Major International Business Headlines Brief::: 29 January 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  29 January 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Africa: Climate Finance and Care Services - Why Public Investment Is
Necessary

ü  Kenya Airways Under Investigation Over Flight Delay Complaints

ü  Rwanda: Deepseek - Chinese AI Takes Tech World By Storm

ü  Africa: Ruto, US Secretary of State Rubio Discuss Trade and M23 Crisis in
Goma

ü  Africa: Five Things to Know As Govts Race to Power 300 Million Africans

ü  Africa: President Hassan Sheikh Attends Africa Energy Summit in Dar es
Salaam

ü  Malawi: Chakwera's Delivery On Electricity in Malawi Inspires African
Leaders to Aim Higher

ü  Nigeria Targets Universal Electricity Access By 2030 With $23bn Plan -
Tinubu

ü  Mozambique: Government Backtracks - Agrees to Pay '13th Month'

ü  Sudan: Central Bank of Sudan Restricts Flow of Foreign Currency

ü  Inside the race for Greenland's mineral wealth

ü  US tech stocks steady after DeepSeek AI app shock

ü  Trump offers millions of federal workers eight months pay to resign

ü  Roman Abramovich could owe UK £1bn over tax dodge that helped bankroll
Chelsea FC

 


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Africa: Climate Finance and Care Services - Why Public Investment Is
Necessary

The care economy is an important but unrecognised sector for climate change
adaptation. I use the term "care economy" to encompass the work of caring
for people that is paid and unpaid, largely undertaken by women. This work
takes place in a range of places. This includes private and public settings,
such as households, community centers, hospitals, schools, and care homes.

 

In a climate adaptation context, investing in infrastructure and quality
services for care can help build resilience of families and communities. It
can also strengthen preparedness and response efforts to various climate
hazards.

 

 

However, in countries around the world, deficits in paid care services are
widespread. They are especially apparent in urban areas where informal
settlements, and poor access to energy, fuel, clean water, and basic
services, make caregiving especially difficult.

 

Climate change only increases the needs for caregiving. Given the
insufficiency of paid care services, the burden often falls on unpaid
caregivers. Increasingly dangerous heat levels affect the health of young
children and the elderly, who need more care. Floods, landslides, wildfires,
hurricanes and cyclones damage care infrastructure and disrupt care
services. Few disaster risk and preparedness plans, or plans for municipal
level adaptation, consider care as a sector for investment and support.

 

Many countries have allocated public resources for care services,
alleviating some of the unpaid care workload borne largely by women. But no
country channels sufficient resources for a well-functioning system of care
that meets the needs of people across the lifecycle. Domestic resources and
international development assistance provide the bulk of support to help
cities establish robust care system. But climate finance also has a role to
play.

 

Analysis of climate finance, however, shows that nearly all country and
global estimates ignore the costs of care services and the infrastructure
that supports care. Estimates of the costs of adaptation to climate change
in developing countries range from US$215 billion per year to US$387 billion
per year up to 2030.

 

The good news is that adaptation finance has expanded in recent years. It
has moved beyond shoring up coastal areas and retrofitting physical
infrastructure, to cover education, health, social protection, and financial
services. This represents progress, since some of the actions in these
sectors support caregiving. But funding flows, at just US$21.3 billion in
2021, are insufficient to meet current needs.

 

Beyond whether finance is sufficient is the question of whether it is
getting to the sectors, communities and people who need it. Very little of
the money being set aside for adaptation is directed at healthcare,
education or other services that support the care of people. The UN
Environment Programme (2023) reports that only 4% of estimated total
adaptation finance committed by donors has been targeted for health and 2%
for education.

 

This needs to change.

 

Where the money should go

 

There is growing recognition that climate finance should be directed to
municipalities and cities, where adaptation activities are largely centred.
Care services also take place in local communities, underpinning community
resilience and enabling women to participate more fully in cities'
preparedness for climate change.

 

At the same time, local areas face a shortage of resources even for adequate
housing and public transportation, let alone for climate change adaptation.
In a 2017 paper, Marek Soanes and his colleagues found that less than 10% of
all climate finance was committed to local levels.

 

A more recent update by the United Nations Environment Programme finds that
the amount has increased modestly to 17% from 2017 to 2021.

 

How it should be spent

 

Opportunities exist for rectifying this. Cities and municipalities can break
down the silos between those who plan for climate adaptation and those who
work with care providers. By doing this they could come to a common
recognition that investing in care services and infrastructure is a critical
sector.

 

Some cities are beginning to consider how care systems can be incorporated
in their climate adaptation response. These include Quezon City in Manila,
the Philippines, and Renca in Santiago, Chile and Barcelona, Spain.

 

Important context for cities is their country's national adaptation plans.
These describe priorities for climate preparedness and the actions that will
be taken in different sectors. A detailed review of these plans would help
cities understand the country's vulnerability risk to different climate
hazards. This would enable them to determine which sectors are costed and
what is missing.

 

Cities can also undertake or commission an exercise to map local care
requirements and needs, existing care services and infrastructure, and the
specific impacts of climate change on care delivery. This information can
then be put into the national adaptation plan consultative process
undertaken by the national authorities.

 

Based on these diagnostics, a second step is for cities to estimate the
costs of the additional services for children and dependent adults that need
to be provided, and to survey the care infrastructure that should be
retrofitted. Recent tools, such as the International Labour Organization's
care cost simulator, may be useful for planners to develop baseline
estimates. These can then be fed into municipal disaster risk preparedness
and response plans and broader adaptation efforts.

 

Another opportunity is to embed care as a sector in the documents that
countries submit to the United Nations Framework Convention on Climate
Change Secretariat as part of their commitments to reduce greenhouse gas
emissions and adapt to climate change under the Paris Agreement. Nationally
determined contributions (NDCs) are a country's public pledge detailing
their national investment and development plans to help them develop more
sustainable economies.

 

These submissions are updated every five years and the next set is due in
2025.

 

Nationally determined contributions include quantitative and qualitative
targets, timelines, and actions in priority sectors, such as energy,
transport, agriculture, health, water, infrastructure, tourism, among
others, and budgets for achieving their climate goals. The actions and costs
to establish care services can be incorporated in specific sectors like
health or disaster risk response or itemised as a standalone sector.

 

Civil society engagement in the national adaptation plans and other climate
related planning processes is critical and can amplify the message that care
services are critical for climate resilience and adaptation. Civil society
can also press for stronger mechanisms for fiscal transfers to sub-national
levels.

 

Most importantly, these technical approaches need to be supplemented with a
mindset change. The care of people and the care of the planet should be seen
as deeply interconnected and as investment priorities for national
governments and international donors.

 

Caren Grown, Economist-In-Residence, American University

 

This article is republished from The Conversation Africa under a Creative
Commons license. Read the original article.

 

 

 

 

Kenya Airways Under Investigation Over Flight Delay Complaints

Nairobi — The COMESA Competition Commission has launched an investigation
into Kenya Airways (KQ) over alleged violations of consumer protection
regulations following multiple complaints regarding flight delays and
inadequate passenger support.

 

The Commission cited suspected breaches of Article 28 of the COMESA
Competition Regulations, which prohibits businesses from engaging in
unconscionable conduct in the supply of goods and services.

 

The probe follows complaints from four passengers who experienced a six-hour
delay on Kenya Airways flight KQ419 from Entebbe to Nairobi on August 18,
2024.

 

 

The delay caused them to miss their connecting flights to Lusaka and
Livingstone, forcing them to make alternative arrangements at their own
expense.

 

The complainants allege that Kenya Airways failed to assist with rebooking,
accommodation, or meals.

 

Another passenger lodged a complaint regarding a six-hour delay on flight
KQ418 from Nairobi to Entebbe on December 2, 2024.

 

The passenger claimed Kenya Airways provided last-minute delay notices,
inadequate refreshments, and no accommodation, leaving some passengers
stranded at Jomo Kenyatta International Airport overnight.

 

The Commission expressed concern that Kenya Airways' actions may constitute
a breach of industry best practices and international aviation conventions.

 

The airline is accused of failing to rebook affected passengers and instead
offering limited compensation in the form of vouchers.

 

The investigation will determine whether Kenya Airways' handling of the
delays violated consumer rights under COMESA regulations.

 

Capital FM.

 

 

 

 

Rwanda: Deepseek - Chinese AI Takes Tech World By Storm

A Chinese made artificial intelligence (AI) model called DeepSeek has shot
to the top of Apple Store's downloads, stunning investors and sinking some
tech stocks.

 

Its latest version was released on 20 January, quickly impressing AI experts
before it got the attention of the entire tech industry - and the world.

 

US President Donald Trump said it was a "wake-up call" for US companies who
must focus on "competing to win".

 

What makes DeepSeek so special is the company's claim that it was built at a
fraction of the cost of industry-leading models like OpenAI - because it
uses fewer advanced chips.

 

 

That possibility caused chip-making giant Nvidia to shed almost $600bn
(£482bn) of its market value on Monday - the biggest one-day loss in US
history.

 

DeepSeek also raises questions about Washington's efforts to contain
Beijing's push for tech supremacy, given that one of its key restrictions
has been a ban on the export of advanced chips to China.

 

What is DeepSeek?

 

DeepSeek is the name of a free AI-powered chatbot, which looks, feels and
works very much like ChatGPT.

 

That means it's used for many of the same tasks, though exactly how well it
works compared to its rivals is up for debate.

 

It is reportedly as powerful as OpenAI's o1 model - released at the end of
last year - in tasks including mathematics and coding.

 

Like o1, R1 is a "reasoning" model. These models produce responses
incrementally, simulating a process similar to how humans reason through
problems or ideas. It uses less memory than its rivals, ultimately reducing
the cost to perform tasks.

 

Deepseek says it has been able to do this cheaply - researchers behind it
claim it cost $6m (£4.8m) to train, a fraction of the "over $100m" alluded
to by OpenAI boss Sam Altman when discussing GPT-4.

 

DeepSeek's founder reportedly built up a store of Nvidia A100 chips, which
have been banned from export to China since September 2022.

 

Some experts believe this collection - which some estimates put at 50,000 -
led him to build such a powerful AI model, by pairing these chips with
cheaper, less sophisticated ones.

 

The same day DeepSeek's AI assistant became the most-downloaded free app on
Apple's App Store in the US, it was hit with "large-scale malicious
attacks", the company said, causing the company to temporary limit
registrations.

 

New Times.

 

 

 

 

 

Africa: Ruto, US Secretary of State Rubio Discuss Trade and M23 Crisis in
Goma

Nairobi — President William Ruto on Monday held a telephone conversation
with US Secretary of State Marco Rubio, focusing on Kenya-US trade
relations, regional security and the UN-led Multinational Security Support
(MSS) mission in Haiti.

 

In a statement, Ruto said he and Rubio discussed the conclusion of the
Strategic Trade and Investment Partnership (STIP), which aims to boost
investment and promote sustainable economic growth by unlocking existing
opportunities. The agreement is expected to strengthen trade ties between
the two countries.

 

"We discussed the need to conclude the STIP agreement that seeks to increase
investment, promote sustainable and inclusive economic growth by unlocking
the existing economic opportunities," Ruto stated.

 

The two leaders also reviewed Kenya's leadership in the MSS mission in
Haiti, agreeing on a joint strategy to ensure its effectiveness in restoring
security to the crisis-hit Caribbean nation.

 

 

Crisis in Eastern DRC

 

The call between Ruto and Rubio came as fierce fighting erupted in the
eastern Democratic Republic of Congo (DRC), where Rwanda-backed M23 rebels
have reportedly taken control of Goma.

 

Gunfire has raged across the city since Sunday, with residents trapped in
their homes as rebels and government forces engage in intense clashes.

 

"All we can hear [are] gunshots around the city," one Goma resident, who has
been confined to his house since the weekend, told the BBC.

 

Videos shared on social media show M23 fighters patrolling Goma's main
streets after a swift offensive that forced tens of thousands of people to
flee nearby towns.

 

While the rebels claim control of the city, Congolese authorities have
disputed the reports. At least 17 people have been killed and over 300
injured in the ongoing clashes.

 

The escalation follows accusations by DR Congo's Foreign Minister that
Rwanda has effectively declared war by deploying troops to support M23.
While Kigali does not deny backing the rebels, it insists that Congolese
authorities are harboring militias plotting to overthrow the Rwandan
government.

 

Kenya's Diplomatic Push for Ceasefire

 

As tensions rise, Ruto, who currently chairs the East African Community
(EAC), has called for an immediate ceasefire and announced an emergency
regional summit on Wednesday. Presidents of both Rwanda and DR Congo are
expected to attend the talks aimed at defusing the crisis.

 

Meanwhile, during his conversation with Rubio, Ruto reiterated Kenya's
commitment to regional peace efforts and welcomed the US government's pledge
to continue supporting Nairobi's stabilization missions in East Africa.

 

Capital FM.

 

 

 

 

 

Africa: Five Things to Know As Govts Race to Power 300 Million Africans

Africa's energy landscape could be poised for a major shift as governments,
investors, and financial institutions convene to forge groundbreaking
agreements. The goal is to provide sustainable energy solutions to 300
million people across the continent by 2030.

 

In Dar es Salaam, Tanzania, the Africa Energy Summit has brought together
several heads of state from across the continent, as well as over 1000 key
stakeholders governments, international organizations, and the private
sector.

 

ALSO READ: How Rwanda can attract more renewable energy investments

 

ALSO READ: Why Rwanda is updating its energy policy

 

The two-day summit which started on January 27 aims to, among others, drive
the continent's energy transformation and tackle the critical issue of
energy access under Mission 300 -- a groundbreaking initiative to scale
energy access and accelerate the continent's clean energy transition.

 

 

ALSO READ: Rwanda needs $1.5bn to achieve universal energy access

 

It is expected that the summit will unveil new initiatives aimed at boosting
domestic resource mobilization and encouraging cross-border trade to spread
risk and increase financing for energy access.

 

Here is what you should know;

 

Practical commitments

 

This week's summit, according to the organizers, is expected to yield two
significant outcomes: the Dar es Salaam Energy Declaration, outlining
commitments and practical actions from African governments to reform the
energy sector, and the first set of National Energy Compacts, which are
expected to serve as blueprints with country-specific targets and timelines
for implementation of critical reforms.

 

In the first phase, 12 countries will present their energy compacts in five
key areas including low-cost power generation, regional energy integration,
increased energy access, enabling private investment, and utility
strengthening.

 

"The time to act is now," according to Franz Drees-Gross, World Bank
Director of Infrastructure for West Africa.

 

"Mission 300 represents not just an ambitious target but a movement. We are
creating a lasting impact that will power Africa's growth and enable
millions of people to access the essential services electricity provides,"
Drees-Gross said in a virtual press briefing.

 

Mission 300, a brainchild of the World Bank Group and the African
Development Bank, seeks to bridge the persistent energy access gap on the
African continent by leveraging innovative technology and financing.

 

"Actual connections"

 

The Dar es Salaam summit is expected to highlight energy sector successes in
selected countries, establish an alliance of sector stakeholders to
accelerate energy infrastructure investments and strengthen regional power
planning, market trade, and policy frameworks to support the implementation
of the Continental Master Plan and the African Single Electricity Market.

 

Organisers say that Mission 300's approach entails both traditional grid
expansion and innovative off-grid solutions to reach remote communities.

 

The program will prioritize sustainable financing models and address
critical challenges such as currency mismatches in project funding.

 

"It's a tight journey because 2030 is only five years away and we have to
deliver, not expected connections, but actual connections to 300 million by
2030," said Daniel Schroth, African Development Bank's Director for
Renewable Energy and Energy Efficiency.

 

Schroth shared similar sentiments with the International Finance Corporation
(IFC)'s Director for Infrastructure in Africa, Sarvesh Suri.

 

"What makes this initiative different from what institutions have done in
the past is the 'all hands on deck approach' with a lot of institutions
working hand-in-hand to deliver the ambitious agenda," he explained.

 

Financial institutions, such as the International Finance Corporation (IFC)
are expected to outline new investment vehicles and funding initiatives to
support the private sector's role in advancing distributed renewable energy
solutions

 

The stark reality

 

Across Africa, nearly 600 million people which is approximately half the
continent's population still live without access to electricity.

 

For these individuals, according to Kevin Kariuki, the Vice President for
Power, Energy, Climate, and Green Growth at the African Development Bank
Group, daily life is a struggle illuminated by the dim glow of kerosene
lamps or the intermittent hum of diesel generators.

 

Kariuki argues that with the current pace of electrification and with
Africa's rapid demographic growth, the number of people without electricity
will remain largely unchanged unless 'we take bold and immediate action.'

 

For Kariuki, what makes this challenge significant in Africa is that, for
many decades, the power sector has faced numerous interlocking challenges
which include inter alia, low access rates, lack of maintenance, lack of
investment, non-cost reflective tariffs, unaffordable subsidies, and lack of
financial sustainability.

 

Most of Africa's public utilities, he pointed out, are in financial distress
- they struggle to cover their operating costs and cannot finance the
required capital expenditure to maintain their operations, thus forcing them
to rely on public subsidies.

 

At the same time, most of the financing available for energy projects today
is in hard currency, which is not always sustainable because energy services
are paid for by local populations in local currencies, thus resulting in a
currency mismatch occasioned by the volatility of local currencies against
international hard currencies.

 

Unveiling the plans

 

Industry experts stress that energy is the engine of development,
maintaining that without affordable, reliable, and sustainable electricity,
Africa cannot achieve its developmental aspirations or secure "its rightful
place" in the global economy.

 

It is expected that Mission 300 will invest in new and rehabilitation of
generation capacity, and transmission systems, including intra- and regional
interconnections, as well as distribution grids to build robust and reliable
power systems.

 

Reforms in the energy sector are also expected to complement it to ensure
affordability and sustainability of electricity service, and financially
viable utilities while partnerships with the private sector will assist in
mobilizing funding at the required speed and scale.

 

"The plan focuses on accelerating electrification through a mix of grid
extensions and distributed renewable energy solutions, such as mini-grids
and stand-alone solar home systems. These solutions are particularly
effective in reaching fragile and remote areas where traditional grid
infrastructure is impractical.

 

Complementing these efforts are investments in generation, transmission,
regional interconnection, and sector reform to ensure that power supply is
not only reliable but also affordable and sustainable," a statement from the
AfDB reads in part.

 

Leaders need to change tack

 

Experts are also calling on African leaders and their governments to lead
the charge by implementing critical reforms to make the energy sector more
efficient and utilities more robust.

 

For instance, experts pointed out that transparent and competitive tendering
processes for new generation capacity, along with cost-recovery mechanisms
for utilities, are essential.

 

Regulators will have to respond with appropriate nimbleness and innovation
to stay responsive to a fast-changing technological and business
environment.

 

Also growing are calls to Governments and development partners to amplify
the call for regional electricity trade to facilitate a shift away from the
single-buyer model as well as allow the sustainable integration of Variable
Renewable Energy (VRE) into weak grids to help shape the energy transition
pathways of African countries.

 

New Times.

 

 

 

 

Africa: President Hassan Sheikh Attends Africa Energy Summit in Dar es
Salaam

The President of the Federal Republic of Somalia, Hassan Sheikh Mohamud, has
arrived in Dar es Salaam to participate in the "Mission 300" Africa Energy
Summit, which officially began today.

 

This year's summit focuses on accelerating access to sustainable energy and
brings together African leaders, international development organizations,
private sector representatives, and energy experts.

 

The event aims to foster collaboration and innovation to address energy
challenges across the continent.

 

During the summit, President Mohamud will present Somalia's vision for
energy development, emphasizing the government's plans to enhance energy
access while strengthening regional and international cooperation.

 

His participation underscores Somalia's commitment to addressing its energy
challenges and promoting sustainable development through strategic
partnerships.

 

Throughout the summit, President Mohamud is scheduled to engage in meetings
with fellow leaders and key stakeholders, highlighting Somalia's
determination to capitalize on energy collaboration opportunities to drive
progress in the country's energy sector.

 

The summit will span several days, featuring discussions, presentations, and
networking sessions designed to identify actionable strategies for scaling
up energy access and advancing Africa's energy goals.

 

It serves as a crucial platform for fostering global cooperation and
securing a sustainable energy future for the continent.

 

Radio Dalsan.

 

 

 

 

Malawi: Chakwera's Delivery On Electricity in Malawi Inspires African
Leaders to Aim Higher

President Lazarus Chakwera's remarkable progress in expanding electricity
access in Malawi has become a source of inspiration for African leaders,
prompting renewed commitment to improving energy access across the
continent.

 

Speaking at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania,
President Chakwera highlighted his administration's achievements, which have
seen Malawi increase electricity access from 12% to over 25% in just four
years. This historic accomplishment has captured the attention of other
African heads of state, many of whom are now considering adopting similar
bold and transformative strategies for their nations.

 

 

"President Chakwera's leadership is proof that with determination and a
clear plan, we can make meaningful progress in tackling Africa's energy
challenges," said one of the delegates at the summit.

 

Under Chakwera's leadership, Malawi has implemented an ambitious National
Energy Compact aligned with the Africa Region Compact and the UN Sustainable
Development Goal 7. The blueprint focuses on increasing electricity access
to 70% by 2030, expanding renewable energy to 96% of the energy mix, and
connecting over 2.7 million households through a combination of on-grid and
off-grid solutions.

 

President Chakwera emphasized that the mission is about improving lives,
saying, "Reliable and affordable energy will power our schools and health
centers, drive industrialization, create jobs, and empower women and youth
to build a stronger economy."

 

Chakwera also highlighted the importance of regional energy partnerships,
including Malawi's interconnectors with Mozambique, Zambia, and Tanzania.

 

These partnerships aim to facilitate power trading and tap into
cost-effective energy sources, serving as a model for cooperation within the
Southern and Eastern African Power Pool. "As leaders, we must plan energy
solutions with regional configurations in mind, not just national ones,"
Chakwera said, encouraging other countries to prioritize integration.

 

Delegates at the summit, including heads of state and energy ministers,
expressed admiration for Malawi's achievements and shared their renewed
commitment to tackling energy poverty. Many saw Chakwera's progress as a
call to action to deliver similar results in their own countries,
particularly in regions where electricity access remains below 20%.

 

Tanzania's President, Dr. Samia Suluhu Hassan, applauded Chakwera's
leadership, calling his approach a "game changer" for the continent. "What
Malawi has done in four years is nothing short of inspiring," she said.

 

Chakwera concluded his speech by urging African leaders to align their
efforts with the Nairobi Leaders Declaration and the commitments made at the
summit. "Universal energy access is not an aspiration; it is an obligation
to our people and future generations," he said.

 

As more African nations look to emulate Malawi's progress, Chakwera's
leadership is proving that bold vision, regional collaboration, and
innovation can unlock the continent's energy potential and pave the way for
sustainable development.

 

Nyasa Times.

 

 

 

 

Nigeria Targets Universal Electricity Access By 2030 With $23bn Plan -
Tinubu

President Bola Tinubu has concluded his visit to Dar es Salaam in Tanzania
where he joined other African leaders to participate in the Mission 300
Africa Energy Summit.

 

According to a statement by presidential spokesman, Bayo Onanuga, the
two-day Summit, hosted by the government of Tanzania in collaboration with
the African Union, the African Development Bank (AfDB), and the World Bank
Group, adopted the Dar es Salaam Declaration which focused on providing
access to electricity for 300 million people in Africa by 2030.

 

A highpoint of the event was the presidential endorsement of the Dar es
Salaam Declaration by the African leaders at the Julius Nyerere
International Convention Centre.

 

 

Following the reading of the Declaration, leaders from Nigeria, Chad, Côte
d'Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi,
Mauritania, Niger, Senegal, Tanzania, and Zambia signed the document.

 

Through the Declaration, the leaders from the 12 countries expressed their
commitment to ensuring electricity access for their citizens in the next
five years.

 

The 12 nations plan to achieve the goal through National Energy Compacts,
which identify specific policy measures to address constraints across their
energy sector and set targets based on their unique context.

 

In the speech read by Nigeria's Minister of Power, Adebayo Adelabu,
President Tinubu lauded the African Development Bank (AfDB), the World Bank
Group, and development partners for their collective pledge to bring
electricity access to 300 million people in Africa by 2030.

 

Tinubu also called on African leaders to prioritise energy access,
emphasising collective action.

 

"Let us work together to create a brighter future for our citizens--where
every African can access reliable and affordable energy.

 

"A future where our industries thrive, our economies grow, and our people
prosper," the President said.

 

He used reaffirmed Nigeria's commitment to providing reliable, affordable,
and sustainable electricity to its yet-to-be-electrified population by 2030.

 

"This is an ambitious goal, but we can achieve it together. As Nigeria's
President, I am committed to making energy access a top priority," he said.

 

Detailing the substantial progress Nigeria has achieved with the support of
international development partners, Tinubu acknowledged AfDB's $1.1 billion
expected to provide electricity for 5 million people by the end of 2026,
while its $200 million in the Nigeria Electrification Project will provide
electricity for 500,000 people by the end of 2025.

 

"We also look forward to the AfDB's planned $700 million investment in the
Nigeria Desert to Power programme and its planned $500 million facility for
the Nigeria-Grid Battery Energy Storage System, which will provide
electricity for an additional two million people.

 

"We have equally begun making plans to ensure the effectiveness of the World
Bank's $750 million support for expanding Nigeria's distributed energy
access via mini-grids and standalone solar systems that will provide access
to power to 16.2 million people," he said.

 

The Nigerian leader thanked the President of the World Bank Group, Ajay
Banga, and Dr. Akinwunmi Adesina of AfDB for their transformative vision,
which he said "will light up and power Africa."

 

Tinubu also applauded the contributions of the UN Sustainable Energy For
All, the Rockefeller Foundation, and the Global Energy Alliance for
Development.

 

"As we all know, Africa is rich in energy resources, yet millions of our
citizens still lack access to reliable and affordable energy. This situation
is unacceptable. It is our responsibility to take collective action to
change this narrative," Tinubu said.

 

The president also highlighted ongoing investments in renewable energy,
particularly solar power in Nigeria.

 

"For example, the federal government is in the final stages of developing an
electric vehicle (EV) charging infrastructure programme, emphasising
renewable energy and establishing stricter vehicle emission standards.

 

"This will ease adoption barriers, galvanise partnerships, and provide
affordable EV financing options. I am pleased to announce that the first 100
electric buses are already in the country.

 

"Nigeria's energy sector is growing as a direct result of our reforms. The
Nigerian government continues incentivising those interested in investing in
renewable energy, oil and gas energy efficiency," he said.

 

He said that buoyed by Nigeria's successful attraction of over $6 billion in
new investments into its energy sector in 2024 alone, his administration is
keen to build on this success in 2025 and beyond.

 

At the Summit, the International Finance Corporation (IFC) announced that it
has committed $70 million in private sector funding to five Nigerian
Renewable Electricity Service Companies (RESCOs) under the Nigeria
Distributed Access through Renewable Energy Scale-Up (DARES) programme.

 

IFC said the project will be implemented by the Rural Electrification Agency
(REA).

 

Nigeria's National Energy Compact which was also present at the Summit on
Monday, sets targets with implementation timelines and outlined the nation's
various planned reforms.

 

They include expanding power generation and investing in transmission and
distribution infrastructure at competitive costs, working towards
financially viable utilities that provide reliable service, and
incentivising private sector participation to unlock additional resources.

 

Other reform actions include embracing distributed renewable energy and
clean cooking solutions for affordable last-mile access and leveraging the
benefits of increased regional integration.

 

According to the document, Nigeria will require an investment of $23.2
billion for last-mile electrification which include contributions from the
public and private sectors.

 

Leadership.

 

 

 

 

 

 

Mozambique: Government Backtracks - Agrees to Pay '13th Month'

Maputo — The Mozambican government on Tuesday reversed its predecessor's
policy and agreed to pay the traditional New Year Bonus to all staff in the
state administration.

 

Shortly before Christmas, the then Prime Minister, Adriano Maleiane,
announced that the government does not have enough money to pay the bonus,
which is equivalent to an extra month's payment of the basic wage. He
claimed that the state budget only contains enough money to pay the December
wage bill, and to solve "some specific questions, particularly with regard
to education' (a reference to the overtime payments that teachers have been
demanding for months).

 

 

Trade unions claiming to represent teachers and other public administration
workers immediately threatened to go on strike. A statement, signed by the
National Public Service Union and the National Association of Teachers
(ANAPRO) declared that they would boycott all activities in order to
pressure the government so that it pays them the 13th month.

 

"At a meeting, the workers unanimously decided to stop working from 20
January 2025 until the 13th month is paid in full. The non-payment of the
13th month represents a clear lack of respect and devaluation of public
servants', read the statement.

 

In fact, there is no legal or contractual basis for the "13th month'.
Payment of this bonus has become a tradition, but it is not a right.

 

Nonetheless, the new government, under President Daniel Chapo, reversed its
predecessor's decision and has found the money necessary to pay the bonus.

 

At a meeting of the Council of Ministers (Cabinet) on Tuesday, the
government spokesperson, the Minister for State Administration, Inocencio
Impissa, said the 13th month will be paid, but only in February. For most of
the public service, only 50 per cent of the bonus will be paid, but for
state pensioners, the figure rises to 100 per cent.

 

There will be no bonus for the highest ranking state employees - Ministers,
Deputy Ministers, provincial governors, Secretaries of State, members of
parliament, and chairpersons of public companies.

 

 

 

 

 

 

Sudan: Central Bank of Sudan Restricts Flow of Foreign Currency

Amsterdam — The Central Bank of Sudan issued a circular yesterday, amending
the controls followed in the feeding and use of free accounts in foreign
currency. By virtue of this circular, the Bank of Sudan prohibited
replenishing free accounts with foreign currency through cash supply. The
Central Bank also prohibited the use of customers' own resources (foreign
exchange free accounts) to import goods.

 

This comes within the framework of the Bank of Sudan's policies to contain
the continuous deterioration of the Sudanese Pound against foreign
currencies by reducing the demand for foreign currencies from the parallel
market, or the black market, as described by a large number of economic
experts.

 

 

A banking expert, who asked not to be identified for security reasons, told
Radio Dabanga that the central bank is retrying the experimenter given that
these policies have been applied more than once, but have not led to the
desired results. He added that the large trade deficit is the main reason
for this situation, especially in light of the war, where imports are
expanding to provide military equipment and fuel and exports are shrinking
as a result of the decline in agricultural and industrial production.

 

The banking expert called on the Central Bank to work on returning export
earnings that remain outside Sudan, which contributes to weakening the
purchasing power of the Sudanese Pound, especially in light of the erosion
of foreign exchange and gold reserves deposited with the Bank of Sudan. The
expert noted that only 60% of gold exports are made through official
channels and that it is better to control gold exports through informal
channels because they achieve higher returns.

 

The banking expert went on to say that the issuance of such a publication is
an early indication of the ineffectiveness of the decision to replace the
1000 and 500 bills, one of whose main objectives was to reduce the money
mass in circulation, a large part of which is used to buy foreign currency.

 

Identify areas of real estate financing

 

On January 26, the Central Bank of Sudan issued a circular containing the
guidelines for granting bank financing for the year 2025, and the circular
allowed financing real estate construction provided that the land is owned
by the customer requesting financing.

 

The circular specified the areas of real estate financing in the
construction of hospitals, health facilities, schools, universities, and
popular and factional housing through financing portfolios for this purpose
through the National Fund for Housing and Development.

 

The circular directed banks to finance the improvement and maintenance of
shelter within the limits of microfinance, the construction of
pharmaceutical factories and production lines, the purchase of equipment and
equipment for the pharmaceutical industry locally, and the construction of
silos, warehouses and gins in production areas.

 

The circular also allowed financing the purchase of cars, trucks, rickshaws,
tricycles, and buses.

 

Dabanga.

 

Roman Abramovich could owe UK £1bn over tax dodge that helped bankroll
Chelsea FC

BBC A composite image with a portrait of Roman Abramovich in a suit at the
centre. Behind him, in a colour scheme of blue and yellow, is a map of the
British Virgin Islands and a view of the top of the stands at Stamford
Bridge, with part of the words "Chelsea Football Club" and the clubs lion
crest visible.BBC

Sanctioned Russian oligarch Roman Abramovich could owe the UK up to £1bn
after a botched attempt to avoid tax on hedge fund investments, evidence
seen by the BBC suggests.

 

Leaked papers reveal investments worth $6bn (£4.7bn) were routed through
companies in the British Virgin Islands (BVI). But evidence suggests they
were managed from the UK, so should have been taxed there.

 

Some of the money that funded Chelsea FC when Mr Abramovich owned it can be
traced back to companies involved in the scheme, the BBC and the Bureau of
Investigative Journalism (TBIJ) also found.

 

The oligarch's lawyers said he "always obtained independent expert
professional tax and legal advice" and "acted in accordance with that
advice".

 

Mr Abramovich - who now reportedly divides his time between Istanbul, Tel
Aviv and the Russian resort of Sochi - denies having any knowledge of or
being personally responsible for any unpaid tax.

 

 

Joe Powell, a Labour MP who leads a Parliamentary group on fair taxation,
called on HM Revenue and Customs to "urgently" investigate the case to
recover what could be "very significant amounts of money that could be
invested in public services".

 

At the heart of the scheme was Eugene Shvidler, a former Chelsea FC director
and a billionaire businessman in his own right, who is currently challenging
the UK government's decision to sanction him for his close links to Mr
Abramovich.

 

Mr Shvidler moved to the USA after Russia's invasion of Ukraine, but from
2004 until 2022 he lived in the UK, with properties in London and Surrey.

 

A tax expert told the BBC that evidence Mr Shvidler had been making
strategic decisions on the investments while based in the UK, and not in the
BVI, was "a pretty big smoking gun", suggesting the companies should have
been paying UK tax.

 

Lawyers for Mr Shvidler said the BBC was basing its reporting on
"confidential business documents that present an incomplete picture" and had
"drawn strong and erroneous conclusions as to Mr Shvidler's conduct".

 

They said "the structure of investments" was "the subject of very careful
and detailed tax planning, undertaken and advised on by leading tax
advisors".

 

The scheme involving Mr Abramovich's hedge fund investments was revealed in
a huge leak of data that the BBC and the Bureau of Investigative Journalism
have been examining for over a year - thousands of files and emails from a
Cyprus-based company that administered Mr Abramovich's global empire.

 

Getty Images Roman Abramovich and Eugene Shvidler standing next to each
other. Mr Abramovich is wearing a blue blazer over jeans and has his hands
clasped together as he looks into the distance. Mr Shvidler is wearing a
quarter-zip jumper in green and is leaning on the railing, looking downwards
with a resigned expressionGetty Images

Eugene Shvidler, right, is a former Chelsea FC director and long-standing
friend of Mr Abramovich

 

The BBC and its media partners, including The Guardian, have been reporting
on the leaked files since 2023 as part of the International Consortium of
Investigative Journalists' Cyprus Confidential investigation. On Tuesday, we
revealed how Mr Abramovich had dodged millions in VAT on the running costs
of his yacht fleet.

 

The leaked data shows how Mr Abramovich invested a large part of the wealth
he acquired in the 1990s through a corrupt deal - ploughing it into a
company in the BVI called Keygrove Holdings Ltd.

 

A network of British Virgin Islands companies owned by Keygrove invested
this money - up to $6bn (£4.8bn) between the late 1990s and early 2020s -
into Western hedge funds, according to the leaked files.

 

These investments made the oligarch an estimated $3.8bn (£3.1bn) in profits
over almost two decades. By making the investments through companies in the
BVI, which does not levy tax on corporate profits, the scheme appears to be
set up to ensure as little tax as possible was paid.

 

'Full power to do anything'

It is not unusual for businesses to legally avoid paying tax on their
profits by making their investments from companies in tax havens. But the
companies involved must be managed and controlled offshore where they are
incorporated.

 

If an offshore company's strategic decisions are being taken by someone in
the UK, its profits could be taxed as if it were a UK company.

 

The leaked documents show how the directors of the BVI investment companies
handed sweeping powers over them to Mr Shvidler, who was living in the UK
and gained British citizenship in 2010.

 

The BBC has seen "general power of attorney" documents dated between 2004
and 2008, that gave him the "broadest possible powers" and "full power to do
everything and anything" to investment companies in the BVI.

 

 

>From 2008, Mr Shvidler appears to have acquired the power to direct the
investments of Keygrove, which owned the BVI companies, through another
company.

 

Millennium Capital Ventures Ltd, which was owned indirectly by Mr Shvidler's
wife and appointed him as a director in 2000, became Keygrove's investment
manager. It was assigned "full power and authority to supervise and direct"
the investment of the assets, "all without prior consultation with client".

 

 

'Strong evidence'

Further evidence of Mr Shvidler's crucial role in the investment decisions
of the BVI companies emerged in a court case brought in September 2023 by
the US Securities and Exchange Commission (SEC) against a New York firm
called Concord Management.

 

The SEC filing says that Concord had only one client, since identified as Mr
Abramovich. The company advised on investment decisions for the oligarch's
BVI companies.

 

It identifies a "longtime close associate" of Mr Abramovich, referred to as
"Person B", who "made investment decisions" for Mr Abramovich.

 

It says he was "the point of contact for receiving investment advice" and
"for either deciding or communicating the decision whether to go forward
with recommended transactions".

 

Using the leaked documents, the BBC was able to identify "Person B" as
Eugene Shvidler.

 

The evidence suggests Mr Shvidler was making the decisions described by the
SEC, managing and controlling Mr Abramovich's investments, from the UK
rather than the BVI.

 

Getty Images Le Grand Bleu, a large yacht with a navy blue keel and white
upper decks, with parasols visible on the large swim platform at the rear,
anchored near Portland in Maine, USA, with small sailing boats passing
by.Getty Images

Mr Shvidler reportedly owns Le Grand Bleu, a 113m yacht formerly owned by Mr
Abramovich

 

Tax expert Rita de le Feria told the BBC that evidence a UK resident, such
as Mr Shvidler, was taking "strategic big decisions" on the hedge fund
investments was a "clear indication" the huge profits should have been taxed
by the UK.

 

"I think this is a pretty big smoking gun. That would be, again, strong
evidence that the effective management of the company was not taking place
in the BVI," she said.

 

Mr Shvidler's lawyers said there can be "no question of Mr Shvidler, either
knowingly or negligently, being involved in an unlawful scheme to avoid
paying tax".

 

Lawyers for Mr Abramovich said that in addition to the advice he obtained
over his tax affairs, he "expects that similar advice was sought" by those
with responsibility for running companies related to him.

 

The leaked documents also reveal how large amounts of the untaxed profits
from Mr Abramovich's hedge fund investments passed through a network of the
oligarch's companies before flowing into Chelsea FC.

 

The hedge fund investments flowed back into his companies in the BVI and
then into Keygrove, their parent company.

 

Keygrove then loaned out money to other companies in Mr Abramovich's
network, which in turn lent money to Camberley International Investments Ltd
- a company set up to bankroll Chelsea FC.

 

By 2021, when Chelsea won the Champions League, Club World Cup and UEFA
Super Cup, hundreds of millions of dollars in loans to the club could be
traced back to companies benefiting from Mr Abramovich's untaxed hedge fund
investments.

 

A flowchart showing how funds reached Chelsea FC's parent company Fordstam.
It starts with $13bn received when Mr Abramovich sold Sibneft to the Russian
state oil company Gazprom. Some of that money flowed into Keygrove, which
transferred funds into companies in the British Virgin Islands for
investment in hedge funds. The profits were returned to Keygrove which
loaned out money through intermediary companies to Camberley. Those funds
were then put into Fordstam.

 

How we calculated the bill

If HMRC were to investigate, how much could Mr Abramovich or the companies
concerned owe?

 

We have assessed the profits made by the investment companies in the BVI
from 1999 to 2018.

 

The leaked documents only contain complete accounts for the companies
investing in hedge funds from 2013 to 2018.

 

But we can estimate how much money the companies involved were likely to
have made over the entire period by looking at their "revenue reserves".
These are profits kept in the businesses, rather than being paid out to
shareholders. By the end of 2018 this amounted to $3.8bn.

 

Applying historical UK corporation tax and currency conversion rates to the
revenue reserves up to 2012, and the yearly profits to 2018, amounts to a
potential tax bill of more than £500m owed to HMRC.

 

Getty Images The exterior of Stamford Bridge,  Chelsea FC's stadium, with a
giant version of the club's crest on display, along with banners celebrating
the trophies it has won.Getty Images

After the sale of Chelsea, £2.5bn remains in a frozen bank account

 

But in the event of an enquiry into unpaid tax, HMRC can also impose late
payment interest and penalties for failure to notify the authorities.

 

If tax has gone unpaid, then depending on whether an investigation concluded
those responsible knew but did not tell HMRC, or whether they did not know,
the total amount due could range from almost £700m to over £1bn.

 

There is a possibility that some tax on the profits could not be recovered,
as HMRC investigations can only go back a maximum of 20 years.

 

However, our calculations are also likely to be an underestimate, because we
have applied the lowest rate of corporation tax that existed between 1999
and 2012, and it is possible profits had been extracted from the companies
in that period that we have not included in our sums.

 

In any event, Mr Abramovich's tax bill could dwarf the £653m bill imposed on
Formula One boss Bernie Ecclestone in 2023.

 

Frozen funds

Following Russia's full-scale invasion of Ukraine, the British government
allowed Roman Abramovich to sell Chelsea FC to Todd Boehly. It did so on the
condition that £2.5bn from the proceeds would be donated to charities
supporting victims of the war in Ukraine.

 

Nearly three years later, the money still sits in a frozen Barclays bank
account, reportedly due to disagreement over how it should be spent, with Mr
Abramovich wanting the money to go to "all the victims" of the war, and the
UK government insisting it should be spent solely on humanitarian aid in
Ukraine.

 

The BBC's investigation suggests that, just as Ukrainians are waiting for
money from the former Chelsea boss, so is the British taxpayer.

 

Cyprus Confidential is international collaborative investigation launched in
2023 led by the International Consortium of Investigative Journalists (ICIJ)
into Cyprus firms provided corporate and financial services to associates of
Russian President Vladimir Putin's regime.-bbc

 

 

 

 

 

Trump offers millions of federal workers eight months pay to resign

President Donald Trump has offered buyout packages to almost all federal
workers who do not want to return to the office, a major move designed to
shrink the US government.

 

In an email sent to millions of employees on Tuesday, his administration
told workers they had to decide by 6 February whether they wanted to be part
of a "deferred resignation program".

 

If they agreed to leave their jobs by that date, the message said, they
would receive about eight months of salary as a severance package.

 

The Trump administration expects up to 10% of employees to accept the offer,
or around 200,000 of the more than two million workers the federal
government employs, according to the BBC's US partner CBS News.

 

 

Senior Trump officials told US media that the buyouts could save the
government up to $100bn (£80bn).

 

Workers wishing to take the deal on Tuesday were asked to reply to the email
with the word "resign" written into the subject line. The offer includes
both pay and benefits for workers until 30 September.

 

Certain employees did not receive the offer, including postal workers,
members of the military, immigration officials, and some national security
workers, according to the email.

 

The message from the Office of Personnel Management, the government's HR
agency, on Tuesday evening also warned of future downsizing that could
impact those who choose to stay.

 

"We cannot give you full assurance regarding the certainty of your position
or agency but should your position be eliminated you will be treated with
dignity," it reads.

 

The email follows Trump's earlier announcement that federal employees who
had been working remotely since the Covid pandemic would be required to
return to the office five days a week.

 

Speaking to CNN on Tuesday, Stephen Miller, the White House deputy chief of
staff for policy, said the government's two million workers were
"overwhelmingly left of centre", adding it was "essential" for Trump to "get
control of government".

 

EXPLAINED: What we know about Musk's cost-cutting mission

VOTER REACTION: Americans react to Trump's first week

Trump repeatedly pledged to cut the size of the government and slash federal
spending while on the campaign trail.

 

He tasked Elon Musk and Vivek Ramaswamy with leading an advisory body
focused on cutting regulations, spending, and headcounts within the federal
government. Ramaswamy has since left the "Department of Government
Efficiency" (Doge).

 

But the email on Tuesday bears a resemblance to one sent to Twitter, now X,
employees in late 2022 after Musk bought the social media platform. He asked
for an emailed response if they wanted to remain at the company.

 

 

 

1:35

Watch: How Trump's new press secretary performed on White House debut

 

The mass buyout offer came at the end of an at-times chaotic day in
Washington, following a memo Trump issued which said he would pause federal
grants, loans and other assistance.

 

A district judge suspended the order - which was initially set to go into
effect on Tuesday afternoon - until next Monday.

 

In the hours before that decision, there was widespread confusion over which
federal programmes and organisations would be impacted. The White House
repeatedly sought to assuage concerns that Social Security payments and
Medicaid access could be disrupted.

 

In a letter to the White House, top Democrats expressed "extreme alarm"
about the plan to pause funding.

 

Also on Tuesday, Trump signed an executive order aimed at restricting gender
care for young people.

 

The order, titled 'Protecting Children from Chemical and Surgical
Mutilation', says it will prevent those aged under 19 from making
"life-altering" choices.

 

"It is the policy of the United States that it will not fund, sponsor,
promote, assist, or support the so-called 'transition' of a child from one
sex to another," the order says.

 

It is unclear, however, how the order would be implemented and it is likely
to be challenged in court.-BBC

 

 

 

 

US tech stocks steady after DeepSeek AI app shock

US tech stocks were steady on Tuesday after they slumped on Monday following
the sudden rise of Chinese-made artificial intelligence (AI) app DeepSeek.

 

Shares in chip giant Nvidia rose by 8.8%, having slumped on Monday, as
experts said the AI selloff may have been an over-reaction.

 

The market hit came as investors rapidly adjusted bets on AI, after
DeepSeek's claim that its model was made at a fraction of the cost of those
of its rivals.

 

Analysts said the development raised questions about the future of America's
AI dominance and the scale of investments US firms are planning.

 

 

US President Donald Trump described the moment as "a wake-up call" for the
US tech industry, while also suggesting that it could ultimately prove " a
positive" for the US.

 

"If you could do it cheaper, if you could do it [for] less [and] get to the
same end result. I think that's a good thing for us," he told reporters on
board Air Force One.

 

He also said he was not concerned about the breakthrough, adding the US will
remain a dominant player in the field.

 

Optimism about AI investments has powered much of the boom in US stock
markets over the last two years, raising fears of a possible bubble.

 

DeepSeek has become the most downloaded free app in the US just a week after
it was launched.

 

Its emergence comes as the US has been warning of a tech race with China,
and taking steps to restrict the sale of the advanced chip technology that
powers AI to China.

 

To continue their work without steady supplies of imported advanced chips,
Chinese AI developers have shared their work with each other and
experimented with new approaches to the technology.

 

This has resulted in AI models that require far less computing power than
before.

 

It also means that they cost a lot less than previously thought possible,
which has the potential to upend the industry.

 

Nvidia - the company behind the advanced chips that dominate many AI
investments, that had seen its share price surge in the last two years due
to growing demand - was the hardest hit on Monday.

 

Its share price dropped by roughly 17% on Monday, wiping almost $600bn
(£482bn) off its market value.

 

Janet Mui, head of market analysis at RBC Brewin Dolphin, said investors'
first response to something that appears groundbreaking is to sell because
of the uncertainty.

 

But Ms Mui said she expected many companies, like Apple, to benefit if the
cost of AI models becomes cheaper.

 

It could also be a boon for other tech giants, which have faced scrutiny for
their high spending on AI.

 

 

 

0:51

Trump: DeepSeek AI release should be 'wake-up call' for US

 

Following the shock to markets in the US on Monday, the main indexes were
steady.

 

In New York, the Dow Jones Industrial Average closed 0.3% higher, the S&P
500 rose by almost 1% and the tech-heavy Nasdaq gained 2%.

 

The FTSE 100 stock index of the UK's biggest publicly-listed companies was
also steady on Tuesday, closing 0.35% higher.

 

Earlier shares in Japanese AI-related firms including Advantest, Softbank
and Tokyo Electron fell sharply, helping to push the benchmark Nikkei 225
down by 1.4%.

 

Several other markets in Asia were closed for the Lunar New Year holiday.
Mainland China's financial markets will be shut from Tuesday and will reopen
on 5 February.

 

Who founded DeepSeek?

The company was founded in 2023 by Liang Wenfeng in Hangzhou, a city in
southeastern China.

 

The 40-year-old, an information and electronic engineering graduate, also
founded the hedge fund that backed DeepSeek.

 

He was recently seen at a meeting between industry experts and the Chinese
premier Li Qiang.

 

In a July 2024 interview with The China Academy, Mr Liang said he was
surprised by the reaction to the previous version of his AI model.

 

"We didn't expect pricing to be such a sensitive issue," he said.

 

"We were simply following our own pace, calculating costs, and setting
prices accordingly."

 

 

After DeepSeek-R1 was launched earlier this month, the company boasted of
"performance on par with" one of OpenAI's latest models when used for tasks
such as maths, coding and natural language reasoning.

 

DeepSeek's technology has been praised by high profile figures including
OpenAI chief Sam Altman who called it "an impressive model, particularly
around what they're able to deliver for the price", though he added that
OpenAI would "obviously deliver much better models" moving forward.

 

"DeepSeek's ability to rival US models despite limited access to advanced
hardware demonstrates that software ingenuity and data efficiency can
compensate for hardware constraints," said Marina Zhang, an associate
professor at the University of Technology Sydney, who focuses on China's
high-tech industries.

 

Ion Stoica, co-founder and executive chair of AI software company
Databricks, told the BBC the lower cost of DeepSeek could spur more
companies to adopt AI in their business.

 

"If that happens, this reduction in cost can accelerate the progress of AI,"
he said. "So overall, the market will expand faster, and the value of the
market will grow faster."

 

The Chinese company claims its model can be trained on 2,000 specialised
chips compared to an estimated 16,000 for leading models.

 

But not everyone is convinced. Some have cast doubt on some of DeepSeek's
claims, including tech mogul Elon Musk.

 

He responded to a post which claimed that DeepSeek actually has around
50,000 Nvidia chips that have now been banned from export to China, saying:
"Obviously."

 

The sudden explosion in popularity has prompted some to raise cyber security
concerns.

 

In Australia, science minister Ed Husic was among the experts urging
caution, telling Australia's national broadcaster ABC: "There are a lot of
questions that will need to be answered in time on quality, consumer
preferences, data and privacy management.-BBC

 

 

 

 

Inside the race for Greenland's mineral wealth

President Donald Trump has said he thinks the US will gain control of
Greenland, underlining his persistent claim on the Arctic island, on one
occasion pointing to "economic security" as the reason. While the autonomous
Danish territory has been quick to say it isn't for sale, its vast and
mostly untapped mineral resources are in great demand.

 

Jagged grey peaks suddenly appear before us, as the motorboat navigates
choppy coastal waters and dramatic fjords at Greenland's southern tip.

 

"Those very high pointy mountains, it's basically a gold belt," gestures
Eldur Olafsson, the chief executive of mining company Amaroq Minerals.

 

After sailing for two hours we stepped ashore at a remote valley beneath
Nalunaq mountain, where the firm is drilling for gold.

 

It's also scouring the surrounding mountain range and valleys, hunting for
other valuable minerals, having snapped up exploration licences spanning
over 10,000 sq km (3,861 sq miles).

 

"We're looking for copper, nickel, and rare earths," says the Icelandic
boss. "This is uncharted, and still has the potential to have multiple big
deposits."

 

 

The base camp is a cluster of mobile buildings and bright orange
accommodation tents housing more than 100 staff, including Greenlanders,
Australians, and British former coal miners. From there a road climbs up the
valley, and we drive by car into the gold mine, following a dark tunnel
upwards inside the mountain.

 

"See here!" says Mr Olafsson pointing to a seam of white quartz and a thin
dark line. "Gold, gold, gold. All the way over. Isn't that extraordinary?"

 

Four ways this Trump Greenland saga could go

Trump threat casts ominous shadow over Greenland

The mine, which Amaroq bought in 2015, had operated for most of the
preceding decade, but closed due to then falling gold prices, and high
operating costs.

 

Amaroq is confident that the mine will now be profitable. And it plans to
ramp up production this year, where it has built a brand new processing
plant to crush the ore and refine the precious metal into gold bars.

 

"We can either walk off site every month with a suitcase of gold, versus a
30,000 tonne ship [carrying the ore]," explains Mr Olafsson.

 

He says that Greenland presents an unrivalled opportunity because its huge
mineral reserves are largely untouched.

 

"It can be the supplier of all the minerals the Western world will need for
decades," adds Mr Olafsson. "And that is a very unique position."

 

The mining facility at Nalunaq as seen from the sea

The mining facility at Nalunaq is based at a dramatic location

 

Yet currently there are just two active mines on the entire island.

 

Greenland is a self-governing territory that is part of Denmark, but
controls its own natural resources.

 

It's endowed with the eighth largest reserves of so-called rare earth
elements, which are vital for making everything from mobile phones to
batteries and electric motors. It also has large amounts of other key
metals, such as lithium and cobalt.

 

There is oil and gas too, but new drilling is banned, while deep-sea mining
has also been ruled out.

 

Christian Kjeldsen, director of Greenland's Business Association, says that
the global "geopolitical situation right now is driving interest in the
world's biggest island".

 

He points to China having the world's largest reserves of rare earth metals,
while the West wants to secure alternative supplies.

 

"You have a very strong China sitting very heavily on the critical raw
materials," he says.-BBC

 

 

 

 

 

 

 

 

 

 

 


 


 


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for guideline purposes only and d from third parties.

 


 

 


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