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Millions Join Brazil Impeachment Chorus in Threat to Rousseff

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Dilma Rousseff

Dilma Rousseff’s future as president of Brazil was cast into further doubt as millions of protesters, wearied by scandal and recession, staged some of the largest rallies in the country’s modern history.

Brazilians demonstrated peacefully for Rousseff’s ouster in cities throughout the country on Sunday, with some estimates counting more than 3 million people on the streets. Sao Paulo recorded its largest political rally on record, according to polling firm Datafolha. In the capital Brasilia, some 100,000 people marched toward Congress, expressing their support for the anti-corruption blitz that has put several high-profile executives and politicians behind bars.

Many Brazilians say they have had enough of corruption revealed by the two-year investigation known as Lava Jato, or Carwash in English, that has paralyzed Congress and deepened the worst recession in over a century. Sunday’s protests could prompt more legislators to abandon the ruling coalition and vote for Rousseff’s ouster, according to Paulo Calmon, a political science professor at the University of Brasilia.

“We’re walking in the middle of a perfect storm, with a high level of uncertainty,” Calmon said. “The feeling is that we’re going to have some kind of definition in coming months or even weeks, which could be removing Rousseff from office or some other political arrangement. That’s what makes 2016 different from 2015.”

Impeachment Process

After being stalled in Congress for months, the impeachment proceedings are expected to resume in coming days when the Supreme Court decides on guidelines for the lower house to follow.

Some allies have already begun to distance themselves from Rousseff, as her party gets drawn deeper into the corruption scandal. The March 12 national convention of her largest allied party, known as the PMDB, ended with the threat to fully break from the ruling coalition next month. Earlier in March, the smaller Brazilian Socialist Party joined the opposition.

Rousseff, who on Friday said she hadn’t given up and wouldn’t resign, made no public appearances on Sunday. Instead, she issued a statement in which she said that the peaceful nature of protests shows “the maturity of a country that knows how to live with diverging opinions.”

Financial markets in recent weeks welcomed the possibility that Brazil’s political turmoil could usher in a new government that’s better equipped to revive the economy, which is expected to sink 3.3 percent in 2016 after contracting 3.8 percent last year. The real is up 12 percent this month, the best performance among world currencies, and the Ibovespa climbed to the highest level in seven months.

Political Drama

Brazil’s political drama is playing out less than five months before the 2016 Olympic Games are due to start in Rio de Janeiro.

Pressure on Rousseff started building in February with the arrest of her campaign strategist and a news report of allegations that she tried to interfere with corruption investigations. The political crisis hit a new high with former President Luiz Inacio Lula da Silva’s brief detention for questioning on March 4.

Adding to Rousseff’s woes, the country’s top electoral court is investigating whether she illegally funded her re-election campaign in 2014.

Both Rousseff and Lula have repeatedly denied wrongdoing.

Deep Distrust

With distrust of much of Brazil’s ruling class running deep and many leading politicians linked to the corruption scandal, a possible Rousseff exit could be messy. Some opposition leaders, including Senator Aecio Neves, who narrowly lost to Rousseff in the 2014 presidential election, were criticized during the demonstration as “opportunist.”

“We’re seeking a way out of this impasse in accordance with the constitution,” Neves wrote on Twitter.

It’s not just government critics taking to the streets. Supporters of Rousseff’s Workers’ Party held some small rallies on Sunday and plan demonstrations this month against the impeachment process. They also will show support for Lula, the party’s co-founder and Rousseff’s predecessor, who was charged last week with money laundering and providing false testimony.

One of the big winners coming out of Sunday’s protest was Sergio Moro, the federal judge from the southern state of Parana who’s overseeing the Carwash investigation, said Carlos Pio, a political scientist at the University of Brasilia.

Throughout the country, protesters hailed Moro as a national hero. Some wore t-shirts saying “In Moro We Trust” and others laid out a sign before Congress that read “We Are Moro.”

“The protests were a loud call from Brazilians: ‘Clean up our country,´” Pio said.

Bloomberg

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Ibom MRO to Bring in Forex to Nigeria 

Akwa Ibom State to open a cutting-edge smart terminal building at the Victor Attah International Airport

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U.S dollar - Investors King

The governor of Akwa Ibom State, Governor Udom Emmanuel, has announced that the state is close to opening a cutting-edge smart terminal building at the Victor Attah International Airport and that this will generate foreign exchange for Nigeria. 

Investors King has also learnt that an MRO facility for aircraft would be operational from January.

This comes on the heels of praise from his Edo State counterpart, Gov. Godwin Obaseki, who attended the Tuesday reception in Uyo for two additional A320-200 Airbus aircraft that the state’s Ibom Air fleet had leased from a European company.

Speaking at the event, the governor of Akwa Ibom said that while there were already efforts underway to persuade the government to lease the MRO, the MRO is an investment because it was built with naira, despite its current depreciation, and will therefore generate income.

The Akwa Ibom governor said “Our terminal building is world-class in Africa, our MRO is world-class. If you find one today in the entire Gulf of Guinea, tell me I’ll disassemble this one and build another.

“Look at our MRO; what you see here can accommodate two 747 aircraft as well as eight CRJ aircraft, which we are flying for servicing at the same time.”

“This is the only MRO in this part of the world today, and these facilities are not built with local currency, but we are building this MRO with naira that has no value.”

“I invest in areas where we can see a return on our money. Right now without blinking an eye, I can make over $ 30 million with this MRO if we decide to sell but we are not selling, we will make a foreign exchange from this investment.

“Airbus is on us to come and lease our MRO for all their regional flights, but we are not selling.

“We are going to open up this place ( MRO facility) from January next year for commercial activities and we are going to earn in dollars.”

He thanked Ibom Air’s Board of Directors, Management, and Staff for making him proud, emphasising that “they have done very well.”

Gov. Obaseki, who spoke at the event, stated that Akwa Ibom has become the country’s flagship state for its efforts to invest in and make significant strides in the aviation sector.

Obaseki described Akwa Ibom as the country’s flagship state for its efforts to invest in and expand the aviation sector. “Ibom Air is always completely booked.” Let me thank you on behalf of Nigerians,’’ Obaseki said.

In his remarks, the Managing Director of Ibom Airlines., Mr Mfon Udom announced plans to begin regional flights in 2023.

Udom said the new addition to the fleet of Ibom Air would expand its carrying capacity and boost employment opportunities in the state by 40 per cent.

“With this new capacity coming on board, we are delighted to inform our passengers that we have increased our offerings, providing more frequencies for their convenience.

“The Uyo-Lagos and Uyo-Abuja routes now have three frequencies each every weekday, while our Lagos-Abuja passengers will have seven frequencies to choose from both ways, every weekday,’’ he said.

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Lagos State Boosts Food Supply With Mass Sale of Rice and Cooking Oil

LAISA has commenced the massive sale of rice and soya bean vegetable oils ahead of the December festival

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Lagos state government through the Lagos State Agricultural Inputs Supply Authority (LAISA) has commenced the massive sale of rice and soya bean vegetable oils ahead of the December festival.

The sale which is taking place at different locations in the state is already attracting massive buyers. 

According to the General Manager of LAISA, Mr Bolaji Balogun, places where potential buyers can get the products include New Farm Service Oko-Oba Centre, and Gengeto Bus stop, Abeokuta Road, Lagos.

While speaking to the press, Balogun disclosed that available products include 50kg of rice and 1-3 litres of soya vegetable oil all sold at affordable prices. 

The GM added that the food sale event was a response to the yearnings of Lagosians who demanded affordable rice and cooking oil for the yuletide festival. 

He noted that several people came to LAISA stand for the request at the just concluded Lagos Trade Fair. 

Investors King understands that the Lagos State Agricultural Inputs Supply Authority (LAISA) was established with the mandate to boost food supply in the state and also provide the necessary support such as farm tools to farmers. 

” As a responsible agency of government, LAISA will continue to provide customers/farmers with high quality and healthy food supply at affordable prices as and when available. We also intend to continue to support and encourage farmers on the best farming practice as well,” Balogun noted. 

Meanwhile, the Federal Government has replied to a statement credited to the International Monetary Fund (IMF) that Nigeria will face food crisis in 2023.

The Federal Ministry of Agriculture and Rural Development opposed the position of the global financial institution stating that Nigerians should not panic nor worry about the projection. 

The ministry added that several measures had been put in place to forestall any scarcity of food in Nigeria. 

It added that the government had approved a five-year tax break as an incentive to encourage private investments in the agricultural sector and increased food production, processing and marketing.

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U.S 2024 Elections: Donald Trump Declares For President

Former President of the United States, Donald Trump has once again showcased interest to seek the oval office after he failed re-election in 2020.

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President Trump Signs Executive Order In Oval Office Of The White House

Former President of the United States, Donald Trump has once again showcased interest to seek the oval office after he failed re-election in 2020. Trump will be expected to tussle the Republic ticket with other potential nominees. 

At his private beach on Tuesday night, Trump said “In order to make America great and glorious again, I am tonight announcing my candidacy for president of the United States”. 

Trump’s ambition might however not be “Uhuru” as his party, the Republican failed to perform as expected in the midterm election. Although the Republican has been projected to win the majority seats in the house, the party, however, lost the senate including key states. 

In addition, the former US president will likely face stiff opposition from his party as potential co-contestants include his former Vice President Mike Pence and the Governor of Florida Ron DeSantis, who won a resounding reelection victory on November 8.

Unfazed by the opposition and confident in his large following, Trump said “This is not a task for a politician or a conventional candidate. This is a task for a great movement.”

Investors King could recall that in 2020, Donald Trump lost to Joe Biden (Democrat). 

After his exit from office, there have been a number of investigations into his conduct before, during and after his first term as president which could ultimately result in his disqualification.

He is also investigated for inciting violence which led to the drastic attack on the Capitol building on January 6, 2021.

Meanwhile, analysts and observers are divided on Trump’s potential comeback. 

The mid-term election result shows that voters rejected candidates who backed Trump’s baseless claims of election fraud in 2020, and many of his high-profile picks for office struggled or lost out in the race. 

It could be recalled that Donald Trump alleged manipulation in the 2020 presidential election which produced President Joe Biden. Trump claimed he was rigged out and tried to establish a conspiracy to back up his claim.

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