister Fabian Picardo told parliament no other government had asked the territory to act.

“These important decisions about breaches of our laws were certainly not decisions taken at the political behest or instruction of any other state or of any third party,” he said.

He said the ship is suspected of breaching European Union sanctions on Syrian President Bashar Assad’s government and that any nation with a claim to the vessel and its cargo can file a claim in court.

In addition to the tanker’s captain and chief officer arrested Thursday, Gibraltar police said they arrested the two second mates of the Panama-flagged tanker on Friday. The two are in custody and are assisting police with their inquiries, authorities said. All four are Indian citizens.

Iranian Foreign Minister Mohammad Javad Zarif scoffed at the accusation Iran was violating sanctions, which he said “are meant to stop Europe from buying Syria’s oil, they are not about another country selling oil to Syria.” Zarif spoke in an interview Thursday with the pro-Iran Lebanese satellite news channel Al-Mayadeen.

“This is a very childish and ridiculous excuse by the British,” he said “They should officially announce that we are servants of America and act on behalf of America. America has returned their favor well by insulting their ambassador and their prime minister.”

The tanker’s interception has stoked already high tensions in the region, as the Trump administration continues its campaign of maximum pressure on Iran.

The U.S. has sent thousands of troops, an aircraft carrier, nuclear-capable B-52 bombers and advanced fighter jets to the Middle East, and fears are growing of a wider conflict after mysterious oil tanker attacks near the Strait of Hormuz blamed on Iran, attacks by Iranian-backed rebels in Yemen on Saudi Arabia and Iran’s downing of a U.S. military drone.

Iran has recently begun surpassing uranium enrichment limits set in its 2015 nuclear deal with world powers in response to President Donald Trump’s decision to pull the U.S. out of the accord a year ago.

The U.S. has also re-imposed tough sanctions on Tehran’s oil exports, exacerbating an economic crisis that has sent its currency plummeting.

Iran has said its breaches of the nuclear pact can be reversed if the other parties to the agreement — Germany, France, Britain, China, Russia and the European Union — can come up with enough economic incentives to effectively offset the American sanctions.

China on Friday reiterated it opposes unilateral sanctions against Iran and criticized what it described as the “long arm jurisdiction” of the United States.

A Foreign Ministry spokesman in Beijing said that international trade with Iran “within the framework of international law is reasonable and legitimate and deserves to be respected and protected.”

“We will resolutely defend our legitimate and lawful rights and interests,” the spokesman added.

Rising reported from Berlin. Barry Hatton in Lisbon and Danica Kirka and Jill Lawless in London contributed to this story.

China Imports From US Plunge 31% In June Amid Tariff War

In this Tuesday, May 14, 2019, photo, containers are piled up at a port in Qingdao in east China's Shandong province. China's imports from the United States plunged 31.4% in June from a year earlier amid a tariff war with Washington, while exports to the U.S. market sank 7.8%, Customs data showed Friday, July 12, 2019. (Chinatopix via AP)

BY JOE MCDONALD

BEIJING (AP)
— China’s trade with the United States plunged last month as a tariff war battered exporters on both sides of the Pacific Ocean.

And there’s no letup in sight: Tensions between the world’s two biggest economies continue to simmer even though President Donald Trump and his Chinese counterpart, Xi Jinping, called a ceasefire two weeks ago.

Data out Friday showed that the hostilities are taking a toll.

Chinese imports of U.S. goods fell 31.4% from a year earlier to $9.4 billion, while exports to the American market declined 7.8% to $39.3 billion, according to Chinese customs data. China’s trade surplus with the United States widened by 3% to $29.9 billion.

The two countries are fighting over U.S. allegations that China deploys predatory tactics — including stealing trade secrets and forcing foreign firms to hand over technology — in a headlong drive to challenge American technological dominance.

The U.S. has imposed tariffs on $250 billion in Chinese imports, drawing retaliatory sanctions from Beijing on $110 billion in U.S. products. China also directed importers to find non-U.S. suppliers.

The dispute won’t be easy to solve. Mistrust between Washington and Beijing runs high. And a substantive solution likely would require China to scale back its ambitions to become a world leader in advanced technologies such as artificial intelligence and electric cars.

Envoys talked by phone Tuesday in their first contact since Trump and Xi met last month in Japan, the Chinese Commerce Ministry said. It gave no details or a date for more contacts.

“Our base case remains that trade talks will break down again before long,” said Julian Evans-Pritchard of Capital Economics in a report.

Trade weakness has added to pressure on Xi’s government to shore up economic growth and avoid politically dangerous job losses.

The Trump-Xi truce calmed jittery financial markets. But the cease-fire is under strain: Each side has complained the other isn’t living up to commitments made when the leaders met June 29 at the Group of 20 summit in Osaka, Japan.

The chairman of Huawei said Friday that his company has yet to see any benefit from Trump’s promise to ease restrictions on sales of components to the Chinese tech giant, which was put on a U.S. national security blacklist in May.

“So far we haven’t seen any tangible change,” chairman Liang Hua told a news conference.

Liang’s complaint came a day after Trump accused Beijing of “letting us down” by not promptly buying more U.S. farm products.

“They have not been buying the agricultural products from our great Farmers that they said they would,” the president said on Twitter. “Hopefully, they will start soon.”

Trump’s statement “highlighted how more speed bumps may remain in the road ahead,” said Craig Orlam of OANDA in a report. “While a deal makes sense for both sides this year, it’s far from guaranteed and could hit many more snags.”

AP Economics Writer Paul Wiseman in Washington contributed to this story.

Thursday, July 11, 2019

How Walking 30 Minutes A Day Can Boost Weight Loss, Improve Digestion, And Help You Live Longer

Walking 30 minutes a day is linked to numerous health benefits, like weight loss, improved mood, and lowered disease risk, longevity, and more. Image: Kieferpix/Getty


BY MEGHAN RABBITT

Taking a 30-minute walk a day is kind of like that proverbial apple: There's a good chance it'll keep the doctor away.

From helping you lose weight and de-stress to lowering your blood pressure and reducing your risk of many chronic diseases, going for regular walks is one of the best and easiest things you can do for your health, says Melina B. Jampolis, MD, author of The Doctor on Demand Diet.

"Walking is the number one exercise I recommend to most of my patients because it is very easy to do, requires nothing but a pair of tennis shoes, and has tremendous mental and physical benefits," she says. Here's what you can expect when you start walking for just 30 minutes every day, most days of the week.

You know how sometimes it takes a glass of wine or a square (or three) of dark chocolate to blunt the edge of a rough day? Well, going for a walk is a zero-calorie strategy with the same benefits, says Dr. Jampolis.

"Research shows that regular walking actually modifies your nervous system so much that you'll experience a decrease in anger and hostility," she says. What's more, when you make your walks social — you stride with, say, your partner, a neighbor, or a good friend — that interaction helps you feel connected, says Dr. Jampolis, which boosts mood. Finally, walking outdoors exposes you to natural sunlight, which can help stave off seasonal affective disorder (SAD) — making it a potential antidote for the winter blues, says Dr. Jampolis.

Your creative juices will start flowing

Whether you're feeling stuck at work or you've been searching for a solution to a tricky problem, research shows it's a good idea to get moving: According to a 2014 study in the Journal of Experimental Psychology, Learning, Memory, and Cognition, going for a walk can spark creativity. "Researchers administered creative-thinking tests to subjects while seated and while walking and found that the walkers thought more creatively than the sitters," says Dr. Jampolis.

You'll burn calories and lose weight
This one may seem obvious, but it's certainly a happy benefit for those who start walking regularly, says Dr. Jampolis. "As you continue to walk, you may notice your pants begin to fit more loosely around your midsection, even if the number on the scale isn't moving much," she says. "That's because regular walking can help improve your body's response to insulin, which can help reduce belly fat."

Ariel Iasevoli, a personal trainer at Crunch gyms in New York City, adds that walking every day is one of the most effective low-impact ways to mobilize fat and positively alter body composition. "Daily walking increases metabolism by burning extra calories and by preventing muscle loss, which is particularly important as we get older," says Iasevoli. The best part? You don't have to slog it out on a treadmill at the gym to see these benefits. "One of my clients reduced her body fat by 2 percent in just one month by walking home from work each day, which was just under a mile," she says.

The secret to walking off the weight: intervals, says Michele Staten, a walking coach and author of Prevention's Walk Your Way to Better Health. "Interval walking really cranks up your afterburn, the calories you burn long after your official walk is over," Stanten says. To add intervals, warm up for 3 minutes. Then spend 25 minutes alternating between 1 minute of fast walking (almost as fast as you can go) and 1 minute of brisk walking (aiming for a 6 on a 1 to 10 intensity scale). Then cool down for two minutes.

You'll reduce your risk of chronic disease

The statistics are impressive: The American Diabetes Association says walking lowers your blood sugar levels and your overall risk for diabetes. Researchers at the University of Boulder Colorado and the University of Tennessee found that regular walking lowered blood pressure by as much as 11 points and may reduce the risk of stroke by 20 to 40 percent. One of the most cited studies on walking and health, published in a 2002 study in The New England Journal of Medicine, found that those who walked enough to meet physical activity guidelines (30 or more minutes of moderate activity on five or more days per week) had a 30 percent lower risk of cardiovascular disease, compared with those who did not walk regularly.

"The physical benefits of walking are well documented," says Scott Danberg, director of fitness at Pritikin Longevity Center + Spa in Miami. With impressive results like these, there's a good chance you'll get a pat on the back from your doc at your next checkup.

For disease prevention, longer walks are key, says s Stanten. Include a longer, hourlong walk once or twice a week, she says.

You'll keep your legs looking great

As you age, your risk of unsightly varicose veins increases — it's just not fair. However, walking is a proven way to prevent those unsightly lines from developing, says Luis Navarro, MD, founder, and director of The Vein Treatment Center in New York City.

"The venous system includes a circulatory section known as 'the second heart,' which is formed by muscles, veins, and valves located in our calf and foot," he explains. "This system works to push blood back up to the heart and lungs — and walking strengthens this secondary circulatory system by strengthening and preserving leg muscle, which boosts healthy blood flow."

If you already suffer from varicose veins, daily walking can help ease related swelling and restlessness in your legs, says Dr. Navarro. "Also, if you are genetically predisposed to have varicose and/or spider veins, walking daily can help delay the onset."

Your digestion will improve

If you currently praise coffee for keeping your digestive system going strong, get ready to start thanking your morning walk instead. That's because a regular walking routine can greatly improve your bowel movements, says Tara Alaichamy, DPT, a physical therapist at Cancer Treatment Centers of America. "One of the very first things an abdominal surgery patient is required to do is to walk because it utilizes core and abdominal muscles, encouraging movement in our GI system," she says.
Your other goals will start to seem more reachable

When you become a regular walker, you will have established a regular routine — and when you have a routine, you are more likely to continue with the activity and take on new healthy behaviors. "I firmly believe that walking regularly can help you to accomplish other goals you set your mind to," says Kim Evans, a personal trainer, and daily walker.

You'll protect your joints

Contrary to what you might think, pounding pavement can help improve your range of motion and mobility because walking increases blood flow to tense areas and helps strengthen the muscles surrounding your joints. In fact, research shows that walking for at least 10 minutes a day — or about an hour every week — can stave off disability and arthritis pain in older adults. An April 2019 study in the American Journal of Preventive Medicine followed 1,564 adults older than 49 years old with lower-body joint pain. Participants were asked to to walk for an hour each week. Those who didn't walk for at least an hour each week reported that they were walking too slowly and had issues performing their morning routine, while participants who stuck with their walking routine had better mobility. 

You'll boost your immunity

It turns out that putting one foot in front of the other could help reduce your risk for disease and promote longevity. Research from Arthritis Research & Therapy suggests that high-intensity interval walk training can help improve immune function in older adults with rheumatoid arthritis, an inflammatory disease that affects the joints. A recent studyfrom Chronic Respiratory Disease also shows that walking may help patients with chronic obstructive pulmonary disease (COPD) reduce their morbidity and mortality risk. Patients with COPD tend to be overweight or obese because they're unable to exercise for longer periods of time and may find it hard to breathe during intense movements. But walking can help improve symptoms and lower their risk for cardiovascular disease and metabolic syndrome, among other things.

You'll live longer

Ever wonder how people from Blue Zones are able to live to 100? Their secret to a longer and healthier life involves walking and getting outside. A study in the Journal of the American Geriatrics Society showed that older adults, between the ages of 70 and 90, who left the house and were physically active lived longer than those who didn't. Staying active also helps you stay connected to loved ones and friends who can provide emotional support, which is especially important as you age.

You'll sleep better at night

If you work out regularly, you know that you'll sleep better at night. That's because sleep naturally boosts the effects of melatonin, the sleep hormone. A 2019 study from Sleepfound that postmenopausal women who do light to moderate intensity physical activity snooze better at night than those who are sedentary. Walking also helps reduce pain and stress, which can cause sleep disturbances.


Wednesday, July 10, 2019

Powell's Message To Congress: Rate Cut Is Likely Coming Soon



BY MARTIN CRUTSINGER

WASHINGTON (AP)
— Pointing to a weaker global economy, rising trade tensions and chronically low inflation, Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade.

Delivering the central bank’s semiannual report to Congress, Powell said that since Fed officials met last month, “uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.” In addition, inflation has dipped further below the Fed’s annual target level.

The chairman’s remarks led investors to send stock prices up, bond yields down and the value of the U.S. dollar lower on expectations of lower interest rates. The S&P 500 index briefly traded over 3,000 for the first time.

Testifying to the House Financial Services Committee, Powell was asked, as he has been before, what he would do if President Donald Trump tried to fire or demote him. Powell offered the same terse reply he’s given in the past when asked about Trump’s attacks on his leadership and the president’s insistence that he has authority to remove the chairman: Powell said he intends to serve out his full four-year term, which ends in early 2022.

The president has repeatedly accused Powell and the Fed of keeping credit too tight for too long and of thereby holding back the economy and the stock market. Most experts dispute Trump’s assertion that he has authority to either fire Powell or demote him from the chairman’s post, and his attacks have raised alarms that he’s undermining the Fed’s long-recognized independence from political pressure.

Powell’s description Wednesday of a more downbeat economic landscape led most economists to conclude that a quarter-point rate cut is a virtual certainty at the Fed’s meeting in three weeks, with many forecasting further rate cuts to come. Some characterized a likely rate cut late this month as an “insurance policy” against an economic downturn.

“I think it will be the start of a series of rate cuts,” added Sung Won Sohn, economics professor at Loyola Marymount University in Los Angeles. “Powell wants to provide fuel for the economy down the road.”

Expectations of a pending rate cut drew additional support Wednesday when the Fed released the minutes of its June 18-19 meeting. The central bank held rates unchanged then, but the minutes showed that some officials felt looser credit could soon be needed to address economic weakness.

Investors have collectively put the odds of a rate cut this month at 100%. The Fed’s benchmark rate stands in a range of 2.25% to 2.5% after it raised rates four times last year — action that incited the initial attacks on the Powell Fed from Trump.

In the prepared remarks he delivered Wednesday before taking questions from the House members, Powell made no mention of the president’s criticism. He did thank Congress for the “independence” it has given the Fed to operate free of political intrusion. But later, in the question-and-answer period, several Democratic committee members offered support for Powell’s leadership and a rejection of Trump’s criticism.

Rep. Maxine Waters, who leads the committee, declared that “this president has made it clear that he has no understanding or respect for the independence of the Federal Reserve.”

Waters and other Democrats urged Powell to stand up to Trump’s attacks.

“Have no fear,” Rep. David Scott, D-Ga., told the chairman. “We in Congress, both Democrats and Republicans, have got your back.”

Powell’s remarks Wednesday began two days of his testimony on Capitol Hill. On Thursday, he will address the Senate Banking Committee.

At the moment, the U.S. economic landscape is a mixed one: The job market appears resilient, but economic growth is slowing. Many forecasters predict that growth has slowed to an annual rate of around 2% in the just completed April-June quarter.

In his testimony, Powell said the economy has fared reasonably well over the first half of the year. But he noted that “crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.”

He said that growth in business investment “seems to have slowed notably,” possibly because of concerns over slowing global growth and the trade battle between the Trump administration and China.

The Fed chairman told the House committee that he thinks average worker pay isn’t rising fast enough to accelerate low inflation, even with the unemployment rate near a five-decade low. An absence of inflation pressure makes it easier for the Fed to cut short-term rates. Referring to rates, Powell repeated a pledge the Fed made in its June policy statement that officials would “act as appropriate to sustain the expansion.” But notably, he added that “many” Fed official saw that the case for a looser monetary policy “had strengthened.”

The Fed hasn’t cut rates since 2008 at the height of the financial crisis.

Trump and Chinese President Xi Jinping declared a truce last month in what had threatened to become an escalating U.S.-China trade war and agreed to resume talks toward a deal that would meet the administration’s demands to better protect U.S. technology. That step eased fears that Trump would extend punitive tariffs to an additional $300 billion in Chinese goods, in the process inviting retaliation from Beijing on American exports and likely weakening both nations’ economies.

And last week the government reported that after a tepid job gain in May, U.S. employers sharply stepped up their hiring in June, an indication of the economy’s durability.

Flooding Swamps New Orleans; Possible Hurricane Coming Next

Terrian Jones reacts as she feels something moving in the water at her feet as she carries Drew and Chance Furlough to their mother on Belfast Street in New Orleans during flooding from a storm in the Gulf Mexico that dumped lots of rain Wednesday, July 10, 2019. (AP Photo/Matthew Hinton)


BY CHEVEL JOHNSON AND JANET McCONNAUGHEY

NEW ORLEANS (AP)
— A storm swamped New Orleans streets and paralyzed traffic Wednesday as concerns grew that even worse weather was on the way: a possible hurricane that could strike the Gulf Coast and raise the Mississippi River to the brim of the city’s protective levees.

The storm was associated with a broad area of disturbed weather in the Gulf that forecasters said was on track to strengthen into a hurricane by the weekend. The system was expected to become a tropical depression by Thursday morning, a tropical storm by Thursday night and a hurricane on Friday, according to the National Hurricane Center.

Lines of thunderstorms associated with the system ranged far out in into the Gulf and battered New Orleans, where as much as 7 inches (18 centimeters) of rain fell over a three-hour period Wednesday morning, forecasters said.

Mississippi and Texas were also at risk of torrential rains.

In New Orleans, streets turned into small, swift rivers that overturned garbage cans and picked up pieces of floating wood. Water was up to the doors of many cars. Other vehicles were abandoned. Kayakers paddled their way down some streets.

Chandris Rethmeyer lost her car to the flood and had to wade through water about 4 feet (1.22 meters) deep to get to safety. She was on her way home after working an overnight shift when she got stuck behind an accident in an underpass and the water started rising.

“I was going to sit in my car and let the storm pass,” she said. “But I reached back to get my son’s iPad and put my hand into a puddle of water.”

Valerie R. Burton woke up Wednesday to what looked like a lake outside her door.

“There was about 3 to 4 feet of water in the street, pouring onto the sidewalks and at my door. So I went to my neighbors to alert them and tell them to move their cars,” she said.

It was all a grim reminder of sudden flooding that surprised the city during an August 2017 rain. That flood exposed major problems at the agency overseeing street drainage. It led to personnel shake-ups at the New Orleans Sewerage and Water Board and required major repair efforts.

On Wednesday, the board said 118 of 120 drainage pumps were operational and the agency was fully staffed. But the agency’s director says that much rain in such a short time would have overwhelmed any drainage system.

Gov. John Bel Edwards declared a state of emergency and said National Guard troops and high-water vehicles would be positioned all over the state.

“The entire coast of Louisiana is at play in this storm,” Edwards said.

Forecasters said Louisiana could see up to 12 inches (30 centimeters) of rain by Monday, with isolated areas receiving as much as 18 inches (46 centimeters).

The heavy additional rain could push the already swollen Mississippi River precariously close to the tops of levees that protect New Orleans, officials said.

A spokesman for the Army Corps of Engineers in New Orleans said the agency was not expecting widespread overtopping of the levees, but there are concerns for areas south of the city. The river was expected to rise to 20 feet (6 meters) by late Friday at a key gauge in New Orleans. The area is protected by levees 20 to 25 feet (6 to 7.6 meters) high, he said.

The Corps was working with local officials to identify any low-lying areas and reinforce them, he said. He cautioned that the situation may change as more information about the storm arrives.

“We’re confident the levees themselves are in good shape. The big focus is height,” spokesman Ricky Boyett said.

Associated Press writers Kevin McGill and Rebecca Santana in New Orleans and Jeff Martin in Atlanta contributed to this report.

Tuesday, July 09, 2019

The Problem Is Not 'Negative' Western Media Coverage Of Africa

Rather, it is the lack of in-depth and nuanced reporting on the continent and beyond.


BY PATRICK GATHARA

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A recent job ad for Nairobi bureau chief the New York Times posted has sparked controversy [Reuters]

The New York Times is once again in Kenyans' crosshairs. Just six months after it was excoriatedfor publishing graphic pictures of the victims of January's hotel attack in Nairobi, which forced it to shelve the appointment of Kimiko de Freytas-Tamura as head of its Nairobi bureau, the search for a replacement has stirred up another hornet's nest.

In an ad for the position that appears to have been taken straight out of the late Binyavanga Wainaina's famous satirical essay, How To Write About Africa, the Times repeated many of the problematic stereotypes have dominated much reporting on the continent.

The job, it proclaimed, would offer "tremendous opportunity to dive into news and enterprise across a wide range of countries, from the deserts of Sudan and the pirate seas of the Horn of Africa, down through the forests of Congo and the shores of Tanzania". In addition to covering seemingly ubiquitous conflict and suffering, the successful candidate would also get to "delight our readers with unexpected stories of hope" in the region.

Many Kenyans online have predictably responded with outrage. It "says a lot about the kinds of stories they want from Eastern Africa", tweeted Ken Opalo, who is an assistant professor at Georgetown University. He warned that "the biggest losers from this sort of madness" would not be Eastern Africans, but the daily's American audience who "continue to be fed [and believe] myths and as a result are increasingly economically [and] geopolitically uncompetitive in the region".

The NYT's international editor, Michael Slackman, belatedly offered a mea culpa on Twitter in which he took responsibility for the ad, blaming it on his “taking a short cut: Rather than write a new job description, a posting from about 18 months went out”. Why this would have been deemed appropriate in 2017 is left unaddressed and no actual apology was offered. However, despite his non-apology, the offending ad is yet to be taken down.


For many Kenyans, it is reminiscent of the similar non-apology they got in the aftermath of the January incident. Despite acknowledgment of the need to "make decisions based on the fact that we serve a global audience", the offending photo remains on the NYT's website. A promise to "convene a group of people to come up with clearer guidelines" to ensure "consistent standards that apply across the world" has seemingly not been kept.

The complaints about negative coverage in Western media are not new. Media negativity and its consequences have been bemoaned the world over, but perhaps nowhere more than in Africa - where the prevailing perception is that foreign media, and Western correspondents in particular, have gone out of their way to portray the continent as the nadir of human civilisation. A dark continent of unspeakable "tribal" savageries, unmitigated suffering, horrible epidemics and child-like helplessness all bounded by breathtaking vistas of natural beauty.

However, it would be good to keep some perspective. Slackman is right when he urges people to "judge our correspondents on the quality of their work, not that job posting". While it is true that one can readily find examples of racist and colonial stereotypes in many Western news reports, as pointed out by Kenyan writer Nanjala Nyabola, a 2016 study by Dr Toussaint Nothias of the Center for African Studies at Stanford University also found that there is no empirical evidence for the assertion that Western media coverage "systematically refers to 'tribalism' and 'darkness', treats Africa as a country and relies predominantly on Western voices".

He echoes a 2015 paper by Martin Scott of the University of East Anglia who reviewed the research into US and UK media representations of Africa in the previous quarter century and concluded that "the widespread belief that we know how Africa is represented in the US and UK media is … a myth".

Still, there is a perception that much of what international audiences hear about Africa is overwhelmingly negative even when not overtly racist. Between May and September 2010, the 10 most-read US newspapers and magazines carried 50 times more articles mentioning poverty in Africa, than mentioning gross domestic product (GDP) growth. But is Africa unique in this? Are we being singled out?

Not exactly. For example, one 2013 study of the coverage of China by three major Western outlets, including the Times, found that nearly half of all political coverage was about corruption. Further, as noted by Bethany Allen-Ebrahimian in Foreign Policy, "US news tends to slant towards the negative and the sensational - making its critical coverage of China a normal feature of the media landscape". The same could be said about the coverage of Africa.

Africans must also focus on the practices of local media, which is just as guilty of the sins which Western journalists are routinely accused of. This week, South Africa's Mail & Guardian published a series of "inspiring, uplifting and positive stories from around the African continent" in a "good news" edition.

That this was deemed necessary only highlights the fact that on the continent, like everywhere else, the telling of the news is largely perceived to default to the negative. Yet here too, the problem is less that we need more good news stories than that the stories we are told are largely decontextualised.

There is no good and bad news; there is just the news. The false dichotomy between positive and negative stories is a reflection of the lack of the sort of storytelling which allows audiences to make sense of events within a wider universe of African experience. Like their Western counterparts, local media engages in shorthand - it reports rather than explains.

The episodic tales which it tells are not related to one another to produce a more complete scene. Each is presented as an isolated, self-contained event - a story with a beginning, middle and end - rather than part of a wider tapestry of experience. This approach is what generates the false dichotomy of positive and negative news that then needs to be "balanced". The picture drawn is poor not because the subject is "bad", but because it is incomplete. And this performs a great disservice to audiences.

One way Western media organisations can address the issue is by rethinking the role of the foreign correspondent. In today's world, is it really possible to justify the anachronistic search for foreign bureau chiefs when local reporters can provide much better local context and feel for the circumstances of their own countries? Given that skewed power dynamics dictate that Africans care more about their representation in Western media than Westerners do about how African media covers them, it is time Western outlets privilege local journalistic expertise and choices.

Recruiting local journalists who can explain rather than simply report, as well as improving the output of local media can provide context for the horror stories the media gravitates to, making Africa seem less of - in the words of journalist Shayera Dark - "a war-torn, disease-ridden, poverty-stricken hellscape where all hope dies".

The views expressed in this article are the author's own and do not necessarily reflect Al Jazeera's editorial stance.

23 US Governors Join Calif. In Opposing Trump Mileage Freeze

In this June 25, 2019, file photo, President Donald Trump listens in the Oval Office of the White House in Washington. Over 20 state governors are backing California leaders in a showdown with the Trump administration over mileage standards. (AP Photo/Alex Brandon, File)


BY ELLEN KNICKMEYER

WASHINGTON (AP
) — Citing climate-damaging tailpipe emissions, 23 U.S. governors signed a pledge backing California leaders in their showdown with the Trump administration over its plans to relax vehicle mileage standards .

The stand by leaders of states and Puerto Rico, nearly all Democrats, comes as the Trump administration moves to freeze tougher mileage standards laid out by former President Barack Obama, in one of the previous administration’s key efforts against climate change.

The Trump administration says American consumers increasingly want bigger, gas-guzzling SUVs and pickup trucks . It also argues that demanding ever-more fuel-efficient vehicles will drive up automobile costs and keep less-safe, older vehicles on the road longer. Many engineers have challenged that claim.

The governors’ pledge on Tuesday commits to sticking to the pre-Trump mileage goals, a program of annual tightening in mileage standards that reduce climate-changing carbon emissions.

“We will not compromise on our responsibility to protect the health of our communities, our climate, and the savings consumers stand to gain at the pump,” said the pledge, also signed by California Gov. Gavin Newsom. “We will continue to pursue additional concrete actions to fulfill this duty and defend against any threats.”

Besides California and Puerto Rico, leaders of Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, Washington and Wisconsin signed the mileage pledge.

The Environmental Protection Agency didn’t immediately comment on the pledge, which was made public overnight.

The commitment underscores prospects for years of legal challenges and regulatory uncertainty for automakers if the Trump administration moves ahead on the mileage freeze over objections from California and other states.

President Donald Trump has pushed automakers to support him in his bid to relax mileage standards. Last month, major automakers instead appealed for the administration to return to talks with California, after breaking off negotiations.

Newsom indicated he wasn’t optimistic about any breakthroughs with the administration ahead of it issuing its mileage rule.

“I don’t sense they’re sincere in their commitment to sit down and negotiate,” he said, and cited the administration’s overall backing for the country’s oil and gas industry.

Congress for decades has granted California authority to set its own, tougher mileage standards as a way of fighting the state’s chronic smog. About a dozen states follow California’s mileage standards, although under Obama the federal and state mileage standards were the same.

Monday, July 08, 2019

More Illegal Aliens From Africa And Haiti Reaching United States

Image: AP via New American


BY WARREN MASS

A July 5 Reuters report documented the journey of a migrant from the African nation of Cameroon who crossed nine national borders to reach Mexico on the way to the United States. A map illustrating the report depicted her journey by plane from Lagos, Nigeria, to Quito, Equador. From there, she traveled by land through Colombia, Panama, Costa Rica, Nicaragua, Honduras, and Guatemala, before arriving in Mexico. The report observed that a record number of fellow Africans are flying to South America, and then traveling long distances to reach the United States.

Our online research found the cost of flights from Lagos, Nigeria, to Quito Ecuador to be $1,466 and higher — a considerable sum for a refugee from Africa.

In our article on July 1 (“Illegal Aliens From Africa and Haiti Among Those Crossing Rio Grande”), we cited reports from Customs and Border Protection (CBP) in June noting that illegal aliens crossing our southern border are not just Mexicans and Central Americans, but also included groups from Haiti and Africa.

The Reuters report noted that the number of Africans registered by Mexican authorities tripled in the first four months of 2019 compared with the same period a year ago, reaching about 1,900 people. Most of these were from Cameroon and the Democratic Republic of the Congo (DRC).

A July 2 report from Texas Monthly took a look at refugees at San Antonio’s Migrant Resource Center. The report stated that from just June 4 to June 18, about four hundred migrants from Angola and the Democratic Republic of Congo arrived at the center. The report cited Border Patrol figures showing that during the first two weeks of June, the Border Patrol detained 740 African migrants in the Del Rio sector. For comparison, just 211 African migrants were apprehended at the U.S.-Mexico border in all of 2018.

Texas Monthly did not provide details about the legal status of the migrants from Africa, but references in the article suggest that many are here illegally. The report noted:

In mid-June, as President Trump tweeted out his plans to deport thousands of undocumented immigrants, [an Alliance Francaise volunteer working with migrants] broke down in tears. One of the asylum seekers she had helped get to family in Brooklyn called her sobbing after hearing about the proposed raids on TV. His family members are undocumented and were afraid to risk staying in the U.S. Ultimately, he and his brother decided to leave for the Canadian border.

A July 9 Breitbart report cited Del Rio Sector Border Patrol agents who reported the apprehension of more than 1,000 migrants from Haiti who illegally crossed the Rio Grande since June 10, according to information provided by Border Patrol officials. Of those, more than 800 were composed of Family Unit Aliens (FMUA). It appears many of these Haitian migrants moved years ago from Haiti to Brazil and Chile and have now decided to migrate again to the United States, possibly to blend in with the current flood of migrant families crossing the border.


SOURCE: NEW AMERICAN

How A Network 0f Pink-Slime News Sites And Conservative Activists Went After Campus DEI

Using FOIA requests and hidden-camera videos, the groups targeted universities, leading to the firing of faculty and staff. BY MIRANDA GREEN...