Major International Business Headlines Brief::: 12 November 2020

Thu Nov 12 12:46:22 CAT 2020

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Major International Business Headlines Brief::: 12 November 2020

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ü  Singles Day: Luxury brands jump on China's mega shopping event

ü  UK economy bounces back from recession

ü  China to clamp down on internet giants

ü  Are big retailers exploiting lockdown loopholes?

ü  Guinness recalls alcohol-free beer just two weeks after launch

ü  TikTok asks Donald Trump: 'Are we still banned?'

ü  Diversity: UPS relaxes rules on beards, braids and piercings

ü  Government to protect key UK firms from takeovers that threaten national security

ü  Rolls-Royce plans 16 mini-nuclear plants for UK

ü  Global stocks bulls halt their charge

ü  Most Wall Street workers to get lower 2020 bonuses: study

ü  Alibaba, JD.com say U.S. was top seller to China during Singles' Day event

ü  Helped by restructuring, Japan's Nissan trims whopping loss forecast

ü  Nigeria: Tinubu Rallies Support for Sanwo-Olu's Bid to Scrap Pension for Ex-Govs, Deputies

ü  Nigerian Traders in Ghana Write Govt, Demand Immediate Evacuation

ü  Somalia: Galmudug to Build Hobyo Port in the Coastal Town

ü  Nigeria: The Secret Behind Bitcoin's Jump From ₦100,000 to ₦8 Million in 2 Years

ü  Kenya: Hotels Peg Hopes on Holiday Season, Recall 3,000 Workers

ü  Covid-19 - Congo Rolls Out Mobile Platform to Keep Citizens Safe and Informed

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Singles Day: Luxury brands jump on China's mega shopping event

Luxury brands have embraced China's largest annual shopping spree, helping "Singles Day" break records once again.

Firms including Balenciaga and Prada debuted on Singles Day, or Double 11, joining around 200 luxury brands - more than double last year's figure.

Singles Day was created by Chinese online retail platform Alibaba.

This year, the annual sale racked up $74bn (£56bn), with the luxury brands helping Tmall, Alibaba's e-commerce platform, hit new highs.

The event was seen as a gauge of the health of the Chinese economy as it emerges first from the pandemic.

Despite the healthy sales figures, Alibaba and other Chinese internet giants were this week told they face new anti-trust regulations by the government, aimed at curbing their powers.

Shares of Alibaba, the largest of the country's tech firms, plunged almost 10% in Hong Kong on Wednesday.

Luxury takes lead

One of the big differences this year was the large number of luxury brands taking part. Many had been reluctant to join the discounted shopping festival for fear of damaging their reputation.

But this year, the brands launched Singles Day promotions for the first time as they struggle for sales in Western markets.

Upmarket jewellers Cartier hosted its first live-streaming show on Taobao Live, showcasing a $28.3m necklace to an audience of almost 800,000 people.

"Global brands are looking at any alternative way to improve their revenues," said Andy Halliwell, a senior retail analyst at digital consultancy firm Publicis Sapient.

"Markets that have recovered more quickly, like China, are good opportunities for these brands to try and bolster their revenues."

China to clamp down on internet giants

China's Singles Day: 3m people, 4,000 planes and cargo ships

Jack Ma's terrible week

He said it was also a chance for high-end brands to sell off their spring-summer stocks which weren't sold due to lockdowns.

French fashion brand Chloe, taking part in Singles Day for the first time, quickly sold out of its handbags.

Jumping on bandwagon

"China has become super important to international brands because it is the only market doing well," added Pascal Martin, a partner at OC&C Strategy Consultants.

"This has prompted several brands that were still reluctant to go on third party platforms to finally jump on this bandwagon.

"Luxury brands have realised that they can join this big party without doing massive discounts, but instead building brand equity with wider audiences. This is what Dior did for the first time this year."

Fear of death

The fear of death in the wake of the Covid-19 pandemic may have been another factor influencing the sale of luxury goods, said Dr Shirley Li, a professor at Hong Kong Baptist University School of Business.

"Studies have shown that when we are faced with the risk of death, we tend to follow our heart (intrinsic motivation) and just focus on acquiring what we really love or want," she said.

"We stop worrying, just want to 'live in the moment' and shop more."

But some non-luxury brands faced pressure to offer big discounts to help drive more traffic to the e-commerce platform.

"It is a complex game of cat-and-mouse with retailers taking a hit on margins to capture business from consumers," said Chris Mulliken, a partner at consultancy EY.

"However, those consumers with money to spend should expect increasingly better deals," he said.--BBC

UK economy bounces back from recession

The UK's economy bounced back from recession with record growth of 15.5% in July to September, figures indicate.

The return to growth comes after a six-month slump induced by the first coronavirus lockdown.

However, the expansion was not enough to reverse the damage caused by the pandemic.

The country's economy is still 8.2% smaller than before the virus struck, said the Office for National Statistics (ONS).

UK unemployment rate continues to surge

Analysts warned that it was likely to shrink again in the final three months of the year because of the impact of renewed lockdowns in different parts of the country.

A second lockdown began in England on 5 November and is due to finish on 2 December.

Today's record growth for the UK economy in the three months from July to September is obviously a welcome partial reverse from the record fall seen in the spring. It means that lights are going back on in the economy that were switched off in the first lockdown.

The improvement of 15.5% occurred in all sections of the economy - services, manufacturing and construction. It is, though, catch-up not recovery. It is rebound more than it is established bounce-back. The economy is still nearly a tenth smaller than it was before the pandemic struck.

More than that, obviously the data is a rear-view mirror on the economy. It reflects a period of falling infections, the boost to growth and to footfall from the chancellor's Eat Out to Help Out scheme. It shows the rate of this rebound slowing in September, even as there was a boost from the return of school pupils.

Since then, there has obviously been a further, though less extensive shutdown, but both the Bank of England and the Treasury have boosted the economy. As important to the economy as the government physically shutting down swathes of society is the fact that consumers voluntarily retrench from social activity too, when the virus is spreading intensively.

The great bit of sunlight on the horizon, however, is the vaccine. That will be the biggest economic stimulus imaginable.

In September, growth was 1.1%, marking the fifth consecutive month of expansion. However, that was weaker than the levels seen in previous months.

"While all main sectors of the economy continued to recover, the rate of growth slowed again, with the economy still remaining well below its pre-pandemic peak," said Jonathan Athow, deputy national statistician for economic statistics at the ONS.

"The return of children to school boosted activity in the education sector. Housebuilding also continued to recover, while business strengthened for lawyers and accountants after a poor August.

"However, pubs and restaurants saw less business after the Eat Out to Help Out scheme ended and accommodation saw less business after a successful summer."

In another sign of the impact of the pandemic on the economy, figures released on Tuesday showed the unemployment rate rose to 4.8% in the three months to September, up from 4.5%.

The number of people out of work rose by 243,000 in the three-month period, the largest increase since May 2009.

In a BBC interview, Chancellor Rishi Sunak said it was going to be "a difficult winter", but there were "reasons for cautious optimism".

"Our priority remains to protect as many jobs as possible," he said, adding that the extension of the furlough scheme and the creation of the Kickstart job scheme for young people would help to do this.

He maintained that England would be able to exit its second lockdown as planned on 2 December.

"I am very confident that the measures we have put in place will do the job that we need them to do," he said.

What is GDP?

Gross domestic product (GDP) is the sum (measured in pounds) of the value of goods and services produced in the economy.

But the measurement most people focus on is the percentage change - the growth of the country's economy over a period of time, typically a quarter (three months) or a year. The measure has been used since the 1940s.

If the GDP measure is up on the previous three months, the economy is growing. That generally means more wealth and more new jobs.

If it is negative, the economy is shrinking. And two consecutive three-month periods of shrinking meets the most widely accepted definition of a recession.

What is GDP and why does it matter?

Economy

What are economists saying?

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the economy was likely to shrink by about 0.5% in the final three months of the year.

"On a monthly basis, it probably won't recover to September's level until the spring, when it should be possible for Covid-19 restrictions to be sustainably relaxed," he added.

Thomas Pugh, UK economist at Capital Economics, said that in view of what had happened since, the figures felt "not just like old news, but like ancient news".

"We already know that GDP will struggle to rise in October as tighter restrictions were imposed and that it will take a hammering in November as the effects of the second Covid-19 lockdown are felt.

"But the recent news of a potentially effective vaccine means that the outlook beyond the next six months could be much rosier than we have previously anticipated."

Looking further ahead, Sarah Hewin, chief economist at Standard Chartered bank, told the BBC there was "uncertainty" about the first three months of 2021, "particularly if we have trade disruptions related to Brexit as the transition period comes to an end at the end of the year".

"Great news about the vaccine, but we know the impact will take time to come through and there will need to be social distancing," she added.-BBC

China to clamp down on internet giants

China has proposed new regulations aimed at curbing the power of its biggest internet companies.

The regulations suggest increasing unease in Beijing with the growing influence of digital platforms.

The new rules could affect homegrown tech giants like Alibaba, Ant Group and Tencent, as well as food delivery platform Meituan.

The move comes as the EU and the US are also seeking to curb the power of internet giants.

Chinese tech shares were sharply lower after the proposed regulations were released on Tuesday.

The news came as JD.com and Alibaba were gearing up for Singles Day, the annual online sale which is their biggest day of the year.

The sell-off continued on Wednesday, with Alibaba, JD.com, Tencent, Xiaomi and Meituan all heading lower, shedding more than $200bn (£150bn) from their combined value.

What do the rules do?

The 22-page draft by the State Administration for Market Regulation (SAMR) will for the first attempt to define anti-competitive behaviour for the tech sector.

The new rules will attempt to stop companies from sharing sensitive consumer data, teaming up to squeeze out smaller rivals and selling at a loss to eliminate competitors.

They would also clamp down on platforms forcing businesses into exclusive arrangements, something which Alibaba has been accused of by merchants and competitors.

The regulations will also take aim at companies that treat customers differently based on their data and spending habits.

The SAMR is seeking reviews and feedback from the public on the antitrust guidelines until the end of the month.

How dominant are these companies?

Alibaba and JD.com dominate the online retail market in China, together accounting for roughly three-quarters of Chinese ecommerce.

As of September, Alibaba boasted 881m mobile monthly active users - more than half of China's population.

Beijing has separately raised concerns about Alibaba's affiliate company Ant Group, which pulled its stock market launch last week after regulators raised concerns over the increasing power of online lenders and how they might affect the broader financial system.

The share market offering was supposed to be the world's largest.

Ant has around 1.3bn users, mostly in China, where it runs Alipay, the country's dominant digital payment system.

Tencent, which has a competing payment system and is also the world's largest gaming company, could also come in for scrutiny.

A global trend?

If the Chinese authorities have concerns about the explosive growth of some internet platforms, they aren't alone.

The European Union has announced antitrust charges against Amazon, which it accuses of abusing its market power in Germany and France.

Warehouse worker in China.

Meanwhile, US authorities are taking action against Google's dominance as an internet search engine.

The US Department of Justice has described the tech giant as a "monopoly gatekeeper of the internet".

It's the biggest antitrust suit in the US since a case against Microsoft in the late 1990s.--BBC

Are big retailers exploiting lockdown loopholes?

Retailers and supermarkets have been accused of taking advantage of lockdown loopholes for Christmas trading while other stores remain closed.

Homeware chain The Range has been encouraging consumers in England to "Shop Christmas in-store and online".

The Plymouth-based firm - which sells groceries alongside soft furnishings and art supplies - says it's acting within the rules.

But traders whose businesses are closed say some companies aren't playing fair.

A competitor to The Range who didn't want to be named, told the BBC: "It's the wild west out there. The legislation was rushed and now government has lost control, with some retailers taking liberties in a very unfair playing field."

But The Range said it was following government guidance.

"The Range is classed as an essential retailer and is complying with all aspects of government legislation and guidelines," a spokesman for the firm said.

"Our stores trade in a fully Covid-compliant manner, creating a safe environment for our customers and staff."

Which shops will still be open in lockdown?

A screen shot of The Rage adverts

image captionAdvertising from The Range encourages consumers to 'shop Christmas' in-store and online

'Mopping up Christmas trade'

Martin Coles-Evans runs a gifts and homeware store called Hargreaves & Sons in Buxton, Derbyshire. The business has been going for more than 150 years, but now he says times are "tough".

"Shops like ourselves, we're following the rules and we're making people stay safe so we're closed, and yet these bigger companies are trying on loopholes left, right and centre to stay open, when really they shouldn't be," he said.

"It does seem to be they're mopping up all the Christmas trade while we're just limping along, struggling trying to get by with some government support."

Martin and his staff in store wearing masks

The business owner says he visited a garden centre at the weekend that was also selling clothing, shoes, books, home décor, candles and photo frames. He's written to his local MP to voice his concerns but so far he's heard nothing back.

All non-essential retail stores - as well as hospitality and leisure venues - must remain closed in England from 5 November to 2 December.

Lidl 'stacked high' with toys

Toy store owner Hellen Stirling Baker was dismayed to find Lidl supermarket in Sheffield with shelves full of children's playthings, while her doors remain firmly closed.

"Lidl is stacked high with wooden toys and books. It feels like the big supermarkets are capitalising on the fact they are able to sell non-essential goods alongside their essentials, in the run up to Christmas," she said.

Lidl says it is closely following government guidance, which states: "A business selling a significant amount of essential retail may also continue to sell goods typically sold at non-essential retail. For example, a supermarket that sells food is not required to close off or cordon off aisles selling homeware."

"Why is that allowed to happen?" asks Ms Stirling Baker. "It's definitely given the bigger supermarkets and retailers a massively unfair advantage."

Only stores that sell non-essential goods on another floor or in a different building are required to close those parts of their premises, according to the guidance.

The Department for Business, Energy, and Industrial Strategy (Beis) said the restrictions were necessary to slow the spread of coronavirus.

"These restrictions have been brought in because we have to limit social contact in order to control the virus, protect the NHS and save lives," a spokeswoman said.

"We recognise this continues to be a very difficult period for businesses, which is why we've confirmed that there will be a full package of financial support in place, with the furlough scheme extended and grants worth up to £3,000 per month for businesses legally required to close."

Toy store owner Hellen Stirling Baker in the doorway of her empty shop

But just six weeks out from Christmas, many store owners say that help doesn't go far enough to compensate business owners who've been forced to close.

"I don't think the government truly understand how retail works in the UK," says William Coe, who runs Coe's department store in Ipswich.

"They think if we pay their wages and give them a little towards overheads, they'll be alright. But these are key trading weeks that have massive implications for cash flow and stock and ongoing implications."

William Coe

Mr Coe says he understands the government is in a difficult position, "but if you tell people they have to shut, you have to give them adequate support."

Other "non-essential" retailers including bookstore owners and clothing firms have criticised the government's handling of the second coronavirus lockdown.

James Daunt, the boss of Waterstones, told the BBC that "arbitrary lines" had been drawn, with smaller bookshops forced to shut, while large newsagents such as WHSmith, which sell books alongside other items, were able to stay open.

But a spokesman for WHSmith said the chain isn't really benefitting from the rules, since lockdown means there are far fewer shoppers on High Streets anyway.

He said the company is operating in line with government guidance, which allows newsagents and post offices to keep trading.--BBC

Guinness recalls alcohol-free beer just two weeks after launch

Guinness is recalling cans of its non-alcoholic stout because of contamination fears, just two weeks after they were launched.

The brewer described the recall as "precautionary", but said "microbiological contamination" might mean some products were unsafe.

The company urged anyone with cans of Guinness 0.0 not to drink them.

It said it was working with supermarkets and other shops to remove all of the products from the shelves.

The recall only affects customers in Great Britain, as the product was not yet on sale in Ireland or Northern Ireland. No other Guinness drinks have been recalled.

Guinness 0.0 was launched to much fanfare in supermarkets on 26 October, having taken the brewer four years to perfect.

In a statement, the brand, which is owned by Diageo, apologised to customers.

Primula recalls cheese tubes amid toxin fears

J&J to sell baby powder in UK despite US stoppage

"We wanted to let you know that as a precautionary measure, we are recalling Guinness 0.0 in Great Britain because of a microbiological contamination which may make some cans of Guinness 0.0 unsafe to consume.

"If you have bought Guinness 0.0 do not consume it. Instead, please return the product to your point of purchase for a full refund.

"Alternatively, contact the Diageo Consumer Careline... with details of your purchase to receive a refund voucher before disposing of the product."

On its website, the brewery also says its team is "working hard to investigate and determine the root cause" of the contamination.

Several concerned social media users called on the firm to issue further information on the type of contamination as soon as possible.

The new stout was created in response to what Guinness said was growing consumer demand for lower-calorie and non-alcoholic drinks.

It is produced with the same amounts of water, barley, hops and yeast as a traditional Guinness, before the alcohol is removed using a cold filtration method.

At the time of launch, Guinness bosses insisted that none of the traditional flavour had been lost, with the seal of approval being given by independent taste testers.

The new product was due to become available on draught in pubs next spring, before being launched in other parts of the world later in 2021.--BBC

TikTok asks Donald Trump: 'Are we still banned?'

Chinese video service TikTok has begun a legal challenge against the Trump administration over plans to shut it down in the US on 12 November.

President Donald Trump ordered a ban on new downloads of the viral video service on that date unless ByteDance was purchased by a US firm.

TikTok said it had worked since August attempting to comply with the order, issued amid security concerns.

It said it had had no feedback from the US government in two months.

"TikTok has actively engaged with CFIUS (Committee on Foreign Investment in the United States) in good faith to address its national security concerns, even as we disagree with its assessment," the firm said in a statement.

"In the nearly two months since the president gave his preliminary approval to our proposal to satisfy those concerns, we have offered detailed solutions to finalise that agreement but have received no substantive feedback on our extensive data privacy and security framework."

That included a new proposal that would "create a new entity wholly owned by Oracle, Walmart and existing US investors in ByteDance, that would be responsible for handling TIkTok's US user data and content moderation".

It added that it had filed a court petition with the US Appeals Court to "defend our rights and those of our more than 1,500 employees in the US".

It is seeking a court review of the original order and a 30-day extension on discussions.

The political landscape has obviously changed since August, and with Joe Biden winning the presidency and due to take over in January, TikTok is likely to be questioning whether he will have a different approach to Chinese firms working in the US.

A potential deal which would have seen ByteDance agree to sell part of its US business to Oracle and Walmart has never been approved by the Chinese government, despite a tentative green light from President Trump.--BBC

Diversity: UPS relaxes rules on beards, braids and piercings

United Parcel Service (UPS) is relaxing its rules on employee appearance, lifting a long-standing ban on facial hair.

The delivery giant said the changes also include eliminating gender-specific rules.

UPS says the new guidelines are part of an effort to "celebrate diversity rather than corporate restrictions".

The company, which has more than 500,000 workers globally, has a long list of personal appearance guidelines.

Rules cover everything from hairstyles to the length of shorts. Hairstyles such as Afros and braids will now be allowed as UPS tackles bias, diversity and inclusion.

UPS says piercings should be limited to earrings and small facial ones, and must be "business-like".

However, tattoos should still be covered up.

The strict rules were aimed mostly at public-facing employees like delivery drivers.

"These changes reflect our values and desire to have all UPS employees feel comfortable, genuine and authentic while providing service to our customers and interacting with the general public," a spokesman told the BBC.

New boss

In May, UPS hired its first female chief executive, Carol Tomé. She "listened to feedback from employees and heard that changes in this area would make them more likely to recommend UPS as an employer".

UPS workers were allowed to have a beard if they got a medical or religious exemption, often to referred to as "shaver waivers".

However, in 2018 UPS paid $4.9m (£3.7m) to settle a religious discrimination lawsuit filed by the US Equal Employment Opportunity Commission over its rules on beards and hair length.

Workers have previously launched petitions to overturn the ban on beards.

The new policy allows facial hair like beards and moustaches "as long as they are worn in a business-like manner and don't create a safety concern", according to internal documents.--BBC

Government to protect key UK firms from takeovers that threaten national security

The government is to introduce a bill shortly that updates its powers to block foreign takeovers of UK firms if they threaten national security.

The National Security and Investment Bill will allow it to curtail deals where it decides there are unacceptable risks to the UK.

The new powers could halt foreign takeovers, even retrospectively.

It follows recent concern about the activities of some foreign companies, notably China's Huawei.

Pressure from some MPs forced the government to reverse plans allowing the Chinese tech giant to supply the UK's 5G mobile network.

The proposals mean that companies from any country that plan a takeover in 17 key sectors, including energy and cryptography, will be required to tell the government their plans.

There have been only 12 government interventions in foreign takeovers on national security ground since 2002 and this is the first update in 20 years.

'Real step change'

The UK has long been seen as more "open for business" when it comes to foreign firms seeking investment than other countries, such as France, Germany and the US.

It said in a statement that the updated rules would bring it more into line with theirs.

Nicole Kar, UK head of competition law at Linklaters and a specialist adviser to the Commons Foreign Affairs Committee, said the rules were "a real step-change in terms of government powers".

"There's been a lot of concern around foreign investors buying up start-ups."

She said there were regrets in government that some businesses had been allowed to be taken over: "I think there's a real feeling in the government that more needed to be done."

Business Secretary Alok Sharma said: "The UK remains one of the most attractive investment destinations in the world and we want to keep it that way.

"But hostile actors should be in no doubt - there is no back door into the UK."

Companies that do not comply with the new law will face sanctions including fines of up to 5% of worldwide turnover or £10m, whichever is the greater, and even imprisonment.

Last year, Boris Johnson was forced to defend the controversial £4bn takeover of UK defence and aerospace company Cobham by a US private equity firm.

He said at the time it was "very important we should have an open and dynamic market economy".--BBC

Rolls-Royce plans 16 mini-nuclear plants for UK

A consortium led by Rolls-Royce has announced plans to build up to 16 mini-nuclear plants in the UK.

It says the project will create 6,000 new jobs in the Midlands and the North of England over the next five years.

The prime minister is understood to be poised to announce at least £200m for the project as part of a long-delayed green plan for economic recovery.

Rolls-Royce argues that as well as producing low-carbon electricity, the concept may become an export industry.

The company's UK "small modular reactor" (SMR) group includes the National Nuclear Laboratory and the building company Laing O'Rourke.

Last year, it received £18m to begin the design effort for the SMR concept.

The government says new nuclear is essential if the UK is to meet its target of reaching net zero emissions by 2050 - where any carbon released is balanced out by an equivalent amount absorbed from the atmosphere.

But there is a nuclear-sized hole opening up in the energy network.

Six of the UK's seven nuclear reactor sites are due to go offline by 2030 and the remaining one, Sizewell B, is due to be decommissioned in 2035.

Together they account for around 20% of the country's electricity.

What is a modular nuclear plant?

Rolls-Royce and its partners argue that instead of building huge nuclear mega-projects in muddy fields we should construct a series of smaller nuclear plants from "modules" made in factories.

The aim is to re-engineer nuclear power as a very high-tech Lego set.

The components would be broken down into a series of hundreds of these modules which would be made in a central factory and shipped by road to the site for assembly.

The objective is to tackle the biggest problem nuclear power faces: the exorbitant cost.

The reason it is so expensive is that the projects are huge and complex and have to meet very high safety standards.

And, because so few new nuclear power stations are built, there are very few opportunities to learn from mistakes.

Sizewell A, B and C model

So, Rolls-Royce and its partners are saying: let's make them smaller and make lots of them so that we get really good at it.

The concept would dramatically reduce the amount of construction that would be associated with a nuclear project, claimed Tom Samson, the chief executive of the UK Small Modular Reactor consortium (UK SMR).

"If we move all that activity into a controlled factory environment that drives down cost by simplification and standardisation," he explained.

Each plant would produce 440 megawatts of electricity - roughly enough to power Sheffield - and the hope is that, once the first few have been made, they will cost around £2bn each.

The consortium says the first of these modular plants could be up and running in 10 years, after that it will be able to build and install two a year.

By comparison, the much larger nuclear plant being built at Hinkley Point in Somerset is expect to cost some £22bn but will produce more than 3 gigawatts of electricity - over six times as much.

In addition to the six nuclear plants going offline by 2030, there's another challenge. You have to factor in a massive increase in electricity demand over the coming decades.

That's because if we're going to reach our net zero target, we need to stop using fossil fuels for transport and home heating.

The government has said this could lead to a three-fold increase in electricity use.

The renewable challenge

UK SMR isn't the only player which has spotted that there could be a gap in the market for smaller reactors. There are dozens of different companies around the world working on small reactor projects.

That has got the critics of nuclear power worried. Greenpeace and other environmental groups say small nuclear power stations pose similar risks of radioactive releases and weapons proliferation as big ones.

Greenpeace UK's chief scientist, Doug Parr, said that if the government wanted to take a punt on some new technology to tackle climate change it would be better off investing in hydrogen or geothermal power.

And there are other reasons to question the SMR concept, says Prof MV Ramana of the University of British Columbia in Canada. He is a physicist and an expert on nuclear energy policy who has studied small modular reactors.

Small modular nuclear station

He said UK SMR's 10-year time-scale for its first plant may prove optimistic. The one constant in the history of the nuclear industry to date is that big new concepts never come in on time and budget, he said.

He is sceptical that the factory concept can deliver significant cost savings given the complexity and scale of even a small nuclear plant. Smaller plants will have to meet the same rigorous safety standards as big ones, he points out.

He said that where the concept has been tried elsewhere - in the US and China, for example - there have been long delays and costs have ended up being comparable to those of large nuclear power stations.

Finally, he questioned whether there will be a market for these plants by the 2030s, when UK SMR says the first will be ready.

"Ten years from now, the competition will be renewables which are going to be far cheaper with much better storage technology than we have today," said Prof Ramana.

But Boris Johnson's powerful adviser, Dominic Cummings, is known to be taken with the modular nuclear idea.

One of the reasons the government has been fighting so hard to free itself from the EU's state aid rules is so it can get its shoulder behind technologies it thinks will give the UK economy and its workers a real boost.

Modular nuclear has the potential to do just that.

If Rolls-Royce and its partners can show that the factory concept really does deliver high quality nuclear plants on time and on budget then there is potentially a huge world market for the technology.

The price per unit of electricity may be higher than with wind or solar, said the clean energy consultant Michael Liebreich, but nuclear delivers power pretty much 24/7 and therefore can command a premium.

UK SMR is pitching the concept as a UK solution to the global challenge of tackling climate change and says there will be a vast export market as the world starts to switch to low carbon energy.

Boris Johnson is rumoured to be planning to take a big punt on nuclear power.

His government has always said new nuclear is going to be a key part of Britain's future energy system.

As well as the potential investment in SMRs, the BBC has already reported that the government is expected to give the long-discussed new large nuclear plant at Sizewell in Suffolk the go-ahead.

Mr Johnson is expected to say these investments are essential if the UK is going to meet its promise to decarbonise the economy by 2050 as part of the worldwide effort to tackle climate change.

And, while there may be good reasons to question whether the SMR concept will deliver on its promise of low-cost nuclear power, there is no question it holds out exactly the kind of optimistic vision for the UK's industrial future the government is desperate for.--BBC

Global stocks bulls halt their charge

LONDON (Reuters) - Global shares were on course on Thursday to end their longest winning streak in over a year, one that has lifted them more than 10%, as the post-U.S. election and coronavirus vaccine bull run paused.

Europe’s main markets opened down 0.7% and Wall Street futures fell. For the first time in November, MSCI’s 49-country world index was in the red. Asia had finished flat.

Big Tech had rebounded on Wednesday as investors switched back to winners like Amazon and Netflix. In Europe, investors returned to safe-haven government bonds.

“What we don’t really agree with is that you need to rotate out of tech into value stocks,” said Willem Sels, chief market strategist at HSBC Private Bank, referring to stocks that do well in normal circumstances when economies are open.

“We don’t think either that a recovery (helped by a vaccine) would lead to a sustained sell-off in U.S. Treasuries. The Fed has signalled it is on hold,” he added.

In the currency market, the euro was near $1.18, in the middle of the $1.16-$1.20 range it’s been in since late July. Sterling was down 0.5% amid more Brexit uncertainty and as data showed the UK economy losing speed again.

Turkey’s lira took a breather after President Tayyip Erdogan’s promise to overhaul unconventional monetary policy and the replacement of his son-in-law as finance minister caused it to rise 10%. [EMRG/FRX]

The New Zealand dollar soared for a second session to a 19-month high as investors unwound bets on the introduction of negative interest rates.

The kiwi got an added boost after Reserve Bank of New Zealand Assistant Governor Christian Hawkesby said the economy required less stimulus than it did in August.

“The weakness in broad USD (dollar) and reflationary momentum in equities, which we saw on the back of the U.S. election and improvements in the vaccine situation, seem to be fading across FX and equities,” said Christin Tuxen, Head of FX Research at Danske Bank.

HOLD GOLD

Global oil benchmark Brent snapped three consecutive days of gains to dip to $43.46 a barrel, although it remained near a two-month high.

Traders were tempering expectations of an early release of a COVID-19 vaccine. The International Energy Agency also raised doubts on Thursday about a quick recovery in demand, amid surging infections in Europe and the United States.

Most of Europe’s main economies are already grappling with a wave of infections and new social restrictions. New York also ordered bars and restaurants to start closing early on Wednesday after U.S. cases hit records.

Until the timing of the availability of a vaccine becomes clearer, oil prices “downside could turn out to be limited, but serious upside potential is unlikely to develop in the immediate future,” said Tamas Varga, analyst at PVM Oil.

The Organization of the Petroleum Exporting Countries also revised its demand forecast on Wednesday, saying global oil demand will recover more slowly in 2021 than previously expected because of rising coronavirus cases.

Safe-haven gold edged up. Spot gold rose 0.4% to $1,872 per ounce, while U.S. gold futures were 0.3% higher.

“We still have some gold,” HSBC’s Sels said. “With Europe still in lockdown and some political risks remaining, you can’t put all your chips on one colour.”

Most Wall Street workers to get lower 2020 bonuses: study

NEW YORK (Reuters) - Year-end bonuses for most Wall Street workers are expected to decline this year compared with 2019 due to the impact of the COVID-19 impact on the U.S. economy, compensation firm Johnson Associates Inc said on Thursday.

Overall, incentives at the end of this year, which include cash bonuses and equity awards, will generally decline, marking the second consecutive year of mostly smaller awards, the study shows.

Retail and commercial bankers will be the hardest hit, with their year-end incentive payments expected to decline at least 25% to 30% compared with last year, while investment banking advisors can expect to see their payments decline by as much as 15% to 20%.

Payments to asset management, hedge funds and private equity staff can expects payouts to be down 5% to 10% from the year before.

“The pandemic is wreaking havoc on many parts of the U.S. economy this year, and the financial services industry is no exception,” said Alan Johnson, managing director of the firm that did the report.

However, while retail and commercial bankers and workers at asset managements firms have seen declines, fixed income and equities traders have benefited from volatile markets driving trading activity.

Workers in fixed-income sales & trading are expected to see bonuses increase by at least 40% to 45% while equities sales and trading staff can expect payouts to increase by 20% to 25%.

“Fixed-income pros will be rewarded handsomely as uncertainty and high volatility contributed to record trading,” said Johnson.

Johnson anticipates the pandemic will continue to hurt the financial services sector, overall, in 2021, but perhaps to a lesser degree than in 2020. Staff cuts are expected in the first half of the year, he said. Early projections suggest modest salary increases and flat-to-slightly increased bonuses.

Alibaba, JD.com say U.S. was top seller to China during Singles' Day event

BEIJING/SHANGHAI (Reuters) - Alibaba 9988.HK and JD.com JD.O said the United States was the top seller of goods to China during the Singles' Day shopping extravaganza that generated about $116 billion in merchandise volume for the pair.

Singles’ Day is usually a one-day sales event, the world’s biggest, eclipsing Black Friday and Cyber Monday in the United States. Many online companies offer deals at the event.

This year, companies including Alibaba Group Holding Ltd BABA.O and JD.com Inc 9618.HK offered promotions over several days, with sales widely interpreted as indicative of China's rebounding post-virus economy.

Customers, unable to travel abroad because of the COVID-19 pandemic, snatched up deals from brands including Huawei Technologies Co Ltd and Fast Retailing Co Ltd's 9983.T Uniqlo.

Alibaba generated gross merchandise volume (GMV) of 498.2 billion yuan ($75.28 billion). JD.com, which recorded 271.5 billion yuan in GMV, told Reuters on Wednesday that best-selling products included Apple Inc AAPL.O iPhones, L'Oreal SA's OREP.PA Lancome toner and 60-inch smart LCD TVs from Sharp Corp 6753.T.

Alibaba offered promotions in two windows starting Nov. 1 but calculated GMV over 11 days. JD.com offered deals Nov. 1 through Nov. 11.

The event was overshadowed by news that China aimed to propose anti-monopoly rules for internet platforms.

Alibaba’s Hong Kong-listed stock, which took a beating when regulators scuppered the listing of fintech affiliate Ant Group, dropped another 10% on Wednesday. It was up 3% around midday Thursday.

Alibaba said other top-selling countries this year included Australia, Germany, Japan and South Korea. Over 470 firms exceeded 100 million yuan in GMV. Last year, Alibaba merely named Japan and the United States among biggest sellers.

Alibaba clocked GMV of $38.4 billion in a single day last year and said 299 brands surpassed 100 million yuan in GMV, including Nestle SA NESN.S and Under Armour Inc UAA.N.

($1 = 6.6181 Chinese yuan renminbi)

Helped by restructuring, Japan's Nissan trims whopping loss forecast

TOKYO (Reuters) - Japan's Nissan Motor Co Ltd 7201.T cut its forecast for an annual operating loss by 28% on Thursday, albeit to a still-whopping $3.2 billion, helped by restructuring efforts and better-than-expected sales.

In a reversal of the rapid expansion pursued by ousted Chairman Carlos Ghosn, Nissan is reducing production and its vehicle line-up by a fifth, and slashing costs by 300 billion yen ($2.85 billion) in three years to improve profits.

“We are confident we are on track” to achieve restructuring plans, Chief Operating Officer Ashwani Gupta told a briefing.

As part of its drive to become leaner, Nissan will move towards online sales globally, Gupta said, as more companies look to reevaluate retail space after the COVID-19 crisis.

Japan’s third-largest automaker has been hit hard by the pandemic, just as it was trying to recover from the scandal over the ousting of Ghosn on financial misconduct allegations, which he denies. It has particularly struggled in North America, where it is hampered by an ageing model line-up.

Chief Executive Makoto Uchida, who has previously announced plans to launch new vehicles, told a briefing on Thursday the company had to restore the faith of suppliers and dealers.

“I am committed to building models that embody Nissan-ness,” he said.

PROFIT CUT

Nissan cut its full-year operating loss estimate to 340 billion yen from a previous prediction for a record 470 billion yen loss.

It posted a 4.83 billion yen operating loss in the three months ended Sept. 30. That is much less than an average estimate of a 80.6 billion yen operating loss from a Refinitiv poll of five analysts, and compares with a 30 billion yen profit for the same period a year earlier.

The automaker raised its forecast for full-year global vehicles sales to 4.165 million units from an earlier forecast of 4.13 million units, although that still represents a decline from the previous year.

Nissan is focusing on sales in China and the United States. To bolster its finances amid the coronavirus downturn, Nissan has said it will issue $8 billion in dollar-denominated bonds and is considering euro-denominated debt.

Nigeria: Tinubu Rallies Support for Sanwo-Olu's Bid to Scrap Pension for Ex-Govs, Deputies

The National Leader of All Progressives Congress (APC) and former Governor of Lagos State, Senator Bola Tinubu, has thrown his weight behind the decision of the state Governor, Mr. Babajide Sanwo-Olu, to repeal a law that empowers the state government to pay pension and provide other benefits to former governors of the state and their deputies.

However, Delta State Governor, Dr. Ifeanyi Okowa, has said that his administration has no plans to stop pensions of past governors and their deputies.

Tinubu tweeted yesterday that he supported Sanwo-Olu's push and urged all APC loyalists to rally round the governor.

"Congratulations to Governor Sanwo-Olu over the Y2021 budget which he appropriately christened" Budget of Rekindled Hope.

"This audacious and enterprising budget will empower our people and begin to rebuild Lagos State.

"In particular, I would also like to commend the fovernor for the plan to commence the repeal of the pension law giving pension packages to former governors and their deputies.

"This is a bold and courageous move by Mr. Governor and I wholeheartedly support him. I encourage all APC loyalists to do the same," Tinubu tweeted.

Sanwo-Olu had unfolded a plan to stop the payment of pension to his predecessors and former deputy governors at the presentation of the state budget on Tuesday.

He had told the House of Assembly that he would soon send an executive bill to repeal the Public Office Holder (Payment of Pension Law 2007) that empowers the state government to pay pension and provide other welfare benefits, including houses in Lagos and Abuja, vehicles and other accoutrements of comfort to the former governors and their deputies.

"Mr. Speaker and honourable members of the House, in light of keeping the cost of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former governors and their deputies.

"It is our firm belief that with dwindling revenues and the appurtenant inflationary growth rates, that we need to come up with innovative ways of keeping the cost of governance at a minimum while engendering a spirit of selflessness in public service," he said.

But Okowa said yesterday that his administration had no plans to stop pensions of past governors and their deputies.

Okowa, said in Asaba that the Lagos State Government might have reasons to repeal its pension law.

"There is an existing law in Delta State on what accrued to the governors and their deputies, that I don't want to touch.

"We are not thinking in that direction; my counterpart in Lagos may have reasons why he wants the law repealed but we in Delta don't want to go into that.

"I don't want to comment on the decision of Lagos State governor. Each state has the power to make a decision concerning its governance," he added.-This Day.

Nigerian Traders in Ghana Write Govt, Demand Immediate Evacuation

Nigeria Traders in Ghana under the auspices of Nigerian Union of Traders Association in Ghana (NUTAG) yesterday presented a 'Save-our-Soul (SoS)' letter to the Federal Government of Nigeria, demanding immediate evacuation from Ghana.

The shops of Nigeria traders in Ghana had been shut for almost a year in a retaliatory move against the decision of the Nigerian Government to close its land boarders to curb smuggling.

The delegation led by the President, National Association of Nigerian Traders (NANTS), Dr. Ken Ukoaha, along with the president of NUTAG and other members of the association, presented the letter to the Chairman of Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, in Abuja yesterday.

Their request, among others, is to ensure a peaceful and secure evacuation of Nigerians in Ghana back to Nigeria.

In a statement issued yesterday by Mr. Gabriel Odu of the Media, Public Relations and Protocol Unit of NIDCOM, it was revealed that the letter contained a list of 753 members who signed it to be supported to return home.

According to the statement, "They explained that the evacuation has become necessary because of the constant and consistent harassment, intimidation, torture and threat to life, as well as a total lockdown of their means of livelihood, as their shops have been locked for almost one year by the Ghanaian Government.

"More so, since all diplomatic niceties at the highest level between Nigeria and Ghana have not yielded positive results, they need to be evacuated to Nigeria.

"Now, landlords are coming to ask us for rent. How do we pay with our shops locked up for so long? We are dying here."

However, Dabiri-Erewa has called for peace, stressing that all relevant stakeholders would continually be engaged.

She said it was indeed sad that their shops have not been reopened for almost one year, citing draconian conditions against ECOWAS Protocols of free trade and movement of goods and services.

Dabiri-Erewa once again pleaded with the traders not to allow tempers rise, while assuring them that she would convey their message for support to relocate them back home to the appropriate authorities for further consideration and to speed up the process with strategic ministries and agencies to bring a lasting solution to the issues.-This Day.

Somalia: Galmudug to Build Hobyo Port in the Coastal Town

Somalia's Galmudug State which is situated in the north-central Mudug region has signed an agreement with a UK-based consortium for the construction of Hobyo port in the coastal town of Hobyo.

This announcement was made by Abdisabir Nur Shurie, Galmudug's minister for ports and fisheries on his Twitter handle. He noted that the deal was signed in London with Oriental Terminal which is made up of Turkish, British, and Somali companies.

According to the minister, the first survey team would arrive in the country to plan the construction and operation of the port, which he said would bring "significant socio-economic changes in the lives of millions of people in Galmudug and the neighboring states".

Plans to involve Qatar in the project

The aforementioned deal follows reports in June that the port would be built and operated by a "public-private entity", with the help of US$ 90M from Somali businesses. The announcement seems to end the initial plans to involve Qatar in the project.

Last year, the government of Qatar was reported to have signed an agreement worth around US$ 170M to build the port, and the project was to have been developed by the state-owned port management company, Mwani Qatar.

Qatar thus aspired to position itself more in relation to its rivals in the Gulf, in this region of the world at the crossroads of several key maritime corridors.

Significance of the proposed port of Hobyo

The future port of Hobyo is of geostrategic interest because of its proximity to the Bab el-Mandeb Strait, which is one of the most important sea crossing points in the world, with significant potential for access to international markets.

Since the 13th century, Hobyo has been a hub for merchants in textiles, precious metals, and pearls. The main export crops in modern times have been livestock, hides, aromatic woods, and raisins.-Shabelle.

Nigeria: The Secret Behind Bitcoin's Jump From ₦100,000 to ₦8 Million in 2 Years

Bitcoin marked its 12th anniversary on October 31st. In response, its price has jumped from $13,000 to $15,000 in less than 2 weeks. The crypto community, including Bitcoin exchanges, celebrated the 12th anniversary in a big way.

But for someone who hasn't dealt with Bitcoin, this huge price can be a little confusing. The most common questions people ask are: What is Bitcoin and why is it so valuable? How can a currency you cannot see or touch have such a high price? If it's not a ponzi scheme, then what's really driving it?

To answer these questions, let's look closely at Bitcoin. It's just a type of digital currency also known as a cryptocurrency, that doesn't have any physical notes. You can buy and sell Bitcoin on a cryptocurrency exchange and use it for a couple of things.

https://www.youtube.com/watch?v=msz0awutTEY&t=4s

You can send it from one place to another

So let's say you sharply want to send your friend Bolu 15,000 Naira for the weekend. The normal thing is to open your mobile banking app and send the money to Bolu's account number. Bolu's weekend is set and you get a debit alert showing that your account balance has changed. In all this, you haven't touched physical cash at all. You can just see the numbers changing. That's the same way you can send Bitcoin from one person to another but there's more.

You can trade it like Forex

People trade Bitcoin the same way you can trade any other currency that has an unstable price. You know how 1 dollar could be 360 naira today, and people will quickly go and buy it. Then when it's like 400 naira, they sell it and make profit. That's how you can trade Bitcoin. The only difference is that with Bitcoin the price changes a lot more and gives people room to profit more.

But where does the real value of Bitcoin come from?

Other valuable resources like gold are things that you can see and touch. But you can't touch Bitcoin, so is it jazz?

The value of Bitcoin comes from two main things:

It has a limited supply

It provides value

The Limited Supply of Bitcoin

To understand how Bitcoin is limited, let's look at gold. Gold is a natural resource that will finish one day. And when it finishes, it's not like Central banks can just start printing new gold.

Bitcoin isn't a natural resource. It was created with software code. And this code says that only 21 million Bitcoins will ever exist. But the thing is that most of the 21 million Bitcoins were locked at the beginning.

It's just like when you play a game and some levels are locked. So as you go through the game shooting all the bad guys, you unlock those levels.

Every day, 900 Bitcoins are unlocked and more than 18 million are unlocked today. But what happens when all the Bitcoins become unlocked? Well... Bitcoin becomes scarce and scarcity drives value up.

How Bitcoin Provides Value

Bitcoin was created as a central currency for sending and receiving money around the world. But why do we need a central currency?

Remember Bolu from our earlier example? Now, imagine he was in Antarctica and doesn't have a Naira account. How do you send him money quickly and without heavy fees? That's where Bitcoin comes in.

All you have to do is sign up on a cryptocurrency exchange and enter Bolu's Bitcoin wallet address. Within a matter of minutes, he can receive the Bitcoin and withdraw it in his currency. That's what Bitcoin looks like in action. It's this usefulness that makes Bitcoin worth trading, using, and investing in.

There are now also other digital currencies such as Ethereum, Tron, and Dash that provide similar value.

So the next time someone asks you why Bitcoin has value, tell them this: Bitcoin is limited and provides value. This is why people are willing to buy and sell it. As people find more useful ways to use cryptocurrencies, more people will buy them.-Vanguard.

Kenya: Hotels Peg Hopes on Holiday Season, Recall 3,000 Workers

Hotels have recalled more than 3,000 workers following their reopening, with investors targeting tourists trooping to the Coast for the Christmas holidays.

Kenya Union of Domestic, Hotels, Educational Institutions, Hospitals and Allied Workers, Mombasa and Kwale branch secretary Zack Osore said workers have adapted to "the new normal" including wearing face masks, gloves and shields to minimise contact with guests.

"We are glad that over 3,000 hotel workers are back, which is 60 percent of the workforce. After every two weeks, they are tested for Covid-19 to ensure their health and safety," Mr Osore told the Nation.

He added that most hotels in the North Coast, especially Malindi, are yet to reopen and described the tourism hub frequented by Italians as a dead zone.

"You know Malindi is an Italian hub and Italy was adversely affected by the pandemic. We are hoping the workers will be recalled once the sector picks up," he added. Mr Osore said most hoteliers have opted to give their workforce accommodation within their places of work to minimise the risk of contracting the virus.

Kenya Association of Hotelkeepers and Caterers (KAHC) Coast Executive Dr Sam Ikwaye said Covid-19 had hit the sector hard: "All our hopes are on the Christmas holidays. We want to reap from domestic tourists who have been our biggest supporters during this trying moments."

He urged tourism sector players to embark on rigorous marketing strategies, noting that the holiday season will bring international tourists to the coast to enjoy the warm weather.

Containment measures put in place by the government including the closure of the airspace, travel restrictions and partial lockdowns dealt a devastating blow to the economy. Thousands of workers were rendered jobless when hotels were shut down due to lack of business.

As the second wave leads to a rise in infections, hoteliers have been forced to rely on skeleton staff to cut down on costs.

Many of the beach hotels have shut down entirely until next year while others are struggling to stay afloat. A few have opted to rely on domestic tourists by enticing them with affordable rates. On September 1, the Kenyan National Bureau of Statistics estimated that around 1.7 million Kenyans had lost their jobs. The unemployment rate doubled to 10.4 percent compared to 5.2 percent in March when the first case of the virus was reported.

Kenya Tourism Federation chairman Mohammed Hersi has been challenging the state to relax some of the rules to attract foreign tourists running away from the winter. He said the tourism sector will bounce back and urged hoteliers to reopen.

"You cannot keep on complaining about bad business when you are still closed. Tanzania and Egypt relaxed their rules while the Maldives decided to open their doors. Why are we stopping the planes that are going to bring these tourists? Nobody who is sick is going to fly anyway," insisted Mr Hersi.

Last week, the industry players highlighted the recovery measures that they have put in place to boost the sector ahead of the December holidays.

Key among them are branding, awareness creation, communication, accessibility, experience, partnerships and security.

Mombasa has been categorised as the leading destination for meetings, incentives, conferences, and exhibitions (known in tourism parlance as "mice"), while Diani is a designated family holiday destination.

Malindi attracts nightlife enthusiasts and retirees while Watamu is renowned for marine life. Lamu attracts tourists who love culture and history while Tsavo and Tana River are for scenic and wildlife tourists. Tourism chief administrative secretary Joseph Boinett urged hoteliers to adhere to the health protocols.

"The pandemic has impacted us to the point that, even in our game parks, we have seen a decline of up to 90 percent. But when President Uhuru Kenyatta reopened the economy, we saw gradual revival of the sector," said the CAS last week.

Recently, Tourism CS Najib Balala termed 2020 as the most difficult year due to the outbreak of the pandemic that has brought the sector to its knees.

"Tourism is on its knees, but I want to thank Kenyans for coming out, travelling and supporting the industry. Every traveller opens up a new job opportunity for our people," he said.-Nation.

Covid-19 - Congo Rolls Out Mobile Platform to Keep Citizens Safe and Informed

Brazzaville — Congo's government has officially launched the Africa Communication and Information Platform for Health and Economic Action (ACIP), a continental tool that aims to harness real-time anonymized data on COVID-19 to inform decision making at national and regional levels.

During the virtual launch of ACIP Congo on 6 November 2020, the country's minister of Posts, Telecommunications and Digital Economy, Léon Juste Ibombo, described the platform as a "people-centered" tool that will enhance ongoing efforts by his government to ensure the safety and welfare of citizens.

"Anonymous data collected through this platform will provide relevant insights and analyses on issues relating to COVID-19 and the socio-economic wellbeing of our people," said Mr Ibombo.

ACIP was developed by the Economic Commission for Africa (ECA) and partners to enhance the capability of African governments to communicate and interact with the citizenry in mitigating and managing the socio-economic impacts of Covid-19. The Africa-wide initiative is championed by President Denis Sassou Nguesso of the Republic of Congo.

ECA's Executive Secretary, Vera Songwe, commended the Congolese president for "exemplary leadership on this project," and urged other leaders to join the continental initiative, which is "set to reach over 600 million mobile subscribers in Africa." The ongoing phase one rollout covers mobile users across more than 23 countries, representing over 80% of Africa's total mobile users.

The mobile platform uses an interactive, text-based, short-code (USSD), and an Interactive Voice Response (IVR) service to reach 100% of mobile users, regardless of phone type, technology, or mode of service. It integrates both online broadband and mobile narrowband information and facilitates collaboration across mobile network operators to serve local populations.

Andrew Rugege who heads the ITU Regional Office for Africa said ACIP's ability to "leverage the power of artificial intelligence" makes it an essential "landmark" in the fight against COVID-19. He encouraged African countries to "take Congo's example and implement this platform" that will help them reach millions of people.

It is the first time that major telecom operators in Africa, including Airtel, MTN, Orange, and Vodafone, have collaborated on a continental level to reach more than 80% of Africa's 850 million mobile subscribers.

"ACIP is a good example of public-private partnership for social good. We congratulate Congo on becoming the pioneer nation to implement this continental initiative. As a pan African enterprise, it is our believe that every African deserves to be connected and be safe," said Ayham Mousasa, CEO of MTN Congo.

The CEO of Airtel Congo, Alain Kahasha, also praised the government of Congo for its "laudable move" to take full advantage of this "platform that gives the Congolese people access to timely information, which will empower them to stay safe from COVID-19."

In a message delivered on behalf of the director of Africa CDC, Akhona Tshangela - CDC Program Manager - said "sharing the right information to citizens plays a key role in keeping our communities well informed of the evolving situation of the global pandemic. This platform will help Congo's government make data-informed decisions when responding to affected areas."

A continental launch of ACIP took place in June 2020 under the leadership of the presidents of Guinea and Congo. It was attended by over 400 participants, including senior government representatives, heads of institutions, major mobile operators, Africa CDC, WHO, ITU, Smart Africa, the World Bank, Covington & Burling, and the Global Partnership for Sustainable Development Data.

Groundwork for the service has been laid in several countries and the rollout will continue on a country-by-country basis. The platform will enhance governments' ability to acquire excellent and timely data while ensuring personal data protection. Each country maintains full ownership and access to its national data. USSD, IVR, and outbound SMS will be provided for free to all mobile users.

Meanwhile, COVID-19 has underscored the urgency with which Africa must act to improve internet speed and access to ensure continuity in key areas such as the economy, health, and education during such pandemics. Countries that want to remain competitive in the global economy are fast adapting to 5G technologies, which will account for about 55% of mobile subscriptions in North America, 43% in North-East Asia, and 30% in Western Europe by 2024.

Congo's capital city, Brazzaville, is amongst 10 African cities in which ECA, in collaboration with governments, telecommunications regulatory agencies, network and telecom operators, is planning to launch 5G testing before a continent-wide commercial launch in African.

"Congo is keen on taking full advantage of the multiple benefits of 5G technologies which will, among other things, contribute to an estimated $2.2 trillion to the world's economy over the next 15 years (GSMA-2019)," Minister Ibombo.

Commenting on the potential of 5G to enhance socio-economic activities through an improved digital economy, UNIDO's Secretary-General , Li Young, said "Africa's efforts to test and establish relevant digital technology infrastructure deserve the strong support of the international community," and that "ITU can contribute to the technology sourcing and attraction of investment for five 5g adoption." He commended ECA's work and reaffirmed UNIDO's availability for continued collaboration with ECA to advance Africa's digital agenda.

The Republic of Congo is also earmarked to host a Regional Centre on Artificial Intelligence (AI), which will be established with the support of ECA and its partners. The centre will help improve AI research and explore its transformative potential in sectors such as banking, health, agriculture, and transport among others in Congo and Africa at large.-UNECA.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Afdis

AGM

virtual

13/11/2020 | 12:20pm

Simbisa Brands

AGM

SAZ, Northend Close, Borrowdale, Harare as well as virtually on: https:/escrowagm.com/eagmZim/Login.aspx

20/11/2020 | 8:15am

Axia Corporation

AGM

virtual https://escrowagm.com/eagmZim/login.aspx

24/11/2020 | 8:14am

Zimbabwe

National Unity Day

Zimbabwe

22/12/2020

Christmas Day

25/12/2020

Boxing Day

26/12/2020

New Year’s Day

01/01/2021

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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