adplus-dvertising
Connect with us

Media

Putin's Media Blitz on Africa Food Crisis Sparks Alarm in Europe – BNN

Published

2 years ago

 on


(Bloomberg) — European governments have been alarmed by a Russian disinformation campaign that seeks to deflect criticism that President Vladimir Putin’s war with Ukraine risks leaving millions of people in Africa facing famine.

Russian diplomats have gone on a media offensive in recent months to push the narrative that sanctions, rather than Russian blockades, are causing shortages of grains and fertilizer in Africa. The public-relations onslaught shows how the months-long war in Ukraine is becoming a global propaganda battle as food, fuel and crop-nutrient prices surge.EU and UK officials who’ve recently met their African counterparts at meetings in New York and Rwanda expressed concern that the Russian message is gaining traction, said senior European diplomats who asked not to be identified. In response, European governments are increasing their engagement with leaders on the continent and boosting their own information campaigns to counter the Russian narrative, the diplomats said.

A senior European intelligence officer said the Kremlin had manufactured the debate as a means to get sanctions lifted and was intent on using the threat of global hunger as a bargaining tool in any future peace talks. Moscow has focused much of its influence operations on Africa and the Middle East, the official said.

No Link

The US and EU haven’t sanctioned any Russian agricultural products and say there’s no link between penalties on Moscow and grain or fertilizer exports from Russia or Ukraine.

That’s not stopped Russian embassy officials across Africa from placing the blame for the crisis on the west. Recent examples include Russia’s ambassador to Djibouti posting a graphic on Twitter accusing the EU of lying about gas and food shortages, while a Russian diplomat in South Africa wrote an editorial in the Mail & Guardian newspaper entitled “The Russian embassy rejects accusation of ‘provoking global famine’ spread by Western propaganda.”

Social media campaigns have amplified their messages, with Facebook pages parroting Kremlin talking points in French, targeting West African nations including Mali and Ivory Coast, according to Moustafa Ayad, executive director for Africa, the Middle East and Asia at the Institute for Strategic Dialogue, a London-based think tank that analyzes online disinformation. Online conspiracy communities in South Africa have also been targeted, he said.

The head of the United Nations World Food Program, David Beasley, said Russia’s blockade of Ukrainian ports was a “declaration of war” on global food security, with 49 million people in 43 countries facing famine.

“Since the Ukraine war began, the price of food and fuel has risen dramatically in countries around the world,” he said June 24. “Now, millions may starve.”

Global food prices surged to a record after Russia’s Feb. 24 invasion disrupted exports of grain and vegetable oil through Ukraine’s Black Sea ports, adding to cost pressures from logistics snarl-ups and a rebound in consumer demand after the coronavirus pandemic. That’s exacerbated a hunger crisis affecting countries including Ethiopia, Kenya and Somalia.

While Ukraine and its US and European allies blame Russia for blocking exports and Moscow points the finger at Kyiv, UN-sponsored talks have so far failed to yield a compromise to resume deliveries.

Read: Putin Has Reason to Slow-Walk a Ukraine Grain Deal

Before the war, Russia and Ukraine accounted for three-quarters of global sunflower-oil exports, about 30% of wheat and 15% of corn, according to the US Department of Agriculture. Shortages of grains have driven up prices, with global benchmarks for wheat and corn rising 22% and 12% respectively this year.

“The crisis is caused by Russia. Without that invasion we wouldn’t be in the situation we are in,” said Wandile Sihlobo, chief economist at the Agricultural Business Chamber of South Africa. “The price shock is inescapable and that is directly related to the war.”

Food costs account for 40% of consumer spending in sub-Saharan Africa, compared with 17% in advanced economies.

In 2020, Africa imported $4 billion of agricultural products from Russia, with 90% of that being wheat, while $2.9 billion of wheat, corn, sunflower oil, barley and soy came from Ukraine, according to Sihlobo. FAO data shows that Eritrea and Somalia were almost entirely dependent on Russia and Ukraine for their wheat supplies last year, while Tanzania, Namibia and Madagascar relied on them for more than 60% of supplies.

Russian and Ukrainian harvests and exports have surged in the past decade and farmers in the region typically produce at lower costs than more traditional suppliers like Canada and the US, which has helped to keep wheat prices lower. Their proximity to North Africa also reduces shipping costs versus suppliers further afield.

Part of Russia’s propaganda effort has been to amplify statements by African officials that can be seen as supportive of Russia’s argument. After African Union President Macky Sall met Putin for talks June 3 in the resort town of Sochi, Sall said sanctions had exacerbated the food crisis.

“Anti-Russia sanctions have made this situation worse and now we do not have access to grain from Russia, primarily to wheat,” Sall said . “And, most importantly, we do not have access to fertilizer. The situation was bad and now it has become worse, creating a threat to food security in Africa.”

Colonial Legacy

Russia can draw on its historical role of having supported liberation movements in parts of Africa during the wars and struggles against colonial and Whites-only rule — backing that helped the former Soviet Union undermine the US and Europe as part of its Cold War strategy to gain influence in Africa. By contrast the UK and France, as former colonial powers, still attract suspicion.

“What we have seen are narratives focused very precisely on how the US is orchestrating this conflict along with NATO in order to starve the globe,” Ayad said. “Colonialism has to be taken into account with African disinformation. That’s what the Kremlin is counting on: calling out Western states rather than the Kremlin as an imperial force.”

The danger is “very big” that Putin will attempt to establish a narrative that the West is responsible for the famine threatening Africa, German foreign ministry spokeswoman Andrea Strasse said June 3. “This is a narrative that we want to strongly resist,” she said.

French President Emmanuel Macron said last week at the Group of Seven leaders summit in the Bavarian Alps that he will announce measures in September to intensify the “fight against disinformation.” At a press conference, he referred to Russia’s efforts to link the food crisis to sanctions as “fake news.”

The Russian propaganda campaign is also getting under the skin of the Americans.

“The Russian government’s attempts to deflect responsibility for its actions by blaming others for the worsening crisis in the global food system are reprehensible,” the US State Department said in a June 22 statement entitled ‘Lying to the World About Global Food Security.’ “The Russian government should stop weaponizing food and allow Ukraine to safely ship out its grain so that millions of hungry people in the Middle East and Africa can be fed.”

©2022 Bloomberg L.P.

Adblock test (Why?)

728x90x4

Source link

Related Topics:
Continue Reading

Media

Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

Published

3 weeks ago

 on

August 23, 2024

By

Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

728x90x4

Source link

Continue Reading

Media

Arizona man accused of social media threats to Trump is arrested

Published

3 weeks ago

 on

August 23, 2024

By

Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

Continue Reading

Media

Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition

Published

3 weeks ago

 on

August 20, 2024

By

Tech News in Canada

Trump Media & Technology Group’s stock has taken a significant hit, dropping more than 11% this week following a disappointing earnings report and the return of former U.S. President Donald Trump to the rival social media platform X, formerly known as Twitter. This decline is part of a broader downward trend for the parent company of Truth Social, with the stock plummeting nearly 43% since mid-July. Despite the sharp decline, some investors remain unfazed, expressing continued optimism for the company’s financial future or standing by their investment as a show of political support for Trump.

One such investor, Todd Schlanger, an interior designer from West Palm Beach, explained his commitment to the stock, stating, “I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech.” Schlanger, who owns around 1,000 shares, is a regular user of Truth Social and is excited about the company’s future, particularly its plans to expand its streaming services. He believes Truth Social has the potential to be as strong as Facebook or X, despite the stock’s recent struggles.

However, Truth Social’s stock performance is deeply tied to Trump’s political influence and the company’s ability to generate sustainable revenue, which has proven challenging. An earnings report released last Friday showed the company lost over $16 million in the three-month period ending in June. Revenue dropped by 30%, down to approximately $836,000 compared to $1.2 million during the same period last year.

In response to the earnings report, Truth Social CEO Devin Nunes emphasized the company’s strong cash position, highlighting $344 million in cash reserves and no debt. He also reiterated the company’s commitment to free speech, stating, “From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.”

Despite these assurances, investors reacted negatively to the quarterly report, leading to a steep drop in stock price. The situation was further complicated by Trump’s return to X, where he posted for the first time in a year. Trump’s exclusivity agreement with Trump Media & Technology Group mandates that he posts personal content first on Truth Social. However, he is allowed to make politically related posts on other social media platforms, which he did earlier this week, potentially drawing users away from Truth Social.

For investors like Teri Lynn Roberson, who purchased shares near the company’s peak after it went public in March, the decline in stock value has been disheartening. However, Roberson remains unbothered by the poor performance, saying her investment was more about supporting Trump than making money. “I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said, adding that she sees Trump’s return to X as a positive move that could expand his reach beyond Truth Social’s “echo chamber.”

The stock’s performance holds significant financial implications for Trump himself, as he owns a 65% stake in Trump Media & Technology Group. According to Fortune, this stake represents a substantial portion of his net worth, which could be vulnerable if the company continues to struggle financially.

Analysts have described Truth Social as a “meme stock,” similar to companies like GameStop and AMC that saw their stock prices driven by ideological investments rather than business fundamentals. Tyler Richey, an analyst at Sevens Report Research, noted that the stock has ebbed and flowed based on sentiment toward Trump. He pointed out that the recent decline coincided with the rise of U.S. Vice President Kamala Harris as the Democratic presidential nominee, which may have dampened perceptions of Trump’s 2024 election prospects.

Jay Ritter, a finance professor at the University of Florida, offered a grim long-term outlook for Truth Social, suggesting that the stock would likely remain volatile, but with an overall downward trend. “What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter said, highlighting the company’s struggle to produce a sustainable business model.

Still, for some investors, like Michael Rogers, a masonry company owner in North Carolina, their support for Trump Media & Technology Group is unwavering. Rogers, who owns over 10,000 shares, said he invested in the company both as a show of support for Trump and because of his belief in the company’s financial future. Despite concerns about the company’s revenue challenges, Rogers expressed confidence in the business, stating, “I’m in it for the long haul.”

Not all investors are as confident. Mitchell Standley, who made a significant return on his investment earlier this year by capitalizing on the hype surrounding Trump Media’s planned merger with Digital World Acquisition Corporation, has since moved on. “It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.” Now, Standley is staying away from the company, citing the lack of business fundamentals as the reason for his exit.

Truth Social’s future remains uncertain as it continues to struggle with financial losses and faces stiff competition from established social media platforms. While its user base and investor sentiment are bolstered by Trump’s political following, the company’s long-term viability will depend on its ability to create a sustainable revenue stream and maintain relevance in a crowded digital landscape.

As the company seeks to stabilize, the question remains whether its appeal to Trump’s supporters can translate into financial success or whether it will remain a volatile stock driven more by ideology than business fundamentals.

Continue Reading

Trending