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Trump’s Paris Exit Leaves Him Isolated From C-Suites to Capitals

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climate change - Investors King
  • Trump’s Paris Exit Leaves Him Isolated From C-Suites to Capitals

The response to President Donald Trump’s announcement he was exiting the Paris climate accord and wanted to renegotiate on his terms was immediate: The leaders of France, Germany and Italy said no.

On Wall Street, corporate executives pilloried the businessman president. Goldman Sachs’ CEO tweeted for the first time, calling the move a setback for the world. Tesla Inc.’s Elon Musk and Bob Iger of Walt Disney Co. quit a White House advisory council in protest.

Even the mayor of Pittsburgh, Pennsylvania — a city Trump highlighted as a beneficiary of his decision to turn his back on the global pact — vowed to abide by the Paris agreement.

Trump’s decision leaves him more alienated than ever, isolated on the world stage and increasingly embattled at home.

Coming against the backdrop of sprawling probes into ties between Russia and Trump’s campaign, the backlash threatens to sap the president’s power when he needs it most to advance domestic priorities such as tax reform and a health care overhaul while confronting an increasingly bellicose North Korea.

It’s a dramatic change in fortunes for the president after just 133 days in office. Business leaders no longer seem to fear Trump’s tweets; foreign leaders have moved from attempts to find rapport to direct confrontation.

Consider that in earlier days, a tweet about Ford Motor Co. shipping U.S. jobs to Mexico prompted the automaker to announce it was abandoning plans to build a $1.6 billion plant there.

Days after his election, Trump called the top executive of United Technologies Corp. and told him not to move jobs from a Carrier factory in Indianapolis to Mexico. Carrier partially relented, agreeing to keep 1,100 jobs in the U.S. in exchange for $7 million in tax breaks and incentives from the state. (Even so, 1,300 jobs are still going to Mexico.)

And in her first visit with Trump in Washington, German Chancellor Angela Merkel gamely tried to shake Trump’s hand during a photo opportunity, offering an optimistic assessment of the meeting despite the president’s persistent criticisms of her country.

“I’ve always said it’s much, much better to talk to one another and not about one another, and I think our conversation proved this,” she said afterwards.

There is none of that fear and trembling now.

After Trump’s announcement on Paris, Ford issued a statement asserting that “we believe climate change is real and remain deeply committed to reducing greenhouse gas emissions.” Company chairman Bill Ford, the man Trump once described as “my friend,” broke with the president over his executive order on immigration. And Ford still employs more than 7,000 workers in Mexico.

Although Carrier hasn’t announced a change to its plans, other companies are moving production south. And foreign leaders now game out how to try to one-up the president.

In his first meeting with Trump, French President Emmanuel Macron squeezed Trump’s hand so hard that the American’s knuckles turned white. And when the two chatted before cameras, Macron spoke only French. (He switched to English for his remarks with U.K. Prime Minister Theresa May).

After Trump’s announcement on Paris, Macron tweeted, “Make our planet great again,” and assured American scientists, engineers, entrepreneurs and “responsible citizens” they could find “a second homeland” in France.

Trump’s first foreign trip as president left fellow members of the North Atlantic Treaty Organization unsettled and wary, as well. Trump omitted any clear commitment to the alliance’s pledge of collective defense, leaving allies uncertain whether the U.S. would come to their aid if attacked.

Afterwards, unlike her White House visit, Merkel didn’t extol the benefits of discussion.

She told a beer-hall rally in Munich that Europe “really must take our fate into our own hands,” adding “this is what I have experienced in the last few days.”

Former Defense Secretary Leon Panetta said the combined weight of Trump’s NATO speech and his decision to leave the Paris agreement mark “the sad demise of a 70-year era of American global leadership.”

” ‘America First’ policies are threatening our strategic interests and eroding our moral standing in the world,” Panetta said in a statement.

To be sure, the Republican voters that elected Trump to the White House have not turned away from the president. Among Republicans, 87 percent say they approve of the job Trump is doing, according to Gallup’s most recent weekly poll. Trump’s job approval has fallen just slightly, from 45 percent just after his inauguration to 41 percent.

And congressional leaders upon whom Trump depends to advance his agenda endorsed his action. House Speaker Paul Ryan called the Paris agreement “a raw deal for America” and commended the decision. And Senate Majority Leader Mitch McConnell, a Republican from the coal-state of Kentucky, was more blunt: “I applaud President Trump and his administration for dealing yet another significant blow to the Obama administration’s assault on domestic energy production and jobs.”

The tone of Trump’s Rose Garden speech Thursday was unapologetic, evoking the inaugural address in which the president angrily lashed out at other countries playing the U.S. for a fool and vowed that “from this day forward, it’s going to be only America first.”

“The Paris agreement handicaps the United States economy in order to win praise from the very foreign capitals and global activists that have long sought to gain wealth at our country’s expense,” Trump said. “We don’t want other leaders and other countries laughing at us anymore.”

Trump did make an offer to renegotiate the Paris accord, but that was quickly rejected. Merkel, Macron and Italian President Sergio Mattarella issued a statement insisting that the agreement was “irreversible” and “cannot be renegotiated.”

And after the president said he was taking action to put the interests of Youngstown, Ohio; Detroit, Michigan; and Pittsburgh above those of Paris, Bill Peduto, Pittsburgh’s mayor, shot back that the city needed no such help: “I can assure you that we will follow the guidelines of the Paris agreement for our people, our economy and future.”

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

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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NIMC Announces Launch of Three National ID Cards to Boost Identity Management

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The National Identity Management Commission (NIMC) has unveiled plans to launch three new national identity cards.

These cards are aimed at providing improved access to government services and bolstering identification systems across Nigeria.

The three new national identity cards, as disclosed by Ayodele Babalola, the Technical Adviser, Media, and Communications to the Director-General of NIMC, will include a bank-enabled National ID card, a social intervention card, and an optional ECOWAS National Biometric Identity Card.

Babalola explained that these cards are tailored to meet the diverse needs of Nigerian citizens while fostering greater participation in nation-building initiatives.

In an interview, Babalola outlined the timeline for the rollout of these cards, indicating that Nigerians can expect to start receiving them within one or two months of the launch, pending approval from the Presidency.

The bank-enabled National ID card, designed to cater to the middle and upper segments of the population, will offer seamless access to banking services within the specified timeframe.

Also, the National Safety Net Card will serve as a crucial tool for authentication and secure platform provision for government services such as palliatives, with a focus on the 25 million vulnerable Nigerians supported by current government intervention programs.

This initiative aims to streamline the distribution process and ensure efficient delivery of social services to those in need.

Furthermore, the ECOWAS National Biometric Identity Card will provide an optional identity verification solution, facilitating cross-border interactions and promoting regional integration within the Economic Community of West African States (ECOWAS).

The announcement comes on the heels of NIMC’s collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS) to develop a multipurpose national identity card equipped with payment capabilities for various social and financial services.

This collaborative effort underscores the commitment of key stakeholders to foster innovation, cost-effectiveness, and competitiveness in service delivery.

Babalola stated that the new identity cards aim to address the need for physical identification, empower citizens, and promote financial inclusion for marginalized populations. With a target of providing these cards to approximately 104 million eligible applicants on the national identification number database by the end of December 2023, NIMC is poised to revolutionize the identity management landscape in Nigeria.

The implementation of these programs aligns with broader efforts to drive digital transformation and improve access to essential services for all Nigerians.

Babalola highlighted the multifaceted benefits of the new identity cards, including their potential to uplift millions out of poverty by facilitating access to government social programs and financial services.

While the launch date is set tentatively for May pending presidential approval, NIMC remains committed to finalizing the necessary details to ensure a smooth rollout of the new identity cards.

The introduction of these cards represents a significant step forward in NIMC’s mission to provide secure and reliable identity solutions that empower individuals and contribute to the socio-economic development of Nigeria.

Efforts to reach Kayode Adegoke, the Head of Corporate Communications at NIMC, for further insights on the initiative were unsuccessful at the time of reporting.

As Nigeria gears up for the launch of these innovative identity cards, stakeholders express optimism about the potential positive impact on identity management, financial inclusion, and socio-economic development across the country.

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