TDB Warns Losses on African Development Banks Set Dangerous Precedent
Zambia plans to impose losses on institutions including the Eastern and Southern African Trade and Development Bank, or TDB, and the African Export-Import Bank as it reworks $13.4 billion in loans spanning Chinese state-owned banks to bondholders. Finance Minister Situmbeko Musokotwane said last week the southern African nation must honor its agreement with other creditors, which includes subjecting TDB and Afreximbank loans to comparable treatment. Ghana has echoed this.
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Newmont (NEM) Secures Akyem Lease Ratification With US$770 Million Divestiture Proceeds
Newmont recently announced that the Ghanaian Parliament ratified the renewal of the Akyem East Mining Lease, with Zijin Mining Group paying $100 million as part of Newmont's divestiture program expected to generate $3.1 billion this year. This financial boost aligns with the company's capital priorities of debt reduction and shareholder returns. Over the last quarter, Newmont's share price experienced a 21% increase. Despite market volatility influenced by tariffs and weak jobs data, Newmont's decisive divestiture strategy and substantial after-tax proceeds may have bolstered its share price gains, contrasting broader market declines. Every company has risks, and we've spotted 2 weaknesses for Newmont (of which 1 is a bit concerning!) you should know about. These 18 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. The recent approval of Newmont's Akyem East Mining Lease renewal and the substantial capital injection from its asset divestiture program should reinforce the company's commitment to capital priorities such as debt reduction and enhancing shareholder returns. Over a three-year period, Newmont's total return, which includes share price appreciation and dividends, was 54.49%. This reflects steady long-term growth, despite being more impressive in the recent quarter with a 21% increase. Over the past year, Newmont's performance outpaced both the US Metals and Mining industry, which returned 13.4%, and the broader US market, which returned 17.7%. The divestiture proceeds of US$3.1 billion may bolster Newmont's revenue and earnings trajectory, feeding into ongoing portfolio optimization and potentially elevating operational efficiency. Analysts anticipate revenue growth of 2.7% annually, supported by high-margin projects and strategic asset focus. However, forecasts indicate a decline in earnings of 2.6% per year over the next three years, suggesting closer attention to cost management and project execution risks may be warranted. With the share price at US$62.59, it's trading at a 12.42% discount to the analyst consensus price target of US$70.36, indicating potential room for growth if management successfully mitigates operational challenges and leverages the favorable economic factors continuing to support gold prices. Understand Newmont's track record by examining our performance history report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NEM. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
8 hours ago
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US forces capture ISIS finance chief in Somalia
American military forces successfully captured multiple members of ISIS-Somalia on Friday in a ground raid in Somalia's Puntland state. U.S. Africa Command announced on Saturday that it carried out an operation against ISIS-Somalia on July 25. The release did not include details on the nature of the operation or if any ISIS members were killed or captured; saying that '[s]pecific details about units and assets will not be released to ensure continued operations security.' 'AFRICOM, alongside the Federal Government of Somalia and Somali Armed Forces, continues to take action to degrade ISIS-Somalia's ability to plan and conduct attacks that threaten the U.S. homeland, our forces, and our citizens abroad,' AFRICOM's release said. However, the Puntland Defense Force, the main counter-terrorism body for the state, posted on X that their U.S. partners successfully captured ISIS-Somalia's finance chief Abdiweli Mohamed Yusuf, along with two others. Additionally an AFRICOM spokesperson said in a statement to Task & Purpose that AFRICOM is 'currently assessing the results of the operation and will provide additional information on ISIS-Somalia individuals captured as appropriate.' Yusuf, also known as Abdiweli Walalac, has served as the chief financial leader for the terrorist group in Somalia since at least 2019. In June 2023, the U.S. Department of the Treasury listed him as a Specially Designated Global Terrorist and imposed sanctions on him. In that same announcement naming Yusuf as a Specially Designated Global Terrorist, the Treasury Department noted that ISIS-Somalia generated millions in funds, mainly through extortion of local businesses, which it then used to finance its operations. Yusuf, as the chief money man for the group, answered directly to the leaders of ISIS-Somalia and ISIS al-Karrar, a subgroup that oversees several ISIS cells throughout the African continent. Top Stories This Week Culture Top Air Force enlisted leader apologizes for uniform slip-up Top Air Force enlisted leader apologizes for uniform slip-up By Jeff Schogol Culture An Army pilot and mechanic switched units for a week. Here's how that went. An Army pilot and mechanic switched units for a week. Here's how that went. By Patty Nieberg News Air Force Global Strike Command suspends use of M18 pistol after airman's death Air Force Global Strike Command suspends use of M18 pistol after airman's death By Jeff Schogol Puntland, on the northeasternmost part of Somalia, is geographically the closest part of the country to the Middle East and has been home to ISIS-Somalia for several years. The raid in Puntland happened the same day that U.S. forces killed Dhiya' Zawba Muslih al-Hardani, a senior leader of ISIS in Syria. The U.S. military has long had a presence in Somalia during the Global War on Terror. In recent years it has focused on targeting ISIS and al-Shabab militants, in support of the federal government of Somalia's fight against them. After scaling back the number of airstrikes during the Biden administration, the U.S. has significantly ramped up operations against militants in Somalia this year. That included several major airstrikes, including ones carried out by the fighter jets on the USS Harry S. Truman while it was operating in the Red Sea.
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9 hours ago
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French bill clears path to return artefacts looted during colonisation
A bill to make it easier for France to return cultural objects taken during the colonial period was presented at a ministerial council in Paris this week by Culture Minister Rachida Dati. Despite a pledge by President Emmanuel Macron in Burkina Faso in 2017, and follow-up reports, only a small number of items have been returned so far. The new bill would allow artefacts to be given back by government decree, without needing a full vote in Parliament each time. It would apply to objects taken from their countries of origin under conditions described as "illicit". A similar bill planned for 2024 was blocked by France's highest administrative court, the Conseil d'Etat, and its review was postponed. On 30 July, the French government said its goal is to speed up restitution. The bill would set out clear rules for what counts as looted, and would cover items acquired between 1815 and 1972. It cites theft, looting or forced transfer as reasons for return. The word "colonisation" is not used, but the references point directly to France's colonial past. France passes law to allow return of Ivorian drum stolen by colonial troops Scientific commission Dati said the bill would apply mostly to African countries, but could be used for objects taken from anywhere. France will be among the first countries to pass such a law, said Catherine Morin-Desailly, a senator and member of the French Senate Culture Committee. "Apart from Belgium so far, such a framework law has not yet seen the light of day," Morin-Desailly told RFI. Asked whether the process would really be faster, she said: "Yes and no". "I'm going to be nuanced because for each object it is also necessary to examine the request and to have a scientific, historical and legal study that allows us to affirm that it is indeed the right object," she explained. What's new in the bill is that objects can only be returned if their acquisition is proven to be illegal. If that hasn't yet been shown, a scientific commission can be set up to help. It would bring together French and international experts to research the object's history and trace its true origin. How an RFI investigation helped return an ancient treasure to Benin "There will be a lot of work [for the] special commission to allow these restitutions. But what is important is that it will avoid specific laws that clutter the parliamentary agenda and make it take time," Morin-Desailly said. She said public attitudes have changed, and that a shift is now possible. "Not all objects from foreign countries were necessarily acquired illicitly," she added. "This is where we will have to look closely." The aim of each return should be either "reparation" or "reappropriation". These terms were not included in the last bill, which was more cautious and referred only to "international relations" or "cultural cooperation". Thousands of requests France has returned only 27 works to African nations in the past six years. This includes 26 royal treasures from Dahomey handed back to Benin in 2021, and one item returned this year from Finland, though it belonged to a French collection. At least 10 countries have filed official requests for thousands of other items, including Algeria, Madagascar and Côte d'Ivoire, based on 2023 data. The new law would allow the principle of "inalienability" to be waived by decree in these cases. That rule normally bars French public museums from giving away state-owned items. Many of the objects are still held in French collections and have never been properly listed or documented. Lack of transparency Experts and lawmakers have criticised the lack of transparency around how these items ended up in France. "France has not yet finished its process of coming to terms with its colonial past," Pierre Ouzoulias, a Communist senator from Hauts-de-Seine and a member of the Senate Culture Committee, said on Wednesday in an interview with France Culture. He wants to see a permanent, independent commission created. 'Titanic' task of finding plundered African art in French museums "It is absolutely essential that these restitutions are carried out with complete transparency," he said, "and that opinions are made public, to assure Parliament and the nation – who own these items – that everything has been done according to the rules and in accordance with a codified code of ethics that will be upheld regardless of future governments." Saskia Cousin, a sociologist and anthropologist at the University of Nanterre, also supports the plan. She has long studied the issue of looted African heritage. Cousin said thousands of artefacts have been returned to African nations from other parts of the world, but that France is "lagging behind". Netherlands prepares to return looted Benin bronzes to Nigeria "This is an issue that goes beyond cultural diplomacy," she told France Culture. "We must return to the primary stakeholders – especially the youth, their heritage and matri-heritage – so they can reclaim not only this history but also a sense of pride." The bill is due to be debated by the French Parliament during an extraordinary session in September, after the summer break.
