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Musings From Abroad

Africa isolated as Monkeypox spreads in Europe. Reports suggest disease might be sex-related

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Monkeypox, a disease that was once largely restricted to Africa, is gradually penetrating Europe and North America. Interestingly, the spread is not connected to Africa this time.

As the count of new cases of the virus increases in Europe with Germany being the latest of more than 100 cases, there is a rather strange pattern common with cases of Europeans who had contracted the disease.

Reuters reports that many of the cases are not linked to travel to the continent. As a result, the cause of this outbreak is unclear, although health authorities have said that there is potentially some degree of community spread.

In Britain, where 20 cases have been now confirmed, the UK Health Security Agency said the recent cases in the country were predominantly among men who self-identified as gay, bisexual or men who have sex with men.

The 14 cases in Portugal that were all detected in sexual health clinics are also in men who self-identify as gay, bisexual or men who have sex with men.

Spain is also not isolated, Health authorities in the country said 23 new cases were confirmed on Friday, mainly in the Madrid region where most infections were linked to an outbreak in an adult sauna.

According to Germany’s armed forces’ medical service, which detected its first case in the country on Friday, “With several confirmed cases in the United Kingdom, Spain, and Portugal, this is the largest and most widespread outbreak of monkeypox ever seen in Europe.”

A medical jury is called to task to ascertain if the new cases in Europe are enough to link the disease with Sexual Transmitted Disease (STI), time and science will tell.

Stuart Neil, professor of virology at Kings College London said “the idea that there’s some sort of sexual transmission in this, I think, is a little bit of a stretch,”

Meanwhile, the World Health Organization was due to hold an emergency meeting on Friday to discuss the recent outbreak.

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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