China hails Africa as ‘golden ground’ – Chinese Foreign Minister Yang Jiechi hailed Africa as a “golden ground” for foreign investment, and vowed to work with Chinese firms to ensure they comply with local labor laws, including minimum wage, a problem that has been raised in Namibia. China has aggressively moved into African markets, tapping into natural resources to fuel its own economy but also taking a major role in building roads, bridges and other infrastructure across the continent. (AFP)
E. Africa ministers want to expand troops in Somalia – East African defense ministers want the UN to endorse a plan that boosts the size of an African Union force trying to stabilize Somalia by including Kenyan troops, an AU official said. The ministers met in the Ethiopian capital to try to forge a strategy to defeat the al Qaeda-linked al Shabaab group, which has been driven out of the capital Mogadishu and is now facing a new front after Ethiopia joined Kenya last week in unilaterally deploying troops. (Aaron Maasho, Reuters)
Does Microfinancing Really Work? A New Book Says No – David Roodman, author of the new book, “Due Diligence,” argues that microfinance may not be the surefire way to pull people out of poverty, highlighting a new global study, which “details how many loans leave poor people even more desperate than before — or at least, barely improves their circumstances.” Roodman says the microfinance industry’s giant success has allowed it to ignore perhaps the best way for poor people to improve their economic prospects: Saving money. (Vivienne Walt, TIME)
What is behind Nigeria fuel protests? – CNN explores the reasons behind the fuel protests in Nigeria, reporting that the country’s government is “attempting to deregulate the oil sector in the country and believes subsidizing consumption of oil is a drain on public finances that will prove unsustainable in the long term.” A spokesperson for President Goodluck Jonathan said “the money saved from removing the subsidy will help to improve public amenities and build much-needed infrastructure.” (Stephanie Busari, CNN)
South Africa’s party that helped end apartheid marks 100 years as nation still struggles – As the African National Congress marks its 100th anniversary this weekend, critics say the ANC has failed to unchain an impoverished majority still shackled by a white-dominated economy. With unemployment hovering around 36 percent, one political analyst said that while the ANC has achieved great success in its 17 years of governing the country, the festivities will be marred “by a tinge of disappointment and even sadness about weaknesses and failures.” (AP)
