The African Union (AU) has appointed former Credit Suisse boss Tidjane Thiam and several other dignitaries as a special envoys to solicit international support to help the continent deal with the economic impact of the coronavirus.
The envoy team, which was named by the AU chairman, South African President Cyril Ramaphosa, also includes former Nigerian Finance Minister Ngozi Okonjo-Iweala, former South African Finance Minister Trevor Manuel, and Donald Kaberuka, former president and chairman of the African Development Bank.
Mr Manuel is now chairman of insurer Old Mutual. Ivory Coast-born banker Mr Thiam left Credit Suisse in February this year after a scandal over the surveillance of another executive.
The envoys will be tasked with "soliciting rapid and concrete support" pledged by the G20, the European Union and other financial institutions, the AU said in a statement.
"These institutions need to support African economies that are facing serious economic challenges with a comprehensive stimulus package for Africa, including deferred debt and interest payments," Mr Ramaphosa was quoted as saying.
Mr Thiam is one of several prominent Africans who has called for a standstill on debt to private creditors amid the outbreak of coronavirus, which threatens many African economies already facing headwinds from factors such as plummeting oil prices.
In just two years from 2015 to 2017, African external debt payments doubled from an average of 5.9 per cent of government revenue to 11.8 per cent. At 32 per cent, the proportion of debt owed to private lenders is almost equal to the 35 per cent owed to multilateral institutions.
Private creditors include Mr Thiam's former employer Credit Suisse, which is currently fighting Mozambique in court over a $622 million (Dh2.28bn) loan.
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Whiile you're here
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Editorial: The fight against Covid-19 should be guided by science
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
E-cigarettes report
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
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List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
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Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
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Jetour T1 specs
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Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
The specs: 2018 Nissan Patrol Nismo
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Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
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Fuel economy, combined: 12.7L / 100km
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