Some countries are flourishing while others are battered in debt and hyperinflation.

Using the United Nations’ World Situation and Economic Perspectives report as a guide, we reveal the countries that could well go broke in 2018.

Chinese investors want to transform the Cameroonian city of Kribi into to the largest seaport in central Africa. But after initial promises of an economic revival in the area, locals feel left out in the cold.

Kribi’s autonomous port is one of the biggestChinese investment projects anywhere in the world. When it finally opens for business, it will be the largest deepwater port in central Africa.

Some 85 percent of the €1.1 billion ($1.3 billion) budget for the new harbor project is financed by the Export-Import Bank of China, with the rest falling to the government of Cameroon. The state-run China Harbor Engineering Corporation (CHEC) has been overseeing construction.

Natural resources for China

Cameroon’s government is hopeful the new port will stimulate its economy and provide relief for the harbor at Duala, the country’s most populous city, while also providing dock space for larger ships. China, meanwhile, has its eye on nearby iron reserves, which are to be connected to new road and rail infrastructure.

Investors and government leaders hope Kribi can become Cameroon’s main port for seaborne trade

To build the port, the village of Lolabe had to be destroyed. Unfortunately for its 300 inhabitants, land law in Cameroon is a gray zone. When Yasa peoples founded Lolabe in the early 20th century, they did so without property deeds or administrative permission. Very few of the villagers possessed papers proving they own property. They were given a small amount of money in damages and were then forced to immediately leave their homes for a CHEC-constructed housing development.

Rampant corruption

By 2013, only €22 million of the €36 million that Prime Minister Philemon Yang approved for compensation back in 2010 had been paid out. The other €14 million is alleged to have been embezzled by corrupt politicians.

“Villagers were very optimistic when they heard about the harbor project. We hoped it would bring jobs and improve our lives,” said Theodore Ivaha, Lolabe’s vice village chief. “But for the last couple of years we have just gotten more angry because we are not profiting at all.”

Cameroon Prime Minister Philemon Yang has worked to strengthen ties with Chinese President Xi Jinping

Although construction has created jobs, they are rarely given to locals, instead going to workers from other parts of Cameroon. Most people in the region, and especially those from villages directly neighboring the harbor, simply do not have the qualifications required to fill them.

Villagers waited in vain for the head of CHEC to visit them in an effort to fill positions — something that is regular practice among French companies operating in the country. But it didn’t happen. Job openings were publicly listed and quickly filled. Many of those Cameroonian workers who relocated to the area are accused by locals of having “stolen” their jobs.

Cultural and physical divide

Cameroonian laborers on the building site have complained about working conditions, while Chinese supervisors have derided the locals’ poor work ethic. Chinese site manager Qiangquang Li likened the endeavor to “looking for gold in the desert.”

Prior to the port project, Kribi was most famous as a beach resort destination

Chinese and local workers at the site are often separated by more than just cultural divides. The roughly 300 Chinese workers in Kribi reside in a closed camp at the harbor, with living quarters, offices, a cafeteria and a Chinese cook. They rarely leave, and there is little if any contact with locals. Local products, contrary to all prior hopes, are largely shunned by the Chinese workers.

“The government should actually mediate between residents and foreign companies, informing them of the wishes and needs of the locals, helping foreign organizations and companies to foster development,” said investigative journalist Christophe Bobiokono. “But many governments in Africa simply fail at that task, so companies cannot count on them.”

That leaves it up to locals and CHEC to create an effective communication platform. The first steps have already been taken. Now locals are hoping that tourism might take off when family members come to visit those Cameroonian workers who relocated here from other parts of the country.

Culled from Deutsche Welle

The Vietnamese Government chief made the point on December 27 in Ha Noi while receiving Cameroon Foreign Minister Lejeune Mbella Mbella.

The host leader said he was convinced that the visit would contribute to accelerating the bilateral ties and opening up a new chapter in the bilateral relationship, especially when the two sides signed important agreements.

PM Phuc hailed the socio-economic achievements which Cameroon has attained, affirming that Viet Nam always treasures  the traditional ties and hopes to broaden economic ties with Cameroon in accordance with the fine political relations.

The PM praised the close coordination of the two countries at international forums and thanked the Cameroon Government for supporting Vietnam-  invested projects there.

Viet Nam always creates favorable ways for foreign investors to do business, he said.

In reply, FM Lejeune Mbella Mbella said that Cameroon’s Government pays special attention to expanding ties with Viet Nam, which is the reason of his visit.

He said that along with agricultural development, Cameroon is focusing on upgrading infrastructure systems such as roads, ports and airports. The country is also keen on developing energy, information technology and digital economy, he said, expressing his hope to promote partnership with Viet Nam in these fields.

Source: News.Chinhphu

Sudan says Turkey will reconstruct a ruined Ottoman-era port city on Sudan’s Red Sea coast, as Ankara seeks to expand its military and economic ties in the African continent.

Sudanese Foreign Minister Ibrahim Ghandour announced the news on Tuesday, saying the restoration at Suakin Island, located in northeastern Sudan, was agreed during a visit to the ancient port by Turkish President Recep Tayyip Erdogan a day earlier.

The Turkish leader, who was in Sudan’s capital city of Khartoum as part of his three-day tour to Africa, said on Monday that his Sudanese counterpart Omar al-Bashir had agreed to temporarily hand over Suakin to Ankara for rebuilding purposes in order to make it as a tourist site and a transit point for those who want to perform Umrah or Lesser Pilgrimage from Turkey to Saudi Arabia’s holy sites.

“You should give the island to us for a while and we will rebuild and revive this island in accordance with its original form,” Erdogan said that he had told the Sudanese president at the meeting, adding “My brother Omar al-Bashir said ‘OK.’”

Suakin, used to be considered the height of medieval luxury on the Red Sea, was Sudan’s major port when it was ruled by the Ottoman Empire, but fell into disuse over the last century following the construction of Port Sudan, 60 kilometers to the north.

The Turkish leader further said that the refurbished Suakin would attract Mecca-bound pilgrims who would want to see the island’s history, contributing to Sudan’s tourism sector. “Imagine, people from Turkey wishing to go on pilgrimage will come and visit the historical areas on Suakin Island. From there … they will cross to Jeddah by boat,” he added.

Erdogan, however, did not pay a visit to Sudan, as the first trip by a Turkish president to the poor African nation, solely for reconstructing a bleak port city.

According to Ghandour, the two presidents also agreed “to build a dock to maintain civilian and military vessels. The Sudanese top diplomat went on to say that the leaders had signed an agreement “that could result in any kind of military cooperation.”

He said the Suakin deal was one of several, worth $650 million in total, agreed with Sudan, which emerged from two decades of US sanctions in October and is striving to draw international investment.

Furthermore, a joint statement issued by both leaders said that “a concrete step has been taken by establishing the High Level Strategic Cooperation Council,” which would be maintained jointly by both presidents.

The wide-ranging agreements came some three months after Turkey formally opened a $50 million military training base in the African country as Ankara wields growing influence in the region.

According to Turkey’s Foreign Economic Relations Board, Erdogan and Bashir has said that they aimed for trade between the two countries to reach $10 billion.

Source: Presstv

French Trade Unionists gathered in Paris’ Opera Square on Wednesday, to demonstrate against French President Emmanuel Macron’s planned labor and tax reforms.

Hundreds of protesters brandished red smoke canisters as they marched to the Ministry of Labor, carrying flags and banners. Protesters claim that the cuts implemented by Macron’s reforms of the labor market, will hurt the commerce and services sector workers.

(Source: Ruptly)

Canadian police said they were investigating the mysterious deaths of the billionaire founder of Canadian pharmaceutical firm Apotex Inc, Barry Sherman, and his wife, Honey, who were found dead in their Toronto mansion on Friday.

The two were found dead after police responded to a medical call just before noon (1700 GMT) at their home in an affluent section of northeast Toronto.

“The circumstances of their death appear suspicious and we are treating it that way,” said Constable David Hopkinson.

Homicide detectives later told reporters gathered outside the home that there were no signs of forced entry.

Two bodies covered in blankets were removed from the home and loaded into an unmarked van on Friday evening. The property is listed for sale for nearly C$7 million ($5.4 million).

Sherman, 75, founded privately-held Apotex in 1974. He stepped down as chief executive in 2012, but remained as executive chairman. Forbes has estimated his net worth at $3.2 billion.

Apotex employs 11,000 people and is the world’s No. 7 generic drug-maker, according to its website.

Toronto Mayor John Tory said in a statement that he was “shocked and heartbroken” to learn of the deaths, and noted the couple had made extensive contributions to the city.

“Toronto Police are investigating, and I hope that investigation will be able to provide answers for all of us who are mourning this tremendous loss,” he said.

Other politicians echoed that sentiment.

“I am beyond words right now,” Ontario health minister Eric Hoskins said in a tweet.

“My dear friends Barry and Honey Sherman have been found dead. Wonderful human beings, incredible philanthropists, great leaders in health care. A very, very sad day.”

Apotex says it is the largest Canadian-owned pharmaceutical firm, with annual sales of more than C$2 billion. It has operations in more than 45 countries, including the United States.

(Source: Reuters)

Forty people were injured after part of the floor at a packed nightclub on Spain’s holiday island of Tenerife collapsed Sunday, sending revelers plunging into the basement, officials said.

Rescuers rushed to the Butterfly Disco Club in Adeje at about 2:30 am (0230 GMT) after a roughly four square meters (43 square feet) of its floor gave way.

The injured included two French men, two British men, a Romanian man and a Belgian woman, local firefighters said.

“After the floor collapsed, the people who were inside fell to the basement from the height of approximately one floor,” the regional government of Spain’s Canary Islands said.

Video posted by the local fire department on Twitter showed firefighters picking through rubble with their hands in the basement of the nightclub located in a shopping mall.

Authorities said the basement was not in use and so was empty at the time of the collapse.

Britain’s foreign office said it was in contact with “a number of British nationals” who had been injured in the incident.

Videos posted on social media showed emergency services workers attending to people on the ground or on benches outside of the nightclub.

Emergency services took 21 people to hospital and treated another person at the scene who was released, the regional government said.

Another 18 people went to hospital by their own means to be treated, the mayor of Tenerife said.

The injuries included broken legs, ankle sprains and bruises. Two of the injuries were deemed serious.

Video posted by Tenerife firefighters showed a gaping hole right in front of the club’s stage.

The club had its license in order and did not appear to be overcrowded when the floor caved in, the mayor of Tenerife said.

Police have launched an investigation into the incident.

Located off the west coast of Africa, the Canary Islands welcomed 13.3 million foreign tourists last year, making it Spain’s second most visited region after Catalonia.

(Source: AFP)