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Tag: economy

Joe Biden is meeting African leaders – why free trade is a major talking point
Articles

Joe Biden is meeting African leaders – why free trade is a major talking point

By James Thuo Gathii, Loyola University Chicago African leaders face a dilemma over trade relations with the United States. Should they push for the extension of the Africa Growth and Opportunity Act (AGOA) or for each country’s bilateral trade deal with the world’s biggest economy? AGOA was the signature economic policy of the Bill Clinton administration. It provides eligible sub-Saharan African countries with duty-free access to the US market for over 1,800 products. It is set to expire in 2025 but is up for discussion at the annual forum on AGOA taking place alongside the US-African Leaders Summit (13-15 December 2022). The Trump administration preferred to negotiate bilateral trade deals with African countries. A free trade agreement negotiation with Kenya in early 2020...
With no child tax credit and inflation on the rise, families are slipping back into poverty
Articles

With no child tax credit and inflation on the rise, families are slipping back into poverty

This story was originally published by The 19th Child poverty rates have crept back up since the program expired, leaving families struggling with food insecurity and insufficiency. By Rebekah Barber, The 19th A year ago, the expanded child tax credit ended. Between 2020 and 2021, the credit — which gave monthly payments of up to $300 per child — helped reduce child poverty by more than 40 percent. More than 36 million families received the credit in 2021, and the money helped push the child poverty rate below that of adults for the first time. But since the program expired, child poverty rates have crept back up. U.S. households are having to pay between $300 to $400 more each month compared to last year because of inflation. Food insecurity is rising once again. Now, ...
“I Don’t Know Where I’m Going to Go”: HUD Displaces Even More Residents in This Small City
Articles

“I Don’t Know Where I’m Going to Go”: HUD Displaces Even More Residents in This Small City

This story was originally published by ProPublica. By Molly Parker, Lee Enterprises Midwest ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. Series: HUD’s House of Cards Public Housing Failures It was the last Friday in October, and barges filled with mounds of glistening coal sat parked in the Ohio River below Lee Esther Logan’s high-rise public housing apartment complex in Cairo, Illinois. Wispy white clouds streaked a baby blue sky. The panoramic waterfront view is one that normally gives Logan peace as she takes it in from the brown recliner on her balcony. But on the day I visited her, Logan wasn’t at peace. She was anxious. Two days prior, officials fr...
Loss and damage: Who is responsible when climate change harms the world’s poorest countries?
Articles

Loss and damage: Who is responsible when climate change harms the world’s poorest countries?

By Bethany Tietjen, Tufts University You may be hearing the phrase “loss and damage” in the coming weeks as government leaders meet in Egypt for the 2022 U.N. Climate Change Conference. It refers to the costs, both economic and physical, that developing countries are facing from climate change impacts. Many of the world’s most climate-vulnerable countries have done little to cause climate change, yet they are experiencing extreme heat waves, floods and other climate-related disasters. They want wealthier nations – historically the biggest sources of greenhouse gas emissions – to pay for the harm. A powerful example is Pakistan, where extreme rainfall on the heels of a glacier-melting heat wave flooded nearly one-third of the country in the summer of 2022. The flooding turne...
The Biden administration wants to expand broadband access and job opportunities for women and people of color
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The Biden administration wants to expand broadband access and job opportunities for women and people of color

This story was originally published by The 19th The government is investing $65 billion into expansion programs, including nearly two-thirds of that spending directed to equity efforts. By Daja E. Henry, The 19th The federal government is investing $65 billion in expanding broadband, and two-thirds of that money will be directed toward programs that encourage better hiring and retention practices for women and people of color, who have been severely underrepresented in the field. Broadband is expected to add 36,000 telecommunications equipment installer and repairer jobs, with an additional 12,000 positions created in other installer and repairer roles as a result of the Infrastructure Investment and Jobs Act, according to an estimate by the Brookings Center for Sustainable...
US, Mexico prepare United Nations resolution to send help to Haiti as crisis worsens
News Briefs — International

US, Mexico prepare United Nations resolution to send help to Haiti as crisis worsens

The United States and Mexico officials are reportedly preparing a United Nations resolution that would send security reinforcements to Haiti as the country's economic and political crisis deepens. Linda Thomas-Greenfield, U.S. ambassador to the United Nations, announced during an emergency meeting with the U.N. Security Council that a proposed "non-U.N." mission would be limited and led by a "partner country," which was not disclosed at the time of the meeting. Military force was also an option on the table, reported the Associated Press. Russia and China have signaled concerns about sending a foreign militaries to Haiti amid its humanitarian crisis. Thomas-Greenfield said the proposed resolution is a "direct response" to a request made Oct. 7 by Prime Minister Ariel Henry and...
Study: Nigeria tops list of English-speaking countries interested in cryptocurrencies
News Briefs — Africa

Study: Nigeria tops list of English-speaking countries interested in cryptocurrencies

A new study released this week indicates Nigeria has shown more interest in cryptocurrencies than any other English-speaking country. Nigeria received a score of 371 in the study which analyzed Google Trends data for multiple cryptocurrency-related searches. The study, which was released by price tracker CoinGecko, combined the search terms to rank every English-speaking nation. The United Arab Emirates and Singapore followed behind Nigeria on the list. Among 15 English-speaking countries, the United States ranked at number 12 on the list. For comparison, Canada and the United Kingdom, came in at 6 and 5, respectively. More about the cryptocurrency study can be found here.
Exonerated man gives Detroit drivers $25K worth of gas
News Briefs

Exonerated man gives Detroit drivers $25K worth of gas

Detroit drivers were reportedly treated to free gas on Tuesday from a man who served eight years in prison for murders he didn't commit. Davontae Sanford provided $25,000 worth of gas to women and older men. Sanford received a $7.5 million settlement from the City of Detroit after he was exonerated of four killings he did not commit, reported the Detroit Free Press. Sanford pleaded guilty in 2008 to second-degree murder in the deadly shootings of four people in 2007. Sanford later insisted he was innocent. He said he agreed to a plea deal because he felt powerless and didn't have strong legal representation, reported Detroit Free Press. FREE GAS!!! ⛽️ But you better hurry… Cars 🚗 are lined up for more than a mile on Harper at Outer Drive at the BP gas station. ( Women/Elder...
Report: Black-owned businesses decline in South Africa, estimated under 30%
News Briefs — Africa

Report: Black-owned businesses decline in South Africa, estimated under 30%

Black-owned businesses in South Africa have been plummeting in recent years, and a new report indicates it has now dropped below 30%. Black ownership fell 1.5%, according to the Broad-Based Black Economic Empowerment (B-BBEE) Commission’s annual report for 2021 obtained by Bloomberg. The report also indicated Black management control also dropped to 51.6% — down by 5.4%. According to Bloomberg, the decline has continued even though the more than 500 B-BBEE ownership deals worth over 600 billion rand ($36.1 billion USD) reported to the commission since 2017 intended to facilitate the transfer of ownership to Black South Africans. The 2021 report was based on annual compliance reports submitted from 130 listed companies, 82 state entities and data collected from 1,373 entities who are B...
News Briefs

Study: Black farmers lost $326 billion in land value during 20th century

Discriminatory lending practices and forced land sales contributed to the loss of about $326 billion in land value for Black farmers during the 20th century, according to a new study. The study was conducted by the University of Massachusetts-Boston and published in the AEA Papers and Proceedings publication. It is the first known study to analyze the current value of land lost by Black farmers in the U.S. In 1910, Blacks owned about 16 million acres of farm land, mostly within 17 states. By 2017, land ownership dropped to 4.7 million acres, according to agricultural data. The study cites discriminatory USDA lending policies and forced sales of co-owned properties as some of the factors that contributed to Black farmers losing their land between 1920 and 1997. The Biden Adminis...
News Briefs — Africa

Ghana’s new electronic levy tax met with frustration

Ghana’s new tax levy for electronic payments hasn’t gone off without a hitch. Business owners took to social media to complain about implementation of the e-levy which they say has drawn inaccurate deductions. The controversial e-levy went into effect May 1 and charges a 1.5% tax on all electronic transactions over 100 Ghana cedi ($13 USD). The e-levy was introduced in November. More than 1/3 of payments in Ghana are already made through mobile payment systems. Parliamentary leaders have said the new payment tax will support the economy. The passing of counterfeit money, for example, has been an issue in Ghana’s financial system. The e-levy has been met with criticism since it was announced last year. Tensions over the then-proposed payment system even led to a brawl in parl...