Latest news with #WendellRoelf
Time of India
3 days ago
- Science
- Time of India
Astronomers fear impact of Musk's Starlink on South Africa mega-telescope observations
By Wendell Roelf CAPE TOWN: Astronomers working with South Africa's SKA telescope are pushing authorities to ensure that any licensing agreement with Elon Musk 's Starlink will protect their groundbreaking observations, a senior scientist said. Discussions to bring Musk's internet service Starlink in South Africa have already been contentious, with parent company SpaceX criticising local shareholding laws while backing equity equivalent programmes. South Africa said it will review its Information and Communication Technology sector rules but will not back down on government policies to transform the economy three decades after white-minority rule ended. Scientists fear South Africa's Square Kilometre Array (SKA-Mid), the world's most powerful radio telescope together with another array co-hosted in Australia, will have their sensitive space observations distorted by Starlink's low-orbiting satellites. "It will be like shining a spotlight into someone's eyes, blinding us to the faint radio signals from celestial bodies," Federico Di Vruno, co-chair of International Astronomical Union Centre for the Protection of the Dark and Quiet Sky, told Reuters in a telephone interview. Di Vruno said the SKA Observatory, where he is spectrum manager, and the South African Radio Astronomy Observatory (SARAO) were lobbying for license requirements to reduce the impact on observations in certain frequency ranges, including some that SKA-Mid uses. That could direct Starlink to steer satellite beams away from SKA receivers or stop transmission for a few seconds to minimise interference, he said. South Africa's current SKA antennae, in the remote Northern Cape town of Carnarvon, use the 350 megahertz to 15.4 gigahertz bandwidth, a range also used by most satellite operators for downlinks. The Independent Communications Authority of South Africa regulator and Starlink did not immediately respond to questions from Reuters about the scientists' concerns. MAJOR OBSERVATIONS South Africa's MeerKAT radio telescope, a precursor to SKA-Mid which will be incorporated into the larger instrument, has already discovered a rare giant radio galaxy that is 32 times the size of the Milky Way. Last year, it found 49 new galaxies in under three hours, according to SARAO. SKA Observatory, an international body, also campaigns for conditions on licensing agreements with other major satellite operators such as Amazon and Eutelsat's OneWeb to ensure quiet skies amid a boom in new satellite launches. "We are trying to follow different technical and regulatory avenues to mitigate this issue on the global stage," Di Vruno said.
Yahoo
09-04-2025
- Business
- Yahoo
US lawmakers move to block IMF Central Africa support over oil fund dispute
By Bate Felix and Wendell Roelf DAKAR (Reuters) - U.S. lawmakers have introduced legislation that could block International Monetary Fund (IMF) support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration. The bill highlights a standoff between foreign investors on one side, and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S. Republican Representatives Bill Huizenga and Dan Meuser, the bill targets new regulations imposed by the Bank of Central African States (BEAC), the regional central bank, that require international oil companies (IOCs) to deposit the environmental restoration funds into BEAC-controlled accounts. The funds, estimated at between 3 and 6 trillion CFA francs (approximately $5 billion to $10 billion) and currently held in foreign banks, have been set aside by IOCs operating in the region for future environmental clean-up once production ends. Central African Economic and Monetary Community (CEMAC) member states want the funds moved to regional institutions to bolster their economies and foreign currency holdings. The move, backed by the IMF and approved during an emergency summit of CEMAC heads of state in Yaounde in December 2024, is seen by regional governments as a critical step in addressing economic fragility. According to BEAC's March 2025 monetary policy report, the implementation is expected to take effect from May 1, in line with the summit's resolutions, with penalties of up to 150% of the restoration funds for non-compliance. BEAC has also suggested raising rates for repatriation to the region of other funds, including for extractive companies' operational spending, currently set at 35%. Perenco, a privately-held French oil company with significant operations across the region, said it was in negotiations with regional stakeholders to reach an agreement before the April 30 deadline. "Perenco is already complying with the 35% repatriation of funds' rule, and all regulations currently in place," a spokesperson said. Other oil companies in the region did not respond to requests for comments. In Equatorial Guinea, the finance ministry has met major operators Marathon Oil, Chevron, Kosmos Energy and Vaalco Energy to discuss the issue, said one source. DETERIORATING RESERVES The six CEMAC members - Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic, and Republic of Congo - share monetary policy, a currency, and the common BEAC central bank. They have struggled to emerge from the COVID-19 pandemic and other global shocks, leaving them short of foreign exchange reserves to cover imports and debt. Cameroon's President Paul Biya warned during the summit in December of "disastrous consequences" for the countries if urgent action was not taken to address their deteriorating net external reserves. Critics, including the bill's sponsors, argue that the BEAC mandate risks undermining billions of dollars in U.S. oil and gas investments across Central Africa. "By refusing to clarify that these restoration funds will not count towards gross foreign exchange reserves, the IMF has misled the CEMAC member states and directly put tens of billions of dollars of IOCs investment in the region at risk," the bill said. The bill said the funds are contractually restricted and designated for future environmental rehabilitation, and therefore should not be "readily available" or "controlled by monetary authorities to count towards foreign exchange reserves. Under the proposed legislation, the U.S. Treasury would be barred from supporting any IMF proposals involving CEMAC countries until the IMF publicly confirms such funds cannot be classified as gross foreign exchange reserves. The move could bar further approvals of IMF financial support for some countries in the region that rely heavily on the fund's support, such as Cameroon and the Republic of Congo. The IMF did not immediately respond to questions on the bill's implications. In a March report, the IMF highlighted serious concerns about the CEMAC region's economy, warning that without corrective action some countries could face debt levels nearing 100% of GDP and dwindling reserves by 2029. This could worsen liquidity issues and threaten the region's financial stability and repayment capacity, it said.
Yahoo
09-04-2025
- Business
- Yahoo
US lawmakers move to block IMF Central Africa support over oil fund dispute
By Bate Felix and Wendell Roelf DAKAR (Reuters) - U.S. lawmakers have introduced legislation that could block International Monetary Fund (IMF) support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration. The bill highlights a standoff between foreign investors on one side, and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S. Republican Representatives Bill Huizenga and Dan Meuser, the bill targets new regulations imposed by the Bank of Central African States (BEAC), the regional central bank, that require international oil companies (IOCs) to deposit the environmental restoration funds into BEAC-controlled accounts. The funds, estimated at between 3 and 6 trillion CFA francs (approximately $5 billion to $10 billion) and currently held in foreign banks, have been set aside by IOCs operating in the region for future environmental clean-up once production ends. Central African Economic and Monetary Community (CEMAC) member states want the funds moved to regional institutions to bolster their economies and foreign currency holdings. The move, backed by the IMF and approved during an emergency summit of CEMAC heads of state in Yaounde in December 2024, is seen by regional governments as a critical step in addressing economic fragility. According to BEAC's March 2025 monetary policy report, the implementation is expected to take effect from May 1, in line with the summit's resolutions, with penalties of up to 150% of the restoration funds for non-compliance. BEAC has also suggested raising rates for repatriation to the region of other funds, including for extractive companies' operational spending, currently set at 35%. Perenco, a privately-held French oil company with significant operations across the region, said it was in negotiations with regional stakeholders to reach an agreement before the April 30 deadline. "Perenco is already complying with the 35% repatriation of funds' rule, and all regulations currently in place," a spokesperson said. Other oil companies in the region did not respond to requests for comments. In Equatorial Guinea, the finance ministry has met major operators Marathon Oil, Chevron, Kosmos Energy and Vaalco Energy to discuss the issue, said one source. DETERIORATING RESERVES The six CEMAC members - Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic, and Republic of Congo - share monetary policy, a currency, and the common BEAC central bank. They have struggled to emerge from the COVID-19 pandemic and other global shocks, leaving them short of foreign exchange reserves to cover imports and debt. Cameroon's President Paul Biya warned during the summit in December of "disastrous consequences" for the countries if urgent action was not taken to address their deteriorating net external reserves. Critics, including the bill's sponsors, argue that the BEAC mandate risks undermining billions of dollars in U.S. oil and gas investments across Central Africa. "By refusing to clarify that these restoration funds will not count towards gross foreign exchange reserves, the IMF has misled the CEMAC member states and directly put tens of billions of dollars of IOCs investment in the region at risk," the bill said. The bill said the funds are contractually restricted and designated for future environmental rehabilitation, and therefore should not be "readily available" or "controlled by monetary authorities to count towards foreign exchange reserves. Under the proposed legislation, the U.S. Treasury would be barred from supporting any IMF proposals involving CEMAC countries until the IMF publicly confirms such funds cannot be classified as gross foreign exchange reserves. The move could bar further approvals of IMF financial support for some countries in the region that rely heavily on the fund's support, such as Cameroon and the Republic of Congo. The IMF did not immediately respond to questions on the bill's implications. In a March report, the IMF highlighted serious concerns about the CEMAC region's economy, warning that without corrective action some countries could face debt levels nearing 100% of GDP and dwindling reserves by 2029. This could worsen liquidity issues and threaten the region's financial stability and repayment capacity, it said. Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
G20 finance meeting fails to agree joint communique
By Wendell Roelf and Leika Kihara CAPE TOWN (Reuters) -A meeting of finance ministers and central bankers from the Group of 20 nations failed on Thursday to come up with a joint communique, with a "chair's summary" issued by the South African host reiterating a commitment to resisting protectionism. This week's G20 talks in Cape Town were overshadowed by the absence of several key finance chiefs and foreign aid cuts by major economies like the United States and Britain. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Finance ministers from the United States, China, India and Japan, among others, skipped the meeting, which was held against a backdrop of rising geopolitical tensions over trade, the Ukraine war and how to tackle climate change. The summary said members had "reiterated the commitment to resisting protectionism," and "supported a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system." South Africa's Finance Minister Enoch Godongwana said he was "not happy" the G20 meeting could not issue a joint communique. The chair's summary has become a feature of multilateral meetings in which participants do not reach a formal consensus. On the global economy, it noted growth patterns varied across economies and said various risks and trends had been discussed. "Inflation has receded, supported by well-calibrated monetary policies and the unwinding of supply shocks, although progress has varied across countries," the summary said.
Zawya
19-02-2025
- Politics
- Zawya
South African parliament speaker says budget postponed
South Africa's National Assembly Speaker Thoko Didiza said the 2025 budget, which was meant to be tabled on Wednesday, had been postponed. Didiza told lawmakers that there was no agreement yet on the budget. (Reporting by Kopano Gumbi and Wendell Roelf in Cape Town, and Tannur Anders, Sfundo Parakozov and Olivia Kumwenda-Mtambo in Pretoria; Writing by Bhargav Acharya; Editing by Alexander Winning)
