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Trump Signs ‘Comprehensive Document’ With Kim as Summit Ends

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  • Trump Signs ‘Comprehensive Document’ With Kim as Summit Ends

U.S. President Donald Trump signed what he called a “very comprehensive” document with North Korean Leader Kim Jong Un, capping a highly anticipated summit in Singapore aimed at overcoming decades of hostility and mistrust.

“We both want to do something,” Trump said on Tuesday, with Kim sitting at his side, later promising the two would meet again. “We both are going to do something. We’ve developed a very special bond.”

The North Korea leader said through a translator that the document “heralds a new start, leaving the past behind.” He added: “the world will witness a major change now.”

Neither Trump nor Kim gave any indication about the contents of the document, though the president said he would elaborate for the media later Tuesday. The signing ceremony came more than four hours into a meeting in Singapore aimed at easing decades of tensions between adversaries that only last year seemed on the brink of nuclear war.

Trump said that he and Kim would be meeting again, though he offered no timeline for when that might happen.

“Our whole relationship with North Korea and the Korean Peninsula is going to a very much different situation than it has in the past.”

For each leader, the summit represented a major gamble, and the outcome will be dissected around the globe for a sense of whether one of the world’s greatest security threats — Kim’s nuclear arsenal — can be eliminated. The talks were seen as a key first step to a formal end of the Korean War, which remains unfinished after a 1953 armistice.

The two men kicked off their summit with a handshake shortly after 9 a.m. local time Tuesday — 9 p.m. Monday in New York — marking the first face-to-face encounter between a sitting U.S. president and a North Korean leader.

As the meeting opened at the Capella Hotel on Singapore’s Sentosa Island, the two men entered with somber expressions that quickly gave way to smiles. Moments earlier, Trump had announced his chief economic adviser, Larry Kudlow, had been sent to the hospital after suffering a heart attack.

“It’s my honor, and we will have a terrific relationship, I have no doubt,” Trump said in brief remarks to reporters moments after their history-making handshake.

“It was not an easy journey,” Kim said earlier. “We’ve had a past that stopped us from advancing, and wrong behaviors and practices sometimes closed our eyes and ears, but we’ve overcome those to come to this point.”

The two leaders emerged about three hours into their meetings after a working lunch with senior aides. Trump spoke briefly to the press, letting reporters know that there would be a document signing, then appeared to show Kim his armored presidential limousine.

“It’s going great,” Trump said, with Kim at his side. “We had a really fantastic meeting. A lot of progress. Really very positive, I think better than anybody could’ve expected. Top of the line. Really good.”

Trump was joined in the talks by Secretary of State Mike Pompeo, who played a crucial role setting up the summit, National Security Adviser John Bolton and Chief of Staff John Kelly. Kim was accompanied by North Korean Vice Chairman Kim Yong Chol, Foreign Minister Ri Yong Ho and former Foreign Minister Ri Su Yong.

Just meeting with Trump marks a diplomatic accomplishment for Kim, who has emerged from isolation in recent months and rapidly increased his outreach to other world leaders.

By sitting down with an American president — a longtime goal of North Korea’s government — Kim’s regime is advancing its effort to establish its “reputation, respect, and credibility as a nuclear weapon state,” said Michael J. Green, senior vice president for Asia and Japan Chair at the Center for Strategic and International Studies.

Drama surrounding the event heightened in the hours before the leaders greeted each other, as the two sides shifted their schedules. After Kim made clear that he would be leaving Singapore by the end of the day, the White House announced that Trump would depart in the evening after delivering his afternoon news conference.

Trump wants the complete, verifiable and irreversible dismantling of North Korea’s nuclear weapons program. Kim is seeking a security guarantee — and possibly a peace treaty — and the removal of the U.S.’s nuclear umbrella protecting allies South Korea and Japan.

Kim has rejected calls to unilaterally give up his weapons in return for economic aid, and instead has proposed a step-by-step denuclearization process. His public statements and state-run media indicate he wants a deal to ease sanctions, but that he won’t give up his nuclear weapons until he feels safe enough to retain power without them.

Pompeo on Monday drew a firm line, saying the U.S. plans to keep sanctions in place until North Korea eliminates its nuclear weapons capability. Complete, verifiable, irreversible denuclearization, he told reporters, “is the only outcome that the United States will accept.”

Yet the top U.S. diplomat added Trump is ready to offer “unique” guarantees to ease the regime’s concerns about giving up a nuclear arsenal that provides a deterrent against foreign adversaries while also serving as a key point of national pride.

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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ghana

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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