Monday, August 19, 2019

Tag: Nigeria

The Dreadful Chronology of Gaddafi’s Murder

Jean-Paul Pougala’s April 14, 2011 piece in Pambazuka News titled “The Lies Behind the West’s War on Libya” describes how Africa first developed its own transcontinental communications system by purchasing a telecommunications satellite on December 26, 2007: the African Development Bank ponied up $50 million toward the nearly $400...

U.S. Military Is Building a $100 Million Drone Base in Africa

From high above, Agadez almost blends into the cocoa-colored wasteland that surrounds it. Only when you descend farther can you make out a city that curves around an airfield before fading into the desert. Once a nexus for camel caravans hauling tea and salt across the Sahara, Agadez is now a West African paradise for people smugglers and...

EU’s secret ultimatum to Afghanistan: accept 80,000 deportees or lose aid

Memo leaked in advance of Brussels aid summit reveals EU plans to make assistance to Afghanistan ‘migration sensitive’ despite security concerns. When international donors and the Afghan government convene in Brussels next week, the EU secretly plans to threaten Afghanistan with a reduction in aid if the war-torn country does...

US Commander Campbell: The man behind the failed coup in Turkey

The organizer and financial distributor of the coup attempt turns out to be an ISAF ex- US commander, investigation reveals. A former U.S. commander of the International Security Assistance Force (ISAF), a NATO-led security mission in Afghanistan, was the organizer of the July 15 military coup attempt in Turkey, sources...

IMF Cuts Global Growth Forecasts on Brexit, Warns of Risks to Outlook

Brexit causes ‘substantial’ increase in economic, political, institutional uncertainty Global forecast for 2017 cut by 0.1 percentage point, to 3.4 percent If not for Brexit, global forecast would have been slightly higher The International Monetary Fund cut its forecasts for global economic growth this year and next as the unexpected U.K. vote...

Here’s why France is on the frontline of the war with Islamic State

France's persistent targeting by extremists is linked to its secretive war with IS militants being waged across the Mediterranean in the Maghreb. At least 84, perhaps up to 100 people, have been killed in the horrifying attack in Nice, France. In the latest of a series of terrorist attacks in the...

The Era of Cheap Oil Is Coming to an End

Prices have been low for more than two years. With demand rising and supply falling, that’s all beginning to change. In the past two years, a flood of crude has pushed down oil prices, battering corporate balance sheets and wreaking havoc with budgets in oil-dependent countries from Russia to Iraq. That’s...

The Desperate Plight of Petro-States

With a Busted Business Model, Oil Economies Head for the Unknown. Pity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil...

Oil Freeze: Everything You Need to Know About the Doha Summit

Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize prices. Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more...

The Untouchables: Why it’s getting harder to stop multinational corporations

Chachengwa had been growing maize and cotton here her whole life. Every year, she took out loans for seeds and fertilizer, and then paid them back with her harvest. Since she lost her husband, she had relied on her two daughters and eight grandchildren to help tend her 75-acre plot.

Africa’s Petrostates Are Imploding

And that’s setting off a dramatic shift in the economic balance of power on the continent. Africa's petrostates are crashing hard. A cool $115 in the summer of 2014, a barrel of Brent crude, the international pricing benchmark, now fetches below $40. And having failed to build massive foreign exchange...

Erik Prince in the Hot Seat

Blackwater’s Founder Is Under Investigation for Money Laundering, Ties to Chinese Intel, and Brokering Mercenary Services. ERIK PRINCE, founder of the now-defunct mercenary firm Blackwater and current chairman of Frontier Services Group, is under investigation by the U.S. Department of Justice and other federal agencies for attempting to broker military...

Oil output rises even as US rig count falls to historic lows

The number of oil and gas drilling rigs in the US has fallen to the lowest level since data started being collected, although production remains near record highs. The number of rigs drilling in the US now stands at 94, three down on last week and the lowest rig count...

Hillary Emails, Gold Dinars and Arab Spring

Buried amid tens of thousands of pages of former US Secretary of State Hillary Clinton’s secret emails, now being made public by the US Government, is a devastating email exchange between Clinton and her confidential adviser, Sid Blumenthal. It’s about Qaddafi and the US-coordinated intervention in 2011 to topple...

While Saudi and Russia Talked Output Freeze In Doha, Production Was Booming At Home

OPEC's monthly report showed that Russia's oil production reached a new high of 11.08 M/bpd in February (+10 K/bpd from January), and Saudi's output was 10.14 M/bpd (+14 K/bpd). In a certain sense, this is of course "more of the same." In another sense, it is highly revealing of...

How Saudi Arabia Turned Its Greatest Weapon on Itself

For the past half-century, the world economy has been held hostage by just one country: the Kingdom of Saudi Arabia. Vast petroleum reserves and untapped production allowed the kingdom to play an outsize role as swing producer, filling or draining the global system at will. The 1973-74 oil embargo was...

Russia Breaking Wall Street Oil Price Monopoly

Russia has just taken significant steps that will break the present Wall Street oil price monopoly, at least for a huge part of the world oil market. The move is part of a longer-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the...

Jihadists Deepen Collaboration in North Africa

SAHARA DESERT, Niger — A group of light armored vehicles skated over the moonscape of the Sahara, part of one of the largest detachments the French military has deployed here since colonial times. Its mission is growing ever more urgent: to cut smuggling routes used by jihadists who have...

Recession, retrenchment, revolution? Impact of low crude prices on oil powers

A glut of oil, the demise of Opec and weakening global demand combined to make 2015 the year of crashing oil prices. The cost of crude fell to levels not seen for 11 years – and the decline may have further to go. There have been four sharp increases in...

Nigeria budget signals shift away from oil dependence

Africa’s largest economy is seeking to diversify away from oil into mining and other sectors, amid low fuel prices and environmental concerns. That was the message from Muhammadu Buhari, president of Nigeria, on Wednesday as he presented his first budget since taking office in May. “The Nigerian economy needs to move away from...

U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers

In the world’s biggest oil market, buyers have better options than U.S. crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil...

China’s Renminbi Is Approved by IMF as a Main World Currency

HONG KONG — The Chinese renminbi was anointed as one of the world’s elite currencies on Monday, a milestone decision by the International Monetary Fund that underscores the country’s rising financial and economic heft. The move will help pave the way for broader use of the renminbi in trade and...

As oil prices tumble, from Algeria, Nigeria, Gabon to Angola, Africa’s producers are in...

The decline in the oil price has plunged Africa's oil and gas industry into dire straits, a situation made worse by factors such as uncertain regulation, corruption and the prospect of political and social instability. It is a particular burden on those economies most reliant on the industry for revenue,...

China’s Global Ambitions, Cash and Strings Attached

EL CHACO, Ecuador - Where the Andean foothills dip into the Amazon jungle, nearly 1,000 Chinese engineers and workers have been pouring concrete for a dam and a 15-mile underground tunnel. The $2.2 billion project will feed river water to eight giant Chinese turbines designed to produce enough electricity...

Hacking Team hacked: firm sold spying tools to repressive regimes, documents claim

Cybersecurity firm has 400GB of what purport to be its own documents published via its Twitter feed after hack. The cybersecurity firm Hacking Team appears to have itself been the victim of a hack, with documents that purport to show it sold software to repressive regimes being posted to the...

The U.S. Military’s Battlefield of Tomorrow

Years ago, Chalmers Johnson took a term of CIA tradecraft, “blowback,” and put it into our language. Originally, it was meant to describe CIA operations so secret that, when they blew back on this country, Americans would be incapable of tracing the connection or grasping that the U.S. had anything to do with...

The new masters and commanders

China's growing empire of ports abroad is mainly about trade, not aggression. FROM the ground, Colombo’s port does not look like much. Those entering it are greeted by wire fences, walls dating back to colonial times and security posts. For mariners leaving the port after lonely nights on the high...

Nigeria losing ground in changing oil world

Nigeria will earn less for its oil and struggle to replace reserves unless it can end years of industry stagnation, at a time its biggest customer is becoming self-sufficient and African rivals are boosting supplies. A domestic energy boom in the United States has already sharply cut demand for Nigerian...

Article Filter Options