http://www.businessweek.com/news/2012-03-13/nigeria-s-naira-advances-from-month-low-on-stronger-oil-prices
Nigeria's currency the Naira appreciated from a near month low on speculation that it will be supported as stronger oil prices outweighed an increase in gasoline import orders. The currency strengthened 0.3 percent to 157.85 per USD. Nigerian benchmark Bonny Light crude has jumped 16 percent this year alone. Nigerian oil production has been growing stronger while higher prices are also a boom. Nigeria has to import 70% of its fuel because of its lack of refining capacity approved 3.57 million metric tons of gasoline imports into the country for the second quarter. The economy of Nigeria sub-Saharan Africa's second largest expanded 7.68 percent in the last quarter of 2011. Also borrowing costs on Nigeria's domestic bonds due 2015 increased 0.11 percentage points. This shows how important the production of oil is to Nigeria's economy yet due to their lack of refining capacity they have to import oil. This leads to high economic disparity within the nation because of its crisis in the demand for oil. Also the domestic violence by groups such as Boko Haram continue to weaken the country and leave it more vulnerable.
Tuesday, March 13, 2012
Thursday, March 8, 2012
Current Event 3/11/12
http://online.wsj.com/article/SB10001424052970203961204577269422399619502.html
China's parliament unveiled legislation that restricts police powers to detain people at undisclosed locations without informing their families. However activists say that Chinese police rarely observe legal procedure and the new revisions include many loopholes that would allow police to detain people in politically sensitive cases. China's security forces have frequently detained activists at undisclosed locations without informing their relatives especially since online appeals last year for a Chinese version of the Arab Spring events taking place around the world. The increasing use of such detentions without charges raised concerns among Chinese lawyers and liberal academics that China was sacrificing three decades of efforts towards building a legal system for the sake of political stability. Some individuals who have been detained are Mr. Ai who was a critic of the government, Chen Guangcheng, a blind lawyer who served more than four years in prison for campaigning against forced abortions, and Liu Xia who won the Nobel Peace Prize in 2010, is still under effective house arrest at her apartment still awaiting any charges. Legal experts said the revisions represent a rare example of public and expert legal opinion pushing back China's increasing effort to hold onto political control. This shows how the Chinese government is trying to censor all material and destroy any criticism of the communist government in order to keep their stranglehold on power in the country.
China's parliament unveiled legislation that restricts police powers to detain people at undisclosed locations without informing their families. However activists say that Chinese police rarely observe legal procedure and the new revisions include many loopholes that would allow police to detain people in politically sensitive cases. China's security forces have frequently detained activists at undisclosed locations without informing their relatives especially since online appeals last year for a Chinese version of the Arab Spring events taking place around the world. The increasing use of such detentions without charges raised concerns among Chinese lawyers and liberal academics that China was sacrificing three decades of efforts towards building a legal system for the sake of political stability. Some individuals who have been detained are Mr. Ai who was a critic of the government, Chen Guangcheng, a blind lawyer who served more than four years in prison for campaigning against forced abortions, and Liu Xia who won the Nobel Peace Prize in 2010, is still under effective house arrest at her apartment still awaiting any charges. Legal experts said the revisions represent a rare example of public and expert legal opinion pushing back China's increasing effort to hold onto political control. This shows how the Chinese government is trying to censor all material and destroy any criticism of the communist government in order to keep their stranglehold on power in the country.
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