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☆ Sweeping changes to America's aging power grid are on their way to help bypass NIMBY roadblocks and state infighting
▼ + stars: | 2024-05-23 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +9 min

America's power grid is old and stressed. The main problem: It takes way too long to build towering high-voltage power lines that carry electricity across state lines and to hook up new power to the grid. AdvertisementBut upgrading the power grid gets bogged down by several issues. A new rule issued by the Federal Energy Regulatory Commission this month is aimed at tackling some of the problems. If the US doesn't invest in regional transmission lines, customers will pay the price in the form of congestion and more life-threatening outages.

Persons: Brett White, Larry Gasteiger, Allison Clements, West Virginia —, Jeffrey Shields, PJM, Shields, Manu Asthana's, Asthana, Mark Christie, Neil Chatterjee, Chatterjee, Christine Powell, Chuck Schumer, Gasteiger Organizations: Service, Business, Energy, Princeton University, Federal Energy Regulatory, Democrat, Sierra Club, Republican, Department of Energy, DOE, FERC, Earthjustice's Clean Energy, University of Chicago, wouldn't Locations: Pine, States, Maryland, Pennsylvania, West Virginia, New Jersey, California

☆ Organized retail theft ring that targeted Macy's, other retailers is charged in New York
▼ + stars: | 2024-05-08 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

The Macy's logo is seen at its store in Herald Square in New York City on Jan. 19, 2024. "Through our investigation, we found that Rehana's Cosmetics was well-known to shoplifters, who would willingly bring them stolen items," Bragg said. Manhattan District Attorney Alvin Bragg announced an indictment relating to more than $1 million in stolen goods as part of a retail theft fencing operation. The charges come as retailers such as Target and Ulta increasingly cite theft as a growing problem at their stores. In March, a monthslong CNBC investigation showed how police broke up an organized retail crime ring that stole millions in cosmetics from Ulta stores and resold them on Amazon .

Persons: shoplifters, Bragg, Rehana's, Alvin Bragg, Attorney Alvin Bragg Organizations: Empire, Manhattan, Attorney, CNBC, Attorney's Office, CVS, Manhattan District Locations: New York City, Midtown Manhattan, borough's, New York

☆ Stonebwoy draws inspiration from Bob Marley at Tuff Gong Studios to unite the Black diaspora
▼ + stars: | 2024-03-29 | by ( Lauren Lee | ) edition.cnn.com time to read: +6 min

The session was the Ghanaian’s first visit to Bob Marley’s iconic Tuff Gong Studio. I feel like I’m surrounded by the spirits of those who built here.”“Once upon a time, Bob Marley was probably sitting in the same spot that I am sitting in,” he added. Bob Marley performs onstage during a concert in Stockholm, Sweden, in the late 1970s. Jemal Countess/Getty Images for Global CitizenUniting the Black diaspora through musicFrom Afrobeats to reggae, Stonebwoy has worked with musicians including Rick Ross, Beanie Man, Shaggy, Keri Hilson, Russ, Davido, and Angelique Kidjo, shining brightest when mentoring emerging artists. Until then, he has his eyes set on making sure the sounds of the Black diaspora continue to dominate worldwide.

Persons: CNN —, Stonebwoy, Shaggy, Sean Paul, Wyclef Jean, Bob Marley, Yohan Marley, Bob Marley’s, ”, riffing, Livingstone Etse Satekla, Ghana's Stonebwoy, ” Stonebwoy, “, Stonebwoy’s, Jemal Countess, Rick Ross, Beanie, Keri Hilson, Russ, Davido, Angelique Kidjo, Rihanna, Taylor Swift, Odumodublvck Organizations: CNN, Island Music Conference, Gong, Tuff Gong, Tuff Gong Studios, Global Citizen Festival, Getty, Global Citizen, BHIM, Burniton Music Locations: Ghanaian, Jamaica, Kingston, ”, Ghana, Africa, Caribbean, West African, Stockholm, Sweden, Hulton, Accra

☆ Anti-immigration rioters in Dublin torched vehicles and looted stores after a knife attacker injured 3 children
▼ + stars: | 2023-11-24 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +3 min

An assailant injured four people including three young children in a knife attack in central Dublin on Thursday. In the evening, rioters looted and set vehicles on fire in the area. AdvertisementAnti-immigration rioters torched vehicles and looted stores in central Dublin on Thursday night after a knife attack near a primary school earlier in the afternoon. Garda Síochána, the Irish police force, said in a press release the attacker injured an adult woman and three young children, one of whom sustained "serious injuries." "This is not about immigration, this is not about the young children who are in hospital this evening," she said .

Persons: —, Garda Síochána, Raidió Teilifís Éireann, Drew Harris, Helen McEntee, Patrick McMenamin, Garda Organizations: Service, Garda, Irish, RTE, Ireland's, BBC, Police Locations: Dublin, Irish, Garda

NEW YORK (AP) — Four defendants in the criminal bribery case against U.S. Sen. Bob Menendez pleaded not guilty Wednesday in New York City to a revised indictment alleging that the senator, his wife and a third defendant conspired to use him as an agent of the Egyptian government. The defendants entering the pleas included his wife, Nadine Menendez, and a businessman, Wael Hana. The earlier indictment charged Menendez and his wife with participating in a bribery conspiracy by accepting bribes of cash, gold bars and a luxury car from three New Jersey businessmen who wanted the senator's help and influence over foreign affairs. The new charge against the trio alleges that they conspired to take a series of steps on behalf of Egypt, including for Egyptian military and intelligence officials, from January 2018 to June 2022. In a statement last week, Menendez said he will “show my innocence” at trial.

Persons: U.S . Sen, Bob Menendez, Nadine Menendez, Wael Hana, Hana, Menendez, Sidney H, Stein, Daniel Richenthal, Lawrence Lustberg, ” Lustberg, Richenthal, Lustberg, Prosecutors Organizations: —, U.S ., Senate Foreign, U.S Locations: New York City, Manhattan, Jersey, Egypt

Senator Bob Menendez (D-NJ) speaks to reporters while on his way to a vote following a Senate Democratic caucus meeting on Capitol Hill in Washington, U.S., September 28, 2023. Senator Bob Menendez on Thursday brought a new criminal charge against him that he conspired to act as a foreign agent for the Egyptian government. Prosecutors have said that co-defendant Hana arranged meetings between the senator and Egyptian officials, who pressed him to sign off on military aid. In return, the businessman put Nadine Menendez on the payroll of a company he controlled. The new indictment said both Hana and Nadine Menendez communicated requests and directives from Egyptian officials to the senator.

Persons: Bob Menendez, Craig Hudson, Menendez, Nadine Menendez, Nadine, Wael Hana, Jose Uribe, Fred Daibes, Hana, Lawrence Lustberg, Nate Raymond, Kanishka Singh, Susan Heavey, Mark Porter, Lisa Shumaker, Grant McCool Organizations: Democratic, Capitol, REUTERS, Prosecutors, U.S, New, New Jersey Democrat, Senate Foreign Relations, U.S . Department of Justice, Foreign, Thomson Locations: Washington , U.S, New Jersey, New York, Jersey, Egypt's, Washington, United States, Egypt, Boston

☆ Sen. Bob Menendez, once top Senate foreign-policy chairman, accused of acting as foreign agent
▼ + stars: | 2023-10-12 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Federal prosecutors say Sen. Bob Menendez acted as a foreign agent on behalf of Egypt. They said in a new indictment that Menendez should have registered as a foreign lobbyist. He was the top Senate Democrat for foreign policy for most of the time the allegations stemmed from. In a new superseding indictment, prosecutors added the foreign-agent charge to the litany of counts against Menendez, his wife, Nadine Menendez, and a New Jersey businessperson. At the time from which the allegations stem, Bob Menendez was the top Democrat on the Senate Foreign Relations Committee.

Persons: Sen, Bob Menendez, Menendez, —, Democratic Sen, Nadine Menendez, Will Hana, Hana, Prosecutors, Nadine, Trump, David Rivera Organizations: Service, Democratic, Prosecutors, Benz, Senate Foreign Relations, Democrats, New, State Department, Justice Department, US Department of Agriculture, USDA, Foreign, Republican Locations: Egypt, New Jersey, Menendez's, Cairo, Washington, FARA

☆ Money now, shares later: more IMF countries voice support for pragmatic IMF funding boost
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. IMF Managing Director Kristalina Georgieva said the extra resources were needed to ensure the IMF can respond to another large-scale crisis. But with anti-China sentiment running high in the U.S. Congress, any IMF funding increase that increases Beijing's influence would face stiff opposition. U.S. Treasury Secretary Janet Yellen proposed the money now, shares later plan as a way to sidestep the China issue and speed resources to the IMF. A 50% quota increase would be equivalent to about $312 billion at current exchange rates.

Persons: Yuri Gripas, Fernando Haddad, Kristalina Georgieva, Janet Yellen, Ernest Addison, David Lawder, Alex Richardson, Andrea Ricci Organizations: Monetary Fund, REUTERS, Rights, U.S, Monetary, IMF, U.S . Congress, Treasury, International Monetary, Financial Committee, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, France, Britain, Ghana, Switzerland, Finland, Belgium, China, Brazil, U.S, Algeria, Iran, Libya, Pakistan, Tunisia

☆ Developing countries facing a debt crunch
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

EGYPTNorth Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall. A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June.

Persons: Moody's, William Ruto's, Kais Saied, Libby George, Shri Navaratnam Organizations: World Bank, African Development Bank, IMF, UAE, SRI, SRI LANKA Sri, European Union, Zambia, Paris Club, Sri, Thomson Locations: Marrakech, EGYPT, Cairo, Egypt, ETHIOPIA, Ethiopia, China, GHANA Ghana, Accra, KENYA, Kenya, LEBANON Lebanon, PAKISTAN Pakistan, Saudi Arabia, SRI LANKA, SRI LANKA Sri Lanka, TUNISIA, Tunisia, UKRAINE Ukraine, Ukraine, United States, ZAMBIA, Zambia

Production of the chocolate-making ingredient is expanding outside of the main growing area in West Africa as farmers in places such Brazil, Ecuador and Colombia see potential profit in the crop. The rally in prices to the highest level in nearly 50 years is boosting that trend, which could alleviate the current supply tightness in the global cocoa market. The country was once the second only to Ivory Coast in cocoa production, but a devastating fungus in the 1980's known as Witches' Broom sharply reduced production. "I believe that the new profile of cocoa production will be large-scale," said Moises Schmidt, one of the owners. "If you plant cocoa trees there (Amazon region), it is considered reforestation," said Douglas.

Persons: Schmidt Agricola, Moises Almeida Schmidt, Handout, Moises Schmidt, Jeroen Douglas, Douglas, Jose Garcia, IFAD's, Alvaro Lario, Marcelo Teixeira, Maytaal Angel, Simon Webb, Anna Driver Organizations: REUTERS, International Cocoa Organization, Reuters Graphics, Ivory, UN's, Fund for Agricultural Development, Thomson Locations: Bahia, Brazil, West Africa, Ecuador, Colombia, Africa, South America, Ivory, Ghana, Ivory Coast, Asia, United States, Europe, Guayaquil, Para, Netherlands, Medicilandia, New York, London

The New Jersey Democrat will make his first appearance in a federal court in Manhattan amid growing calls from colleagues that he resign from Congress. It's the second corruption case in a decade against Menendez, whose last trial involving different allegations ended with jurors failing to reach a verdict in 2017. An attorney for Nadine Menendez has said she also denies the allegations and will fight the charges. Prosecutors say Hana promised to put Menendez's wife on his company's payroll in a low-or-no-show job in exchange for Menendez using his influential post to facilitate foreign military sales and financing to Egypt. In one case, he pushed to install a federal prosecutor in New Jersey whom Menendez believed he could influence to derail a criminal case against Daibes, prosecutors allege.

Persons: Sen, Bob Menendez, Menendez —, —, It's, Menendez, New Jersey Democratic Sen, Cory Booker, Nadine, Nadine Menendez, — Jose Uribe, Fred Daibes —, Wael Hana, Hana, Menendez's, Prosecutors, Daibes, ___ Richer Organizations: — U.S, The New, The New Jersey Democrat, Foreign, Senate, New Jersey Democratic, Tuesday, Democrats, New, Authorities, Prosecutors, U.S Locations: New Jersey, The, The New Jersey, Manhattan, Jersey, New York’s, Egypt, Boston

☆ Sen. Bob Menendez pleads not guilty to pocketing bribes in a wide-ranging corruption case
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +5 min

U.S. Sen. Bob Menendez of New Jersey pleaded not guilty on Wednesday to federal charges accusing him of pocketing bribes of cash and gold bars in exchange for wielding his political influence to secretly advance Egyptian interests and do favors for local businessmen. Menendez spoke in court only when each defendant stood to acknowledge that they understood the charges against them. A lawyer entered the not guilty plea for Menendez, who was forced to step down as chairman of the powerful Senate Foreign Relations Committee after being indicted. They say Menendez also tried to interfere in criminal investigations involving associates, in one case pushing to install in New Jersey a federal prosecutor who he believed he could influence to derail a case. Two of the businessmen, Jose Uribe and Fred Daibes, also were arraigned and pleaded not guilty.

Persons: Bob Menendez, Nadine Arslanian, Sen, Menendez, Illinois Sen, Dick Durbin, Jersey Sen, Cory Booker, Nadine, Nadine Menendez, Jose Uribe, Fred Daibes, Wael Hana, Hana, Prosecutors, Menendez's Organizations: Democrat, Court, Southern District of, U.S, Bob Menendez of New, Foreign, Senate, Illinois, Democrats, Authorities, Prosecutors, Kennedy Airport Locations: New Jersey, Southern District, Southern District of New York, New York City, Bob Menendez of, Bob Menendez of New Jersey, Manhattan, Jersey, Englewood, , New Jersey, Egypt

☆ Ghana Ex-Trade Minister Quits Ruling Party to Run for President
▼ + stars: | 2023-09-25 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

Alan Kyeremanten, who has served twice as trade minister for the New Patriotic Party (NPP), made the announcement at a briefing and said his contributions were not appreciated. "The (NPP) party has been hijacked by a selected group of party leaders and elders," he said. Gold-, oil- and cocoa-producing Ghana's worst economic crisis in a generation was brought on by spiralling public debt. The NPP has yet to name its candidate to succeed President Nana Afuko-Addo, who will step down after serving two terms. Kyeremanten, 67, served as Akufo-Addo's trade and industry minister during both of his terms.

Persons: Alan Kyeremanten, Nana Afuko, Kyeremanten, Mahamudu Bawumia, Maxwell Akalaare, Sofia Christensen, Grant McCool Organizations: New Patriotic Party, NPP, International Monetary Fund, National Democratic Congress Locations: ACCRA, Accra, Ghana

☆ Multi-day protests over economic crisis grip Ghana's capital
▼ + stars: | 2023-09-23 | by ( Francis Kokoroko | ) www.reuters.com time to read: +2 min

[1/9] Ghanaians gather for the third day of anti-government protests amid police arrests and obstruction in Accra, Ghana, September 23, 2023. REUTERS/Francis Kokoroko Acquire Licensing RightsACCRA, Sept 23 (Reuters) - Hundreds of demonstrators gathered in the Ghanaian capital Accra on Saturday for a third day of anti-government protests linked to economic hardship that have led to dozens of arrests. The gold-, oil- and cocoa-producing nation has been battling its worst economic crisis in a generation brought on by spiralling public debt. Last year, protests over soaring prices and other economic challenges led to clashes with police. Economic growth is forecast to slow to 1.5% this year from 3.1% in 2022.

Persons: Francis Kokoroko, Romeo, Christian Akorlie, Maxwell, Alessandra Prentice, Andrew Cawthorne Organizations: REUTERS, Rights, Ghanaian, Police, International Monetary Fund, Thomson Locations: Accra, Ghana, Rights ACCRA

Menendez serves as the powerful chairman of the Senate Foreign Relations Committee. And as chairman, he had unique influence over foreign military sales and foreign military financing. The State Department typically seeks the input of the chairperson and top minority senator on the Foreign Relations panel when it comes to foreign military financing and foreign military sales, and the department generally will not go forward if one of the two senators objects. Hana is a friend of Nadine Menendez and the Egyptian-American founder of a business that certifies beef imported into Egypt meets Islamic religious standards. “Congratulations mon amour de la vie, we are the proud owners of a 2019 Mercedes,” Nadine Menendez texted her husband, along with a heart emoji.

Persons: — Democratic U.S . Sen, Bob Menendez, Egypt —, Menendez, ”, Nadine, “, Prosecutors, Nadine Arslania, David Schertler, Wael Hana, Jose Uribe, Fred Daibes, Nadine Menendez, He's, Hana, Uribe, ” Nadine Menendez, Hana's, Salomon Melgen, Melgen, Donald Trump, Chuck Schumer, Sen, Ben Cardin, Schumer, Phil Murphy Organizations: WASHINGTON, — Democratic U.S ., Senate Foreign Relations, U.S, Embassy, The State Department, Foreign Relations, U.S . House, Strategic International Business Consultants LLC, -, New, Daibes, Senate, New Jersey voters, Republican, NEXT, Democratic, While New, While New Jersey Gov Locations: Egypt, New Jersey, Jersey, U.S, Cairo, Union City , New Jersey, Edgewater , New Jersey, Florida, Dominican Republic, Paris, Washington, D, While, While New Jersey

☆ Sen. Bob Menendez is facing charges yet again — this time in the most cartoonish corruption scandal you can imagine
▼ + stars: | 2023-09-22 | by ( Rebecca Cohen | Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Federal prosecutors are charging Sen. Robert Menendez in a bribery and corruption scandal. Menendez allegedly helped a trio of businessmen and Egypt in exchange for — among other things — gold bars. Menendez previously faced corruption charges in 2017, but the case was dropped. The indictment alleges that Menendez "provided sensitive US government information and took other steps that secretly aided the Government of Egypt." In exchange, prosecutors allege that Wael "Will" Hana, who helped run the company, provided Menendez's wife, Nadine Menendez, a "low-or-no-show job."

Persons: Sen, Robert Menendez, Menendez, Jersey Sen, Wael, Will, Hana, Nadine Menendez, Trump, SDNY, It's Organizations: Service, US, Office, of, Foreign Relations, EG, Inc, Prosecutors, Benz, Department of Agriculture, District of Locations: Egypt, Wall, Silicon, Jersey, Southern, of New York, New Jersey, District of New Jersey

☆ Notable remarks on Ukraine at UN Security Council
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

Ukraine's President Volodymyr Zelenskiy has his address to the United Nations Security Council laid out on the desk in front of him as he attends a ministerial level meeting of the Security Council on the crisis in Ukraine at U.N. headquarters in New York, September 20, 2023. U.S. SECRETARY OF STATE ANTONY BLINKEN:"It's hard to imagine a country demonstrating more contempt for the United Nations and all that it stands for - this from a country with a permanent seat on this council. "The war is having an increasingly devastating toll on the people in Ukraine and elsewhere in the world. "The only pathway for a comprehensive peace ... is one that must be just and based on the charter of the United Nations, and international law." SWISS PRESIDENT ALAIN BERSET:"With Russia's military aggression against Ukraine, the (U.N.) Charter has been violated on a massive scale.

Persons: Volodymyr Zelenskiy, Brendan McDermid, VOLODYMYR ZELENSKIY, BLINKEN, Putin, SERGEI LAVROV, GUILLERMO LASSO, NANA AKUFO, ALAIN BERSET, FUMIO, Gabriela Baczynska, Humeyra Pamuk, Don Durfee Organizations: United Nations Security Council, Security, REUTERS, UNITED NATIONS, Wednesday, Security Council, Russia, OF STATE, United Nations, UN, Thomson Locations: Ukraine, U.N, New York, Russia, Soviet Union, .

☆ West African militaries meet to finalise possible Niger intervention
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Military personnel gesture as the ECOWAS anthem is played during a meeting of the Committee of Chiefs of Defense staff on the deployment of the ECOWAS standby force in the Republic of Niger, in Accra, Ghana. REUTERS/Francis Kokoroko Acquire Licensing RightsACCRA/NIAMEY, Aug 18 (Reuters) - West African army chiefs were due to hold a second and final day of talks on Friday in Ghana's capital Accra, where they have been hashing out the details of a possible military intervention in Niger if diplomacy fails to reverse a military coup. Military officers deposed Nigerien President Mohamed Bazoum on July 26 and have defied calls from the United Nations, the West African bloc ECOWAS and others to reinstate him, prompting regional powers to order a standby force to be assembled. He said most of the bloc's 15 member states were prepared to participate in the standby force excepting those also under military rule - Mali, Burkina Faso and Guinea - and tiny Cape Verde. Any escalation would further destabilise West Africa's impoverished Sahel region, which is already battling a decade-old Islamist insurgency.

Persons: Francis Kokoroko, Mohamed Bazoum, Security Abdel, Fatau Musah, Alessandra Prentice, Philippa Fletcher Organizations: ECOWAS, Chiefs, Defense, REUTERS, Rights, United Nations, West African, Political Affairs, Peace, Security, Islamic, Thomson Locations: Republic of Niger, Accra, Ghana, Rights ACCRA, NIAMEY, Ghana's, Niger, West Africa, Mali, Burkina Faso, Guinea, Cape Verde, Sahel, al Qaeda

☆ Monaco sign Ghana defender Salisu from Southampton
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Soccer Football - Premier League - Southampton v Wolverhampton Wanderers - St Mary's Stadium, Southampton, Britain - February 11, 2023 Southampton's Mohammed Salisu in action with Wolverhampton Wanderers' Adama Traore REUTERS/Peter Nicholls/File PhotoAug 1 (Reuters) - AS Monaco have signed Ghana defender Mohammed Salisu from English second-tier side Southampton on a five-year contract, both clubs said on Tuesday. Local media reported that the Ligue 1 side paid Saints about 15 million euros ($16.53 million) for the 24-year-old. Salisu joined Southampton in August 2020 from Real Valladolid. He made nearly 70 Premier League appearances before Southampton were relegated last season. Salisu made his Ghana debut in September 2022 in a 3–0 friendly defeat by Brazil.

Persons: Southampton's Mohammed Salisu, Adama Traore, Peter Nicholls, Mohammed Salisu, Salisu, Otto Addo, Anita Kobylinska, Ken Ferris Organizations: Soccer Football, Premier League, Southampton, Wolverhampton Wanderers, Adama Traore REUTERS, AS Monaco, Local, Ligue, Saints, Real Valladolid, Monaco, Thomson Locations: Mary's, Southampton, Britain, Ghana, Real, Brazil, Qatar, Ghana's, South Korea, Gdansk

☆ Ghana sanitation minister resigns over alleged stashed cash
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +2 min

ACCRA, July 22 (Reuters) - Ghana's sanitation minister resigned on Saturday over reports staff found and stole stashes of local and foreign money from her home, she said in a letter to the president in which she denied any wrongdoing. Cecilia Abena Dapaah made headlines on Friday after two former household staff appeared in court accused of stealing cash and personal belongings from the minister and her husband between July and October 2022. Prosecutors told the court that the accused bought houses and a vehicle with the stolen money and gave some of it to relatives. Dapaah was appointed minister of sanitation and water resources when Akufo-Addo took power in 2017 and retained when he was re-elected in 2021. Reporting by Christian Akorlie and Maxwell Akalaare Adombila Editing by Sofia Christensen and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Cecilia Abena Dapaah, Nana Akufo, ” Dapaah, Dapaah's, Dapaah, Addo, Christian Akorlie, Maxwell Akalaare, Sofia Christensen, Nick Macfie Organizations: Prosecutors, Thomson Locations: ACCRA

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

ACCRA/LONDON, June 6 (Reuters) - Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation. Ghana intends to finish restructuring its domestic debt before turning to negotiations with its official, bilateral creditors and international bondholders, a government official said. The total external debt stock was about $30 billion. Ghana completed a domestic debt exchange with 65% of holders of local bonds in February and is also seeking relief on the bulk of the remainder of its domestic debt, including deals with pension funds, labour unions and independent power producers. It is restructuring its debt under the Common Framework process, set up by the G20 in 2020 to bring China and other newer creditor nations into joint sovereign debt restructuring negotiations, for its external debt rework.

Persons: Maxwell Akalaare Adombila, Rachel Savage, Karin Strohecker, Nick Macfie Organizations: International Monetary Fund, Paris Club, Thomson Locations: ACCRA, LONDON, Ghana, West, China, Rosario

ACCRA, June 1 (Reuters) - Ghanaian labour unions have asked the government for time to assess a proposal presented on Thursday to restructure pension funds worth around 30 billion Ghanaian cedis ($2.7 billion). The majority of eligible holders of Ghana's local bonds participated in a domestic debt exchange in February. The pension funds were exempted after unions threatened to strike, but have now been offered their own deal. Thomas Kwesi Esso, executive secretary of the lobby group for the pension funds, told Reuters that the offer was an improvement and addresses liquidity concerns with the old bonds. Editing by Alessandra Prentice, Rachel Savage and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Abraham Koomson, ”, Thomas Kwesi, ” Anthony Yaw Baah, Alessandra Prentice, Rachel Savage, Leslie Adler Organizations: International Monetary Fund, Finance Ministry, Reuters, International Monetary, Thomson Locations: ACCRA

JOHANNESBURG, May 18 (Reuters) - Ghana is targeting $10.5 billion of external debt service relief from 2023-2026, the IMF said, giving an early indication of how large a hit investors might face in an impending debt overhaul. "Our back-of-the-envelope calculations suggest that this translates to a 40%-50% haircut on external debt, if there is not further restructuring of domestic debt," Bojosi Morule, an economist at Goldman Sachs, said in emailed reaction to the DSA. Ghana's already strained finances buckled under the fallout of COVID-19 and Russia's invasion of Ukraine and it is now seeking to restructure $20 billion of its roughly $30 billion external debt, including about $13 billion of Eurobonds, under the Group of 20's Common Framework platform. Earlier this year it completed a domestic debt exchange. Other risks include Ghana not regaining market access to issue debt and the domestic debt exchange posing dangers to financial sector stability, the IMF said.

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