Zimbabwe Hopes to Service External Debt, Doesn't Say When
Finance Minister Mthuli Ncube told reporters in the capital, Harare, on Tuesday that the country's debt as a percentage of gross domestic product has declined to 46% from around 60% thanks to better growth.
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40 minutes ago
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White House defends firing of jobs official
White House economic advisers have on defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, rejecting criticism it could undermine confidence in official US economic data. Trump had BLS Commissioner Erika McEntarfer sacked on Friday, despite no evidence of any wrongdoing, after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform, alleged that the figures were "RIGGED in order to make the Republicans, and ME, look bad". Trump again criticised McEntarfer on Sunday, saying he would name a new commissioner in the next three or four days. US Trade Representative Jamieson Greer told CBS that Trump had "real concerns" about the BLS data, while Kevin Hassett, director of the National Economic Council, said the president "is right to call for new leadership". Hassett said on Fox News Sunday the main concern was Friday's BLS report of net downward revisions showing 258,000 fewer jobs had been created in May and June than previously reported. Trump accused McEntarfer of faking the jobs numbers, without providing any evidence of data manipulation. The BLS compiles the closely watched employment report as well as consumer and producer price data. The BLS gave no reason for the revised data but noted "monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors". McEntarfer's firing added to growing concerns about the quality of US economic data and came on the heels of a raft of new tariffs on dozens of trading partners, sending global stock markets tumbling as Trump presses ahead with plans to reorder the global economy. Critics, including former leaders of the BLS, slammed Trump's move and called on Congress to investigate McEntarfer's removal, saying it would shake trust in a respected agency. "It undermines credibility," said William Beach, a former BLS commissioner and co-chair of the group Friends of the BLS. "There is no way for a commissioner to rig the jobs numbers," he said on CNN's State of the Union. Former Treasury Secretary Larry Summers also criticised McEntarfer's firing. "This is a preposterous charge. These numbers are put together by teams of literally hundreds of people following detailed procedures that are in manuals," Summers said on ABC's This Week. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
an hour ago
- Yahoo
Somalia's camel milk revolution is improving nutrition and creating jobs
Somalia Camel Milk MOGADISHU, Somalia (AP) — Camels have long been the backbone of Somalia 's pastoralist culture, feeding families, transporting goods and standing tall in local folklore. But on the dusty outskirts of the capital, the camel now finds itself at the center of an agricultural revolution that could redefine Somali farming. On a breezy Wednesday morning in mid-June, The Associated Press visited Beder Camel Farm — one of a new generation of camel dairies springing up around Mogadishu. Dozens of camels sauntered around sandy paddocks while others nibbled on fresh fodder under the watchful eyes of herders. In a nearby shed, workers carefully milked the animals and collected the frothy yield in sanitized containers. Demand for camel milk is growing, buoyed by a wave of local entrepreneurs who see untapped potential in a traditional resource. Modernizing camel milk production Somalia is home to over 7 million camels — more than any other country on Earth — but only a fraction of that milk has ever reached urban grocery shelves, according to industry estimates. At the heart of the shift toward a modern approach to camel milk production is Dr. Abdirisak Mire Hashi, a veterinarian and the farm's manager. For Hashi, it's not only about profit — it's about preserving heritage while embracing progress. 'Somalis take pride in their heritage of raising camels. However, the way camels are raised has changed significantly over time," Hashi told The Associated Press as he inspected a milking herd. Each camel at Beder now produces up to 10 liters (2.6 gallons) of milk daily — double what traditional herders typically yield. The increase is attributed to new investments in veterinary care, better feed, and modern milking practices. The camels are routinely checked by vets, given nutritional supplements, and grazed on scientifically blended fodder, a far cry from the roaming nomadic herds of decades gone by. 'We were among the first to establish this kind of farm back in 2006, when very few people even knew about commercial camel milk production,' said Jama Omar, CEO of Beder Camel Farm. 'Other farms have entered the market since then, but we currently hold around 40% of the market share.' 'We employ nearly 200 full-time staff,' he added. 'In addition, we bring in seasonal workers during key periods such as planting and harvest.' Pioneering camel milk yogurt The farm's biggest leap may be its yogurt factory — the first in Somalia dedicated to processing camel milk into yogurt. Inside the factory, workers in white coats oversee stainless steel vats as fresh milk is cultured and packed. The final product is sold under the Beder brand which now retails in urban supermarkets across Mogadishu. Nelson Njoki Githu, a Kenyan-born food engineer overseeing the production line, says camel milk yogurt isn't just a novelty — it fills an important nutritional gap for local consumers. 'The number one benefit compared to cow milk is that camel milk has lower levels of lactose,' Githu explained. 'People with lactose intolerance can consume this milk without any issue. Again, the vitamin levels are higher, especially vitamin C, iron and zinc, compared to cow milk.' For nutritionist Dr. Yahye Sholle, camel milk yogurt is a public health boost in a country where malnutrition remains a challenge. 'It is rich in magnesium and calcium, which support bone health. Additionally, it contains vitamins B12, C, and D. It also includes friendly bacteria known as probiotics, which are beneficial for gut health,' he said. Such benefits have helped Beder's yogurt stand out in Mogadishu's increasingly competitive dairy market. Hashi said the next step is scaling up the business. He hopes to expand Beder's network of collection points beyond Mogadishu and plans to train pastoralists in remote areas on modern milking and hygiene practices so that more milk can be safely processed and sold. 'If we can modernize how we raise camels and handle the milk, we can create jobs, improve nutrition, and build pride in our own local products,' Hashi said. Somali government encourages more investment The Somali government is encouraging more investment in the industry. 'The benefits of camel milk are countless,' said Dr. Kasim Abdi Moalim, Director of Animal Health at Somalia's Ministry of Livestock. 'In countries like the UAE, camel milk is also used for cosmetics. Somalia must catch up and develop the full value chain.' He said that government support is growing, with the establishment of a Dairy Act and a strategy for livestock sector development. 'A master investment plan is also in progress,' he added. Back at the paddock, a line of camels stretches into the golden afternoon light, their steady, patient footsteps a reminder that progress in Somalia often moves at the pace of tradition — slow but unstoppable. From ancient caravans that crossed deserts to supermarket shelves stocked with yogurt, the Somali camel's journey continues, one cup at a time. ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Solve the daily Crossword
Yahoo
an hour ago
- Yahoo
Asia shares sideswiped by US economic jitters, oil slips
By Wayne Cole SYDNEY (Reuters) -Asian share markets followed Wall Street lower on Monday as fears for the U.S. economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. Some early resilience in U.S. stock futures and a continued retreat in oil prices did help limit the losses, but the bleak message from the July payrolls report was hard to ignore. Not only had revisions meant payrolls were 290,000 below where investors had thought they would be, but the three-month average slowed to just 35,000 from 231,000 at the start of the year. "The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months," noted analysts at Goldman Sachs. "Taken together, the economic data confirm our view that the U.S. economy is growing at a below-potential pace." Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened to undermine confidence in U.S. economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. Analysts assume the appointee will be loyal to Trump alone, though the president did grudgingly concede that Fed Chair Jerome Powell would likely see out his term. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," said Ray Attrill, head of FX research at NAB. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets moved quickly to price in a lot more easing with the probability of a September rate cut swinging to 90%, from 40% before the jobs report. Futures extended the rally on Monday to imply 65 basis points of easing by year-end, compared to 33 basis points pre-data. Markets have essentially already eased for the Fed with two-year Treasury yields down another 4 basis points at 3.661%. They tumbled almost 25 basis points on Friday in the biggest one-day drop since August last year. DOLLAR DENTED The prospect of lower borrowing costs offered some support for equities and S&P 500 futures inched up 0.1%, while Nasdaq futures rose 0.2%. Asian share markets, however, were still catching up with Friday's retreat and the Nikkei fell 2.1%, while South Korea dipped 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan broke the mould and firmed 0.3%. Wall Street has also taken comfort in an upbeat results season. Around two-thirds of the S&P 500 have reported and 63% have beaten forecasts. Earnings growth is estimated at 9.8%, up from 5.8% at the start of July. Companies reporting this week include Disney, McDonald's, Caterpillar and some of the large pharmaceutical groups. The dismal U.S. jobs data did put a dent in the dollar's crown of exceptionalism, snuffing out what had been a promising rally for the currency. The dollar dipped 0.1% to 147.24 yen, having shed an eye-watering 2.3% on Friday, while the euro stood at $1.1585 after bouncing 1.5% on Friday. The dollar index was pinned at 98.659, having been toppled from last week's top of 100.250. Sterling was more restrained at $1.3287 as markets are 87% priced for the Bank of England to cut rates by a quarter point at a meeting on Thursday. The BoE board itself is expected to remain split on easing, while markets still favour two further cuts by the middle of next year. In commodity markets, gold was flat at $3,361 an ounce, having climbed more than 2% on Friday. [GOL/] Oil prices extended their latest slide as OPEC+ agreed to another large rise in output for September, which completely reverses last year's cuts of 2.2 million barrels per day. [O/R] Brent dropped 0.6% to $69.24 a barrel, while U.S. crude also fell 0.6% to $66.93 per barrel.
