Latest news with #EconomicProsperity
Zawya
3 days ago
- Business
- Zawya
Somaliland is open to trade, innovation and dialogue
The warm welcome I received in Nairobi this past week is a testament to the enduring spirit of African solidarity and the potential of regional partnership. My meeting with President William Ruto on May 29 was not only cordial and constructive, but a clear signal that Somaliland and Kenya are ready to deepen engagement on the basis of mutual respect, shared values, and a common vision for economic prosperity and security. The inauguration of Somaliland's expanded diplomatic mission in Nairobi marks a significant milestone in our bilateral relationship and our pursuit of international cooperation. Somaliland will continue to build bridges that reflect our readiness to contribute to peace, security, and economic development in the Horn of Africa. Somaliland's aspirations are grounded in a desire to be a responsible and reliable partner. We are not asking for favours, but offering partnership. A partnership based on mutual benefit, strategic interest, and the shared goal of a more stable and prosperous East Africa. With Kenya, this vision finds fertile ground. As one of Africa's most dynamic economies and democratic states, Kenya has long played a stabilising role in regional affairs. Our two nations share deep people-to-people ties, stemming from our historic legacies with the two countries share the same currency, banking, civil service and judicial systems for over half a century, and current growing commercial interests, and a strong convergence on key development priorities: inclusive economic growth, counterterrorism, and democratic governance. During my conversation with President Ruto, we reaffirmed our shared commitment to regional stability and explored new avenues for cooperation. From trade and infrastructure to security, there is ample room for collaboration. Somaliland is a stable partner to facilitate access to the Red Sea, enhancing maritime security, and strengthening commercial links across the Horn. We are investing heavily in the Port of Berbera, modernising our customs systems, and expanding road and telecom infrastructure. These are not just national projects; they are regional assets. Kenya's business community already understands this potential. I am excited to welcome a new air route directly between Nairobi and Hargeisa as one of the landmark issues to be agreed during my visit. Somaliland already receives a high number of Kenyan professionals every year and Kenyan enterprises are increasingly looking to Hargeisa as a destination for trade and investment. We want to build on this momentum. By establishing a formal diplomatic presence in Nairobi, we intend to streamline collaboration, facilitate business partnerships, and create new pathways for cultural and academic exchange. At the heart of this engagement is a simple proposition: Somaliland is open. Open to trade, to innovation, and to dialogue. Our message to the world is grounded in values: Democracy, security, opportunity. Somaliland has held successive peaceful elections, maintained one of the most secure environments in the Horn, and cultivated a pluralistic political culture that deserves to be part of the international conversation. Diaspora communities, students, entrepreneurs, and civil society actors are the lifeblood of regional integration. We believe in African solutions to African challenges, and this begins by strengthening our continental bonds. Somaliland's future will be shaped not just by our aspirations, but by our actions. We are working hard to create jobs for our youth, tackle climate vulnerabilities, reform our institutions, and modernise our economy. These are challenges Kenya also confronts, and we see opportunities to learn from each other, to co-invest in regional infrastructure, and to coordinate on key policy areas including energy transition, food security, and digital inclusion. In that spirit, I look forward to welcoming Kenyan delegations to Hargeisa in the months ahead. Our dialogue will be reciprocal, and our partnerships built on a foundation of trust and transparency. I also encourage regional think tanks, universities, and media to engage more deeply with Somaliland's story. We are more than a headline; we are a living example of resilience, innovation, and democratic promise in the Horn of Africa. To the people and Government of Kenya, I extend my sincere gratitude for your continued openness. In this time of regional flux and global uncertainty, let us reaffirm our shared purpose and invest in a future of African cooperation that delivers tangible results for our citizens. The work begins now. Together, Somaliland and Kenya can chart a path that not only serves our national interests but elevates the hopes of a region ready to rise. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
13-05-2025
- Business
- Yahoo
House GOP's Lucas backs Fed chair Powell: 'He's done an exceptional job'
A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates. "I think under the circumstances, he's done an exceptional job, and he's had an exceptionally difficult time to be there — maybe the most complicated since the 1930s," Rep. Frank Lucas of Oklahoma said in an interview. Lucas does not believe that major changes will be made to the structure of the central bank and added that he thinks Powell will serve out the remainder of his term through May 2026, which Powell has also expressed. "We'll see who President Trump nominates at that point." The positive comments about Powell from a key House Republican demonstrate that the central bank chair does still have some prominent supporters in Congress, despite the recent attacks on his performance coming from the White House. Trump himself has repeatedly called for the Fed and Powell to ease their policy stance and did so again on Tuesday, saying on Truth Social, "What is wrong with Too Late Powell?" "No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!! THE FED must lower the RATE, like Europe and China have done," Trump added. Read more: How much control does the president have over the Fed and interest rates? He has made the same points repeatedly in recent weeks, contending that Powell has a history of moving too late on monetary policy. "'Too Late' Jerome Powell is a FOOL, who doesn't have a clue," Trump said in a separate social media post last week. The White House studied removing Powell from his chairmanship, although Trump earlier this month appeared to rule out that possibility. Lucas is of the view that the president should be able to speak his mind about Fed policy. "I would simply say perhaps with the exception of President Eisenhower, every president since 1913 had strong opinions about how the Fed should conduct their business and has used the bully pulpit, the public discussion to try and drive policy," he said. "President Trump is well within his rights. I also think that Chairman Powell has a really complicated and hard job." The Fed is an independent agency from the White House, with a dual mandate from Congress to ensure stable prices and maximum employment. Lucas — who heads the House's Task Force on Monetary policy, Treasury Market Resilience, and Economic Prosperity — is leading efforts to review whether the central bank should focus more exclusively on fighting inflation amid a broad review of the central bank. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments When it comes to the structure of the central bank, Lucas said the fundamental nature of the Federal Reserve Act of 1913 is "solid," referring to the law that established the Federal Reserve System to provide the nation with a safer and more stable monetary and financial system. Instead, he added, the question becomes whether the Fed's dual mandate is still relevant. He is not expecting an overhaul. "My personal point of view, I suspect that while there may be discussion about the employment mandate, it's hard to believe that anything will change," Lucas told Yahoo Finance in an interview. However, he does not oppose some efforts by the Trump administration to exert more authority on some central bank matters outside of interest rates. In February, President Trump issued an executive order that makes clear that monetary policy will remain under the Fed's full control but that new financial regulations would need to be cleared with the Office of Management and Budget. Lucas said the president is right to do so. "I think the president's exactly right to advocate that the Federal Reserve system stay with its core mission," he said. "I also believe the simple answer to rules and regulations from a personal point of view is the Fed shouldn't be engaged in that, and that would simplify the whole matter." Lucas's task force is set to hold a hearing on Thursday exploring the recent volatility in the Treasury market and its broader market structure. Lucas said the goal is to explore theories about why investors and traders have caused sudden sell-offs in recent times and to discuss the regulatory changes that would help mitigate the volatility. "We want the treasuries to be calm, fluid, liquid, deep, and kind of boring," he said. Lucas stressed that the Treasury market is moving seven to eight times as much as 30 years ago, with only half the number of primary dealers, which he said have extremely deep pockets that can make the transactions. "Maybe we've just worked ourselves into a more complicated fashion, and with the input of our witnesses and the discussion of the panel, maybe we'll figure out how to work our way out of this box before we have a real major problem," he said. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
House GOP's Lucas backs Fed chair Powell: 'He's done an exceptional job'
A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates. "I think under the circumstances, he's done an exceptional job, and he's had an exceptionally difficult time to be there — maybe the most complicated since the 1930s," Rep. Frank Lucas of Oklahoma said in an interview. Lucas does not believe that major changes will be made to the structure of the central bank and added that he thinks Powell will serve out the remainder of his term through May 2026, which Powell has also expressed. "We'll see who President Trump nominates at that point." The positive comments about Powell from a key House Republican demonstrate that the central bank chair does still have some prominent supporters in Congress, despite the recent attacks on his performance coming from the White House. Trump himself has repeatedly called for the Fed and Powell to ease their policy stance and did so again on Tuesday, saying on Truth Social, "What is wrong with Too Late Powell?" "No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!! THE FED must lower the RATE, like Europe and China have done," Trump added. Read more: How much control does the president have over the Fed and interest rates? He has made the same points repeatedly in recent weeks, contending that Powell has a history of moving too late on monetary policy. "'Too Late' Jerome Powell is a FOOL, who doesn't have a clue," Trump said in a separate social media post last week. The White House studied removing Powell from his chairmanship, although Trump earlier this month appeared to rule out that possibility. Lucas is of the view that the president should be able to speak his mind about Fed policy. "I would simply say perhaps with the exception of President Eisenhower, every president since 1913 had strong opinions about how the Fed should conduct their business and has used the bully pulpit, the public discussion to try and drive policy," he said. "President Trump is well within his rights. I also think that Chairman Powell has a really complicated and hard job." The Fed is an independent agency from the White House, with a dual mandate from Congress to ensure stable prices and maximum employment. Lucas — who heads the House's Task Force on Monetary policy, Treasury Market Resilience, and Economic Prosperity — is leading efforts to review whether the central bank should focus more exclusively on fighting inflation amid a broad review of the central bank. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments When it comes to the structure of the central bank, Lucas said the fundamental nature of the Federal Reserve Act of 1913 is "solid," referring to the law that established the Federal Reserve System to provide the nation with a safer and more stable monetary and financial system. Instead, he added, the question becomes whether the Fed's dual mandate is still relevant. He is not expecting an overhaul. "My personal point of view, I suspect that while there may be discussion about the employment mandate, it's hard to believe that anything will change," Lucas told Yahoo Finance in an interview. However, he does not oppose some efforts by the Trump administration to exert more authority on some central bank matters outside of interest rates. In February, President Trump issued an executive order that makes clear that monetary policy will remain under the Fed's full control but that new financial regulations would need to be cleared with the Office of Management and Budget. Lucas said the president is right to do so. "I think the president's exactly right to advocate that the Federal Reserve system stay with its core mission," he said. "I also believe the simple answer to rules and regulations from a personal point of view is the Fed shouldn't be engaged in that, and that would simplify the whole matter." Lucas's task force is set to hold a hearing on Thursday exploring the recent volatility in the Treasury market and its broader market structure. Lucas said the goal is to explore theories about why investors and traders have caused sudden sell-offs in recent times and to discuss the regulatory changes that would help mitigate the volatility. "We want the treasuries to be calm, fluid, liquid, deep, and kind of boring," he said. Lucas stressed that the Treasury market is moving seven to eight times as much as 30 years ago, with only half the number of primary dealers, which he said have extremely deep pockets that can make the transactions. "Maybe we've just worked ourselves into a more complicated fashion, and with the input of our witnesses and the discussion of the panel, maybe we'll figure out how to work our way out of this box before we have a real major problem," he said. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
06-05-2025
- Business
- The National
Trump's Gulf tour to focus on economic ties, Gaza and Iran
President Donald Trump will head to three Gulf capitals next week for a high-profile visit that is expected to focus on a series of deals. He is expected to present a friendly face to the important regional allies, in contrast to some of the tough rhetoric the President has had for the EU, Ukraine and other countries. The trip will 'obviously be dollar deal-focused', a State Department official told The National. 'We have Saudi, UAE and potentially Qatar announcements as well.' The visit was initially billed as Mr Trump's first foreign trip since taking office in January, but he made an unexpected visit to Rome last month for the funeral of Pope Francis. Mr Trump will visit Saudi Arabia, Qatar and the UAE to 'strengthen ties' with those countries, the White House said. Under his 'America First' approach to foreign policy, Mr Trump has antagonised allies and trading partners, and overturned long-held US policies on critical issues such as climate and the war in Ukraine. But to the Republican President who has vowed to bring economic prosperity to the US, the Gulf region is an area of significant economic investment opportunities. A number of corporate leaders and heads of major defence and aerospace companies are expected to join him on the trip. The UAE has already committed to a 10-year, $1.4 trillion investment in the US. In Saudi Arabia, his first stop, Mr Trump is set to seal an arms deal with the kingdom worth more than $100 billion, Reuters reported last month. 'He's under some significant public pressure here in Washington that he probably didn't expect at this level,' said Douglas Silliman, president of the Arab Gulf States Institute in Washington. 'So he's going to want to show Americans that he has got close ties, good economic and political, and maybe security relations too.' The investment package with Riyadh is expected to last more than four years and builds on talks held under the previous administration. Former president Joe Biden tried to advance the deal as part of a wider effort to expand the Abraham Accords. But the establishing of official ties between Saudi Arabia and Israel has been stalled by the continuing war on Gaza following Hamas's deadly attack on October 7, 2023. More than 52,567 Palestinians have been killed since, with more than double that number injured. Much of the coastal enclave has been reduced to rubble and for more than two months Israel has blocked all food and aid from entering. 'The Saudis remained interested in Abraham Accords-type normalisation deal for the vast majority of the war,' a former Biden administration said. 'They were pretty adamant, but also recognised that they could not agree to any such agreement while the war was continuing,' the official added, noting that a framework for the deal had been formulated. Hamas officials last month said intensive negotiations were under way to reach a Gaza ceasefire agreement before Mr Trump's visit. But on Monday the Israeli Prime Minister Benjamin Netanyahu announced a new offensive in Gaza aimed at defeating Hamas, Experts in Washington said the trip's dates suggest there may be no imminent breakthrough for Gaza. 'I don't think he's going with a concrete, diplomatic agenda,' said Khaled Elgindy, an adjunct professor at Georgetown University and an expert on US foreign relations in the Middle East. 'He hasn't had a coherent diplomatic approach to the region since he came to office, so I don't see why he would suddenly have one now.' Still, Gulf capitals are expected to discuss the war and hopes to take part in the enclave's eventual reconstruction. They envision Mr Trump will abandon his plan to empty out Palestinian residents and turn the territory into a beach resort. However, Mr Netanyahu said on Monday that the local population will be moved 'for its own protection'. At the beginning of Mr Trump's first term, in 2017, his first foreign trip was also to Saudi Arabia. He stopped in Israel and the Vatican before attending two summits in Brussels and Sicily. Much has changed since, analysts say, both in the US and across the Middle East. The trip comes amid a continuing US-China trade war, renewed US pressure on Iran over its nuclear programme and diplomatic efforts to end the war in Ukraine. Gulf leaders are likely to seek reassurance from Washington that US talks with Iran over Tehran's nuclear programme will succeed. Saudi Arabia and several Arab states have welcomed the negotiations, which are mediated by neighbouring Oman. Gulf states can be optimistic about good relations with the US based on trade, AI development, energy and investments. But there is also cause for concern. Mr Trump last month slapped a 10 per cent tariff rate on the three Gulf states, raising concerns, at least in the medium term, that the levies could hurt their economies. Mr Silliman said Gulf leaders are likely to want to get a better sense of Mr Trump's economic vision, given the impact any slowdown in global trade could have on oil-producing countries. They will also take the opportunity to be the first to host and be heard by the US President. 'I really do think they want to distinguish themselves as the countries in the world that have the closest relationship with the United States,' Mr Silliman said.
