Former British Chancellor of Exchequer, Rishi Sunak will soon be announced as British Prime Minister. Rishi Sunak will be replacing Liz Truss who resigned after 44 days into her premiership.
This new development is a result of others dropping out of the race. A close contender, Penny Mordaunt had pulled out of the race paving way for Rishi Sunak to become the next prime minister.
Before now, a former British prime minister, Boris Johnson had also withdrawn from the race after claiming he had secured the support of at least 100 Members of Parliament (MP). Boris stated that his withdrawal is a result of his conclusion that it is “not the right time” for him to return as prime minister
With no gain saying, the new prime minister will be tasked with the primary responsibility of revamping the British economy and also perfecting the Brexit negotiations.
Investors King learnt that Rishi Sunak will be the first British prime minister of Hindu origin and the youngest in the last two centuries at the age of 42.
Meanwhile, the labour party has berated Sunak’s nomination as the next prime minister by the conservative party. Labour Party Deputy Leader, Angela Rayner claimed the party can not trust Rishi Sunak to turn the British’s economy around after he failed to grow the economy and tame rising inflation as Chancellor of Exchequer.
The Labour Party Deputy Leader instead called for a general election. ” We need a general election so that the public can get a say on the future of Britain – and the chance for a fresh start with Labour,” she said.
Rishi Sunak’s emergence will make him UK’s third prime minister in just seven weeks. Ms Liz Truss who was elected to replace Boris Johnson resigned after 44 she assumed office saying “I can not deliver on the mandate which I was elected”.
Sunak who was the runner-up in the race that ushered in Liz Truss had earlier called Truss’s economic policy a ” fairy-tale”. Sunak will officially become the next prime minister of the United Kingdom when Truss turns in her resignation letter to King Charles.
China and EU Seek Partnership: Xi Jinping Proposes Key Trade Alliance
Chinese President Xi Jinping expressed his desire for China and the European Union (EU) to become key trade partners and foster trust in supply chains, during a meeting with EU leaders in Beijing.
The talks marked the first in-person summit between the two sides in four years and addressed a range of economic concerns, including data flows and market access.
Xi emphasized China’s commitment to high-quality development and opening up, positioning the EU as a crucial partner in economic and trade cooperation.
He envisioned the EU as a trusted collaborator in industrial and supply chain cooperation, aiming for mutual benefits and win-win results.
The summit delved into longstanding issues, such as efforts by Europe to “de-risk” its supply chains and the EU’s anti-subsidies investigation into Chinese-made electric vehicles.
China criticized the investigation, urging the EU to avoid using it for “trade protectionism.”
Xi called for the elimination of interference between China and the EU, a statement likely directed at the United States, which has taken actions, including enlisting the Netherlands, to curb China’s development of high-end semiconductors.
The EU leaders, Ursula von der Leyen and Charles Michel, described their conversation with Xi as “good and candid.”
They discussed the main challenges amid increasing geopolitical frictions, emphasizing a commitment to balanced trade relations and pledging to enhance people-to-people exchanges.
During the meeting, Italy formally informed China of its exit from the Belt and Road Initiative, highlighting ongoing strains between the EU and China.
Xi discussed Belt and Road with EU leaders, expressing a willingness to connect it with the EU’s Global Gateway infrastructure plan.
However, deep issues remain, including Russia’s war in Ukraine, trade imbalances, and Chinese overcapacity exported to Europe.
Jens Eskelund, president of the European Union Chamber of Commerce in China, stressed the need to address these issues to foster a positive relationship between Beijing and Brussels.
UAE Commits $30 Billion as COP28 Climate Talks Kick Off in Dubai
Nigeria Eyes BRICS Membership within Two Years as Foreign Minister Emphasizes Strategic Alignment
In a strategic move towards global economic collaboration, Nigeria is aspiring to join the BRICS group of nations within the next two years.
The Minister of Foreign Affairs, Yusuf Tuggar, affirmed that Nigeria is open to aligning itself with groups that demonstrate good intentions, well-meaning goals, and clearly defined objectives.
Tuggar stated, “Nigeria has come of age to decide for itself who her partners should be and where they should be; being multiple aligned is in our best interest.”
He emphasized the need for Nigeria to be part of influential groups like BRICS and the G-20, citing criteria such as population and economy size that position Nigeria as a natural candidate.
BRICS, comprising Brazil, Russia, India, China, and South Africa, stands as a formidable bloc of emerging market powers.
In a recent move to expand its influence, BRICS invited six additional nations, including Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates, to join the group.
Nigeria, as Africa’s largest economy, has been absent from the BRICS alliance, prompting discussions on the potential economic and political advantages the bloc could offer the country.
Analysts have noted that BRICS membership could provide Nigeria with significant leverage on the global stage.
Vice President Kashim Shettima clarified that Nigeria did not apply for BRICS membership after the bloc’s announcement of new members in August.
Shettima emphasized the principled approach of President Bola Ahmed Tinubu, highlighting a commitment to consensus building in decisions related to international partnerships.
As Nigeria eyes BRICS membership, the move is seen as a strategic step towards enhancing its global economic and diplomatic influence.
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