What We're Watching
Why is Joe Biden in Angola?
US President Joe Biden shakes hands with Angolan President João Lourenço at the Presidential Palace in Luanda, Angola, on Dec. 3, 2024.
REUTERS/Elizabeth Frantz
There’s also a security angle here. Angola isn’t just oil-rich; it has large reserves of copper and is home to large deposits of critical minerals, like the lithium and cobalt needed to make batteries for electric vehicles. That’s an arena of intense US-China competition.
The main focus for Biden this week is his proposed 835-mile rail line to connect the cobalt, lithium, and copper mines in the Democratic Republic of Congo and the copper-belt region of Zambia with the Angolan port of Lobito on the Atlantic, from which these increasingly precious commodities can be exported to the US and Europe. Construction of the so-called Lobito Corridor is not yet underway.
Angola and many other sub-Saharan African countries have an angle here too. Lourenço knows that competition among China, the US, Russia, Japan, Europe, and others for African resources and infrastructure projects can give African leaders a negotiating leverage they don’t yet have.
Lourenço and Biden can both hope that incoming US President Donald Trump will see the value of these projects as new investment opportunities that score points against China.
Elections have been taking place around the world in recent weeks – and if there’s one thing they have in common, it’s this: voters are fired up.
Airlines across the continent have been affected by threats, now in their second week, with some planes making emergency landings or being escorted by fighter jets.
On The Debrief, Clayton Allen explains why the vice president’s ties to Trump—and dependence on a fractured MAGA coalition—could make 2028 a race he chooses to skip.
From shopping to services, consumer spending is showing strength across categories. Holiday shopping got an early start, and it’s not just higher earners filling their carts. Bank of America Institute sees continued spending growth recovery for lower- and middle-income households. See what’s driving the trends.