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20, November 2024

Wall Street falls as Russia-Ukraine tensions raise concerns ⁰

Wall Street’s main indexes dropped on Wednesday, as continued escalation of Russia-Ukraine tensions worried investors, while megacap Nvidia lost ground ahead of quarterly results.

Stocks dipped after a report Ukraine fired long-range British Storm Shadow missiles into Russian territory. That followed Ukraine launching US-made ATACMS missiles into Russia on Tuesday, and Russia announcing it had lowered the threshold for nuclear action.

Wall Street’s “fear gauge” jumped to 18.79 before easing slightly, but it was still trading at its highest since the November 5 US presidential election.

“There’s been more missiles firing between Ukraine and Russia, and the market doesn’t know what to think of that … tensions are escalating, not deescalating and that’s why you’re seeing the selloff in the markets,” said Dennis Dick, trader at Triple D Trading.

Meanwhile, AI leader Nvidia, which is scheduled to report results after the bell, dropped 0.8%, reversing modest premarket gains. The index heavyweight dragged the Information Technology sector as well as the tech-heavy Nasdaq.

Target plunged 20.7% after the retailer forecast holiday-quarter comparable sales and profit below Wall Street expectations following a third-quarter estimate miss.

It dragged down other retailers such as Dollar Tree and Dollar General which fell 3.4% and 4.9%, respectively.

Among other growth stocks, Tesla lost 1.8% and Amazon.com shed 1.7%.

The consumer discretionary and consumer staples indexes lost 1.1% and 0.9%, respectively.

But the spotlight remained on Nvidia, which has nearly tripled in value this year, accounting for about 20% of the S&P 500’s returns over the last 12 months, according to BofA Global Research.

“While expectations for Nvidia are high heading into its latest earnings report, we expect the company to report another strong quarter and live up to these high expectations,” said Clark Bellin, chief investment officer, Bellwether Wealth.

At 10:55 a.m. the Dow Jones Industrial Average fell 40.15 points, or 0.09%, to 43,228.79, the S&P 500 lost 30.00 points, or 0.51%, to 5,886.98 and the Nasdaq Composite lost 123.86 points, or 0.65%, to 18,863.61.

Cryptocurrency stocks ticked higher as bitcoin jumped above $94,000, with MicroStrategy and MARA Holdings up 14.6% and 13%, respectively.

Comments from Federal Reserve officials including Michelle Bowman and Susan Collins are expected through the day.

Traders have increased their bets on the US central bank leaving interest rates unchanged at its December meeting in the wake of strong economic data and signs of persistent inflation. They see a 44.5% chance of a pause next month, according to CME’s FedWatch tool.

Fed Governor Lisa Cook said recent data suggests that more cuts are likely appropriate as disinflation is expected to continue.

Declining issues outnumbered advancers by a 1.85-to-1 ratio on the NYSE and a 1.38-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 66 new highs and 107 new lows.

Source: Reuters

20, November 2024

Star Building: Prime Minister Dion Ngute chairs cabinet meeting ⁰

On Tuesday 19 November 2024, Prime Minister Joseph Dion Ngute chaired a cabinet meeting.

Cameroon Concord News understands the meeting focused on the presentation of the aggregates of the 2025 preliminary finance bill: its general configuration and the main thrusts of the public investment budget.

Dion Ngute called on his government team to comply with the guidelines set out by President Biya in a circular dated 23 November 2024 on the preparation of the State budget.

‘I invite my team to respect the guidelines contained in the Presidential Circular of 23 October 2024, and to take into account the requirements induced by the principles of rationalisation and prioritisation’, insisted Chief Ngute.

The circular signed by the Head of State defines the overall objective assigned to the State budget for the 2025 financial year.

‘During 2025, the overall objective of public action remains the strengthening of the economic growth dynamic, as well as its inclusive nature, in order to promote the industrial transformation of our productive fabric and an improvement in the living conditions of the population. To this end, the following levers of action should be implemented as a matter of priority’, states the Biya document.

By Rita Akana in Yaoundé

20, November 2024

Italy and Greece join US in closing Kyiv embassies over Russia attack threat ⁰

The US embassy in Kyiv is temporarily closed as it says it received information of a “potential significant air attack on 20 November”

Italy and Greece have also closed their embassies in Ukraine’s capital, while the UK’s embassy remains open, the Foreign Office says. The Spanish embassy closed for several hours but is now open

An air raid alert briefly sounded in Kyiv and other parts of Ukraine hours after the US announcement.

Source: BBC

20, November 2024

Real Madrid’s Vinícius Jr traces ancestry to Cameroon through DNA test ⁰

A Deoxyribonucleic Acid (DNA) test has revealed that Vinicius Jr., the Brazil and Real Madrid star winger, has ancestral roots in Cameroon.

The test conducted by the Brazilian Football Confederation (CBF) in partnership with AfricanAncestry.com on Tuesday, November 19, 2024, at Fonte Nova revealed that the player’s ancestry is rooted in the Tikar tribe of Cameroon.

A certificate recognising Vinicius Jr’s Cameroonian heritage was issued, along with a video highlighting the legacy of his Tikar forebears, a prominent tribe in Cameroon.

The initiative is part of the CBF’s ‘Roots of Gold’ campaign, which honours the history and pride of the Afro-Brazilian community, with a special focus on football.

Speaking about his roots, Vinicius said, “Discovering that my roots are in Cameroon is a very special moment for me and my family.

“It reminds me that, despite the challenges, our origins and our history count for a lot.”

In response to the discovery, Vinícius’ father shared his excitement, saying, ‘It’s important for us to know where we come from. Many Brazilians are unaware of their ancestry or heritage. I’m happy that we have roots in Cameroon too.’

The founder and president of AfricanAncestry.com, Gina Paige, underscored the importance of helping people of African descent reconnect with their heritage.

“Vini Jr. carries within him the desire to honour his heritage. However, like many individuals of African descent, his ancestral story has been erased by racism and the legacy of slavery. Through a DNA test, we discovered that Vini Jr.’s ancestors belong to the Tikar tribe in Cameroon.

“We believe that Vini’s reconnection with his African roots is a powerful ‘act of resistance,’ in line with his advocacy for social justice both on and off the football pitch,” Page said.

In honor of his ancestry, Vinicius Jr. wore a special jersey featuring the flags of Brazil and Cameroon for the match against Uruguay, which ended in a 1-1 draw, with the winger playing the entire 90 minutes.

Source: Vanguardngr

19, November 2024

EU to invest CFA 60bn in key infrastructure projects in Cameroon ⁰

As part of the second phase of the Multiannual Indicative Program (MIP) 2025-2027, the European Union (EU) has announced it will mobilize €91 million (around CFA60 billion) to fund infrastructure projects in Cameroon. This initiative seeks to support the country’s economic and social development, strengthen key sectors, and promote regional integration within Central Africa. The announcement was made during the third session of the Economic and Technical Dialogue on the Cameroon-EU partnership, which took place on November 14, 2024, in Yaoundé.

Among the projects benefiting from this funding are two major initiatives: the construction of a bridge over the Ntem River between Cameroon and Equatorial Guinea, and the extension of Cameroon’s railway network to Chad. Other key projects include the Yaoundé bypass road, which aims to reduce traffic congestion in the capital, and the Kikot hydroelectric project, which will strengthen the national power supply.

“These strong commitments from the European Union, in the form of grants and budget support, aim to accelerate the completion of key infrastructure projects and reinforce structural reforms for better public financial management and enhanced competitiveness for Cameroon,” stated the Ministry of Economy’s communication service.

The EU is already involved in funding major projects that are transforming Cameroon’s infrastructure. One example is the Nachtigal hydroelectric dam (Central Region), which has a capacity of 420 MW. Supported by the EU, this project will provide nearly 30% of the electricity to the southern interconnected grid of Cameroon and play a key role in stimulating the country’s industrial growth. Another important project is the construction of the bridge over the Logone River, which will connect the Cameroonian city of Yagoua to the Chadian city of Bongor. Once completed, this bridge will provide a third official crossing point between the two countries, strengthening trade relations and contributing to sub-regional integration.

In addition to infrastructure projects, a significant portion of the discussions during this session of the Economic and Technical Dialogue focused on improving the business climate in Cameroon. The EU and the Cameroonian government are working to make the country more attractive to private investors by facilitating access to funding that supports entrepreneurship and stimulates economic activity. The EU plans to implement financial mechanisms through the Neighbourhood, Development and International Cooperation Instrument (NDICI-Global Europe) and the Global Gateway program. These initiatives will particularly target small and medium-sized enterprises (SMEs), especially in the infrastructure and energy sectors. Minister Alamine Ousmane Mey emphasized that the growth of the private sector is crucial for job creation and wealth generation. “A vibrant and productive private sector means more jobs, more wealth, and a better quality of life for the people. This is a priority for us, and through our cooperation with the European Union, we believe we will receive more support,” he said.

The announced funding is part of the MIP 2021-2027, which was officially launched in February 2022 in Yaoundé. The MIP is designed to structure and strengthen the EU’s response to the multiple challenges Cameroon faces, particularly in governance, democratic consolidation, peace, and stabilization. The program focuses on inclusive growth, with particular attention to the private sector, the creation of decent jobs, and environmental sustainability. The program spans seven years, with a solid commitment for the 2021-2024 period. The EU has allocated an additional CFA88 billion for the 2025-2027 period, with new priorities, including digitalization, which has been added as the fourth priority area of the program.

Source: Business in Cameroon

19, November 2024

Biya regime fires 1,100+ public servants for absenteeism ⁰

The government has dismissed 1,172 public servants, including civil servants and state employees, according to a statement released on Monday, November 18, by the Minister of Public Service and Administrative Reform (Minfopra), Joseph Le.

The latest round of sanctions adds to the previous 1,981 dismissals and 424 terminations, bringing the total number affected to 3,577. The statement explains that these decisions were made under decrees issued on October 7, 1994, defining the general civil service statutes, as amended by the decree of October 12, 2000, and a decree from November 9, 1978, specifying common provisions for state employees under the labor code.

The sanctions stem from a physical headcount operation, known as Coppe, launched in 2018 to identify and remove irregularly listed employees from state payrolls. Irregularities were often due to unexplained absences, resignations, or unreported deaths. The operation is expected to conclude in 2025, at which point all identified personnel will be removed from the civil service, following the President’s directive in the 2025 budget circular signed on October 23, 2024.

Joseph Le revealed that the dismissed and terminated employees are part of a broader group of 8,766 public agents at risk of disciplinary action. Despite repeated notices from the Ministers of Finance and Public Service, only 601 individuals responded to requests for clarification, with some attending hearings with the Permanent Public Service Discipline Council.

Following disciplinary procedures, some personnel were reinstated, while others were terminated for submitting fraudulent documents “intended to mislead the administration.” At the start of 2024, numerous public employees remained suspended from payroll for unexplained absences, including 2,326 teachers flagged as absent following a call for reporting by Secondary Education Minister Nalova Lyonga.

Minister Le emphasized that this “significant operation” aligns with President Paul Biya’s directives to combat chronic absenteeism among public servants. In July, Le warned that any public employee absent for 30 consecutive days would face immediate dismissal or termination. “If a public servant fails to be at their post for 30 days, they simply merit dismissal or termination. Many other measures are stipulated in the Civil Service Statute and related regulations. Salaries are compensation for work performed, not work to be done. Absenteeism and indiscipline must end,” he stated after a cabinet meeting on July 25.

The Coppe operation, conducted between April and June 2018 by the Ministry of Finance, identified and removed 10,000 fictitious employees from the payroll, generating an annual budget saving of approximately 30 billion CFA francs in 2019, according to Finance Minister Louis Paul Motaze.

Source: Sbbc

19, November 2024

Southern Cameroons Crisis: 3 killed in Amba attack on the Ndu-Foumban road ⁰

At least three people — a soldier and two civilians — have been killed in an Ambazonia attack in the northwest region, local and security sources said Monday evening.

The civilians were driving along the Ndu-Foumban road early Monday when Amba fighters ambushed them, a security source in the region said.

“They (the civilians) gave the soldier a lift. Along the way, the separatists who were hiding in the bush opened fire on their car, killing three people and injuring two others,” the source said.

Additional troops have been deployed to the road where attacks have become recurrent.

A separatist insurgency has been going on in Cameroon’s two Anglophone regions of Northwest and Southwest since 2017.

Armed separatists want to secede from the largely French-speaking Cameroon and create an independent nation in the English-speaking regions of Northwest and Southwest.

Source: Xinhuanet

19, November 2024

Indomitable Lions: Zambo Anguissa back in squad for today’s Zimbabwe clash ⁰

Napoli midfielder André-Frank Zambo Anguissa has joined the Cameroon national team camp ahead of the Warriors game.

Anguissa missed the Indomitable Lions’ trip to South Africa, where they faced Namibia in their penultimate fixture of the 2025 Afcon Qualifiers Group J.

The midfielder has now joined the camp ahead of the final Group J game against Zimbabwe on Tuesday in Yaounde, Cameroon.

Meanwhile, Cameroon national team arrived home on Wednesday and quickly began their preparations for the game against Zimbabwe.

The match will be played at Ahmadou Ahidjo Stadium in Yaounde on Tuesday.

Kick-off is at 3 pm CAT.

Source: Soccer 24

19, November 2024

Yaoundé: CONAC flags corruption, production of fake certificates as most worrying issues ⁰

Cameroon’s National Anti-Corruption Commission (CONAC) has flagged corruption and the production of fake certificates as two of the most worrying issues plaguing the country’s higher education system.

At a campaign at the University of Yaoundé II to educate and sensitise the university population on the consequences of the production and use of fake certificates in Cameroon and abroad on 5 November 2024, the chairman of CONAC, the Reverend Dr Dieudonné Massi Gams, underscored the dangers of corrupt practices and falsification of certificates. This has become endemic in higher education institutions in the country, actions not compatible with head of state President Paul Biya’s policy to promote good governance as pathways towards economic emergence by 2035.

“The university should be a place to promote academic excellence as recommended by the Head of State, Paul Biya, and not academic forgery,” Massi Gams said at the University of Yaoundé II campaign.

The campaign to fight against fake certificates and corruption in universities for the 2024-25 academic year which started on 25 October 2024 at the University of Yaoundé I, comes against the backdrop of reports of several cases of graduates falsifying certificates to secure employment in both public and private institutions as well as access to post-graduate studies at foreign universities, Massi Gams said.

“We have received several complaints from the ministry of higher education and directly from foreign universities about applicants from Cameroon with falsified transcripts, a practice that tarnishes the image of the country’s higher education system,” he noted.

Students, staff sensitised

The campaign, carried out in collaboration with the ministry of higher education, he said, targets students of higher education institutions where recruitment for various enterprises is focused, as well as the entire university community.

The campaign at both University of Yaoundé I and Yaoundé II was characterised by words of advice from the CONAC team, and messages to students and staff about the implications of using fake certificates. Examples of fake certificates were placed on billboards around the campus.

Anti-corruption billboards bearing the campaign message are planted in strategic corners of the university campuses as well as on stickers stuck on vehicles of staff and some students. The campaign will be extended to all public higher education institutions in the country as well as private universities, CONAC authorities said.

Experts said it was imperative that corruption is fought at universities in Africa in their capacity as institutions of higher education that touch the lives of future leaders, and as large organisations with substantial economic footprints.

Students welcome chance to talk

“The fight against corruption in Africa, in general, and Cameroon, in particular, should start with the training system of our future leaders. That is why the campaign against fake certificates and corruption in higher education institutions in Cameroon is very strategic,” Dr Nick Ngwanyam, director and CEO of the St Louis University Institute of Health and Biomedical Sciences, Cameroon, told University World News.

Students have also saluted the initiative which, they say, helps to bring university authorities out of their silos to openly discuss even taboo subjects like sexual harassment for marks.

“The campaign on campus was very educative and provided a rare opportunity for students and university authorities to discuss even some taboo subjects like sexual harassment,” Victoria Ebage, a law student at the University of Yaoundé II, told University World News.

Cameroon’s 2023 anti-corruption status report released in September 2024 shows that, like in other sectors, bribery and corruption have been rampant in higher education – regarding admitting candidates at public professional institutes. Merit hardly plays a role, which has opened the doors to mediocrity.

The report says that, generally, the State of Cameroon lost over CFA114 billion (approximately US$184 million) to corruption in 2023 which represents an increase of CFA109.4 billion compared to 2022.

‘Favours’ undermine credibility

Other sectors where corruption is on the rise include transport, secondary education, territorial administration, finance, telecommunication, and public works, according to the report. The 2023 report is divided into four parts, with part one focusing on measures to prevent corruption, part two on sanctions, part three on the fight against money-laundering and recovery of assets derived from corruption, and part four, on cooperation – at both local and international levels – in the fight against corruption.

The report says higher education institutions have been plagued by sexual harassment and favours for better grades. The widespread practice has severely undermined the credibility of the merit-based system. Experts have sounded the alarm that such deviant practices could hamstring the broader efforts by the government to foster quality education at higher education level. “It is difficult to obtain quality results in our universities under such circumstances,” Ngwanyam said.

Massi Gams called on students to strive for excellence and uphold integrity. He challenged them to lead in the fight against corruption in the country to guarantee a better future. “As future leaders, you are expected to shine the flag, set the example for a brighter tomorrow,” he said.

In similar message to students, the Rector of the University of Yaoundé I, Professor Remy Magloire Dieudonné Etoua, warned against the adulteration of results transcripts and birth certificates. He urged students and staff to guard against the practice, which is not only punishable by Cameroonian law, but also a deterrent to professional and intellectual development in Cameroon.

Backdoor payments common

“We have had cases of students changing marks on their results transcripts and ages on their birth certificates to gain access into professional schools for employment into the public services. These are criminal acts punishable by law,” Etoua said at the University of Yaoundé I launch.

There has been a public backlash against prevailing corruption with impunity in the country’s higher education system, especially access to higher professional institutions. On 13 August 2024, CamerounWeb reported about backdoor payments of as high as CFA30 million (about US$48,265) to gain admission into the National School of Administration and Magistracy, or ENAM, the higher education institution that trains senior administrators, magistrates and finance experts in the country.

The prevailing corruption in the admission of students to prestigious higher professional schools in the country has eroded public confidence in the higher education system, experts say. “The public has virtually lost confidence in our higher education system because corruption has taken virtually all the professional higher training institutions hostage. The power of the wallet has taken over the place of merit,” Etoua told University World News.

Culled from University World News

17, November 2024

Fitch Keeps Cameroon at ‘B’ with Negative Outlook ⁰

Fitch Ratings has affirmed Cameroon’s long-term foreign currency issuer default rating (IDR) at ‘B’ with a negative outlook. In a note, Fitch revealed that the negative reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM).

This is evidenced by weak liquidity management, late external debt payments, and accumulation of domestic arrears, according to the rating note. Cameroon’s ratings are supported by its resilient GDP growth, a manageable debt maturity schedule and expectations that moderate budget deficits and debt levels will be supported by non-oil revenue mobilization and spending restraint.

Analysts added that this is balanced against low GDP per capita, weak governance indicators, and persistent security challenges. The 92-year-old President Paul Biya, in power since 1982, will likely run in the presidential election, scheduled for October 2025, Fitch said.

The rating note stated that social and political tensions could increase in the run-up to the election, increasing concerns about Cameroon’s political stability, policy continuity and commitment to reform – which underpin bilateral support.

The lack of a succession plan and political divisions and rivalries within the ruling party exacerbate the risk of a disorderly transition of power. The rating note revealed that the country’s weaknesses in budget planning and execution, and debt management weigh on the rating.

The government’s exceptional spending procedures remain high, albeit declining, due to constant unexpected security spending and liquidity pressures. PFM weaknesses are evidenced by occasional late external debt service payments.

It was revealed in July that Cameroon was late in making external debt payments to one commercial creditor in March 2024. Moreover, in 2024, Cameroon has cleared XAF467 billion of domestic arrears using proceeds of a private placement issuance and resources lent by Afreximbank.

“We see continued risk of arrears accumulation given a projected financing shortfall”, Fitch Ratings said amidst country’s tight finance.

In 2004, Cameroon is unlikely to obtain budgeted financing from the World Bank of USD200 million, due to delays in implementing structural reforms, Fitch stated.

Analysts explained that the projected shortfall in financing will be compensated by spending cuts. The funds could be disbursed in 2025, but the electoral context may further slow reform implementation.

“Nevertheless, we expect Cameroon’s funding needs will be covered through the existing IMF programme, ending June 2025, and official creditor support tied to the completion of the reviews”.

The government will also rely on the regional bond market.

Fitch baseline assumes strong support from official creditors will continue over the medium term, with a potential renewal of the IMF programme in 2026, which is key for the financing plan. Cameroon has limited fiscal room, and fiscal consolidation is being driven by spending cuts, mainly on capex under-execution.

“We forecast the fiscal balance on a commitment basis will shift to a surplus of 0.1% of GDP in 2024, remaining broadly stable in 2025-2026.

“Oil revenues will decline due to lower oil prices and production, but non-oil revenues will continue to improve through revenue mobilisation measures, tax exemptions reduction, and improvement in tax and customs administrations”.

Fitch also forecast the fiscal deficit on a cash basis to widen from 0.4% of GDP in 2023 to 1.6% in 2024, as net repayment of arrears is expected at 1.7% of GDP at end-2024.

“We expect the cash deficit will decline to 0.7% of GDP in 2025 and 0.6% in 2026, although the pace of net repayment of arrears casts uncertainty on the fiscal trajectory”. The government is committed to reduce fuel subsidies, increasing retail petroleum prices in 2024 by 15%, after a 21% rise in 2023.

However, given the importance of social stability and the presidential election, we assume the government will not increase petroleum prices in 2025, delaying the phasing out of fuel subsidies.

“We estimate fiscal financing needs, at 5.7% of GDP in 2024, will decline to 4.7% of GDP in 2025, owing to lower cash deficit and arrears repayment. We project fiscal financing needs will increase to 5.4% of GDP in 2026 as domestic debt amortisation will amount to 2.6% of GDP after 2.1% in 2024.

“External debt amortisation will increase from 2.0% of GDP in 2024 to 2.1% in 2025 and 2.2% in 2026, including Eurobond payment at 0.1% of GDP per year”. Fitch project GDP growth and moderate cash budget deficits will maintain government debt on a declining path from 41.7% of GDP in 2023 to 36.3% in 2026, below the ‘B’ median forecast of 56.4%.

Also, analysts expect real GDP growth to increase to 3.7% in 2024 from 3.2% in 2023. “We forecast growth at 4.0% in 2025 and 4.1% in 2026, driven by agriculture, construction, and the coming on-stream of infrastructure and electricity projects, below the ‘B’ median forecast of 4.7%”.

Downside risks to growth stem from geopolitical uncertainties leading to renewed commodity price volatility, supply chain disruptions, and inflationary pressures. The 2025 presidential election threatens reform implementation and increases security and social risks.

Analysts forecast the current account deficit (CAD) to narrow from 4.1% of GDP in 2023 to 3.6% of GDP in 2024 owing to higher cocoa prices supporting exports. Fitch projects the CAD will fall to 3.2% of GDP in 2025-2026, as the decline in oil production will be offset by the implementation of the import substitution policy, while exports will increase thanks to stronger agricultural production.

Source: dmarketforces