Mogadishu, Somalia (IRIN) – It is Friday morning in Mogadishu and Lido beach presents a scene reminiscent of seaside towns around the world. At the top of the beach, women sit with their wares, selling water and ice-lollies from cool-boxes. The middle-beach is dominated by young men playing football using driftwood as goalposts. At the water’s edge, boys and girls, the latter heedless of their long flowing garments, hurl themselves into the waves or bob on the surface like apples. “We’re on holiday”, says Ibrahim, a Londoner in his twenties who was born in northern Somalia. Ibrahim is traveling in a group of 20, all from the UK. “We came here for the beaches”, he said. On the road behind him, blue lettering advertises the Indian Ocean Star, a new beach-front restaurant and bar. Bashir Osman has facilitated journalist visits for years and now plans to capitalize [...] Continue Reading…

Fourth Estate Cooperative Staff
Paris, France (4E) – Women will comprise half of the top ministerial positions in the new French government of Francois Hollande. The announcement was made Wednesday by Secretary General Pierre-Rene Lemas a day after Hollande was sworn in as president. In his election campaign, Hollande had promised to give an equal number of ministries to both women and men in his cabinet. Hollande, a socialist, named ex-premier Laurent Fabius as finance minister and Lionel Jospin as foreign affairs minister. Jospin will replace Alain Juppe. Manuel Valls will take charge of interior affairs, while socialist deputy Jean-Yves Le Drian was nominated as defense minister. Pierre Moscovici will take over the tough task of economy ministry. Another socialist veteran, Michel Sapin, will become labor minister, Arnaud Montebourg will take the seat as production recovery minister and Stephane Le Foll was named agriculture minister. [...] Continue Reading…

Johannesburg, South Africa (IRIN) – The UN Development Program (UNDP) launched its first Africa Human Development Report Tuesday, stressing food security as a means to a better quality of life for all. The argument is straightforward: Most people in Africa depend on agriculture, and better nutrition is good for human development. More food production means more food and income in people’s pockets, which has spin-offs which are beneficial for health and education. The report is not another exhortation to farmers to grow more food. Pedro Conceicao, chief economist with the UNDP Regional Bureau for Africa, explained that exclusively looking at linkages between small-scale farmers and agriculture or gender empowerment and agriculture were “piecemeal approaches” and not helpful. “We have to move beyond silver bullet obsessions [such as agricultural subsidies] or attention-grabbing headlines.” He reasoned that high economic growth rates in Africa had not necessarily resulted in [...] Continue Reading…

Fourth Estate Cooperative Staff
Tehran, Iran (4E) – A U.S. media report on Sunday alleged Iran of turning off the satellite tracking systems on its oil tankers in response to the international sanctions, which has crippled its economy. In its report, The Washington Post stated that this tactic began in April and is still ongoing. It allegedly effects a quarter of Iran’s tanker fleet. The International Atomic Energy Agency (IAEA), which is apparently monitoring the practice, said that this is a clear violation of the maritime law. Iran, which is second largest OPEC exporter after Saudi Arabia, earns two-thirds of its foreign currency through oil exports.

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Linda Young – Fourth Estate Cooperative Writer
Brussels, Belgium (4E) – The European Commission predicts the eurozone economy will shrink this year as the region’s debt crisis continues to take its toll. In its spring forecasts, EC officials said that it expects 2012 will see a contractions of 0.3 percent in the economies of the 17 nations that use the euro. However, it also said that a recovery is in sight and that it expects the eurozone will rebound and grow by 1.0 percent in 2013. The picture is only slightly brighter when looking at all 27 nations in the European Union. The EC is predicting zero growth, but that is better than a contraction. In addition, the EC expects 1.3 percent growth for the EU region next year. Nevertheless, the situation remains problematic with disparities in the economies of the eurozone nations, as well as [...] Continue Reading…

Linda Young – AHN News Writer
Beijing, China (AHN) – China saw growth in its exports slow to 4.9 percent in April, compared with 8.9 percent last year because of the slowing of economies around the world. The slowdown in global demand has also hit Chinese consumers and businesses. Growth in imports to China also slowed, dropping to just 0.3 percent in April, down from 5.3 percent growth in March. Chinese government officials were reportedly expecting an 11 percent growth in imports. The decrease in imports was nearly across the board affecting everything from consumer items to raw materials. China is the world’s second-largest economy behind the United States. Although both nations have a capitalistic business system, the model that the Communist government of China uses is vastly different from the model the U.S. uses. In the U.S., the model is democratic, secular and free-market [...] Continue Reading…

Diane Alter – AHN News Reporter
New York City, NY, United States (AHN) – Gold prices tumbled Tuesday along with world markets as Greece’s political and economic woes weighed on investors across all sectors. The board based declines in U.S. and global equities spilled over to the yellow metal, pushing gold prices below $1,600 intra-day. Market participants fear that new elections could be held in June if no coalition Greek government is formed. Worries are growing that the ailing Mediterranean country could be coming closer to a default and may be forced out of the euro zone. Often viewed as and held as a safe haven, gold provided no respite Tuesday as investors sold whatever they were holding to raise cash. Also pressuring gold prices of late is the lack of speculative buyers. The only significant buyers of the precious metal in recent months have been central banks. [...] Continue Reading…

Linda Young – AHN News Writer
Beijing, China (AHN) – A US university has offered a fellowship to Chinese dissident Chen Guangcheng that would allow him to bring his wife and children with him. The blind activist made headlines for taking refuge at the US Embassy in Beijing after his daring escape from house arrest. He later left to go to the hospital accompanied by US officials who were later barred from the hospital. Chen initially said he wanted to remain in China, as long as he could be free. However, Chen caused tensions to rise between the US and China when he announced that he had changed his mind and wanted to immigrate to the US. Chen said he changed his mind because Chinese officials were threatening his family members and he no longer felt safe there. The Chinese government said he could apply to [...] Continue Reading…

Linda Young – AHN News Writer
Brussels, Belgium (AHN) – The eurozone saw it private sector contract sharply in April by one of its sharpest falls in nearly three years and its steepest decline since October, London-based Markit Economics said Friday. A contraction is defined as any figure below 50 in the Markit eurozone composite purchasing managers’ index (PMI). The PMI fell to 46.7 in April from 49.2 in March. Weak manufacturing exports were largely to blame for the drop, Markit said. Moreover, Markit said the figures suggested the eurozone economy as a whole contracted at a dire quarterly rate of 0.5 percent in April. The 17-member nation eurozone saw new business fall for the ninth consecutive month, while employment dropped for the fourth straight month. Even Germany, known as Europe’s economic engine, slid toward stagnation. Economic growth has nearly stopped in both Germany and [...] Continue Reading…

Linda Young – AHN News Writer
Washington, D.C., United States (AHN) – The latest report on private company hiring shows a disappointing 119,000 jobs created in April, according to payroll processor ADP. ADP’s report comes ahead of the official government numbers for April due out on Friday Stock prices fell in midday trading on Wednesday as Wall Street reacted to the numbers that were lower than the 170,000 jobs many analysts expected the economy to create last month. Dow Jones Industrial Average lost 41 points, or 0.3 percent, falling to 13,239, while the Nasdaq Composite slipped two points, or 0.1 percent, slumping to 3,048 and the Standard & Poor’s 500-stock index gave up six points, or 0.4 percent, plunging to 1,399. ADP’s report comes ahead of the official government numbers for April due out on Friday. The jobs that were created in April might not be [...] Continue Reading…