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First Phosphate Announces Gold Sponsorship of THE Mining Investment Event of the North in Quebec City on June 4-6, 2024 and Inaugural Indigenous Business Panel


Saguenay, Quebec – Newsfile Corp. – May 1, 2024 – First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce its Gold Sponsorship of THE Mining Investment Event of the North (“THE Event“) to take place on June 4-6, 2024 at the Centre des Congrès in Québec City, Canada.

Armand Mackenzie, VP of Government Relations for First Phosphate, is responsible for organizing and moderating this year’s inaugural Indigenous business panel at THE Event on Wednesday, June 5th, 2024 at 11:30 EST. Ian Lafrenière, Quebec Minister Responsible for Relations with the First Nations and the Inuit; Gilbert Dominique, Chief of the Pekuakamiulnuatsh Takuhikan First Nation; John Passalacqua, CEO of First Phosphate and Darrell Beaulieu, CEO of Denendeh Investments Inc. will discuss best practices in the Industry and the recent collaboration agreement between First Phosphate and the Pekuakamiulnuatsh Takuhikan First Nation and how it aims to combine critical minerals, energy transition, de-carbonization and Indigenous community development into a wholesome view of the future.

“We are proud to sponsor THE Event as it aligns with our values of global cross-border co-operation in the mining industry though community development, student participation, bilingualism and indigenous involvement,” says First Phosphate CEO, John Passalacqua. “Joanne Jobin and her team have undertaken excellent work in short time in establishing THE Event as a premier venue showcasing Canadian mining industries to the world and with careful attention to community, sustainability and culture.”

“I’m delighted to welcome the First Phosphate team as a Gold Sponsor – where they will also participate as a Pavilion Sponsor at our first annual Sponsors Gala Networking/Cocktail and Coreshack Events on June 4 – 5. I’d also like to thank Armand and John for their invaluable contributions to our Indigenous business panel,” says CEO and THE Event Founder, Joanne Jobin. “THE Event invites issuers, investors and government entities to join us in support of this important Canadian mining initiative among global industry investment conferences.”

First Phosphate is planning to install its operations, just two hours’ drive north of THE Event conference venue, in the Saguenay-Lac-St-Jean region of Quebec. First Phosphate believes that Quebec igneous anorthosite phosphate rock is an untapped source of high purity phosphate which can be mined and transformed into purified phosphoric acid (“PPA”). The Company’s objective is the development of a lithium iron phosphate (“LFP”) battery valley in the Saguenay-Lac-St-Jean region of Quebec, one which can help satisfy the large future demand for LFP battery cathode active materials (“CAM”) across North America.

The Company also announces that it has approved the grant of 140,000 restricted share units of the Company (“RSUs”) to an eligible consultant of the Company. The RSUs vest in 4 tranches (25% on each of May 31, 2024; August 31, 2024; November 30, 2024; and February 28, 2025). The terms of the RSUs are in accordance with the Company’s Omnibus Equity Incentive Plan as approved by disinterested shareholders at the Company’s annual and special meeting of shareholders held on August 25, 2023. All securities issued are subject to a hold period of four months plus one day from the date of issuance.

About THE Mining Investment Event of the North
THE Event is by invitation only. Interested investors & issuers should visit:
https://www.themininginvestmentevent.com/register or contact Jennifer Choi, jchoi@irinc.ca

THE Event Agenda, Brochure, participating companies, initiatives, speakers & panelists may be found at: https://themininginvestmentevent.com

THE Event is a Tier I Canadian global mining investment conference held annually in Québec City, Canada. THE Event is independently sponsored and designed to facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities and provides a platform to hear from some of the most influential thought leaders in the sector. THE Event is committed to promoting diversity, equality and sustainability in the mining industry via education and innovation through its unique Student Sponsorship and SHE-Co Initiatives.

About First Phosphate Corp.
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the LFP battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.

For additional information, please contact:
Bennett Kurtz, CFO & CAO
bennett@firstphosphate.com
Tel: +1 (416) 200-0657

Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:
Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward-looking statements, including, among other things, the Company’s planned exploration and production activities, the properties and composition of any extracted phosphate, the Company’s plans for vertical integration into North American supply chains, the Company’s belief that Quebec igneous anorthosite phosphate rock is an untapped source of high purity phosphate which can potentially be mined and transformed into large quantities of purified phosphoric acid (PPA) to service North America’s need for the production of LFP cathode active material to meet electrification targets, and the ability to realize a battery valley in the Saguenay-Lac-St-Jean region of Quebec.

These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, expectations of the Company’s long term business outcomes given its short operating history; expectations regarding revenue, expenses and operations; the Company having sufficient working capital and ability to secure additional funding necessary for the exploration of the Company’s property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of the Company’s projects; expectations regarding drill programs and the potential impacts successful drill programs could have on the life of the mine and the Company; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration and exploitation permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affect planned or future exploration and development programs; expectations surrounding global economic trends and technological advancements; and key personnel continuing their employment with the Company.

There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include: limited operating history; high risk of business failure; no profits or significant revenues; limited resources; negative cash flow from operations and dependence on third-party financing; the uncertainty of additional funding; no dividends; risks related to possible fluctuations in revenues and results; insurance and uninsured risks; litigation; reliance on management and key personnel; conflicts of interest; access to supplies and materials; dangers of mineral exploration and related liability and damages; risks relating to health and safety; government regulation and legal uncertainties; the company’s exploration and development properties may not be successful and are highly speculative in nature; dependence on outside parties; title to some of the Company’s mineral properties may be challenged or defective; Aboriginal title and land claims; obtaining and renewing licenses and permits; environmental and other regulatory risks may adversely affect the company; risks relating to climate change; risks related to infrastructure; land reclamation requirements may be burdensome; current global financial conditions; fluctuation in commodity prices; dilution; future sales by existing shareholders could cause the Company’s share price to fall; fluctuation and volatility in stock exchange prices; and risks related to market demands. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant.

These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian securities authorities, including without limitation the “Risk Factors” section of the Company’s Annual Information Form dated November 29, 2023 which is available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The issuer is solely responsible for the content of this announcement.

Thailand’s NACC finds guilty among four former executives of energy base firm of corruption and bribery


BANGKOK, THAILAND – Media OutReach Newswire – 1 May 2024 – The National Anti-Corruption Commission (NACC) reached a resolution that four former executives of the Thai State-owned oil and gas company, PTT Exploration and Production Public Company Limited (PTTEP), are found guilty of corruption, collusion, and bribery in connection to PTTEP’s Arthit Offshore Gas Field Project.

The NACC was made aware of this case following the United States Government’s announcement of the conclusion of its investigation into the global bribery scheme of Rolls-Royce, the United Kingdom-based manufacturer and distributor of power systems for the aerospace, defense, marine, and energy sectors. The company entered into a deferred prosecution agreement, which publicly disclosed information on corrupt contract awards about gas turbine procurement for several Thai Government’s natural gas projects, including PTTEP’s Arthit Project. The NACC initiated its investigation in response to this high-profile disclosure. The evidence obtained in this case was secured not only from domestic sources but also from abroad through close cooperation with foreign authorities and the Attorney-General, which is the designated Thai Central Authority for mutual legal assistance in criminal matters.

The NACC’s Secretary-General, Mr. Niwatchai Kasemmongkol revealed in recent days that the NACC investigation found a long-running corruption and bribery scheme in the Arthit Project pertaining to the procurement of feed gas turbine compressors between 2004 – 2008 valued over US$24.6 million. The scheme involved PTTEP’s Vice President of the Thai Offshore Assets Division, Mr. Poawpadet Vorabutr, intentionally issuing invitations to unapproved vendors, including Rolls-Royce, to submit bid proposals. In furtherance of the scheme, the Ad Hoc Board for Arthit Procurement whose members included Mr. Chitrapongse Kwangsukstith, Mr. Chulasingh Vasantasingh, and Mr. Anucha Sihanatkathakul, acknowledged the bid result and approved the purchase in principle prior to finalization of critical issues and observations. Subsequently, PTTEP’s President and Secretary to the PTTEP Board, Mr. Maroot Mrigadat, reported contrary facts regarding the approval to the PTTEP Board Meeting. However, Mr. Kwangsukstith, Mr. Vasantasingh, and Mr. Sihanatkathakul, attending the meeting along with Mr. Mrigadat, did not make any clarification or objections against those distorted facts which eventually resulted in the purchase made directly to Rolls-Royce. Moreover, the investigation documentarily revealed that Rolls-Royce transferred approximately US$300,000 into the overseas bank accounts of Mr. Vorabutr’s close associates after the contract was awarded to the company.

Accordingly, the NACC came out with the following decisions:

1. The acts of Mr. Chitrapongse Kwangsukstith, Mr. Anucha Sihanatkathakul, and Mr. Maroot Mrigadat constituted criminal offenses of corruption and collusion under Articles 8 and 11 of the Act on the Offences of Officials in State Organizations or Agencies 1959; and Article 12 of the Act on the Offences Relating to the Submission of Bids to Government Agencies 1999. The acts of Mr. Mrigadat additionally have grounds for a gross disciplinary offense.

2. The acts of Mr. Poawpadet Vorabutr constituted criminal offenses of corruption, collusion, and bribery under Articles 6, 8, and 11 of the Act on the Offences of Officials in State Organizations or Agencies, and Articles 5 and 12 of the Act on the Offences Relating to the Submission of Bids to Government Agencies, and Article 5 (1) and (2) in conjunction with Article 60 of Anti-Money Laundering Act 1999; and Article 103 in conjunction with 122 of the Organic Act on Counter Corruption 1999 (currently, an offense under Article 128 in conjunction with 169 of the Organic Act on Anti-Corruption, B.E. 2561 (2018)). The acts also have grounds for a gross disciplinary offense.

3. The investigation found no facts and evidence demonstrating other persons’ offenses as accused. The accusations had no grounds for further proceedings and were dismissed accordingly.

Due to the death of Mr. Chulasingh Vasantasingh, the right to file a criminal case was extinguished. His case was disposed of.

Following Article 91 (1) and (2), and 98 of the Organic Act on Anti-Corruption, 2018, the NACC’s report, investigation file, documentary evidence, electronic copy, and decision shall be sent to the Attorney-General for prosecution in the competent court, and to their superiors for disciplinary proceedings. Also, the NACC shall notify the Attorney-General to file a motion to the competent court for the confiscation of approximately US$300,000 in bribes following Articles 83 and 84 in conjunction with 93 of the Organic Act on Anti-Corruption 2018.

This successful investigation is one of the tremendous examples reflecting the NACC’s strong commitment to fighting transnational bribery and emphasizing the importance of working cooperatively alongside our international partners to effectively investigate transnational bribery cases.

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*This press release translation is funded by the National Anti-Corruption Fund (NACFHashtag: #IntegrityWay #AntiCorruption #ZeroCorruption #NACC #NACF

The issuer is solely responsible for the content of this announcement.

National Anti-Corruption Commission (NACC), Thailand

The National Anti-Corruption Commission (NACC) is a constitutional independent organization and supervised by nine commissioners selected from various professions. It is authorised to undertake work on the prevention and suppression of malfeasance, particularly in government agencies, on assets investigations, as well as on the monitoring of ethics and virtues of political position holders.

It has the authority to file charges in court as well as support and build up awareness of the penalties for committing corruption. The NACC is supervised by the NACC Board and has the Office of the NACC as its administrative agency.

Since 1997, Thai Courts have ruled against and punished politicians, former ministers, high-ranking government officials as well as executives of the private sector in the thousands of cases submitted by the NACC.

Dominic Khoo Wins Misrepresentation Case Against Innovest Affiliated Company, MCA and Others

The world’s largest luxury watch investment vehicle – WatchFund’s founder Dominic Khoo wins misrepresentation charges against all four Hong Kong businessmen and company MCA

SINGAPORE – Media OutReach Newswire – 1 May 2024 – Dominic Khoo, founder of WatchFund, a multi-award-winning alternative investment firm, has won the misrepresentation trial against the plaintiffs in court.

On 30 April 2024, after a trial spanning 12 days, the Singapore High Court dismissed the claims of fraudulent and negligent misrepresentation made by Plaintiffs Ben Wong, Liew Edmund Ket Vui, Wong Tim Fuk Gary, Wong Nga Kok (aka Jacob Wong) and finance company MCA, against Dominic Khoo and WatchFund Hong Kong (a company that worked exclusively with Innovest an affiliate of MCA), in respect of investment agreements signed between September 2018 and August 2019.

Despite the evidence of witnesses such as Wong Ben, Liew Edmund Ket Vui, Wong Nga Kok, Yung Choi Ha as well as the affiliates of Innovest / MCA (the HK companies which liaised with Watchfund HK), such as Fung Ka Lok Adams (aka Jowin Fung), Wong Yan Kei Christine, Yu Lok Man (aka Leon Yu), the Singapore High Court disbelieved their evidence. The Court found that they “could not have relied on Mr. Dominic Khoo’s Oral Representations because Mr. Dominic Khoo had only met them after they executed their Disputed IAs”. Most importantly, the plaintiffs have “produced no evidence to demonstrate the falsity of the representations that underlie their case”. It was also determined that Mr. Khoo did not make false representations of fact, nor did the plaintiffs suffer damage as a result of any alleged misrepresentations. Mr. Khoo successfully defended these claims with his lawyers, Dentons Rodyk & Davidson LLP led by Mr. Zhulkarnain Abdul Rahim.

Mr. Khoo said, “We are delighted to have been proven to be innocent and cleared of all charges of misrepresentation. We have been trusted as a steward for our investors as a fund manager with unparalleled expertise for this asset class that has outperformed other alternative investments over the past 10 years.”

Mr. Khoo added, “A longtime client of WatchFund said 4 years and $600-800k in expenses is a long time and a lot of money to prove principles! I agree with American poet Bill Bernbach, when he said that “It’s not a principle until it costs you money.”

Mr. Khoo’s triumph in today’s legal proceedings, where he prevailed against allegations of misrepresentation, unequivocally validates his integrity, and reinforces his commitment to truth and fairness in all his dealings.

WatchFund has been featured in Bloomberg, The New York Times, Forbes, Financial Times and other international media for its alternative investment model and returns leveraging luxury timepieces.

WatchFund’s fully aligned investor model backs its unique proposition – giving investors up to double collateral based on the timepieces they hold as their investment grows. The firm’s notable clients include Ultra High-Net Worth individuals, International Celebrities as well as Royalty, who have commended WatchFund for delivering consistently strong returns, even amid economic uncertainty.

Spearheading WatchFund is Dominic Khoo, the firm’s founder and one of Asia’s few certified watch experts. Khoo started his formal training as a watch expert in 2006 with the world’s biggest watch auction house Antiquorum, and is now shareholder of Swiss watch manufactures, luxury distributors, retail shops and other end-customer focused businesses in the same sphere.

Prior to alternative investments, Dominic was a renowned professional photographer and was nominated, alongside his idol, Annie Leibovitz, for Asia Pacific Photographer of the Year. He was also the youngest recipient of Singapore National Heritage Board’s “Patron of Heritage” award, and initiated the charity project “Pure” in 2007 that raised S$300,000 in donations that were given to beneficiaries in full, without donors having to cover costs.
Hashtag: #WatchFund #DominicKhoo

The issuer is solely responsible for the content of this announcement.

Revolutionizing Racing and Trading: AlphaX Teams Up with F2 Sensation Enzo Fittipaldi

SYDNEY, AUSTRALIA – Media OutReach Newswire – 1 May 2024 – AlphaX, a leading cryptocurrency exchange dedicated to shaping the future of trading, proudly announces its groundbreaking partnership with Formula 2 (F2) driver Enzo Fittipaldi. This collaboration marks an exciting convergence of high-speed racing and cutting-edge trading technology, aiming for the shared goal of Speed, Innovation, Winning the Future.
Founded on transparency and innovation, AlphaX provides a range of trading solutions for cryptocurrency enthusiasts. From spot trading to advanced derivatives, AlphaX equips users with state-of-the-art tools to navigate the dynamic crypto landscape. Moreover, AlphaX introduces innovative features like Trading Airdrop, rewarding users for trading, and Snipe Meme, a wallet tool for easy on-chain asset purchases. With these advancements, AlphaX continues to redefine the cryptocurrency trading experience.
Enzo Fittipaldi, a rising star in the F2 circuit and scion of the renowned Fittipaldi racing dynasty, embodies innovation and excellence. In the fast-paced realm of motorsports, where split-second decisions can determine victory, speed, precision, and strategy are paramount. AlphaX and Enzo Fittipaldi share a common vision of pushing boundaries and embracing challenges to drive success. Through this partnership, AlphaX aims to engage a broader audience by leveraging the global appeal of motorsports to introduce them to the exciting world of cryptocurrency trading.
“We are thrilled to embark on this exhilarating journey with Enzo Fittipaldi,” said AlphaX’s CEO. “This partnership represents a fusion of speed, innovation, and excellence, as we strive to revolutionize the intersection of racing and trading. Together, we are poised to accelerate into the future, setting new standards of performance and pushing the boundaries of what’s possible.”
As AlphaX and Fittipaldi gear up, the world anticipates the thrilling fusion of racing and trading, paving the way for an electrifying future.

Hashtag: #alphax #F2

The issuer is solely responsible for the content of this announcement.

AlphaX

Exchange is a pioneering cryptocurrency trading platform dedicated to discovering and promoting value-driven cryptocurrencies. With a strong foundation built by industry veterans and a commitment to user security and satisfaction, AlphaX is your gateway to the future of investment. Join us as we continue to explore the frontier of the crypto market, one successful trade at a time.

Luxshare Precision Announces 2023 Annual Results

Net Profit Exceeds RMB10 Billion for the First Time with Diversified Synergistic Business Presence

SHENZHEN, CHINA – Media OutReach Newswire – 30 April 2024 – On April 24th, Luxshare Precision unveiled its 2023 annual results, 2024 first-quarter financial figures and 2024 interim results forecast together, which brings positive market feedback due to its consistent improved profitability. With those eye-catching financial figures, Luxshare Precision’s stock price climbed over 5% intraday, with a total daily turnover surpassing RMB3.5 billion. Over the week, the company’s stock price increased by more than 9%.

According to the annual report, Luxshare Precision’s 2023 operating revenue achieved approximately RMB231.91 billion, representing a year-on-year increase of 8.35%. Net profit attributable to shareholders of the listed company exceeded RMB10 billion for the first time to RMB10.95 billion, representing a year-on-year increase of 19.53%. In the first quarter of 2024, Luxshare Precision achieved operating revenue of approximately RMB52.41 billion, representing a year-on-year increase of 4.93%. Net profit attributable to shareholders of the listed company was about RMB2.47 billion, representing a year-on-year increase of 22.45%. Meanwhile, Luxshare Precision announced an impressive performance forecast in terms of its net profit for the first half of 2024 with an increase of 20%-25% year-on-year.

The consumer electronics, the key business segment which accounted for 85% of Luxshare Precision’s annual operating revenue, recorded a year-on-year increase of 9.75% to RMB197.18 billion. Over the past year, Luxshare Precision has continued to deepen cooperation with its major customers to enhance its position in the industry chain. By leveraging its vertical integration and efficient collaborative capabilities in components, modules and systematic solutions, Luxshare Precision has kept expanding its shares in the supply chain of major customers and continues to play a significant role in the supply chain for products such as iPhone, AirPods, and Apple Watch. Also, Luxshare Precision has become the exclusive supplier for the Vision Pro, which is the first spatial computing device of Apple.

At the end of 2023, Luxshare Precision acquired a 62.5% stake in Pegaglobe (Kunshan) Co., Ltd. for RMB2.1 billion (about US$300 million). This acquisition is expected to broaden Luxshare Precision’s business cooperation with Apple. After the transaction, Luxshare Precision’s share of mobile phones is expected to reach nearly 40%, with iPhone shipments in 2024 projected to double.

Analyst from Wall Street investment firm Wedbush anticipates that, the iPhone 16, set to launch in September this year, will feature AI intelligence. As a key iPhone supplier and the main supplier for the iPhone 16 Pro Max in the latter half of the year, Luxshare Precision is expected to benefit significantly from market recovery and new model releases.

In March, NVIDIA unveiled the DGX GB200 NVL 72 at the GTC 2024 conference, spotlighting “copper interconnections”, a core product of Luxshare Precision’s communication business. Luxshare Precision currently utilizes self-developed and self-produced Optamax ultra-low-loss, anti-bending high-speed bare wire technology, and offers high-speed copper cable products such as DAC and ACC. Along with the company’s optical interconnection and thermal management products, Luxshare Precision offers comprehensive solutions for high-speed interconnection, earning recognition from top global customers. Luxshare Precision’s communication business revenue in 2023 was RMB14.538 billion, representing a 13.28% year-on-year increase.

During the conference call, the management of Luxshare Precision highlighted that in addition to growth in major customer product lines, the company has also seen success in segmented product areas. For Audio products, the company provides ODM products to various large-scale customers worldwide, and has strong vertical integration capabilities within the industry, bringing substantial margin benefits. Additionally, product lines like the Thunderbolt can also make contribution to the company’s overall growth.

Hashtag: #LuxsharePrecision

The issuer is solely responsible for the content of this announcement.

Report: BRICS+ likely new counterpoint to G7-led geopolitical order


LOS ANGELES, UNITED STATES – Newsaktuell – 30 April 2024 – The expansion of the BRICS group of nations into what has informally been named BRICS+ could highlight a geopolitical shift, with the new grouping positioning itself as a counterpoint to the Western-led geopolitical order, a report published by the Luskin School of Public Affairs at the University of California Los Angeles (UCLA) argues.

A potential counterpoint to the G7 (shown here in light blue): Ten countries now form the group of countries that is informally known as BRICS+ (shown here in darker blue) Graphic by PA Media for DNA
A potential counterpoint to the G7 (shown here in light blue): Ten countries now form the group of countries that is informally known as BRICS+ (shown here in darker blue) Graphic by PA Media for DNA

The report, titled “Towards A New Global Contestation? Comparing the Governance Performance of G7 and BRICS+ Nations” examines how the ten BRICS+ countries compare to the G7 nations on factors such as provision of public goods, quality of democracy and quality of governance. It uses the Berggruen Governance Index (BGI) to measure the governance performance of countries in these three dimensions.

In January 2024, Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates (UAE) joined the BRICS group.

The term BRICS was originally coined by an economist in the 2000s to refer to a group of emerging economies: Brazil, Russia, India, China, and later, South Africa. Argentina’s new president, Javier Milei, pulled the plug on his country joining BRICS+ in late December 2023. He said the decision to join had been taken by the previous government and had to be reviewed.

The BRICS+ have much larger combined population, which, at a rate of 7.8 per cent by 2025, is expected to grow twice as much as in the G7 countries (United States, Germany, France, Japan, Canada, Italy and the United Kingdom). At the same time, economic output and per capita GDP are lower than in the G7. The latter organisation also boasts greater soft power, a term used to describe the exertion of influence over other nations through attraction and persuasion, not coercion or force.

Over the coming years, the projected growth rates of the BRICS+ members are expected to enhance the group’s economic clout. For example, Egypt’s GDP is projected to increase by 635 per cent by 2050, the report says, quoting investment firm Goldman Sachs.

At the same time, the quality of democracy according to the BGI index has declined in India, Brazil (during the rule of President Jair Bolsonaro) and China, with authoritarian trends persisting particularly in China, Russia and Saudi Arabia.

According to the report, improvements in the provision of public goods have also been significant in some BRICS+ countries, even as state capacity and democratic accountability have declined. Overall, the authors conclude, the BRICS+ countries appear increasingly susceptible to authoritarian rule. “The G7’s consistently high Democratic Accountability scores contrast sharply with the BRICS+ countries, where a noticeable trend towards centralized authority prevails”, the report states.

New members have notably dragged down the average BRICS+ democracy accountability score, the report says, pointing to a “longstanding lack of meaningful checks on executive power”. It cites Saudi Arabia as an example, arguing that its “absolute monarchy has consistently restricted all but the most basic political and civil rights of its citizens”.

With an eye on the trends towards authoritarianism it identifies in most BRICS+ members, the report outlines two possible future scenarios.

In the first scenario, the government of a given country cannot sustain improvements in delivering public goods, possibly due to declining resources, high debts or other economic factors. As a result, most of the population grows dissatisfied with the quality of life. “However, authoritarian countries can remain in an uneasy suboptimal equilibrium for decades, as the history of the Soviet Union and Iran, among others, have shown”, the report cautions.

The second scenario would see some or most of the BRICS+ members reach a quality of life comparable to that of liberal democracies. According to the authors, this would challenge the so-called “autocratic fallacy”. According to this theory, authoritarian governance cannot effectively scale public goods, and broad-based prosperity is correlated with adherence to democratic principles.

The outcome of the second scenario would call into question the longstanding assumption, the report says, that democracy and the well-being of the population are the common aims of how countries develop. “It would shatter the belief in a growing global comity of wealthy and democratic countries”, the report warns.

The report’s findings also indicate that most BRICS+ members do not seek increasing confrontation with their G7 counterparts, and that they engage instead in a strategy that mixes cooperation and contestation. It is a way for them, the authors conclude, to take advantage of opportunities that may open up during the current uncertain geopolitical conditions, while at the same time mitigating risks: “Together with Brazil, India and South Africa, more of the new BRICS+ members may engage in fence-sitting and hedging behaviour rather than take clear and active sides in some fuller scale contestation or conflict.”

The report already identifies some evidence of this trend: “Even China – which is seen in increasingly confrontational terms in the West – retains enormous economic links with its geopolitical adversaries at the same time as it deepens its alliance with Russia”, it states. “Variations on this theme – such as the countries who rely on the US for external security and China for internal security – will likely only become more common in the rest of the 2020s.”

Further coverage by the Democracy News Alliance can be found in the DNA digital newsroom at https://www.presseportal.de/en/nr/174021

This text and the accompanying material (photos and graphics) is an offer from the Democracy News Alliance, a close co-operation between Agence France-Presse (AFP, France), Agenzia Nazionale Stampa Associata (ANSA, Italy), The Canadian Press (CP, Canada), Deutsche Presse-Agentur (dpa, Germany) and PA Media (PA, UK). All recipients can use this material without the need for a separate subscription agreement with one or more of the participating agencies. This includes the recipient’s right to publish the material in own products.

The DNA content is an independent journalistic service that operates separately from the other services of the participating agencies. It is produced by editorial units that are not involved in the production of the agencies’ main news services. Nevertheless, the editorial standards of the agencies and their assurance of completely independent, impartial and unbiased reporting also apply here.
Hashtag: #DemocracyNewsAlliance

The issuer is solely responsible for the content of this announcement.

Sahel elites must move away from ‘zero-sum’ policies, report urges


LOS ANGELES, UNITED STATES – Newsaktuell – 30 April 2024 – A dual economic strategy focusing on domestic economic development and international partnerships to address the underlying challenges facing the Sahel region could help Burkina Faso, Mali, Niger and Sudan to build more resilient institutions and foster long-term development, a recently published report says.

Turning away from the West towards Russia and China: Supporters of Niger's National Council of Safeguard of the Homeland (CNSP) wave the Chinese flag and flag bearing the logo of private military Company Wagner, in Niamey on September 16, 2023. (Photo by AFP/DNA) / More information via ots and www.presseportal.de/en/nr/174021 / The use of this image for editorial purposes is permitted and free of charge provided that all conditions of use are complied with. Publication must include image credits.
Turning away from the West towards Russia and China: Supporters of Niger’s National Council of Safeguard of the Homeland (CNSP) wave the Chinese flag and flag bearing the logo of private military Company Wagner, in Niamey on September 16, 2023. (Photo by AFP/DNA) / More information via ots and www.presseportal.de/en/nr/174021 / The use of this image for editorial purposes is permitted and free of charge provided that all conditions of use are complied with. Publication must include image credits.

The report by the Luskin School of Public Affairs at the University of California Los Angeles (UCLA) argues that the four countries should aim to transition away from relying exclusively on resource extraction. It attributes much of the challenges facing the four countries on unsustainable economic policies which focus on the export of raw materials.

Despite some improvements in terms of public goods provision – in particular regarding social and environmental public goods – these countries continue to face significant developmental challenges, ranking among the world’s poorest.

Titled “Political Instability and Economic Development in the Sahel: Governance in Burkina Faso, Mali, Niger, and Sudan since 2000”, the report provides a comprehensive analysis of the political instability and economic challenges facing the region. It evaluates scores from the Berggruen Governance Index (BGI), which is based on data from 2000 to 2019.

The four countries rank among the 20 lowest ranked nations on the United Nations’ Human Development Index. All of them have experienced at least one coup or coup attempt since 2020. In Niger, the military took power in July 2023, in Burkina Faso in 2022, while the most recent coup in Mali took place in 2021. In Sudan, an ongoing violent power struggle between different military factions has caused the world’s largest refugee crisis of the past year.

“This political upheaval is both the result and the cause of economic difficulty”, the report states. “Scarcity breeds instability, which in turn makes development, investment, and growth more difficult, further fuelling dysfunctional governance, and deepening dependencies.”

Before the coup in July 2023, Niger was seen as the last democratic partner of the Western industrialized nations in the region and an ally in the battle against terrorism and migration to Europe. Neighbouring countries Mali and Burkina Faso have also turned against the West and have improved relations with Russia.

The four Sahel states are highly dependent on overseas development aid (ODA), which makes them more susceptible to the policies of their donors. Colonial-era economic structures in the region have led to underdevelopment and inequality. The effects of this legacy can be felt until the present day and have resulted in a hugely uneven distribution of wealth as well as corruption, rent seeking and uneven infrastructure, the report finds.

The former colonial power France has scaled back its military engagement in the Sahel, as have the United States, the European Union, and the United Nations. Washington recently agreed to withdraw around 1,000 troops from Niger, while 12,000 UN peacekeepers are to leave Mali at the end of the year. The European Union Capacity Building Mission (EUCAP) in Niger is also forced to leave.

However, this leaves the door open for other players, the authors argue. Russia has become increasingly active, for example via the Wagner group. Trade between the country and the Sahel region has also benefitted from the coups. “China is also an increasingly important player due to its control over supply chains of critical minerals”, the report adds.

In the Sahel region, most of the economic output comes from exporting raw materials. Gold, for example, accounts for 74 and 73 percent of export value in Burkina Faso and Mali respectively. Other commodities exported include oil, radioactive ores such as uranium, raw cotton, livestock or palm oil.

With elites competing over the unevenly distributed resources, politics becomes what the authors call “zero sum”, with no-one trying to develop the economy further. This dynamic, they say, also serves as an explanation for the recent rash of coups in the region.

The climate crisis adds to the situation, according to the report. For instance, erratic rainfall exacerbates malnutrition, indirectly contributing to violence. On the other hand, the Sahel has a lot of potential for generating solar power. Partnerships with more developed countries or international donors could be particularly helpful to develop the sector.

“The public goods improvements we have witnessed in the Sahel are likely unsustainable in the context of low (and often declining) democratic accountability and a continued reliance of extractive export models and subsistence agriculture, in particular given the high fertility rates in the region, which are among the highest in the world”, the report says.

If the states in the Sahel area emphasize domestic economic development, including a focus on the production of value-added goods and sustainable agriculture, they can build resilience and reduce dependency on external actors, the report concludes.

“The EU’s best chance at facilitating strong connections and countering geopolitical competitors is by building strong economic ties and mutually beneficial relationships”, it says. This is especially vital, it adds, in the face of the rising influence of Russia and China. +++

Further coverage by the Democracy News Alliance can be found in the DNA digital newsroom at https://www.presseportal.de/en/nr/174021

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Huangshan Tourism Group partners with Alipay to launch “International Visitor Friendly Scenic Spot” ahead of May Day holiday


HUANGSHAN, CHINA Media OutReach Newswire – 30 April 2024 – Huangshan Tourism Group, which operates “the loveliest mountain of China” Huangshan, announced its partnership with Alipay, the leading digital payment and lifestyle service platform, to launch the “International Visitor Friendly Scenic Spot” initiative. The initiative aims to enhance the travel experience of global visitors in China ahead of a major holiday in the country, the May Day holiday.

“International Visitor Friendly Scenic Spot” initiative, first of its kind in China, launched in Huangshan

The “International Visitor Friendly Scenic Spot” initiative is the first of its kind in China. The initiative helps global travelers visiting Huangshan enjoy convenient payment options, including card, mobile payment and cash, as well as claim tailored digital red packet to enjoy shopping discounts and check travel guide and tips in 16 languages.

Huangshan Tourism Group will also collaborate with Alipay to launch local Hui culture experience tours and activities for international tourists.

“The beautiful scenery of Mount Huangshan and splendid Hui culture are must-have experiences when traveling in Huangshan. We hope to enhance global travelers’ experience through digital solutions on Alipay platform,” said Jiajia Li, vice president of Alipay business group at Ant Group.

An increasing number of overseas tourists are visiting China given the expansion of the visa-free policy and continued recovery of international flights. Official data showed the number of foreign nationals visiting China in the first quarter of 2024 increased more than three times year-on-year.

Huangshan is the top tourist attraction for international visitors to Anhui Province. After the mutual visa-free policy between China and Singapore went into effect in February, 2024, the first week of visa-free travel between the two countries saw the transaction volume via Alipay from Singaporeans visiting Huangshan increase by over 400% year-on-year.

China’s central bank, the People’s Bank of China, has been guiding banks and mobile payment companies to take measures to optimize payment experience for international visitors.

Recent data from Alipay shows that in March 2024, transaction volume by international tourists using Alipay in the Chinese mainland increased by nearly 10 times compared to that of last year and the number of transactions increased by 8 times year-on-year.

Alipay enables international visitors to pay at tens of millions of merchants across China after downloading the app and linking an international credit or debit card from Visa, Mastercard, JCB, Discover®, and Diners Club International®. Beyond providing a convenient and secure mobile payment service, Alipay collaborates with industry partners to offer global tourists various travel services to enhance their travel experience in China. These easy-to-access services include online translation, car-hailing, public transport, hotel booking, and train ticket booking, which are all available on the homepage of Alipay.

In addition to using Alipay to pay like a local in China, international tourists can also use their home e-wallet while traveling around China. These home e-wallets include AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), Touch ‘n Go eWallet (Malaysia) and Kakao Pay (South Korea), Hipay (Mongolia), Changi Pay (Singapore), OCBC (Singapore), Naver Pay (South Korea), Toss Pay (South Korea), TrueMoney (Thailand), and NayaPay (Pakistan).

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