Somali President Signs Anti-Corruption Law

Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
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Somali President Signs Anti-Corruption Law

Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
Somalia's President Mohamed Abdullahi Mohamed. (Reuters)

Somalia's President Mohamed Abdullahi Mohamed on Saturday signed an anti-graft bill into law, a long-awaited piece of legislation in one of the world's most corrupt nations.

The president, better known by his nickname Farmajo, came into office in 2017 vowing to combat the scourge which permeates evert aspect of life.

The new law will pave the way for the formation of independent anti-corruption commissions both on the federal and regional level, according to a statement from the president's office, said AFP.

"Corruption is worse than cancer because cancer kills only the individual, but corruption kills the whole society. I hope those who will be selected to be members of the committees will be decent, religious and patriotic," the president said in a statement released Saturday after the signature.

In 2018, Somalia fell in last place in Transparency International's perception of corruption index, and graft has hampered efforts to rebuild the nation after decades of chaos including civil war and an extremist insurgency.

Farmajo's government is keen to improve its image and win the confidence of the International Monetary Fund and World Bank in a bid to secure formal debt relief.

"Good governance is the responsibility of the government and we are mandated to improve the different levels of the government. It is true that all cannot be corrected at once since the country was in chaos for so long, and that chaos created bad cultures in our society."



Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
TT

Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.