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Deadly Earthquake Leaves Turkey and Syria in Crisis

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Earthquake

A powerful earthquake struck Turkey and Syria last Monday, causing widespread destruction and leaving tens of thousands dead or injured.

The death toll continues to rise as rescuers pull more survivors from the rubble, but with each passing day, the chances of finding more survivors grow increasingly remote.

This has been the deadliest earthquake to hit Turkey since 1939, and the situation is only compounded by the ongoing civil war in Syria, which has already left many residents homeless.

In Antakya, one of the hardest hit cities in southern Turkey, business owners have had to empty their shops to prevent looters from stealing merchandise.

There have been widespread reports of businesses and collapsed homes being robbed, which is only adding to the misery of those affected by the disaster. President Recep Tayyip Erdogan has pledged to deal firmly with looters and to restore order to the disaster zone.

The earthquake has hit Syria particularly hard in the rebel-held northwest, where many people who have already been displaced several times by the civil war are now homeless once again.

The region has received very little aid compared to government-held areas, which has left many residents feeling abandoned. The United Nations aid chief, Martin Griffiths, has tweeted from the Turkey-Syria border, saying that the people in northwest Syria have “so far failed” and that he is focused on addressing the situation as quickly as possible.

The Chinese and Turkish rescuers have been praised for their heroic efforts, having saved a 54-year-old Syrian man who survived 156 hours in the rubble of Antakya. Despite the danger, rescue teams continue to search the rubble for any remaining signs of life.

Although the number of survivors pulled from the ruins has been declining, rescuers still managed to save several people on Sunday, including a father and daughter, a toddler, and a 10-year-old girl.

As the aftermath of the earthquake continues to unfold, building quality in Turkey has come into sharp focus. Turkish Vice President Fuat Oktay has announced that 131 suspects have been identified as responsible for the collapse of some of the thousands of buildings that were destroyed in the affected provinces.

The government has promised to hold those responsible accountable and to bring the necessary legal action against them.

The earthquake has struck at a critical moment for Turkey, as President Erdogan faces presidential and parliamentary elections in June.

His popularity has already been declining due to rising inflation and a struggling economy, and the slow and inadequate relief efforts in the aftermath of the earthquake have only added to the criticism he faces.

In Syria, the situation is further complicated by the ongoing civil war, which has made it difficult to provide aid to those in need. Earthquake aid from government-held areas into the territory controlled by hardline opposition groups has been held up by approval issues with Islamist group Hayat Tahrir al-Sham (HTS), which controls much of the region.

The United Nations is hoping to increase cross-border operations by opening two additional border points between Turkey and opposition-held Syria to allow for the delivery of aid.

As the crisis continues to unfold, the international community is rallying to provide aid and support to those affected by the earthquake. The United States has called on the Syrian government and all other parties in the country to immediately grant humanitarian access to all those in need, while several Arab countries have provided support to the Syrian government.

The first shipment of European earthquake aid has also arrived in Damascus, and the United Nations is working to ramp up its efforts to bring aid and support to those in need.

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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