Botswana President Boko reiterated a plan to take control of De Beers, rebuffing a warning from the IMF that the diamond market’s prolonged slump makes it a risky undertaking https://t.co/AXnm2Dnsok ...

Their diamond-rich land in South Africa was taken. Now they want it back https://t.co/rZhwjrMecn ...

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Economic Impact on Lutu - Lutu's economy has been severely affected by President Trump's tariffs, particularly in the textile industry, leading to significant job losses and a state of disaster declared by the Prime Minister [3][5][12] - The textile sector, which was expected to grow, has seen a downgrade in forecasts by over 10 percentage points due to the tariffs, with many workers earning as little as $1,800 annually [2][6][7] - The expiration of the African Growth and Opportunity Act (AGOA) has compounded the economic challenges, as it provided duty-free access to the US market, which is crucial for Lutu's exports [4][5] Trade Dynamics - Lutu's exports to the US were valued at over $235 million last year, accounting for approximately 11% of its GDP, with 47% of these exports being clothing [8][9] - The trade relationship is heavily imbalanced, with Lutu importing less than $3 million from the US, making it a target for tariffs despite its small size [10] - The introduction of higher tariffs has placed Lutu at a disadvantage compared to other countries with lower tariffs, such as Kenya, which affects foreign investment attractiveness [14][15] Industry Challenges - The diamond and textile industries are the main economic drivers in Lutu, but both have faced significant challenges, with diamond prices falling and textile manufacturing shrinking due to tariffs [6][12] - The unemployment rate in Lutu was reported at 30% in 2024, exacerbated by layoffs in the textile sector [12] - Local factories are struggling to compete, and the government has been criticized for not taking sufficient action to improve the economic situation [13][18] Global Trade Relations - The ramifications of US trade policies extend beyond Lutu, affecting global supply chains and economic relationships, which could lead to broader geopolitical implications [19][20][22] - The importance of market access and trade agreements like AGOA has been highlighted as crucial for the economic growth of small economies like Lutu [18][21] - The situation presents both challenges and opportunities for Lutu, as it seeks to redefine its trade relationships and market positioning in light of recent developments [23][24][25]

Economic Overview - Russia's nominal GDP stands at $2.2 trillion, comparable to its level in 2013, prior to the annexation of Crimea [1] - The economy contracted by 1.4% in 2022 but is projected to grow by 4.1% in 2023 and 4.3% in 2024, with a forecasted slowdown to 1.0% growth this year [8] Sector Performance - Non-military sectors of the economy have contracted by 5.4% since the beginning of the year, indicating significant economic strain [2] - The construction industry is facing a downturn, with cement consumption expected to fall below 60 million tonnes, a level not seen since the COVID pandemic [5] Labor Market Adjustments - Major companies, including Cemros, Russian Railways, and GAZ, have implemented a four-day workweek to manage labor costs amid economic challenges [6][12] - The unemployment rate has reached a record low of 2.1%, despite the economic difficulties [8] Government Intervention - The Russian government has been compelled to provide support across various sectors, including coal and metals, to prevent mass layoffs [17] - In previous economic downturns, state support was extended to major employers to mitigate discontent in industrial towns [16] Industry-Specific Challenges - The coal sector is particularly affected, with reports of 19,000 layoffs in the first half of 2025 and warnings of potential bankruptcies among coal enterprises [18][19] - The steel industry is also under pressure, with discussions of a moratorium on bankruptcies and indications of workforce reductions without mass layoffs [21][22]

Economic Overview - Russia's nominal GDP stands at $2.2 trillion, similar to its level in 2013, prior to the annexation of Crimea [1] - The economy contracted by 1.4% in 2022 but is projected to grow by 4.1% in 2023 and 4.3% in 2024, with a forecasted slowdown to 1.0% growth this year [8] Sector Performance - Non-military sectors of the economy have contracted by 5.4% since the beginning of the year, indicating significant economic strain [2] - The construction industry is facing a downturn, with cement consumption expected to fall below 60 million tonnes, a level not seen since the COVID pandemic [5] Labor Market Adjustments - Major companies, including Cemros, Russian Railways, and GAZ, have implemented a four-day workweek to manage labor costs and avoid layoffs [6][12] - The unemployment rate has dropped to a record low of 2.1%, despite the economic challenges [8] Government Intervention - The Russian government has been compelled to provide support across various sectors, including coal and metals, to prevent mass layoffs and economic discontent [17][16] - In previous downturns, state support was extended to major employers, indicating a pattern of intervention during economic crises [16] Industry-Specific Challenges - The coal sector is particularly affected, with reports of 19,000 layoffs in the first half of 2025 and financial health deteriorating for many enterprises [18][19] - The steel industry is also under pressure, with discussions of a moratorium on bankruptcies and a quiet cutback in operations due to high interest rates and weak demand [21][22]

Botswana says a recent unprecedented ad-hoc diamond auction — in which it didn’t sell any gems — wasn’t an “emergency sale” https://t.co/JKEGbZf2H1 ...

De Beers built an empire by convincing the world that “a diamond is forever”. On this week’s “Money Talks”, how cheap lab-grown stones threaten to end its reign https://t.co/FUGosndUK4 ...

Our podcast on markets, the economy and business. This week, how lab-grown stones have upended the market and what that means for De Beers https://t.co/qWJle2LING ...

Botswana President Duma Boko says the country is working on a fiscal consolidation plan to help generate efficiency in the economy. He says the country recently launched a new sovereign wealth fund to invest in sectors beyond diamonds. The southern African nation is pushing to secure a majority stake in diamond producer De Beers as Anglo American looks to divest its 85% stake in the firm. Boko tells Bloomberg's Jennifer Zabasajja that potential collaborators including the likes of Qatar and the Oman Soverei ...