Foreign

German factory orders slump over U.S.-China trade spat

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German factory orders slumped more than forecast in August as the US-China trade war and Britain’s Brexit crisis hit the manufacturing sector in Europe’s biggest economy.


Industrial orders fell by 0.6 per cent month to month in August after a hefty 2.1 per cent drop in July, the Ministry for Economics said on Monday.

Analysts had expected a 0.3 per cent fall in August.

Year on year, August orders contracted by 6.7 per cent from a 5 per cent fall in July, the ministry said.

Leading the monthly fall in August was a sharp 2.6 per cent drop in domestic orders, which helped to cancel out a 0.9 per cent gain in foreign orders. (NAN)


HS/IS

Edited by Halima Sheji/Ismail Abdulaziz

https://nnn.ng/german-factory-orders/

Economy

Sanusi calls for diversification of economy to address poverty, inequality

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Former Emir of Kano, Muhammadu Sanusi II, has said that Nigeria must diversify its economy in order to address the high rate of poverty and inequality in the country.


He also said governments at all levels must invest on human capital development and create enabling environment for investments, instead of borrowing to finance development.

Sanusi gave the advice in a presentation during the virtual Kaduna Economic and Investment Summit, on  Tuesday.

The former Governor of the Central Bank, however, said the Federal Government has minimal role to play in rejigging the economy.

“While everyone looks to the federal government for solutions, the truth is that its role in the economy is small – both in absolute and relative terms.’’

Sanusi noted that the nation’s economy has not been diversified, years after the discovery of oil.

He added that though Nigeria has generated an increase in wealth from $345 in 1985 to $2,655 in 2015 GDP per capita, but there has been no structural transformation in what the country actually produce.

According to him, though the economy is growing, but its non diversification has resulted to the high rate  of poverty and high level of inequality in the country.

He explained that the difference between African countries and those in Asia is that they have diversified from primary to secondary and tertiary sectors of the global economy.

“The major difference is that they have moved on but we have not,’’ he lamented.

Sanusi pointed out that Malaysia has the same factors that Nigeria has been using as an excuse for having not developed, adding that both countries are multi-ethnic and have fought wars.

The former Emir lamented that Nigeria is still a consumer nation instead of being a producer, by seizing on the investments that the government has done in technology.

“Africa’s failure has been in not leveraging on the underlying infrastructure – towers and under sea cables- to catalyse the development of other and new industries,’’ he said.

‘’If you use your smart phone which is made in China and order shoes from France and they are delivered to you at home, what have you actually gained? You are just a consumer,’’ he added.

The ex-CBN Governor argued that the same phone can be put to productive use, when it is used to shoot a Nollywood movie and the film clip is distributed.

Sanusi noted that the success of Nigeria’s pre-oil economy was based on the dynamism of its trading sector and the diversity of its export base, which ‘’meant that it was less vulnerable to terms of trade shock driven by any one export.”

Edited By: Maharazu Ahmed
Source: NAN

https://nnn.ng/sanusi-calls-for-diversification-of-economy-to-address-poverty-inequality/
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Foreign

China not interested in ‘hot or cold war’ — Jinping

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President Xi Jinping of China on Tuesday told the United Nations General Assembly that he had no intention to engage any country in “a cold or hot war”.


Jinping’s remark came amid rising tensions between China and the U,S., whose president, Donald Trump, attacked Beijing in his speech earlier.

“We will continue to narrow differences and resolve disputes with others through dialogue and negotiation.

“We will not seek to develop only ourselves or engage in zero sum game,” Jinping said in his pre-recorded video address to the virtual gathering of world leaders.

UN Secretary-General, Antonio Guterres had earlier in the day,  warned against a “new Cold War” between China and the United States, saying the face-off between the two countries was moving the world in “a very dangerous direction”.

“Our world cannot afford a future where the two largest economies split the globe in a great fracture, each with its own trade and financial rules and internet and artificial intelligence capacities.

“A technological and economic divide risks inevitably turning into a geo-strategic and military divide. We must avoid this at all costs,” he said.

Relations between the United States and China – both nuclear-armed countries and veto power holders in the UN Security Council – have  deteriorated since 2019.

The Trump administration is accusing China of unfair trade practices, intellectual property theft, and cyber espionage – all of which Beijing has denied.

The situation had triggered a series of economic sanctions including visa restrictions and expulsions by Washington targeting Chinese government officials, companies, diplomats, and students.

China had retaliated in some cases, including the closure of the American consulate.

In his statement earlier at the Assembly, Trump in his characteristic forthrightness, put China on the spot over its handling of the coronavirus pandemic and the environment.

“We must hold accountable the nation which unleashed this plague onto the world: China,” Trump said.

He accused China of dumping “millions and millions of tons of plastic and trash into the oceans and overfishing other countries’ waters”.

“China’s carbon emissions are nearly twice what the United States has, and it’s rising fast.

“Those, who attack America’s exceptional environmental record while ignoring China’s rampant pollution are not interested in the environment.

“They only want to punish America and I will not stand for it,” he said.

Edited By: Chioma Ugboma/Emmanuel Yashim
Source: NAN

https://nnn.ng/china-not-interested-in-hot-or-cold-war-jinping/
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COVID-19

United States, China clash over COVID-19 at UNGA

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The United States and China on Tuesday clashed over the coronavirus pandemic during the General Debate of the United Nations General Assembly (UNGA).


United States President Donald Trump, who fired the first shot in his pre-recorded video message, referred to the coronavirus as “China virus”, a term that angers Beijing.

“We must hold accountable the nation which unleashed this plague onto the world: China.

“In the earliest days of the virus, China locked down travel domestically while allowing flights to leave China and infect the world.

“China condemned my travel ban on their country, even as they cancelled domestic flights and locked citizens in their homes,” he said.

Trump reiterated his allegation that China and the World Health Organisation (WHO), “which is virtually controlled by China”, deliberately misled the world on the mode of transmission of the virus.

He accused them of “falsely declaring that there was no evidence of human-to-human transmission”.

“Later, they falsely said people without symptoms would not spread the disease.

“The United Nations must hold China accountable for their actions,” he said.

Chinese ambassador to the UN, Amb. Zhang Jun, responded to Trump’s accusations before introducing his country’s president, Xi Jingping, who was the fourth leader to speak.

Jun said China would not be cowed by United States “bully tactics”, accusing Trump of using the global stage to spread his “political virus”.

“We strongly and totally reject the baseless accusation against China.

“No matter what others say, we support multilateralism and the UN to play its central role in international affairs,” he said.

The exchanges came shortly after UN Secretary-General Antonio Guterres had, in his address, expressed concern over the escalating tensions between north countries.

Warning against a “new Cold War” between the United States and China, Guterres said the bad blood was moving the world in “a very dangerous direction”.

“Our world cannot afford a future where the two largest economies split the globe in a Great Fracture, each with its own trade and financial rules and internet and artificial intelligence capacities.

“A technological and economic divide risks inevitably turning into a geo-strategic and military divide.

“We must avoid this at all costs,” he said.

Although, the Chinese president did not address the United States directly in his speech, he said the world “must” reject unilateral actions and work together to defrost the virus.

ARU/

Edited By: Emmanuel Yashim
Source: NAN

https://nnn.ng/united-states-china-clash-over-covid-19-at-unga/
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Foreign

Trump says UN must focus on ‘Real Problems’ including terrorism, ethnic cleansing

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United States President Donald Trump on Tuesday said the world body must focus on addressing global issues such as terrorism, ethnic cleansing of minority religious groups, trafficking and other problems.


President Trump said in his speech to the UN General Assembly in Washington.

“If the UN is to be an effective organisation it must focus on the real problems of the world,” Trump said during remarks at the White House.

“This includes terrorism, the oppression of women, forced labour, drug trafficking, human and sex trafficking, religious persecution, and the ethnic cleansing of religious minorities.”

Trump also used his UN General Assembly address to call attention to China.

The United States president called on the UN to hold China accountable for failing to prevent the spread of the novel coronavirus in the international community.

Trump also said the international community should be prioritising their national interests rather than focusing on pursuing global ambitions.

Moreover, Trump said the United States now had weapons that it had never thought it would have them.

Edited By: Fatima Sule/Sadiya Hamza
Source: NAN

https://nnn.ng/trump-says-un-must-focus-on-real-problems-including-terrorism-ethnic-cleansing/
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