Month: October 2024

Nume Ekeghe: Nigeria has experienced a remarkable increase in its foreign reserves, which rose by $5.57 billion over the past six months, climbing from $33.04 billion on April 8, 2024, to $38.61 billion by October 3, 2024. This growth underscores the nation’s resilience in navigating various global economic challenges.

Recent data from the Central Bank of Nigeria (CBN) shows that reserves initially faced fluctuations due to economic pressures. Starting at $33.04 billion in early April, they dipped to $32.30 billion by May 3, 2024, indicating a temporary tightening of foreign exchange liquidity likely influenced by global market dynamics, including uncertainties in the oil sector and capital outflows. However, the situation began to improve by mid-June, with reserves recovering to $32.74 billion by June 3, 2024.

During this early summer period, Nigeria’s foreign reserves demonstrated notable resilience as external pressures eased. A recovery in oil prices, critical for the country’s foreign exchange earnings, facilitated the gradual replenishment of the reserves. By July 8, 2024, reserves had risen to $35.05 billion.

The positive trend continued into the latter half of July, with reserves climbing to $36.87 billion by August 6, 2024, driven by increased crude oil production and exports. By August 14, 2024, reserves stabilized around $36.53 billion as Nigeria capitalized on favorable market conditions to strengthen its foreign exchange buffers.

However, September brought a brief period of volatility. On September 2, 2024, reserves dipped slightly to $36.24 billion, influenced by global fluctuations in the demand for emerging market assets. Nevertheless, they quickly rebounded, aided by renewed efforts to enhance remittance inflows through formal channels.

A significant turning point came in the second half of September, with reserves soaring past $37.24 billion by September 17, 2024, and reaching $38.58 billion by October 3, 2024. This sharp increase was driven by several factors, including favorable global oil prices and improved investor confidence in Nigeria’s economic outlook.

Over this six-month period, the $5.57 billion growth in reserves marks a critical milestone for Nigeria’s macroeconomic stability. This accumulation not only strengthens the country’s buffer against external shocks but also enhances foreign exchange liquidity and gives the CBN greater control over managing exchange rate volatility. It also signifies increased resilience against potential challenges, such as rising global interest rates and capital flight risks from emerging markets.

Looking ahead, economists recommend that maintaining prudent monetary policies and diversifying Nigeria’s export base could further bolster the country’s reserves. Experts highlight that “increased non-oil exports, higher foreign direct investment inflows, and ongoing improvements in domestic production capacity will be essential for sustaining this positive momentum. Additionally, government reforms geared toward enhancing fiscal discipline and reducing reliance on volatile oil revenues are expected to provide further support for the nation’s external reserves.”

Despite ongoing uncertainties in global markets, the growth in Nigeria’s foreign reserves represents a significant achievement for the economy. It plays a critical role in stabilizing the naira, boosting investor confidence, and ensuring foreign exchange availability for essential sectors. According to experts, this six-month rise in reserves serves as a testament to Nigeria’s strategic economic policies aimed at strengthening its financial system and reinforcing long-term economic resilience.

On October 9, 2023, a significant development emerged in the merger and restructuring efforts between Guotai Junan Securities and Haitong Securities. The two companies made a joint announcement of their merger plan on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with trading set to resume on October 10—eight trading days earlier than originally planned for the A-shares suspension period.

In their announcement, the companies emphasized their goal of establishing a strong partnership that leverages each other’s strengths for a mutually beneficial merger. Guotai Junan plans to absorb Haitong Securities through a share swap. Following the merger, the newly formed entity aims to strengthen its functional positioning, focusing on the development of a robust financial nation and promoting Shanghai as an international financial center. They aspire to align with global standards to enhance their competitiveness in the investment banking sector.

The share swap will occur at market prices, with consistent swap ratios for both A-shares and H-shares to ensure fair treatment for all shareholders. The exchange ratio is set at 0.62, meaning each share of Haitong Securities will be exchanged for 0.62 shares of Guotai Junan. This swap price will be determined using the average trading price of A-shares over the 60 trading days leading up to the announcement of the board resolution.

Additionally, Guotai Junan is committed to protecting minority shareholders’ interests, offering dissenting shareholders the option to request a buyout, as well as a cash alternative for dissenting Haitong Securities shareholders at the highest transaction prices over the same 60-day period.

Moreover, Guotai Junan plans to raise up to 10 billion yuan by issuing A-shares to its controlling shareholder, Shanghai State-owned Assets Management Co., Ltd. This shareholder will acquire shares at a net asset value per share, which is significantly higher than the share price prior to the suspension, and has pledged not to reduce their holdings for five years, demonstrating strong confidence in the company’s growth prospects.

According to the most recent data from the 2023 annual report, Guotai Junan and Haitong Securities together boast a retail customer base of approximately 35.93 million. They generate a net income of 1.6 billion yuan from seat leasing and have secured the largest number of IPO underwriting deals in the A-share market, with a total of 44. Their combined total assets and net assets amount to 1.6195 trillion yuan and 331.1 billion yuan, respectively, placing them at the forefront of the industry.

The merger is projected to create a top-tier investment bank with international competitiveness and market leadership. The newly formed company will prioritize its roles as a direct financing service provider, a guardian of the capital market, and a wealth manager, all while enhancing China’s global competitiveness and responding to customer needs to foster innovation in the capital market and the broader securities industry.

Post-merger, the company plans to bolster its capabilities in cross-border finance and comprehensive global financial services, establishing a presence in 17 countries and regions, including key capital markets like Shanghai, Hong Kong, Macau, Singapore, New York, London, Tokyo, and Mumbai. This strategy will encompass both developed markets in North America and Europe as well as emerging markets in Asia and Latin America.

**Interview with Aimee Welch on the Challenges of International Adoption**

**Interviewer:** Aimee, can you tell us about your family’s journey with adoption? What motivated you to grow your family in this way?

**Aimee Welch:** Our adoption journey truly began with a personal experience. When our nephew was born without arms, it opened our eyes to the incredible potential of individuals with limb differences when they have the right love and support. This experience deeply moved us and inspired us to adopt children with disabilities, starting with Grace, whom we adopted from China. We believe in recognizing the inherent dignity and worth of every individual and embracing their diversity.

**Interviewer:** Grace has been looking forward to her older sister Penelope joining the family since 2019. Can you share a bit about Penelope’s situation and what it means for your family?

**Aimee Welch:** Absolutely. Grace has been eagerly awaiting Penelope’s arrival. She was thrilled when we told her that her soon-to-be sister, also from China, would be joining us. Grace was born without her left forearm, and while Penelope has a “serious but manageable” special need, I prefer not to disclose the specifics. The thought that Penelope might never come home has truly saddened Grace. She once told me, “We were meant to be a family of eight so that everyone could have a buddy.”

**Interviewer:** It seems that the pandemic has caused significant disruptions in adoption processes. How has that affected your family’s situation?

**Aimee Welch:** The pandemic really caused major delays for us, which was challenging. Then in September, China announced a pause on international adoptions, even for families like ours who had already been matched. This is particularly heartbreaking for vulnerable children with special needs, as the chances of being adopted domestically are quite low.

**Interviewer:** What are your thoughts on how this situation affects children in similar circumstances?

**Aimee Welch:** It’s truly devastating. Experts point out that many of these children “will have no future” without international adoption. The statistics are alarming—around 95% of international adoptions from 2014 to 2018 involved children with disabilities. I genuinely hope that China will honor the commitments made to children like Penelope who have families waiting for them.

**Interviewer:** Can you elaborate on the broader context of international adoptions in China?

**Aimee Welch:** Certainly. China opened up to international adoptions in 1992, with numbers peaking in the mid-2000s. Over the last thirty years, more than 160,000 children have been adopted worldwide. Unfortunately, societal pressures, including the former one-child policy and stigma surrounding disabilities, have left many children with special needs in orphanages.

**Interviewer:** Can you share some personal stories from individuals who were adopted and how their lives have changed?

**Aimee Welch:** Definitely. For example, I know a young woman named Dani who was adopted into the U.S. in 2017 after facing limited care in an orphanage. She has a spinal defect and a neurological disorder, but since her adoption, she has undergone multiple surgeries that have greatly improved her life. She is now involved in activities like swimming and has even secured a job, which showcases the transformative power of adoption.

**Interviewer:** Thank you for sharing your family’s story and shedding light on these important issues, Aimee. While the challenges are substantial, the hope that comes with families like yours is equally powerful.

**Aimee Welch:** Thank you for giving me the opportunity to share our story. It’s essential that we continue to advocate for these children and strive toward a future where they receive the love and care they deserve.

As we explore the recent spike in gold prices, a notable trend has emerged: a buying frenzy for gold bars at Costco. Reports suggest that by early October, approximately 77% of Costco locations across the U.S. had completely sold out of their gold inventory. With gold prices reaching record highs, many shoppers are turning to Costco not only for member pricing but also for attractive cashback offers, making it an appealing option for those looking to protect their finances against inflation.

A Bloomberg report indicates that spot gold prices have surged nearly 30% this year compared to last, consistently breaking records. This remarkable increase positions gold as one of the top-performing commodities, outshining both U.S. stocks and bonds. The allure of gold as a safe-haven asset amidst geopolitical and economic uncertainty is fueling this trend, alongside its established role in wealth preservation. Last month, gold prices surpassed the $2,600 per ounce mark, largely driven by the Federal Reserve’s interest rate cuts, which typically benefit non-yielding assets like gold.

Currently, Costco’s website lists a one-ounce gold bar for $2,689.99 before tax, although inventory has been flying off the shelves. The retailer’s prices are significantly lower than those found at traditional precious metal dealers, enhanced by member rewards, making Costco a popular destination for gold purchases. According to Bloomberg, based on inquiries made at 101 Costco stores across 46 states, approximately 77% of gold bar inventory was sold out in the first week of October.

Interestingly, there’s evidence that cash-strapped Americans are taking advantage of rising gold prices. Many shoppers are buying gold from Costco while simultaneously selling their old jewelry at pawn shops and jewelers, demonstrating a thriving resale market. Costco began offering gold bars in June 2022; these Swiss-made 24-carat bars, which look similar to chocolate bars, are packaged in cardboard and plastic. During a quarterly earnings conference call last year, Costco executives confirmed the popularity of their gold products, reporting sales surpassing $100 million in just one fiscal quarter, equating to roughly 51,740 ounces of gold sold at that average market price.

In an email, Gary Millerchip, Costco’s CFO, highlighted that gold and silver sales remain a “significant component” of their e-commerce growth. Meanwhile, Stefan Gleason, CEO of a leading precious metals retailer in the U.S., noted that Costco’s offerings have made gold ownership more accessible than ever. Outside of jewelry, it is estimated that fewer than 2% of Americans own gold or silver. If that figure were to rise to 5% or even 10%, it could create a substantial shift in the market.

Frequent Costco shopper Miss Li shared her experiences in trying to purchase gold bars. She expressed that the level of interest in gold within the Chinese community is considerably higher than in other demographics, especially given the encouragement from mainland China to invest in gold. In her local Costco, locating gold bars has become increasingly difficult, leading her to seek alternatives at more mainstream retailers. However, with prices soaring—now at least $800 more than her last inquiry—her hopes of purchasing gold bars seem less likely than ever.

“In late August, I experienced my most successful sales event to date, selling Tunisian soft-seed pomegranates in Daliangshan, Sichuan, where we managed to complete 100,000 orders in just one hour,” Quan Jinhua shared during our interview.

Although he has often been identified as “the older brother of Olympic champion Quan Hongchan” and labeled a “social media influencer,” Quan Jinhua prefers to embrace the title of “rural advocate.”

His mission is clear: “To help farmers discover new sales channels.”

Originally from Maihe Village in Zhanjiang, Quan Jinhua grew up in a tropical region where sugarcane was the main crop, and fruits were secondary. Due to the lack of market information and various other challenges, a significant amount of fruit ends up unsold, often rotting in orchards. From a young age, he witnessed his family’s fruit going to waste due to a lack of buyers.

In 2020, Quan returned home to care for his ailing mother, leaving his position as a chef in Shanghai. It was during this time that he began to consider how he could support his family.

Inspired by the rapid growth of platforms like Douyin (TikTok), he decided to try selling agricultural products through live streaming. “I spent a lot of time in live streaming rooms, learning how others marketed their agricultural products, including how to emphasize qualities like sweetness,” he recalled.

His online sales journey kicked off in 2022, starting with red oranges from his family’s orchard and gradually expanding to assist other villagers in selling their unique agricultural products. He acknowledged his limited expertise but was determined to try and change the traditional sales model, empowering farmers to sell directly. “By giving farmers a new sales outlet, they can avoid price cuts from middlemen, which brings me immense joy,” he explained.

One of his most unforgettable selling experiences took place in 2023 during a surplus crisis for dragon fruit in Zhanjiang. With market prices plummeting to nearly zero, many fruits were left unpicked. Quan decided to invest his own money to hire people to harvest the fruit and bring it to his live streaming platform.

“We sold them for 9.9 yuan for five kilograms, almost the weight of a single large fruit. Can you believe it? In a supermarket, you’d pay five or six yuan for just one!” he said enthusiastically. While the sales only broke even, they provided vital support to the farmers.

Quan discussed the necessity of patience when addressing price skepticism during his live streams. “In the past, I would react too quickly and get upset. Now, I take time to explain, especially the hard work our farmers put in. For instance, each pomegranate is carried down from high mountains, with farmers hauling up to 80 kilograms for just five yuan,” he noted.

Recalling his sister Quan Hongchan’s Olympic victory in 2021, he said, “When she made her final dive, the village was quiet, but once the scores were announced, cheers erupted everywhere. I was in shock, even though I had mentally prepared for her success.”

The public recognition as “the older brother of Olympic champion Quan Hongchan” has changed his life significantly. “My parents no longer worry about unsold farm produce, and this has positively influenced my live streams,” he observed.

However, with this increased attention comes greater responsibility. “I’m focused on making the most out of this wave of recognition, using it to showcase our work and bridge the gap between consumers and producers,” he explained.

Today, Quan’s philanthropic live streams have extended beyond Zhanjiang, featuring lychees from Maoming, pomegranates from Daliangshan, yams from Lixian, and cantaloupes from Xinjiang. Recently, he even traveled to Lankao County, Henan, to promote sweet potatoes during the Chinese Farmers’ Harvest Festival.

“I believe that since I have such a significant platform, it’s crucial not to limit myself to my hometown. I want to use this influence to help more farmers sell their products,” he stated.

Quan approaches the pressure of newfound fame with composure. “I believe in going with the flow; if the attention fades, I will keep experimenting with short videos,” he shared.

Reflecting on his transformation from a novice in live streaming to a widely recognized rural advocate with over 3 million followers, Quan acknowledges that challenges remain. “For example, selling pomegranates requires understanding their growing conditions and ensuring quality throughout production and packaging. It’s vital to engage with farmers during live streams so viewers can better understand their realities,” he explained.

He recognizes that the relationship between the public and internet influencers like himself needs more time to mature. “Moreover, creating a healthy online environment is a shared responsibility. I aim to reduce misunderstandings between both ends of the screen through my efforts,” he elaborated.

With the recent acknowledgment of internet influencers as a legitimate occupation by the Ministry of Human Resources and Social Security, Quan views this as both a chance and a challenge. “On one hand, it can boost employment and stimulate industry growth; on the other, it comes with the weight of promoting positive content,” he pointed out.

Looking ahead, Quan Jinhua is determined to stay true to his mission, guided by twelve principles: “Unwavering dedication, adaptability to change, and wholehearted effort.” He concluded, “As a rural advocate, I am committed to continually supporting agricultural products and evolving my approach to best serve farmers and consumers in this modern e-commerce era.”

On October 7th, the Workers’ Cultural Palace in Taiyuan, Shanxi Province, hosted the “World Culture Day in Beautiful Taiyuan,” an international art exchange performance that highlighted the talents of nearly 300 performers from art troupes representing nine countries, including France, Italy, Colombia, and Malaysia.

The evening kicked off with a stunning rendition of the classic dance “Thousand-Hand Guanyin” by the Taiyuan Dance Troupe. Following this captivating performance, the Croatian Kedinska Split Dance Troupe took the stage with their energetic dance “Podravina.” The Sabah Cultural Era Dance Troupe from Malaysia graced the audience with their performance of “Magu Natip,” while the Italian Merlino Romolo Ionian Coast Music Troupe charmed everyone with their lively version of “Tarantella.” Colombian flair was on full display as the Danza Art Dance Troupe brought the infectious energy of the “Barranquilla Carnival” to life, immersing the Taiyuan audience in a vibrant mosaic of global cultural expressions.

This event was part of the second China-France Taiyuan-Ghana International Art Week series, which highlighted outstanding works in dance, music, and intangible cultural heritage from around the globe. The artistic performances acted as a bridge for cultural exchanges between Taiyuan and the international community, fostering mutual understanding and sparking cultural innovation. The Taiyuan Dance Troupe also showcased original works, such as “Elegance of the Song Dynasty” and “Thousand-Hand Guanyin,” which highlighted Taiyuan’s deep historical roots and the richness of traditional Chinese culture.

The event was organized by the World Culture Association, in collaboration with the Shanxi Chinese Cultural Promotion Association, the Communist Party of China Qingxu County Committee, the Qingxu County People’s Government, and Taiyuan Broadcasting Television Station. It was executed by Beijing Huayi Wuzhou, Shanxi Performing Arts Line, and the Taiyuan Dance Troupe.

Recent consumer experiences highlight a mix of savings and scams in the emerging trend of “agent ordering” services.

We spoke with Jack, a graduate student in Beijing, who shared his troubling experience: “I came across an ad for concert tickets priced at 399 yuan, plus an 80-yuan fee for the agent ordering service. I ended up paying a total of 479 yuan, only to later discover that I was required to pay a 1000-yuan deposit to log into their account.” Jack decided against paying the deposit and requested a refund, but he was met with silence after the seller blocked him.

Agent ordering, which involves customers selecting products and contacting intermediaries to place orders, has gained traction online. These intermediaries promise to help consumers access discounts and lower prices, typically charging a bit more than the discounted rates. However, numerous reports indicate that many consumers have encountered negative experiences with this practice.

In our investigation, we found consumers using agent ordering for various everyday purchases like fast food, coffee, and movie tickets. A quick search for “agent ordering” on popular platforms reveals a wealth of services, with some sellers boasting hundreds of thousands of transactions.

Opinions on agent ordering are decidedly mixed. Wang Shuo, a Beijing resident, frequently orders office lunches through these services. She shared her perspective: “It feels like a good deal if I can save the price of a coffee.” Yet her recent attempt to order a burger meal through an agent left her disappointed, as she received no food and had no way to contact the vendor.

Unfortunately, some consumers have fallen victim to outright scams. Mr. Du from Hangzhou spent 7.99 yuan on a discount voucher worth 15 yuan but ended up being charged over 10,000 yuan due to linked bank card transactions rather than receiving the promised discount.

There are even stories of travelers arriving at airports to find no flight or seat reservations under their names, and hotel guests being turned away because their bookings didn’t exist. These frustrations lead many to describe agent ordering as a “blind box” experience—where one risks substantial losses without any guaranteed reward.

Professor Chen Zhongyun from China University of Political Science and Law cautions about the risks involved with these services, noting that disputes can easily arise. He explains that many deals are specific to particular customers, and attempting to profit from them can lead to legal complications. Furthermore, agent ordering often involves sharing personal information, which raises privacy concerns.

Lawyer Xiong Chao from Beijing Jingshi Law Firm emphasizes that the contract in the agent ordering model is established between the agent and the seller, not the consumer. If issues arise regarding product quality or service, consumers must engage with the intermediary for resolution, which is not always a straightforward process.

Given these insights, experts advise consumers to exercise caution when using agent ordering services and to resist the temptation of chasing after perceived discounts that could ultimately lead to financial loss.

Shohei Ohtani remains optimistic about his team’s atmosphere despite the Los Angeles Dodgers’ recent loss to the San Diego Padres, which puts them at a 1-2 disadvantage in the National League Division Series. He stated, “Right now, we just need to focus on winning two games in a row.”

In the game on October 8, Ohtani struggled against the Padres’ pitching, going 1-for-4 with a broken-bat single and striking out twice. However, he still feels confident about his performance, saying, “I have a good feeling at the plate. If I could have just made that one ball go out, it could have turned the game around. I felt it was just that close.” In the fifth inning, he hit a fly ball to center field that was caught at the warning track.

After losing the game by a single run, the Dodgers find themselves in a tough spot in a best-of-five series. Ohtani believes it’s essential not to dwell on the current 1-2 situation. “We just need to concentrate on winning two straight games. It’s important to keep that simple mindset. Even though we lost today, the team’s atmosphere is still good, and everyone is moving forward with the desire to win.”

Portsmouth Square, often called the “living room of Chinatown,” has served as a crucial hub for outdoor activities and political engagement in the community for over a century. However, recent concerns have emerged from residents regarding an uptick in the homeless population in the square, which has particularly worried the area’s elderly visitors. This pressing issue was addressed during a recent city council meeting, where San Francisco Mayor London Breed spoke about the city’s ongoing efforts to combat homelessness over the past three years. She highlighted increased investments in building shelters that have allowed more homeless individuals to be identified and to receive treatment and support. “I am optimistic about San Francisco’s future,” Breed stated, believing that positive changes are on the horizon.

Nevertheless, the mayor recognized that significant challenges persist in the battle against homelessness. She mentioned that some individuals are resistant to public services and refuse to seek shelter. “There is at least one friendly homeless person in Chinatown who consistently declines our services,” she noted.

Breed also discussed proactive proposals being advanced at the state level that, if enacted, would enable local law enforcement to compel homeless individuals to enter shelters for necessary treatment. “Our statistics show that thirty percent of the homeless population accepts our services, while sixty percent refuse, and only ten percent transition successfully into permanent housing,” she explained. She stressed that with enhanced legal tools, the city could better assist those grappling with mental health issues who are experiencing homelessness, thereby allowing for a more effective response to the crisis.

San Francisco District Attorney Brooke Jenkins, who has a background in prosecuting hate crimes and providing victim services, shared her insights. After her appointment as district attorney, she established a victim services department, spearheaded by Nancy Tung, aimed at recruiting Cantonese and Mandarin speakers to support the community in hate-related incidents involving verbal and physical assaults. They are also engaged in educating residents on the importance of collecting critical evidence right after such incidents and differentiating between hate incidents and crimes.

On that particular day, both the District Attorney’s Office and the police department set up service stations at Portsmouth Square to assist the elderly, distributing materials on crime prevention.

In her closing remarks, Breed reflected on her tenure as mayor, noting the challenges she faced when taking office following the sudden loss of the city’s first Asian American mayor, Ed Lee. She recalled that the city was grappling with the dual crises of a pandemic and rising anti-Asian sentiment. “The city was under tremendous strain, and public policies and resources were not adequately prepared,” Breed acknowledged. “However, I am honored to collaborate with the district attorney and the police chief to induce real change in the city, as we celebrate the lowest crime rates we’ve seen in a decade alongside a steadily decreasing homeless population.”

Breed reaffirmed her dedication to implementing bold changes as San Francisco charts its course toward recovery. “San Francisco will only continue to improve from here,” she concluded.

On October 9, 2024, the Nobel Prize in Chemistry was awarded, celebrating remarkable advancements in protein design and structural research. David Baker, a biochemistry professor at the University of Washington, received half of the prize for his pioneering work in computational protein design. The other half honored John Jumper and Demis Hassabis from Google DeepMind for their revolutionary contributions to protein structure prediction.

Since the Nobel Prizes began in 1901, there have been 115 awards in Chemistry, featuring a total of 194 laureates. It’s interesting to note that only two individuals, Frederick Sanger from the UK and K. Barry Sharpless from the US, have been recognized with the award twice, resulting in 192 unique laureates overall.

Among the current recipients, the oldest laureate is John B. Goodenough, who received the award in 2019 at the age of 97 for his groundbreaking research on lithium-ion batteries. His work is considered crucial in paving the way for a society that relies on renewable energy through electric vehicle charging. On the other hand, the youngest laureate to date is Frédéric Joliot, who was honored in 1935 at just 35 years old for his achievements in synthesizing new radioactive elements.