Africa's Longest Low-Pylon Cable-Stayed Bridge Opens in Tanzania
BEIJING, June 26, 2025 (GLOBE NEWSWIRE) -- The JP Magufuli Bridge in Tanzania's Mwanza Province officially opened to traffic on June 19, 2025. Built by China Railway Construction Corporation Limited (CRCC), the 4.66-kilometer structure stands as Africa's longest low-pylon cable-stayed bridge, featuring a 520-meter main span with three towers and dual cable planes that connects both shores of Lake Victoria.
During the opening ceremony, Tanzanian officials praised China's sustained support and the project team's professionalism. Despite facing numerous challenges over five years of construction—including the COVID-19 pandemic, complex geological conditions, and equipment supply chain disruptions—the team delivered the project on schedule while maintaining high construction standards.
The bridge's completion delivers substantial economic and social benefits to the region. Commute times between shores have plummeted from 40 minutes by ferry to under five minutes by road, while freight costs have dropped 10-15%. These improvements are energizing local agriculture, tourism, and commerce, driving new economic growth across the region.
The bridge incorporates environmentally conscious design and local cultural elements. Its towers resemble outstretched arms, symbolizing Tanzania's embrace of cooperation and prosperity, while the structure features the colors of Tanzania's national flag, creating a striking landmark along Lake Victoria's shoreline.
This 'dream bridge' fulfills the late President John Magufuli's vision while exemplifying successful China-Africa collaboration. It represents mutual trust and shared benefits between the two regions, embodying East Africa's aspirations for greater connectivity and prosperity.
Company: China Railway Construction Corporation Limited
Contact Person: Wen Kai
Email: [email protected]
Website: https://english.crcc.cn/
Telephone: 010-52688232
City: Beijing, China
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c05f8317-26ec-480e-bdfc-6caba0b475fd
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
26 minutes ago
- Forbes
Mid-Year Outlook: Stocks Back At Highs
With stocks reaching a new high just as the midpoint of the year is reached, it is an opportune time ... More to look at what the second half of the year might hold. As the tariff threat eased and some progress was made on trade agreements, stocks have recovered sharply. The boost from technology and artificial intelligence-related companies was also notably in the rebound. With stocks reaching a new high just as the midpoint of the year is reached, it is an opportune time to look at what the second half of the year might hold. Rather than the traditional outlook, this will be an examination of the risks versus rewards, considering what is currently priced in financial markets. One Chart Tells The Stock Story The massive US tariffs announced on Liberation Day sent the betting odds of recession soaring to 65%, with stocks dragged lower in expectation of lower earnings. As the tariff threat eased and some progress was made on trade agreements, stocks have recovered sharply. The recent 12-day military conflict between Israel and Iran caused concerns about an economically unfriendly oil shock. Still, the US bombing of Iran's nuclear facilities has led to a ceasefire, which has cooled fears. Stocks & Recession Odds The betting odds of recession also tell much of the story about the US 10-year Treasury note yield. Yields fell as fears of an economic downturn rose and have since recovered from the lows, as economic risk appears to have waned. There is more to the story here, as signs suggest that bond markets worldwide are less willing to fund the unfavorable fiscal situations of most countries. Yields & Recession Odds Recent Market Performance Stocks soared last week on the ceasefire in the Israel-Iran war and the agreement around a framework for US-China trade. The S&P 500 surpassed its mid-February high by 0.5% after having declined by almost 20%. The Magnificent 7, comprising Microsoft (MSFT), Meta Platforms (META), (AMZN), Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOGL), and Tesla (TSLA), has recovered to only 4% below its mid-December level after being as much as 30% under the peak. Apart from the good news on trade and Iran, the strength in US bank stocks was notable. Last week, the annual Federal Reserve (Fed) stress tests for large banks were better than expected. Additionally, the Fed made some changes to the methodology, which are expected to result in fewer Stress Capital Buffers (SCBs) being required for banks in the future. All other things being equal, less need for capital buffers means better profitability. Market Returns Economic Risk The more economically sensitive cyclical stocks have outperformed less economically impacted defensives since stocks bottomed, marking the peak of recession fears. The current situation is back to pricing in a benign, if not downright optimistic, economic backdrop. Economically-Sensitive Versus Defensive Stocks US Stock Valuations Based on the current 24.3 times current earnings and 23.4 times multiple of 2025 estimated earnings, also known as the forward price-to-earnings ratio, stocks do not look cheap relative to the past. However, historically, the price-to-earnings (P/E) ratio has been correlated with return-on-equity (ROE), which measures how efficiently companies generate profits from the capital provided by their shareholders. Although the ROE is down from its recent highs, it remains above average, which argues for an above-average P/E ratio, assuming this elevated ROE is sustainable. Consensus estimates project a return on equity of 18.6% in 2025 and 19.4% in 2026, up from 17.6% in 2024. To provide perspective, the S&P 500's ROE was 15.1% in 2019 before the pandemic. S&P 500: Price-To-Earnings & ROE The composition of the large-cap US stock market is crucial to this improved outlook for ROE since much of the boost has come from technology and artificial intelligence-related companies. Even a simple analysis of the S&P 500 shows that at least 43% of the market capitalization is related to these two areas. Weights In S&P 500 As noted earlier, the exceptional return on equity supports the rich stock valuations, and profit margins are elevated relative to historical levels. Profit margins measure the percentage of top-line sales that are converted into bottom-line profits. As a business owner, higher profit margins, all other things being equal, are more valuable. Notably, the profit margins for the technology sector are almost twice the market. In addition, according to FactSet, technology sector earnings are expected to grow at 18% in 2025, while the S&P 500's earnings are forecast to rise by about 9.1% year-over-year. S&P 500: Profitability Free Cash Flow Matters According to Warren Buffett, 'The value of a business is the cash it's going to produce in the future, discounted back to the present.' Free cash flow measures the cash left over after a company supports its operations and maintains or invests further in its business. Thus, free cash flow provides a good measure of the money accruing to shareholders as owners. The free cash flow yield is calculated by dividing the free cash flow by the stock price. Consistent with the price-to-earnings ratio, the cash flow yield suggests that the stock market is not currently cheap, although it has been more expensive at times in the past. This metric assumes that free cash flow remains static, so it can also be interpreted as indicating that investors have more confidence that free cash flow will continue to grow. Indeed, investors should be willing to pay more for a company in which one can have high confidence that the corporate profits accruing to owners will continue to grow. As a subset of the S&P 500, technology stocks are priced at an even lower free cash flow yield. This valuation premium reflects the optimism about the future of many of these companies and the superior fundamentals of the group as a whole. The profit margins and earnings growth rate for the technology sector have been exceptional, which helps explain the premium valuation assigned by the lower free cash flow yield. One additional wrinkle is the massive capital spending (capex) that Alphabet (GOOGL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) are investing in artificial intelligence infrastructure. This spending is also depressing the current free cash flow yield for the technology-related stocks on the margin. Massive capital expenditure (capex) spending is often viewed as a red flag for investors, who are typically concerned that the substantial investment will not yield a sufficient return for the companies. However, these four companies are currently being given the benefit of the doubt. S&P 500: Free Cash Flow Yield What To Watch This Week The main of the holiday-shortened trading week will be the monthly jobs report on Thursday. Economists expect June's gain in nonfarm payrolls to slow to 113,000 from 139,000 in May. Notably, the unemployment rate is expected to rise to 4.3% from 4.2%. US Unemployment Rate Given the upward trend in weekly continuing claims for unemployment benefits, the expected uptick in unemployment is a reasonable assumption. The upward trend indicates that the job market has been softening as it is taking longer for those losing their jobs to get a new one. With expectations for the US economy rebounding and the risk of recession decreasing, the resilience of the labor market should be closely monitored. Continuing Claims For Unemployment Benefits Federal Reserve Markets currently expect at least two 25-basis-point (0.25%) Fed cuts in 2025, consistent with the median Fed projection. There is a slight chance of a cut in July, but the first move lower in 2025 is fully priced for September. Fed Rate Cuts Expected Conclusions In the wake of the rebound from the tariff-induced bear market decline in stocks, investors should revisit their risk tolerance, as the robust stock rally over the last couple of years has likely increased their allocation to risk assets. Rebalancing stock and bond allocations toward the target risk level is wise for many investors, especially given the ongoing presence of tariff, geopolitical, and fiscal risks. The key to successful long-term stock investing is staying invested during the inevitable tough times, as rebounds from those bear markets are typically massive and unpredictable in timing, as illustrated by the first half of this year. Stocks are priced for a benign economic outcome and some support from the Federal Reserve in lowering interest rates. Improving corporate profitability, with 9% earnings growth in 2025 and 14% in 2026, is forecasted to normalize currently elevated valuations. This outcome is certainly possible, if not the most probable, but investors should be mindful that the hurdles at these valuation levels are higher. The artificial intelligence wave is a real phenomenon as adoption continues, so the optimistic scenario is not entirely out of the realm of possibility. This optimism should be tempered by the fact that the economy and earnings can always disappoint, especially if the trade war heats up again; therefore, investors should be prepared for possible turbulence.
Yahoo
43 minutes ago
- Yahoo
BofA Reiterates Buy as Agora (API) Gains Traction in Live Engagement
Agora Inc. (NASDAQ:API) is one of the 10 best debt-free IT penny stocks to buy. On June 28, Bank of America Securities' analyst Daley Li reiterated a Buy rating on Agora (NASDAQ:API), setting a price target of $7.10. Agora's Q1 2025 results showed modest top-line growth, with revenue up 1% year-over-year. While overall growth was limited, the company's international business stood out, benefiting from stronger demand in areas like live shopping and entertainment. A consumer smiling as they engage with streaming apps and voice platforms. For the second quarter, management guided for core revenue growth of 7% to 13% year-over-year. This range broadly matches market expectations and suggests that conditions are starting to improve—particularly in China's social entertainment and education markets—while international demand continues to hold up well. The analyst also pointed to signs of progress on the profitability front. Q1 2025 was Agora's second straight profitable quarter, along with an improvement in gross margins. The company is also commanding a stronger net cash position which adds further flexibility, allowing it to pursue growth opportunities like in the field of AI. Agora Inc. (NASDAQ:API) is a China-based company that provides a real-time engagement platform-as-a-service (PaaS), enabling developers to embed voice, video, and live interactive streaming capabilities into their applications. While we acknowledge the potential of API as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Best Tech Stocks to Buy According to Billionaires. Disclosure: None.
Yahoo
an hour ago
- Yahoo
Turnpike frustrations continue in Norman
NORMAN, Okla. (KFOR) — Norman city taxpayers sounding the alarming over a proposed turnpike making its way onto a agenda item at Tuesday nights city council meeting. Item number 30 on the agenda showed the 2045 Transportation Plan map with a route for a turnpike in east Norman. It's the same route on The Oklahoma Turnpike Authorities Access Oklahoma website. This same route was shot down almost a year ago. RELATED: OTA says plans still in the works for southern turnpike expansion in Norman, asking for community input City leaders at the meeting said the transportation map is apart of routine update every 10 years. 'A lot of this is being used for us as a planning document for us as we look for as our transportation design is developed so just because its shown here doesn't mean that we are saying that we are going to go out an construct it as an x or a y road way,' Scott Sturtz, Director of Public Works, said. However, those who attended the meeting say this isn't what Norman needs. 'The strong towns committee which Mayor Heikkila appointed me to found 87 empty commercial properties in core Norman and we could do a lot better job by in filling our core Norman except that we continue to give developers the a-okay to blow into east Norman,' Amy Cerato, Norman Resident, said. Volunteers with Pike Off OTA, the collective group against the turnpike authority, do not understand why its on the map in the first if city leaders say it's not going to happen. 'If that's true, then why put it on the map? Why put a route on the map that, you know is not going to be the right one? It'll destroy East Norman. It'll just do that. East Norman is a treasure,' Dave Moore said. The Turnpike Authority says they are currently in study session for that proposed turnpike to move the future project further west as instructed by city council. City council approved the transportation plan at Tuesday's meeting. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
