Major International Business Headlines Brief::: 29 December 2022
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Major International Business Headlines Brief::: 29 December 2022
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ü Energy giant ExxonMobil sues EU to block energy windfall tax
ü Covid in China: People rush to book travel as borders finally reopen
ü Domino's Pizza considers selling Russian business
ü Apple and Tesla: Tech shares tumble amid supply issues
ü South Korea lifts ban on import of adult sex dolls
ü Russia bans oil sales to countries using price cap
ü Spain announces €10bn help to fight rising prices
ü China ends Covid quarantine for travellers in January
ü Meta settles Cambridge Analytica scandal case for $725m
ü Energy bills: Changes on 1 January may cause confusion
ü Royal Mail hit by post-Christmas online outage
ü Airport strikes could go on for months, says PCS union boss
ü Nigeria: Old Naira Notes - Senate Asks CBN to Shift Deadline to June 30
ü Nigerians Owe Bishop Kukah a Debt of Gratitude - Buhari
ü Somalia Rejects an Oil Exploration By UK-Based Firm in Somaliland
ü Ethiopian Airlines Resumes Regular Flights to Mekelle
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Energy giant ExxonMobil sues EU to block energy windfall tax
US energy giant ExxonMobil is suing the EU in a bid to force the bloc to scrap its new windfall tax on oil firms.
A windfall tax is imposed on firms that benefitted from something they were not responsible for.
Energy firms are getting much more money for their oil and gas, partly due to supply concerns as a result of Russia's invasion of Ukraine.
But Exxon accuses Brussels of exceeding its legal authority, calling the measure "counter-productive".
ExxonMobil reported a quarterly profit of almost $20 billion (£17.3 billion) in October.
What is the windfall tax on oil and gas companies?
In September, European Commission chief Ursula von der Leyen announced the plan for major oil, gas and coal companies to pay a "crisis contribution" on their increased 2022 profits.
A 33% tax on this year's profits was announced, which were more than 20% higher than the average for the three previous years.
But Exxon argues that the levy discourages investments and undermines investor confidence, in a challenge filed at the EU's Luxembourg-based General Court.
"Whether we invest here primarily depends on how attractive and globally competitive Europe will be," Exxon spokesperson Casey Norton told the Reuters news agency.
In an investor meeting earlier this month, ExxonMobil's chief financial officer estimated that the EU tax would cost the group "over $2 billion".
The European Commission said it "takes note" of Exxon's legal application and said that "it will be now up to the General Court to rule on this case", the Financial Times reported.
The EU is largely trying to wean itself off Russian energy but that has left it scrambling for alternative, more expensive, sources.
EU ministers estimate that they can raise €140bn (£123bn) from the levies on non-gas electricity producers and suppliers that are making larger-than-usual profits from the current demand.-BBC
Covid in China: People rush to book travel as borders finally reopen
Chinese people have rushed to book overseas travel after Beijing announced it would reopen its borders next month.
Passport applications for Chinese citizens wishing to travel internationally will resume from 8 January, the immigration administration said.
It follows an announcement on Monday that ended almost three years of strict quarantine rules for arrivals.
Travel sites have since reported a spike in traffic.
But Chinese tourists will not have unfettered access to all countries.
Officials in the US are considering new restrictions on travellers from China due to concerns about a surge in cases and a lack of transparency from the Chinese government.
"There are mounting concerns in the international community on the ongoing Covid-19 surges in China and the lack of transparent data, including viral genomic sequence data," US officials said in a statement quoted by news agencies.
"Without this data, it is becoming increasingly difficult for public health officials to ensure that they will be able to identify any potential new variants and take prompt measures to reduce the spread."
Japan - one of the most popular destinations for Chinese travellers - has announced that all travellers from China must show a negative Covid test on arrival, or quarantine for seven days, because of the surge in cases there.
India has also said travellers from China (as well as some other countries) must show a negative Covid test when they arrive - though this was announced before Beijing's easing of restrictions.
The easing of travel rules in China - the last part of the country's zero-Covid policy - comes as the country battles a new wave of infections.
Resentment against the government's policy - which sparked rare public protests against President Xi Jinping in November - led to a relaxation of Covid restrictions across the country.
But an increase in Covid cases followed, with reports of hospitals overwhelmed and a shortage of drugs.
The announcement on outbound travel on Tuesday came after Monday's news, which axed quarantine rules for travellers arriving in China. It also scrapped a cap on the daily number of flights.
On the same day, the National Health Commission announced that Covid would be formally downgraded to a Class B infectious disease on 8 January.
Before the relaxation of travel rules, people were strongly discouraged from travelling abroad. The sale of outbound group and package travel was banned, according to marketing solutions company Dragon Trail International.
Within half an hour of Monday's notice that China's borders would reopen, data from travel site Trip.com - cited in Chinese media - showed searches for popular destinations had increased ten-fold year-on-year.
Macau, Hong Kong, Japan, Thailand and South Korea were the most popular destinations.
In addition, Chinese travel agency Qunar saw flight enquiries on its website increase seven-fold within the first 15 minutes after the announcement, the China Daily reports.
Before the pandemic, the number of outbound tourists from China stood at 155 million in 2019, according to Statista. This number dropped to 20 million in 2020.
This year, some people in China will hope to visit family and loved ones during Chinese New Year, which begins on 22 January.
But inside China, there has been a mixed reaction.
"I'm happy about it but also speechless. If we're doing this [reopening] anyway - why did I have to suffer all the daily Covid tests and lockdowns this year?" said Rachel Liu, who lives in Shanghai.
She said she had endured three months of lockdown in April - but nearly everyone in her family had become infected in recent weeks.
She said her parents, grandparents and partner - living across three different cities in Xi'an, Shanghai and Hangzhou - had all come down with fever last week.
Many have also expressed concern online about borders reopening as Covid cases peak.
"Why can't we wait until this wave passes to open up? The medical workers are already worn out, and old people won't survive two infections in one month," read one top-liked comment on Weibo.
People in cities like Beijing and Shanghai, which experience chilly temperatures in the winter, say they're running out of flu and cold medicine.
It's feared that hundreds of deaths may be going unreported as crematoriums are overwhelmed.
In the capital, Beijing, authorities say they are planning to distribute the Pfizer tablets, Paxlovid, in order to try to reduce the severity of infections. But health centres contacted by The Global Times on Monday said the drug had yet to be delivered.
On Monday, President Xi issued his first remarks on the changes, calling on officials to do what was "feasible" to save lives.
China's about-turn has put Mr Xi in a tough spot. He was the driving force behind zero-Covid, which many blamed for restricting people's lives excessively and crippling the economy.
But having abandoned it, analysts say he now has to take responsibility for the huge wave of infections and hospital admissions. Many have questioned why the country was not better prepared.-BBC
Domino's Pizza considers selling Russian business
The operator of Domino's Pizza in Russia is considering selling its business there 10 months after the Kremlin launched the war in Ukraine.
DP Eurasia, which owns the franchise for Domino's Pizza in Russia, is one of a handful of Western firms that has not suspended or removed services there.
The London-listed firm said it is "evaluating its presence in Russia".
"The company is considering various options which may include a divestment of its Russian operations."
DP Eurasia has 171 Domino's Pizza shops in Russia; it owns 68 of the sites, while 103 are franchised to local operators.
It also operates the Domino's franchise in Turkey, Azerbaijan and Georgia.
Five ways conflict could go in 2023
In the days following Russia's invasion of Ukraine. on 28 February 2022, DP Eurasia said it was "too early to quantify any possible ramifications for the group's Russian business".
The firm subsequently stated: "The safety and welfare of all of the group's employees and customers remains its primary priority and DP Eurasia is shocked and saddened by the conflict and the effect it has had on all of the innocent civilians across the region.
"At this stage there has been no material disruption to the group's operations from the ongoing situation," the statement concluded.
At the time, DP Eurasia said it would suspend royalty payments from the Russian business and would limit investment in the country.
'Potential transaction'
A number of Western fast food companies in Russia exited their operations when war broke out.
McDonald's shut its 850 restaurants, citing the "humanitarian crisis" and "unpredictable operating environment" caused by the Ukraine war. The majority of the chain was bought by Russian businessman Alexander Govor who has rebranded the restaurants "Vkusno i Tochka", which translates to"Tasty and that's it".
KFC-owner Yum! Brands - which also owns Pizza Hut - exited the Russian market, selling its sites to local businesses which already operated franchises there.
Restaurant Brands International, which owns Burger King, operates in Russia through a joint venture. It stated that it had wanted to suspend trading but the Russian operator of 800 shops had "refused" to close them.
On Wednesday, DP Eurasia responded to speculation that it would leave Russia, saying it was "evaluating its presence in Russia, the impact of sanctions and its continuing ability to serve its customers in Russia".
Hinting at a possible sell-off of Russian operations , it added: "Whilst work on a potential transaction is ongoing, there can be no certainty as to the outcome."-BBC
Apple and Tesla: Tech shares tumble amid supply issues
Apple and Tesla stocks have tumbled over growing concerns about delays in their production lines in China.
Apple shares hit their lowest point since June 2021. Tesla's stock has dropped 73% from a record high in November 2021.
Companies have struggled to keep production going in China due to Covid restrictions and weeks of lockdowns.
Now they are facing a staffing crunch as China battles a Covid wave after lifting years of restrictions.
China announced that it will lift its strict quarantine rules for travellers on 8 January, a positive sign for many investors who are seeing an ease in supply chain movement in 2023.
But global investors are also being cautious ahead of additional interest rate hikes, a global economic slowdown and the ongoing war in Ukraine.
Given the spike in Covid cases in key manufacturing hubs, analysts say production will take time to ramp up once again.
"Factories are going to experience labour shortages for at least 4-6 weeks as the wave passes through their production regions, and of course most migrant workers will go back to their home villages for the Lunar New Year at the end of January," says Simon Baptist, chief economist at The Economist Intelligence Unit.
"Production looks unlikely to be back to normal in China until late February."
Production delays hit Apple supplier Foxconn earlier this year following unrest at its Zhangzhou plant known as "iPhone City." The company said its revenue in November was down 11% compared with the same month in 2021.
This week, media reports said Tesla's Shanghai manufacturing plant had cut production as Covid infections rose in China. The company declined to comment.
But analysts say the company's sluggish sales are evident in the fact that it has offered discounts to both Chinese and North American customers.
Investors have also raised concerns about Tesla chief executive Elon Musk, who has repeatedly made controversial headlines. He took over Twitter in October after a drawn-out legal battle and since then, Mr Musk has focused a significant amount of his time on running the social media platform. Some have cited his alleged distraction during this time as another reason for the fall in Tesla's share price.
Last week, Mr Musk tweeted asking users if he should continue as the head of the platform - they voted no, prompting him to announce that he would resign from his position once a replacement is found.
Analysts say he now needs to rebuild investors' and board members' confidence.
"Musk is viewed as 'asleep at the wheel' from a leadership perspective for Tesla at the time investors need a CEO to navigate this Category 5 storm," wrote Webush tech analyst Dan Ives in his newsletter.
"Instead Musk is laser-focused on Twitter which has been an ongoing nightmare that never ends for investors."-BBC
South Korea lifts ban on import of adult sex dolls
South Korean officials have lifted an import ban on adult-sized sex dolls.
The decision comes after years of debate over whether the government was interfering in people's private lives.
The revised guidelines allow adult-shaped dolls through customs, but child-like dolls resembling minors are still prohibited, the Korea Customs Service said.
Sex dolls are not illegal in South Korea. However, thousands of them have been seized in customs since 2018.
Officials blocked the import of life-size sex dolls under a law that restricts goods that are seen as harming South Korea's traditions and public morals.
Importers initially took their complaints to court asking for the ban to be lifted and for the release of the dolls in customs. They said the products did not impinge on human dignity.
In 2019, the Supreme Court upheld a decision that sex dolls are used for personal use and fall under the same category as pornography, which is tightly regulated, but legal.
Nearly a quarter million, however, people signed a petition to stop the import of these dolls into South Korea. The unidentified author of the petition said the dolls could lead to an increase in sex crimes.
The matter was resolved when customs officials decided to lift the ban. They said in a statement that the decision was made after reviewing recent court rulings and opinions from relevant government agencies including the Ministry of Gender Equality and Family.
The decision also allows importers to retrieve their products from government custody. Customs officials said they still likely hold more than 1,000 sex dolls that had arrived in South Korea over the last four years.
But custom officials said they would ban the sale of sex dolls that resemble real people, such as celebrities.
It's unclear if the sale ban also applies to domestically made sex dolls that look like minors - but such restrictions exist in Australia, the UK and and US.-BBC
Russia bans oil sales to countries using price cap
Russia has banned oil sales to countries and companies that comply with a price cap agreed by Western nations earlier this month.
The price cap - which was agreed by the G7 group of nations, Australia and the EU - came into force on 5 December.
The cap prohibits countries from paying more than $60 (€56; £50) per barrel of Russian oil.
Russia has now said its oil and oil products will not be sold to anyone imposing the price cap.
The presidential decree said the ban would take effect for five months from 1 February until 1 July.
The decree also said Russian President Vladimir Putin could give "special permission" to supply to countries that fall under the ban.
The G7 group of major economies first put forward the idea of a price cap in September in order to stop Moscow from using oil revenue to finance the war in Ukraine.
Although Western demand for Russian oil fell after the invasion, Russian revenue remained high due to a price spike and demand elsewhere, including from India and China.
Chart on Russian oil imports
An EU-wide ban on Russian crude oil imported by sea is already in place, alongside similar pledges from the UK, the US, and others.
The price cap aims to reduce Russian oil revenue further. It stops any Russian crude sold for more than $60 from being shipped using G7 and EU tankers, insurance companies and credit institutions.
Many major global shipping and insurance companies are based within the G7.
But earlier this month, Ukraine's President Volodymyr Zelensky called the price cap a "weak" idea that was not "serious" enough to damage the Russian economy.
Russia's Finance Minister Anton Siluanov said on Tuesday that Russia's budget deficit could be wider than the planned 2% of GDP in 2023 - with the oil price cap squeezing export income.
Oil is currently trading at around $80 a barrel - well down from the peaks of above $120, seen in March and June.-BBC
Spain announces €10bn help to fight rising prices
Spanish Prime Minister Pedro Sánchez has announced another €10bn (£8.8bn) in support to address rising prices following Russia's invasion of Ukraine.
The government would "protect the middle class and workers amid the rise in the cost of living, energy and food", he said.
The proposals include cuts to VAT and a €200 one-off payment for millions of households on less than €27,000 a year.
It's Spain's third set of aid measures and brings total support to €45bn.
Spain has succeeded in bringing down inflation in recent months to 6.8%, the lowest annual rate in the European Union and the lowest figure since the Russian invasion of Ukraine in February 2022. But food price inflation is far higher.
Dubbed as an "anti-crisis" package to mitigate rising prices and boost growth in the year ahead, the latest plans extend for a further six months cuts to tax on gas and electricity brought in by left-wing government.
The one-off payment for households will benefit some 4.2 million households - it was previously limited to families with an annual income of less than €14,000.
Public transport will also continue to be subsidised - with a discount on season ticket prices extended until the first half of 2023 - but a 20-cent-per-litre fuel discount for consumers will be restricted to a few job sectors.
Mr Sánchez also pledged to scrap sales tax for six months on essential food items like bread, milk, cheese, eggs, fruits and vegetables - and bring down taxes on on pasta and cooking oil, from 10% to 5%. A ban on cutting off gas and electricity to households will last until the end of 2023.
EU countries have all acted to protect consumers and businesses from rising prices, with Germany announcing a "defensive shield" package in October worth €200bn to bring down the cost of electricity and gas. Olaf Scholz's government said it was Berlin's response to Russia's "energy war".
Germany's so-called price brake caps the cost of units of gas and electricity. Earlier this month EU leaders agreed to cap gas prices from next February if they breached €180.
France, like Spain, has announced a one-off payment to vulnerable families receiving energy vouchers as part of a €45bn package.
It also forced energy provider Électricité de France (EDF) to cap price rises at 4% for a year.
In the UK, the government brought in a cap on the price of a unit of energy until April 2023, which will mean the typical household bill for gas and electricity will be £2,500 a year.-BBC
China ends Covid quarantine for travellers in January
China will scrap quarantine for travellers from 8 January, officials said, marking the last major shift from the country's zero-Covid policy.
After almost three years of closed borders, this will reopen the country to those with work and study visas, or seeking to visit family.
Travel overseas for Chinese citizens will become easier, the immigration authority said on Tuesday.
Covid has spread ferociously in the wake of restrictions being lifted.
Reports say hospitals are overwhelmed and elderly people are dying.
The true toll - daily case counts and deaths - is currently unknown because officials have stopped releasing Covid data.
Beijing had reported about 4,000 new Covid infections each day last week and few deaths.
On Sunday it said it would stop publishing case numbers altogether. But British health data firm Airfinity estimated China was experiencing more than a million infections and 5,000 deaths a day.
China is the last major economy in the world to move to "living with Covid" after three years of lockdowns, closed borders and mandatory quarantine for Covid cases and contacts.
The so-called zero-Covid approach battered the economy and made citizens weary of restrictions and repeated tests.
Resentment against the policy exploded into rare public protests against President Xi Jinping in November, which was followed by authorities dropping Covid rules just a few weeks later.
Closed borders remain the last major restriction. Since March 2020, anyone entering China had to undergo mandatory quarantine at a state facility - for up to three weeks at a time. That was recently reduced to five days.
But on Monday the National Health Commission announced that Covid would be formally downgraded to a Class B infectious disease on 8 January.
That meant quarantine would be axed - although incoming travellers will still need to take a PCR test. A cap on the daily number of flights allowed into China would also be scrapped.
Authorities said they would also "optimise" visa arrangements for foreigners wishing to come to China for work and study, as well as family visits and reunions.
It's unclear if that includes tourist visas, but officials said a pilot programme would begin for international cruise ships.
Chinese citizens wishing to apply for passports to travel abroad will also be able to do so from 8 January, the immigration authority announced on Tuesday.
Prior to the pandemic, the number of outbound tourists from China stood at 155 million in 2019, according to Statista. This number dropped to 20 million in 2020.
The new rules have been welcomed by many Chinese who will now be able to travel overseas again.
The country's top online travel agencies reported a spike in traffic within hours of the announcement. Many people will be hoping to visit family and loved ones during Chinese New Year, which begins on 22 January.
But many have also expressed anger over the sudden freedom after years of controls.
"I'm happy about it but also speechless. If we're doing this [reopening] anyway - why did I have to suffer all the daily Covid tests and lockdowns this year?" said Rachel Liu, who lives in Shanghai.
She said she had endured three months of lockdown in April, but nearly everyone in her family had become infected with the virus in recent weeks.
She said her parents, grandparents and partner - living across three different cities in Xi'an, Shanghai and Hangzhou - had all come down with fever last week.
Many have also expressed concern online about borders reopening as Covid cases peak in China.
"Why can't we wait until this wave passes to open up? The medical workers are already worn out, and old people won't survive two infections in one month," read one top-liked comment on Weibo.
People in cities like Beijing and Shanghai, which experience chilly temperatures in the winter, say they're running out of flu and cold medicine.
It's feared that hundreds of deaths may be going unreported as crematoriums are overwhelmed.
In the capital, Beijing, authorities say they are planning to distribute the Pfizer tablets, Paxlovid, in order to try and reduce the severity of infections and ease the pressure on hospitals. But health centres contacted by The Global Times on Monday said the drug had yet to be delivered.
On Monday, President Xi issued his first remarks on the changes, calling on officials to do what was "feasible" to save lives.
State media quoted him saying the country faced a new situation with pandemic control, and needed a more targeted response.
China's about-turn on how it manages the pandemic has put Mr Xi in a tough spot. He was the driving force behind zero-Covid, which many blamed for restricting people's lives excessively and crippling the economy.
But having abandoned it, analysts say he now has to take responsibility for the huge wave of infections and hospital admissions. Many have questioned why the country was not better prepared.-BBC
Meta settles Cambridge Analytica scandal case for $725m
Facebook owner Meta has agreed to pay $725m (£600m) to settle legal action over a data breach linked to political consultancy Cambridge Analytica.
The long-running dispute accused the social media giant of allowing third parties, including the British firm, to access Facebook users' personal data.
The proposed sum is the largest in a US data privacy class action, lawyers say.
Meta, which did not admit wrongdoing, said it had "revamped" its approach to privacy over the past three years.
In a statement, the company said settling was "in the best interest of our community and shareholders".
"We look forward to continuing to build services people love and trust with privacy at the forefront."
Tech author James Ball told the BBC it was "not a surprise" that Meta has had to agree to a serious pay-out but that it was "not that much" money to the tech giant.
"It's less than a tenth of what it spent on its efforts to create 'the metaverse' last year alone," he said.
"So Meta probably won't be too unhappy with this deal, but it does stand as a warning to social media companies that mistakes can prove very costly indeed."
The suggested settlement, which was disclosed in a court filing late on Thursday, is subject to the approval of a federal judge in San Francisco.
"This historic settlement will provide meaningful relief to the class in this complex and novel privacy case," lead lawyers for the plaintiffs, Derek Loeser and Lesley Weaver, said in a statement.
The complaint was filed on behalf of a large proposed class of Facebook users, whose personal data on the social network was released to third parties without their consent.
The class size is "in the range of 250-280 million" people, according to the ruling document, representing all Facebook users in the US during the "class period" which runs from 24 May, 2007 to 22 December, 2022.
It is not clear how the plaintiffs would claim their share of the settlement.
Janis Wong, a privacy and ethics researcher at The Alan Turing Institute, said it would only amount to two or three dollars per person if each individual decided to make a claim.
A further hearing on the settlement is due to take place on 2 March, 2023.
"Even though this $725m settlement doesn't cover UK users, earlier this year a competition law expert put forward a multi-billion dollar class action suit against Meta regarding users' data exploitation that does cover the Cambridge Analytica period.
"We should hear more about that from the UK Competition Appeal Tribunal in the new year," she told the BBC.
The harvesting of Facebook users' personal information by third-party apps was at the centre of the Cambridge Analytica privacy scandal, exposed in 2018.
The consulting firm, now defunct, worked for Donald Trump's successful presidential campaign in 2016, and used personal information from millions of US Facebook accounts for the purposes of voter profiling and targeting.
The firm obtained that information without users' consent from a researcher who had been allowed by Facebook to deploy an app on the platform which harvested data from millions of its users.
Facebook believes the data of up to 87 million people was improperly shared with the political consultancy.
The scandal prompted government investigations into Facebook's privacy practices, leading to lawsuits and a high-profile US congressional hearing in which Meta boss Mark Zuckerberg was questioned.
In 2019, Facebook agreed to pay $5bn to resolve a Federal Trade Commission probe into its privacy practices.
The tech giant also paid $100 million to settle US Securities and Exchange Commission claims that it misled investors about the misuse of users' data.
Investigations by state attorneys general are continuing, and the company is challenging a legal action by the attorney general for Washington DC.-BBC
Energy bills: Changes on 1 January may cause confusion
Customers of all the major energy suppliers risk being left confused after being contacted about a price change starting on 1 January.
The biggest providers have all confirmed to the BBC that they are making changes to their prices at the start of the new year.
But the alterations are likely to only add pennies, not pounds, to bills.
The government says a typical annual bill will still be £2,500, but the maximum rates are being updated.
It will affect the 12 energy regions of Britain from the start of January and means suppliers are allowed to change their prices up to those new maximum levels.
Receiving news of a price change has worried many customers, at a time when prices have already increased dramatically and many find bills difficult to understand.
How are energy prices set?
The government's Energy Price Guarantee means that the average customer on a standard variable tariff pays 34p per kilowatt hour (kWh) for electricity and 10.3p per kWh for gas. At those rates, a household with typical energy use will pay £2,500 a year.
However, the rates are only an average. There are different rates depending on which of the 12 regions of Britain you live in and how you pay your bills - by direct debit, from regular bills, or on a prepayment meter.
The government has updated the Energy Price Guarantee rates from 1 January, so companies have been allowed to make small price changes for almost every customer.
How much are bills changing by?
Generally, the changes are only fractions of a penny, so customers are being urged not to panic if they receive an email mentioning a new price. While for most it will only be tinkering round the edges, there are variations across Britain.
The biggest changes are for customers paying in monthly or quarterly bills for their energy. Prices are increasing in all of the 14 areas for both gas and electricity with the biggest changes being for those in North Wales and Merseyside, as well as in London, which are both increasing for electricity by more than 1p per kWh.
The billed rate in Merseyside will be the highest in Britain at 38.26p per kWh, more than 4p above the government's often quoted average rate of 34p.
Direct debit customers in Merseyside and North Wales will see the electricity unit rate they are allowed to be charged increased by 0.4p, while people in the northern area across the North East of England will see their electricity unit price go down by 0.4p.
Electricity rates have also been reduced in eight areas for prepayment customers. However, the biggest increase is again for Liverpool and North Wales which has seen a 0.4p rise.
Which suppliers are making the changes?
Scottish Power, Bulb, EDF, British Gas and Shell have all confirmed to the BBC that they would be passing on the changes allowed by the government in full to customers.
Octopus said it would pass on cuts, but not rises, to customers. The company said it would absorb the increases, except for "Economy 7" customers. EOn is making changes to direct debit and billed customers, but not increasing rates for prepayment customers.
Aren't prices supposed to be fixed until March?
Although the price cap set by the regulator Ofgem increases in January, the government guarantee supersedes that, meaning the government has to pay the difference to suppliers to cover that increase in price.
"Ofgem's price cap changing on 1 January means some customers are receiving notifications from their energy suppliers about price changes up or down, however these changes will mostly be small," a government spokesman said.
He added that Ofgem's price cap was set at different levels for different regions, based on the costs to supply energy, and the Energy Price Guarantee applies a fixed discount to tariffs so these small differences continue to exist.-BBC
Royal Mail hit by post-Christmas online outage
The Royal Mail app and website was unavailable on Wednesday for more than four hours, users said.
The outage comes on the first day of regular post following strikes and bank holidays over the Christmas period.
Down Detector, which tracks websites, showed that thousands of people had reported that the Royal Mail site was inaccessible.
Visitors were presented with the message: "Our website is temporarily unavailable."
At the time of writing, some users continue to report they remain unable to access the Royal Mail app or website but reports on Down Detector are declining.
As well as the reports in the morning of 28 December, there were hundreds more made overnight, beginning at 9pm on 27 December.
A Royal Mail spokesperson told the BBC: "We are very sorry for the difficulties experienced by some customers when using our website today.
"We are working to resolve this technical issue as quickly as possible and apologise for any inconvenience caused."-BBC
Airport strikes could go on for months, says PCS union boss
Strikes by Border Force staff at UK airports could go on for months unless the government enters talks over pay, the head of the PCS union has said.
Mark Serwotka said the union had a "mandate" for walkouts up until May.
Prime Minister Rishi Sunak said he was "sad" about disruption caused by strikes, but said he had acted "fairly and reasonably" over public sector pay.
Thousands of travellers arriving in the UK had been told to expect delays but so far disruption has been minimal.
On the roads, however, there was "severe congestion" in some areas, according to the AA as the Christmas getaway gathered pace.
It said that rail strikes, which are due to restart on Saturday, had added to the larger number of cars on the road, while accidents on the M1 and a partial closure of the M25 due to flooding had caused major traffic jams.
Around 1,000 Border Force staff - many of whom check passports - are staging the first of a series of strikes from Friday to 26 December and from 28 to 31 December.
Employees are walking out at Heathrow, Gatwick, Manchester, Birmingham, Cardiff and Glasgow airports, as well as the Port of Newhaven. Military personnel and civil servants have been drafted in to cover strikers.
A spokesperson for Heathrow Airport said on Friday afternoon that operations were going "smoothly" and the airport is running as normal.
"The Immigration halls are free flowing with Border Force and the military contingency providing a good level of service for arriving passengers," the spokesperson added.
Glasgow Airport also experienced "no issues" resulting from the strike action, a spokesperson told the BBC. There have been no reports of delays in the other airports either.
Members of the UK Armed Forces who provide cover for striking public service workers during the Christmas period will receive extra bonus payments for every day they work, the Defence Secretary Ben Wallace has announced.
The Ministry of Defence said each stand-in worker would get a £20 bonus for every day they spend training or deployed during the festive period.
Mr Serwotka said that any disruption for passengers was an "unfortunate reality" of the strikes but said any anger should be directed at the government, who he claimed had "ignored" the union.
He said the union was raising cash for a strike fund which meant members could "sustain" strikes "for months and after Christmas".
"Not only could it be six months, I think in January what you will see is a huge escalation of this action in the civil service and across the rest of the economy unless the government get around the negotiating table," he said.
Mr Sunak said: "I want to make sure we reduce inflation, part of that is being responsible when it comes to setting public sector pay.
"In the long term it's the right thing for the whole country that we beat inflation."
Separately, a planned 72-hour walkout by Menzies baggage handlers at Heathrow that had been due to start on 29 December has been called off after members of the Unite union voted to accept an improved pay offer.
Your airline has a duty of care to you. For example, it should provide free meals or refreshments, or overnight accommodation if required, if you are delayed at the airport for more than two hours or so
Several airlines are allowing passengers with flights arriving in the UK on strike days to change their tickets free of charge
Strike action, or bad weather, are beyond the airline's control, so you are not entitled to extra compensation. That is only paid when it is the airline's fault that you cannot get on a flight, such as overbooking
Here is a full guide to flight cancellation rights.
Jasmine O'Donoghue, 25, has been in Costa Rica since 16 November and is due to travel to Heathrow then on to Jersey on 27 December, which is not a strike date.
Nevertheless, she has been advised she should change her flight due to the impact of the strikes on domestic transfers.
"Right now I don't know if I'm getting on the flight, or will change my flight," she said. "It would be nice for my family and my boyfriend if I was at home for New Year after being away for so long."
Aviation data firm Cirium said over the period of the festive strikes, a total of 8,910 flights will arrive, with a capacity of nearly 1.8 million people.
Steve Dann, Border Force chief operating officer, said military personnel and civil servants, "many of whom are sacrificing their Christmases", would "not be able to operate with the same efficiency as our permanent workforce".-BBC
Nigeria: Old Naira Notes - Senate Asks CBN to Shift Deadline to June 30
Following the redesigning of the N200, N500 and N1,000 banknotes, the Senate in a unanimous resolution yesterday urged the Central Bank of Nigeria (CBN) to extend the deadline for the return of the old currency from January 31, 2023, to June 30, 2023.
The resolution of the Senate was sequel to a motion titled, "Urgent need to extend the withdrawal of old currency from circulation," sponsored by former Senate Leader, Senator Ali Ndume, APC, Borno South.
Ndume who noted that the timing of the policy was wrong, said since the beginning of the implementation of the cash withdrawal limits, the new notes are not in circulation even in cities not to talk of the rural communities.
The CBN had on November 8, said it had finalised arrangements for the new currency to begin circulation from December 15, 2022, after its launch by President Muhammadu Buhari.
It had explained that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender.
But speaking, Ndume said, "Many Nigerian banks on Thursday 15th December, 2022, opened their vault to customers and depositors to exchange their old naira notes for the newly redesigned currency, which has a stipulated deadline of January 31, 2023;
"Aware that Some Nigerians are already envisaging rush and long queues in the banking hall across the country as a result of people trying to get access to the new naira note, which was unveiled last month by President Mohammad Buhari at a brief ceremony at the state house, Abuja.
"Aware also that the old notes are expected to be in circulation alongside the new ones until January 31, 2023, when the old notes are expected to be phased out, it is expected that many Nigerian businesses would start to reject the old notes as soon as the banks start paying out the redesigned notes to customers.
"Observes that access to the new notes may be compounded by the recent circular by the CBN, which limit the amount of cash individuals and corporate entities could withdraw within a certain period of time.
"For instance, the CBN said individuals could only withdraw N100, 000 per week while corporate could only have access to N500, 000 per week through over-the-counter (OTC) transactions.
"Observes that access to large quantities of cash above the limit would attract processing fees of 5 per cent and 10 per cent for individuals and corporate entities respectively.
"Large withdrawals are also subjected to scrutiny by the regulator to determine the importance and usage of such cash; and convinced that if the withdrawal of old notes from circulation is not extended beyond 31st January many Nigerian will be thrown into hardship and to avoid a repeat of 1984 experience withdrawal of old notes."
However, Ndume failed to acknowledge that the CBN last week announced an upward review of the cash withdrawal limits across all payment channels by individuals and corporate organisations.
Under the updated regime, the apex bank had said effective January 9, 2023, individuals and corporate entities could withdraw a maximum of N500,000 and N5 million, respectively, away from N100,000 and N500,000, respectively, which was previously announced on December 6, 2022.
In an updated circular dated December 21, 2022, and addressed to all Deposit Money Banks (DMBs) and Other Financial Institutions, Microfinance Banks, Mobile Money Operators, and Agents, the CBN had explained that the upward review was as a result of the feedback it received from stakeholders.
The correspondence was signed by CBN Director, Banking Supervision Department, Mr. Haruna Mustafa.
-This Day.
Nigerians Owe Bishop Kukah a Debt of Gratitude - Buhari
As you read this, it will be exactly three days to the end of the year and 152 days to the end of Muhammadu Buhari's second and final term in office as president. And Nigerians are hurting badly. In the last seven and half years of his baleful presidency, all the indices of human development - I mean all - have gone south, literally and metaphorically.
Today, Nigerians are neither guaranteed a healthy life, access to knowledge nor a decent standard of living. Paradoxically, the so-called leaders are overreaching themselves in their toadying jaunts that Buhari is the best thing to happen to Nigeria since October 1, 1960. Those who climbed on the rooftops just yesterday to shout themselves hoarse over perceived poor governance have suddenly gone mute.
Leaders who shut down the country when Goodluck Jonathan's government tried to remove fuel subsidy on January 1, 2012, have all lost their voices today even as the situation worsens. The widespread protests in January 2012 forced the government to partially reinstate the subsidy with fuel price set at N97 per liter from N65, and an increase in 2012 budget by N161 billion to accommodate the subsidy, which Buhari dismissed then as a scam.
Today, fuel subsidy reportedly gulped a whopping N2.565 trillion between January and August 2022, even as the Buhari government proposed in the Medium-Term Expenditure Framework to spend N3.3 trillion between January and June 2023. While the country's hypocritical elite are ready to decapitate Mrs. Diezani Alison-Madueke, former Minister of Petroleum Resources on the corruption guillotine, if they are honest to themselves, they will acknowledge that Buhari as the de facto Minister of Petroleum Resources since 2015, has not done any better.
In August, the former Nigerian National Petroleum Corporation, NNPC, which has transmuted into the Nigerian National Petroleum Company, NNPC, Limited, reportedly made zero remittance to the Federation Account Allocation Committee, FAAC. That was the eighth in 2022. In its monthly presentation to the FAAC meeting on Friday, September 23, NNPC Limited said: "The sum of N525,714,373,874.60 being federation account share was used to defray value shortfall/subsidy for the month."
And there was no whimper anywhere. Instead, the fawning elite who gathered in Abuja last week at a private dinner in honour of Buhari's 80th birthday heaped encomiums on him. The event, tagged: "Celebrating a Patriot, a Leader, an Elder Statesman", raises the question of whether Buhari is, indeed, a patriot.
I dare say he is not unless the word patriot has acquired a new, sinister meaning other than love, support and defence of one's country and its interests with devotion. Buhari is the most bigoted Nigerian president, ever. Buhari is only for Buhari. He is provincial and his interests are narrow. Never mind that Asiwaju Bola Tinubu, the APC presidential candidate, at the occasion eulogised him as a man who has sacrificed a lot for the country.
"We have seen a life of commitment, dedication, patriotism and honesty... you have done well for your country. Our nation has seen the difference, the leadership that you demonstrate," Tinubu said. To Governor David Umahi of Ebonyi State, Buhari is a detribalised person who "loves every section of this country".
They are lying to the president and I will be surprised if he does not know. Truth be told, Buhari has damaged this country beyond imagination. It will take an immeasurable dose of political sagacity, adroitness, patriotism, uncommon vision and competence for his successor to pull back the country from the very precipice where it is tethering right now. But hypocrisy does not exalt a nation.
That is why Nigerians must be grateful to Matthew Hassan Kukah, Bishop of Sokoto Catholic Diocese, who has consistently held Buhari's feet to the fire of responsible leadership. In his Christmas message titled, "Nigeria: Let us turn a new page", Bishop Kukah, as usual, did not trod the mendacious path of suffering fools gladly like Tinubu and Umahi. He spoke truth to power one more time.
Unlike the fawning elite that gathered in Abuja to sing Buhari's praises, Kukah not only faulted his anti-corruption credentials but also avowed that his policies in the last seven and half years have made Nigerians more vulnerable. "It is sad that despite your lofty promises, you are leaving us far more vulnerable than when you came, that the corruption we thought would be fought has become a leviathan and sadly, a consequence of a government marked by nepotism," he wrote.
Accusing Buhari of splitting the country, the Catholic clergy further said: "Clearly, in almost every department and with all indicators, our nation has become a tale of two cities. We have wars between the rich and the poor, men and women, across generations, along party lines, social classes, religion, ethnicity and so on. The centre has given up in almost every department."
The Buhari government has deliberately, albeit cynically, promoted a culture of pauperisation and destitution of Nigerians. How can such a man be called a patriot? He never believed in a just, equitable Nigeria where fairness is the watch word. He sought to be Nigeria's president to orchestrate the inequity which he has succeeded in enthroning.
The result is that those who are holding the wrong end of the stick are fleeing the country in droves and Nigeria is worse for it. Even in the so-called provision of infrastructure for which some Nigerians, including Bishop Kukah, are cutting him some slack, the question still needs to be asked: at what cost?
In August, the Director-General of the Debt Management Office, DMO, Mrs. Patience Oniha, confirmed that Nigeria's total debt profile as at March 2022 stood at N41.60 trillion with an unprecedented high debt service-to-revenue ratio. With such suffocating internal and external debt portfolio, how can Buhari proudly beat his chest? Under Buhari's watch, Nigeria slipped into the disgraceful poverty capital of the world pit with 133 million compatriots classified as being multi-dimensionally poor. That is a whopping 63 per cent of the estimated 211 million population.
Under his watch, Nigeria is ranked one of the most violent countries in the world where bandits can wipe out an entire community and occupy same with Buhari looking the other way. There are more internally displaced Nigerians today living in IDP camps than at any other time in the country's history, thanks to Buhari.
I listened to Bishop Kukah on Monday when he said on television that some people accost him at public places to thank him for speaking for "us" and that he usually told them that he speaks only for himself.
Agreed, Nigerians should not always be looking for a messiah who will speak for them because the task of redeeming Nigeria is a collective responsibility and the 2023 elections offers us a golden opportunity. But even at that, in the face of the seeming hypnotising of the entire country, Nigerians owe Bishop Kukah a debt of gratitude for speaking up publicly, assertively and honestly for the rights and needs of all of us.
-Here is wishing all long-suffering compatriots a happy and impactful New Year! May 2023 be a year of fulfilment for us and our nation!!
-Vanguard.
Somalia Rejects an Oil Exploration By UK-Based Firm in Somaliland
The Ministry of Petroleum and Mineral Resources strongly condemned Genel Energy's illegal activities in Somalia's northern breakaway region of Somaliland.
The ministry warned of the potential risks to its investment and the legal ramifications of carrying out illegal exploration in the Horn of Africa country.
-Shabelle.
Ethiopian Airlines Resumes Regular Flights to Mekelle
Addis Ababa — Ethiopian Airlines has resumed its regular flights to Mekelle, Tigray region's capital today.
The resumption of daily flights to Mekelle is part of the government's commitment to resume basic services following the peace agreement.
Hence, a passenger airplane has departed from Addis Ababa Bole International Airport this afternoon to Mekele.
The resumption of flights to Mekele city demonstrates the government's commitment to practically implement the peace agreement.
Some passengers who spoke to ENA expressed their happiness about the resumption of the flight to Mekelle, adding that it is an expression of the government's commitment to implementing the peace agreement.
During his media briefing yesterday, Ethiopian Airlines Group CEO, Mesfin Tasew said the resumption of flights to Mekele is a very good news.
The CEO pointed out that the resumption of flights would help strengthen the implementation of peace process , reintegrate families, facilitate business, humanitarian aid, and tourism.
A high-level government delegation led by Speaker of the House of Peoples' Representatives, Tagesse Chafo, and composed of CEOs of various service providing institutions including Ethiopian Airlines Group CEO, Mesfin Tasew, went to Mekele and held discussions with residents and TPLF leaders on ways of strengthening resumption of services.
-ENA.
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