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Around the World

Oil Prices jump after Trump provides updates on trade-war

Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at the G20 summit later this month.

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US government to ban WeChat and TikTok from app stores, Reasons why a record number of people are giving up their US citizenship, US approves chloroquine as treatment for coronavirus COVID-19, Nigeria U.S. Donald Trump-oil prices, My COVID- 19 illness, a blessing from God –Trump

Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at the G20 summit later this month.

President Trump revealed the plan of a possible truce regarding the heightened US-China trade war through his twitter handle earlier on Tuesday.

Following Trump’s statement, the U.S. West Texas Intermediate crude futures jumped $2.26 (4.4%), to $54.19 a barrel by 11:11 a.m. Also, the Brent crude futures rose $1.80, or 3%, to $62.74 a barrel.

Although Trump’s Chinese counterpart has not confirmed whether a meeting would take place, Chinese state media disclosed that President Xi agreed to the meeting and emphasized that economic and trade disputes should be solved through dialogue.

Focus on the Global Crude Market: Recent attacks on oil tankers in the Middle East have caused oil prices to spike. Last week, two oil tankers were attacked in the Gulf of Oman, and the U.S. Government says Iran is to blame.

However, Iran denies the charges, saying that the U.S. is waging a war of disinformation. In response to this, U.S. Central Command reportedly released a video that apparently showed an Iranian patrol boat removing an unexploded mine from one of the tankers. With tensions on the rise, reports have indicated that the possibility of an all-out military conflict is more imminent now than at any other time in recent memory.

Following last week tankers’ attack in the Gulf of Oman, oil prices shrugged off the news as it spiked early on Thursday, trading by more than 4%. Meanwhile, it should be noted that oil prices have fallen by more than 15% from April’s 2019 highs, partly because of concerns over the U.S.-China trade war and disappointing economic data.

After two weeks of the media frenzy, with the Organization of Petroleum Exporting Countries (OPEC) struggling to quell the negative sentiment in the market, a new reality could be here very soon.

Stakeholders in the oil market are awaiting a meeting between the Organization of the Petroleum Exporting Countries and the OPEC+, to decide whether to extend a supply reduction pact that is expected to end this month.

Uncertainty still beclouds the decisions on whether to extend the oil supply cut or not when OPEC and OPEC+ states hold their meetings on July 10-12 in Vienna. Oil market analysts are weighing the chances of a potential oversupply amid slower demand growth which could drag oil prices down. Basically, a weak consumption pattern may require OPEC to extend cuts, a task which Russia may not be ready to sign up to.

Russian Energy Minister Alexander Novak disclosed on Tuesday, that it was too early to make any decisions about the future of the agreement because of market uncertainties.

However, Saudi Arabia is throwing its weight behind a possible deal to extend the oil Supply cut. Saudi’s Energy Minister Khalid Al-Falih recently stated the following on the sidelines of a G-20 ministerial meeting on energy and environment in Japan.

“We are hoping that we will reach a consensus to extend our agreement when we meet in two weeks time in Vienna.” 

Officially, Saudi Arabia is OPEC’s biggest producer and de facto leader, and the oil giant is also asking other producers to follow and restrain production to further boost global oil prices.

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Appointments

Okonjo-Iweala announces appointment of 4 Deputy DG for WTO

The DG of the WTO, Dr Ngozi Okonjo Iweala has appointed 4 new Deputy Director-Generals for the international trade organization.

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Ngozi Okonjo Iweala, World Bank, Davos, World Economic Forum, WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt,WTO:  Happy to be in final rounds of DG Campaign- Okonjo Iweala

The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, on Tuesday, May 4, 2021, announced the appointment of 4 new Deputy Director-Generals for the international trade organization.

The 4 newly appointed Deputy Director-General are Angela Ellard of the United States, Anabel González of Costa Rica, Ambassador Jean-Marie Paugam of France and Ambassador Xiangchen Zhang of China.

The disclosure is contained in a public statement issued by the WTO on Tuesday, May 4, 2021, and can be seen on its website.

This is coming barely 2 months after the resumption of Ngozi Okonjo-Iweala as the Director-General of WTO.

Okonjo-Iweala in her statement said, “I am very pleased to announce the appointment of four new Deputy Directors-General at the WTO. It is the first time in the history of our Organization that half of the DDGs are women. This underscores my commitment to strengthening our Organization with talented leaders whilst at the same time achieving gender balance in senior positions. I look forward to welcoming them to the WTO.’’

Ms Angela Ellard (United States) has a distinguished career of service working at the US Congress as Majority and Minority Chief Trade Counsel and Staff Director. She is internationally recognized as an expert on trade and international economic policy, negotiating trade agreements and supporting multilateral solutions as part of an effective trade and development policy. Ms Ellard has negotiated and delivered significant bipartisan trade policy outcomes and legislation for well over 25 years with Members of U.S. Congress and senior Trump, Obama, Bush, and Clinton Administration officials. Ms Ellard also worked as a lawyer in the private sector, working on trade litigation and strategy, policy and legislative issues. Ms Ellard obtained her Juris Doctor, cum laude from Tulane University School of Law and her Master of Arts in Public Policy also from Tulane. Ms Ellard is a frequent lecturer at law, graduate, and undergraduate classes and has published articles on trade law and policy.

Ms Anabel González (Costa Rica) is a renowned global expert on trade, investment and economic development with a proven managerial track record in international organizations and the public sector. In government, Ms Gonzalez served as Minister of Foreign Trade of Costa Rica; as Director-General for International Trade Negotiations; as Director-General of the Costa Rican Investment Promotion Agency (CINDE); and as Special Ambassador and Chief negotiator of the US-Central America-Dominican Republic Free Trade Agreement. Ms Gonzalez also served at the World Bank as a Senior Director, the WTO as Director of the Agriculture and Commodities Division and as Senior Consultant with the Inter-American Development Bank. More recently, Ms Gonzalez has worked as a Non-Resident Senior Fellow with the Peterson Institute for International Economics. Ms Gonzalez obtained her master’s degree from Georgetown University Law Center with the highest academic distinction and has published extensively on economic issues and trade.

Ambassador Jean-Marie Paugam (France) has held senior management positions in the French Government on trade, most recently as Permanent Representative of France to the WTO. He has also held a number of senior positions in the French Ministry of Economy and Finance, including as a member of the Executive Committee of the French Treasury. He has also served as Deputy Executive Director of the International Trade Centre in Geneva. He has accumulated a deep and practical knowledge of government practices on trade as well as being familiar with high-level dialogues on trade and international economic operations. He has published a number of articles on trade-related issues, in particular when serving as Senior Research Fellow on International Trade at the French Institute for International Relations (IFPRI). Ambassador Paugam graduated from ENA in Paris and obtained degrees in Political Science from the Institute of Political Science in Aix-en-Provence and in Law from the Faculty of Law Aix-Marseille III.

Ambassador Xiangchen Zhang (China), who is currently serving as Vice-Minister in the Ministry of Commerce of China, has long and extensive experience on WTO issues, international negotiations, and policy research. Ambassador Zhang, until recently, served as China’s Permanent Representative to the WTO and previously as Deputy Permanent Representative.

He has had an extensive career of more than 30 years in international trade, serving as Director of the Department of International Trade and Economic Affairs of the Ministry of Foreign Trade and Economic Cooperation; as Director-General of the Department of WTO Affairs of the Ministry of Commerce; and as Director-General of the Department of Policy Research of the Ministry of Commerce. Ambassador Zhang holds a bachelor’s degree in Law, a Master’s degree in International Relations and a PhD in International Politics from Peking University.

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Around the World

Meet Tami, the Nigerian teen with admission offers from 5 Ivy colleges, 9 others

Tami’s goal is to work on innovations in AI and augmented reality and he hopes to work on research and projects in these fields in college.

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Meet Tami, the Nigerian teen with admission offers from 5 Ivy colleges, 9 others

Before now Oluwatamilore Kabiawu, popularly known as ‘Tami’ was only known as a 4.6 GPA student. But a few weeks back, news about him hit the web when he got admission offers from 14 colleges, including 5 Ivy Colleges.

While his colleagues are worried about getting accepted into their choice Colleges, Kabiawu’s greatest challenge now is which to choose among a myriad of colleges. Some of the colleges are Harvard, Princeton, Yale, Cornell, Columbia and MIT.

Tami’s secret

The secret of the Fair Lawn High School senior has been described in several ways by different people.  To Joseph Lake, his guidance counsellor, Tami’s unrelenting spirit has taken him this far.

He said, “Tami is truly a gifted young man. What Tami is experiencing is the result of his self-esteem and feelings of love and belongingness being nurtured to its full potential.”

His mum, Dami, commented, “I’ve always taught them [Tami and twin brother Tommy] to believe in themselves and be very polite, to always stand their ground.”

READ: What to consider as you budget for college

A close relative hinted that Tami (Class Of 2021), is leaning heavily toward Harvard University, “the best of both worlds — technology and liberal arts,” where he aims to major in computer science and do research into artificial intelligence and augmented reality.

To Kabiawu, his success stems from hard work and persistence.

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“What makes me most happy is making these little goals and sticking with them, and gradually over time achieving the big goal,” he said.

READ: Steps to take to bag international scholarships

The Cow head story

The accomplished track and field athlete, who is also the President of the Future Business Leaders of America and National Honor Society, is not limited to academics. His ability to think out of the box, and break norms is also his strength.

He said, “I wrote my college essay on decapitated cow heads, which I know sounds a little crazy. I was 9 when I visited my family in Nigeria for a wedding.

The cows were slaughtered near the reception so that the meat would not need to be refrigerated. As I walked by I just saw these decapitated cow heads and was really, like, shocked by it and really appalled.

Rather than dismissing the unfamiliar, I recognized the importance of embracing differences. I likened the experience to growing up in Fair Lawn.

READ: 7 Ways to pay for your higher education

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I didn’t necessarily fit a particular stereotype of how people thought Black students should act. “Over time, I’ve gained confidence in myself, and people are drawn to that, and I was allowed to be more authentic.”

This experience means a lot to the athlete, as the Cow heads changed his perception about fighters like him.

“Now, I see “cow heads” as a metaphor for people who are unabashedly themselves and unafraid to show who they are,” he said.

What you should know

Tami’s goal is to work on innovations in AI and augmented reality and he hopes to work on research and projects in these fields in college.

Tami was born in London, moved to Atlanta for a short while, then moved to Troy, New York where he attended elementary school while his mother pursued a PhD at Rensselaer Polytechnic Institute (RPI).

The family relocated to Fair Lawn when Tami started sixth grade at Memorial Middle School. His twin brother, Tommy, will be playing football at RPI next year.

Kabiawu is set to graduate on June 22 at Fair Lawn High School’s Sasso Field.

Tami Kabiawu’s dad lives and works in Nigeria, and the son said his interest in technology stems from being able to connect with him via FaceTime and WhatsApp.

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