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."



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.