Time to light your fire

 

Why take your productive years and do absolutely nothing? Work isn’t a curse word, it’s something that should be encouraged. Sitting around and being unproductive is athe problem.

US President Joe Biden shakes hands with President-elect Donald Trump during a meeting in the Oval Office at the White House in Washington, US, November 13, 2024.

(photo credit: REUTERS/KEVIN LAMARQUE)

Retirement kills more people than hard work ever did.

– Malcolm Forbes

In the week that we read about Sodom and Gomorrah being destroyed by fire, one of the hotter topics in the personal finance community regards the merits of the FIRE movement.

What is FIRE? FIRE (“Financial Independence, Retire Early)” is a lifestyle, also referred to as a movement, aimed at reducing expenditures and increasing investing in order to quickly gain financial independence and the possibility of retirement at an early age. Much of what FIRE adherents believe in are concepts that I have written about hundreds of times. Living within your means, saving, and investing are concepts that I preach and are theits foundations of FIRE.

Stories of twenty- or thirty-somethings deciding to exit the workforce as soon as possible can be found all over the internet. LivingBut living a life of uber-frugality, saving and investing as much as 70% of one’s income all to live a life of leisure at a very young age is something that bothers me.

I have written previously about an article Steven Kurutz wrote in The New York Times by Steven Kurutz about the movement. He tells the story of Jason Long, who retired at 38. He was a pharmacist making decent money. He complained that he was working 12-hour shifts, and it was so busy he had no time to eat or go to the bathroom. He decided to become gung-ho and really cut back on spending and invested. After achieving the amount of money, he felt would be necessary to retire, he did.

LOCAL EMPLOYMENT bureau: Network, network, network. (credit: FLASH90)

Kurutz writes, “Mr. Long acknowledged it was possible that he’d simply burned out, that all of this FIRE stuff was just a needed break until he found a more satisfying career. ,” Kurutz wrote.

“When he was recently offered a job back in the pharmaceutical field, it induced a mild panic attack. That morning, he’d woken up on his own, “not when an alarm clock told me that I had a responsibility.” He’d read the news online for 30 minutes, went on a seven-mile run, took a nap and “watched the ceiling fan spin around for a little bit.” He had been watching movies from They Shoot Pictures, Don’t They? a website that ranks what it calls the 1,000 greatest films. He’d watched 600 or so. He had work to do.”

Focusing on the numbers

DISCUSSING THE downside of the movement, James Conole of Root Financial writes, “The problem with the FIRE movement lies in its obsession with numerical goals. Many individuals pursuing FIRE become so fixated on achieving specific financial milestones that they neglect other crucial aspects of life. This singular focus often leads to emptiness and dissatisfaction, even before they reach their retirement targets.”

Conole continues, “Consider the story of Carl and Mindy, a couple who retired in their early forties with a net worth of over four million dollars. They lived frugally, invested wisely, and acquired real estate and other assets. On the surface, their financial success appeared impressive.

“However, when they recounted their journey, it became apparent that their wealth had come at a significant cost. ,” he wrote. “They remembered a breakfast outing with their daughter, where she ordered a meal costing twenty dollars. Despite their multimillion-dollar net worth, they couldn’t enjoy spending money they had worked so hard to save.

“This inability to savor life’s simple pleasures highlighted the pitfalls of an extreme fixation on financial goals. Carl’s revelation was profound – external wealth could not bring him true happiness. Happiness, he realized, comes from within, not from achieving a numerical milestone on a spreadsheet. Money should serve our goals, not the other way around. Unfortunately, many within the FIRE movement have unknowingly fallen into the trap of prioritizing money over what truly matters in life.”

Is that what we were put on the earth for? To sit around watching movies? Why take your productive years and do absolutely nothing? There needs to be more to life than that. Work isn’t a curse word, it’s something that should be encouraged. Sitting around and being unproductive is athe problem.

WHILE I subscribe to some of their principles, i.e. budgeting, saving etc., I also believe that there is nothing wrong with enjoying life. To spend 15 years being miserable in order to retire seems counter-productive.

While there are many social media groups here in Israel that encourage and support the movement, I doubt that it will gain significant steam in Israelhere. It’s not the nature of Israelis to just quit life and play shuffleboard. Being productive and trying to help out society is in our blood. In many ways, the FIRE movement is an “I” movement. It smells of selfishness. I am not at all opposed to making a lot of money and living within your means, I just think it needs to be done in moderation, while still being able to enjoy life, and most importantly, being a productive member of society.

The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.

Strengthen Innovation

 

So how does a Middle Eastern economy of 10 million people in Israel affect a rich economy of 340 million people in the United States?

The high-tech park in the heart of Beer Sheva's innovation district.

(photo credit: Beer Sheva Municipality)

When you say Israel-US relations, you immediately think of issues of security and diplomacy. These are undoubtedly important, but these relations have many other areas and layers. The economic-business relationship between the countries is of crucial importance to the daily lives of all Americans and Israelis.

So how does a Middle Eastern economy of 10 million people affect a rich economy of 340 million people?

Israel is a source of tremendous and groundbreaking innovation in a wide variety of fields. Sometimes the impact of a single technology is so great and widespread that it changes reality for the individual and the national economy at the same time.

If president-elect Donald Trump wants to create an impact, then immediately after the inauguration he must strengthen innovation ties between Israel and the US.

The main emphasis and effort should be focused on:

• Creating significant incentives for investors, such as “governmental relative add-on investment.” If the investment is successful, then the investor can “buy out” the government’s investment on preferential terms. If the investment fails, then the government loses more than the investor. Another possibility is tax incentives.
• Easing regulation – creating faster routes without renouncing safety, efficiency, ethics, etc. Some processes are delayed for no reason. Shortening them will contribute to a faster and cheaper penetration of new technologies into the American market.
• Encouraging joint investment – American and Israeli joint ventures have a greater chance of success. Venture capital funds and incubators involving investors from both countries can maximize the integration of Israeli R&D together with the principles of the American market.
• Landing pads – Technologies from Israel must pass many hurdles before penetrating the US. Establishing landing pads that include a business, legal, and regulatory framework in the US should be encouraged. Just as there are incubators for technology development, there must be incubators for US business development.

• 

  

  INNOVATION EXPERTS visit Kibbutz Magen, near the Gaza Strip. (20/4/2024) (credit: MOSHE FILBERG)

HOW WOULD all this affect the pockets of citizens in Pennsylvania?

• Take, for example, a technology that improves the health of herds, or flocks of chickens, and improves mortality rates, or reduces the need for expensive medicines. Another development could guarantee a longer shelf life for fruits and vegetables and save depreciation and loss. Efficient technology for solar energy could lower electricity bills in every home. There are hundreds of other examples.

And what about the impact on the economy of the top deciles?

• A review of 500 companies founded by non-American citizens that became unicorns in the US between 1997-2019 reveals an amazing statistic: India leads with 90 companies, and Israel is in second place with 52 unicorns. Canada, Great Britain, China, and Germany are far behind. If you take into account that India is 140 times larger than Israel, you understand that Israel is the leading producer of unicorns in the US.

And apart from economics, does it have other values?

• If saving a life is a value, then yes. Hundreds of medical technologies invented and developed in Israel save patients in the US every day. Cyber ​​protection is another example. There are dozens more.

There is a war going on; why invest in companies from Israel?

• Because the Israeli innovation scene is alive and kicking. The entrepreneur goes to the battlefield and returns to the laboratory with another new idea. He is someone who knows how to take risks, be a team player, and improvise. He has courage and audacity that is not taught at Harvard or MIT. 

• The war will end and will be followed by prosperity. The new president will have a tremendous and wonderful opportunity to be responsible for one of the most special and powerful periods of the current century in the field of innovation.

• The saying, “It’s the economy, stupid” is no longer true. From now on you have to say, “It’s the technology, you genius.”

  The writer is a Tech CEO of a business development consulting company, a member of the life-sciences advisory board. Follow @CiycKe on x.com

Extraordinary Innovation

 

Thanks to the integration of these technologies, Israel managed to neutralize threats on the two main fronts of the current war – Hamas and Hezbollah – within just a few months.

Israel’s success against Hamas and Hezbollah in this war stems from a fundamental principle that has underpinned Israel’s security concept since its founding: the principle of quality. This refers to the quality of both personnel and the science and technology within the IDF.

Alongside the human element, this war stands out for its extraordinary technological superiority. Most of the systems used by Israel – from cyber to artificial intelligence (AI) and drones – are the result of Israeli innovation. The majority of these technologies originated within the civilian ecosystem, with subsequent security applications.

This phenomenon, known as dual-use technology, has become a cornerstone of Israel’s security strategy. Dual-use technologies are defined as those developed in the civilian sphere but later adapted for military use, and vice versa – technologies developed by defense agencies that are later adopted by the public (such as GPS, originally developed by the US military).

For example, cyber or AI technologies intended for the civilian market are now being used to locate wanted individuals or make decisions on the battlefield.

IDF soldiers from Unit 636, operating under the 36th Division, eliminate Hezbollah terrorists in southern Lebanon, October 9, 2024. (credit: IDF SPOKESPERSON'S UNIT)

However, the disparity between civilian and security development mechanisms presents a significant challenge.

While the IDF relies on dedicated security developments – such as missiles and armored vehicles – many security innovations today stem from the civilian world.

The security development process is slow, cumbersome, and costly, whereas development in the civilian ecosystem is fast-paced, driven by a large volume of ideas that are quickly realized and with relatively small budgets.

In recent years, security development institutions around the world have become increasingly aware of the differences between these two development environments and have begun to adopt mechanisms typically found in the civilian sector, such as venture capital funds and start-ups.

Defense technology

For example, the Israel Defense Forces’ Research and Development Administration (DDR&D – Directorate of Defense Research & Development) has entered this sphere through venture capital funds focusing on technological innovation. This has contributed to the rise of fields like defense tech, which combines civilian technologies with defense potential, including cyber, AI, drones, and space technologies.

Thanks to the integration of these technologies, Israel managed to neutralize threats on the two main fronts of the current war – Hamas in the Gaza Strip and Hezbollah in Lebanon – within just a few months.

Iran’s exports up 18%

 

Customs figures show Iran’s exports rose 18% year on year in the eight months to late November.

The Iranian customs office (IRICA) says exports from the country rose by 18% in value terms in the eight months to late November.

IRICA figures released on Sunday showed that exports from Iran, excluding oil, mazut, kerosene, and goods carried by passengers, had reached a total of $38.15 billion in the eight months to November 20.

The figures showed that shipments had also increased by 14.6% in volume terms over the same period to reach a total of 103.558 million metric tons (mt).

China remained the largest buyer of Iranian goods and commodities in April-November with some $9.8 billion worth of purchases, accounting for 25.9% of the total value of Iranian non-oil exports, showed the figures.

Iraq came second at $8.3 billion and the United Arab Emirates (UAE) was third at $4.7 billion, the data showed.

Imports into Iran also rose by 6.1% in value terms year on year in April-November to reach $45.12 billion, said IRICA, adding that shipments had declined by 1.7% in volume terms to reach 24.525 million mt.

That leaves Iran with a trade deficit of nearly $7 billion for the eight calendar months to late November.

IRICA figures showed that the UAE, which is the main re-exporting hub in the Persian Gulf region, was the largest supplier of non-oil shipments to Iran in the April-November period with some $13.6 billion worth of exports.

China was the second largest exporter to Iran in the eight months to late November with $11.5 billion worth of shipments, followed by Turkey at $7.8 billion, the figures showed.

Island of Bu Musa

 

Iran lifts curbs on visits to Bu Musa island amid efforts to make the place a major tourist destination.

The Iranian government has eased its restrictions on domestic tourist visits to Bu Musa in the Persian Gulf amid efforts by the country to assert its sovereignty over an island that the United Arab Emirates has wrongly claimed in the past.

Bu Musa’s governor Morteza Ehtesham said on Wednesday that Iranian tourists will no longer need permits from authorities in the southern province of Hormozgan or recommendation letters from local people to visit Bu Musa island.

“Presence in Bu Musa is possible for all fellow citizens without any need to obtain verification papers,” said Ehtesham.

He said that authorities have been preparing measures to facilitate tourist arrivals in Bu Musa, adding that more accommodation and recreation facilities are being planned on the island to turn it into a major tourist destination for Iranian visitors.

The announcement came more than a month after the European Union and Arab countries in the Persian Gulf issued a joint statement calling on Iran to settle its disputes with the UAE regarding the three islands of Bu Musa, Greater Tunb, and Lesser Tunb.

Iran has consistently rejected UAE’s claims on the islands, which are all located at the mouth of the Persian Gulf in the Strait of Hormuz, saying the three have always been part of Iran’s territory throughout history.

After the claims were raised, Iranian ministers of housing and sports traveled to Bu Musa to open major development projects on the island.

Iran’s national airline Iran Air also announced last week that it had increased its flights from the provincial capital of Bandar Abbas to Bu Musa from one to four per week.

Authorities in Hormozgan Governorate said last week that flights to Bu Musa were now available on every day of the week.

Iran’s economy expands by 4%

 

SCI figures show Iran’s economy grew by 4% in the six calendar months to late September.

The Statistical Center of Iran (SCI) has reported a 4% expansion in the Iranian economy in the first half of the calendar year that started in late March.

SCI figures published on Monday showed that Iran’s gross domestic product (GDP) had reached 50.691 trillion rials (over $72 billion) in the six months to September 21, up from 48.727 trillion rials reported in the same period last year.

The data showed that Iran’s GDP without oil also rose 2.6% year on year in April-September to reach 38.374 trillion rials.

SCI uses fixed prices reported in 2021 as a baseline for its calculation of economic indicators.

Its figures showed that Iran’s manufacturing and mines sector, which includes oil production activity, had expanded by 5.3% in the six months to late September compared to the same period last year.

They showed that the Iranian agriculture sector’s GDP had increased by 2.9% while the services sector had expanded by 2.5% over the same period.

Iran’s economic growth has continued in recent years despite a regime of US sanctions that restrict the country’s oil exports and its access to financial and banking services.

A steady rise in oil exports to Asian markets, especially the private buyers in China, has contributed to Iran’s solid economic growth in recent years.

Latest estimates suggest Iran has been selling more than 1.5 million barrels per day of crude oil.

SCI’s figures showed that Iran’s oil sector GDP, which covers oil and gas extraction and sale, had expanded by 8.8% in the six months to late September compared to the same period last year.

Japan to help Iran

An Iranian official says Japan is seeking to mediate between Iran and the West over FATF disputes

 Japan has promised to carry out efforts to help Iran advance its case in the Financial Action Task Force (FATF), according to an Iranian deputy finance minister.

Hadi Khani made the remarks on Sunday after returning from a meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore India.

Khani said that on the sidelines of the meeting he had met with Japan’s Deputy Minister of Finance for International Affairs and the head of the country’s delegation to the FATF Mitsutoshi Kajikawa.

“The official ... said that the Japanese government plans to contribute to the process of normalizing relations between Iran and the FATF and be the voice of Iran in the Group of Seven as the founders of the FATF,” he told the ILNA news agency.

Khani said Kajikawa had also promised to communicate to the FATF the efforts made by Iran to fight money laundering and terrorism financing in recent years. 

Iran’s current administrative government announced upon taking office in mid-summer that it would seek to sort out differences with the FATF as part of efforts to open up to the world and fix the country’s economic problems.

Iranian officials have indicated that the country should not have any worries about adopting the FATF rules in its entirety as the country has strict controls on money laundering and financing of terrorism.

That comes as some in the country still believe that certain governments, especially the United States which maintains a harsh regime of sanctions on Iran, would benefit from Iran’s decision to completely accept all FATF conventions and rules.

Establish peace in Gaza

Foreign Minister Abbas Araghchi of Iran, left, and his Egyptian counterpart Badr Abdelatty

 Iran’s foreign minister has called for the expansion of diplomatic efforts to establish peace in Gaza and Lebanon.

Abbas Araghchi had a phone conversation with his Egyptian counterpart Badr Abdelatty on Monday.

Araghchi also emphasized the urgency for a ceasefire in the occupied lands.

He called for an immediate dispatch of humanitarian aid to the refugees in Gaza and Lebanon.

Araghchi said the Israeli leaders aim to expand the war throughout West Asia.

The Zionists, he said, want to disrupt peace and stability in the region.

Iran is after a ceasefire but it reserves its legitimate right to defend itself against any Israeli aggression, he said.

The Iranian minister underlined the need for effective action on a global scale, particularly by the Muslim world, to stop Israel’s genocide machine.

Iran's FM urges push to stop Israel in talks with President Sisi in Cairo

Iran and Egypt have underlined the need for the immediate cessation of appalling Israeli atrocities in the Gaza Strip and Lebanon.

Abdelatty, for his part, placed a premium on the need for de-escalation efforts in the region.

The Iranian minister has recently shuttled between countries in West Asia, including Syria, Lebanon, Qatar and Jordan.

In Amman, Araghchi held talks with Jordan’s King Abdullah II in October with respect to the existing circumstances.

The Israeli regime unleashed its campaign of genocide in Gaza in October 2023. The regime later expanded its offensive into Lebanon.

The Palestinian death toll since then has topped 43,370 while the Lebanese death toll is estimated to be around 2,000.

Iran’s FM meets with Jordan’s king, calls for Muslims’ action against Israel

Foreign Minister Araghchi called for mobilizing all capacities of Islamic countries to collect and send humanitarian aid to the region.

US-flagged ship carrying arms to Tel Aviv docks

Hundreds protest at the port of Tangiers in northwestern Morocco on November 11, 2024 against docking there of a weapon-laden US-flagged ship that is destined to sail towards the occupied Palestinian territories.

 Hundreds of people have protested in the northwestern Moroccan port of Tangier against docking there of a United States-flagged ship carrying weapons for the Israeli regime, which is engaged in a genocidal war on the Gaza Strip.

“Whoever welcomes Israel’s ships is not one of us,” the protesters chanted during the rally on Monday, two days after the vessel, Maersk Denver, docked at the port.

The ship headed towards the port after Spain refused to let it dock at any of its ports, with the country’s foreign ministry asserting that Madrid has not and would not grant docking permits to the vessel.

Maersk, the shipping company that sails the vessel, however, denied that its cargo includes “any military weapons or ammunition.”

The National Secretariat of Moroccan Front in Support of Palestine, a pro-Palestinian group, said that Moroccan authorities had ignored all calls from various parties not to accept the ship.

“This ship, loaded with weapons shipments, will unload its cargo onto another ship, which will then continue its journey towards the port of the occupied city of Haifa,” added the secretariat.

‘Shameful decision’

It reminded that this was the second time that Rabat had opened up its ports to such vessels after welcoming the military ship INS Komemiyut that belongs to the Israeli army.

The secretariat called the country’s continued contribution to provision of weapons to the Israeli military “a shameful decision.”

“The Moroccan authorities have colluded with the US, which is the source of these weapons, and with the Zionist enemy army, which is committing the genocide against the Palestinian people and the brutal aggression against Lebanon.”

The comments came on the 402nd day of the war on Gaza that has claimed the lives of more than 43,600 Palestinians, mostly women and children, since its onset on October 7, 2023 following a retaliatory operation staged by the coastal sliver’s resistance groups.

They also concerned the Israeli regime’s escalated aggression against Lebanon that has killed at least 3,136 Lebanese people.

Such actions “encourage the occupation entity to commit its genocide and aggression, disregard the position of the Moroccan people, and is a flagrant violation of the relevant UN resolutions, as well as being considered participation in the crime of genocide against the Palestinian people.”

The remarks echoed warnings by various human rights and civil defense groups that have said Rabat’s decision amounted to violation of a United Nations Human Rights Commission resolution and another resolution issued by the world body’s General Assembly.

The International Court of Justice (ICJ) and numerous rights bodies have called for a military embargo on the Israeli regime due to its ongoing atrocities.

More than 50 countries press UN for arms embargo on Israel

More than 50 countries have issued a joint letter calling on the United Nations to impose an arms embargo on Israel.

By contributing to provision of weapons for the regime, Rabat might have also acted in violation of the ICJ ruling and the Genocide Convention, UN Special Rapporteur Francesca Albanese said earlier this year.

The country’s decision comes while it joined more than 50 other countries earlier this year in signing a letter addressed to the UN General Assembly that demanded “immediate steps to be taken to halt the provision of arms, munitions, and related equipment to Israel, the occupying power.”

Africa supports resistance

 

The US-Israeli genocide against Palestinians in Gaza, has regretfully entered its second year by spreading into Lebanon despite global calls for peace.

Over the past year, the people of Africa have expressed their support for the heroic anti-Israeli resistance by the oppressed people of Palestine and Lebanon. From Pretoria to Rabat, Africans are participating in large protests to denounce the Israeli apartheid regime for its genocidal crimes in West Asia.

This support is not just in the streets. In spite of the limitations imposed by Western pro-Israeli social media sites, people across the continent have been actively expressing online solidarity for the oppressed nations of Palestine and Lebanon.

Amid the suppression of pro-resistance voices in certain Arab countries, Africans have stepped up to highlight US-Israeli atrocities in Gaza and Lebanon on an international level. What is the key message behind Africa's backing of the anti-Israel resistance in West Asia?

UAE meddling in Sudan

 

Sudan is facing an unprecedented humanitarian crisis amid a brutal war waged by the RSF rebels.

The government in Khartoum has accused the United Arab Emirates of backing this rebel group.

Why is the UAE backing a rebel group committing genocidal atrocities in Sudan?

A new book has been published about the brutal colonial rule by Germany in parts of Africa.

Did you know the first genocide in the 20th century was actually committed by Germany in Africa?

Mali's path to true independence

 

What lessons can the world learn from the heroic armed resistance by the heroic people of South Africa that brought an end to the evil apartheid regime? As Mali marks the 64th anniversary of its independence from France, how will it overcome challenges in its quest for true independence from neocolonial powers? 

To discuss Mali's Path to True Independence, we have contacted Nyasha McBride Mpani, the Project Leader for the Data for Governance Alliance at the Institute for Justice and Reconciliation.

And to discuss the successful armed resistance against the deposed apartheid regime in South Africa, we have contacted Seth Mazibuko, a South African Anti-Apartheid Veteran and the Leader of the 16 June 1976 Students' March in South Africa.

‘Epidemic of Sexual Violence’

 

A Sudanese army soldier mans a machine gun on top of a military pickup truck outside a hospital in Omdurman on November 2, 2024. (Photo byRise P.S)

The United Nations has raised the alarm about the conditions of Sudanese women, expressing shame over its failure to stem gender violence there.

“I feel ashamed that we have not been able to protect you, and I feel ashamed for my fellow men for what they have done,” said Tom Fletcher, head of the UN’s Office for the Coordination of Humanitarian Affairs (OCHA).

Speaking at an event on Monday to mark the International Day for the Elimination of Violence Against Women in Port Sudan, the country’s de facto capital since last year, Fletcher said the world “must do better” with regard to the women of Sudan.

Last month, the UN’s independent international fact-finding mission for Sudan found an increase in sexual violence, including “rape, sexual exploitation and abduction for sexual purposes as well as allegations of enforced marriages and human trafficking.”

“The sheer scale of sexual violence we have documented in Sudan is staggering,” said Mohamed Chande Othman, chair of the fact-finding mission.

“The situation faced by vulnerable civilians, in particular women and girls of all ages, is deeply alarming and needs urgent address.” 

Sudan at 'catastrophic breaking point', UN warns

A UN agency warns that the dire conditions in Sudan has placed the African nation on the brink of a "cataclysmic breaking point".

Beginning in mid-April 2023, Sudan has been entangled in a power struggle between the army forces led by General Abdel Fattah al-Burhan and the paramilitary Rapid Support Forces (RSF), headed by Mohamed Hamdan “Hemedti” Dagalo.

As a result of the fighting, tens of thousands of people have been killed and more than 11 million others have been displaced, including over three million who fled the country.

Displaced people who decided to stay in Gaza are facing compounding humanitarian crises and the threat of famine, even in the areas designated as safe zones, the people are not immune from violence.

A 2018 analysis of prevalence data from 2000–2018 across 161 countries and areas, conducted by the WHO on behalf of the UN Interagency working group on violence against women, found that worldwide, nearly 1 in 3, or 30 percent, of women have been subjected to physical and/or sexual violence by an intimate partner or non-partner sexual violence, or both.

South African president: China’s $50bn pledge 'great boon' for whole Africa

 

South Africa’s President Cyril Ramaphosa (C) gestures to China’s President Xi Jinping after his speech at Beijing’s Great Hall of the People on Sept. 5, 2024. (Photo by AFP)

South African President Cyril Ramaphosa has hailed the $50 billion in financing that his Chinese counterpart Xi Jinping has committed to Africa over the next three years as a “great boon” for the whole continent.

Ramaphosa made the comment at a press conference in the capital Beijing on Thursday, during a state visit to the Asian country that included attending the ongoing 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).

“I am very positively disposed to the amount of money Xi announced today. I think it will be a great boon to the African continent,” the South African leader told reporters on the sidelines of the three-day summit that wraps up Friday.

“As the most industrialized country on the African continent, South Africa stands to benefit immensely from this relationship,” Ramaphosa also told media.

Earlier, Xi told leaders from over 50 African countries that Beijing was prepared to offer financial assistance totaling 360 billion Chinese Yuan (approximately $50.7 billion) over the next three years.

The Chinese president, who has praised his country’s relationship with African nations as the “best in history,” noted that over half of the total amount will be provided as credit. He also mentioned that this includes $11 billion “in various types of assistance” and $10 billion aimed at promoting investment by Chinese companies.

“China-Africa relations are at their best in history,” Xi stressed, vowing to elevate China’s bilateral relations with all African countries with which it has formal ties to the level of “strategic relations.”

UN chief calls for rectification of 'injustices' faced by Africa, its permanent seat on Security Council

The UN chief has urged African leaders to address the "injustices" faced by the continent.

As the second-largest economy globally, China is Africa's largest trading partner and has sought to tap the continent's vast troves of natural resources including copper, gold, lithium and rare earth minerals.

The African continent, with a population of over 1.3 billion people and rich resources, has been oppressed by Western countries for decades.

In recent years, China, Russia, and India have increased their influence in Africa, which has upset Western colonial powers who consider the continent to be within their traditional sphere of influence.

US military withdrawal from Niger

This screenshot picture taken from video shows a US military cargo plane taxiing down a runway at the Agadez military base, as the US military completes its withdrawal closing its last base in Niger, on August 5, 2024. (Photo by Reuters)

 The United States has announced that its military troops have completed a full withdrawal from Niger meeting the deadline.

The US military said on Monday that the pullout took place in accordance to Niamey's demand for the American forces' complete exit from the African country by September 15.

The two countries “announce that the withdrawal of US forces and assets from Niger is complete,” Africa Command (AFRICOM) said in a statement on Sunday.

“The safe, orderly, and responsible withdrawal was completed without complications, by the mutually decided date of September 15, 2024,” AFRICOM announced.

In April, Niger's ruling junta had ordered the US troops withdrawal following a coup last year in the West African nation.

1,000 US troops exited the country in phases, with forces and assets withdrawing from Air Base 101 in Niamey in July and Air Base 201 in Agadez in August.

Washington said the US Africa Command Coordination Element had also pulled out before the deadline.

"Over the past decade, US troops have trained Niger's forces and supported partner-led counterterrorism missions against Islamic State and al Qaeda in the region," AFRICOM said in its statement.

"The US Department of Defense and the Nigerien Ministry of National Defense recognize the sacrifices made by both nations' forces."

The withdrawal of American troops from Niger followed the pullout of French troops.

France humiliated in Niger

The French army has been forced to completely withdraw its troops from Niger.

The West African nation's demand that the US military pull out its troops from the country following last year's takeover by the military in Niger is seen as an embarrassment to Washington.

Before the junta's takeover of the African country, the Niger government had facilitated the US military presence by allowing Washington to set up key military bases to operate in the Sahel region of Africa.

Meanwhile, Washington is looking to find a new way to maintain its forces military presence in West Africa. However, the process of finding a country willing to agree with the idea of the US being free to run a military base in it is tricky.

US officials claim that without consolidated military presence, US intelligence on the fast-growing militant extremist groups operating in the Sahel region is going to diminish rapidly.

The establishment of military bases in the region belonging to the US and former colonial power, France, create serious national security implications for the host country.