Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
China and India have signed agreements to restructure their holdings of Zambian debt, the bankrupt southern African nation’s president has said, raising hopes that a delayed effort to exit a long-running default is back on track.
Hakainde Hichilema said Zambia planned to resume talks with private creditors to resolve a “terrible debt mountain” of more than $13bn in external debt that Africa’s second largest copper producer stopped paying in 2020.
Zambia agreed outline terms to modify $6.3bn in debt owed to official lenders last year. But progress was wrecked when China, the single biggest creditor, objected to a deal with private investors involving about $4bn in US dollar bond claims — making Beijing’s signing of a deal now more significant.
Advertisement
“The last two countries that had not signed [deals as] official creditors, China and India, have signed, and I’m very pleased to indicate that,” Hichilema told traditional leaders at Zambia’s annual N’cwala harvest ceremony in the country’s east.
“We are getting there — working steadily, definitely, we are getting there, and now we are turning our attention to the private creditors that we hope to be able to put to bed soon,” he added.
Zambia needs deals with its creditors to continue a $1.3bn IMF bailout and resume an economic recovery, with Hichilema hoping to bring in more foreign investment to revitalise the country’s copper mines.
Delays to Zambia’s restructuring had become a symbol of the failure of a G20 process to better integrate China into negotiations to avoid debt crises dragging on for the world’s poorest nations.
Beijing rose to be the world’s biggest lender to poor countries in the last decade, but remained outside the western-dominated Paris Club of creditor nations.
Advertisement
The “Common Framework” to include China as well as India has become bogged down by tension between creditors about how losses on defaulted debts should be shared.
China rejected last year’s deal with Zambia’s bondholders because the agreement did not meet its understanding of “comparability of treatment”, a notoriously slippy yet crucial concept in sovereign debt restructuring for ensuring that official and private creditors come out equally.
“This concept [of comparability of treatment] was not properly clarified, leading to ambiguous understanding by different creditors,” Finance Minister Situmbeko Musokotwane told Zambia’s parliament this week. “With progress made to clarify the term, this should pave the way for agreement on the private creditors as well.”
While Zambia remains in default, the central bank has been battling depreciation of the kwacha against the dollar and a revival of inflation.
Musokotwane warned this week that a drought during the country’s current growing and harvest season was also “one of the worst in living memory” that would require extra support for households in the government’s budget.
The United States won its first medals at the Paris Olympic Games when Kassidy Cook and Sarah Bacon took silver in the synchronized 3m springboard final on Saturday. Cook (right) and Bacon pose after the competition at the Aquatics Center in Saint-Denis, north of Paris.
Sebastien Bozon/AFP via Getty Images
hide caption
toggle caption
Advertisement
Sebastien Bozon/AFP via Getty Images
NPR is in Paris for the 2024 Summer Olympics. For more of our coverage from the games head to our latest updates.
PARIS — Divers Sarah Bacon and Kassidy Cook have won the United States’ first medal of the Paris Olympics.
Bacon and Cook took home the silver in the 3-meter synchronized springboard competition, held at the Aquatics Center in Saint-Denis, north of Paris. This is the first time the U.S. has medaled in the event since 2012.
Advertisement
Chinese competitors Chang Yani and Chen Yiwen took the gold, followed by Bacon and Cook of the U.S. Scarlett Mew Jensen and Yasmin Harper of Great Britain won the bronze medal.
This is the first medal for both Bacon and Cook. Bacon is making her Olympic debut. Meanwhile, Cook competed in the 2016 Summer Olympics in Rio de Janeiro, where she came in 13th in the women’s 3-meter springboard.
It’s the first medal of what’s expected to be another record haul of medals for Team USA at a Summer Olympics.
Kassidy Cook and Sarah Bacon of the U.S. compete in the women’s synchronized 3-meter springboard diving final at the Paris 2024 Olympic Games at the Aquatics Centre in Saint-Denis, north of Paris, on Saturday. They won silver, the first U.S. medal in the event since 2012.
The Paris Olympics kicked off with an extravagant opening ceremony on Friday night when an armada of boats carried 10,500 athletes along the Seine — the first outdoor version of the spectacle that was expected to be watched by a billion people.
Earlier, a shadow was cast over the event by an act of criminal sabotage that hit France’s high-speed rail network in the early hours of the morning causing nationwide transport chaos. Heavy rain then began to fall about 30 minutes into the three-hour show, a nightmare scenario for the planners of the theatrical performance that featured a massive cast of dancers, two orchestras and a clutch of pop stars, including Lady Gaga doing a cabaret-tinged song.
By mid-afternoon long queues had formed for ticket holders to get into the highly secured perimeter along the Seine river where 320,000 spectators were expected along the medieval-era cobblestone quays. The format of the event required heavy security: 45,000 police were deployed on the ground and in the air, using helicopters, drones and snipers positioned on roofs.
The weather also tested the dozens of experienced ship captains powering the parade, who navigated at precisely the right speed to keep the show on line. Some spectators fled the quays for cover as rain poured down.
Advertisement
President Emmanuel Macron hosted more than 100 heads of state at Trocadero plaza across the river from the Eiffel tower where the athletes disembarked for a final parade and a performance by francophone favourite Céline Dion. Jill Biden, wife of the US president, and other leaders attended a reception at the Elysée palace beforehand.
The idea for such an ambitious opening was the brainchild of one man, Thierry Reboul, an event specialist known for punchy marketing stunts, but pulling it off it needed more than 15,000 performers, technicians and firework specialists.
The performance featured ballet dancers on the roof of the Louvre, while hundreds of modern dancers and breakdancers performed along the quays and on some of the boats. Performers were clad in handmade outfits stitched by French couturiers, and LVMH’s Louis Vuitton trunk suitcases were prominently displayed in a lengthy segment. Bernard Arnault’s LVMH was an Olympics sponsor.
When Reboul pitched the idea for the river ceremony to Tony Estanguet, head of the Paris organising committee, the two-time gold medal winner reacted with stupor that quickly became enthusiasm. “It will be ambitious, audacious and totally crazy,” said Estanguet, recalling the moment.
Reboul said the idea came to him on a walk along the Seine, the snaking river whose banks were chosen by a Gallic tribe called the Parisii to found a settlement about two thousand years ago. He told himself: “It should be here, of course it should be here, and nowhere else.”
The organisers hired Thomas Jolly, a 42-year-old theatre director known for a musical called Starmania, who started imagining how to convey the spirit of France from literature and culture to history. “I’m used to designing performances on a stage, and this time the entire city was my canvas,” he told reporters earlier this week.
Jolly hired a team he has long worked with — a musical director, choreographer and a costume designer, all renowned in their fields — and also included author Leila Slimani, scriptwriter Fanny Herrero, who created the show Call My Agent!, and others to help him write the 12 tableaux that make up the ceremony.
Before they started writing, they took long walks along the Seine for inspiration and researched the history of its bridges, such as the oldest, Pont Neuf, finished under King Henry IV in 1607, and the Pont d’Austerlitz, commissioned by Napoleon Bonaparte, from which the parade will begin.
“We drew on the past of each site and monuments: almost each stone tells something about our history of France, of the history of Paris, a history which is connected to the world,” he said.
But Jolly and Estanguet did not want the theatrics to overshadow the athletes, instead putting them at the centre of it by giving them the best spots to view the show — the decks of the boats on the river.
“The athletes are the heroes of the show,” said Estanguet.
Although officials remained vague about the price, French media reported that the ceremony cost about €120mn, roughly four times that of the opener of the London 2012 Games. The overall cost for the Paris Games, which was pitched as a greener edition because little new infrastructure was built, is expected to reach €9-10bn, according to the national auditor. About one-third of that will be paid for by sponsors.
Cheers rose when France’s beloved footballer Zinedine Zidane passed the torch to tennis champion Rafel Nadal.
The spectacle climaxed with an elaborate light show beaming out from the Tour Eiffel before a final flame relay to the Louvre led to a hot air balloon ascending into the night sky bearing a fiery Olympic cauldron.
Framed by the Eiffel tower, Canadian singer Céline Dion, in her first performance in years because of illness and wearing a white, beaded dress featuring 500m of fringe custom made by Dior, belted out Edith Piaf’s Hymne à l’amour.
An autopsy released on Friday confirmed that Sonya Massey, a 36-year-old Black woman who was fatally shot by a former sheriff’s deputy, died from a gunshot wound to the head. The full report, made public by Sangamon County Coroner Jim Allmon, supports earlier findings that her death was a homicide. Civil rights attorney Ben Crump, representing Massey’s family, criticized the shooting as “senseless, unnecessary, and excessive.” Crump highlighted the physical disparity between Massey and the now-fired deputy, Sean Grayson, during a press conference.The autopsy revealed that Massey, who was 5-foot-4 and 112 pounds, was shot just beneath her left eye, with the bullet exiting her lower neck in a downward trajectory. Grayson, who is white and stands 6-foot-3 and weighs 228 pounds, has pleaded not guilty to charges including first-degree murder and official misconduct. Fired from the Sangamon County Sheriff’s Office last week, he is currently being held without bond. Crump used an enlarged autopsy diagram to emphasize the physical mismatch between Grayson and Massey, arguing that her position at the time of the shooting—stooped and apologizing—demonstrates the excessive nature of the force used. “When Sonya Massey was staring at the barrel of his gun, she stooped down, said, ‘Sorry, sir, Sorry,’ and the bullet was shot while she was in this stooped position,” Crump said. Authorities reported that Massey had called 911 to report a suspected prowler. Two deputies responded to her Springfield home, located about 200 miles southwest of Chicago. Video footage confirmed that Grayson, aiming his 9mm pistol at Massey, threatened to shoot her in the face if she did not set down a pot of hot water. He fired three shots. After the shooting, Grayson reportedly dismissed the need for medical assistance, stating, “She done. You can go get it, but that’s a head shot. There’s nothing you can do, man.” Despite his initial refusal, the second deputy attempted to provide aid until emergency medical professionals arrived. Massey had a history of mental illness, and her family reported that she had recently entered and briefly exited a 30-day inpatient program in St. Louis. Her son, 17-year-old Malachi Hill Massey, mentioned that police had been called to their home the day before the shooting. Malachi indicated that his mother had sought medical help but returned home without explanation.