Singer Akon's Failed Futuristic City in Senegal Becomes a $1 Billion Resort
Most of the land previously set aside for a futuristic 'Akon City' is back under state control after the artist failed to deliver on his $6 billion dream of a real-life Wakanda — the fictional country from Marvel Studios' Black Panther films.
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Bloomberg
an hour ago
- Bloomberg
African Central Banks Weigh Policy Options Amid Trump's Tariffs
Key African economies are set to stake out different approaches to interest rates in the coming weeks as they gauge the impact of US President Donald Trump's new tariff proposals and their domestic influences on their economies and inflation. 'Upcoming monetary policy decisions across African central banks will be shaped by a common theme: the tension between easing inflation and persistent structural vulnerabilities,' according to Angelika Goliger, EY Africa chief economist. 'While headline inflation is receding in several economies, the pace and scope of monetary easing will vary significantly, reflecting domestic political dynamics, external risks, and reform agendas.'
Yahoo
an hour ago
- Yahoo
Trump's BRICS Warning to India Adds New Twist to Trade Deal
(Bloomberg) -- President Donald Trump's threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the US. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On Trump said Tuesday that India could face an additional 10% tariff alongside other members of BRICS — a bloc of emerging economies he has labeled 'Anti-American.' The remarks came just a day after the US leader said he was close to finalizing a trade deal that New Delhi hopes would give it reprieve from 26% reciprocal tariffs. The US president followed that warning by unveiling a new round of levies, including a 50% rate on Brazil, one of the highest so far announced for the tariffs which are set to hit in August. The letter to Brazil comes just after a two-day BRICS summit in Rio de Janeiro, in which leaders agreed on a joint statement that criticized trade-distorting tariffs. But while Brazil and South Africa have blasted Trump separately for his comments, India has refrained from responding publicly, a sign that it's treading a fine line in maintaining its relationship with Washington. Officials in New Delhi say they're not overly alarmed by Trump's latest threats for now. The US leader's view is that BRICS is seeking to undermine the dominance of the US dollar, which is not India's goal, the officials said, asking not to be identified because the discussions are private. India doesn't support moves for a single BRICS currency, and any participation in local currency trade arrangements are aimed solely at reducing risks, they said. India's Ministry of Commerce and Industry didn't respond to an email seeking comment. Senior Indian diplomat P Kumaran said at a press briefing on Tuesday that Prime Minister Narendra Modi and his Brazilian counterpart Luiz Inacio Lula da Silva had 'no discussion' on Trump's tariff threats during the Indian leader's state visit there. 'We didn't have an opportunity to discuss that.' With India set to assume the BRICS chairmanship in 2026, it will need to differentiate itself from members like China and Russia, who are seeking to build the bloc as a stronger opposition voice to the US. India would be banking on its strategic value and neutral currency stance to be treated differently by Washington. 'Trump is unhappy with some BRICS members who have been talking about an alternate reserve currency,' said Mohan Kumar, a former Indian envoy and lead negotiator at the World Trade Organization, who now teaches at OP Jindal Global University. 'India has time and again differentiated between local currency trade and de-dollarization and therefore doesn't fall in that category.' India has been cultivated by several US administrations over the years as a strategic partner and key regional counterweight to an increasingly assertive China. As recently as April, US Vice President JD Vance remarked that the fate of the 21st century 'is going to be determined by the strength of the United States and India partnership.' Those ties have recently come under strain, though, after Trump took credit for brokering a ceasefire between India and Pakistan in May. Modi has pushed back at Trump's claims he used trade as a bargaining tool to secure a truce. The Trump administration has also made overtures to Islamabad, including its powerful army chief, in the aftermath of the conflict, a source of concern in New Delhi. Much is riding on the success of the India-US trade deal, which both countries have pledged to finalize by the fall of this year. Shashi Tharoor, an opposition lawmaker who has led India's diplomatic outreach since the Pakistan conflict, said a trade deal would signify the strong ties between the two countries. 'The relationship with the US is in a good shape,' he said in an interview in London on Tuesday. If the terms of the trade deal are agreed, 'that will be a very, very healthy sign.' After months of talks, Indian trade negotiators have put forward their best offer to the Trump administration and are now awaiting a response. The latest tariff threats from Trump may also be a bargaining tool to secure more concessions from New Delhi. Trump has previously threatened to slap 100% levies on BRICS if they ditch the dollar in bilateral trade. 'We need to distinguish between President Trump's narrative and his action,' Kumar said. Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. --With assistance from Prateek Mazumdar and Unni Krishnan. (Updates with details of US slapping 50% tariff on Brazil) Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Sign in to access your portfolio
News24
2 hours ago
- News24
The Cat with the gat
Disclaimer: News24 encourages freedom of speech and the expression of diverse views. The views of columnists published on News24 are therefore their own and do not necessarily represent the views of News24.
