NEW YORK (AP) — This week’s Global Citizen NOW conference featured appeals for long-term investments in the African continent’s fast-growing youth population and increased outreach to young changemakers worldwide, as the international advocacy organization seeks to drive resources toward antipoverty causes.
The conflict-riddled international scene has made it even more vital that political, business and philanthropic leaders support education and health care in the least-developed nations, Global Citizen CEO Hugh Evans said. Some of the week’s biggest asks included up to $6 billion for economic development in Africa and $600 million for a United Nations-administered fund supporting education during emergencies.
“I don’t need to lecture anyone about polarization,” Evans told The Associated Press. “But I do think that the corollary of that is that sometimes people can feel completely hopeless and disempowered. My one hope is that our platform continues to stand for clear, decisive, practical actions that citizens can take to change the world for good.”
To further its goals, the two-day conference in New York leaned on the star power of longtime ambassador Hugh Jackman, Oscar-winning actress Michelle Yeoh and Brazilian singer Anitta. Doug Emhoff, the husband of Vice President Kamala Harris, even made a previously unpublicized appearance Wednesday to discuss the need for men to actively fight sexism and champion reproductive rights.
“The Walking Dead” and “Black Panther” star Danai Gurira said more Western aid alone is not enough. African nations need true self-determinism because “we are so far from uprooting ourselves from colonialism,” according to the Iowa-born actress who was raised in Zimbabwe.
“We are ridiculously wealthy, from the cobalt to the lithium to the diamonds to the rubber to the oil,” she said. “But often you don’t see us in control of it.”
About 60% of Africa’s population is younger than 25 years old — a tremendous asset that two-time Super Bowl champion Osi Umenyiora said only needs more opportunity. The former defensive end discussed his work spearheading the National Football League’s efforts there to provide the training necessary for international athletes to get college scouts’ attention and eventually play professionally.
The NFL has academies in the United Kingdom and Australia. Umenyiora said he hopes to add facilities by 2030 in countries including Nigeria, Kenya and Morocco.
“The best athletes in the world, in my estimation, are in Africa,” Umenyiora told the AP. “It’s just they haven’t been developed. They haven’t been trained.”
The conference followed the announcement that Global Citizen will co-present an economic summit in Ivory Coast this fall. The goal is to boost foreign aid to Sub-Saharan Africa, where the working-age population is expected to double by 2050 but many lack access to electricity.
Speakers emphasized that global leaders must help bridge those gaps now if they want to tap the region’s full potential. Foreign aid can work, they said, despite recent moves from once-generous, debt-saddled governments to decrease the amounts allocated toward developing countries.
Former Swedish Prime Minister Stefan Lofven pitched development assistance as a mutually beneficial investment, not a one-sided act of charity.
“Why not use the whole potential of the world?” asked Lofven, who set a target to spend 1% of Sweden’s gross national income on aid while in office.
The conference also marked Global Citizen’s efforts to draw Gen Z into its 12 million-member network. The organization recently paired more than 300 young leaders with officials including World Bank President Ajay Banga at the first international edition of Global Citizen NOW.
Nonpartisan civic engagement groups HeadCount and I Am A Voter announced a merger during a Thursday panel, seeking to leverage the power of musicians and brands to increase youth voter registration as the U.S. presidential election ramps up.
Other speakers shared strategies for engaging authentically with young people online. Anitta told the AP that she hosts classes on Instagram Live so that her fans can learn with her about environmental issues like rainforest protection.
Actor Jordan Fisher acknowledged that seemingly insurmountable student loans or the unaffordable housing market might make young people feel politically lost. He emphasized that voting is just one way to begin getting involved.
Fisher is also identifying new platforms to empower members of Global Citizen. An avid gamer, he is advising the organization as it develops a gaming division. He said livestreaming services like Twitch can be a great tool for raising money and awareness among audiences tuning in to watch their favorite creators.
“It’s some of the most authentic work that can be done. It’s just people. And it’s just us. It’s human beings,” Fisher told the AP.
“The power of gaming is massive.”
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
