General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. Reuters
General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. Reuters
General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. Reuters
General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. Reuters

Niger junta threatens immediate response to any aggression as ousted leader calls for help


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Niger's newly installed junta has threatened to counter any “aggression or attempted aggression”, as the clock ticks down on a deadline given by its neighbours to reverse last week's coup.

It also made diplomatic swipes against international condemnation of the putsch, scrapping military pacts with France and pulling its ambassadors from Paris and Washington as well as from Togo and Nigeria.

On Sunday, the Economic Community of West African States (Ecowas) gave the junta a week to reinstate democratically elected President Mohamed Bazoum, who was toppled by his guard on July 26, or risk a possible military intervention.

The defence chiefs were set to wrap up discussions about possible intervention in Niger on Friday, as mediators from the regional bloc push coup leaders in Niamey to restore constitutional order before an approaching deadline, Reuters reported.

The military junta in Niger is locked in a stand-off with Ecowas, which has taken its hardest stance yet on the ousting of Mr Bazoum – the seventh coup in West and Central Africa since 2020. Niger's junta warned it would meet force with force.

“Any aggression or attempted aggression against the state of Niger will see an immediate and unannounced response from the Niger Defence and Security Forces on one of [the bloc's] members,” one of the putschists said in a statement read on national television late Thursday.

This came with “the exception of suspended friendly countries”, an allusion to Burkina Faso and Mali, neighbouring countries that have also fallen to military coups in recent years.

Those countries' juntas have warned any military intervention in Niger would be tantamount to a “declaration of war” against them.

Nigeria, West Africa's pre-eminent military and economic power, is currently chairing Ecowas and has vowed to take a firm line against coups.

The bloc has already imposed trade and financial sanctions on Niger.

Senegal said it would send soldiers to join Ecowas if it decided to intervene militarily.

“It is one coup too many,” Foreign Minister Aissata Tall Sall said.

One Ecowas delegation headed by former Nigeria leader Abdulsalami Abubakar arrived in Niamey on Thursday, according to an airport source, and was due to meet the junta leaders later.

Another was due to hold talks with leaders in Algeria and Libya.

Mr Bazoum, who has been held by the coup plotters with his family since his ousting, said Thursday that if the putsch proved successful, “it will have devastating consequences for our country, our region and the entire world”.

In a column in The Washington Post, his first lengthy statement since his detention began, he called on “the US government and the entire international community to help us restore our constitutional order”.

“I write this as a hostage,” he said.

“Niger is under attack from a military junta … and I am just one of hundreds of citizens who have been arbitrarily and illegally imprisoned.

“This coup must end, and the junta must free everyone they have unlawfully arrested,” he wrote.

He said his country had been a bulwark of hope in a region increasingly buffeted by extremism and ruled by military juntas.

“In Africa's troubled Sahel region, Niger stands as the last bastion of respect for human rights amid the authoritarian movements that have overtaken some of our neighbours,” he wrote.

He warned that Niger's neighbours have increasingly invited in “criminal Russian mercenaries such as the Wagner Group at the expense of their people's rights and dignity”.

“The entire Sahel region,” he said, “could fall to Russian influence via the Wagner Group, whose brutal terrorism has been on full display in Ukraine.”

He added that terrorist movements such a Boko Haram “will surely take advantage of Niger's instability, using our country as a staging ground to attack neighbouring countries and undermine peace, safety and freedom around the world”.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Updated: August 04, 2023, 6:34 AM