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China Blasts G-20 for Retreat on Trade as Trump-Putin Talks Loom

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  • China Blasts G-20 for Retreat on Trade as Trump-Putin Talks Loom

Chinese President Xi Jinping took a swipe at the U.S. for retreating from globalization, exposing the tensions before a meeting of world leaders divided over everything from trade and climate change to handling North Korea’s provocations.

Xi, speaking in Hamburg on Friday at the start of one of the most highly-anticipated summits of Group of 20 nations in years, slammed unnamed “major” developed nations for stoking geopolitical risks through calls to reverse globalization and return to protectionism. China and others must respond by stepping into the leadership vacuum and pressing for their interests, he said.

“Major developed countries have significantly backtracked positions on trade, climate change and other issues,” Xi said before a meeting with fellow leaders from the so-called BRICS group of major developing nations. These developments affect the BRICS nations — Brazil, Russia, India and China — and reinforce the need to step up coordination “to speak in one voice to steer the world economy in right direction,” he said.

Xi’s outspoken remarks hint at the difficult task ahead for German Chancellor Angela Merkel as she chairs the two-day G-20 summit. Already overshadowed by violent clashes between police and anti-globalization protesters, the talks began with an informal session on terrorism. The event will also see the first official meeting between U.S. President Donald Trump and Russian President Vladimir Putin, which will take place around 3:45 p.m.

“I look forward to all meetings today with world leaders, including my meeting with Vladimir Putin,” Trump said in a tweet. “Much to discuss.”

The summit is set to highlight the tensions that are reshaping global politics as the world adjusts to Trump’s election last year. The U.S. will be represented for the first time in decades by a president who embraces protectionism, forcing Germany and China into an informal alliance pushing the merits of free trade and action against climate change.

Participants also face a U.S. leader much more unpredictable than his predecessors, which may concern the Chinese as tempers fray on how best to curtail North Korea’s nuclear ambitions.

“We won’t paper over discord, but rather recognize when there is discord and different views on various topics,” Merkel said Thursday.

So far, the summit in the port city has been dominated by clashes between protesters and police. Protesters harried police on Friday, as they tried to disrupt the summit hours after the authorities used water cannon on a group of about 1,000 people seeking to march to the site of the meeting.

The summit’s official agenda will be dominated by discussions about terrorism, financial regulation, global trade, climate and migration. But the real highlight will be the first meeting between Trump and Putin, which is expected to last about 30 minutes. The U.S. president’s initial months in office have been dominated by the fallout from Russia’s meddling in the U.S. election and allegations about collusion between his campaign officials and the Kremlin.

Issues between the nations include Russian sanctions, halting North Korea’s nuclear weapons program and managing frictions over Syria and Iran. Amid suspicions of further Russian interference, this time in U.S. power plants, it’s still not clear whether Trump will raise the hacking issue.

Both sides played down expectations, portraying the meeting mostly as a chance for the leaders to take the measure of each other. The goal of improved ties has met fierce resistance from some in the Washington establishment.

Trump’s meeting with Xi, scheduled for Saturday, is also one to watch. Chinese officials have struck an optimistic tone — even going so far as to single out the “Art of the Deal” as a book to be read “with respect,” in a press conference Thursday. But Xi’s latest comments underscore how the friendship struck up with Trump at Mar-a-Lago in April is fraying.

Trump initially backed off campaign threats to declare China a currency manipulator following his shock election victory in November, seeking China’s help on North Korea. But he has since shown signs of losing patience as Pyongyang tests missile after missile, including what the U.S. said was its first intercontinental ballistic missile on Tuesday. “So much for China working with us – but we had to give it a try!” Trump said in a tweet Wednesday.

Ultimately, Merkel will have the toughest job at the summit as she tries to steer a path through the divisions to produce a communique everyone can agree on. She is reluctant, for example, for the U.S. to seem too isolated after a G-7 summit in Sicily that was marred by a bitter disagreement between Trump and other leaders over climate change. The president declared his intention to pull out of the Paris Accord just days later.

“I will do all I can to find compromises and answers to the questions that are important for shaping globalization,” Merkel told reporters on Thursday. “Naturally climate will also play a role here, and as you can imagine, there will be discussions here that won’t be all that easy.”

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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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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

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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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