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Daily Archives
August 4, 2022
In the biggest increase since 1995, the Bank of England raises interest rates by 50 basis points
written by Alexandra Hartman Editor-in-Chief
AFP
The Bank of England on Thursday raised its interest rate by half a percentage point, the highest increase since 1995, and forecast inflation of 13% later this year when the British economy will enter a year-long recession.
This originally expected increase is the sixth in a row approved by the Central Bank since it began in December raising the cost of borrowing from a record low, just above zero, to the current 1.75%.
The Bank of England on Thursday raised its interest rate by half a percentage point, the highest increase since 1995, and forecast inflation of 13% later this year when the British economy will enter a year-long recession.
This originally expected increase is the sixth in a row approved by the Central Bank since it began in December raising the cost of borrowing from a record low, just above zero, to the current 1.75%.
In Senegal, the opposition demands the postponement of the publication of the results of the legislative elections
written by Alexandra Hartman Editor-in-Chief
“We ask the president of the National Commission for the Census of Votes (CNRV) to suspend the publication of the results scheduled for tomorrow (Thursday) to allow us to identify all the irregularities that we have noted in the minutes.“, declared during a press conference, the deputy Déthié Fall.
The latter is a leader of the alliance formed by the coalitions Yewwi Askan Wi (liberate the people in Wolof) and Wallu Senegal (Save Senegal), led respectively by the main opponent Ousmane Sonko and ex-president Abdoulaye Wade (2000 -2012).
Aïda Mbodj, another leader of the alliance, evokes for her part a “ballot box stuffing” and of “prefabricated and unsigned minutes that they (power) created themselves“in localities in the north of the Senegal including Matam, Podor, Ranérou and Kanel, strongholds of the president, Macky Sall. The issue is regarding “200,000 votesshe says. The Senegalese people will oppose this massive fraud.“
“We are not going to accept a confiscation of victory. It is a massive fraud enterprise orchestrated by politicians with certainly the complicity of the administration.“Territorial, for his part denounced Ousmane Sonko.
(Re)see: Senegal: the majority in difficulty
47% participation
Some seven million Senegalese were called to vote on Sunday, July 31, during the legislative elections. These aim to renew the 165 seats in the National Assembly, now largely controlled by the presidential coalition.
According to data from the Ministry of the Interior, turnout stood at 47%.
The results of the power and opposition camps stand in a pocket handkerchief, according to figures published by the local press.
The CNRV, headed by the president of the Court of Appeal of Dakar, must proclaim the results in the followingnoon of Thursday, August 4. The legislative elections serve as a test 19 months before the presidential election.
The opposition claims to want to control Parliament to impose cohabitation on the power camp, which would constitute an unprecedented precedent in the country.
She also wants to push President Macky Sall to give up the project that has been lent to him to run for the 2024 ballot.
The head of state, elected in 2012 for seven years and re-elected in 2019 for five years, remains vague regarding his intentions.
He has promised to appoint a prime minister, a post he cut in 2019 before reinstating it in December 2021, in the party that won the elections.
(Re)see: Senegal: the legislative elections, a rehearsal before the presidential election?
Adidas weighed down by anti-Covid restrictions in China
written by Alexandra Hartman Editor-in-Chief
The equipment manufacturer Adidas sees the health restrictions in China as “the biggest challenge” for its activities in this major country and is waiting to see if Nancy Pelosi’s visit to Taiwan will turn consumers away from its brand.
“In our eyes, the biggest challenge we currently have in China is the containment linked to Covid-19”, explained the boss of the brand, Kaspar Rorsted, during a conference call on Thursday. “We are still seeing very cautious consumer behavior with the imminent risk of further lockdowns.”
After a catastrophic first half in the Middle Kingdom, where Adidas sales fell 35% year on year in local currency, July recorded another 21% decline in directly owned stores and a similar trend among franchisees, he continued. In question, the fact that around 80 cities in China “are at least partially affected by the confinements”.
China applies a strict health policy with regard to Covid-19, with very regular screenings, compulsory quarantines for people who test positive and confinements as soon as cases appear.
The problems encountered in China are also the result of a “very large exposure” in this country where Adidas achieves “3 billion euros in sales” over one year, added Kaspar Rorsted.
Given the importance of the Chinese market – nearly 16% of total sales in the first half – the group lowered its annual forecasts from the end of July. It is only counting on a growth of 5 to 10% of its global sales, once morest 11 to 13% previously.
On the other hand, “it is too early to say whether the current increase in tensions between West and East due to (Nancy) Pelosi’s visit to Taiwan will have an impact on the Chinese consumer”, he said. he thinks.
The Chinese army begins Thursday the most important military maneuvers in its history around Taiwan, a muscular response to the visit of the leader of the American representatives Nancy Pelosi on the island.
Adidas remains “optimistic” regarding its brand image and “long-term growth prospects” in China, Rorsted said.
The three-stripe brand has already had to suffer a boycott by local consumers in 2021 following the German pledged in 2020, along with other brands, not to buy Xinjiang cotton amid labor allegations forced from Uyghurs.