Major International Business Headlines Brief::: 31 October 2020

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Major International Business Headlines Brief::: 31 October 2020

 


 

 


 <https://www.gemportal.co.zw/> 

 


 

 


 

 

ü  New nuclear plant at Sizewell set for green light

ü  Eurozone bounces back to economic growth

ü  'Millions face hardship' as government support ends

ü  Covid: The 400,000 seafarers who can't go home

ü  Coronavirus: Is virtual reality tourism about to take off?

ü  Marriott Hotels fined £18.4m for data breach that hit millions

ü  Japan's first passenger jet in decades put on hold

ü  NatWest warns of 'challenging times' amid surprise profit

ü  Eco-friendly diamonds made from the sky

ü  Malawi Govt Increases Civil Servants Salaries - Lowest Paid to Get K118
000

ü  Africa: Data Driven Agriculture Can Solve the Challenge of Food Security
in Africa

ü  Africa: South Africa, Ghana Net 200% Investments Above Nigeria in 6
Months

ü  Angola: World Bank Provides USD 230 Million to Support Commercial
Agriculture

ü  Malawi: Hrdc Demand Probe On Malawi Mining, Oil and Search Deals - Rak
Gas Licence Under Scrutiny

ü  Nigeria: Dwindling Oil Demand - 14,000 ExxonMobil Staff to Lose Jobs

 


 <http://www.nedbank.co.zw/> 

 


 

New nuclear plant at Sizewell set for green light

The government is close to giving the green light to a new nuclear power
station at Sizewell in Suffolk.

 

The BBC has learned that talks with the Sizewell contractor, EDF, have
intensified in recent weeks.

 

This comes after the collapse of projects in Anglesey and Cumbria when
Japanese firms Hitachi and Toshiba pulled out.

 

Government officials are insisting that it "remains committed to new
nuclear".

 

This commitment to new nuclear may be included as part of a 10-point
government plan to be published in early November.

 

That plan is expected ahead of a detailed government white paper in late
November which will attempt to set out the course of UK energy policy for
decades to come.

 

Unions have warned that a failure to transfer jobs, skills and new
opportunities from the current project under construction at Hinkley Point
in Somerset to Sizewell in Suffolk would put thousands of high skilled jobs
at risk.

 

The details of how new reactors at Sizewell will be paid for are still being
hammered out.

 

The government is considering taking an ownership stake and consumers may
see a small addition to their bills to pay for the project as it is being
built, in order to drive down the costs of financing a project that may cost
up to £20bn and take about 10 years to build.

 

The bigger the government stake, the smaller the call on consumers to "pay
as you go" for the development and construction costs.

 

This funding model has been treated with suspicion before, as opponents say
it transfers the risk of delays and budget overruns from the contractor to
the consumer and the taxpayer.

 

However, the BBC understands that the fact Sizewell C is a carbon copy of
Hinkley - which has seen work on a second reactor there completed 30% more
quickly than the first - is thought to have substantially mitigated that
risk.

 

One of the reasons that the electricity that Hinkley will one day produce is
so expensive (£92.50 per megawatt hour, compared with gas and wind at about
£40) is that the constructors were required to shoulder the risk of any cost
overruns themselves. EDF estimates that the cost of electricity produced at
Sizewell will be somewhere between £40 and £60.

 

The government hopes that the regular payments from both the government and
consumers will encourage private sector investors like pension funds to also
take an ownership stake in the project.

 

Wylfa Nuclear Power Station at Cemaes Bay, Anglesey, North Wales.

 

 

There are three reasons that Sizewell C will be approved:

 

1 - Government Policy

The government has recently confirmed that it "remains committed to new
nuclear" as part of a mix of low-carbon electricity production. At the
moment, Sizewell C is realistically the only horse in the race.

 

Of the original six sites earmarked a decade ago for a new fleet of nuclear
reactors, three (Wylfa, Moorside and Oldbury) have collapsed, with only one
already under construction at Hinkley Point in Somerset.

 

Plans for Small Modular Reactors (SMRs) have attracted interest and research
investment from the government, but are thought to be many years from being
a realistic alternative to big nuclear plants. Rolls Royce, which is
spearheading this research and development, may disagree, but as one
industry source put it, "I don't think that anyone really thinks that SMRs
are a thing just yet."

 

That means Sizewell C is the only realistic option left on the table.

 

2 - Hitting net zero

Even some of the most prominent evangelists for renewables such as wind and
solar privately admit that you can't get to net zero by renewables alone
without compromising the stability of the electricity grid.

 

There are times when the wind doesn't blow and the sun doesn't shine. It is
possible to develop enhanced battery storage and use "smart grid" technology
to flick between different renewable sources, but to do that would require
billions of investment in a radical redesign of the national grid to provide
that kind of flexibility and connectivity.

 

Nuclear currently supplies more than 20% of all UK electricity and although
offshore wind can be expanded enormously, keeping pace with the soaring
demand expected for electricity in our transport and heating systems would
be asking too much of renewables.

 

We will need gigantic quantities of low-carbon electricity and when it's
built and running, that's what nuclear gives you. The new plants at Hinkley
and Sizewell alone are expected to supply 14% of the UK's electricity needs.

 

3 - Jobs, jobs, jobs

A decision to green-light Sizewell will be welcomed by unions as an
important move to preserve jobs and expertise in a high-skilled and
well-paid sector.

 

The union Unite has called on the government to approve the plans, arguing
that 10,000 jobs are "in the balance" if the project does not go ahead.

 

The government recognises this.

 

Energy industry sources agreed, telling the BBC that there is a "compelling
industrial case" for the "lift and shift" of jobs and skills from the plant
currently under construction at Hinkley Point in Somerset to Sizewell in
Suffolk.

 

Contractors EDF claim Sizewell will create and support 70,000 direct and
indirect jobs throughout the UK.

 

But there are also problems:

 

China

Chinese state-owned company CGN already owns a 33% stake in Hinkley Point C
in Somerset, currently under construction by French firm EDF, which owns the
other two-thirds.

 

The Chinese firm also took a 20% stake in the development phase of Sizewell
on the understanding it would participate in the construction phase and then
land the ultimate prize of building a reactor of its own design at Bradwell
in Essex.

 

Sources within government and the industry say Chinese involvement in
designing and running its own design nuclear reactor on UK soil "looks
dead", given revived security concerns and deteriorating diplomatic
relations after the government's decision to phase out Chinese firm Huawei's
equipment from a new generation of telecommunication networks.

 

If a mobile network is considered too sensitive, it's hard to argue that a
nuclear power station is not. Sources close to CGN say the company
recognises the new political realities, but still hopes to be able to be an
"arm's-length suppler" to the project, having built a similar plant in
Taishan which is already up and running.

 

Local opinion

Local opinion in Suffolk is mixed. Some residents of the surrounding
picturesque and well-heeled villages fear a future of HGVs thundering down
country lanes and have mounted campaigns to stop the project.

 

Others point to the benefits of the many thousands of jobs the project will
create in an area that also includes some of the UK's most deprived areas.
One Stop Sizewell poster had "Jobs not Snobs" written over it.

 

Technology of the past

Opponents of Sizewell say that big nuclear is a technology of the past. The
future lies with a rapid expansion of renewables, along with the development
of large-scale battery technology and technology that optimises the supply
and demand of energy in real time.

 

The chairman of Together Against Sizewell C, Pete Wilkinson, argues that
"renewables out-compete nuclear on every front - cost, waste, jobs, CO2 and
time for deployment".

 

Why nuclear?

Analysis box by Justin Rowlatt, chief environment correspondent

Decarbonising our electricity supply is crucial if the UK is to meet its net
zero target by 2050.

 

But at the moment there aren't many choices when it comes to low carbon
energy.

 

The UK isn't a great location for solar power. We don't have much sun, or
much land.

 

Wind, particularly offshore wind, is a much better bet. Boris Johnson has
said he expects offshore wind to be able to generate 40GW for the UK by 2030
- more than half current electricity demand.

 

However, that's already an ambitious target and it is hard to see how the
industry could be developed more rapidly than that.

 

And you've also got the question of what to do when the wind doesn't blow
and the sun doesn't shine.

 

Battery and other energy storage technologies are developing rapidly but are
expensive.

 

Meanwhile, other more dependable low carbon technologies - carbon capture
and storage, geothermal, wave and tidal power etc - may be promising but are
not yet available at scale.

 

Leaving nuclear power pretty much the only remaining low carbon option.

 

 

Not either/or

One of the UK's leading energy experts, Prof Dieter Helm, says some of the
numbers on cost are misleading, as basic comparisons underestimate the cost
of intermittency (when the wind doesn't blow and the sun doesn't shine) and
the necessary changes to the overall design of the energy grid to
accommodate the large number of turbines and solar farms you would need to
replace the constant flow (baseload) of energy you get from nuclear power.

 

"No one thinks nuclear can solve the problem, but it's also hard to see how
wind gets you there either and in fact neither of them claim that to be the
case. One thing is certain, the government has to stop dithering and start
putting some stakes in the ground," he says.

 

Ultimately, for the government, it is neither desirable nor necessary for
this to be an either/or decision. The Committee on Climate Change (CCC) has
said the road to net zero will require a combination of technologies.

 

It will also cost a lot of money which, one way or another, will be paid by
consumers and taxpayers.

 

Decarbonising the electricity supply is the relatively easy bit.
Decarbonising industrial processes and the way we heat our homes is the hard
bit. There are 25 million gas boilers in our homes which will need
replacing, for a start.

 

The CCC estimates the cost of getting to net zero by 2050 at a TRILLION
pounds. That means spending £30bn a year - every year - for the next 30
years. That's roughly 1.5% of UK GDP. Put that way, it sounds possible but
is still a very, very formidable target.--BBC

 

 

 

Eurozone bounces back to economic growth

The economies of the eurozone bounced back in the third quarter of the year,
according to new official figures.

 

Economic activity for the region as a whole was 12.7% higher than in the
previous three months.

 

But the growth was not enough to reverse the declines in the first half of
2020 due to the pandemic.

 

The outlook for the end of the year is further weakness caused by a renewed
surge in Covid cases and tighter official restrictions.--BBC

 

 

 

 

'Millions face hardship' as government support ends

The end of a range of government support schemes could leave millions of
people facing hardship, think tanks and political groups have warned.

 

Mortgage holidays and jobs furloughing are to end on Saturday, with other
other support measures starting.

 

But there are still gaps in support that need filling, some organisations
have said.

 

The Treasury said it had put in place a number of generous support schemes
for individuals and businesses.

 

The mortgage holiday scheme introduced at the start of the Covid-19 crisis
ends on Saturday as does the job furlough scheme, which is being replaced by
the Job Support Scheme.

 

It will leave a fifth of mortgage holders - around 1.6 million households -
worried about paying their mortgage over the next three months, according to
the Joseph Rowntree Foundation.

 

The poverty campaign charity said: "There is a real risk that
mortgage-holders on low incomes will be pulled into poverty and hardship."

 

It said 890,000 working households with a mortgage expect to see a drop in
earnings over the next month, but 85% of them - 750,000 households - aren't
eligible for any government support with their housing costs.

 

"It's not right that during a time of huge uncertainty, many households are
discovering that they are excluded from the only lifeline that could help
meet their housing costs," said Darren Baxter, policy and partnerships
manager at the charity.

 

The Joseph Rowntree Foundation wants the Support for Mortgage Interest
payment to be reformed to help people who lose their jobs to keep their
homes as they weather the coronavirus storm.

 

Self-employed 'face double hit'

Self-employed homeowners could face a double hit as their grants are
reduced, the Labour party said.

 

"Self-employed homeowners are facing a perfect storm because the government
has decided to abandon them just as we head into the winter," said shadow
chancellor Anneliese Dodds.

 

"There's still time for the government to stop a bleak winter for Britain's
self-employed workers.

 

"It must remove the mortgage cliff edge, fix the gaps in its income support
schemes, and help people defer the cost of interest payments."

 

>From November, self-employed people will be able to apply for a third grant
under the Self-Employment Income Support Scheme (SEISS) to cover the next
three months, worth 40% of their pre-virus trading profits.

 

But that figure is down from the 80% offered during the first grant and 70%
during the second application period.

 

Eviction notice

 

Renters 'hit'

People renting their home are more likely to have fallen behind with their
housing costs than mortgagers, according to the Resolution Foundation, which
campaigns on living standards.

 

Its research suggests nearly one-in-eight private renters and more than
one-in-six social renters are currently unable to cover their housing costs
in full.

 

"Renters are being particularly badly hit," said Lindsay Judge, research
director at the Resolution Foundation.

 

"They are much more likely to have lost their jobs and significant numbers
are only managing by cutting other expenditures, drawing down on savings or
getting into debt in order to meet their rent."

 

She called on policymakers to ensure the social security system supports
struggling families effectively over the coming months and take urgent
action to avoid an increase in homelessness.

 

"But landlords might also need to recognise that as household incomes fall,
rents are more likely to need to go down than up," she added.

 

Landlords ask for help

Landlords, however, have called on the government to give the sector extra
help to protect those who are renting.

 

The National Residential Landlords Association warned that 300,000 renters
could be at risk of losing their jobs as the furlough scheme closes.

 

It said renters under the age of 35 will face the brunt of the crisis as
those who find themselves on benefits will only be able to claim for a room
in a shared house.

 

"With rates of Covid-19 rising, we need to do everything possible to sustain
tenancies," said Ben Beadle, chief executive of the NRLA.

 

"The government needs urgently to step in and fund renters who are
struggling as a result of the pandemic."

 

Jobs support scheme

The Treasury said the new Job Support Scheme which starts on Sunday,
combined with the Job Retention Bonus, will cover at least 95% of the total
employment costs for average previously furloughed employee until February.

 

"The Jobs Support Scheme will continue to protect jobs throughout the
difficult months ahead and is part of our comprehensive Plan for Jobs," said
Chancellor of the Exchequer, Rishi Sunak.

 

The Treasury added: "The JSS and JRB are just one part of our generous
package of measures, that includes the extended business grants and
Self-Employed Income Support Schemes announced last week, which will
continue to support businesses and livelihoods across the country over the
winter months."--BBC

 

 

 

 

Covid: The 400,000 seafarers who can't go home

When his ship pulled into anchorage at Santos in Brazil last week, "Alona"
had been at sea so long, he had missed his own wedding.

 

The assistant engineer from the Philippines had been on the same ship for
nearly 16 months, despite three attempts to go home. He had not set foot on
land since a brief shore leave in August 2019 and he almost never had a day
off.

 

"I have daily jobs and reports which require me every day to work. Even on
the weekends," says "Alona", who did not want to use his real name because
he's worried he won't get any more work if he's identified.

 

Nine other crew members had been on board for just as long. It had taken a
mental toll on everyone. Tempers sometimes frayed and morale was low.

 

An estimated 400,000 seafarers are waiting to go home. Most are trapped on
ships because port authorities fear new Covid-19 infections and don't want
them ashore. In some countries, crew changes are banned outright, while in
others restrictions make them difficult to carry out.

 

Many are stuck on ships, often beyond the maximum of 11 months allowed under
international treaty. Unions say it's a violation of their rights or even
tantamount to forced labour. Some multinationals are also unhappy, because
they fear industrial action could bring international shipping to a grinding
halt.

 

Container ship from above

'Damning indictment'

A recent survey of 926 seafarers by the International Transport Workers'
Federation (ITF), provided exclusively to the BBC, found that 59% of
respondents have had to extend their contract because they have been unable
to arrange a crew change.

 

The survey also found that 26% had been aboard for more than the legal
maximum, with some on board for as long as 18 months.

 

Seafarers in limbo as coronavirus hits shipping

'Cabin fever': Sailors tell of months stuck on ships

Seafarers are legally allowed to stop working if they go beyond their
contract. In practice, that rarely happens, and for good reason.

 

"If we are in the middle of the sea far from any land, there will be a
chance that our vessel may sink or an accident may happen, which may harm
human life which would be a bigger problem for us. So I still work whether I
like it or not to keep our ship working," says Alona.

 

Many are worried about fatigue and risks to safety. Asked to rate from zero
to 10 the possibility of an "accident that could harm human life, property
or the marine environment due to tiredness or fatigue", 71% chose five or
higher, while 15% rated the possibility at 10.

 

Worse still, 8% said they weren't being paid and 30% said they had unmet
medical needs.

 

The head of the Hong Kong Shipowners Association, Bjørn Højgaard, says he
has heard of seafarers pulling teeth out because they couldn't leave the
ship to go to a dentist.

 

In one particularly bad incident, Russian seafarer Alexey Kulibaba had a
stroke, but was denied an emergency evacuation for several days after
Indonesian authorities refused the ship permission to dock because of
Covid-19 restrictions. One side of his body is still not working properly,
and he still needs help with basic tasks.

 

His wife Oxana described the event as a tragedy, because a quicker response
might have meant a better chance of recovery.

 

"We've never had that before," says ITF general secretary Stephen Cotton.
"It's kind of the unwritten rule that if a seafarer is sick, you dispatch
medical assistance. That's probably the most damning indictment of what's
happened with lockdown culture."

 

'Logistical puzzle'

As Alona waited at anchorage on the Cape Henry, a 190m-long bulk carrier
filled with rock salt, there were murmurings among the crew that their
manning agency had finally arranged their repatriation. After similar
attempts in China, Korea and Chile, he didn't want to get his hopes up.

 

As the ship moved from anchorage into port, there was bad news. The manning
agency didn't complete paperwork in time and the replacement crew didn't
make their flight out of Manila. They had been rebooked for the following
day, so there was still hope. But he was worried.

 

His story is not unusual. Crew changes are always a "logistical puzzle",
according to Mr Højgaard - who is also the chief executive of Anglo-Eastern,
a manning agency that currently has 16,000 seafarers on ships around the
world.

 

Travel restrictions make it harder still. Crews have trouble leaving their
home countries and there are fewer flights. Port restrictions change
quickly. Even those allowing crew changes often have requirements that can
be difficult to meet in the short time a ship is in port.

 

"We all thought we'd turned the tide at the end of July, then we lost
Singapore and Hong Kong at the same time," says Mr Højgaard. New infections
among seafarers had set nerves on edge in both cities, and the authorities
were reluctant to take chances.

 

It now costs roughly twice as much as usual to change a crew. Mr Højgaard
suspects some smaller shipping lines and agencies might delay, hoping the
next port will be cheaper or that more flights might open up, bringing down
costs.

 

In limbo

Alona works on a ship because the pay is better than it is at home. But the
job requires long stretches away from home.

 

He admits his fiancée is very patient. He plans to leave the industry when
he's more financially secure.

 

"My plan is to make a lot of money while I'm still young, then start a
business, so I don't have to return to the sea," he says. But if the job
wasn't meant to be forever, it was sure starting to feel like it.

 

Crew member

 

There was finally some good news. The replacement crew had departed from the
Philippines. If they tested negative when they arrived in Brazil, Alona and
his crew mates would finally head home. A positive test might still dash
someone's hopes.

 

Tangled web

Seafarers have helped to keep the global economy running throughout the
pandemic. But it has been a balancing act, according to Marc Engel,
Unilever's chief supply chain officer.

 

Unilever operates in 190 countries and has factories in 70. So when China
went into lockdown, it found inorganic chemicals elsewhere and in some cases
reformulated products. Then, when Europe and India shut down, production
moved back to China.

 

Back-up plans make a difference, but they don't work without shipping. For
example, cocoa, soybean oil, vanilla and palm oil are all shipped from
different parts of the world before they're made into soap or ice cream -
which are then shipped elsewhere.

 

"I always say that soybean oil doesn't grow in the UK. So at the end of the
day, you need a global supply chain," Mr Engel says.

 

 

World's biggest container ship HMM Algeciras docks at London Gateway

He's worried that the global supply chain might no longer work if unions
take industrial action. Along with Unilever, 30 other large consumer goods
companies recently signed a letter to the UN secretary general outlining
their concerns about "a major disruption of global supply chains" and the
inadvertent creation of "a modern form of forced labour".

 

"I think we could be at a tipping point if the international unions are
basically saying enough is enough. And you're hearing signals that that
moment is close," says Mr Engel.

 

Unions have already taken action in Australia, where two ships have been
detained by the authorities after unions reported them for keeping seafarers
beyond the legal limit. But Mr Højgaard thinks simple exhaustion might be
just as worrying.

 

"People will have mental health issues, or will be so fatigued they'll say,
'I can't do this any more.' It only takes one or two people, then you're not
in compliance with your minimum safe manning certificate and the ship will
stop."

 

'Mickey Mouse quarantine'

Still, governments and health departments are justifiably concerned about
the pandemic. And many are unlikely to budge.

 

The state of Western Australia - where there have been only 700 cases in
total - tightened restrictions recently, after four ships arrived with
positive cases in the space of three weeks. In one case, a livestock carrier
had 25 cases.

 

Tanker stowaways: Seven men arrested over ship's 'hijacking'

Charity for seafarers stuck on ships at port

The Minister for Ports, Alannah MacTiernan, is not convinced Western
Australia should lower its guard. Too many shipping firms don't take
quarantine seriously enough, she says, singling out the Philippines and the
Middle East for criticism.

 

"People have not been taking this seriously and they have Mickey Mouse
quarantine," she says.

 

She says the shipping industry should instead look at its own operators and
that crew changes should happen in the seafarers' home country.

 

A way forward?

While it might seem like a blunt rebuke, businesses, unions and the shipping
industry agree in many respects. There have been cases where seafarers have
breached quarantine before boarding. And there have been agencies that have
been caught falsifying Covid test results.

 

Floating dorm in Singapore

 

Floating accommodation has been used to facilitate crew changes in Singapore

There is broad agreement that a consistent standard might help. Everybody
agrees on the need for proper infection controls. The issue is ensuring
everyone adheres to them. Ports are more likely to open up when there's a
trustworthy process.

 

Singapore - which has facilitated crew changes for more than 40,000
seafarers since March - is seen as a possible model. All crews must isolate
for two weeks and have a test from an approved testing centre before they
arrive to sign on in Singapore, where they stay isolated in floating
accommodation for up to 72 hours before they board.

 

The ITF now has a pilot programme in Manila, where it is providing rooms for
seafarers before they fly out to ports like Singapore. They stay in a room
for two weeks, with a test at the beginning and the end, and the process is
properly audited.

 

Going home

Alona finally made it to dry land on Monday. Along with his crew mates, he
disembarked and went to a hotel to wait for his flight the next day. He was
glad to touch land for the first time in over a year. But he was nervous
too.

 

Ironically, after 16 months at sea where Covid-19 wasn't really an issue, he
was for the first time faced with the pandemic that had kept him there. He
disembarked in Brazil, where there are currently more than five million
cases.

 

Still, there was plenty to celebrate.

 

"I am very much happy and excited. Like I said, this is the best feeling for
a seafarer."--BBC

 

 

 

 

Coronavirus: Is virtual reality tourism about to take off?

For many people, a trip to Germany's fairytale-like Neuschwanstein castle,
the Republic of Ireland's stunning Cliffs of Moher, or the pristine waters
of the Maldives are a bucket list ambition.

 

Plans for these and other international trips in 2020 were brought to an
abrupt halt by the Covid-19 pandemic. Around the world, once-crowded sights
lay dormant, with hotels empty and not a tourist in sight.

 

The statistics speak for themselves. On 13 October, the International Air
Transport Association (Iata) said that international traffic "has all but
disappeared", with airlines carrying only about 10% of normal levels.

 

By Iata's estimate, Covid-caused disruptions put more than 41 million jobs
at risk across the travel and tourism sector.

 

Cleaner pushes trolley through deserted terminal

 

In the absence of travellers, tourism boards, hotels and destinations have
turned to virtual reality (VR) - a technology still in its relative infancy
- to keep would-be visitors interested and prepare for the long road to
recovery.

 

What began for many as a temporary stop-gap measure may now be a long-term
tool. Iata predicts that travel will not resume to pre-pandemic levels until
2024.

 

Pandemic cost tourism industry 'at least $320bn'

UK 'could lose £60m a day' as tourism slumps

London tourism spending 'to plummet £10.9bn'

Faced with a new reality of diminished tourism, many believe that Covid-19
might be the watershed moment for VR that changes perceptions from a clever
and occasional marketing trick to a permanent fixture of tourism marketing.

 

'Alternative travel'

"The impact of Covid-19 may have allowed VR to somewhat shake off its image
of being a gimmick in tourism," says Ralph Hollister, a tourism analyst at
Global Data and author of a report on VR's applications in tourism.

 

"The further this pandemic goes on for, the higher the chance that VR may
become a valid form of alternative travel as consumers get more used to this
technology."

 

VR tour of a Jamaican beach

 

Steve Perillo is boss of Travel World VR, a US-based VR and 360-degree video
marketing and production company that works with tour operators,
destinations, cruise lines and hotels.

 

He says the pandemic has been a "shot of adrenaline" for a technology that
to date had "not yet really arrived".

 

Now he says VR can whet a potential audience's appetite. "The momentum has
really picked up. It's really launched the concept of travelling remotely."

 

'Essential elements'

In this environment, a number of countries have stepped up VR marketing
efforts to prepare for the gradual recovery of their tourism industries.

 

Among the most prominent is Germany, which has unveiled a number of
immersive projects to highlight the country's potential as a travel
destination.

 

Hiking in Germany

 

In 360-degree videos designed to be seen on Oculus Rift headsets, for
example, the German National Tourist Board (GNTB) has taken viewers on trips
across the country, as well as to parts of its Baltic and North Sea coasts.

 

Another set of videos - for the Microsoft Hololens - includes views of six
of the country's most famous castles and palaces.

 

"Digital applications cannot, and are not intended to, replace the
experience of real-world travel," GNTB chief executive Petra Hedorfer told
the BBC.

 

Microsoft Hololens VR glasses

 

"But VR and AR (augmented reality) applications are essential elements in
keeping interest in Destination Germany alive during travel restrictions,
getting potential customers excited about our product and providing
inspiration for real-world travel."

 

VR acceleration

Some 1,200km (745 miles) to Germany's west, VR was being explored by Irish
tourism officials even before the pandemic began.

 

In November 2019, Tourism Ireland launched a two-part VR experience designed
to promote sights in Northern Ireland.

 

The Embrace a Giant Spirit campaign - which involved collaboration with
Pulitzer Prize-winning poet Paul Muldoon and Oscar-nominated cinematographer
Seamus McGarvey - included the famed Giant's Causeway and highlighted the
country's role as the setting for HBO's Game of Thrones.

 

Embrace a Giant Spirit VR campaign

 

"We know technology is already changing how we travel, and it's only going
to accelerate with VR in a post-pandemic environment," says Siobhan
McManamy, Tourism Ireland's director of markets.

 

With travel still largely at a standstill, it remains too early for Ireland
and Germany to gauge their return on investment: that is, the number of
people who, having seen a destination virtually, actually book tickets and
visit.

 

'Return value'

Thoyyib Mohamed, managing director of the Maldives Marketing and Public
Relations Corporation, says while VR will indeed help boost tourism, the
direct correlation may be hard to measure.

 

In the case of the Maldives, VR has been used to showcase various
experiences on island properties, such as morning yoga by the beach,
snorkelling, or cooking lessons.

 

Maldives waters

 

"An increase in investment in VR does not directly translate to an increase
in visitors in the future," he says.

 

"However, the amount of times
 VR is utilised, either on websites, in print
or even during [travel] fairs, can translate to potential conversion.

 

"Each medium provides a different return value, but is assisted by the
investment done on VR marketing."

 

Boosting traveller confidence?

Some, however, believe the benefits of VR in travel might be felt much
sooner.

 

VR experience promoting Northern Ireland

 

They include Miguel Flecha, a Madrid-based travel and hospitality expert for
the multinational consulting firm Accenture.

 

He thinks that as restrictions ease in the next few months, VR will be a
vital tool in helping familiarise travellers with a new environment and help
slowly rebuild consumer confidence.

 

"As we start to recover, there will be segments of the population that will
be willing to travel like crazy. Younger people will be booking flights as
soon as possible, but other segments of the population won't be very
comfortable," says Mr Flecha.

 

VR technologies, he adds, can be a cost-effective and potent way to help
clients feel more comfortable - and more willing to travel.

 

 

New Tech Economy

New Tech Economy is a series exploring how technological innovation is set
to shape the new emerging economic landscape.

 

"They [travellers] could be shown health and safety measures, or the
check-in process at a hotel in the new reality so that they feel safer, or
the boarding process on a flight or cruise.

 

"If you're able to increase the comfortability of a client to travel, in the
end they'll book. They'll stay in a hotel, or they'll fly with you. That's
the return on investment - you're incentivising the client to travel."

 

An airline using VR to replace travel isn't without precedent. Since 2017,
Japan-based First Air - which bills itself as the "first virtual aviation
facility"- has been offering VR "flights" from Tokyo, complete with boarding
passes, in-flight meals and programmed destination countries from Italy to
New Zealand.

 

With the onset of the pandemic, the company's bookings spiked 50%, it told
reporters this summer.

 

'Great accelerator'

There are, however, a number of limitations that experts say are currently
holding the technology back, including large, unwieldy headsets and high
costs.

 

The most important limitation, according to Mr Flecha, is that there has yet
to be a trusted global brand to place its bets on VR. "The industry needs to
believe in the technology [for it to succeed]," he says.

 

That may have begun to change with the September launch in the US of Amazon
Explore, a platform that gives access to one-on-one virtual experiences with
tour guides and local residents in countries around the world.

 

Experiences offered on the high-tech giant's public beta version range from
tours of Kyoto neighbourhoods in Japan to artisan shopping in Costa Rica and
fish taco cooking lessons in Mexico.

 

As Mr Flecha sees it, Amazon Explore may foretell the success or failure of
VR in the travel industry.

 

Serious investment by a high-tech giant and a trusted brand - Apple and
Samsung are also looking into virtual reality - could, he believes, be the
"great accelerator" needed.--BBC

 

 

 

 

Marriott Hotels fined £18.4m for data breach that hit millions

The UK's data privacy watchdog has fined the Marriott Hotels chain £18.4m
for a major data breach that may have affected up to 339 million guests.

 

The Information Commissioner's Office (ICO) said names, contact information,
and passport details may all have been compromised in a cyber-attack.

 

The breach included seven million guest records for people in the UK.

 

The ICO said the company failed to put appropriate safeguards in place but
acknowledged it had improved.

 

The first part of the cyber-attack happened in 2014, affecting the Starwood
Hotels group, which was acquired by Marriott two years later.

 

But until 2018, when the problem was first noticed, the attacker continued
to have access to all affected systems, including:

 

names

email addresses

phone numbers

passport numbers

arrival and departure information

VIP status

loyalty programme numbers

On that basis, the ICO said Marriott had failed to protect personal data as
required by the General Data Protection Regulation (GDPR).

 

 

Analysis box by Joe Tidy, Cyber reporter

In some ways you can feel sorry for Marriott.

 

In all the boardroom discussions about the company's takeover of Starwood, I
bet it never realised that a hacker was already lurking inside the valuable
databases they were buying.

 

The cyber-criminals had been in the systems for years, and were effectively
thrown into the merger deal without Marriott having a clue.

 

Herein lies the issue, though - it seems the larger hotel didn't check what
it was buying.

 

The ICO report makes clear Marriott beefed up the security of Starwood's IT
systems far too late and the hackers had free rein to move around,
cherry-picking the data that would sell best on criminal forums.

 

The fine is nothing like the £99m the ICO planned to issue, but it's still a
massive deterrent for future companies.

 

It may make executives planning their next big mergers look more carefully
and cautiously at the databases they're about to acquire.

 

 

"Millions of people's data was affected by Marriott's failure," commissioner
Elizabeth Denham said.

 

"Thousands contacted a helpline and others may have had to take action to
protect their personal data because the company they trusted it with had
not."

 

Different types of data were exposed for different guests, and some of the
estimated 339 million may have represented duplicate records for repeat
guests, making an exact count impossible.

 

Despite imposing a fine, the ICO acknowledged that Marriott had acted
quickly once it found the flaw, and had improved its systems since.

 

In a statement, Marriott wrote that it "deeply regrets the incident".

 

"Marriott remains committed to the privacy and security of its guests'
information and continues to make significant investments in security
measures for its systems.

 

"The ICO recognises the steps taken by Marriott following discovery of the
incident to promptly inform and protect the interests of its guests," it
said.--BBC

 

 

 

 

Japan's first passenger jet in decades put on hold

Plans for Japan's first homegrown passenger plane in more than five decades
have been frozen as the airline industry suffers from a deep drop in demand.

 

Mitsubishi Heavy Industries, the company behind the new SpaceJet, is cutting
its budget for the project.

 

Long-delayed, the Mitsubishi SpaceJet has missed six delivery deadlines
going back to 2013.

 

Test flights in the US were suspended this year due to the virus pandemic.

 

Mitsubishi Heavy Industries said on Friday it would freeze development of
its SpaceJet regional jet to bolster other parts of its business.

 

The company posted a 62.5% fall in its second quarter operating profit.

 

The SpaceJet suspension will help it lower costs by 120bn yen (£900m), the
company said.

 

Severe downturn

The decision to cut back on funding was prompted by the downturn in the
airline industry brought on by coronavirus travel curbs.

 

Airlines around the world have been forced to shrink operations to survive.

 

While Japan has seen some rebound in domestic demand helped by government
travel subsidies, international travel is still a fraction of what it was
before the outbreak.

 

Japan's biggest carrier ANA Holdings was due to be the new plane's first
customer.

 

Big rivals

Mitsubishi Heavy Industries is a key supplier to commercial aircraft makers
Boeing and Airbus who dominate the industry.

 

The Japanese government encouraged the SpaceJet programme in a bid to
establish itself as a global commercial plane maker.

 

"Airbus and Boeing have global reach. This is critical in terms of after
sales service and maintenance support," said airline industry consultant
John Strickland.

 

"It's difficult for others to attempt to replicate this."

 

China also has ambitions to be a major planemaker with Commercial Aircraft
Corporation of China (Comac).--BBC

 

 

 

NatWest warns of 'challenging times' amid surprise profit

NatWest posted an unexpected profit but warned of "challenging times" ahead
for the business.

 

It posted a £355m profit before tax for July to September. City-watchers had
anticipated that the bank would have set aside more money for bad loans.

 

The lender, formerly known as Royal Bank of Scotland, put by £254m for
expected loan losses.

 

The four largest UK banks all set aside less than expected as government
help kept businesses and households afloat.

 

But some of the largest assistance programmes, such as the furlough scheme,
is due to come to an end.

 

"Challenging times lie ahead, especially as the current government support
schemes come to an end and as new Covid-19 related restrictions are
introduced," said NatWest chief executive Alison Rose.

 

Are Britain's banks strong enough for coronavirus?

She hailed the bank's capital strength and access to cash, but warned that
while bad loans were low, "the full impact of Covid-19 remains very
unclear."

 

The shares rose 6% in early London trading on Friday, but in common with
most lenders, the bank's share price is still much lower than before the
pandemic.

 

Donald Brown, senior investment manager at Brewin Dolphin, said: "The market
clearly remains pessimistic about NatWest's immediate prospects, with the
shares still around 50% below where they started the year."

 

As well as the risk of bad loans, lenders are under pressure in the shape of
the difference they make between borrowing from depositors and lending to
borrowers.

 

The Bank of England cut rates to a new low of 0.1% in March and some
analysts think negative rates could be on the horizon.

 

That means smaller margins as the central bank demands that loan rates are
chopped.

 

NatWest's net interest margin dipped slightly to 1.65%.

 

In light of these pressures, there has been speculation that banks may start
charging for current accounts which are in credit, something that has not
been commonplace in the UK for decades.

 

While HSBC has indicated that it might consider the move, Ms Rose said there
were "no plans to do so at the moment".--BBC

 

 

 

Eco-friendly diamonds made from the sky

Ever heard of diamonds made from the sky? Well, now you have!

 

Environmentalist Dale Vince - founder of green energy firm Ecotricity and
chairman of Forest Green Rovers football club - has developed eco-friendly
diamonds by sucking carbon out of the air.

 

They're called Sky Diamonds and were made in Stroud, Gloucestershire.

 

The process uses a sky mining facility to pull carbon out of the atmosphere,
with wind and sun providing the energy. The process also reuses collected
rain water.

 

The company says the process is a way to challenge traditional diamond
mining, which causes damage to the planet.

 

It took the team more than five years to get the technique right, ensuring
they are physically and chemically identical to Earth-mined diamonds.

 

The diamonds - certified by the International Gemological Institute - take a
couple of weeks to be made.

 

"The entire ingredient list comes from the sky and it's not just low or zero
carbon, it's actually negative carbon in that respect, because we're locking
up atmospheric carbon into a very permanent form of carbon: the diamond," Mr
Vince said.

 

Can you believe these diamonds were created by sucking carbon out of the
sky?

He went on to say: "We no longer need to dig these enormous holes in the
ground - they're visible from space, some of them. We don't need to do that
to get diamonds, we can just make them from the sky.

 

"We see this as 21st century technology, the exact kind of thing we need to
be doing to fight the climate and other sustainability crises, but also
enable us to carry on living the way that we're used to living and want to
live," he added.--BBC

 

 

 

Malawi Govt Increases Civil Servants Salaries - Lowest Paid to Get K118 000

Malawi government has given pay rise to civil servants with effect from
October 2020.

 

This is confirmed in a circular issued by Principal Secretary for Human
Resource Blessings Chilabade that government has effected an
across-the-board increment, pushing the wage bill up.

 

The lowest paid civil servant will not get at least K118 000 before
deduction, which is equivalent to the salary of a driver in the Judiciary.

 

While the highest paid will cart home K3 million.

 

Civil Servants Trade Union (CSTU) general secretary Madalitso Njolomole
expressed satisfaction with the pay rise considering that the cost of living
has gone up.-Nyasa Times.

 

 

 

 

Africa: Data Driven Agriculture Can Solve the Challenge of Food Security in
Africa

One of most the prominent challenges facing Africa is providing food
security for its citizens. While many farmers still rely on traditional
techniques to coax a living from the land, there are opportunities to use
cutting-edge technology to drive Africa towards a food-secure future.

 

The Food and Agriculture Organisation of the United Nations (FAO) reports
that over 2 billion people do not have access to safe, nutritious and
sufficient food. A steady increase in hunger since 2014 together with rising
obesity, clearly indicates the need to accelerate and scale up actions to
strengthen food systems and protect people's livelihoods.

 

It seems only fitting then, that in 2020, the theme for World Food Day is
'Our Actions are Our Future'. Accelerating innovation in agri-tech will
enable data-driven farming that can optimise yields, boost farm productivity
and increase profitability - all while feeding a nation.

 

AI in agriculture uses cutting-edge data, advanced analytics and machine
learning to bring centuries-old farming knowledge into the modern age,
giving farmers the tools to optimise crop yields and mitigate the effects of
climate change through tools like smart irrigation. With agriculture
sustaining 70% of Africa's livelihoods, Microsoft is committed to ensuring
that all farming communities are equipped with the latest tools including
AI, IoT and edge computing to improve productivity and sustainability across
the sector, leveraging our extensive partnerships and initiatives network in
the process.

 

There has been reference in the recent past of AI replacing people in jobs,
but what happens when AI and IoT devices enables people to spend less time
on menial manual labour and more time boosting productivity and crop yields?
AI and cloud technology can be used to monitor soil, climate changes and
more to make better decisions on when, where, and how much to plant on
farms. Precision farming, brought about by the adoption of advanced
technologies into the agricultural sector, will revolutionise food
production.

 

 

In Kenya, SunCulture helps farmers improve their crop yields through
solar-powered irrigation systems. Using IoT technology, SunCulture customers
are generating 10x more annual income, experiencing a 300% increase in crop
yields, and saving 17 hours of manually moving water per week. And by
leveraging TV white spaces (TVWS) technology that expands high-speed
internet access to underserved areas, SunCulture is bringing precision
farming to more smallholder farmers.

 

The Nigeria Incentive-based Risk Sharing System for Agricultural Lending
(NIRSAL) recently entered into a Memorandum of Understanding with Microsoft
to collaborate in helping Nigerian farmers become more productive, reduce
costs, practice sustainable agriculture and achieve better agricultural
outcomes through the deployment of the FarmBeats platform, which harnesses
sensors, drones and cameras for seamless data collection, helping farmers
improve crop yields as well as increase income. As many as 8 million farmers
and 4 million hectares will be positively affected.

 

 

Particularly for smallholder farmers, it's a challenge to get reliable
weather and market information in real time that can help with agricultural
decision-making. But almost every farmer has a phone in their back pocket.

 

A mobile platform has recently been built by a team of Microsoft developers
to democratise access to information using a feature or a smart phone.
Farmers can access information on pest and soil diagnosis, market prices,
agricultural news, success stories from neighbouring farmers, weather, soil
testing and personalised recommendations for maximising yields based on
their soil tests, with an intended initial impact of 100 000 farmers.

 

Other agri-tech social entrepreneurs are effecting real changes for farmers
and their supply chains. Twiga Foods is a mobile-based business-to-business
food supply platform that links smallholder farmers in rural Kenya to
informal retail vendors in cities. N-Frnds brings the power of digital via
mobile to subsistence and smallholder farmers in Africa and other emerging
markets, and has nurtured a community of farmers who can communicate with
each other without the need for an internet connection or mobile data. It
also provides access to financial services for market segments that are
traditionally underserved by formal banking and insurance.

 

Microsoft believes in increasing access to agricultural knowledge through
collaboration. It takes an entire ecosystem to initiate change, and that
includes companies, government departments and agencies, and a network of
startups and entrepreneurs, all with a common goal of solving food
insecurity.

 

Microsoft, through the 4Afrika initiative has collaborated with the Alliance
for a Green Revolution in Africa (AGRA) to co-create technology solutions in
Africa as it works to improve food security for 30 million farming
households across 11 countries by 2021. The partnership stands alongside
investments such as our support of the World Bank's 1 Million Farmers
Platform, which aims to bring one million farmers onto a digital platform
over the next three years.

 

We are also working with ministries across Kenya, Nigeria, South Africa and
Egypt to drive impact in agriculture. In Egypt, in partnership with the
Ministry of Communications and Information Technology and the Ministry of
Agriculture, the engagement includes intelligent crop detection and water
demand forecasting. Key focus being on a successful farmer engagement to
promote good agricultural practices, secure data sharing between
agricultural entities, and connected farms that enable data collection
through agricultural IoT sensors. Additionally, in South Africa, Microsoft
commissioned Research ICT Africa, in partnership with the University of
Pretoria, to help identify opportunities within the industry to make farming
more efficient and cost-effective, and highlight key regulatory and policy
issues to address.

 

The Kenyan National Agriculture Platform is a key initiative to drive
digitalisation in agriculture. Earlier this year, Microsoft started engaging
with the Ministry of Agriculture, Livestock, Fisheries and Cooperatives
(MoALFC) to collaborate in accelerating digital transformation in the
agricultural sector in Kenya.

 

Across the continent, from South Africa to Kenya, Ghana, Egypt and beyond,
we are working hard to enable agri-tech through various channels and
partnerships. Technology has the potential to change the face of farming,
using smart tools and platforms for precision farming, predicting weather
patterns, and maximising the use of scarce water resources. By harnessing
agri-tech, we can help solve the pressing issues around food security to
meet the United Nations Sustainable Development Goal #2 of Zero Hunger, and
enhance economic development in the process.-CIO.

 

 

 

 

Africa: South Africa, Ghana Net 200% Investments Above Nigeria in 6 Months

South Africa and Ghana attracted over 200 per cent more Foreign Direct
Investments (FDI) than Nigeria in the first half of 2020, Daily Trust
analysis shows.

 

It showed that South Africa and Ghana thrived in the attraction of FDI
despite the COVID-19 pandemic.

 

Data from the National Bureau of Statistics (NBS) showed that Nigeria
attracted $362.84 million FDI by June 2020 being the first half of the year.

 

However, according to ceicdata.com, a finance data platform, South Africa
had $966.7m FDI in June 2020. This is 266 per cent of what Nigeria realised
during the period; it is also $603.86 more than Nigeria's FDI value.

 

The Ghana Investment Promotion Commission (GIPC) said the country attracted
$785.62m of FDI within the same period. This is N422.78m higher and 116 per
cent of what Nigeria attracted in the same period.

 

 

Another minus is that the Nigeria Investment Promotion Commission (NIPC) has
no readily available data on FDI on its website like that of the GIPC.

 

While Ghana has $67.1bn Gross Domestic Product GDP, South Africa has $59.8bn
(GDP). However, Nigeria has $446.543bn, making it the largest economy in
Africa.

 

This means that Nigeria has an economy seven times bigger than Ghana's and
nearly eight times more than that of South Africa.

 

NIPC Executive Secretary Yewande Sadiku had, at a seminar in July, said the
United Nations Conference on Trade and Development (UNCTAD) estimated that
global FDI inflows will fall by at least 30 per cent as a result of the
pandemic.

 

UNCTAD also noted that it will drive investments worth below $1 trillion for
the first time since 2005. This is already being felt by Nigeria as data
from the World Bank shows it is ahead of Ghana in FDI and only second to
South Africa in the continent as of 2019.

 

In 2019, Nigeria recorded $3.3m FDI for the four quarters, indicating that
the $362m realised in the first two quarters of this year, were a serious
concern to the country.

 

In the same year, South Africa realised $4.6m FDI, while Ghana attracted
$2.3m FDI. While South Africa led in 2019, Ghana was at least $1m FDI behind
Nigeria, records show.-Daily Trust.

 

 

 

Angola: World Bank Provides USD 230 Million to Support Commercial
Agriculture

Luanda — The World Bank and the French Development Agency make available USD
230 million to support Commercial Agriculture Development Project (PDAC) in
Angola.

 

The four-component project will help reduce, in some cases, do away with
obstacles in this field, aimed to speed up the process, said Thursday the
project's coordinator, Pedro Dozi.

 

Speaking to Angop, Dozi said that the objective is to help increase
aggregate production per standard unit in the selected value chains and
support the rise in average gross sales by agricultural / non-agricultural
activities of beneficiary farmers and small and medium-sized enterprises
(SMEs).

 

 

He spoke of the increasing the portfolio of farmers with technical and
financial assets or services. He said that first experience for creation of
conditions for productive alliances begins on November 3 of this year,
covering the provinces of Malanje, Cuanza Norte and Cuanza Sul, adding that
400 farmers have been identified. After evaluating this first experience,
the PDAC plans to extend to the provinces of Uíge, Benguela, Huambo, Bié,
Huíla, Bengo and Luanda. "We are making efforts and creating conditions for
the number of beneficiaries to increase and we can achieve the project's
development objectives", he guaranteed. So far, more than 300 expressions of
interest for project financing have been submitted to the PDAC, of which 46
have business plans that are being analysed and improved to benefit from
funds.

 

Meanwhile, the investment package has four fundamental execution components.

 

 

They are the promotion and support for the development of agro-business (USD
80 million), production and marketing infrastructures (USD 95 million),
institutional strengthening and improvement of the business environment (USD
40 million) and project management, monitoring and evaluation (USD 15
million).

 

In the process of adjusting the procedures, according to the project
coordinator, the implementation of the PDAC will allow increased
productivity and access to the markets of small and medium-sized companies
in the agricultural sector and agribusiness. Project interventions include,
co-financing and technical assistance, the restoration of infrastructure to
support agriculture and the improvement of the business environment. "At the
moment, in terms of co-financing, there are four projects completed and
submitted to commercial banks for the analysis of the feasibility of
accessing credit," said Pedro Dozi.

 

 

In the process of preparing business plans, 13 projects are underway.

 

In terms of the recovery of agricultural infrastructure, the coordinator
said that a survey of the needs for rehabilitation and subsequent recovery
of the irrigated perimeter of Bom Jesus, in Luanda, is taking place. The
infrastructure, he added, has the potential to benefit approximately 250
farmers, implying an investment in the order of USD 580, 000.

 

As for the business environment improvement package, PDAC financed the first
phase of the establishment of the Single Window of Foreign Trade (JUCE),
which will use the ASYCUDA system (digital platform that allows the prior
clearance of goods), with the support of United Nations Commission on Trade
and Development (UNCTAD).

 

This system, according to Pedro Dozi, will reduce the flow of exports and is
budgeted at USD 494,000. At the moment, he said, fieldwork is taking place
with farmers in Malanje, Cuanza Sul and Cuanza Norte, who have not yet
prepared business plans, to benefit from the funds. The aim of this project,
led by the Ministry of Agriculture and Fisheries, is to helps improve
productive efficiency, access to finance in the sector and allows to
increase the availability of agricultural products produced by Angolans.
PDAC has a credit line to reduce disruptions in agricultural supply chains,
with plans to extend these (credit lines) and working capital until 31
December this year.-ANGOP.

 

 

 

Malawi: Hrdc Demand Probe On Malawi Mining, Oil and Search Deals - Rak Gas
Licence Under Scrutiny

Malawi has 72 firms given exploration and mining licences but were not doing
much, according to a confidential government report which Nyasa Times has
seen, prompting the Human Rights Defenders Coalition (HRDC) demanding an
investigations in into the mining deals.

 

In a letter dated October 28 2020 addressed to Anti-Corruption Bureau (ACB)
director general Reyneck Matemba, the coalition raises questions on how
government issues about 200 exploration and mining licences yet the same
does not translate into improved revenue for the public purse.

 

HRDC chairperson Gift Trapence said his organisation's analysis of
information showed that "there is a cartel that controls the mining sector
to their benefit."

 

 

He said they want an investigation and also raised alarm on how government
has treated a graphite mining company whose licence was twice cancelled and
renewed.

 

Illombwa Graphite Company Limited had its licence withdrawn on June 10 2013
and in 2017.

 

IGC remains in the ownership of Faisal Hassen, under a renewed Mining
Licence No. ML0019/95, which was issued by the Minister of Energy and Mining
on June 28 1995 and expires on June 28 2020. The first licence was issued in
1988.

 

During his maiden State of the Nation Address delivered in Parliament on
September 4, President Lazarus Chakwera indicated that gold was being
exported from Malawi to the middle East without benefitting Malawians.

 

 

"You may have heard it said that Malawi is a poor country, but we must
reject thus lie. Surely, my country, with 85 million dollars in gold
exported to the Middle East every year, is not poor."

 

Chakwera said Malawi is a country stripped of its God-given wealth and
potential by syndicates of people in the public sector who exploit decades
of bad government policies and practices to enrich themselves and their
private sector accomplices.

 

Meanwhile, there is information that points to the fact that the three
companies controlling five of the six oil and gas exploration blocks are
linked to the same people. The companies are Rak Gas, Pacific Oil and Hamra
Oil Holdings Limited.

 

The country's laws were breached in the award of the oil and gas exploration
licences in Lake Malawi and other parts of the country.

 

The common signature alone should have prompted the then Minister of Mining
to investigate before issuing licences to Rak Gas and Pacific Oil and
allowing Hamra to buy the 51 percent interest in the blocks that were
licensed to Surestream Petroleum of the United Kingdom.

 

 

Rak Gas is owned by the Government of Ras Al Khaimah, one of the emirates of
the United Arab Emirates (UAE) while Hamra describes itself as a Cayman
Island origin private company.

 

Pacific Oil says it is part of Vega Petroleum Limited--the privately owned
oil and gas entity that has oil producing and exploration concessions in
Egypt.

 

Government proceeded to sign production sharing agreements (PSAs) with the
companies against advice from the Solicitor General to only agree to PSAs
after the oil or gas is discovered.

 

Under Petroleum Regulations, the country is divided into six blocks for the
exploration and production of oil.

 

In 2011, Blocks Two and Three were issued to Surestream Limited, which later
farmed to Hamra Oil in a joint operating agreement and farming out
agreement. Hamra now owns 51 percent equity in the blocks, according to the
opinion.-Nyasa Times.

 

 

 

 

Nigeria: Dwindling Oil Demand - 14,000 ExxonMobil Staff to Lose Jobs

As the Coronavirus (COVID-19) pandemic hits global crude oil demand, a fresh
indication has emerged that, no fewer than 14, 000 staff of ExxonMobil will
lose their jobs.

 

This is coming as the corporation disclosed plans to cut its global
workforce by 15% in the next two years.

 

According to ExxonMobil spokesman, Casey Norton, the total reduction means
the company will reduce its workforce by about 14,000 people, split between
employees and contractors from year-end 2019 levels. The cuts will come
through attrition, targeted redundancy programs in 2021, and scaled-back
hiring in some countries.

 

Exxon Mobil along with other oil producers have been cutting costs due to a
collapse in oil demand and prices, as well as untimely stalk on new
projects.

 

Nigeria is one of ExxonMobil biggest operational bases in oil and gas
exploration and production globally.

 

This development will be another setback for the industry, after Shell
announced 9,000 job cuts globally, which includes Nigeria, and the
announcement by Chevron that it plans to reduce its staff strength in
Nigeria by 25 per cent.

 

BP Plc plans to slash 10,000 jobs, and Chevron Corp. has announced around
6,000 reductions.

 

However, while making the announcement in a statement, the company disclosed
that, the highest job cut will come from its headquarters in Houston.

 

A breakdown of the development include 1,900 U.S. jobs majorly at Houston,
the headquarters for its US oil and gas businesses.

 

There will be layoffs previously announced in Europe and Australia and
reductions in the number of contractors, some of which have already taken
place.

 

The staff reduction is part of the latest effort by the Chief Executive
Officer, Darren Woods, to curtail spending and halt the worst string of
quarterly losses since Exxon assumed its modern form with the 1999 takeover
of Mobil Corp.

 

According to the statement, "These actions will improve the company's
long-term cost competitiveness and ensure the company manages through the
current unprecedented market conditions."-Vanguard.

 

 

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2020

 


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Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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