China upholds fairness, justice, promotes world multi-polarity

By He Yin, People’s Daily

In today’s turbulent world, power politics and bullying practices are causing severe harm, and the
international security landscape is fraught with chaos. As a responsible major country, China
always upholds fairness and justice.
Upholding fairness and justice has been a fine tradition and unwavering commitment of Chinese
diplomacy. From putting forth the Five Principles of Peaceful Coexistence with neighboring
countries over 70 years ago to actively advancing the building of a new type of international
relations and a community with a shared future for mankind in the new era, China has taken
concrete actions to contribute its strength in safeguarding world peace and promoting common
development.
In developing international relations, China is committed to equality among all countries, big or
small, and adheres to the principle of combining justice with interests while prioritizing justice.
China does not seek major-power competition or geopolitical spheres of influence. It does not
interfere in the internal affairs of other countries or force them to take sides.
Faced with surging hegemonism and power politics, China has always been defending justice. It
has resolutely pushed back against a handful of countries; attempts to dominate international
affairs, demanded increased representation and voice of developing countries in the global
governance system, supported addressing the historical injustices done to African countries as a
priority, and urged the lifting of all illegal unilateral sanctions. With these efforts, China has firmly
upheld the common and legitimate rights and interests of developing countries, and made the
international order more just and equitable.
Defending justice in defiance of hegemonic power is certainly also about safeguarding China's
sovereignty, national dignity and territorial integrity. In the face of external interference and
provocation, China fought back resolutely and forcefully. In response to various acts of unjustified
suppression, China took legitimate and reasonable countermeasures.
In international affairs, China consistently upholds fairness and justice while seeking solutions to
pressing issues, in an effort to promote equity and justice, and contribute to lasting peace and
stability.
On May 30, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of
the 10th Ministerial Conference of the China-Arab States Cooperation Forum. He stressed that
China firmly supports the establishment of an independent State of Palestine that enjoys full
sovereignty based on the 1967 borders and with East Jerusalem as its capital.
It supports Palestine's full membership in the UN, and supports a more broad-based,
authoritative and effective international peace conference.
Leaders of countries attending the opening ceremony highly appreciated China’s fair and just
stance on the Palestinian question. They expressed willingness to work closely with China to help
ease tensions and the humanitarian crisis in Gaza.
On July 4, Xi delivered a speech when attending the expanded meeting of the Shanghai
Cooperation Organization (SCO), or SCO+ in Astana, Kazakhstan, where he called for building a
common home of fairness and justice. The SCO Summit has issued the Astana Declaration and the
SCO initiative on world unity for justice, harmony and development. It was a strong message of
the new era, one that calls for solidarity, cooperation and justice rather than division,
confrontation, and hegemonism.

China unites with the Global South on the basis of equality, openness, transparency and
inclusiveness, strengthening the power of fairness and justice in the international community. As
an important member of the Global South, China forms its stance based on the merits of each issue
when handling international affairs, abides by the basic norms of international relations, and
safeguards the legitimate rights and interests of all countries, especially developing countries.
China supports deepening cooperation under the expanded BRICS and the SCO, and supports
Brazil and Peru in holding the G20 Leaders' Summit and the Asia-Pacific Economic Cooperation
(APEC) Economic Leaders' Meeting respectively to jointly create a shining "South moment" in
global governance.
China is accelerating the implementation of the eight initiatives to better support Global South
cooperation, working to ensure the success of the 2024 Summit of the Forum on China-Africa
Cooperation (FOCAC) that will be held in Beijing from September 4 to 6, developing the "five
cooperation frameworks" with Arab states, upgrading its relations with countries in Latin America
and the Caribbean, and deepening cooperation with Pacific island countries. China will stay
committed to the development and revitalization of the Global South.
Promoting world multipolarity and greater democracy in international relations is part and parcel
of upholding fairness and justice. China advocates an equal and orderly multipolar world, which
means every country can find its place in a multipolar system and play its due role pursuant to
international law.
China advocates that the multipolar world should be equal, that is, to insist on the equality of all
countries, oppose hegemony and power politics, oppose the monopoly of a few countries in
international affairs, and effectively promote greater democracy in international relations.
China believes that multipolarity should be a historical process in which countries choose
solidarity over division, communication over confrontation, cooperation over conflict, and win-
win results over lose-lose situations.
To achieve this goal, all countries should uphold the purposes and principles of the UN Charter,
safeguard the universally recognized basic norms governing international relations, and practice
genuine multilateralism.
No matter how the international landscape evolves, China always stands on the right side of
history and upholds fairness and justice. It will always be a firm builder of world peace, a
contributor to global development, and a defender of the international order.
China will continue to uphold fairness and justice, adhere to true multilateralism, safeguard the
authority and role of the UN, make the global governance architecture more balanced and
effective, and build an equal and orderly multipolar world.


Harris Leads Trump by 3 Points in Latest Polls

A recent nationwide poll conducted from August 14-16, 2024, shows Kamala Harris leading Donald Trump by 3 percentage points in the race for the U.S. presidency.

Poll Details:

  • Harris: 51%
  • Trump: 48%
  • Margin of Error: 2.1 percentage points

The poll, which surveyed approximately 3,300 registered voters, indicates a tight race, particularly in battleground states where both candidates are tied at 50%.

Context:

  • Election Date: November 5, 2024
  • Background: Following a poor performance by President Joe Biden in a televised debate with Trump, there was significant pressure from Democrats for Biden to withdraw from the presidential race. On July 21, Biden announced his decision to step down and support Kamala Harris as the Democratic nominee.
  • Current Candidates: Kamala Harris is the Democratic nominee, and Donald Trump is the Republican nominee.

Ukraine Targets Key Bridge in Kursk Region, Escalating Conflict

On August 18, 2024, Ukraine successfully struck and damaged a critical bridge over the Seym River in Russia’s Kursk region, leaving Russian forces potentially isolated from their supply lines. This action marks the third bridge targeted by Ukrainian forces in recent days.

Details of the Attack

  • Targeted Infrastructure: The damaged bridge, near the town of Glushkovo, was reportedly struck using US-made Himars rocket launchers, according to Russia’s foreign ministry. Satellite images confirm that the bridge has collapsed.
  • Russian Response: Russia’s Investigative Committee confirmed the damage and reported that the strike also impacted civilian infrastructure in Karyzh village.

Strategic Implications

  • Isolation of Russian Forces: Military analysts note that there were only three bridges in the area critical for supplying Russian troops. With the collapse of the last bridge, Russian forces defending south of the Seym River could be cut off from their supply lines, leading to potential isolation.
  • Russian Commentary: Russian war correspondents and military bloggers have indicated that the destruction of these bridges could precede a larger Ukrainian offensive to isolate the Glushkovsky district. Reports suggest that Ukrainian forces may be preparing for further advancements in the region.

Diplomatic and Military Reactions

  • Russian Diplomacy: Lithuanian diplomat Linas Linkevicius commented on the situation, suggesting that Russian conscripts are surrendering in large numbers and that the forces are “trapped.”
  • Ukrainian Goals: Ukrainian President Volodymyr Zelensky expressed intentions to establish a “buffer zone” in the aggressor’s territory to protect border regions from further Russian attacks. Ukrainian presidential adviser Mikhail Podolyak hinted that the operation might be aimed at prompting a fair negotiation process with Russia.

Future Prospects

The Ukrainian operation in the Kursk region signals a strategic shift, potentially leading to new phases in the conflict. The destruction of key infrastructure may set the stage for further military actions and diplomatic negotiations aimed at resolving the ongoing war.

Hope Beckons for Consumers as FCCPC Partners with EFCC for a Safer, More Transparent Market Environment

In a significant development for consumer protection in Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) and the Economic and Financial Crimes Commission (EFCC) have announced a strengthened partnership aimed at enhancing market transparency and consumer rights.

The New Alliance

The collaboration between the FCCPC and EFCC marks a strategic move to combat unfair practices and fraudulent activities in the market. The FCCPC, which oversees consumer protection, and the EFCC, known for its role in fighting economic and financial crimes, are joining forces to tackle issues such as misleading advertising, price gouging, and other forms of exploitation.

Expected Outcomes

This partnership is anticipated to:

  • Enhance Law Enforcement: Strengthen the enforcement of consumer protection laws and increase prosecution of violators.
  • Improve Response Times: Address delays in responding to consumer complaints.
  • Increase Penalties: Implement more significant penalties for businesses that engage in unfair practices.

Consumer protection advocates have expressed optimism about the partnership, seeing it as a potential game-changer in addressing long-standing challenges in the sector. Bamidele Ogunleye, a consumer rights activist, and Ngozi Adeyemi, a legal expert, both praised the collaboration, noting its potential to set new standards for consumer protection and accountability.

Economic Implications

Market analyst Chidi Nwosu highlighted the economic benefits of a well-protected consumer base, which is crucial for economic growth. The partnership is expected to foster a fair market environment, encouraging consumer confidence and driving economic activity.

Initiatives and Commitments

During a recent courtesy visit, FCCPC Executive Vice Chairman/CEO Mr. Tunji Bello and EFCC Executive Chairman Mr. Olanipekun Olukoyede discussed the increasing cases of arbitrary price hikes and the need for joint efforts to combat these issues. The FCCPC is also planning to engage with market leaders to address exploitative pricing practices.

Regulatory Actions

The FCCPC has already mandated that supermarkets visibly display product prices to enhance transparency and prevent consumers from being ambushed by unexpected costs at checkout. This is part of a broader initiative to ensure fair pricing and protect consumers from undue exploitation.

Looking Ahead

The partnership between the FCCPC and EFCC is set to bring about a more transparent and consumer-friendly market environment in Nigeria. With the combined efforts of these two agencies, consumers can expect better protection and fairer market practices, paving the way for a more equitable economic landscape.

Bank Recapitalisation: Unveiling Opportunities for Investors in a Volatile Economy

In a recent webinar hosted by Coronation Securities Limited, experts discussed the significance of bank recapitalisation and its potential to transform Nigeria’s banking sector amid economic fluctuations. The panel included prominent figures such as Okey Umeano (Chief Economist, Securities and Exchange Commission), Bolanle Adekoya (Partner, PwC), and Ayokunle Olubunmi (Financial Institutions Ratings, Agusto & Co.).

Capitalisation Mandates and Historical Context

Recapitalisation requires banks to bolster their capital reserves as a safeguard against financial instability. Historically, such mandates have led to substantial increases in capital, as seen in the 2005 directive which raised the minimum capital requirement from $2 billion to $50 billion. This initiative aims to ensure banks have adequate buffers to support a growing economy and maintain public confidence.

Current Capital Shortfalls and Opportunities

Nigerian banks are currently facing a significant capital shortfall, estimated at approximately N4.2 trillion, ranging from 35% to 90% of the new minimum capital requirements. Addressing this deficit is crucial for maintaining the sector’s role in economic growth and improving competitiveness with other African banks.

Strategies for Capitalisation

The Central Bank of Nigeria (CBN) has outlined several methods for raising capital:

  1. Public Offering (PO) and Follow-on Public Offering (FPO): Issuing new shares publicly can raise significant funds but may dilute existing shareholders’ ownership and incur additional costs.
  2. Private Placement: Selling shares to a select group of investors is faster but may lead to ownership dilution and potential disruption of corporate culture.
  3. Rights Issue: Allows existing shareholders to purchase additional shares at a discount, preserving their ownership stakes but relying on their willingness to invest further.
  4. Mergers and Acquisitions: Combining with or acquiring other banks can enhance capital and operational efficiency, though it requires careful planning and integration.
  5. Convertibles and Bonus Shares: Convertible securities offer flexibility but can lead to significant dilution. Bonus shares are not an approved method for meeting new capital requirements.

Advantages and Risks of Rights Issues

Rights issues are popular due to their lower cost and simplicity, targeting existing shareholders and preserving their ownership stakes. However, they may coincide with market uncertainty and potential volatility. Insufficient demand can lead to undersubscription and impact share prices negatively.

Regulatory Oversight

The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) oversee the recapitalisation process, ensuring regulatory compliance and protecting investor interests. The SEC has established frameworks to monitor and enforce rules during this period.

Impact on Banks and Investors

Recapitalisation strengthens banks’ financial foundations, enabling them to manage risks better, expand lending, and invest in new technologies. For investors, this presents opportunities for capital gains and stable dividend income. Coronation Securities offers platforms like Coronation Wealth to help investors capitalize on these opportunities, providing access to rights issues and public offerings.

Conclusion

Bank recapitalisation is a critical process for fortifying Nigeria’s banking sector and driving economic growth. Investors can benefit from participating in recapitalised banks, which are positioned for improved profitability and stability. As banks strengthen their financial bases, they offer promising prospects for both capital appreciation and income generation.

Lagos Lawmaker Distributes Free GCE Forms, Urges Parents to Monitor Children’s Social Media Use

Lagos State House of Assembly member Hon. Gbolahan Yishawu, representing Eti-Osa Constituency 02, has emphasized the importance of parental supervision over children’s social media usage in light of recent high failure rates in public exams such as the Joint Admissions and Matriculation Board (JAMB) and the West African Senior School Certificate Examination (WASSCE).

Yishawu made this statement during the 12th edition of his annual free JAMB form distribution event held in Ikoyi-Obalende. He expressed concern over the 75 percent failure rate in this year’s JAMB exams and urged parents to take a proactive role in monitoring their children’s social media activity to prevent academic distractions.

“Parents need to ensure that social media does not undermine their children’s academic performance,” Yishawu said. “Proper monitoring is crucial to keeping children focused on their studies and avoiding the pitfalls of digital distractions.”

As chair of the House Committee on Waterfront Infrastructure, Yishawu also reflected on the impact of the COVID-19 pandemic on learning patterns, which has increased online engagement but also potential distractions.

He reaffirmed his commitment to education by providing 1,000 free JAMB forms annually to assist young people in gaining admission to higher education. This year’s distribution marks the 12th consecutive year of this initiative.

Beneficiaries of the free forms, including Salami Oluwatoyin and Okoro Chukwuma, expressed their appreciation and hope for improved results. Oluwatoyin’s mother, Mrs. Bose, was initially skeptical but found the initiative genuine. Another parent, Mr. Adeola Ekemode, echoed the call for limiting social media use and focusing on skill acquisition for future success.

Destiny Etiko Denies Allegations of Luxury Car Gift from Omotola’s Husband

Nollywood actress Destiny Etiko has refuted claims that Matthew Ekeinde, husband of renowned actress Omotola Jalade, gifted her a luxury car. The rumors, which surfaced on TikTok, suggested that Etiko had an affair with Ekeinde, who supposedly gave her the car for her birthday last week.

In a video posted on her Instagram, Etiko addressed the allegations and expressed frustration over the attempts to damage her reputation. She clarified that the photo circulating, which includes Ekeinde, was taken over four years ago. According to Etiko, the encounter occurred when Ekeinde was a pilot on a flight she was on. She explained that they took a selfie together out of respect after he inquired about her profession.

Etiko emphasized her independence, stating, “I have worked for 99.9% of all I have. I did it all myself with my full chest.” She also mentioned that she regularly buys a new car for herself on her birthdays as a personal tradition.

Utomi Challenges Amosun’s ‘Blacklist’ Claim, Criticizes Presidential Jet Fleet

Renowned political economist Pat Utomi has responded to former Ogun State Governor Ibikunle Amosun’s allegation that he was blacklisted by the Ogun State House of Assembly before taking office. Utomi, in an interview with Channels Television, denied any business dealings with the Ogun State government that could justify such a blacklist.

The controversy began when Utomi criticized Amosun for allegedly canceling his contract with the Chinese firm Zhongshan Fucheng Industrial Investment Co. Limited. Amosun had labeled Utomi as “entitled” in response.

In his rebuttal, Utomi expressed bewilderment at the accusation, stating, “Why would I have been blacklisted? I have never had any business with Ogun that would have led them to blacklist me. I don’t do business with state governments, except in cases related to land matters, which are under government control.”

Utomi also addressed the recent seizure of presidential jets, calling Nigeria’s large fleet of jets unnecessary. He remarked, “When I first heard about the seizure, I was baffled. Many countries, even those in better economic conditions, do not maintain such large presidential fleets. The British, for instance, lease jets for assignments rather than owning a fleet.”

He continued by criticizing the handling of contracts by Nigerian state governors, linking it to the broader issue of unreliable institutions. Utomi cited personal experiences and a book he recently published, which includes case studies of similar contract disputes leading to the departure of foreign businesses.

Utomi concluded by emphasizing the need for greater discipline and transparency among public officials in Nigeria, pointing out that the lack of such qualities often results in significant economic and reputational damage.

Tinubu Approves NNPC’s Use of 2023 Dividends for Petrol Subsidy Amid Rising Costs

President Bola Tinubu has granted approval for the Nigerian National Petroleum Company Limited (NNPCL) to utilize its 2023 dividends to cover the expenses of petrol subsidies. These dividends, originally earmarked for distribution among the three tiers of government via the federation account, will now be redirected to address the financial strain of the subsidy.

This decision comes as a contrast to earlier statements from the federal government, which had claimed that petrol subsidies were no longer in effect following President Tinubu’s announcement on May 29, 2023. Nevertheless, the Minister of Finance, Wale Edun, recently hinted that the difference between the landing cost of petrol and its retail price is being managed by an undisclosed entity.

In addition to this, President Tinubu has approved the suspension of the 2024 interim dividend payments to the federation account to support NNPC’s cash flow during this period. According to NNPC’s projections, the total subsidy cost could reach ₦6.884 trillion by December 2024, leading to a shortfall of approximately ₦3.987 trillion in taxes and royalties that would otherwise be remitted to the federation account. As a result, NNPC is expected to halt the payment of interim dividends from May to December 2024.

Ex-Senator Elisha Abbo Reveals Senators’ Earnings, Highlights Governors’ Higher Pay

Former Nigerian senator Ishaku Elisha Abbo has confirmed the substantial earnings of members of the Nigerian Senate, sparking further debate on the cost of governance in the country.

In a recent interview with Arise TV, Abbo, who represented Adamawa North Senatorial District, disclosed that while serving as a senator, he earned ₦14.4 million monthly. However, current senators are reportedly earning ₦29 million per month.

Despite the significant figures, Abbo argued that the remuneration is not as excessive as it seems due to the numerous financial responsibilities senators face, including paying hospital bills and providing scholarships.

“₦29 million looks big on paper, just on paper. I am saying this as a very honest man,” Abbo explained. “When I was in the Senate, my monthly salary and allowances put together was about ₦14.4 million. The money allocated to my office was not enough considering the demands, the challenges.”

Abbo also highlighted the stark contrast between senators’ earnings and those of state governors, claiming that some governors take home between ₦700 million and ₦1 billion monthly, further emphasizing the disparities in the earnings of public officials in Nigeria.