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Young Take Revenge on Old as Divided Britain Upends its Politics

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  • Young Take Revenge on Old as Divided Britain Upends its Politics

Angry youth was always going to be a wildcard in this election, and it might just have helped cause yet another upset in Britain.

The political upheaval since the country voted to leave the European Union last year stems from the fault lines across the country that Prime Minister Theresa May misread and Labour leader Jeremy Corbyn appears to have understood.

Brexit, along with spending cuts and paying for pensions, pitted the generations against each other. Young once apathetic Britons rallied behind Corbyn’s leftist battle cry and propelled the anti-May anthem “Liar, Liar” to the top of the pop charts with 2.6 million YouTube views.

“I wanted to see Theresa May get a bit of a kicking,” said George Hames, 20, who voted for Labour in London. “The way Corbyn has been able to paint a contrast between himself and May: He’s given people something to vote for, not just pragmatically, but because they think it can change the world.”

Following last year’s referendum, there were protests in some cities with banners such as “You Stole My Future.” Thursday’s vote was the action that spoke louder than words as Corbyn wooed students with promises like restoring free university education and scrapping austerity, prompting a surge in the number of younger people registering to vote.

Cult of Corbyn

Corbyn, who now backs Brexit, has nurtured a cult-like following by taking his party back to its socialist roots and — so people thought — away from any chance of power. He promised what he called politics for the people and had a buoyant campaign that surprised allies and foes alike. May, meanwhile, floundered.

“Everyone who supported the Labour Party yesterday — young people, old people, everyone in between — I think they should be very proud of what we achieved,” Corbyn said on Friday.

Thousands lined the streets outside Corbyn’s final rally at the Union Chapel in North London, with supporters inside the building dancing as they waited for their 68-year-old gray bearded leader. The party atmosphere was a stark contrast to May’s final speech — a short address in the basement of a conference center in Meriden, central England.

To loud cheers and foot-stamping from his supporters, Corbyn defined his vision for Labour, driven by “hope that we can stand up to the elite and to the cynics.”

Amy Grant, a 28-year-old actress and Labour supporter, said she had never attended political rallies before Corbyn. “He’s the only politician who speaks for my generation,” she said. “He’s the only one who doesn’t perform — he says what he thinks.”

Getting Out

In a telling reaction, more U.K. millennials tried to register to vote ahead of the general election than before the Brexit referendum. About 2 million people 34 or under attempted to sign up in the five weeks before the May 22 registration deadline, up 20 percent on the comparable period before the EU vote, U.K. government data showed.

“There’s a huge gulf now between young and old,” Nick Clegg, the former Liberal Democrat leader who famously did a U-turn on a campaign pledge not to raise tuition fees for college students, said as he lost his seat to a Labour in the city of Sheffield. “We must try and reach out to each other to find common ground and heal the wounds.”

For Adam Bernstein, 25, it was about feeling aggrieved from having his country taken out of the EU. He wanted to remain in the EU, and voted for Labour in London.

“For me it’s a sign that Brexit can be stymied and kicked into the long grass,” said Bernstein. “Obviously Labour hasn’t won the election, but it could have been an awful lot worse.”

Welsh Cheers

In Wales, Craig McDonald, also 25, a charity worker who voted Labour, said he couldn’t believe what he was seeing. “My friends were physically cheering in the streets,” he said. “I was loving it.”

Abbie Douglas, 18, voted for the first time in a general election in the Scottish city of Stirling. She also backed Labour, though the Conservatives took the seat from the Scottish National Party.

Former SNP leader Alex Salmond, who also lost in the northeast of the country, put his party’s losses nationwide down to a late surge in Labour popularity because of Corbyn’s campaign. In Scotland’s 2014 independence referendum, it was Salmond’s party that made politics cool again. For Douglas, a vote for Labour was about sending a message to power in London.

“They have better policies than the Conservatives on health, inequalities, pensions,” said Douglas. “Also, Theresa May is so unlikable.”

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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