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."



Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT

Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices soared to near three-month highs on Wednesday, trading below its record peak, fuelled by a soft dollar and lack of clarity around US President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Spot gold added 0.3% to $2,753.79 per ounce as of 9:45 a.m. ET (1445 GMT). Prices were at their highest since Oct. 31 when they hit their all-time-high of $2,790.15.

US gold futures gained 0.2% to $2,764.80.

The dollar index dipped to a more-than-three-week low, making greenback-priced bullion less expensive for holders of other currencies, Reuters reported.

"There are uncertainties with proposed tariffs and other things, and gold typically does well when there's a large or even a moderate amount of uncertainty in the market, it's a natural place where people gravitate to," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the US Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.

Trump has not provided many details about his proposed tariffs, making investors question the aggressiveness of the move, and the depth of its potential impacts.

"(Trump) has been perhaps just a shade less hawkish on tariffs as feared which helps - less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts," said Tai Wong, an independent metals trader.

Spot silver fell 0.6% to $30.68, but hovered near a one-month high hit on Jan. 16.

Platinum rose 0.3% to $946.50 and palladium gained 1.9% to $975.27.