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Africa Shifts Towards China Amid US Tariffs
Africa Shifts Towards China Amid US Tariffs
Africa is bracing for the impact of US President Donald Trump’s tariffs, with several countries on the continent facing some of the highest export charges.
However, this crisis could be an opportunity for China, which has long courted African countries and is now offering them a lifeline.
Four African nations – Libya, South Africa, Algeria, and Tunisia – will face tariffs ranging from 25% to 30%, while 18 other countries will be hit with 15% levies.
This move has sparked concerns about the potential economic shocks, particularly in industries such as agriculture and automobiles.
In Lesotho, the textile industry is already grappling with massive job losses due to the tariffs.
The country’s Prime Minister, Samuel Matekane, has declared a two-year national state of disaster, citing the huge tariff and the halt of US aid as major contributors to the crisis.
In South Africa, citrus growers are gripped with “great anxiety” ahead of the tariff deadline, warning that job losses will be a certainty if the tariffs come into effect.
The automobile sector is also at risk of economic shocks, with companies threatening to leave the country due to plummeting business.
China has offered to soften the impact of US tariffs on Africa by halting charges on imports for nearly all its African partners.
This move has been seen as an opportunity for African countries to strengthen South-South trade and reduce their dependence on the US.
“We are going straight into the hands of China,” Nigerian economist Bismarck Rewane said, describing the expected shift towards China as an “unfortunate outcome.”
South African researcher Neo Letswalo urged countries to “solely turn to China and make it the next US,” citing America’s gradual forfeiture of its global leadership status.
While China’s offer presents an opportunity for African countries, there are also risks involved.
Letswalo warned that alternating US with China “could be risky,” especially for nascent industries within African countries.
“If they’re not protected, Chinese products will flood and outcompete them as many African countries are price-sensitive markets,” he said.
South Africa’s Minister of Mineral and Petroleum Resources, Gwede Mantashe, said the country is seeking alternative markets for its goods.
“If the US imposes high tariffs, we must look for alternative markets,” he said, adding that China is already the country’s biggest trading partner.
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News
SpaceX to join Nasdaq-100 index July 7
SpaceX to join Nasdaq-100 index July 7
SpaceX will be added to the Nasdaq-100 Index on July 7, following confirmation by exchange operator Nasdaq, a move expected to trigger a surge in passive investment into the aerospace and artificial intelligence company.
The inclusion means exchange-traded funds and other investment vehicles that track the tech-heavy Nasdaq-100 Index will be required to purchase SpaceX shares, a development that typically boosts demand and supports a company’s stock price.
SpaceX, founded by billionaire entrepreneur Elon Musk, made its Nasdaq debut on June 12 and has experienced volatile financial performance in recent years, alternating between periods of losses and modest profits.
The company reported a net loss of $4.9bn in its most recent financial year, underscoring the challenges it continues to face despite strong investor interest in its space technology and artificial intelligence businesses.
The company’s addition to the index comes after Nasdaq, alongside other major index providers including FTSE Russell and MSCI, eased some of its listing eligibility requirements in an effort to attract more companies seeking to list on U.S. exchanges.
The revised criteria include changes to profitability requirements, the waiting period after a company’s initial public offering and the number of publicly traded shares required for inclusion in certain indices.
Meanwhile, S&P Global has maintained a more cautious approach.
The index provider said earlier this month that it would not alter its eligibility requirements for SpaceX to join its flagship indices, including the benchmark S&P 500.
According to S&P Global, the company will not be considered for inclusion in the S&P 500 until it has been publicly listed for at least 12 months.
The development comes as other leading artificial intelligence firms, including OpenAI and Anthropic, are widely expected to pursue initial public offerings either later this year or in 2027, with analysts projecting valuations exceeding $1tn.
News
Uzodimma Backs FLAC, Urges Nigerians to Unite Against Cancer
Uzodimma Backs FLAC, Urges Nigerians to Unite Against Cancer
Governor Hope Uzodimma of Imo State has reaffirmed his administration’s commitment to supporting the First Ladies Against Cancer, FLAC Nigeria, while calling on Nigerians to join efforts to combat cancer through increased awareness, early detection and sustained advocacy.
The governor made the pledge during a courtesy visit by members of FLAC and later at a gala night organised in their honour at the Government House in Owerri.
Speaking at the event, Uzodimma commended the organisation for its humanitarian interventions and contributions to improving cancer prevention, treatment and care across the country.
“I am excited to host you in Imo State and I commend your humanitarian services in Nigeria,” the governor said, assuring the delegation of his administration’s continued support for the organisation’s programmes.
He described Imo as the hospitality capital of the South-East and welcomed the delegates on behalf of the state government and people, assuring them of their safety during their stay.
The event also featured emotional testimonies from cancer survivors, including men, women and children, who recounted their experiences with the disease while encouraging Nigerians to embrace early screening and treatment.
Addressing guests at the gala night, Uzodimma stressed that the fight against cancer requires collective action, public education and efforts to eliminate the stigma associated with the disease.
He also lauded the President Bola Tinubu-led Federal Government for its investments in cancer prevention, treatment and palliative care, urging Nigerians to support ongoing reforms in the health sector.
“We need a new Nigeria where everyone participates in nation-building,” the governor said, adding that early detection remains critical to improving survival rates among cancer patients.
Earlier, the Chairperson of FLAC Nigeria and wife of the Imo State Governor, Mrs Chioma Uzodimma, said the delegation visited to appreciate the governor for his consistent support for the organisation’s advocacy and activities.
She explained that FLAC, whose membership comprises serving and former first ladies across the country, marks Cancer Survivors Month every June to celebrate survivors, inspire hope and raise awareness about the disease.
She described the governor as “a special friend of FLAC” and presented him with an award on behalf of the organisation in recognition of his support for its mission.
The gala night featured musical performances, a fashion parade by cancer survivors, comedy, cake cutting, presentation of gifts to survivors and a fundraising session to support the organisation’s advocacy programmes.
Mrs Uzodimma disclosed that more than N100m was raised during the fundraising to support FLAC’s ongoing cancer awareness and advocacy initiatives.
The delegation included the wives of the governors of Adamawa, Zamfara and Ogun states, Hajia Lami Fintiri, Hajia Huriyya Lawal and Mrs Bamidele Abiodun; immediate past FLAC Chairperson, Dr Zainab Shinkafi-Bagudu; former First Lady of Niger State, Dr Amina Abubakar; and former First Lady of Oyo State and ambassador-designate, Dr Florence Ajumobi, among other dignitaries.
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