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Pence Warns North Korea of U.S. Resolve Shown in Syria, Afghan Strikes

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  • Pence Warns North Korea of U.S. Resolve Shown in Syria, Afghan Strikes

U.S. Vice President Mike Pence put North Korea on notice on Monday, warning that recent U.S. strikes in Syria and Afghanistan showed that the resolve of President Donald Trump should not be tested.

Pence and South Korean acting president Hwang Kyo-ahn, speaking a day after a failed missile test by the North and two days after a huge display of missiles in Pyongyang, also said they would strengthen anti-North Korea defences by moving ahead with the early deployment of the THAAD missile-defence system.

Pence is on the first stop of a four-nation Asia tour intended to show America’s allies, and remind its adversaries, that the Trump administration was not turning its back on the increasingly volatile region.

“Just in the past two weeks, the world witnessed the strength and resolve of our new president in actions taken in Syria and Afghanistan,” Pence said in a joint appearance with Hwang.

“North Korea would do well not to test his resolve or the strength of the armed forces of the United States in this region,” Pence said.

The U.S. Navy this month struck a Syrian airfield with 59 Tomahawk missiles after a chemical weapons attack. On Thursday, the U.S. military said it had dropped “the mother of all bombs”, the largest non-nuclear device it has ever unleashed in combat, on a network of caves and tunnels used by Islamic State in Afghanistan.

North Korea’s KCNA news agency on Monday carried a letter from leader Kim Jong Un to Syrian President Bashar al-Assad marking the 70th anniversary of Syria’s independence.

“I express again a strong support and alliance to the Syrian government and its people for its work of justice, condemning the United States’ recent violent invasive act against your country,” Kim said.

On a visit to the border between North and South Korea earlier in the day, Pence, whose father served in the 1950-53 Korean War, said the United States would stand by its “iron-clad alliance” with South Korea.

“All options are on the table to achieve the objectives and ensure the stability of the people of this country,” he told reporters as tinny propaganda music floated across from the North Korean side of the so-called demilitarized zone (DMZ).

“There was a period of strategic patience but the era of strategic patience is over.”

ECONOMIC TALKS

Pence is expected to discuss rising tension on the Korean peninsula with Japanese Prime Minister Shinzo Abe on Tuesday when he travels to Tokyo to kick off economic talks with Finance Minister Taro Aso.

Pence will meet business leaders in Seoul before departing – a “listening session” he will reprise at other stops on his tour in Tokyo, Jakarta and Sydney.

His economic discussions will be closely watched to see how hard a line Washington is prepared to take on trade. Trump campaigned for office on an “America First” platform, and has vowed to narrow big trade deficits with nations like China, Germany and Japan.

But Trump has also shown he is willing to link trade to other issues, saying he would cut a better trade deal with China if it exerts influence on North Korea to curb its nuclear ambitions.

Trump acknowledged on Sunday that the softer line he had taken on China’s management of its currency was linked to its help on North Korea.

The United States, its allies and China are working on a range of responses to North Korea’s latest failed ballistic missile test, Trump’s national security adviser said on Sunday, citing what he called an international consensus to act.

China has spoken out against the North’s weapons tests and has supported U.N. sanctions. It has repeatedly called for talks while appearing increasingly frustrated with the North.

But Pence and Hwang said they were troubled by retaliatory economic moves by China against the deployment in South Korea of a U.S. anti-missile system known as the Terminal High Altitude Area Defense (THAAD).

South Korea, which accuses China or discriminating against some South Korean companies working in China, and the United States say the sole purpose of THAAD is to guard against North Korean missiles.

China says its powerful radar can penetrate its territory and undermine its security and spoke out against it again on Monday.

‘RECKLESS’

Chinese Foreign Ministry spokesman Lu Kang told reporters in Beijing the situation on the Korean peninsula was “highly sensitive, complicated and high risk”, adding all sides should “avoid taking provocative actions that pour oil on the fire”.

Russian Foreign Minister Sergei Lavrov said Moscow could not accept North Korea’s “reckless nuclear actions” but the United States should not take unilateral action against it.

Trump’s national security adviser, H.R. McMaster, indicated on Sunday that Trump was not considering military action against North Korea for now, even as a nuclear-powered aircraft carrier strike group was heading for the region.

“It’s time for us to undertake all actions we can, short of a military option, to try to resolve this peacefully,” he said on ABC’s “This Week” programme.

The Trump administration is focusing its strategy on tougher economic sanctions, possibly including an oil embargo, a global ban on its airline, intercepting cargo ships and punishing Chinese banks doing business with Pyongyang.

Tensions have risen as Trump takes a hard rhetorical line with Kim Jong Un, who has rebuffed admonitions from China and proceeded with nuclear and missile programmes seen by Washington as a direct threat.

China says the crisis is between the United States and North Korea. Lu said China efforts to help achieve denuclearization were clear, adding: “China is not the initiator of the Korean peninsula nuclear issue.”

China banned imports of North Korean coal on Feb. 26, cutting off its most important export and Chinese media has raised the possibility of restricting oil shipments to the North if it unleashed more provocations.

Pyongyang has conducted several missile and nuclear tests in defiance of U.N. sanctions, and has said it has developed and would launch a missile that can strike the U.S. mainland.

U.S. officials and experts believe it is some time away from mastering the necessary technology, including miniaturising a nuclear warhead.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Ukraine Strikes Russian Fuel Depot, Sparking Fires in Belgorod Region

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Russian Mercenaries

The governor of Russia’s southern Belgorod region said on Sunday Ukrainian forces attacked a fuel depot, triggering a series of fires after Moscow and Kyiv accused each other of launching overnight attacks on border regions.

“The Ukrainian military, aided by lethal drones, attacked a fuel storage site in Volokonovsky district,” Vyacheslav Gladkov wrote on Telegram, referring to an area near the border.

“Several reservoirs caught fire in an explosion. Firefighting crews are putting out the blaze.”

Gladkov also reported drone attacks on three other localities. There were no casualties reported in the incidents.

In the overnight air attacks, Ukrainian officials said two people died and four were injured in Sumy region. Gladkov reported three civilians were injured in Belgorod.

Two children were among those injured in Sumy, the military administration of the northeastern Ukrainian region said on Sunday on Telegram. Several homes and cars were damaged.

In Belgorod region, three civilians, including two children, were injured. Gladkov said two residential buildings were destroyed and more than 15 buildings in total were damaged.

The Russian defence ministry said it had destroyed one drone over Belgorod region and another over Kursk region, where Ukrainian forces launched a cross-border incursion last month. It said two drones were intercepted over Belgorod overnight.

Border regions on both sides have been subject to frequent attacks. Both Moscow and Kyiv deny targeting civilians, saying the attacks are aimed at destroying each other’s infrastructure critical to war efforts.

Thousands of civilians have died in the war, which Russia started with a full-scale invasion on Ukraine in February 2022. Millions of Ukrainians have also been displaced, while their cities and villages have become piles of rubble

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Ghana Ordered to Pay $111.5M to Power Company After U.S. Court Ruling

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The government of Ghana has been ordered to pay $111.5 million to Ghana Power Generation Company (GPGC) following a ruling by a District of Columbia Court in the United States.

This ruling was granted in favor of GPGC after Ghana failed to respond to an earlier tribunal ruling from the United Kingdom, which found the country in breach of a power purchase agreement.

The court’s decision comes after Ghana terminated its contract with GPGC on February 18, 2018. The UK tribunal, in its final award dated January 26, 2021, found that Ghana had violated its contractual obligations, resulting in significant financial damages for GPGC.

The tribunal initially awarded GPGC $134.3 million in damages, calculated using the Early Termination Payment formula as specified in the purchase agreement.

Ghana, however, did not comply with the tribunal’s verdict, prompting GPGC to pursue the matter in U.S. courts. On January 19, 2024, GPGC filed a lawsuit in the District of Columbia, citing the Federal Arbitration Act and the New York Convention, which provides for the recognition of international arbitration awards.

Court documents reveal that the petition was formally delivered to Ghana’s Ministry of Foreign Affairs and Regional Integration on January 23, 2024.

Despite receiving the legal documents, Ghana failed to respond to the court proceedings by the March 29, 2024, deadline. This non-response led the U.S. court to grant a default judgment in favor of GPGC.

Chief Judge James E. Boasberg emphasized that the arbitral judgment fell under the New York Convention, which requires member states, including the United States, to recognize and enforce international arbitration awards.

He further noted that Ghana had voluntarily submitted to international arbitration when entering the power purchase agreement, waiving its sovereign immunity in the process.

Although GPGC was not awarded pre-judgment interest, Ghana will be obligated to pay post-judgment interest at rates set by U.S. law.

This adds an additional financial burden to the $111.5 million judgment as the payment accrues further interest over time.

The country narrowly avoided a separate $11 billion arbitration award in the infamous P&ID case, which was eventually overturned due to findings of corruption and bribery.

However, in the GPGC case, multiple European courts have upheld enforcement orders, leaving Ghana with limited legal recourse.

The court’s decision is expected to place added pressure on Ghana as it faces mounting financial obligations related to international arbitration disputes.

GPGC has indicated that it will pursue all available legal avenues to ensure full recovery of the damages awarded by the tribunal, including possible enforcement actions in other jurisdictions.

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Zhongshang Fucheng Moves to Auction Nigerian Properties in UK Following $70M Arbitration Award

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Bola Tinubu

Zhongshang Fucheng Industrial Investment Ltd has escalated its efforts to collect a $70 million arbitration award from Nigeria by putting two residential properties in Liverpool up for sale.

This significant development follows a 2021 arbitration verdict against Nigeria, which remains unsettled.

The Chinese investment group has reportedly listed two buildings linked to the Nigerian government—15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road—on the global online marketplace eBay.

The move is part of a broader strategy to recover the outstanding $70 million, which includes a principal amount of $55,675,000, plus interest and legal costs, as stipulated by the arbitration verdict.

The arbitration stemmed from a dispute between Zhongshang Fucheng and Ogun State over a trade treaty violation.

The company claimed that Ogun State rescinded its rights to a free trade zone in 2016, prompting a legal battle that saw Zhongshang’s executives expelled from Nigeria.

The British court granted Zhongshang the authority to seize Nigerian assets in the UK after the Nigerian government failed to settle the arbitration judgment.

The seizure and subsequent auction of these properties mark a pivotal moment in the ongoing legal conflict.

The properties were confiscated because they were not classified as diplomatic or consular assets, making them subject to seizure under the court’s orders.

According to sources familiar with the situation, the properties are valued at approximately $2.2 million.

Zhongshang Fucheng has opted for an online auction to expedite the sale, aiming to reach a broad pool of potential buyers.

The decision to use eBay highlights the company’s commitment to transparency and swift asset recovery.

“This move is not just about recovering the funds; it’s a demonstration of our commitment to enforcing the arbitration award and ensuring that due process is followed,” said a consultant working with Zhongshang Fucheng, who spoke on condition of anonymity.

The Nigerian government, already grappling with similar arbitration cases, is facing increased scrutiny as European courts have granted enforcement orders in several countries, including the UK, Belgium, and France.

The ongoing conflict with Zhongshang Fucheng has intensified pressure on Nigerian authorities to address these legal and financial challenges more effectively.

In June 2024, the UK High Court, King’s Bench Division, ruled in favor of Zhongshang’s right to seize the Liverpool properties.

Master Lisa Sullivan’s ruling emphasized that the properties were used for commercial purposes, thereby excluding them from sovereign immunity protections.

The case against Nigeria underscores broader issues related to international arbitration and asset recovery, reflecting a growing trend of global legal disputes over state assets.

For Zhongshang Fucheng, the auction of the Liverpool properties represents a critical step in securing the funds awarded by the arbitration panel.

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