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Musings From Abroad

Expensive joke: Oscars Academy slams 10 years ban on Will Smith for assaulting Chris Rock

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The troubles of veteran US actor Will Smith, is not about to end anytime soon as he has been slammed with a 10 year ban by the Academy of Motion Picture Arts & Sciences, organisers of the Oscars, following his altercation with comedian Chris Rock, leading to the now famous ‘Oscar Slap.’

As a result of the ban, Smith will not attend any event organised by the Academy for the next 10 years either physically or virtually, as a result of his slapping Rock on stage during this year’s Oscars ceremony after the comedian’s nasty joke about the actor’s wife, Jada Pinkett, over loss of hair due to a health condition known as alopecia.

Will Smith smacking Chris Rock at the Oscars

Will Smith smacking Chris Rock at the Oscars

A statement by the Academy on Friday announcing the ban on Smith said:

“The Board has decided, for a period of 10 years from April 8, 2022, Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards,” the statement signed by Academy President David Rubin and CEO Dawn Hudson, said.

The decision to ban Smith, according the Academy, was made during a Board of Governors meeting held on Friday in Los Angeles, after an initial scheduled meeting for April 18 was expedited after Smith announced his resignation from the Academy last week.

After receiving the ban notice, Smith issued a quick and short statement which reads;

“I accept and respect the Academy’s decision,” the actor said.

What went down at the Oscars?

During the Academy Awards on March 27, Rock who was on stage to present an award, had made a joke about Jada Smith’s close-cropped hair, which Smith found offensive and stormed the stage in a fit of anger to smacked the comedian.

After a lot of public outcry, Smith publicly apologized to Rock the day after the incident via social media.

Smith also reached out the next morning to the show’s producer, Will Packer, apologized and expressed his embarrassment over his behaviour.

To further express his regret, Smith had tendered his resignation from the Academy but entertainment aficionados had predicted that further actions would be taken against him.

Musings From Abroad

UAE’s IRH to consider stake in Zambia’s Lubambe copper mine

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A division of the International Holding Company of Abu Dhabi, International Resources Holding (IRH), has announced that it plans to submit a proposal for a share in Zambia’s Lubambe Copper Mine.

 

The deal has opened up more potential to profit from Africa’s second-largest copper producer, according to IRH, which just acquired a 51% stake in Mopani Copper Mines in Zambia.

 

 

Even after Chinese firm JCHX Mining agreed to buy the stake, it was reported on March 22 quoting sources, indicating that IRH, a division of the most valuable company in Abu Dhabi, is interested in purchasing an 80% stake in Lubambe held by EMR Capital.

 

 

“IRH’s commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine,” the company said.

 

Due to the company’s interest in Lubambe, which may be among Zambia’s biggest copper mines, a bidding battle between Shanghai-listed JCHX, a mine maintenance and contracting company, and itself may result.

 

Wealthy oil companies from Saudi Arabia and the United Arab Emirates have recently begun to follow China’s lead and engage in African businesses to acquire resources to diversify their economies and capitalize on the move to electric vehicles (EVs). In addition to making bids for mining projects, IRH stated that it was actively investigating a range of investment prospects.

 

“In the forthcoming years, our goal is to seek diversification opportunities beyond copper… (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals – tin, tungsten, and tantalum,” it said.

 

The Zambian government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million metric tonnes annually by 2032.

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Musings From Abroad

China, Zambia’s major creditor, cooperating on debt rework— Official

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A spokesperson of Zambia’s foreign ministry has stated that one of its major creditors, China, has remained supportive of Zambia’s debt restructuring.

The diplomat did not, however, disclose whether China approved of a planned agreement the country in southern Africa made with foreign bondholders.

On Monday, Zambia and the bondholder group announced that they had come to a fresh understanding to restructure $3 billion in foreign notes. The proposal was given the go-ahead by Zambia’s formal creditors, the largest of which is China.

On Monday, Zambia announced that it has reached a deal with a group of private creditors on the restructuring of $3 billion of its foreign notes, which is a noteworthy achievement that brings the country closer to ending its lengthy debt restructuring.

Being the first nation in Africa to miss payments on its foreign debt during the Covid-19 outbreak, they have expressed a strong desire for the debt to be restructured. Unfortunately, the protracted delays in the process have strained the local financial systems, impeded desperately needed investments, and delayed economic progress.

Zambia defaulted more than three years ago and its debt rework process has hit many obstacles, including in November when the official creditors rejected a previous bond deal because it did not offer comparable debt relief to theirs.

“China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia’s debt,” Lin Jian, a spokesperson for China’s Ministry of Foreign Affairs, said in a regular press conference.

“China will also continue to coordinate and cooperate with all parties concerned to steadily advance the work related to Zambia’s debt disposal,” he said when asked for China’s response to the latest bondholder deal.

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