by: Andrea Spinelli Barrile | April 26, 2024
The American rating agency Fitch could further reduce the rating of the Ecowas Bank for Investment and Development (Ebid) due to the exit of the three coup countries from the union. We learn this from a press release from Fitch, in which it announces that it has updated Ebid’s “B” rating, which for now keeps the institution in the “highly speculative” category.
According to Fitch, with the exit of Mali, Niger and Burkina Faso from Ecowas, these three countries were left with 23% of total Ebid loans, including 124 million dollars (7.6 billion francs) owed by the governments of the three villages.
It is unclear whether these three countries will stick to their intentions to leave the West African Economic Community (ECOWAS) but Fitch believes this scenario could impact Ebid performance, leading to an increase in non-performing loans. The Ebid could preserve the paid-in capital of these three countries (33 million dollars) but according to Fitch this will not be enough to cover the amount due. Fitch therefore does not rule out a reduction in the bank’s credit rating.
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West Africa: with the exit of the coup plotters, rating risk for Ebid
Stricter rules for fashion retailer Shein from China
– 2024-04-27 04:17:19
Because the online fashion retailer was classified as a very large online platform, the requirements are now stricter. The consequences for the Chinese company are far-reaching.
The EU Commission will in future tighten its grip on the Chinese online retailer Shein, which attracts millions of European consumers to its platform with bargain prices for fashion items. As the Brussels authority announced, Shein was officially classified in the category of very large online platforms on Friday under the Digital Markets Act (DMA) – and is therefore subject to stricter requirements.
As the EU Commission further explained, Shein claims to have an average of more than 45 million monthly users in the European Union. This means that the company is above the threshold for classification as a very large online platform.
The consequences for Shein
This means that Shein must now take extensive precautions within four months, i.e. by the end of August, to protect against, for example, counterfeit products and violations of intellectual property rights. In addition, annual risk assessment reports will be mandatory for the Chinese company, which must particularly examine possible adverse effects on the health and safety of consumers. The focus is on the physical and mental well-being of underage users.
Since the end of August, the DSA’s requirements for digital giants initially affected 19 large online services, including the online retailers Amazon and Zalando, services such as Google Maps and platforms such as Facebook, TikTok and the service X. The platforms Pornhub, Stripchat and XVideos were added in December. Including Shein, 23 major online services now fall into this category.
Stricter rules for fashion retailer Shein from China – 2024-04-27 04:17:19
Ecuador in state of emergency due to energy crisis
– 2024-04-27 02:44:47
The president of Ecuador, Daniel Noboaonce again decreed this Friday a new state of emergency at the national level for 60 days, this time due to the serious energy crisis that the country is going through, with blackouts lasting up to eight hours due to not being able to meet the national demand for electricity.
Through a decree, Noboa ordered “the mobilization and intervention of the National Police and the Armed Forces throughout the national territory, duly coordinated, to guarantee the security of critical energy infrastructure facilities to prevent sabotage, terrorist attacks or other threats that may affect its operation.
Since last Sunday, Ecuador has suffered daily blackouts in different areas lasting up to eight hours, as the reservoir of Mazarthe second largest in the country, which allows the operation of a complex of three hydroelectric plants with a power of 1,757 megawatts, equivalent to around a third of national demand.
Added to this is the cutoff of the electricity supply from Colombiawhich also faces a situation of great drought that does not allow it to generate surplus electricity for export to Ecuador.
This new state of exception occurs on the eve of the referendum called by Noboa for this Sunday where he seeks to carry out with popular support a series of reforms in matters of security, justice, investments and employment.
It also comes less than three weeks after the end of the previous state of emergency, issued at the beginning of January to address the wave of violence by organized crime gangs, after a series of attacks and violent actions that included the takeover of the canal TC Television by a group of armed men during a live broadcast.
The previous state of exception was accompanied by the declaration of ‘internal armed conflict’, the same one that has been maintained until now and that serves the Ecuadorian Government to consider twenty-two criminal gangs as terrorist groups and non-state belligerent actors that can be neutralized by the Forces. Armed.
Thus, in the week of the referendum, blackouts returned to Ecuador, a situation that Ecuadorians had already experienced at the end of last year due to another similar situation of drought in the main hydroelectric plants and a drop in supply from Colombia.
On that occasion the electricity outages lasted up to four hours, half as long as at the current time, which Noboa attributed to alleged sabotage, to the point that his administration filed a complaint against twenty-two people for allegedly hiding information and not giving voice to early warning.
Among the people who are part of the presidential accusation is the former Minister of Energy and Mines Andrea Arroboto which Noboa asked for her resignation in a public event on Tuesday, after last Friday she had ruled out the blackouts returning to Ecuador in the short term.
Even the Secretary of Communication of the Presidency, Roberto Izurietaeven stated on Thursday that they have suspicions that the Mazar reservoir was deliberately emptied, something that was denied since the Electric Corporation of Ecuador (Celec)which operates said reservoir.
According to data from this company, the level of the reservoir, located in the southern province of Azuayhas been gradually declining since the beginning of this year, and apparently it has not rained enough in that time for it to be replenished.
The prolonged electricity cuts forced the Government to decree the suspension of the working day and school classes for this Thursday and Friday, although many private businesses continued to operate normally, since in Ecuador only three out of every ten people of working age have a formal job. EFE (I)
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Ecuador in state of emergency due to energy crisis – 2024-04-27 02:44:47