BLOOMINGTON, Ind. (AP) — Myles Rice scored 18 points to lead Indiana to a 77-68 victory over Winthrop on Sunday. Rice made 7 of 13 shots and all four of his free throws for the Hoosiers (10-3), who improved to 9-0 at home by holding the Eagles (10-5) scoreless over the final 3:16 to wrap up the victory. He added four rebounds, three assists and three steals. Malik Reneau totaled 14 points and seven rebounds for Indiana. Trey Galloway added 11 points and five assists. Langdon Hatton had a game-high 11 rebounds to go with seven points off the bench. K.J. Doucet and Kasen Harrison both scored 14 to lead Winthrop, which fell to 1-4 on the road. Doucet grabbed 12 rebounds for his third double-double of the season. Kelton Talford scored 13 and Paul Jones III and Nick Johnson added 10 points apiece. Rice had 12 points in the first half to help Indiana take a 41-37 advantage into the break. Doucet had eight points and Harrison and Jones both scored seven to keep Winthrop close. Luke Goode followed his basket with a three-point play to give Indiana a 54-47 lead with 15:15 left to play. Talford finished off a three-point play to get Winthrop within three with 11:34 to go. Reneau answered with a basket and Mackenzie Mgbako followed with a dunk as Indiana quickly pushed its lead back to seven. Johnson buried a 3-pointer with 3:16 remaining to pull Winthrop within a point at 69-68, but the Eagles went scoreless from there. Indiana will host Rutgers on Saturday in a Big Ten Conference matchup. Winthrop returns home to play South Carolina Upstate on Thursday in a Big South Conference opener. ____ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-toWp-25-college-basketball-poll and https://apnews.com/hub/college-basketballChina demonstrates composure and confidence, injects stability into a turbulent world Reports Global Times
Canadian Oil Sector Hedges Trump Tariff Risk, US Midwest Refineries Could Be AffectedATLANTA (AP) — Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, roughly 22 months after entering hospice care , at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023 , spent most of their lives, The Carter Center said. “Our founder, former U.S. President Jimmy Carter, passed away this afternoon in Plains, Georgia,” the center said on the social media platform X. It added in a statement that he died peacefully, surrounded by his family. As reaction poured in from around the world, President Joe Biden mourned Carter’s death, saying the world lost an “extraordinary leader, statesman and humanitarian” and he lost a dear friend. Biden cited Carter’s work to eradicate disease, forge peace, advance civil and human rights, promote free and fair elections and house the homeless as an example for others. “To all of the young people in this nation and for anyone in search of what it means to live a life of purpose and meaning – the good life – study Jimmy Carter, a man of principle, faith, and humility,” Biden said in a statement. Biden spoke later Sunday evening about Carter, calling it a “sad day” but one that “brings back an incredible amount of good memories.” “I’ve been hanging out with Jimmy Carter for over 50 years,” Biden said in his remarks. He recalled the former president being a comfort to him and his wife Jill when their son Beau died in 2015 of cancer. The president remarked how cancer was a common bond between their families, with Carter himself having cancer later in his life. “Jimmy knew the ravages of the disease too well,” said Biden, who scheduled a state funeral in Washington, D.C., for Carter on Jan. 9. Biden also declared Jan. 9 as a National Day of Mourning across the nation and ordered U.S. flags to fly at half-staff for 30 days from Sunday. Businessman, Navy officer, evangelist, politician, negotiator, author, woodworker, citizen of the world — Carter forged a path that still challenges political assumptions and stands out among the 45 men who reached the nation’s highest office. The 39th president leveraged his ambition with a keen intellect, deep religious faith and prodigious work ethic, conducting diplomatic missions into his 80s and building houses for the poor well into his 90s. “My faith demands — this is not optional — my faith demands that I do whatever I can, wherever I am, whenever I can, for as long as I can, with whatever I have to try to make a difference,” Carter once said. A moderate Democrat, Carter entered the 1976 presidential race as a little-known Georgia governor with a broad smile, outspoken Baptist mores and technocratic plans reflecting his education as an engineer. His no-frills campaign depended on public financing, and his promise not to deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter repeated before narrowly beating Republican incumbent Gerald Ford, who had lost popularity pardoning Nixon. Carter governed amid Cold War pressures, turbulent oil markets and social upheaval over racism, women’s rights and America’s global role. His most acclaimed achievement in office was a Mideast peace deal that he brokered by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at the bargaining table for 13 days in 1978. That Camp David experience inspired the post-presidential center where Carter would establish so much of his legacy. Yet Carter’s electoral coalition splintered under double-digit inflation, gasoline lines and the 444-day hostage crisis in Iran. His bleakest hour came when eight Americans died in a failed hostage rescue in April 1980, helping to ensure his landslide defeat to Republican Ronald Reagan. Carter acknowledged in his 2020 “White House Diary” that he could be “micromanaging” and “excessively autocratic,” complicating dealings with Congress and the federal bureaucracy. He also turned a cold shoulder to Washington’s news media and lobbyists, not fully appreciating their influence on his political fortunes. “It didn’t take us long to realize that the underestimation existed, but by that time we were not able to repair the mistake,” Carter told historians in 1982, suggesting that he had “an inherent incompatibility” with Washington insiders. Carter insisted his overall approach was sound and that he achieved his primary objectives — to “protect our nation’s security and interests peacefully” and “enhance human rights here and abroad” — even if he fell spectacularly short of a second term. Ignominious defeat, though, allowed for renewal. The Carters founded The Carter Center in 1982 as a first-of-its-kind base of operations, asserting themselves as international peacemakers and champions of democracy, public health and human rights. “I was not interested in just building a museum or storing my White House records and memorabilia,” Carter wrote in a memoir published after his 90th birthday. “I wanted a place where we could work.” That work included easing nuclear tensions in North and South Korea, helping to avert a U.S. invasion of Haiti and negotiating cease-fires in Bosnia and Sudan. By 2022, The Carter Center had declared at least 113 elections in Latin America, Asia and Africa to be free or fraudulent. Recently, the center began monitoring U.S. elections as well. Carter’s stubborn self-assuredness and even self-righteousness proved effective once he was unencumbered by the Washington order, sometimes to the point of frustrating his successors . He went “where others are not treading,” he said, to places like Ethiopia, Liberia and North Korea, where he secured the release of an American who had wandered across the border in 2010. “I can say what I like. I can meet whom I want. I can take on projects that please me and reject the ones that don’t,” Carter said. He announced an arms-reduction-for-aid deal with North Korea without clearing the details with Bill Clinton’s White House. He openly criticized President George W. Bush for the 2003 invasion of Iraq. He also criticized America’s approach to Israel with his 2006 book “Palestine: Peace Not Apartheid.” And he repeatedly countered U.S. administrations by insisting North Korea should be included in international affairs, a position that most aligned Carter with Republican President Donald Trump. Among the center’s many public health initiatives, Carter vowed to eradicate the guinea worm parasite during his lifetime, and nearly achieved it: Cases dropped from millions in the 1980s to nearly a handful. With hardhats and hammers, the Carters also built homes with Habitat for Humanity. The Nobel committee’s 2002 Peace Prize cites his “untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” Carter should have won it alongside Sadat and Begin in 1978, the chairman added. Carter accepted the recognition saying there was more work to be done. “The world is now, in many ways, a more dangerous place,” he said. “The greater ease of travel and communication has not been matched by equal understanding and mutual respect.” Carter’s globetrotting took him to remote villages where he met little “Jimmy Carters,” so named by admiring parents. But he spent most of his days in the same one-story Plains house — expanded and guarded by Secret Service agents — where they lived before he became governor. He regularly taught Sunday School lessons at Maranatha Baptist Church until his mobility declined and the coronavirus pandemic raged. Those sessions drew visitors from around the world to the small sanctuary where Carter will receive his final send-off after a state funeral at Washington’s National Cathedral. The common assessment that he was a better ex-president than president rankled Carter and his allies. His prolific post-presidency gave him a brand above politics, particularly for Americans too young to witness him in office. But Carter also lived long enough to see biographers and historians reassess his White House years more generously. His record includes the deregulation of key industries, reduction of U.S. dependence on foreign oil, cautious management of the national debt and notable legislation on the environment, education and mental health. He focused on human rights in foreign policy, pressuring dictators to release thousands of political prisoners . He acknowledged America’s historical imperialism, pardoned Vietnam War draft evaders and relinquished control of the Panama Canal. He normalized relations with China. “I am not nominating Jimmy Carter for a place on Mount Rushmore,” Stuart Eizenstat, Carter’s domestic policy director, wrote in a 2018 book. “He was not a great president” but also not the “hapless and weak” caricature voters rejected in 1980, Eizenstat said. Rather, Carter was “good and productive” and “delivered results, many of which were realized only after he left office.” Madeleine Albright, a national security staffer for Carter and Clinton’s secretary of state, wrote in Eizenstat’s forward that Carter was “consequential and successful” and expressed hope that “perceptions will continue to evolve” about his presidency. “Our country was lucky to have him as our leader,” said Albright, who died in 2022. Story continues below video Jonathan Alter, who penned a comprehensive Carter biography published in 2020, said in an interview that Carter should be remembered for “an epic American life” spanning from a humble start in a home with no electricity or indoor plumbing through decades on the world stage across two centuries. “He will likely go down as one of the most misunderstood and underestimated figures in American history,” Alter told The Associated Press. James Earl Carter Jr. was born Oct. 1, 1924, in Plains and spent his early years in nearby Archery. His family was a minority in the mostly Black community, decades before the civil rights movement played out at the dawn of Carter’s political career. Carter, who campaigned as a moderate on race relations but governed more progressively, talked often of the influence of his Black caregivers and playmates but also noted his advantages: His land-owning father sat atop Archery’s tenant-farming system and owned a main street grocery. His mother, Lillian , would become a staple of his political campaigns. Seeking to broaden his world beyond Plains and its population of fewer than 1,000 — then and now — Carter won an appointment to the U.S. Naval Academy, graduating in 1946. That same year he married Rosalynn Smith, another Plains native, a decision he considered more important than any he made as head of state. She shared his desire to see the world, sacrificing college to support his Navy career. Carter climbed in rank to lieutenant, but then his father was diagnosed with cancer, so the submarine officer set aside his ambitions of admiralty and moved the family back to Plains. His decision angered Rosalynn, even as she dived into the peanut business alongside her husband. Carter again failed to talk with his wife before his first run for office — he later called it “inconceivable” not to have consulted her on such major life decisions — but this time, she was on board. “My wife is much more political,” Carter told the AP in 2021. He won a state Senate seat in 1962 but wasn’t long for the General Assembly and its back-slapping, deal-cutting ways. He ran for governor in 1966 — losing to arch-segregationist Lester Maddox — and then immediately focused on the next campaign. Carter had spoken out against church segregation as a Baptist deacon and opposed racist “Dixiecrats” as a state senator. Yet as a local school board leader in the 1950s he had not pushed to end school segregation even after the Supreme Court's Brown v. Board of Education decision, despite his private support for integration. And in 1970, Carter ran for governor again as the more conservative Democrat against Carl Sanders, a wealthy businessman Carter mocked as “Cufflinks Carl.” Sanders never forgave him for anonymous, race-baiting flyers, which Carter disavowed. Ultimately, Carter won his races by attracting both Black voters and culturally conservative whites. Once in office, he was more direct. “I say to you quite frankly that the time for racial discrimination is over,” he declared in his 1971 inaugural address, setting a new standard for Southern governors that landed him on the cover of Time magazine. His statehouse initiatives included environmental protection, boosting rural education and overhauling antiquated executive branch structures. He proclaimed Martin Luther King Jr. Day in the slain civil rights leader’s home state. And he decided, as he received presidential candidates in 1972, that they were no more talented than he was. In 1974, he ran Democrats’ national campaign arm. Then he declared his own candidacy for 1976. An Atlanta newspaper responded with the headline: “Jimmy Who?” The Carters and a “Peanut Brigade” of family members and Georgia supporters camped out in Iowa and New Hampshire, establishing both states as presidential proving grounds. His first Senate endorsement: a young first-termer from Delaware named Joe Biden. Yet it was Carter’s ability to navigate America’s complex racial and rural politics that cemented the nomination. He swept the Deep South that November, the last Democrat to do so, as many white Southerners shifted to Republicans in response to civil rights initiatives. A self-declared “born-again Christian,” Carter drew snickers by referring to Scripture in a Playboy magazine interview, saying he “had looked on many women with lust. I’ve committed adultery in my heart many times.” The remarks gave Ford a new foothold and television comedians pounced — including NBC’s new “Saturday Night Live” show. But voters weary of cynicism in politics found it endearing. Carter chose Minnesota Sen. Walter “Fritz” Mondale as his running mate on a “Grits and Fritz” ticket. In office, he elevated the vice presidency and the first lady’s office. Mondale’s governing partnership was a model for influential successors Al Gore, Dick Cheney and Biden. Rosalynn Carter was one of the most involved presidential spouses in history, welcomed into Cabinet meetings and huddles with lawmakers and top aides. The Carters presided with uncommon informality: He used his nickname “Jimmy” even when taking the oath of office, carried his own luggage and tried to silence the Marine Band’s “Hail to the Chief.” They bought their clothes off the rack. Carter wore a cardigan for a White House address, urging Americans to conserve energy by turning down their thermostats. Amy, the youngest of four children, attended District of Columbia public school. Washington’s social and media elite scorned their style. But the larger concern was that “he hated politics,” according to Eizenstat, leaving him nowhere to turn politically once economic turmoil and foreign policy challenges took their toll. Carter partially deregulated the airline, railroad and trucking industries and established the departments of Education and Energy, and the Federal Emergency Management Agency. He designated millions of acres of Alaska as national parks or wildlife refuges. He appointed a then-record number of women and nonwhite people to federal posts. He never had a Supreme Court nomination, but he elevated civil rights attorney Ruth Bader Ginsburg to the nation’s second highest court, positioning her for a promotion in 1993. He appointed Paul Volker, the Federal Reserve chairman whose policies would help the economy boom in the 1980s — after Carter left office. He built on Nixon’s opening with China, and though he tolerated autocrats in Asia, pushed Latin America from dictatorships to democracy. But he couldn’t immediately tame inflation or the related energy crisis. And then came Iran. After he admitted the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979 by followers of the Ayatollah Ruhollah Khomeini. Negotiations to free the hostages broke down repeatedly ahead of the failed rescue attempt. The same year, Carter signed SALT II, the new strategic arms treaty with Leonid Brezhnev of the Soviet Union, only to pull it back, impose trade sanctions and order a U.S. boycott of the Moscow Olympics after the Soviets invaded Afghanistan. Hoping to instill optimism, he delivered what the media dubbed his “malaise” speech, although he didn’t use that word. He declared the nation was suffering “a crisis of confidence.” By then, many Americans had lost confidence in the president, not themselves. Carter campaigned sparingly for reelection because of the hostage crisis, instead sending Rosalynn as Sen. Edward M. Kennedy challenged him for the Democratic nomination. Carter famously said he’d “kick his ass,” but was hobbled by Kennedy as Reagan rallied a broad coalition with “make America great again” appeals and asking voters whether they were “better off than you were four years ago.” Reagan further capitalized on Carter’s lecturing tone, eviscerating him in their lone fall debate with the quip: “There you go again.” Carter lost all but six states and Republicans rolled to a new Senate majority. Carter successfully negotiated the hostages’ freedom after the election, but in one final, bitter turn of events, Tehran waited until hours after Carter left office to let them walk free. At 56, Carter returned to Georgia with “no idea what I would do with the rest of my life.” Four decades after launching The Carter Center, he still talked of unfinished business. “I thought when we got into politics we would have resolved everything,” Carter told the AP in 2021. “But it’s turned out to be much more long-lasting and insidious than I had thought it was. I think in general, the world itself is much more divided than in previous years.” Still, he affirmed what he said when he underwent treatment for a cancer diagnosis in his 10th decade of life. “I’m perfectly at ease with whatever comes,” he said in 2015 . “I’ve had a wonderful life. I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.” Sanz is a former Associated Press reporter.Penn State's polarizing QB Drew Allar puts critics on mute and keeps winning games
BALTIMORE — It was expected when the Orioles acquired Corbin Burnes in February that 2024 would be his lone season in Baltimore. That assumption became reality early Saturday morning when Burnes reportedly agreed to a six-year, $210 million contract with the Arizona Diamondbacks. While the Orioles do have deeper pockets with owner David Rubenstein at the helm, it was an uphill battle for them to re-sign Burnes, the best starting pitcher available in free agency. The Diamondbacks weren’t seen as a front-runner for Burnes, but it’s not a surprise that a team out west won the sweepstakes. The 30-year-old right-hander grew up in California and lives in Arizona with his wife and three kids, all of whom are under 3 years old. Orioles executive vice president and general manager Mike Elias traded prospects Joey Ortiz and DL Hall to the Milwaukee Brewers for Burnes, hoping the ace would put Baltimore over the top. That didn’t happen, but not because of Burnes, who “more than held up his end of the bargain,” Elias said during his end-of-season news conference. Burnes won 15 games and posted a 2.92 ERA to finish fifth in American League Cy Young Award voting. “This is a great group of guys and they accepted me from Day 1 when I came in like I was part of the family and had a great spring training, great year,” Burnes said before starting Game 1 of the AL wild-card series against the Kansas City Royals. “So, it’s a credit to those guys for accepting me as quickly as they did, and meshing in that clubhouse the way we did.” The ace allowed just one run on five hits against the Royals, but Baltimore’s offense was shut out in a deflating 1-0 defeat at Camden Yards. Burnes became the first Orioles starter to complete eight innings in a playoff game and lose since Scott McGregor in Game 1 of the 1983 World Series. Even after signing Tomoyuki Sugano for $13 million earlier this month, the Orioles are still in the market for a front-of-the-rotation starting pitcher, and there are few remaining on the market. Japanese star Roki Sasaki and former Oriole Jack Flaherty are the lone pitchers in free agency who profile as at least a No. 2 starter. Other options, such as Andrew Heaney and José Quintana, are back-of-the-rotation options the Orioles could add for depth, while Justin Verlander and Max Scherzer are accomplished veterans in the twilights of their careers. It’s perhaps more likely Elias swings a trade for a starting pitcher, like he did in February for Burnes. While few can replace Burnes, there are approximately a dozen starting pitchers reportedly available for trade who would slot in the top three of the Orioles’ rotation. If Baltimore doesn’t bring in another starter, right-handers Grayson Rodriguez and Zach Eflin would be atop the Orioles’ rotation until Kyle Bradish can return next summer from Tommy John elbow reconstruction surgery. The Orioles will receive a compensatory pick in the 2025 draft because they extended the qualifying offer to Burnes, who denied it as expected. The selection is expected to be after the first round, likely No. 30 overall — 11 picks after the Orioles’ actual first-round choice. Baltimore could also receive a compensatory pick if outfielder Anthony Santander signs elsewhere this offseason. If Santander signs for at least $50 million, that pick would likely be No. 31 overall, essentially giving the Orioles three first-round selections. Burnes’ deal reportedly includes an opt-out clause after two years. The contract, which was first reported by the New York Post, is the largest in Diamondbacks history and gives Arizona one of the best rotations in baseball with Zac Gallen, Merrill Kelly, Eduardo Rodríguez and Jordan Montgomery. The Diamondbacks’ previous record contract was the six-year, $206.5 million deal they gave starter Zack Greinke in 2015. The contract’s average annual value of $35 million matches what Stephen Strasburg received from the Washington Nationals after the 2019 season, though Strasburg’s deal was $245 million over seven seasons. At $35 million per year, Burnes is tied for the sixth-highest paid starting pitcher in MLB history, behind only Max Scherzer, Justin Verlander, Zack Wheeler, Jacob deGrom and Gerrit Cole. Burnes was reportedly offered more money by the Toronto Blue Jays and San Francisco Giants — the two clubs seen as the front-runners for the ace — but he’s closer to his family in Arizona and will pay less in taxes there. In 2021, Arizona lost 110 games — the same number the Orioles lost that season. Two years later, the Diamondbacks expedited their rebuild as buyers at the trade deadline, squeaked into the postseason and made the World Series. Now, they’re spending big money to sign pitchers away from Baltimore, a club that was rebuilding alongside them just three years ago. ©2024 Baltimore Sun. Visit baltimoresun.com . Distributed by Tribune Content Agency, LLC.
Kayode Tokede Foreign and domestic portfolios investors transactions in the stock market of the Nigerian Exchange Limited stood at N4.9 trillion in 11 months, nearly 52 per cent Year-on-Year (YoY)increase from N3.23 trillion reported in 11 months of 2023. The latest ‘domestic & foreign portfolio participation in equity trading’ in 11 months of 2024 showed that foreign portfolio investors are showing stronger appetite for local assets with Foreign Portfolio Investment (FPI) transactions at N785.28 billion as against N362.75 billion in corresponding 11 months of 2023. Official trading report at the weekend showed that FPI’s transactions in 11 months have reduced domestic investors dominance of the stock market, contributing 15.98 per cent against 84.02 per cent contribution by domestic investors. According to the report, FPI inflow in 11 months of 2024 nearly tripled, as most foreign investors continue to benefit from the Central Bank of Nigeria (CBN) reforms in the foreign exchange market and cheap prices of most blue-chip companies quoted on the NGX. The report by NGX showed that FPI inflow stood at N370.15 billion in 11 months of 2024 from N157.32 billion in 11 months of 2023. On the other hand, foreign portfolio outflows, the sell side of the transactions, increased to N415.13 billion, about 102.09per cent increase over N205.43 billion reported in 11 months of 2023. However, the weak FPI inflows and decreased domestic demand plummets total transactions at the NGX in November 2024 to N442.34 billion from N502.73 billion reported in October 2024. The report, however, disclosed that domestic transactions totalled N4.13 trillion within the 11months period, 43.77 per cent above N2.87 trillion recorded in the comparable period of 2023. The FPI report, coordinated by the NGX, included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible measure of foreign portfolio trend. The November 2024 performance set a new record above the market’s third quarter performance. Total transactions at the stock market had risen to N3.97 trillion in the first nine months of this year, the highest third quarter turnover according to available official records of the market. The third quarter 2024 performance represented a new record against the market’s turnover in third quarter 2023, when the market had set a high of N2.71 trillion. The closest records were in 2018 and 2014 when the market recorded N2.01 trillion and N2.04 trillion respectively. In terms of performance of the market over the last decade, the report disclosed that, “Over a 17 year period, domestic transactions decreased by 10.94per cent from N3.556 trillion in 2007 to N3.167 trillion in 2023; whilst foreign transactions also decreased by 33.28 per cent from N616 billion to N411 billion over the same period. “Total domestic transactions accounted for about 89per cent of the total transactions carried out in 2023, whilst foreign transactions accounted for about 11per cent of the total transactions in the same period. The transaction data for 2024 shows that total domestic transactions are circa N4.128 trillion, whilst total foreign transactions are circa N785.28 billion.” Meanwhile, capital market analysts have attributed the upbeat at the stock market to the increasing attractiveness of the Nigerian market to foreign investors, ongoing economic reforms, resilient earnings by Nigerian companies, exchange rate differential, ongoing banking recapitalisation and the reform in the oil sector. The Managing Director, HighCap Securities, Mr David Adonri, stated that the banking sector has contributed substantially to the growing turnover at the stock market. Adonri said, “The recapitalisation of banks is orchestrating demand for their shares even in the secondary market. Highly capitalised stocks in the petroleum sector have also been upbeat. Finally, investors have also reacted positively to the big interim dividends declared by banks.” A report by Afrinvest West Africa had indicated that FPIs in the Nigerian market could reach N1.1 trillion by the end of 2024 as foreign investors continued to increase their stakes on Nigerian securities. Analysts at Afrinvest West Africa stated that at the current run rate, the size of foreign participation at the stock market should reach N1.1 trillion by year-end, translating to a 267.8 per cent increase on 2023. Afrinvest estimated that total FPIs, including equities, money, and bond markets, could swell fourfold to $5.2 billion in 2024 in a base case scenario. The analysts noted that even when adjusted at exchange rate of N1,510.10 per dollar, the current run rate should deliver about $728.4 million participation size on the NGX, representing a 60.9 per cent increase over the 2023 actual that was converted at an exchange rate of N907.10 per dollar. “This marked improvement underscores the gradual return of foreign portfolio investors to Nigeria – a development we believe is largely connected to the ongoing reforms by the CBN,” Afrinvest stated. The report highlighted a strong and positive correlation between FPI inflow data reported by the NBS in dollars and foreign investor participation statistics reported by the NGX in naira. Afrinvest noted that the correlation was not a surprise given that equity is one of the three investment portfolio areas into which FPIs are deployed. The report pointed out that although FPIs are less reliable in building sustainable foreign exchange buffers due to their characteristic nature of flight to safety, the recent dynamics if sustained hold positive for stabilising the exchange rate in the short to medium term.Jayden Daniels dazzles again as Commanders clinch a playoff spot by beating Falcons 30-24 in OT
Watch Utah Jazz vs. Philadelphia 76ers: TV channel, live stream info, start time3 recipes to help you through the busy holiday seasonIntellectual brilliance, humility, patriotism, personal integrity and perseverance - these five characteristics arguably lifted Manmohan Singh from his humble origins in the village of Gah, now in Pakistan, to the exalted position of PM. ET Year-end Special Reads What kept India's stock market investors on toes in 2024? India's car race: How far EVs went in 2024 Investing in 2025: Six wealth management trends to watch out for Singh did his intermediate, BA honours (economics) and MA (economics) from Panjab University, securing the first rank throughout. His performance remained undiminished at Cambridge, where he breezed through the economic tripos with first-class honours. As the top student of his class university-wide, he also won the Adam Smith Prize. The cherry on the cake was his DPhil thesis at Oxford, which must be read by every policymaker, especially in developing countries. Returning from Oxford to Panjab University, where he was already a reader in economics, Singh became a full professor at 31 in 1963. In 1966, he left for New York to join Unctad. After completing the stint in 1969, he returned to India as professor of international trade at Delhi School of Economics. In 1971, Singh joined GoI as economic adviser in the ministry of foreign trade and steadily rose in rank. He first became chief economic adviser (1972-76), then secretary of the department of economic affairs (1976-80), followed by member-secretary of Planning Commission (1980-82), RBI governor (1982-85), Planning Commission deputy chairman (1985-87), secretary general of South Commission, adviser to PM on economic affairs (1990-91), and UGC chairman (1991). In his 1962 doctoral thesis, 'India's Export Trends and Prospects for Self-Sustained Growth', published in 1964 under the same title by OUP, Singh systematically exposed the folly of export controls and export duties that India imposed on tea, jute manufactures, raw cotton, vegetable oilseeds and oils. Importantly, he made a powerful case for the devaluation of the rupee when doing so was sacrilege, with Nehru describing it as 'fantastic nonsense' in 1958. 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Many within and outside government had still not recovered from the memories of the debacle accompanying the 1966 devaluation and issued unsolicited warnings against any such move. Even PM Narasimha Rao, advised by such influential economists as Arjun Sengupta, was sceptical. Nevertheless, Singh persisted, convinced that import liberalisation would not succeed without a push to exports through devaluation. Rao wanted to consult the Cabinet. But Singh would have none of it, arguing that devaluation would not happen in that event. Ultimately, he prevailed, getting Rao to put his signature on the paper only they saw. What followed immediately and in the long run is, of course, well-known. The two-part devaluation, which opened the door to multiple subsequent depreciations, brought the exchange rate down to ₹47.50 per dollar by the end of 2002-03. Undervaluation of the rupee proved pivotal to the 6x expansion of merchandise exports in current dollars between 2002-03 and 2011-12. As FM, Singh also played a critical role in unleashing financial-sector reforms and fiscal consolidation. The search for additional revenues initiated the partial disinvestment of public sector enterprises. These reforms were critical to one of the quickest recoveries in history, with the economy growing 6.4% annually from 1992-93 to 1996-97. Though Rao lost the election in 1996, never to return to politics, Singh continued. Eventually, in 2004, he returned as PM. While he assembled what the Financial Times hailed as the 'dream team' of economic reformers, internal party politics tied his hands this time. Even so, he battled on, bringing the top customs duty from 20% in 2004-05 to 10% in 2007-08, and trimming the small-scale industries reservation list. Unfortunately, fiscal discipline weakened, beginning in 2008-09. Though his huge success in securing the US- India nuclear deal in 2008 brought him back to office following the 2009 parliamentary election, economic reforms suffered a setback. India saw the return of Nehru-Indira-era socialism in the Right to Education Act, the Land Acquisition Act, retrospective taxation and a de facto ban on environmental clearance on infra projects. Without exception, those lucky enough to have met him would notice and admire his enormous humility. I first met him in 1987 on a visit to India from the US when he was Planning Commission deputy chairman. At this stage in my career, getting an audience with someone in such an exalted position was unthinkable. But Jagdish Bhagwati encouraged me, telling me to drop a line to Singh using his reference. I did so, and sure enough, the call came. That was a most memorable experience for a young economist who knew nothing of policymaking. Thank you, and goodbye, Dr Singh. May you rest in peace.