Foreign
Ghana’s Finance Ministry Urges President Not To Sign Anti-LGBTQ+ Bill
Ghana’s finance ministry has urged the president not to sign a controversial anti-LGBT bill passed by parliament last week.
It warns the country could lose a total of $3.8bn (£3bn) in World Bank funding over the next five to six years.
The bill prescribes three years in jail for identifying as LGBT+ and five years for promoting LGBT+ activities.
Ghana is suffering a major economic crisis and last year had a bailout from the International Monetary Fund (IMF).
There are concerns that any shortfall in funding from the World Bank and other donors could derail the economic recovery.
In a highly unusual move, the warning from the finance ministry was leaked to several media, including the BBC.
It recommends that President Nana Akufo-Addo defer signing the bill until the Supreme Court rules on whether it aligns with the constitution. Human rights groups went to court even before it was passed by parliament but it is unlikely to be heard by the Supreme Court for some time.
Ghana’s president has seven days after receiving the bill to decide whether to sign it into law and if he doesn’t, 14 days to give reasons. Although the Proper Human Sexual Rights and Ghanaian Family Values bill was passed by parliament last Thursday, it has not yet been sent to the president for his assent.
Mr Akufo-Addo is reported to be holding meetings with key ministries and donors to assess the impact of the Proper Human Sexual Rights and Ghanaian Family Values bill.
The US, UK and human rights groups have already condemned the bill, which was backed by both of Ghana’s two main political parties.
Last year, the World Bank announced it would freeze new loans to Uganda in response to the introduction anti-LGBT legislation which is even tougher than that passed in Ghana.
According to Bloomberg, the IMF said in a statement that it was monitoring developments in Ghana, adding that “diversity and inclusion are values that the IMF embraces”.
This year alone, Ghana could lose about $850m (£670m) in support, which officials say will negatively impact an already struggling economy, reduce the country’s foreign reserves, and affect exchange rate stability.
Foreign
Winter storm kills one, disrupts travel across Ireland, France, UK
Ireland, Britain, and France faced travel chaos on Saturday, and one person died as a winter storm battered northwest Europe with strong winds, heavy rain, snow, and ice.
Hampshire Police in southern England said a man died after a tree fell onto a car on a major road near Winchester early in the day.
Police in West Yorkshire said they were probing whether a second death from a traffic accident was linked to the storm. It is understood the road was not icy at the time of the incident.
Storm Bert left at least 60,000 properties in Ireland without power and closed roads and some ferry and train routes on both sides of the Irish Sea.
Channel ports and airports in Britain were badly affected, while in France, tens of thousands remained without power after Storm Caetano on Thursday. Hundreds of passengers were stranded when trains were halted by power cuts.
Media footage showed flooding in the west of Ireland, which also caused rail closures in Northern Ireland. Snow impacted travel across Britain.
The heaviest snow hit Scotland and parts of northern and central England, with dozens of flood alerts in place.
The UK Met Office issued snow and ice warnings for those regions, saying there was a “good chance some rural communities could be cut off.”
Scottish hills could see up to 40 centimetres (16 inches) of snow, while winds approaching 113 kilometres (70 miles) per hour were recorded in Britain.
Ferry operator DFDS cancelled services on some routes until Monday, with sailings from Newhaven and Dover in southern England to Dieppe and Calais in France severely affected.
Flights were disrupted at Newcastle Airport due to heavy snow, with some flights diverted to Belfast and Edinburgh.
– Blackouts –
Avanti West Coast, which runs rail services between England and Scotland, advised customers not to attempt travel beyond the northern English city of Preston, as it cancelled numerous trains.
National Highways also issued a “severe weather alert,” warning of “blizzard conditions” affecting Yorkshire and northeast England, with a number of road closures announced.
Met Eireann, the Irish National Meteorological Service, also issued a warning for “very strong winds and heavy rain.”
The worst affected areas for power outages in Ireland were in western and northwestern counties, according to ESB Networks, which runs the country’s electricity system.
“Crews and contractors are deployed and restoring power in impacted areas where it is safe to do so,” it said.
In Britain, the National Grid operator said power had been restored to “many homes and businesses,” but more than 4,000 properties across the country were still without electricity on Saturday—the majority in southwest England.
Some 47,000 homes remained without power in northern France on Saturday, two days after the country was battered by Storm Caetano, power company Enedis said.
Up to 270,000 people had been cut off due to the storm, but Enedis said it had 2,000 technicians working to reconnect electricity lines torn down by winds of up to 130 kph.
Several hundred passengers were stranded on two trains in western France halted by power cuts.
Some 200 people on a train going from Hendaye to Bordeaux and 400 on a high-speed TGV going from Hendaye to Paris spent up to nine hours in the carriages.
Junior transport minister Francois Dourovray told RTL radio that up to 1,000 passengers on different trains were affected by the power cut.
AFP
Foreign
Trump picks Scott Bessent, the ‘investor favorite,’ for Treasury secretary
President-elect Donald Trump announced Friday evening that investor Scott Bessent will be his nominee for Treasury secretary, picking a campaign trail partner and early frontrunner for the job after a long and contentious process.
Trump called him “one of the World’s foremost International Investors” in his announcement, adding that he is “a strong advocate of the America First agenda.”
Bessent beat out a series of other candidates from former Federal Reserve governor Kevin Warsh to Apollo Global Management (APO) CEO Marc Rowan to cap a drawn-out process that saw candidates’ chances seem to rise and fall by the day. (Disclosure: Yahoo Finance is owned by Apollo Global Management).
Assuming he is indeed nominated and then confirmed, Bessent will face the difficult challenge in the months ahead of simultaneously working to calm US and global markets while also being tasked with selling many of the president-elect’s economic plans.
The issue is that many of those ideas remain unpopular in business world corners — specifically renewed tariffs and, perhaps, increased deficit spending.
In a live Yahoo Finance video appearance earlier on Friday, Hoover Institution fellow Lanhee Chen offered that Trump’s nominee would need to be well-qualified, aligned with his economic agenda, and also serve as “a calming force to markets.”
Then Republican candidate Donald Trump listens as investor Scott Bessent speaks on the economy during a stop in Asheville, N.C. in August. (AP Photo/Matt Kelley)
A well-known nominee from the investing world
From the beginning of the process, Bessent was often viewed as the front-runner for the post, but saw his fortunes rise and fall. The former Soros Fund Management investing chief met with Trump multiple times in the weeks following the election after being a regular campaign trail partner of the president-elect.
The race was anything but drama-free, with betting markets have yo-yoing in recent days and Polymarket odds putting three different candidates as the favorite at various points.
Trump ended up settling on the figure who often appeared with him on the campaign trail, citing Bessent’s expertise before rally crowds, specifically the notion that stocks were on the rise because of the prospects of a Trump victory.
Trump described Bessent’s mission Friday as one to help “usher in a new Golden Era for the United States,” including the stopping of trade imbalances.
Bessent is currently the CEO of Key Square Capital Management and made a notably public case for the job since Trump’s victory.
At various points in recent weeks, Bessent was live on the set of Fox and Friends offering “any way I can help,” and appearing with Trump ally Steve Bannon to discuss his vision for the US economy.
He also published op-eds in the Wall Street Journal and on FoxNews.com to discuss issues close to the president-elect.
Bessent has also donated more than $3.1 million to Trump and other Republicans during the recent election season, according to government records.
Evercore ISI in a note to clients this week called Bessent “the investor favorite given his knowledge of macro and markets and his credibility with the bond market.”
A perch of relative stability in Trump’s orbit
During Trump’s first term, the Treasury secretary role was a rare area of relative stability and persistent influence throughout the term, with Steven Mnuchin holding the post for Trump’s entire term even as turnover at the White House and other Cabinet agencies was rampant.
Mnuchin, who was succeeded by current Treasury Secretary Janet Yellen, also found himself at the center of an array of issues, notably the negotiations that led to the 2017 Tax Cuts and Jobs Act.
Many provisions of that law expire at the end of 2025, leaving Bessent to likely assume a central role on the same issue.
Foreign
ICC Issues Arrest Warrants On Israeli PM Netanyahu, Defence Minister
The International Criminal Court, ICC has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, accusing them of war crimes over the war in Gaza.
The court said it had “reasonable grounds” to believe Netanyahu bears criminal responsibility for war crimes including “starvation as a method of warfare” and “the crimes against humanity of murder, persecution, and other inhumane acts.”
Netanyahu’s office said Israel “utterly rejects the absurd and false actions and accusations.” The move compels ICC members to arrest him but key powers, including Israel’s major ally the US, are not signatories.
The ICC announcement came as the Palestinian death toll from Israel’s war in Gaza rose to more than 44,000 people, according to the health ministry there.
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