World
European Central Bank Launches Trillion-Euro Stimulus
David McHugh, ASSOCIATED PRESS
FRANKFURT, Germany (AP) — The European Central Bank has hit the launch button on its 1.1 trillion euro ($1.2 trillion) stimulus program by starting to buy government bonds.
The chief monetary authority for the 19 countries that use the euro confirmed Monday it had begun the purchases, which aim to make credit cheaper, boost growth and raise inflation. ECB President Mario Draghi had announced the start date last week, sending stocks higher and the euro lower.
The bonds are bought from banks and other financial institutions using newly printed money.
Among the ECB’s chief concerns is low inflation — which at negative 0.3 percent annually is a sign of the economic weakness that has plagued the currency union as it struggles with high government debt.
The ECB has said it will buy 60 billion euros per month in government and corporate bonds through September 2016, and in any case until inflation turns convincingly upward toward the bank’s goal of just under 2 percent.
Yields on government bonds have already fallen in anticipation of the program’s start. Some eurozone government bonds are trading at negative yields, meaning investors pay that government for loaning it money.
One key effect of the program is expected to be a weaker euro, which would help eurozone exporters. More euros in circulation help drive down the currency’s value, as expressed by its exchange rate. Low or negative interest rates encourage investors to invest in a currency where rates are higher, such as the U.S.
German 10-year government bonds are now trading at yields of just 0.29 percent, while 10-year U.S. Treasurys yield 2.22 percent.
The euro traded at $1.09 Monday, well down from just under $1.40 in May, 2014. Some analysts think it could be headed for parity — one euro for one dollar.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Activism
Oakland Ambassadors Strengthen Ties and Aid Efforts in Ghana
Oakland natives and esteemed members of the African American Sports and Entertainment Group (AASEG), Jonathan P. Jones and Dr. Maritony Efua Jones, recently embarked on a significant journey to Ghana as guests of the World Martial Authority Ghana. This trip signifies a crucial opportunity to bolster partnerships, explore new avenues of collaboration, and contribute to impactful initiatives in Ghana.
By Post Staff
Oakland natives and esteemed members of the African American Sports and Entertainment Group (AASEG), Jonathan P. Jones and Dr. Maritony Efua Jones, recently embarked on a significant journey to Ghana as guests of the World Martial Authority Ghana.
This trip signifies a crucial opportunity to bolster partnerships, explore new avenues of collaboration, and contribute to impactful initiatives in Ghana.
Upon their arrival at Katota Airport in Accra, Ghana, the Joneses were warmly received by His Royal Majesty Okatakyie Asafo Boakye III, the distinguished king of Sanzule Kingdom in the Eastern Nzema, and Etse Nyamedi of World Martial Authority, Ghana.
Nyamedi accompanied the Joneses to the city of Mepe, which had recently experienced flooding, to assess damages and engage with local leaders, elders, and youth regarding the city’s urgent needs after major floods last fall.
Key concerns and priorities identified by the community include comprehensive flood mitigation measures, agricultural support, housing initiatives, educational enhancements, improved healthcare access, and the development of communal recreational spaces.
The Joneses were also graciously invited to meet with leaders of The Church of Jesus Christ of Latter-day Saints at their headquarters in Accra. This meeting provided insights into ongoing humanitarian efforts in Ghana and explored avenues for collaboration to further assist Ghanaian communities.
The LDS leaders shared their prompt response to the recent flood, demonstrating their commitment to humanitarian aid by dispatching substantial supplies including medical provisions, sanitation items, blankets, and food to assist flood victims just four days after the disaster.
Additionally, Boakye extended a special invitation to the Joneses to his palace, where they were pleasantly surprised with a heartfelt recognition ceremony. Maritony Jones was honored as the Queen Mother of the Sanzule Kingdom in acknowledgment of her dedicated work, while Jonathan Jones was lauded and welcomed as the ambassador of the Sanzule Kingdom, symbolizing a meaningful homecoming to their ancestral land.
The visit not only strengthens ties between Oakland and Ghana but also underscores the collaborative spirit and commitment to meaningful progress and humanitarian endeavors shared by all involved parties.
Barbara Lee
Congresswoman Barbara Lee Issues Statement on Deaths of Humanitarian Aid Volunteers in Gaza
On April 2, a day after an Israeli airstrike erroneously killed seven employees of World Central Kitchen (WCK), a humanitarian organization delivering aid in the Gaza Strip, a statement was release by Rep. Barbara Lee (D-CA-12). “This is a devastating and avoidable tragedy. My prayers go to the families and loved ones of the selfless members of the World Central Kitchen team whose lives were lost,” said Lee.
By California Black Media
On April 2, a day after an Israeli airstrike erroneously killed seven employees of World Central Kitchen (WCK), a humanitarian organization delivering aid in the Gaza Strip, a statement was release by Rep. Barbara Lee (D-CA-12).
“This is a devastating and avoidable tragedy. My prayers go to the families and loved ones of the selfless members of the World Central Kitchen team whose lives were lost,” said Lee.
The same day, it was confirmed by the organization that the humanitarian aid volunteers were killed in a strike carried out by Israel Defense Forces (IDF). Prior to the incident, members of the team had been travelling in two armored vehicles marked with the WCF logo and they had been coordinating their movements with the IDF. The group had successfully delivered 10 tons of humanitarian food in a deconflicted zone when its convoy was struck.
“This is not only an attack against WCK. This is an attack on humanitarian organizations showing up in the direst situations where food is being used as a weapon of war. This is unforgivable,” said Erin Gore, chief executive officer of World Central Kitchen.
The seven victims included a U.S. citizen as well as others from Australia, Poland, the United Kingdom, Canada, and Palestine.
Lee has been a vocal advocate for a ceasefire in Gaza and has supported actions by President Joe Biden to airdrop humanitarian aid in the area.
“Far too many civilians have lost their lives as a result of Benjamin Netanyahu’s reprehensible military offensive. The U.S. must join with our allies and demand an immediate, permanent ceasefire – it’s long overdue,” Lee said.
Bay Area
Nigerian Bank Chief Killed in Helicopter Crash on Way to Superbowl XVIII
According to the San Bernardino County Sheriff’s Dept., the crash occurred near Nipton, on the edge of the Mojave Desert Preserve. The poor weather conditions — rain, wind and snow showers—may have contributed to the accident, although the investigation is not complete. All six aboard were killed. Herbert Wigwe, 57, founded Access Bank in 1989, and it became the country’s largest competitor, Diamond Bank in 2018.
By Post Staff
The co-founder of one of Nigeria’s largest banks died with his wife, son and three others when the helicopter transporting them from Palm Springs, Ca., to Boulder City, Nev. to attend the fifty-eighth SuperBowl at the stadium outside Las Vegas crashed on Feb. 9.
According to the San Bernardino County Sheriff’s Dept., the crash occurred near Nipton, on the edge of the Mojave Desert Preserve. The poor weather conditions — rain, wind and snow showers—may have contributed to the accident, although the investigation is not complete. All six aboard were killed
Herbert Wigwe, 57, founded Access Bank in 1989, and it became the country’s largest competitor, Diamond Bank in 2018.
More recently, Wigwe was planning to open a banking service in Asia this year after making successful expansions to other parts of Africa, including South Africa, Kenya, and Botswana.
Nigerian President Bola Tinubu described Wigwe’s death as an ‘overwhelming tragedy.”
Oakland resident and Nigerian immigrant Kayode Gbadebo agrees with Tinubu. He met Wigwe in Nigeria but crossed paths with him in London in 2006. Wigwe, he said, “took risks.”
He was young and people thought he couldn’t do what he intended, which was not so much about money but community.
“He was more like Jesus in washing the feet of the poor– Wigwe was culturizing community,” Gbadebo said.
“There will never be another like him. This is a deep, deep loss” and he hopes everyone will eventually “be comforted.”
He was also disappointed that a replacement has already been named even before Wigwe is buried. “It is not reasonable. You don’t want a vacuum, but it’s” not fair to the family, Gbadebo observed.
Wigwe had also been working to solve the migration issues from African countries, believing that “investing in higher education was key to controlling mass migration, which “is destabilising countries across the world,” BBC News reported.
“We need to take a holistic approach to address global migration, starting with our traditional framework for international development,” Wigwe wrote.
To that end, according to BBC News, Wigwe was preparing to open Wigwe University in Niger, where he was from.
“The best place to limit migration is not in the middle of the Mediterranean or the English Channel or the Rio Grande. It is in the home countries that so many migrants are so desperate to leave,” he wrote, saying his university was an opportunity for him “to give back to society.”
Besides Wigwe and his wife, Chizoba Nwuba Wigwe, and one son, two crew members and Bimbo Ogunbanjo, former group chairman of the Nigerian Exchange Group Plc, were also killed in the crash.
According to Wikipedia, three other children survive Wigwe.
In his statement reported in People magazine, Tinubu described Wigwe as “a distinguished banker, humanitarian, and entrepreneur.”
“I pray for the peaceful repose of the departed and ask God Almighty to comfort the multitude of Nigerians who are grieving and the families of the deceased at this deeply agonizing moment,” the president said.
He added, “Their passing is an overwhelming tragedy that is shocking beyond comprehension.”
Besides feeling the tremendous loss, Gbadebo fears the disorder and greed that will follow. “It’s a mess,” he said.
People magazine, BBC News and Wikipedia were the sources for this report.
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