COVID-19 IN NIGERIA: WE SAY NO TO CHINA INTERVENTION

Can the world ever trust China again? Would Nigeria romance with the prime suspect of the current global crisis (COVID-19)? How can we? In 2012 China handed over a fully funded and built headquarters building in Addis Ababa, Ethiopia to the African Union (AU). A great gesture of friendship and solidarity, perhaps. But not long after, it was alleged to have been bugged, leaking vital, confidential information of the Union to China in faraway Shanghai! True or false, the Union had to change its computer servers to check the alleged mischief. But issues of health are different. Misfiring means losing a life, or even lives. On a national scale, that can amount to thousands. Painful loss. Avoidable loss. The authorities must tread with caution here. Face masks, test kits, ventilators, vaccine and doctors - all from or of China. Hmmmm, caution we must exercise. Until now we have been using our indigenous doctors, and they have been doing well. WHY CHANGE THE WINNING TEAM? Please let us DISCARD this idea of Chinese intervention. WE DON'T NEED IT. Let us stay safe Stay indigenous. Stay Nigerian We shall overcome

Sunday, 31 August 2014

Brazil’s economy falls into recession

Brazil has fallen into recession, just a month before the general election, latest figures show.
Economic output, GDP, fell by 0.6% in the three months to June, worse than analysts had predicted, and revised figures for the first quarter of the year also showed a fall of 0.2%.
A recession is usually defined as two consecutive quarters of contraction.
The news will be damaging for the government of President Dilma Rousseff.

According to the most recent poll, Ms Rousseff would lose to a rival candidate, environmentalist Marina Silva, if October’s election went to a second round.

The World Cup, held in June and July, was not regarded as generally good for business, says the BBC’s Wyre Davies in Rio de Janeiro.

“There were more days off for employees and many traditional tourists stayed away,” he says.

“The problem is that, with elections due in early October, the economy is increasingly seen as President Dilma Rousseff’s weak point.”

The data showed that civil construction, manufacturing and investment especially suffered during the second quarter.

“This recession shows the exhaustion of a growth model that has been centred on internal consumption,” said Eduardo Velho, chief economist at investment firm INVX Global in Sao Paulo.

“It is a good picture of what the economy is suffering – a slowdown in industry, a fall in investment, rising inventories. The recovery from here will be slight,” he continued, saying that deep reforms would be needed whoever wins the next election.

The second quarter figures prompted analysts to revise down expectations for full-year figures.

“With the sharp fall in investment, the potential GDP growth rate shows a significant and worrying slowdown in recent quarters,” said Cristiano Oliveira, economist at Banco Fibra in Sao Paulo.

“That said, we now expect no growth in the Brazilian economy in 2014, despite moderate growth in the global economy.”

BBC

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