Musings From Abroad

UK PM Truss fires Ghanaian born Finance Minister Kwarteng after 37 days

Published

2 years ago

October 14, 2022

Embattled UK Prime Minister, Liz Truss, has fired her Ghanaian-born Finance Minister, Kwasi Kwarteng, following what the British media described as a clash of interest between the duo.

The firing of Kwarteng on Friday, 37 days after his appointment, comes shortly before Truss is expected to scrap parts of his early economic package in a bid to survive the market and political turmoil gripping the country.

The dismissal of Kwarteng means he is UK’s shortest serving Chancellor since 1970 when the then Finance Minister died shortly after his appointment, while his successor will be the fourth Finance Minister in as many months.

Kwarteng who reportedly left a meeting convened by the International Monetary Fund (IMF) in Washington to fly back to London on Thursday, told reporters after the news broke that he had resigned at Truss’s request, while the PM is expected to hold a news conference later on Friday.

“You have asked me to stand aside as your Chancellor. I have accepted,” Kwarteng said his resignation letter to Truss which he published on Twitter.

pic.twitter.com/4nvtyGWCoA

— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022

Kwarteng had on September 23, announced a new “fiscal policy on delivering Truss’s vision for vast tax cuts and deregulation to try to shock the economy out of years of stagnant growth.”

But the response from markets was so ferocious that the Bank of England had to intervene to prevent pension funds from being caught up in the chaos, as borrowing and mortgage costs surged, an economic expert said.

The duo, according to Downing Road sources, have been under “mounting pressure to reverse course, as polls showed support for their Conservative Party had collapsed, prompting colleagues to openly discuss whether they should be replaced.”

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

51 minutes ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

1 hour ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.