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“If you have minerals or oil under the ground, how do you come up with a price for a long-term contract? The shift to renewable energy and electric vehicles has caused a spike in the demand for critical minerals, driving these kind of loans. Adesina, whose Abidjan, Ivory Coast-based institution helps finance development in African countries, said these arrangements come with a litany of problems. Photos You Should See View All 60 Images“These are the reasons I say Africa should put an end to natural resource-backed loans," Adesina said. After Chad, Angola and the Republic of Congo approached the IMF for support, the multilateral lender insisted on the renegotiation of their natural resource-backed loans.

Persons: Akinwumi Adesina, paydowns, Adesina, ” Adesina, Glencore, Trafigura, ”, Mao Ning Organizations: African Development Bank, Associated Press, International Monetary Fund, IMF, Chartered, China’s Ministry of Foreign Affairs, China Railway Group, Gecamines, Alliance for Green Infrastructure Locations: Lagos, NIGERIA, China, Congo, Nigeria, Abidjan, Ivory Coast, Africa, Chad, Angola, Republic of Congo, Guinea, Ghana, Beijing, Nigerian, AP.org

☆ ‘One Day’ Is Back. This Time, It’s Longer.
▼ + stars: | 2024-02-09 | by ( Precious Adesina | ) www.nytimes.com time to read: 1 min

For the British author David Nicholls, the key to a good romantic story is avoiding the clichés. “The first kiss, the first night together, the wedding day. There are all these landmarks which are quite familiar and quite obvious,” he said recently. Instead, his 2009 novel “One Day” follows its two protagonists, Emma and Dexter, on the same day each year for two decades, as they weave in and out of each other’s lives as friends, partners and everything in between. What has happened on the previous 364 days is revealed slowly and indirectly, with many key moments left to the reader’s imagination.

Persons: David Nicholls, “, ”, Emma, Dexter, Anne Hathaway, Jim Sturgess, Nicole Taylor Organizations: Netflix Locations: British, Scottish

☆ ‘The Crown’: The History Behind Season 6 on Netflix
▼ + stars: | 2023-11-17 | by ( Precious Adesina | ) www.nytimes.com time to read: +1 min

Since its premiere in 2016, Netflix’s “The Crown” has followed the reign of Queen Elizabeth II, blending fact and fiction as each season inches closer to the present day. (The driver, Henri Paul, was also killed.) The accident, as the couple was pursued by paparazzi, shocked the world, and 30 million people in the United States alone watched the funeral of “the people’s princess” on television. But the public wasn’t privy to the private conversations between Diana and the people close to her in the weeks leading up to her death, which “The Crown” imagines. In the first four episodes — the final six will land on Dec. 14 — Diana is navigating co-parenting with her ex-husband, Charles, uncertain about her future and her relationship with Dodi as the press follows the couple’s every move.

Persons: Netflix’s, Queen Elizabeth II, Diana , Princess of Wales, Elizabeth Debicki, Emad Mohamed al, Fayed, Khalid Abdalla, Henri Paul, ”, Diana, Charles, Dodi Organizations: Netflix Locations: Paris, United States

Omar Victor Diop History, inheritance and possibility are re-imagined through the lens of the Senegalese photographer, one of the most successful young artists on the continent. Through his bold images, Diop examines the interplay between African and diasporic experiences by knitting together the past and present. Douglass sat for over 160 portraits, including a daguerreotype circa 1855 (bottom), to challenge negative representations of African Americans. Cultural Archive/Alamy In a 2015 self-portrait (top), from Diop’s series “Project Diaspora,” the artist emulates Frederick Douglass, who was the most photographed man of his era. Douglass sat for over 160 portraits, including a daguerreotype circa 1855 (bottom), to challenge negative representations of African Americans.

Persons: Omar Victor Diop, Frederick Douglass, Diop, Selma, ”, ” Omar Victor Diop, Douglass, “, ” Diop, Mama Casset, Malick Sidibé, Samuel Fosso, Martin Luther King Jr Organizations: paisley, West Locations: Senegalese, American, United States, Soweto, South Africa, Africa, “, African American, Dakar, Paris, Nigeria, Senegal, France, Nairobi, Lagos, Mali, America, African

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

Persons: Lauren Leatherby, ”, Jean, Patrick Niambé, Hilton, Edward Paice, “, Keziah Keya, Keya, Paul R, Ehrlich, stoke, Lauren Leatherby “, Carlos Lopes, Burna, Weeks, “ It’s, Laolu Senbanjo, Tems, Toulaye Sy, Pritzker, Abdulrazak Gurnah, “ Africa’s, ” Long, exotica, Mulendema, Hannah O’Leary, “ We’re, Sipho Dlamini, Dlamini, Moawad, Optimists, Mo Ibrahim, Aubrey Hruby, birthrates, India’s, China’s, Akinwumi Adesina, States —, William Ruto, Paul Biya of, Biya, Wole Soyinka, Paul Kagame of, Nourdine, Nigeriens, Awade, Ali Bongo Ondimba, Simon Mulongo, Nuha Abdelgadir, Abdelgadir, gesturing, “ We’ve, ” Weeks, Abdelgadir’s, Modu Ali, Young, Saidu, Habiba Mohammed, Ms, Ha, Joon Chang, Nobody, Chang, Ibrahim, Touré Organizations: Young, United Nations, Southern, Northern, Western Asia Northern, United, Ivory Coast, African Union, Group, European Union ., Suisse, Africa Research Institute, Nigeria Mozambique Kenya “, Russia Canada Germany United, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia Dem, Russia Germany, China Egypt India Nigeria D.R.C, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Dem, Bank, Nations, International, Bryn Mawr College, Angola, Angola Ivory Coast, Angola Ivory Coast Cameroon Dem, Africa Middle Africa Southern, Economic Commission, New, Citi, Spotify, Cannes Film, Burkina Faso, UNESCO, Disney, Amazon Prime, Netflix, “, Apple, Cape Town, Microsoft, Google, Infrastructure, McKinsey & Company, Pew Research Center, African Development Bank, Greek Coast Guard, Saudi, Africa Climate, Young Voters, Freedom House, University of Denver, United Arab, Japan Cuba Vatican City, Netherlands South Korea Belgium U.A.E, Islamic, Global, Center for Girls Education, School of Oriental, Studies Locations: grays, Africa, India, China, United States, Southern Asia, Asia, America, Caribbean, Northern America, Western Asia, Western Asia Northern America, Europe, London, New York, West Africa, Ivory, Abidjan, Russia, Turkey, Gulf, Nairobi, Nigeria Mozambique Kenya, Italy, Japan, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia, Congo Indonesia Brazil Australia South Africa Argentina, Russia Germany U.S, China Egypt India Nigeria, Brazil South Africa Australia, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria, Nigeria, Africa’s, Young, South Africa, Somalia, Mozambique, Mali, Gabon, Niger, Mozambique Nigeria Kenya, Kenya, Pennsylvania, Angola Ivory, Angola Ivory Coast Cameroon, Congo Algeria Egypt, Ghana Kenya Madagascar Mozambique Niger Nigeria, Tanzania Uganda South Africa, Northern Africa Eastern Africa, Africa Middle Africa, Africa Middle Africa Southern Africa, Guinea, Bissau, African, Qatar, Nigerian, Brooklyn, Target, French, Senegalese, Paris, Milan, Venice, Burkina, Tanzania, Saharan Africa, Nigeria Kenya Senegal In Lagos, Dakar, Zambia, South Korea, Sotheby’s, Lagos, Zimbabwe, Watford, Cape, Mombasa, Zanzibar, Cairo, Morocco, East Africa, Nigeria Mozambique Morocco, Sudanese, North Africa, East Asia, Thailand, Rwanda, Ivory Coast, States, Namibia, Kenyan, Paul Biya of Cameroon, Paul Kagame of Rwanda, United Arab Emirates, United States France Turkey, Germany, Russia India, Brazil, Japan Cuba, Japan Cuba Vatican City Spain Italy Saudi Arabia Qatar, Netherlands South Korea Belgium, Iran Canada, Niger’s, Niamey, Senegal Kenya Kenya, X’s, Tunisia, Egypt, Libya, Senegal, Uganda, Khartoum, Sudan, Ethiopia, Al Qaeda, Islamic State, Chad, Burkina Faso, Nigeria Nigeria Morocco, hijabs, Zaria, American, Korea, South, England

It comes amid criticism that the lending institutions are not taking climate change and the vulnerabilities of poor countries enough into account in their funding decisions. Dysfunctional because the system as a whole is too slow to respond to new challenges, such as climate change. Lee pointed to an IMF program that launched last year to help poor countries address problems like climate change. “The national policy to address climate change is lax — little or no focus is on climate change and the nexus between climate change and conflict in the Sahel is underappreciated,” Hassan said. “Go beyond the conflict itself to start prioritizing climate change as the root cause of the problem affecting these countries."

Persons: ”, William Ruto, Akinwumi Adesina, Moussa Faki, Patrick Verkooijen, Daniel Lee, Lee, Rwanda —, Carlos Lopes, It’s, Idayat Hassan, Ibrahim Audi, Femi, Lopes, ” Hassan, “, ” Mimiko, — Organizations: Global, International Energy Agency, International Monetary Fund, World Bank, New York Times, Kenyan, African Development Bank, African Union, IMF, Mandela School of Public, University of Cape, Center for Strategic, International Studies, Obafemi Awolowo University, Africa Climate Summit, International Rescue Committee, AP Locations: ABUJA, Nigeria, Africa, Africa's Sahel, Burkina Faso, Chad, Mali, Niger, Marrakech, Morocco, Rwanda, University of Cape Town , South Africa, Nigeria's, Katsina, Kenya

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ Zambia poised for debt restructuring deal
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - A deal on Zambia's debt restructuring is expected to be announced later on Thursday at a Paris summit on easing poor countries' debt burdens, four sources familiar with the matter said. “There has been agreement by creditors on the debt restructuring," one of the sources said. The head of the Paris Club of creditor nations Emmanuel Moulin said on Wednesday that Zambia's creditors were close to being able to propose the terms of a debt restructuring deal at the summit. "On debt restructuring, today we will talk about Zambia which I think is a great case of celebration," IMF Managing Director Kristalina Georgieva told a panel at the summit. Zambia is seen as a test case for a 2020 G20 common framework for restructuring poor countries' debt, which has faced much criticism for being two slow.

Persons: Emmanuel Moulin, Kristalina Georgieva, Akinwumi Adesina, Chad, Leigh Thomas, Elizabeth Pineau, Chris Mfula, Susan Fenton Organizations: Paris Club, China, IMF, Development Bank, Thomson Locations: Paris, Zambia, Ethiopia, Ghana, Lusaka

☆ For Hurvin Anderson, the Barbershop Is Haven and Inspiration
▼ + stars: | 2023-06-08 | by ( Precious Adesina | ) www.nytimes.com time to read: 1 min

In 2006, the British artist Hurvin Anderson painted his first barbershop scene. In “Barbershop,” reflections from the mirrors above a worktop create a series of rectangular patterns, like an abstract painting. In front, two slightly disordered chairs sit surrounded by scraps of hair, as if the clients have only just left, and the viewer is next to sit down. Many of these works are now on view, until Nov. 5, at “Hurvin Anderson: Salon Paintings” at the Hepworth Wakefield, a museum in northern England. (The name of the show, chosen by Anderson, refers to both hair salons and the historical art exhibitions in Paris.)

Persons: Hurvin Anderson, Hepworth Wakefield, Anderson Organizations: Hepworth Locations: British, Anderson’s, Birmingham, London, Jamaica, England, Paris

☆ African Devt Bank proposes 'fast track' compensation for Zimbabwe white ex-farmers
▼ + stars: | 2023-05-15 | by ( Nyasha Chingono | ) www.reuters.com time to read: +2 min

HARARE, May 15 (Reuters) - The African Development Bank (AFDB) has developed financial instruments to "fast track and front load" $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe's government, the bank's president said on Monday. Zimbabwe agreed in 2020 to compensate local white farmers whose land was taken by the government from 2000 onwards to resettle Black families, in one of the most divisive policies of the Robert Mugabe era, while foreign white farmers were allowed to apply to get seized land back. Adesina said the new proposal to former white farmers would "help leverage the capital markets to fund the compensation without adding debt to Zimbabwe," without providing further details. Adesina said that 91% of Zimbabwe's multilateral debt and 61% of its bilateral debt is in arrears. "The government takes full ownership of the debt process and the implementation of reforms," Finance Minister Mthuli Ncube told the press conference.

[1/2] Mourners hold a poster during the state funeral of Zimbabwe's longtime ruler Robert Mugabe at a national sports stadium in Harare, Zimbabwe, September 14, 2019. Still, some farmers say they will reject the government's $3.5 billion compensation package for being inadequate financially and for paying scant regard to land restitution or restoring property rights. Farmers say the plan was agreed by the Commercial Farmers Union in July 2020 and subsequently revised without adequate consultation. "The offer of bonds represents a very significant reduction in value with a prolonged redemption period," Gilpin, 67, told Reuters. The government was continuing discussions with farmers over appropriate payment methods and time frames, Ncube said.

☆ Some Olaplex users say their hair broke and fell out after using the TikTok-famous luxury hair brand. Experts question a connection to the products.
▼ + stars: | 2023-01-12 | by ( Allana Akhtar | Alex Bitter | Sindhu Sundar | ) www.businessinsider.com time to read: +14 min

Insider interviewed 10 former Olaplex users who voiced concerns about Olaplex on social media and in emails to Insider. Asked about the symptoms that the Olaplex users experienced, an Olaplex spokesperson told Insider: "We take each and every customer inquiry very seriously. Aftering switching to a drugstore brand of hair products, she said she saw an immediate reduction in hair loss. Keannia Johnson said her hair fell out and turned straw-like in texture after using Olaplex products. She started using Olaplex products in April.

☆ Nigeria resumes Abuja-Kaduna train service attacked by gunmen
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

[1/7] A policeman stands next to the door of a train as Abuja-Kaduna train resumes services after an attack on its passengers by bandits in March, in Abuja, Nigeria December 5, 2022. REUTERS/Afolabi SotundeABUJA, Dec 5 (Reuters) - Nigeria's state railway company on Monday resumed a popular train service between the capital Abuja and the northern state of Kaduna, suspended since in March after gunmen killed passengers and kidnapped several dozen. The Nigerian military in October secured the release of the remaining 23 hostages from the train attack. President Muhammadu Buhari's government had said the train service would only start once all hostages were freed. Passengers were required to provide national identification numbers, while armed security were on board the train.

It also referred to the need to reform international financial institutions. It should lead to a tripling of the amount international financial institutions lend "with a clear focus on climate and sustainable development goals," Prasad said. Similarly, Akinwumi Adesina, head of the African Development Bank said: "If you want to do more, you actually need more." "There has to be a lot more increase in capital, for the multilateral development banks," he told Reuters. "Our international financial architecture is built for a different time and different challenges," he said.

"There's now a big push to get nature into sovereign debt markets," said Simon Zadek, executive director at NatureFinance, which advises governments on debt-for-nature swaps and other types of climate-focused finance. At that level, it would be the biggest debt-for-nature swap struck to date. The combined value of swap deals to date is $3.7 billion, according to the data. Securing the buy-in of development banks is usually key for the economics of a deal. The WWF has projects in Central and South America where they are monitoring deforestation by tracking jaguars, said Brenes, who has worked on debt-for-nature swaps for the last 25 years.

"Africa must have natural gas to complement its renewable energy," African Development Bank President Akinwumi Adesina said Friday on the sidelines of the U.N. conference, being held in Sharm el-Sheikh, Egypt. Even if Africa were to triple its production of natural gas from current levels, its contribution to global emissions would only rise by 0.67%, he said. It has also put 85% of its investments between 2016-2021 into renewable energy. Still, natural gas is needed to balance out the electricity supply given the intermittent nature of renewables, he said. "My interest is how Africa uses natural gas as part of its energy mix to provide electricity for 600 million people today that don't have access to electricity."

☆ Kigali is building its way to becoming ‘the Silicon Valley of Africa’
▼ + stars: | 2022-10-19 | by ( Rachel Wood | ) edition.cnn.com time to read: +6 min

Among its most recent and most impressive designs is a start-up hub called Norrsken Kigali House, commissioned by the Swedish Norrsken Foundation, which supports entrepreneurship globally. A rendering of entrepreneurship hub Norrsken Kigali House. This rendering shows an aerial view of Norrsken Kigali House. A study pod at the African Leadership University in Kigali, Rwanda. Some of these graduates, like Minuifuong Nghombombong, founder of international home rental platform Bongalo, are already using Norrsken Kigali House as their base and helping to grow the entrepreneurial ecosystem in the city.

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