RSS Facebook Twitter

Africa’s economic migrants will go back home

Do you enjoy reading Cyceon? Support us with €5.

According to the World Bank, excluding South Africa, Sub-Saharan Africa continued to grow strongly in 2013 with output increasing by 6.0 percent, well above the global gross domestic product (GDP) average of 2.4 percent. “Africa’s poverty rates have continued to decline, despite the adverse effects of the recent food, fuel, and global economic crisis”, added the UNDP’s MDG Report 2014. “Sub-Saharan Africa anticipates continued strong growth in much of Sub-Saharan Africa, driven by efforts to invest in infrastructure and by strong agricultural production,” wrote the IMF’s October 2014 Regional Economic Report. Consequently, one can say the perspectives for Africa’s economy as a whole look better than ever. Yet, the unprecedented wave of migrants willing to risk their lives in order to land on European shores highlighted that much remains to be done for Africa’s high level of economic growth to turn into durable development for all on the continent.

Although a portion of the African migrants do seek asylum in Europe because war is raging where they used to live, most of them had their risky voyage motivated by economic reasons. Their number has reached such records high that the European Union has decided to establish a new program for rapid return of irregular migrants, this way targeting directly the economic migrants whose motivations will now likely be considered insufficient compared to migrants from other regions who fled war-torn countries, mainly Libya, Syria and Iraq. The situation has become so serious that even the UN has a preference about who’s got to stay in Europe and who’s got to go back home. What’s now called the Mediterranean crisis is indicative of the state of the EU’s economy that can no longer afford to welcome everybody. It tells even more about Africa’s economic growth that doesn’t benefit everyone but seems encouraging enough for the EU to craft a “resettlement policy” shortly.


| | | | | | | | | | |

Chinese professors among 6 defendants charged with economic espionage and theft of trade secrets from Avago Technologies and Skyworks Solutions for benefit of People’s Republic of China.

No permission will be given to (the opposite party to the nuclear talks) for inspecting any of the military sites as well as for interviewing nuclear scientists and (scientists in) other sensitive disciplines,” said Iran’s Supreme Leader Ali Khamenei.

Have the 4 years since the sovereign debt crisis led to nothing? German Finance Minister Wolfgang Schauble told the Wall Street Journal (WSJ) he can’t say Greece won’t default this time.

North Korea (DPRK) said it can conduct “any underwater operation with world-level strategic weapons capable of striking and wiping out in any waters hostile forces.”

The Office of the US Director of National Intelligence (ODNI) released a sizeable tranche of documents recovered during the raid on the compound used to hide Osama Bin Laden.

Over half the accounts of UK customers of the Israeli contracts for difference (CFD) company Plus500 have been suspended on alleged concerns that the accounts may be used for money laundering.

One more alert after shares in China’s solar energy company Hanergy Thin Film Power Group Ltd. whose meteoric rise had troubled market analysts, nearly halved in value during its annual shareholders’ meeting in Hong Kong.

Patrick Drahi’s group Altice has signed a definitive agreement to acquire 70 percent of the share capital in Suddenlink, the 7th largest US cable operator with 1.5 million residential and 90,000 business customers.

According to a research note released by Deutsche Bank, if the Federal Reserve, led by Chair Janet Yellen, decides to push back an initial rate hike past September 2015, it ultimately could hurt stocks.

$545 million: UBS AG has agreed to plead guilty to one count of wire fraud for conduct in the LIBOR matter, pay a $203 million fine to the US DOJ and accept a three-year term of probation. UBS will also pay a penalty of $342 million to the Fed and has agreed to undertake a series of remedial measures.

Japan, the world’s 3rd-biggest economy, said its economy expanded at a faster-than-expected 2.4 percent annual rate in January-March 2015, thanks largely to a rebound in housing construction.

Airbus, Finmeccanica and Dassault Aviation welcomed the signature of the trinational declaration of intent by Germany, Italy and France for the European MALE drone development.

“It is (…) not clear that the ability to lower key ECB rates deep into negative territory would by itself help ensure a faster return to growth in the euro area,” said Benoît Cœuré, Member of the Executive Board of the ECB.

The European Central Bank (ECB) is not ready to pull the plug on Greece – not yet at least, wrote the New York Times (NYT).

Get more In Brief...

Our Services

The Podcast

PDF Letter

Popular Topics

The Interviews

Popular Articles

© 2014-2015 Cyceon, all rights reserved. | Cyceon is a Strategic, Economic and Financial News service. | About us - Contact us