Major International Business Headlines Brief::: 12 December 2022
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Major International Business Headlines Brief::: 12 December 2022
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ü Twitter's paid blue tick re-launches after pause
ü Strikes: Will the clash between workers and firms ever end?
ü UK weather: All flights suspended at Stansted Airport
ü Sam Bankman-Fried: I hope to make money to pay people back
ü WTO says Trump's US steel tariffs broke global trade rules
ü Penguin Random House boss resigns after Simon & Schuster deal fails
ü Coal plants put on standby to supply electricity
ü UK banking rules in biggest shake-up in more than 30 years
ü Royal Mail workers begin wave of Christmas strikes
ü Orkney Christmas businesses hit by Royal Mail strikes
ü Santander UK fined £108m over money laundering failings
ü Africa: Nigeria Civil Aviation Workers, Lowest Paid in Africa - NCAA DG
ü Nigeria: $2bn Trapped Funds - Operations of More Foreign Airlines Under
Threat
ü Nigeria: How OPEC's Plus Doc Stabilised Oil Market in 6 Years - SEC Gen
ü Tanzania: DSE Activities Fall as Festive Season Draws Near
ü Nigeria: Artificial Intelligence for New Drug Discovery
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Twitter's paid blue tick re-launches after pause
Twitter's paid-for verification feature is rolling out once again on Monday.
It was paused last month after being swamped by impersonators.
It is still $8 per month - but there is now an increased fee of $11 for
those using the Twitter app on Apple devices.
Twitter's owner Elon Musk has previously said in tweets that he resents the
commission fee Apple charges on in-app purchases.
Twitter Blue's additional features include an edit button.
This has long been a feature requested by many Twitter users, although there
are others who argue that it increases the potential for the spread of
disinformation, if a tweet is altered after being widely shared.
Blue-tick subscribers will also see fewer ads, have their tweets amplified
above others, and be able to post and view longer, better quality videos,
the platform says.
Previously a blue tick was used as verification tool for high-profile
accounts as a badge of authenticity. It was given out by Twitter for free -
but only the firm itself decided who got one.
Mr Musk argues that this was unfair.
Those who had a blue tick under the previous regime currently still have
them, but now some of these users also have a message which appears if the
tick is pressed saying the account is a "legacy verified account" and "may
or may not be notable".
However, those check marks will now eventually be replaced with either gold
(for businesses) or grey (for others such as authorities) badges, according
to Twitter's own account.
Under the new system, subscribers who change their names or display photos
will lose their blue tick until the account has been reviewed by Twitter.
Fake accounts
The service had a chaotic initial launch in November, when people started
impersonating big brands and celebrities and paying for the blue-tick badge
in order to make them look authentic.
Many pretended to be Elon Musk himself.
In one instance, a user claiming to be the US pharmaceutical firm Eli Lilly
tweeted "insulin is free", causing the real firm's share price to tumble -
however, Eli Lilly has since agreed that insulin prices could indeed be
lower.
Having said that, anecdotally, quite a few accounts appeared to take the
opportunity to subscribe for legitimate reasons.
Twitter changes
Elon Musk has made a number of sweeping changes since he took over Twitter
at the end of October after buying it for $44bn (£38bn).
He said the firm was operating at a loss of $4m per day, and that it needed
to become profitable.
He has laid-off around half its workforce, introduced bedrooms at Twitter HQ
in San Francisco for the remaining staff working long hours, and begun
re-instating controversial banned accounts, including the rapper Ye (Kanye
West), former US president Donald Trump and influencer Andrew Tate.
Mr Musk also says Twitter accounts which have been inactive for a certain
period of time will be deleted. This has caused dismay among those who say
they cherish the accounts of loved ones who have died.
Film director Rod Lurie tweeted that his "heart was broken" at the thought
of the account of his late son, Hunter, disappearing.
Unlike Facebook, Twitter users cannot nominate someone to take control of
their account after their death although state executors can contact the
firm with requests.-BBC
Strikes: Will the clash between workers and firms ever end?
In all my years covering business, I've never witnessed a collision between
workers and employers like this.
This winter is seeing one of the highest levels of walkouts in recent memory
as millions of workers across both the public and private sector are
demanding higher pay rises to match the soaring cost of living.
More than one million working days will be lost to strike action by the end
of December, according to projections by the Financial Times. The next three
weeks running up to the New Year resemble an advent calendar of disruption
as nurses, transport workers, postal workers, baggage handlers and others
have scheduled strikes.
The stoppages are disrupting people's daily lives but also hitting
businesses that rely on commuters for most of their sales. The boss of pub
chain Fuller's recently told the BBC rail strikes could hit trade in the
"vital" Christmas period and see customers cancel parties and staff lose out
on tips.
The collision course between workers and employers is not hard to
understand. Rates of pay growth in both the public and private sector have
been outstripped by the rising cost of living, meaning most workers are
getting poorer every day.
The cost of living is currently rising at its fastest rate in almost 40
years, largely due to the war in Ukraine and the fallout of the pandemic.
Energy and food prices have shot up, leaving many people struggling to pay
their bills.
Why are prices rising so much?
Why inflation is worse for some people than others
In fact, this year has seen the sharpest fall in living standards on record.
Public sector workers have been hardest hit with an average annual basic pay
rise of 2.2% languishing miles behind inflation, the rate at which prices
rise, of 11.1%. Those on lower incomes have felt the impact the most as they
spend more of their take-home pay on heating and food, which have seen some
of the most eye-watering rises.
Public sector workers tend to benefit from greater job security and more
generous pension arrangements but that may feel like little comfort when
paying bills here and now.
Private sector employers have also been squeezed as the same rampant
inflation pushing up their costs has also emptied the pockets of their
customers leaving reduced room to afford staff pay rises.
ManpowerGroup, one of the UK's biggest recruiters, told the BBC that the gap
between wages and prices was "putting more and more pressure on households".
But when the employer is the government and the staff are in critical public
services delivery - as with nurses and ambulance workers - the social and
political stakes are high.
Why the government line on strikes is hardening
The strikes taking place in December
The government has two arguments as to why it can't award inflation-matching
pay rises.
The first is that it would be unaffordable. Government debt as a percentage
of national income at 97.5% is already near its highest level since the
1960s and is expected to increase over the next two years as the government
is expected to spend more than it receives in tax for the foreseeable
future.
Health Secretary Steve Barclay said this week that the cost of offering all
public sector workers an inflation-matching pay rise would be £28bn -
roughly half the entire defence budget. However, IFS analysis suggests the
figure would be closer to £18bn.
Although that is still a significant amount of expenditure, the government
would expect to recoup about 30% of that in higher tax and National
Insurance payments from those higher pay packets.
It would still push up government borrowing, but the UK has one of the
lowest debt burdens in the G7 group of leading global economies, based on
data from the International Monetary Fund, so arguably has room to
accommodate a bit more spending.
Bar chart showing Britain has the second lowest debt in the G7
The government's second argument is that putting more money into people's
pockets could keep inflation higher for longer. This would make everyone
worse off over time and increase the pressure on the Bank of England to use
its powers to dampen price rises by raising interest rates, which affects
borrowing costs for consumers, homeowners and businesses.
All of these many disputes are different and short of offering everyone an
inflation-matching (and potentially inflation-stoking) pay rise, there is no
simple solution. One worker's frustration at their falling standard of
living is another person's frustration at the disruption that looks set to
dominate the Christmas headlines.-BBC
UK weather: All flights suspended at Stansted Airport
All flights have been suspended at Stansted Airport after it was forced to
close its runway due to bad weather.
Heathrow and Gatwick also cancelled or delayed flights after snow, ice and
freezing fog swept the UK.
A yellow weather warning remains place for Scotland, London and south-west
England until Monday morning, with the disruption set to continue.
Trains have also been delayed and drivers warned to take care after several
motorway accidents.
Stansted said on Sunday night its only runway was closed to allow for snow
clearance due to weather conditions and all flights were suspended.
"Delays to flights were experienced earlier due to de-icing of aircraft
which is a ground handler's responsibility and safety of aircraft and
passengers is paramount," a spokesman added.
"Passengers are advised to check with their airline for current status of
their flights."
The BBC has contacted the airport to ask when the runway will reopen.
James Love told the BBC he was stuck on a Loganair plane at Stansted for
several hours which was unable to take off.
"The captain wanted to de-ice the wing," he said. "But by the time the
ground crew had come over to do that and the plane was ready, the runway
shut and we had to return to stand."
However, he said the crew had been great and made the "whole thing a lot
better, or at least as good as can be for this kind of situation".
Heathrow and Gatwick affected
More than 50 flights were cancelled at Heathrow on Sunday, after freezing
fog resulted in air traffic control restrictions on the number of aircraft
that could land and depart per hour .
UK cold weather to last for days amid travel chaos
What are my rights if my flight is cancelled?
The airport said it was keeping passengers safe and trying to get them to
their destinations as quickly as possible.
"We encourage passengers to check their flight status with their airline for
the latest information," a spokeswoman said.
British Airways, the Heathrow's biggest airline, said it had apologised to
customers and was refunding or rebooking anyone whose flight had been
cancelled and providing refreshment and hotel vouchers where needed.
It said Heathrow was going to restrict flights in and out of the airport
again on Monday, meaning more disruption.
Gatwick Airport temporarily closed one of its runways at 17:55 GMT on Sunday
due to un-forecast snow and reopened it at 20:00 when conditions were safer.
A number of flights were delayed or cancelled, while 28 others were also
diverted to other airports during the closure.
"Every effort is being made to get these flights back to Gatwick tonight," a
spokesman said.
"Freezing weather conditions are expected to continue this evening and may
cause further disruption at the airport.
"Passengers travelling this evening and tomorrow are advised to check their
flight status with the airline - and also local travel conditions - before
departing for the airport."
A spokesperson for London Luton Airport warned that there could be
disruption to flights and also advised passengers to allow extra time when
travelling to the airport.
On Saturday, Manchester Airport closed both runways due to "heavy snowfall",
with dozens of flights affected.
Some passengers complained on Sunday about a lack of information from
airlines on the cancellations.
Others said they had been unable to get off planes due to the icy
conditions.
Stansted and Gatwick were unable to say whether they would cancel flights on
Monday.
One stranded commuter on the M25 told BBC Radio 5 Live she had been stuck in
traffic for hours.
"I've moved about 200 yards in four hours," said Nicole. "Although it says
salt spreading, I'm pretty sure they haven't gritted this road because you
can't see any road markings, there's cars skidding all over the place,
lorries jack-knifing.
"It's just horrendous."
The AA advised motorists to adjust their driving to the freezing conditions
on Monday morning.
"On a frosty morning, hazards like black ice can prove lethal if you don't
adjust your speed and driving style in colder weather," said Sean Sidley of
the AA.
He urged drivers to leave plenty of space behind other vehicles; allow extra
time for journeys; pack winter essentials in the car such as warm,
waterproof layers; and to take heed of warning lights in vehicles.
Trains across the West Midlands were also hit by delays.
The UK's Met Office has said its severe weather warning will be in place
until 09:00 on Monday morning, warning of possible travel delays on roads,
along with delayed or cancelled rail and air travel.
Temperatures could drop as low as -15C (5F) in northeast Scotland overnight.
But the Met Office ended its weather warning for Northern Ireland, despite
the cold weather leading to some sporting fixtures being cancelled.
It warned of the risks posed around open water following the rescue of four
children now in critical condition after falling through ice on a lake near
Birmingham.
-BBC
Sam Bankman-Fried: I hope to make money to pay people back
Disgraced crypto boss Sam Bankman-Fried says he hopes to start a new
business to make enough money to pay back victims of the FTX collapse.
The 30-year-old faces several federal investigations into his former
company's handling of funds.
Speaking in a luxury complex in the Bahamas, the former billionaire denies
fraud but says he was "not nearly as competent as I thought I was".
He admits worrying about possible arrest while "ruminating at night".
The FTX crypto exchange allowed customers to trade normal money for
cryptocurrencies like Bitcoin.
It was the second largest in the world, trading about $10bn of crypto coins
every day.
But last month it was revealed that FTX and Mr Bankman-Fried's separate
company - Alameda Research - were financially unstable.
In just eight days everything came crashing down and bankruptcy was filed.
It is estimated that more than a million FTX users are locked out of their
crypto wallets and cannot access their funds.
Mr Bankman-Fried invited the BBC to the residential complex in the Bahamas
where he still lives and said he hopes to find a way to pay back FTX users.
"I'm going to be thinking about how we can help the world and if users
haven't gotten much back, I'm going to be thinking about what I can do for
them. And I think at the very least I have a duty to FTX users to do right
by them as best as I can," he told me.
Media caption,
Sam Bankman-Fried denies claims he knew FTX customer money was used for
risky financial bets
Asked if he planned to start a new business venture to earn the money to pay
investors back, he said: "I would give anything to be able to do that. And
I'm going to try if I can."
Bankruptcy lawyers have described the FTX scandal as "one of the most abrupt
and difficult collapses in the history of corporate America".
They accuse Mr Bankman-Fried of running the company as "his own personal
fiefdom".
The US Senate Banking Committee wants the former CEO to testify at next
week's hearings into the collapsed exchange, and he said on Friday that he
would attend.
At the top of a long list of alleged failings, there are allegations that Mr
Bankman-Fried's Alameda Research hedge fund was using FTX customers' money
to make risky financial bets.
A former senior FTX employee who worked with Mr Bankman-Fried has told the
BBC he thinks the former CEO must have been aware that Alameda Research was
using FTX customer funds.
He accused Mr Bankman-Fried of lying when he said in recent interviews that
he did not know about the flows of cash and cryptocurrencies between the
companies.
"No that's not true," Mr Bankman-Fried said, while going on to acknowledge
that as CEO he was ultimately responsible for any mishandling of funds.
"That's on me, one way or another," he said.
Asked whether he was fraudulent or incompetent, he replied: "I didn't
knowingly commit fraud, I don't think I committed fraud, I didn't want any
of this to happen. I was certainly not nearly as competent as I thought I
was."
Sam Bankman-Fried bbc interview
Image caption,
Mr Bankman-Fried is meeting reporters at a luxury apartment owned by FTX
The American has conducted nine lengthy self-critical interviews in the last
six days.
His team say they've had to relocate to an unknown location in the luxury
resort where he lives, because of "security concerns".
Reporters have taken pictures of him in his apartment with telescopic lenses
from the sea, and at least two YouTubers have managed to sneak into the
complex to film videos.
Mr Bankman-Fried, who comes from a wealthy family, claims to be concerned
about his own personal finances with no access to his bank accounts and
"less than $100K left".
When asked if he is preparing for the possibility of arrest and prison, he
said: "There's some time at night ruminating, yes, but when I get up during
the day, I try and focus, be as productive as I can and ignore things that
are out of my control."-BBC
WTO says Trump's US steel tariffs broke global trade rules
The World Trade Organization (WTO) has found that tariffs on steel and
aluminium imports that were imposed by the US under former President Donald
Trump violate global trade rules.
Mr Trump had claimed national security concerns when he announced the new
border taxes in 2018, sparking a wave of trade fights around the world.
The WTO rebuffed that argument, saying the duties did not come "at a time of
war or other emergency".
The US said it stood by the tariffs.
The US "strongly rejects" the ruling and has no intention of removing the
measures, assistant US trade representative Adam Hodge said.
"The Biden administration is committed to preserving US national security by
ensuring the long-term viability of our steel and aluminium industries," he
said, adding that the reports "only reinforce the need to fundamentally
reform the WTO dispute settlement system".
"The United States has held the clear and unequivocal position, for over 70
years, that issues of national security cannot be reviewed in WTO dispute
settlement and the WTO has no authority to second guess the ability of a WTO
member to respond to a wide range of threats to its security," he said.
The cases were brought by China, Norway, Switzerland and Turkey.
Wider implications
The WTO said the US should bring its trade policy into compliance. If the
country does not abide by the decision, the countries who brought the
complaints are entitled, under WTO rules, to impose retaliatory tariffs on
the US.
The US can also appeal. That would leave the dispute in limbo, because the
US has for years blocked appointments to the WTO's appellate body, which
hears appeals, leaving it unable to function.
China said in a statement that it hoped the US would respect the ruling and
correct its policies "as soon as possible", while Switzerland's secretariat
for economic affairs said the WTO report had confirmed that countries
enjoyed broad discretion to protect security interests "provided they meet
certain minimum requirements".
Norway's ministry of foreign affairs did not respond to a question about
next steps. It said in a statement that it had brought the case to try "to
prevent protectionism... so that the rules-based, multilateral trading
system is not undermined".
Trade experts said the dispute mattered less for its practical impact than
for its implications for the increasingly shaky consensus around how to
govern global trade.
"In today's climate with ever-heightening geopolitical tensions, countries
are increasingly likely to trigger the national security exception," said
Chad Bown, global trade expert at the Peterson Institute for International
Economics (PIIE).
"This particular ruling thus has importance not only for members' future
policies but also how it impacts their overall support for the WTO system
altogether."
Biden strike force to target 'unfair' trade
Mr Trump imposed the tariffs of 25% on steel and 10% on aluminium in 2018,
citing unfair competition and national security interests.
The taxes, which have been supported by labour unions representing US steel
workers, have already been eased significantly compared to what was first
announced, in which even shipments from close allies in North America risked
being affected.
Mr Trump signed deals with some countries exempting them from the tariffs or
admitting their shipments up to a certain level.
The Biden administration reached similar agreements with the European Union,
Japan and the UK as it tried to smooth relations with allies, but kept the
tariffs in full for other countries.
Though the tariffs angered allies - and raised concern among US
manufacturers that use metals about increased costs - the US said they were
aimed primarily at China, which for years has faced concerns from other
countries that it has been selling its steel abroad for below market prices
thanks to unfair government support.
The office of the US trade representative this week sent a proposal to the
European Union outlining a new plan to shape the global steel and aluminium
market.
The aim is to promote trade in metals that are produced in ways that
minimise carbon emissions and impose tariffs on metals that are deemed to
cause too much pollution.
Whilst the details of how such a plan would work haven't yet been published
it is likely that China would face taxes in trying to sell metals to
countries that sign up.
The trade war between the US and China, which was sparked in part by the
metals tariffs, has had lasting effects on trade between the world's two
largest economies.
A high-profile 2020 trade agreement announced by Mr Trump and Chinese
President Xi Jinping helped to reduce some of the public tension over the
issue.
But nearly two-thirds of all the goods China sells to the US remain subject
to extra taxes, as do roughly 58% of what the US sells to China, according
to the PIIE.-BBC
Penguin Random House boss resigns after Simon & Schuster deal fails
The head of publishing giant Penguin Random House has resigned, citing the
US decision to block the firm's $2.2bn takeover of rival Simon & Schuster.
Markus Dohle will step down at the end of the year, the company said, adding
that he was parting at "his own request and on the best of mutual terms".
Mr Dohle had led Penguin since 2013, when it emerged from another big merger
as the world's largest book publisher.
Competition concerns scuttled the Simon & Schuster acquisition.
A US judge ruled in favour of the US government, which had attempted to
block the merger, arguing that the tie-up would reduce pay and opportunities
for writers.
"Following the antitrust decision in the US against the merger of Penguin
Random House and Simon & Schuster, I have decided, after nearly 15 years...
to hand over the next chapter of Penguin Random House to new leadership," Mr
Dohle said.
The company will continue to pursue smaller acquisitions, including in the
US, Penguin's German owner Bertelsmann told Reuters.
Penguin's current US boss, Nihar Malaviya, will serve as interim chief
executive from 1 January.
Penguin Random House was formed through the merger of the UK's Penguin with
New York-based Random House in 2013.
Penguin has worked with celebrated authors including Sylvia Plath, George
Orwell and Virginia Woolf.
In more recent times it has published books by Zadie Smith, Marian Keyes and
Dan Brown.
Simon & Schuster's roster of writers includes Stephen King, Jennifer Weiner
and former US presidential candidate Hillary Clinton.
Mr King was among the big names to testify against the merger on behalf of
the US government, which has taken a harder line against monopolies under US
President Joe Biden.
Bertelsmann initially said it would appeal against the US decision, but
ultimately scrapped the deal. It is paying a $200m breakup fee.
Mr Dohle had worked for Bertelsmann in various roles since 1994. He was boss
at Random House when the firm announced the mega merger with Penguin.-BBC
Coal plants put on standby to supply electricity
National Grid has ordered two coal plants to begin warming up in case
electricity supplies to the UK are disrupted because of the cold weather.
The company said it had asked power station operator Drax to prepare two
coal-fire units for use.
National Grid said that while the two plants will not necessarily be used,
"this measure should give the public confidence in Monday's energy supply".
Colder weather across the UK and Europe will put pressure on energy
supplies.
The UK receives electricity via subsea cables from European countries
including France, Norway, Belgium and the Netherlands.
Higher demand in Europe could potentially disrupt the flow of electricity
into the UK and would trigger the need for coal-generated energy.
National Grid said it "has these tools for additional contingency to operate
the network as normal and the public should continue to use energy as
normal".-BBC
UK banking rules in biggest shake-up in more than 30 years
The government has announced what it describes as one of the biggest
overhauls of financial regulation for more than three decades.
It says the package of more than 30 reforms will "cut red tape" and
"turbocharge growth".
Rules that forced banks to legally separate retail banking from riskier
investment operations will be reviewed.
Those were introduced after the 2008 financial crisis when some banks faced
collapse.
The package of changes, the "Edinburgh Reforms", is being presented as an
example of post-Brexit freedom to tailor regulation specifically to the
needs and strengths of the UK economy.
However, critics say it risks forgetting the lessons of the financial
crisis.
Between 2007 and 2009 the then-Labour government spent £137bn of public
money to bail out banks.
Overall, taxpayers have lost £36.4bn on those bailouts, according to the
latest estimate from independent forecaster the Office for Budget
Responsibility.
Cap on bankers' bonuses will still be lifted
How the Big Bang changed London forever
The plans to ease regulations on financial services are being described as
another "Big Bang" - a reference to the deregulation of financial services
by Margaret Thatcher's government in 1986.
The government has already announced it will scrap a cap on bankers' bonuses
and allow insurance companies to invest in long-term assets such as housing
and windfarms to boost investment and help its levelling up agenda.
Rules governing how senior finance executives are hired, monitored and
sanctioned will be overhauled.
There will also be new rules around bundling investments together into
tradeable units - a process called securitisation.
Chancellor Jeremy Hunt said the changes would secure "the UK's status as one
of the most open, dynamic and competitive financial services hubs in the
world".
The reforms "seize on our Brexit freedoms to deliver an agile and home-grown
regulatory regime that works in the interest of British people and our
businesses".
Mr Hunt met bosses of the UK's largest financial services in Edinburgh on
Friday to discuss the reforms.
While in Edinburgh he was asked whether the reforms risked sowing the seeds
of the next financial crash.
He said: "We have learned the lessons of that crash, we put in place some
very important guardrails which will remain, but the banks have become much
healthier financially since 2008."
'Race to the bottom'
However, Labour's shadow City minister Tulip Siddiq said the reforms would
bring more risk.
"That this comes after the Tories crashed our economy is beyond misguided,"
adding that the reforms were part of a "race to the bottom".
Green charity the Finance Innovation Lab said the government "is taking
major risks with the stability of the economy".
"Weakening the essential protections that were put in place after the global
financial crisis is an incredibly dangerous move - they help keep the system
stable and our money safe," said its chief executive Jesse Griffiths.
But Chris Hayward, policy chairman at the City of London Corporation, said
the reforms would not weaken standards.
"It's a chance to actually grow our economy and I think we should be very
excited about it," he said.
After the financial crisis of 2008, when the government had to spend
billions supporting the UK banking system, a new regime was brought in to
increase the personal accountability of senior risk-taking staff.
It allowed for fines, bans and even custodial sentences, although there have
been very few examples of enforcement.
But City insiders say a major disadvantage it imposes is the lengthy process
of getting the movement of senior staff to the UK approved by the regulator
- making London less attractive to foreign firms.
After the financial crisis, large banks were forced to separate or "ring
fence" their domestic banking operations - mortgages and loans for example -
from their investment banking operations, which expose their own cash to
market volatility and were deemed riskier.
The cost of having two separate shock-absorbing cushions of spare money was
seen by some as placing extra costs on the sector.
Most of the big banks have spent billions on this ring fencing and are not
calling for its reversal.
The reforms of ring fencing are aimed at mid-size banks such as Virgin Money
and TSB.
The government also re-announced more freedom for the pensions and insurance
industry to invest in longer term, illiquid assets - those that are hard to
sell quickly such as social housing, windfarms, and nuclear - which the
government will say helps their levelling up ambitions.
It is worth noting that although this will be billed as a Brexit freedom,
the EU is undertaking similar reforms.
There was a nod to developing the UK as a centre for crypto assets, but with
some caveats given the recent bloodbath after the demise of the
cryptocurrency exchange FTX.
Most financial industry leaders say they are crypto curious but do not feel
the need to be first on this. "Let the shipwrecks of others be your
seamarks," said one.
'Jurassic Park of companies'
London's position as the pre-eminent European financial centre has been
dented in recent years.
The UK's capital city briefly lost its long-time crown of most valuable
European stock market to Paris before gains in the pound pushed it narrowly
back ahead, while Amsterdam took the title of busiest European share dealing
centre.
Leading hedge fund manager Sir Paul Marshall of Marshall Wace recently
described the London financial markets as a "Jurassic Park" of old-fashioned
companies and investors, and it has struggled to attract the world's fastest
growing companies to list on UK exchanges, often losing out to New York,
Shanghai or even Amsterdam.-BBC
Royal Mail workers begin wave of Christmas strikes
Thousands of postal workers at Royal Mail are on strike over pay and
conditions, potentially causing disruption to customers' festive deliveries.
More than 115,000 staff walked out on Friday, with more strikes to follow in
the run-up to Christmas.
Recent talks between the CWU union and Royal Mail have broken down.
Members of the union are expected to continue striking on Sunday as well as
on 14, 15, 23 and 24 December.
Although there are no letter deliveries on Sundays, there are parcel
deliveries, and Royal Mail also processes mail on a Sunday for delivery on a
Monday.
Last week, Royal Mail advised people to post Christmas mail earlier than
usual due to the strikes.
Millions of letters have reportedly been piling up as negotiations have
stalled, while it has brought forward the final suggested date for sending
second class post to 12 December from 19 December, and for first class to 16
December from 21 December.
The union has said staff want a pay rise that matches the soaring cost of
living and has accused management of trying to "force through thousands of
compulsory redundancies".
Workers carrying placards demanding the removal of Royal Mail's chief
executive Simon Thompson gathered outside the Mount Pleasant Mail Centre in
London - the company's largest sorting site in the UK.
One employee Nick, who has worked for Royal Mail for 38 years, told the BBC
that although he had walked out during previous strikes, the distance
between management and unions appeared to him to be wider in this wave of
industrial action.
"It seems to me there's not really a negotiation. It is a take it or leave
it deal where they are attacking our terms and conditions."
Inside the sorting office, parcels and letters continued to be sorted by a
skeleton crew of 100 people, compared to the 1,000 employees who normally
work at the centre.
Joy, who has been with Royal Mail for 28 years, told the BBC he had chosen
to come to work on a strike day because "I want to please my customers
because of the peak time".
He said that firms are worried about business after the height of the
pandemic. "They need their letters and their mail ASAP," he said."I want to
keep moving the mail."
Members of the CWU also staged a rally on Friday afternoon outside
Parliament in central London.
The union's general secretary, Dave Ward, said at the rally that the union
was preparing a fresh ballot over further strike action in January.
But speaking during a visit to an RAF base in Lincolnshire, Prime Minister
Rishi Sunak said that he was not ruling out extending "tough" new
anti-strike laws to prevent walkouts by emergency service workers.
He said the government was "looking at all options" when he was asked about
the potential changes to the law to limit the impact of strikes.
The most recent dispute in the postal industry began this summer after Royal
Mail rejected demands for a pay rise that matched inflation - the rate at
which prices rise - which is currently 11.1%.
Royal Mail has been struggling as it moves from its traditional business of
delivering letters, which is no longer profitable, to parcel deliveries.
It wants to cut 10,000 jobs by next August, which will include 6,000
redundancies and thousands of other roles that will not be filled as staff
leave.
It also argues that it needs to modernise how the business works to
accommodate a rise in parcel deliveries, which would mean changing workers'
hours.
Graphic showing who is striking when (9 Dec)
Dave Ward, the CWU general secretary, said: "Royal Mail bosses are risking a
Christmas meltdown because of their stubborn refusal to treat their
employees with respect.
"Postal workers want to get on with serving the communities they belong to,
delivering Christmas gifts and tackling the backlog from recent weeks.
"But they know their value, and they will not meekly accept the
casualisation of their jobs, the destruction of their conditions and the
impoverishment of their families."
Talks have broken down between the union and Royal Mail, a spokesman said,
adding that Royal Mail managers are "refusing to budge with their 'best and
final' offer".
That offer includes a 9% pay deal over 18 months and "a number of other
concessions to terms and agreements", Royal Mail said.
A spokesman said: "We spent three more days at [conciliation service] Acas
this week to discuss what needs to happen for the strikes to be lifted.
"In the end, all we received was another request for more pay, without the
changes needed to fund the pay offer," he said, adding that the union "knows
full well" that the business is losing more than £1m a day.-BBC
Orkney Christmas businesses hit by Royal Mail strikes
Businesses in Orkney have said they are being hit hard by the Royal Mail
strikes in the build-up to Christmas.
Negotiations between the organisation and the CWU union, over pay and
conditions, have stalled.
With uncertainty over delivery dates, some business owners in Orkney are
reporting a drop in online sales.
Members of the CWU are due to continue striking on Sunday as well as on 14,
15, 23 and 24 December.
Judith Glue's knitwear shop has been a fixture on Kirkwall's Broad Street
since 1979.
She was an early pioneer of online sales in Orkney, and now sends goods
worldwide via her website.
She says she has lost thousands of pounds of sales of Orcadian food hampers,
as the postal strikes mean perishable items cannot be sent.
"It's had quite a serious affect on our business," she said.
"We made the decision to send them out in the first two weeks of December,
but we're not guaranteeing Christmas delivery."
She said they had moved to more non-perishable items - for example less
smoked salmon and farmhouse cheese.
"Sadly, this has affected our suppliers as well, as we've not been able to
order the same quantity as other years.
"This situation has shown how essential the Royal Mail is for Orkney. I
don't think people realise how much the islands rely on the postal service."
Sheila Fleet Jewellery is also based in Kirkwall, as well as having a
gallery and cafe in Tankerness.
They also send their goods globally, using Orkney's airmail service to get
the parcels to mainland Scotland.
"It's having a profound effect on our business," managing director Martin
Fleet said.
"We rely on the Royal Mail's special delivery service, it's been a lifeline
to us for many years.
"With the strikes coming up, our team has had to work incredibly hard to get
as many parcels out as soon as we could, in order not to let any of our
customers down."
He said they supported some of the reasons behind the strike, but said it
had the potential to be "absolutely devastating" to the business.
"I really hope they can find a resolution, so that the universal postal
service can continue," he said.
Last week, Royal Mail advised people to post Christmas mail earlier than
usual.
The CWU said staff want a pay rise to matche the soaring cost of living and
accused management of trying to "force through thousands of compulsory
redundancies".
Royal Mail plans to cut 10,000 jobs by next August, which will include 6,000
redundancies.
It wants to modernise how the business operates to accommodate a growth in
parcel deliveries and the decline in letter volumes.-BBC
Santander UK fined £108m over money laundering failings
Santander has been fined £107.7m over "serious and persistent gaps" in its
anti-money laundering controls which opened the door to "financial crime".
The financial watchdog said the bank "failed to properly oversee and manage"
systems aimed at verifying information provided by business customers.
Santander also failed to properly monitor the money customers had going
through their accounts.
The bank said it was "very sorry" for the failings and had taken action.
Mark Steward, executive director of enforcement and market oversight at the
Financial Conduct Authority (FCA), said: "Santander's poor management of
their anti-money laundering systems and their inadequate attempts to address
the problems created a prolonged and severe risk of money laundering and
financial crime.
The failings affected the oversight of accounts held by more than 560,000
business customers between 31 December 2012 and 18 October 2017, and led to
more than £298m passing through the bank before it closed accounts.
The FCA said that in one case, a new customer opened an account as a small
translations business with expected monthly deposits of £5,000. Within six
months it was receiving millions in deposits, and swiftly transferring the
money to separate accounts.
Although the account was recommended for closure by the bank's own
anti-money laundering team in March 2014, the FCA said that poor processes
by Santander meant that it was not acted upon until September 2015.
As a result, the customer continued to receive and transfer millions of
pounds through its account.
Plan to tackle dirty money in UK set out in bill
The City watchdog identified several other business banking accounts which
Santander failed to manage correctly, leaving the bank open to "serious
money laundering risk".
Santander chief executive Mike Regnier said: "We are very sorry for the
historical anti-money laundering related controls issues in our Business
Banking division between 2012-17 highlighted in the FCA's findings."
He said the bank took action to address the issues once they were
identified, but accepted that its anti-money laundering controls at the time
should have been stronger.
"We have since made significant changes to address this by overhauling our
financial crime technology, systems and processes, he said, adding that more
than 4,400 Santander staff are now focused on preventing financial crime.
Regulators have been busy cracking down on banks for money-laundering
failures.
The biggest UK fine was for NatWest, which was penalised £265m in December
2021 after it admitted three offences of failing to comply with money
laundering regulations between 2012 and 2016. It failed to prevent
money-laundering of nearly £400m by a Bradford gold trading business, which
in one instance deposited £700,000 in cash into a branch in black bin bags.
HSBC was also fined in December 2021, paying £64m after the FCA found
"unacceptable failings" in its anti-money laundering systems between 2010 to
2018. The bank had previously been fined £1.4bn for failing to prevent
laundering by Mexican drug cartels after an investigation by the US
Department of Justice.
In June this year, Credit Suisse was fined for involvement in money
laundering related to a Bulgarian drugs ring. It was fined around £1.7m and
ordered to pay £15m to the Swiss government.-BBC
Africa: Nigeria Civil Aviation Workers, Lowest Paid in Africa - NCAA DG
Director General of the Nigerian Civil Aviation Authority, NCAA, Capt. Musa
Nuhu, has said the agency was unable to engage experienced professionals for
effective industry oversight due to the subpar pay structure.
Nuhu, however, noted that efforts were underway to have the organisation
removed from the public sector.
Nuhu made the disclosure at the closing ceremony of the International Civil
Aviation Organisation Air Services Negation Event, in Abuja.
On how the agency will help improve the numeration for their staff, Nuhu
said: "That's a very important issue the industry has raised. They are the
ones that suffer the most when we do not have adequate staff to cater for
the services they require from us.
"Several ICAO documents recommendations reveal that inspectorate division,
inspectors and all those serving the industry are supposed to earn at least
the same with the people they are overseeing but the NCAA being a public
sector organisation is under the civil service rules.
"We are communicating with the relevant authorities, the Ministry of
Aviation and National Assembly, so that we can see how NCAA can be removed
from the public service sector.
"It's a long process but we are speaking to industry experts to seek their
experience and advice, so that we can attract younger people in the right
number and the best quality, so that our services to the industry will
significantly improve.
"Right now, we have suffered, I can give you an example of a very good
experience.
"As a flight operation inspector, you need a very experienced captain to
work with, nobody will leave an island to come to work for the NCAA and earn
20 percent of the salary they earn as an airline pilot," Nuhu said.
-Vanguard.
Nigeria: $2bn Trapped Funds - Operations of More Foreign Airlines Under
Threat
IN the coming days, more airlines operating on the international route may
be forced to downsize or cease air service operations, following their
inability to repatriate their air services funds to their home countries
over foreign exchange difficulties.
In Nigeria, foreign airlines collect naira for their tickets to customers
and exchange same for foreign currencies for their operations. But recently,
they said they have been unable to get the exchange executed through the
official foreign exchange market due to scarcity of foreign exchange
resources.
In response to the trapped funds, United Arab Emirates flag carrier,
Emirates airline, grounded its operation in Nigeria, while some others shut
down their low ticket inventory to Nigeria's passengers, thus forcing
travellers to pay high airfares.
However, the Central Bank of Nigeria, CBN, waded in, calling the foreign
airlines operating in the country to respect its bilateral aviation services
agreement, BASA.
The CBN Governor, Godwin Emiefiele, had said that the apex bank would tackle
the problem of unrepatriated funds and ensure they were able to access the
funds.
Meanwhile, the International Air Transport Association, IATA, had warned
that the amount of airline funds for repatriation being blocked by the
governments of 27 countries had risen by more than 25 percent ($394 million)
in the last six months From June to December 2022. The global body stated
that total funds blocked had hit $2.0 billion with Nigeria topping the list.
IATA also announced that African carriers would record a loss of $638
million in 2022, while projecting passenger demand growth of 27.4 percent
was expected to outpace capacity growth of 21.9 percent.
According to a breakdown of the fund cited by Vanguard, the top five markets
with blocked funds (excluding Venezuela) are Nigeria, $551 million,
Pakistan, $225 million, Bangladesh, $208 million, Lebanon, $144 million and
Algeria, $140 million.
Meanwhile, IATA's Regional Vice President for Africa and the Middle East,
Kamil Al-Awadhi, in a statement noted that, "Repatriation issues arose in
March 2020, when demand for foreign currency in the country outpaced supply
and the country's banks were not able to service currency repatriations.
"Governments in most of these countries need to remove all barriers to
airlines repatriating their revenues from ticket sales and other activities,
in line with international agreements and treaty obligations.
"Despite these challenges, Nigerian authorities have been engaging the
airlines and are, together with the industry, working to find measures to
release the funds available.
"Nigeria is an example of how government-industry engagement can resolve
blocked funds issues. Working with the Nigerian House of Representatives,
Central Bank and the Minister of Aviation resulted in the release of $120
million for repatriation with the promise of a further release at the end of
2022.
"This encouraging progress demonstrates that, even under challenging
circumstances, solutions can be found to clear blocked funds and ensure
vital connectivity.
"Preventing airlines from repatriating funds may appear to be an easy way to
shore up depleted treasuries, but ultimately, the local economy will pay a
high price. No business can sustain providing service if they cannot get
paid and this is no different for airlines. Air links are a vital economic
catalyst, and enabling efficient repatriation of revenues is critical for
any economy to remain globally connected to markets and supply chains."
African airlines to record $638m loss
Also, IATA in its report on the state of global aviation, noted that the
African region was particularly exposed to macroeconomic headwinds, which
have increased the vulnerability of several economies and rendered
connectivity more complex.
According to the report, in 2022, airline net losses are expected to be $6.9
billion (an improvement on the $9.7 billion loss for 2022 in IATA's June
outlook). This is significantly better than the losses of $42.0 billion and
$137.7 billion realized in 2021 and 2020 respectively.
-Vanguard.
Nigeria: How OPEC's Plus Doc Stabilised Oil Market in 6 Years - SEC Gen
Organisation of Petroleum Exporting Countries, OPEC, has hailed the
agreement it reached with other oil exporting countries which resulted in
the Document of Cooperation six years ago, saying it has helped stabilise
the global oil market.
OPEC Secretary General, Haitham Al Ghais, in a statement, weekend, to mark
the 6th year of the agreement, added that it has also helped in securing
global energy security.
The DoC which was signed by 23 oil producing countries aims to secure
sustainable oil market stability through cooperation and dialogue, including
at the research and technical levels, for the benefit of all producers,
consumers and investors, as well as the global economy at large.
According to Al Ghais, "The Declaration of Cooperation is an unprecedented
collaborative framework of 23 oil-producing countries that is based on
trust, mutual respect and dialogue. Six years later, the framework continues
to play an instrumental role in supporting market stability, which is
essential for growth and development, as well as attracting the necessary
investment to ensure energy security."
He explained that the commitment of DoC participants to a stable oil market
has once again been evident, following the severe oil market contraction
caused by the COVID-19 pandemic.
The OPEC scribe added that "These efforts have supported the global pandemic
recovery process, and have been recognised at the highest levels of
government and by other international organizations and academia."
It will be recalled that on December 10, 2016, OPEC member countries and
Azerbaijan, the Kingdom of Bahrain, Brunei, Darussalam, Equatorial Guinea,
which later joined OPEC, Kazakhstan, Malaysia, Mexico, The Sultanate of
Oman, The Russian Federation' The Republic of Sudan, and The Republic of
South Sudan, met at the OPEC headquarters, in Vienna, and decided to
establish the DoC as a platform for cooperation and dialogue in the interest
of oil market stability.
Other producers attended the meeting in support of these extraordinary
efforts.
-Vanguard.
Tanzania: DSE Activities Fall as Festive Season Draws Near
The Dar es Salaam Stock Exchange (DSE) activities have recorded a subpar
performance affected by Christmas and New Year holidays.
The bourse performance increased by 4.0 per cent to 1.2bn/-as foreign
participation decreased in what was termed as investors' pulled by the end
of the year holidays obligations.
Vertex International Securities said in its weekly market review that the
increase in volume and turnover was not enough to overcome negative price
movement last week to let the equities market post unsatisfactory
performance.
"We think this [was] due to a decline in foreign investors' activity as we
approach the year-end, and we do not expect any huge performance improvement
this week," Vertex said over the weekend.
The stock brokerage firm, however, said "We forecast a slight recovery of
prices".
In the first week of this holidays months, the bourse posted a turnover of
1.2bn/-, 4 per cent higher than the previous week's 1.14bn/-. While foreign
participation in buying and selling was almost zero except on Wednesday when
selling clocked 35.15 per cent.
On the other hand, Orbit Securities said in its weekly market synopsis that
both benchmark indices closed last in the red. The All-Share Index shed 3.64
points and the Tanzania Share Index trimmed 11.68 points.
"Several counters played a major role in pulling down the indices,' Orbit
said, "the major culprits included cross-listed stocks such as KCB which
closed the week 1.4per cent down and Jubilee Holdings' (JHL) share price
dropped by 0.54 per cent."
Total market capitalisation, last week, decreased by 0.19 per cent to
15.572tri/- while domestic market capitalisation decreased by 0.30 per cent
to 10.202tri/-.
TOL was a top gaining share last week by 7.69 per cent to 700/- followed by
CRDB, which gained 1.32 per cent to 385/-.
Simba Cement lost 6.78 per cent to close last week at 1,100/-, followed by
TICL which went down by 5.88 per cent to 160/-, and NMB dropped 2.67 per
cent to 2,920/-.
CRDB was a top market mover recording 76.72 per cent of total market
turnover followed by NMB with 10.18 per cent and TPCC with 7.05 per cent.
Banks, Finance and Investment (BI) closed at 3286.75 points, 1.06per cent
down. Industrial and Allied (IA) and Commercial Services (CS) posted a
slight decline of 0.04 per cent each to close at 5,023.30 points and
2,147.73 points, respectively.
-Daily News.
Nigeria: Artificial Intelligence for New Drug Discovery
Artificial intelligence helps to make pharmaceutical research and new drug
discovery less expensive and more productive, argues Julius Adelusi-Adeluyi.
The world is making rapid progress in the areas of Big Data, Artificial
Intelligence and Machine Learning. These are the core drivers of what many
analysts have come to refer to as the Fourth Industrial Revolution,
epitomized by the increased whittling away of the boundaries that hitherto
existed between the physical, digital and biological worlds.
There is a clear imperative for pharmacists, pharmaceutical scientists and
medical professionals in the field of research and development in developing
countries like Nigeria, to increasingly tap into this world of big data,
artificial intelligence and machine learning and partake of the revolution
that is happening before our very eyes.
And the reason is simple. Artificial intelligence is helping to make
pharmaceutical research and new drug discovery less expensive and definitely
more productive. Researchers realize that in the time that it would have
taken to test the efficacy of say a handful of chemical molecules manually,
with AI, it is possible to test several hundreds of different chemical
molecules. With AI, therefore, we can create better, safer and more
affordable medicines, within a much shorter time frame too.
Then, there is the issue of collaboration among scientists. In a world that
has become so intricately networked, there is no excuse for our researchers
to work in silos anymore. Pharmaceutical researchers, therefore, need to
digitize their work in order to facilitate access by other scientists to
such work-in-progress and in so doing enhancing the possibility of
collaboration with fellow scientists both within and outside the country.
I am aware that there are ongoing initiatives to establish a national open
access repository and research data management platform. I want to encourage
academics and researchers to seek out the promoters and be part of this
project. As an academy we will also be looking at collaborating with the
Nigerian Association of Pharmacists and Pharmaceutical Scientists in the
Americas (NAPPSA) towards setting up an open access pharmaceutical research
depository and data management platform in Nigeria. Such a centralized and
readily accessible repository of research data would be invaluable at
enabling researchers have a clear view of ongoing researches, curtailing
unnecessary duplication of effort and as I said earlier, facilitating
collaboration. I would be particularly keen to see collaboration not only
across country boundaries but also across disciplines. It would be our
delight as an Academy to witness researchers in diverse pharmaceutical and
medical disciplines collaborating to discover new and better drugs to halt
the march of illness and disease.
I want to quickly acknowledge that there is a handful of pharmacists who are
already deploying artificial intelligence towards solving real world health
challenges. Adebayo Alonge the founder of a company called RxAll has made a
name for himself with his Scanners which detect fake drugs, using the power
of artificial intelligence. Naturally therefore, his organization has
attracted not only global media attention but also venture capital from
offshore.
What needs to happen now is for the penetration of artificial intelligence
to deepen and broaden especially among pharmacists, pharmaceutical and
allied scientists who operate in the critical areas of research and
development.
Pharmacists, pharmaceutical scientists and indeed medical professionals of
all hues in the developing world must refuse to be left behind in a world
that is being formidably impacted by the forces of big data, artificial
intelligence and machine learning. We must make a deliberate effort to stake
a claim to this global revolution.
The obstacles are of course, formidable, but we must continue to think
outside of the box. Indeed, we must imagine that there is no box,
whatsoever.
I appreciate that penetration of artificial intelligence will naturally be
impeded by the relative scarcity of AI expertise in these parts. But we can
begin to look at incorporating elements of programming, machine learning and
other forms of data management in our training curriculum for pharmacists at
both undergraduate and post-graduate levels. This way, pharmacists can very
early on, begin to imbibe the digital mindset and relate more empirically
with the manifold possibilities of deploying digital solutions to solving
real world problems including drug discovery.
If the experience of companies like RxAll and the several successful fintech
companies that have originated from Nigeria is something to go by, then
clearly, funding appears to follow good and profitable causes. If we are
able to demonstrably prove that we are capable of harvesting the
possibilities of artificial intelligence and machine learning in
contributing to the emergence of new and better drugs, we will attract the
interest of Venture Capital firms and Angel Investors from around the world.
So let us go back and rededicate ourselves to tapping into the new digital
phenomena that are changing our world.
This is not forgetting that the government, as always, has a central and
crucial role to play in all of this. As an Academy, therefore, we are also
calling on the government to help create the right environment that makes
meaningful research possible. In addition to helping to ensure that basic
facilities including clean water and electricity are available, government
policy direction must also be such that deliberately enables AI to take root
and grow. For instance, government can help to create a level playing field
for all by providing free and open access to big data. It could also help to
deliberately, through incentives and subsidies, attract technology
incubators in the AI space.
We must, both as individual scientists as well as an Academy, continue to
emphasize the importance of research and development to the march of human
progress and why Nigeria must not abdicate its role and responsibilities in
this all-important quest. While imploring the government and society to live
up to their responsibilities to support research and development, we as
researchers, must also live up to our responsibilities to latch on a
blossoming new world of possibilities opened up by Artificial Intelligence
and Machine Learning.
Just as we have witnessed in the financial and fintech space, there is
considerable potential for AI in the pharmaceutical space and that potential
can translate not only to the relief of pain and suffering from disease but
also to economic growth and development.
Adelusi-Adeluyi, a former Minister of Health and currently President of the
Nigeria Academy of Pharmacy, made these remarks at a recent investiture of
new Fellows of the Academy
-This Day.
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