Major International Business Headlines Brief::: 11 May 2022

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Major International Business Headlines Brief::: 11 May 2022 

 


 

 


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

 


 

 


ü  PwC hits back at Lord Sugar in 'lazy gits' row

ü  Backlash as workers' rights left out of Queen's Speech

ü  UK government to bring in e-scooter law

ü  Cost of living: 1.5m UK households will struggle to pay bills - report

ü  Ukraine sanctions: What pain lies ahead for Russia's economy?

ü  Fifa: EA Sports to break away from football body

ü  Apple to discontinue the iPod after 21 years

ü  Toyota cuts production due to Covid lockdown in Shanghai

ü  Elon Musk would reverse Donald Trump's Twitter ban

ü  Nigeria: Amid Massive Funding of Govt's Deficits, CBN Refuses to Publish
Annual Reports

ü  Nigeria: JPMorgan Cuts Nigeria From 'Overweight' Over Country's Fiscal
Woes

ü  Kenya's Inaugural Drone Expo Set for Take-Off

ü  Nigeria: Petrol Marketers Hint of Impending Crises in Fuel Supply

ü  Kenya: New Digital Collections Platform to Spur Growth for Kenyan
Businesses

ü  South Africa: The Prosperous Platinum City's Ruined Taxi Rank

ü  Nigeria: How Oil Marketers're Ripping Us Off, Say Airline Operators

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

PwC hits back at Lord Sugar in 'lazy gits' row

PwC has hit back at comments by Lord Alan Sugar in which he branded its
staff "lazy gits", after the accountancy giant said workers could take
Friday afternoons off over summer.

 

The firm made the offer to its 22,000 UK staff last week on the condition
they get their work done by lunchtime.

 

In a tweet, the Apprentice host and businessman called the move a "joke",
saying it would harm productivity.

 

But PwC said it had worked well in trials.

 

And individual staff members criticised Lord Sugar for being "out of touch".

 

In his tweet, the businessman - who made his fortune selling personal
computers - cast doubt on how hard people worked from home.

 

"The lazy gits make me sick," he wrote, referring to PwC's new policy. "Call
me old fashioned but all this work from home BS is a total joke."

 

He added: "There is no way people work as hard or productive as when they
had to turn up at a work location. The pandemic has had [a] long lasting
negative effect."

 

Writing on LinkedIn, Richard Osborne, a senior manager at PwC, said Lord
Sugar's response was "at best childish and misunderstood".

 

"Lord Sugar, your post shows how out of touch you are with the modern
working world and your lack of knowledge about what PwC are doing," Mr
Osborne wrote.

 

"This isn't about taking time off to be lazy - it is about flexibility to
work effectively as and when we work our best."

 

Another PwC associate, Omair Qureshi, criticised Lord Sugar on LinkedIn,
saying he was "not just old fashioned but also an 80's era leader".

 

He added that the shift to more flexible working had improved "staff
wellbeing and productivity".

 

PwC said it had decided to extend its summer working hours policy after a
successful pilot in July and August last year.

 

A spokesperson told the BBC staff were "vocal about the merits", and that
the policy was built "on two-way flexibility and trust".

 

The government stopped advising people to work from home due to Covid in
January. But many companies have continued to offer flexible or hybrid
working to their staff.

 

A shortage of talent has also seen firms trying to compete with each other
for workers by offering better pay or perks.

 

However, a debate continues to rage over who gains and loses when staff work
from home.

 

Supporters say employees save time and money and get a better work-life
balance. Employers also save on office space and costs. But some argue
workers are less productive when unsupervised.

 

Most recently cabinet office minister Jacob Rees-Mogg sparked controversy
when he said all civil servants must stop working from home, and left notes
on empty desks saying "I look forward to seeing you in the office very
soon".

 

'Culture war'

Julia Hobsbawm, author of book The Nowhere Office, said that the row
indicates a wider "culture war" as companies and employees adjust to new
ways of working after the pandemic.

 

"You're really seeing a difference between hardliners of a particular
generational disposition like Alan Sugar, who genuinely believe that if
you're not in the office you're not working, and soft-liners like PwC and
their chairman Kevin Ellis, who recognise that how you work productively is
a lot more complicated than turning up to a fixed place."

 

However, even businesses that do embrace flexible working face challenges,
Ms Hobsbawm said.

 

"Hybrid is proving very complicated as a leadership and a management
challenge," she said.

 

"I would say that Alan Sugar and indeed Jacob Rees-Mogg, given his recent
comments, are the least likely to solve that problem, which is: how do you
get people working productively post-pandemic, in very new ways."-BBC

 

 

 

Backlash as workers' rights left out of Queen's Speech

The omission of measures to improve workers' rights from the Queen's Speech
has been criticised.

 

Unions accused the government of "turning its back" on workers while
industry groups said they were disappointed the bill had been omitted.

 

Flexible working rights, protections against pregnancy discrimination, and
rights for staff to keep all tips had been hoped for in an Employment Bill.

 

Plans for the bill were first announced by the government in 2019.

 

A planned Employment Bill was first announced in the Queen's Speech in
December 2019, but no firm legalisation has been brought forward to date.

 

There had been concerns that workers' rights could be watered down after the
UK left the EU, and worries about treatment of employees in the gig economy
had also led to calls for reform.

 

 

TUC head Frances O'Grady said the lack of the Employment Bill in Tuesday's
Queen's Speech meant "vital rights that ministers had promised - like
default flexible working, fair tips and protection from pregnancy
discrimination - risk being ditched for good".

 

She claimed by shelving the legislation, ministers had "sent a signal that
they are happy for rogue employers to ride roughshod over workers' rights,"
adding it would see "bad bosses celebrating".

 

The government said it had a "strong track record in supporting workers" as
well as "protecting and enhancing their rights".

 

"Our ambitious legislative programme includes a comprehensive set of bills
which enable us to deliver on priorities like growing the economy, which
will in turn help address rising living costs and get people into good
jobs," it added.

 

Although there was no Employment Bill announced in the speech, the
government did confirm plans to introduce legislation banning ferries from
docking at UK ports if workers aren't being paid the equivalent of National
Minimum Wage.

 

The move comes after P&O Ferries' sacked 800 seafarers without notice.

 

The Department for Transport said the Harbours Bill aimed to deter companies
from repeating P&O Ferries' actions, by closing loopholes used by some firms
operating in and out of UK ports.

 

The British Ports Association said the policy could work, but said it wasn't
happy that ports were being asked to enforce it.

 

Ros Bragg, director of maternity rights charity Maternity Action, said she
was "deeply disappointed and frustrated" that the Employment Bill did not
feature in the Queen's Speech.

 

She said pregnant women and new mothers needed "urgent legal protections
from unfair redundancies", which she said had "dramatically increased" since
the coronavirus pandemic.

 

She called on ministers to adopt the bill put forward by former cabinet
minister Maria Miller, who has proposed legalisation to prevent firms from
sacking women during pregnancy or six months afterwards.

 

"We'd also urge strengthening legal protections for insecure workers - who
are predominantly women, and who are currently bearing the brunt of the
poverty crisis," Ms Bragg added.

 

"Ministers have promised women stronger legal protection, and they now need
to urgently deliver on that promise."

 

Neil Carberry, chief executive of the Recruitment & Employment
Confederation, said it was "incredibly disappointing" the government had
"chosen to kick the Employment Bill into the long grass again".

 

"It is now two and a half years since the Employment Bill was first
promised, and five years since the Taylor review into modern working
practices - the government must prove its commitment to this issue and bring
forward this bill as soon as possible."

 

Verity Davidge, director of policy at manufacturing organisation Make UK,
said: "Business will be frustrated that, yet again, three years after having
promised it there was no Employment Bill. This is a major omission given how
fast the world of work is changing, a trend accelerated by the pandemic."

 

'Missed opportunity'

Meanwhile, Ben Willmott, head of policy for the CIPD, which represents HR
professionals, said the omission of the bill left the government with "very
little time to meet its promises to protect and enhance workers' rights".

 

Mr Willmott added it was a "missed opportunity" to protect workers rights,
particular those in lower paid jobs dealing with rising household costs.

 

"The recent sacking of workers, without notice, by P&O Ferries shows that
much more needs to be done to ensure unscrupulous employers cannot ignore
their legal responsibilities and undercut employment standards in the UK,"
he said

 

"It will also be hugely disappointing for working carers that there is no
progress on legislating to give them new rights to take time off to manage
their caring responsibilities."-BBC

 

 

 

UK government to bring in e-scooter law

The government has said new rules to expand legal use of e-scooters are a
priority for the upcoming year.

 

It also said it would legislate to create a new body to oversee UK railways
and ban ferries that do not pay workers the equivalent of minimum wage from
docking at UK ports.

 

The government outlined the plans in the Queen's Speech on Tuesday.

 

E-scooters are widely sold and seen, but are currently only legal on private
land or from government hire schemes.

 

"While riding a privately owned e-scooter on public land is currently
illegal, we are considering how best to design future regulations and our
Transport Bill will help us to take the steps we need to make e-scooters
safer and support innovation," a government spokeswoman said.

 

Official rental trial schemes have been set up in more than 30 areas across
England. E-scooters in these trials are limited to 15.5mph and have
automatic lights as safety features.

 

"Safety will always be our top priority and our trials are helping us to
better understand the benefits of properly regulated, safety-tested
e-scooters and their impact on public space," a spokeswoman said.

 

Grant Shapps pledges to crack down on illegal e-scooter sales

When and where can I ride an e-scooter legally?

Private e-scooters are widely sold, prompting concerns about illegal and
unsafe use.

 

On 27 April, Transport Secretary Grant Shapps told MPs he would "crack down"
on illegal e-scooter sales in England.

 

But he also hinted that models that did meet government standards could soon
be legalised for use on public roads in England.

 

Woman on an eScooter passes the mural on the side of the famous Lakota club
in Stokes Croft, one of the original homes of street art and graffiti, on
7th May 2022 in Bristol, United Kingdom.

 

 

The AA's president Edmund King said "With e-scooters and other forms of
micro-mobility popping up more frequently on UK roads, it makes sense that
safety regulation should come first.

 

"If introduced alongside appropriate infrastructure, e-mobility could help
provide a positive shift in greener localised travel both for individuals
and last-mile freight."

 

The Royal National Institute of Blind People (RNIB) said it was critical the
government considered the needs of people who are blind or partially
sighted.

 

Moussa Haddad, a policy manager for the charity, said: "E-scooters are
fast-moving, operate quietly, making them difficult to detect, and are often
ridden on pavements despite rules prohibiting this.

 

"Because of this, they pose particular risks for blind and partially sighted
pedestrians."

 

The charity said it was working with the Department for Transport, local
councils and e-scooter operators to try to address these concerns.

 

"Making e-scooters more visually and audibly detectable will help reduce the
risks these vehicles pose but these are only some of the solutions that are
being explored," Mr Haddad added.

 

In December, Transport for London introduced a ban on e-scooters and
e-unicycles on its network, after a number of fires caused by the devices.

 

Railway plans

The creation of a new public sector body to oversee Britain's railways was
also included in the Queen's Speech.

 

Great British Railways (GBR) will "simplify" the rail network and improve
services for passengers, according to a Downing Street briefing document on
the Transport Bill.

 

It will incorporate the state-owned Network Rail and take on
responsibilities from the Department for Transport.

 

Better rail services promised in huge shake-up

GBR will issue passenger service contracts to private companies to run
trains.

 

The briefing document stated that it will "act as the single national leader
of the railways", with "a clear mandate, goals and budgets set by the
government, who will reserve powers of direction".

 

The plan is based on the recommendations of a review of the rail industry
carried out by former British Airways chief executive Keith Williams
following the chaotic introduction of new timetables in May 2018.

 

Ferries row

In addition, new legislation will seek to ban ferries that do not pay their
workers the equivalent of the minimum wage from docking at UK ports.

 

The government said tens of thousands of seafarers will benefit from
measures to ensure they are paid the national minimum wage, in the wake of
the row over P&O Ferries sacking almost 800 workers.

 

Ministers said it was a "major step forward" on pay protection, but the TUC
described the proposals as "feeble and unworkable."

 

Under the reforms, ferry operators who regularly call at UK ports will be
required to pay their workers the equivalent of the UK national minimum
wage.

 

The government said it will implement the changes in the next parliamentary
session and will consult with ports and the maritime sector over the next
four weeks.

 

Options under consideration include surcharges, suspension of port access
and fines.

 

P&O: Second Channel ferry cleared to resume sailing by safety inspectors

P&O Ferries under pressure to return furlough cash

Transport Secretary Grant Shapps said: "We will stop at nothing to make sure
seafarers in UK ports are being paid fairly.

 

"P&O Ferries' disgraceful actions do not represent the principles of our
world-leading maritime sector, and changing the law on seafarer pay
protection is a clear signal to everyone that we will not tolerate economic
abuse of workers.

 

"We will protect all seafarers regularly sailing in and out of UK ports and
ensure they are not priced out of a job.

 

"Ferry operators which regularly call at UK ports will face consequences if
they do not pay their workers fairly."

 

But TUC general secretary Frances O'Grady said stronger rules were
necessary.

 

"The government has done nothing to tackle the most flagrant labour abuse in
years by P&O," she said.

 

"Only stronger employment legislation that boosts worker protections and
stops companies firing on the spot will prevent another P&O-type scandal."

 

Richard Ballantyne, chief executive at the British Ports Association, said
ports regulating ships in such a way would be unprecedented.

 

"Enforcing the minimum wage is not an area where ports have a core
competency," he said. "This should be a job for the Maritime & Coastguard
Agency or HM Revenue & Customs."-BBC

 

 

 

Cost of living: 1.5m UK households will struggle to pay bills - report

An estimated 1.5 million households across the UK will struggle to pay food
and energy bills over the next year, as rising prices and higher taxes
squeeze budgets, according to new research.

 

The National Institute of Economic and Social Research (NIESR) predicted the
UK will fall into recession this year.

 

It urged the Chancellor to do more to stop people sliding into debt and
destitution.

 

The Treasury said it is providing support to households.

 

Labour's shadow chancellor Rachel Reeves said the Queen's Speech had fallen
short on the cost of living.

 

In its latest quarterly outlook of the UK economy, NIESR warned that a
combination of rising prices and measures announced in the Chancellor's
Spring Statement - such as the decision not to scrap a planned rise in
National Insurance tax - are hitting the poorest households hardest.

 

 

Inflation - the rate at which prices rise - is at a 30-year high, as the
Ukraine war drives up fuel and energy prices.

 

The Bank of England has warned inflation might reach 10% within months.

 

The think tank urged the government to raise Universal Credit by £25 per
week between May and October, which would cost around £1.35bn, and give £250
each to 11.3 million lower income households.

 

"Without this targeted support we expect a further increase in extreme
poverty," the think tank said, with about a quarter of a million households
sliding into extreme poverty, taking the number to about a million.

 

About half a million households would "face the choice between eating and
heating" without these payments, it said, adding that the chancellor had a
reported £20bn of "headroom" for government spending that could be used to
cushion the shock to income.

 

It wasn't the National Institute for Economic and Social Research but the
official independent forecaster, the Office for Budget Responsibility, that
first identified £20bn of fiscal "headroom" in the Spring Statement, much of
which Rishi Sunak chose not to use.

 

This refers to the room for manoeuvre the Chancellor has if he wants to meet
self-imposed fiscal rules, such as his goal of not borrowing to fund
day-to-day spending within three years.

 

Those rules don't refer to any objective constraint on government spending -
unlike the trouble households get into when they hit the overdraft limit.

 

The Treasury points out it has already spent billions on support, which is
true.

 

But even within his rules Mr Sunak has billions more to spare.

 

With the economy forecasted to contract, NIESR is not alone in thinking that
further support for households could loosen the grip of a squeeze on living
standards that is already feeling painfully tight.

 

The think tank predicted that inflation would average 7.8% in 2022 and will
remain above 3% until 2024 - above the Bank of England's 2% target.

 

At the same time, economic growth is set to slow.

 

While NIESR forecast that UK economic growth in 2022 would increase by 3.5%
on average, it predicted a fall in the final two quarters of the year.

 

This would push the UK into a recession, which is two consecutive quarters
of economic decline.

 

Meanwhile, government policies are set to leave households with even less
disposable income, according to NIESR.

 

It forecasts household income when adjusted for inflation will fall by 2.4%
in 2022, along with a small rise in unemployment next year.

 

Tony Danker, director general of the CBI, which represents big businesses,
told the BBC's Today programme that companies were suffering too.

 

He said inflation, higher energy prices, labour shortages and the war in
Ukraine had made firms "pause before investing", and that this was stopping
them "creating jobs and paying good wages".

 

He said the government needed to create "reasons to invest" such as
subsidising the shift to clean energy or cutting business rates for shops.

 

"If we wait... the economy will end up in more trouble," he added. "Get
firms investing now because that will stop us facing dire consequences later
on."

 

Professor Stephen Millard, NIESR's deputy director for macroeconomics, said:
"Although the war in Ukraine is fundamentally a human tragedy, it has
resulted in another supply shock for the UK economy: pushing down growth and
pushing up on inflation."

 

He added: "We need fiscal policy to loosen and monetary policy to tighten if
the UK economy is going to sail safely through these treacherous seas."

 

A Treasury spokesperson said the country has had a "strong economic
recovery" from the pandemic but acknowledged that these are "anxious times",
and said the government is taking action to support households.

 

"This includes a tax cut of over £330 a year for the typical employee,
lowering the Universal Credit taper rate to help people keep more of the
money they earn, and providing millions of households with up to £350 each
to help with rising energy bills," the spokesperson said.

 

"Public debt is at the highest levels since the 1960s and rising inflation
is pushing up our debt interest costs, which means we must manage public
finances sustainably to avoid saddling future generations with further
debt."

 

Shadow chancellor Rachel Reeves said the government should bring in an
emergency budget "urgently", adding: "With a one-off windfall tax on oil and
gas producer profits we can cut household bills by up to £600 and support
businesses through the cost of living storm."

 

It comes as NIESR separately forecast that global economic growth would be
1% lower, or about $1.5tn, at the end of 2022, due to the Ukraine war.-BBC

 

 

Ukraine sanctions: What pain lies ahead for Russia's economy?

At a glance, Russia has so far been able to fend off an economic collapse
following its invasion of Ukraine.

 

It has been hammered by sanctions introduced by Western countries since
February.

 

The initial shock forced the stock market in Russia to close temporarily and
saw people queueing up at cash machines, worried about their savings.

 

The rouble has, however, returned to pre-war levels, due to careful
management by Russia's central bank.

 

Its interventions included limiting the amount of money people could
transfer abroad, as well as forcing firms that export things to convert 80%
of their overseas incomes into Russian currency.

 

The country has also managed to avoid defaulting on its foreign debts.

 

President Putin has insisted that the West's "economic blitzkrieg" has
failed.

 

But Elina Ribakova, deputy chief economist at the Institute of International
Finance, says these "superficial" indicators "don't mean much to real life".

 

Russian steelmakers, chemical manufacturers and car companies are already
feeling the brunt of sanctions aimed at crippling President Putin's war
effort.

 

A recent survey of more than 13,000 businesses by Russia's central bank
revealed that many are experiencing problems bringing goods such as
microchips, car parts, packaging, or even buttons, into the country as a
result.

 

Shortages of raw materials or parts are forcing some firms to temporarily
close factories or to look elsewhere.

 

Japanese car-maker Toyota, for example, stopped imports of cars to Russia
and suspended operations at its plant in St Petersburg in March, citing
"supply chain disruptions" linked to the conflict.

 

Chart tracking inflation across G7 countries, Russia and China since 2015

BlueBay Asset Management economist Timothy Ash says that overall sanctions
have been much more aggressive than many had expected.

 

"I think the longer-term impact will be devastating," he tells the BBC,
adding that "Russia being cut out of Western supply chains because it is an
unreliable partner" will push the country into recession.

 

Even the Bank of Russia has acknowledged that as companies look for
different suppliers, deal with boycotts by shipping companies or fail to get
hold of the technology they need, the country will face a period of "reverse
industrialisation".

 

"The reality is, Russia will have limited access to financial markets, lower
growth, lower living standards and a higher cost of borrowing," Mr Ash adds.

 

'I can't pay' - Russians feel the pain of sanctions

What sanctions are being imposed on Russia?

Of course, that impact spills out.

 

Many ordinary Russians, Ms Ribakova says, are "living in a grey area",
particularly when it comes to job security.

 

"A lot of people have no idea what's going to happen... They might still be
going out to restaurants, going to work and not seeing much of a change yet
because the companies they work for are unclear about their plans."-BBC

 

 

 

Fifa: EA Sports to break away from football body

Video games publisher Electronic Arts says it is going to stop making Fifa
branded football titles.

 

It is one of the most profitable brands in gaming history, but the cost of
the licence was one reason why the decision was made to ditch the
partnership.

 

EA will continue to make football video games, but from 2023 they will come
under a new banner, EA Sports FC.

 

Fifa says it plans to release its own rival games, saying: "The Fifa name is
the only global, original title."

 

EA Sports made the first Fifa game in 1993 and has been in charge of the
franchise ever since.

 

While the gameplay mechanics and core modes of play will be similar to what
players have come to expect in recent years, this change will likely see the
title offer a broader range of other experiences, beyond just the ability to
play.

 

 

Speaking to the BBC, David Jackson, vice president at EA Sports, explained
that the studio thinks it's time to move in a different direction in order
to build a "brand for the future".

 

Although the details of those experiences are vague at the moment, it's fair
to assume that being able to watch real-life matches, experience Fortnite
style live in-game events and have access to a broader range of branded
in-game items are the kind of things EA would like to be able to offer.

 

Jackson says: "The world of football and the world of entertainment are
changing, and they clash within our product.

 

"In the future our players will demand of us the ability to be more
expansive in that offering. At the moment, we engage in play as a primary
form of interactive experience. Soon, watching and creating content are
going to be equally as important for fans.

 

"Under the licensing conventions that we had agreed with Fifa 10 years ago,
there were some restrictions that weren't going to allow us to be able to
build those experiences for players."

 

The Fifa franchise has been so successful in part down to detailed licensing
agreements, that allowed for accurate representations of team kits, players
faces and stadia to be seen on screen.

 

Players have been able to play as Premier League teams like Liverpool for
years whereas competing games like Pro Evolution Soccer, offered fictional
teams like Merseyside Red.

 

EA say they will continue to offer real-world experiences, having signed up
19,000 athletes, 700 teams, 100 stadiums and over 30 leagues for future
games.

 

They include the Premier League, Bundesliga, La Liga and Uefa.

 

However, the move means that games released to tie-in with the World Cup,
such as Fifa: Road to World Cup 98, will no longer be made by EA.

 

There will be one final Fifa release, with this year's edition - Fifa 23 -
on sale this autumn as usual.

 

EA Sports FC will hit the shelves in late 2023.

 

EA is one of the games companies that has faced fan backlash over its
approach to in-game purchases. No doubt some of the questions about their
new franchise will surround the financial model and plans for monetisation,
which are yet to be revealed.

 

The move is a gamble for EA, whose fortunes have been closely tied with Fifa
for decades, and Jackson accepts that, saying: "It's a big moment for the
organisation. Interactive football experiences have been central to what has
made EA Sports successful over the last 30 years."

 

Making sure the majority of the millions of current Fifa players switch to
the new title will be vital for the company to be able to maintain important
licensing partnerships in the future. They are an essential part of its
success.

 

Electronic Arts struck the last licensing deal with Fifa in 2013 and it has
been reported that football's governing body had put the price of the
licence up significantly - this time to more than $1billion dollars per
four-year world cup cycle.

 

When asked if moving away from Fifa was purely a financial decision, Jackson
said "it wasn't ultimately down to money" but accepted it did play a crucial
role in the decision-making process.

 

"Money plays a critical role in most negotiations, but the reason we are
doing this is to create the very best experiences we can for both players
and partners. As part of that you consider whether or not your investment in
one place is better or worse than an investment in another.

 

"On balance, over time, we felt that our investments were better suited in
spaces that were most important to players, like the different experiences
we can now build in the game. For our partners, it's the way we can welcome
and engage them into a platform that talks to 150 million young football
fans around the world."

 

In a long statement on its website, Fifa says it will launch new football
video games developed with a range of third-party studios and publishers,
providing more choice for football and gaming fans in the lead-up to the
World Cup in Qatar and beyond.

 

As well as launching new games during 2022 and 2023, Fifa says it is working
with leading game publishers, media companies and investors to develop of a
major new Fifa simulation game title in 2024.

 

Gianni Infantino, the President of Fifa says in the statement:"I can assure
you that the only authentic, real game that has the Fifa name will be the
best one available for gamers and football fans."

 

"The constant is the Fifa name and it will remain forever and remain the
best."

 

EA Sports seem confident that their approach is right: "Change is always
going to be concerning for people at first," says David Jackson.

 

"In terms of things that they'll miss, players will notice only two things:
The name and a World Cup piece of content every four years. Outside of that,
very little will change about the things they know, and love about the
current Fifa products.

 

"Probably the easiest thing that we could have done would have been to
maintain the status quo. Fifa has been an incredibly successful game over
time, but there are moments when you need to consider what the future looks
like and we feel like building our own brand is the best for us."-BBC

 

 

 

Apple to discontinue the iPod after 21 years

Apple has announced it is discontinuing its music player, the iPod Touch,
bringing to an end a device widely praised for revolutionising how people
listen to music.

 

When the first iPod was launched in 2001, it could store 1,000 tracks. Today
there are more than 90 million songs on Apple's streaming service.

 

The iPod Touch was designed by the same team that later invented the iPhone,
which quickly overshadowed the iPod.

 

Apple last updated the iPod in 2019.

 

There have been various iPod models over the years - including the Nano and
Shuffle - but the iPod Touch, which was released in 2007 is the last model
to be discontinued.

 

Apple says it will remain available to buy "while stocks last".

 

The gadget had "redefined how music is discovered, listened to, and shared",
Greg Joswiak, the senior vice-president of worldwide marketing at Apple
said.

 

iPod fans have taken to social media to share their thoughts on the news and
their memories connected with the music devices.

 

 

The first model of the iPod was revealed by Apple boss Steve Jobs in typical
Apple style in 2001 - with much fanfare, anticipation and in his trademark
jeans and black turtleneck.

 

There had been rumours the company was going to announce a new music player
after the invitation for the launch event read: "Hint: It's not a Mac."

 

"Music's a part of everyone's life. Music's been around forever. It will
always be around," Jobs said during his hour long presentation.

 

The big headline for the night was simple: "1,000 songs in your pocket."

 

Over the years, many celebrities have thrown their star power behind the
iPod, including John Mayer, U2 and Oprah Winfrey. BMW introduced the first
car entertainment system with a built-in iPod system, and within a few
years, most car manufacturers had followed suit.

 

Steve Jobs: Career in pictures

The cult of Apple's Steve Jobs

But tech analysist say it was inevitable the iPhone would one day replace
the iPod.

 

"When Apple created the iPhone it knew that it would ultimately mean the
beginning of the end of the iPod," Ben Wood, chief analyst at technology
advisory firm CCS Insight, told the BBC.

 

Carolina Milanesi from Creative Strategies said the decline of iPod sales
was connected to the rise of iPhone sales - like the move from digital sales
to streaming.

 

"The demise of the iPod is probably the best example of Apple not being
concerned about cannibalising its own products," she said.

 

The iPod wasn't the first MP3 player on the market, just like the iPhone
wasn't the first smartphone - but that unique Apple design proved to be the
push digital music needed to start to tempt people away from CD and cassette
players - and file-sharing.

 

In 2001 the music industry was fighting for survival against illegal
file-sharing as tunes were ripped and shared on platforms faster than record
labels could issue legal threats.

 

The launch of iTunes, and the iPod shortly afterwards, provided it with a
lifeline in the form of revenue for legitimately purchased downloads.

 

It also revived the fortunes of Apple, which was languishing in a market
dominated by Windows PCs.

 

It was introduced on stage by the late Steve Jobs at an event on 23 October
2001.

 

"With iPod, listening to music will never be the same again," he said. And
in many ways, he was right.-BBC

 

 

 

Toyota cuts production due to Covid lockdown in Shanghai

Toyota says it will suspend operations at more production lines at its
factories in Japan this month due to the coronavirus lockdown in Shanghai.

 

The firm says the production halt will come into effect on Monday and stay
in place until of end of next week.

 

It is the latest big car maker to announce that it is being impacted by the
Covid-19 measures in China.

 

Meanwhile, Tesla has reportedly halted most production at its Shanghai plant
due to problems with sourcing parts.

 

"Due to the impact of the semiconductor shortage, we announced our revised
production plan for May," Toyota said in a statement.

 

"However, as a result of the lockdown in Shanghai, China, we have decided to
additionally suspend operations of 14 lines at 8 plants in Japan from May 16
(Mon) to May 21 (Sat)," it added.

 

The company previously said it planned to produce around 750,000 vehicles
globally this month but said it had now cut that forecast by about 50,000
due to the lockdown.

 

Also on Wednesday, Toyota revealed that its quarterly profit had slumped by
a third as it felt the impact of production disruptions caused by a global
shortage of computer chips and China's Covid-19 restrictions.

 

The world's biggest car maker by sales posted an operating profit of 463.8
billion yen ($3.56bn; £2.9bn) for the three months to the end of March, well
below market expectations.

 

The company's shares were around 4.5% lower in Wednesday afternoon trade on
the Tokyo Stock Exchange.

 

Toyota's announcements came as Shanghai is in its sixth week of an
intensifying lockdown that has made it increasingly difficult for
manufacturers to operate amid tough restrictions on the movement of people
and materials.

 

It is the latest example of a major car maker being forced to cut back
production as a result of the lockdown in Shanghai.

 

Tesla has halted most of its production at its plant in the city due to
problems securing parts for its electric vehicles, according to Reuters,
citing an internal memo.

 

On Tuesday, the company planned to manufacture fewer than 200 vehicles at
its factory in the city, the news agency said.

 

That would be far below production of around 1,200 vehicles a day Tesla's
Shanghai plant had seen shortly after reopening last month following a
22-day closure.

 

Meanwhile, the electric car maker's sales in China had already slumped by
98% in April from a month earlier, data released by the China Passenger Car
Association showed.

 

However, during a virtual appearance at the FT Future of the Car 2022
conference on Tuesday Tesla's boss Elon Musk said China's lockdown measures
would not be "a significant issue in the coming weeks".

 

Tesla did not immediately respond to a request from the BBC for comment.-BBC

 

 

 

Elon Musk would reverse Donald Trump's Twitter ban

Elon Musk says if his bid to buy Twitter is successful he will reverse
Donald Trump's ban from the platform.

 

The richest man in the world agreed a $44bn (£34.5bn) takeover bid with the
Twitter board last month.

 

But he said it was not a done deal and that ideally it would be completed in
the next two to three months.

 

Twitter's decision to ban the former US president was "morally wrong and
flat-out stupid", Mr Musk told the Financial Times Future of the Car summit.

 

Who is Elon Musk?

In January 2021, Twitter said Mr Trump's account was "permanently
suspended... due to the risk of further incitement of violence" following
the storming of the Capitol.

 

But the Tesla owner said: "I would reverse the permanent ban but I don't own
Twitter yet so this is not a thing that will definitely happen."

 

He said the ban had not silenced Mr Trump, but by making him move onto his
own Truth Social site, it had amplified his voice among the far right.

 

He pointed out that Mr Trump had previously said he would not return to
Twitter even if his account was reinstated.

 

Victory

Mr Musk said he had spoken to Twitter co-founder Jack Dorsey on the subject
of locking users out of their social media accounts in response to offensive
tweets.

 

"He and I are of the same mind that permanent bans should be extremely rare
and reserved for accounts that are bots or scam accounts," he said.

 

Mr Musk said if someone tweeted something "illegal or otherwise destructive
to the world" there should be temporary suspension or the post should be
made invisible.

 

He said Twitter needed to build more trust by sharing its algorithm and
asking people to make suggestions on how to improve it.

 

He said the company had a strong left bias because of its origins in the San
Francisco tech community and needed to be "more even-handed".

 

"Victory would be the far right 10% and the far left 10% are equally upset,"
he said.

 

Dr Catherine Flick, an expert in computing and social responsibility at De
Montfort University, told the BBC's Today's programme her team had "very
strong evidence to suggest [Mr Musk] is completely wrong" about the impact
of Mr Trump being removed from Twitter.

 

"Removing Donald Trump from Twitter actually decreased the amount of
polarisation," she said. "It removed a platform for him to stoke animosity
and division between people within the platform."

 

Ms Flick added there were a "lot of people" who were worried about Mr Musk
"essentially having the keys to this... social media platform to reign over
it like a king or an emperor like he seems to want to do at the moment".

 

Last week activist groups wrote an open letter to Twitter advertisers
warning that under Mr Musk's management, "Twitter risks becoming a cesspool
of misinformation, with your brand attached".

 

In the US, White House press secretary Jen Psaki said that the Biden
administration wants online platforms to protect freedom of speech but also
ensure they are not forums for disinformation.

 

Ms Psaki said allowing Mr Trump back on Twitter or not would be a decision
for the private sector company to make.

 

This is the furthest Mr Musk has gone - saying in the strongest terms that
he thought Mr Trump's ban was wrong.

 

However, for those anticipating the former President's imminent return to
Twitter, think again.

 

To start with, Donald Trump has said that he doesn't want to come back to
Twitter, preferring instead to post on his own social media platform, Truth
Social.

 

Of course, Mr Trump might revisit that decision if he made a tilt at the US
presidency in 2024.

 

But there are other hurdles too. For one the world's richest person made it
clear that the deal was far from being done.

 

Mr Musk came across as less confident about the acquisition than previous
statements. He emphasised that there hadn't been a shareholder vote on the
deal and that lots of questions still needed to be answered.

 

That might reflect the fact that his financial position is looking slightly
more precarious than before.

 

Most of Mr Musk's vast fortune is tied to Tesla stock - which has fallen in
value by $350bn since he announced he had acquired shares in Twitter on 4
April.

 

The door then is certainly ajar for Mr Trump's return. It is as open as it
has been since the Capitol Hill riots. But don't expect him to be tweeting
anytime soon.

 

Speaking via video link, the Tesla boss said the company's goal of making 20
million electric vehicles by 2030 was an aspiration not a promise.

 

But he said: "I'm confident that we will be able to sell all the cars we can
make."

 

He added: "At the moment the lead time is ridiculously long, so our issue is
not demand, it's production."

 

Mr Musk said Tesla could stop taking orders beyond a certain period of time.

 

Earlier on Tuesday, Twitter shares fell to a level that indicated the stock
market believed it was unlikely that Musk would make the acquisition for
$44bn, as he originally agreed.

 

Mr Musk's decision to go after Twitter has concerned some Tesla investors
and put pressure on the stock.

 

Addressing concerns that his planned takeover of Twitter could distract him
from his chief executive job at Tesla, he said he would remain at the car
company "as long as I can be useful."

 

He said China would account for 25% to 30% of Tesla's sales long term. He
said he was not expecting to open any additional plants in China in the near
future but would be expanding the Shanghai Factory.

 

Mr Musk has an estimated net worth of around $250bn, mostly due to his Tesla
stake.

 

He also has a controlling stake in the rocket company SpaceX, which is
estimated to be worth $100bn.

 

He said it was his aim to get an uncrewed vehicle known as Starship to Mars
in three to five years with a crewed mission before the end of the
decade.-BBC

 

 

Nigeria: Amid Massive Funding of Govt's Deficits, CBN Refuses to Publish
Annual Reports

The Central Bank of Nigeria has not made public its annual reports since
2018, a move analysts say is aimed at concealing mismanagement at the top
bank.

 

In gross contravention of its own laws, the Central Bank of Nigeria (CBN)
has repeatedly failed to release its annual reports showing details of its
operations and financial obligations.

 

Since 2005 when it started publishing details of its annual report on its
website, the CBN never failed to publish the report until 2018 when it
stopped the publication of the crucial documents.

 

According to the CBN Act 2007, the apex bank is expected to publish its
report within two months after the end of each financial year.

 

 

"The Bank shall, within two months after the close of each financial year,
transmit to the National Assembly and the President a copy of its annual
accounts certified by the Auditor," the CBN Act reads in part.

 

"A report required to be submitted to the National Assembly and the
President shall be published by the Bank in such manner as the Governor may
direct.

 

"The Board shall ensure that accounts submitted pursuant to this section
shall as soon as possible be published in the Gazette.

 

"The Bank shall as soon as may be practicable after the last day of each
month makeup end publish a return of its assets and liabilities as at the
close of business on that day, or if that day is a holiday, as at the close
of business on the last preceding business day," the Act reads.

Analysts say that the failure of the CBN to publish the report could send
wrong signals to investors and others interested in understanding the state
of the economy.

 

In recent years, the CBN has faced criticisms regarding the management of
the country's economy.

 

Amid skyrocketed food prices and other inflationary pressures, the apex bank
has kept the country's interest rate at 11.5 percent since September 2020
when the CBN reduced the monetary policy rate from 12.5 percent.

 

The bank has also been struggled to ensure liquidity amid depleting
reserves. It has also been criticised for its management of the naira and
its controversial financing of the federal government's deficits.

 

Paul Alaje, an economist and policy analyst, said that no one knows what the
intention of the CBN is but publishing the annual reports would have helped
the country to know its fiscal condition.

According to him, although some suggestions are left out during the monetary
policy meetings, the report will be helpful for those who want to do further
research.

 

"It is also setting our country back because if we don't know what is
obtainable in the past we may not know the kind of policy to apply in the
future," he said.

 

"Make the report public except and unless the CBN is saying there has been
no activity within the institution for the period of time".

 

The bank did not respond to an FOI filed by PREMIUM TIMES requesting details
of the annual reports. Its spokesperson, Osita Nwasinobi, did not respond to
calls seeking comment.

 

Red Flags?

 

Other analysts say the Godwin Emefiele-led CBN has failed to open its books
largely because of its poor management of the nation's treasury and the
massive funding of government deficit.

 

In 2017, a member of the Monetary Policy Committee, Doyin Salami took a
swipe at the apex bank for pushing the country towards a serious economic
crisis.

 

He criticised the CBN's "massive injections of cash" to the government,
accusing the bank of serving as a "piggy bank" for the government, against
its own rules.

 

"Monetary data shows a sharp rise in the extent of CBN financing of the
government deficit," he had said.

 

According to the economist, beginning from 2016, the CBN had made cash
available to the federal government running into trillions, mostly beyond
legal thresholds.

 

He said the CBN's claims on the federal government under the period amounted
to N814 billion, which was "twentyfold higher" than what the law permits.

 

The CBN dismissed the claim at the time but has since continued to deploy
the Ways and Means facility to finance the country's deficit.

 

At a public presentation of the 2020 approved budget in January, Nigeria's
Minister for Finance, Zainab Ahmed, revealed that revenue shortfall and
increased expenditure resulted in a fiscal deficit of about N6.1 trillion as
against the N4.6 trillion budgeted by the government.

 

The minister revealed that the deficit was financed with a N2 trillion
borrowing from the domestic market, a N1.2 trillion from foreign markets,
and a N2.8 trillion obtained from the CBN. The CBN's intervention came in
the form of Ways and Means, as provided for in the CBN Act.

 

Experts, global financial institutions, and rating agencies have continually
warned of the danger the CBN's intervention portends for the macroeconomic
stability of the country.

 

In its 2018 report, the bank's last published report, the apex bank said the
country's economy showed considerable resilience during the year, especially
when compared to its peers.

 

"Overall GDP growth quickened to 1.9 percent in 2018 from 0.8 percent in
2017. Though this growth rate is below the pre-recession average of over 5.0
percent, the positive outturn which reflected the continued rebound of the
Nigerian economy is gratifying," the report said.

 

'Partisan Regulator'

 

Meanwhile, amid widespread criticism of its handling of the naira and other
monetary policies, the governor of the bank, Godwin Emefiele, has come under
serious fire for getting involved in partisan politics.

 

In the last few weeks, several campaign groups have come out to campaign for
the election of Mr Emefiele as Nigeria's next president.

 

The campaign infuriated many Nigerians, who called for his resignation or
outright dismissal. But in his reaction , Mr Emefiele said that he was
focused on strengthening the nation's economy.

 

Things took a dramatic turn when on May 5 Mr Emefiele filed a suit at the
Federal High Court in Abuja through his lawyer, Mike Ozekhome, contesting
his eligibility to run for Nigeria's president while in office as the CBN
governor. He argued that no law exempted him from contesting the primary
election of any political party as a sitting CBN governor.

 

Although the case is still in court, many Nigerians have pilloried the CBN
Governor for desecrating his sensitive position as chief custodian of the
apex bank.

 

"Godwin Emefiele has ridiculed the office of the Central Bank Governor,"
Kalu Aja, an economist, noted.

 

"He lacks any moral authority to oversee the monetary policy or external
reserves of Nigeria.

 

"He is essentially deploying the Ways and Means privileges to fund his
political ambition. He should resign."-Premium Times.

 

 

 

Nigeria: JPMorgan Cuts Nigeria From 'Overweight' Over Country's Fiscal Woes

JP Morgan, an American multinational investment bank has removed Nigeria
from its list of emerging market sovereign recommendations that investors
should be 'overweight' in, saying the country had not taken advantage of
high oil prices.

 

It however, added Serbia and Uzbekistan to the list.

 

According to Reuters, JP Morgan's analysts noted that the Nigerian National
Petroleum Corporation (NNPC) did not transfer any revenue to the government
from January to March this year, due to petrol subsidies and low oil
production, which was the reason it moved Nigeria's debt out of its
'overweight' category.

 

"Nigeria's fiscal woes amid a worsening global risk backdrop have raised
market concerns despite a positive oil environment," they said.

 

In Nigeria, its Senate last month approved the total sum of N4 trillion for
petrol subsidy in 2022. The figure represented the amount contained in two
separate requests by the President to the National Assembly for approval.
The President, had in a letter to the Legislature dated 10th February, 2022,
sought an additional N2.557 trillion to fund subsidy payments from July to
December, 2022.

 

However, JP Morgan moved Serbia to 'overweight' stating that risks had been
priced in and the country had high reserves and a fiscally cautious
government, while relatively low debt despite Russian exposure led them to
put Uzbekistan in the same category.

 

In addition, Reuters quoted analysts at the bank to have estimated that
emerging market sovereign debt was at the "mercy" of the Federal Reserve's
interest rate decisions, as the United States central bank's rate raises
drain capital from developing markets.

 

Last week, the Fed raised its benchmark overnight interest rate by half a
percentage point, the biggest jump in 22 years, as it seeks to tame high
inflation while its rate increases also buffet higher-yielding emerging
markets.

 

JPMorgan's Emerging Markets Bond Index Global Diversified (EMBIGD) index has
fallen 16 per cent this year, the analysts said, "with most of the losses
having come from rates" and $4 billion in net outflows from emerging markets
since mid-April.

 

"The external and fundamental backdrop has become increasingly difficult for
EM sovereigns," the analysts said. "The COVID lockdown in China poses
further downside risks."

 

They noted that riskier sovereign yields were now 10.6 per cent, the highest
level since the first wave of the coronavirus pandemic in April 2020,
reducing market access and increasing the risk of debt defaults.

 

However, the analysts said the "front-loaded pain" for emerging market
bonds, which they said had begun underperforming in September 2021, was a
positive.

 

Russia's invasion of Ukraine in February caused commodity prices to spike,
benefiting exporters. The over-performance of bonds issued by oil exporters
now "looks to have played out", JPMorgan said.-This Day.

 

 

 

Kenya's Inaugural Drone Expo Set for Take-Off

Nairobi — Over 100 certified drone technology experts and enthusiasts are
expected to take part in Kenya's first-ever Drone Tech and Data Expo which
is scheduled to run from May 29 to June 4, 2022.

 

The event, which is the first of its kind in Kenya, has been organized by
Drone Space Kenya, in conjunction with the Kenya Civil Aviation Authority
(KCAA) and Konza Technopolis Development Authority (KoTDA).

 

The Drone Tech and Data Expo will kick off with a two-day conference that
will take place at the Kenyatta International Convention Centre in Nairobi
on May 30 and 31 followed by the Last Mile Medical Delivery exercise which
will be held at the Konza Smart City Drone Corridor from June 1-4 2022.

 

 

ICT Cabinet Secretary Joe Mucheru is among the keynote speakers at the
conference which will be held under the theme; The Role of Drones and Data
In Spurring Economic Growth in Kenya and the 4th Industrial Revolution in
Africa.

 

Drone Space Kenya's Chief Executive Officer Tony Mwangi said, "The lack of
proper infrastructure and public transportation systems poses immense
challenges to development in Kenya and Africa at large. Drones have proven
efficient and more cost-effective in leapfrogging the physical connectivity
gap in Kenya," adding that "drone technology can help deliver medical
commodities such as vaccines, anti-venoms, blood as well as medical supplies
in areas where there's limited infrastructure."

 

Teams of authorized drone manufacturers and operators will have an
opportunity to showcase their drone equipment and test their drones'
capability to deliver medicine during the drone validation exercise that
will be held at the Konza Smart City in Machakos county.

 

Konza Technolopis Development Authority CEO John Tanui said, "As Konza
Technopolis, we are glad to participate and support the Kenya Drone Week
Expo which is anchored on innovation and technology development which are
some of the key pillars in our development. We see this sector as key in
transforming our economy because it enables emerging solutions in the 4th
industrial revolution."

 

Participants in the exercise will be validated on various aspects including
speed, flight accuracy, and safety as well as the uniqueness of their drone
designs.

 

The participants will be tasked to explore multiple concepts of drone
operation and data exchange across a designated 24-kilometer flight zone
within the expansive Konza landscape.

 

"This event is an opportunity to share knowledge on the role drones can play
in Kenya. As a country, we do not want to be left behind and the Ministry of
Innovation & ICT is keen to deploy these technologies for the benefit of all
Kenyans." Said Jerome Ochieng, Principal Secretary Ministry of ICT &
Innovation.

 

More than 350 Unmanned Aircraft System (UAS) pilots have been issued remote
pilot licenses after receiving drone operation training from KCAA-approved
institutions.

 

The commercial use of drones has been steadily increasing across the
filming, agriculture, surveillance, mapping and data collection fields since
the lifting of their ban temporarily in Kenya.-Capital FM

 

 

 

Nigeria: Petrol Marketers Hint of Impending Crises in Fuel Supply

Amidst lingering queues at filling stations in some locations in Abuja
yesterday, there are indications that a major fuel scarcity may hit the
country soon.

 

Giving this hint yesterday, the Independent Petroleum Marketers Association
of Nigeria, IPMAN, however, maintained that the scarcity could be averted if
the government prevails on the Nigerian Midstream and Downstream Petroleum
Regulatory Authority, NMDPRA, to pay N500 billion bridging claims to its
members.

 

Speaking in Kano, yesterday, the IPMAN chairman, Kano state chapter, Bashir
Danmalam, explained that the lack of payment of the claims for the past nine
months, has pushed many of its members out of business and affected the
industry, due to the high cost of diesel.

 

 

He therefore stated: "The resurfacing of fuel queues in Abuja is just a tip
of the iceberg with regard to the petroleum scarcity.

 

"Out of 100 per cent, only five percent of the marketers can supply the
petroleum products because of the failure of NMDPRA to pay them."

 

Why the refineries failed - NNPC

 

Meanwhile, the Group Managing Director, GMD of the Nigerian National
Petroleum Company, NNPC, Mele Kyari, Tuesday, said that the nation's four
refineries were currently in comatose because of lack of regular
maintenance.

 

Kyari made the disclosure while appearing before the ad-hoc committee of the
House of Representatives investigating the state of refineries in Nigeria.

 

He stated: "We recognise that today none of our refineries is operating for
the very obvious reason that through the work of this committee, you will
find out why they are not operating. We will hide nothing from you. We will
also tell you where we are as we speak today.

 

"Needless to say that the refineries were essentially not properly managed
overtime, not just today but in the last 20 to 25 years. The turnaround
maintenance processes were clearly mismanaged overtime.

 

"We clearly admitted that those turnaround maintenance were not properly
done in the past, leading to where we are. When we took over, it was very
obvious that what you are dealing with is not turnaround maintenance.

 

"Needless to say that even when you have the refineries, you must have the
pipelines. I can tell you that as we speak now, the pipeline from Escravos
which will feed Warri and ultimately, Kaduna refineries cannot carry the two
refineries. This is for many reasons, the act of vandals".

 

Also, commenting on fuel queues, Kyari said that the workers' day and Sallah
public holidays were responsible as truck drivers did not load product.

 

He however said that 2.8 billion litres of Premium Motor Spirit, PMS were
currently available and will serve even for a period of 47 days without
importation.

 

He added that 150 trucks loaded with fuel will arrive Abuja Tuesday and
Wednesday to help clear the queues.

 

He said: "During the holidays, truck drivers could not present trucks in
most of the depots and because of that, there are some glitches around load
out in the depots. We have corrected this, all trucks loaded out at the
maximum today."

 

Vanguard News Nigeria

 

 

Kenya: New Digital Collections Platform to Spur Growth for Kenyan Businesses

Nairobi — UBA Kenya and Cellulant Kenya have launched a payments gateway
platform to accelerate adoption of cashless payments.

 

The digital solution is set to help businesses aggregate payments in a
single view which will assist in efficient collection, reconciliation and
quick decision making.

 

In recent years, individuals and businesses alike have adopted digital
payments reshaping the entire payments infrastructure.

 

"Organizations are increasingly going cashless; from global businesses such
as airlines to local restaurants, or instagram businesses and schools," said
Faith Nkatha, Country Manager, Cellulant Kenya during the launch of a
payments gateway in conjunction with UBA Kenya.

According to the Payments 2025 & Beyond Report by PWC, the volume of global
cashless transactions is set to grow by more than 80 per cent between 2020
and 2025

 

"Fintechs and banks' collaborations open more opportunities that make the
movement of money easier for businesses and their consumers across all
sectors of the economy. Our partnership with UBA in Kenya will enable
merchants to receive, view, and reconcile all their payments via a single
application programming interface (API), cutting out the need to sign up for
multiple payment providers," said Nkatha.

 

Chike Isiuwe, CEO, UBA Kenya said: "This solution will change how
individuals make payment and how merchants and institutions collect as it
eases the process while also reducing transaction costs."

 

UBA Kenya started operations in Kenya in October 2009 with a business focus
on local and international Corporates, SME's, Public and Private
Institutions.

 

Over the years the Bank has grown its footprint to 5 branches across the
country with recently opened branches in Nakuru and Mombasa.

 

"Digitisation plays a pivotal role in the financial lives of Kenyans today
and the platform aligns with current customer payment behaviors and is
expected to spur growth for local businesses, contributing positively to the
expansion of the country's economy," added Chike.

 

Cellulant, founded in 2003, has an extensive payments infrastructure
partnering with 46 mobile-money operators in Africa, 211 banks including UBA
Group and serves 35 African countries with a physical presence in 18.-
Capital FM.

 

 

 

South Africa: The Prosperous Platinum City's Ruined Taxi Rank

The municipality describes Madibeng in North West as "the Prosperous
Platinum and Green Tourism City". But the taxi rank in Hebron, Madibeng,
used by hundreds of taxis daily, has only one toilet, and, like the two
shelters, the toilet was installed by the taxi owners, not the municipality.

 

The rank, which was started in 1985, is full of potholes. The shelters can
only accommodate four taxis. But according to the Hebron Taxi Association,
220 taxis use the rank daily.

 

"Even the toilet you see, we built it ourselves from our pockets about six
years ago, after years of empty promises from Madibeng," said taxi driver
and rank manager Mpho Thobedi. "Our passengers are suffering here, you can
come here when it rains."

 

Taxis at the rank serve 14 communities, including Ostraal, Pretoria,
Mabopane, Ga-Rankuwa, Soshanguve, Itireleng, Letlhabile and Kgabalatsane.

 

Pule Rathebe, who has been using the rank for more than 18 years and is the
treasurer of the Hebron Taxi Association, said that the taxi owners had come
together in 1991 to build the shelter.

 

"We need more shelters. And we need the surface fixed. It has potholes which
harm our cars on a daily basis. Our customers suffer the most, especially in
bad weather. For years the Madibeng municipality has promised to build us
shelters. Every budget, we are told the rank is going to be funded, but
nothing follows after that," said Rathebe.

 

A vendor near the taxi rank said: "We are not able to work when it rains
here because we don't have any shelter. The rank is filthy and no one does
the cleaning."

 

Madibeng Local Municipality did not reply to GroundUp's questions, sent last
Thursday. Spokesperson Tumelo Tshabalala promised that a response would be
available by Monday 9 May 2022. However he ignored WhatsApp messages and
calls requesting the promised response.-GroundUp.

 

 

 

Nigeria: How Oil Marketers're Ripping Us Off, Say Airline Operators

Airline Operators of Nigeria, AON, has given a graphic picture of how major
oil marketers are shortchanging them with the cost of aviation fuel, also
known as Jet-A!.

 

It will be recalled that the operators had two months ago, on heels of the
astronomical prices of aviation fuel, given a 3-day notice after which they
would suspend flight operations in the country, if the price of the product
was not reviewed down from N700 per litre.

 

But the House of Representatives via a motion intervened in the matter and
later met with stakeholders in the sector, including the Group Managing
Director GMD of the Nigerian National Petroleum Company, NNPC, where a truce
was eventually reached to sell the fuel at N500 per litre for the period.

 

 

An agreement was also reached that the operators would be given licences by
NNPC to import the fuel directly, especially as the marketers refused to
disclose how much they were souring the product, despite pressures from
speaker of the House of Representatives, Femi Gbajabiamila, and members of
the Committee on Aviation.

 

The speaker wanted to know from the independent markers where and how they
sourced their products, with a view to ensuring the airlines were not being
ripped off but this didn't work out.

 

Consequently, frustrated members of the committee and other stakeholders at
the meeting, including unions in the industry, agreed on the N500 per litre
price, which was to be a temporary price structure until the actual cost of
the product was ascertained.

 

But two months after, the airline operators last week issued a notice of
another flight suspension to which the House leadership again intervened.
They had threatened to shut down operations, pending when government
addressed the issue of skyrocketting aviation fuel price from N700 per
litre.

 

 

This, of course, did not endure as marketers soon returned to the old price
of N700 per litre and in some cases, Between N750 and N800 per litre. The
probe of the marketers by the lawmakers was contingent on the protest of the
domestic carriers who felt they were being ripped off by the marketers.

 

Reading the resolutions of the meeting that lasted for about four hours on
Monday, Gbajabiamila urged the operators to begin the process of getting
their own license to import the product.

 

He said: "That we move the language of suspension to canceled. That the
issues of shut down has been canceled, based on this meeting.

 

"NNPC and airline operators have both agreed that in the interim of three
months, marketers of choice that you are comfortable with and that you know
their mark up will not drive you out of business, would be supplied with jet
fuel. We talked about N550 or something like that.

 

 

"The third resolution is that at the mid to long term, in fact right now,
you will begin the process of application for your own license to be able to
import your own jet fuel. To assist you in your business.

 

"Also tie to the benevolence of the CBN governor that six million litres are
available now at N480. You will get allocation for the next three months
through the companies you have nominated.

 

"In the process of application for license, midstream should as much as
possible grant waivers that would not touch on the security and safety of
the process. Committee chairmen on aviation and downstream should follow
up."

 

Earlier in his remarks, the speaker said their intervention was necessary to
stop the economy from bleeding.

 

"We are at the precipice today in Nigeria. It is a crucial moment for us.
There is a crisis at hand. Shut down of airline operations has the potential
of shutting down this government. We cannot sit here as stakeholders and
fold our arms and watch this happen. We need to address this matter once and
for all," he said.

 

Appearing before the special committee, led by the speaker of the House of
Representatives, Femi Gbajabiamila on Monday, the Vice President of AON, Mr.
Allen Onyema, who is also chairman of Air Peace, however, said that they
were denied the delivery of 25,000 metric tons of fuel approved by President
Muhammadu Buhari which was to be sold to them at the landing cost but
accused the NNPC and some marketers of ripping them off.

 

Consequently, he said they were asked to nominate 10 marketers they could
trust to enable them handle the transactions.

 

Onyeama told the committee of how his association was invited by the Nigeria
Midstream and Downstream Regulatory Authority, NMDRA, to notify them of the
President's gesture.

 

He also said that while he alerted the NNPC GMD, Mele Kyari, informing him
of the President's gesture and their selected marketers, the response he got
was not friendly.

 

"We were invited by the Midstream and Downstream Authority and we were told
that the President approved 25,000 metric tonnes for us as a palliative to
help us. We were very grateful to the president.

 

"It was not free. We were happy. We were told to nominate marketers that
would market this product for us. We were told to have a meeting with these
marketers. We called all the marketers, we held meeting with them.

 

"We decided the logistics, so they would take their logistical costs and
everything and at the end of the day that fuel was getting to them, they
told us at N335, so we put everything together and it would be getting to
less than N400 for the cost and we said even if they sell to us at N450, it
would be okay.

 

"We were told that a week later that the consignment would be arriving
Nigeria but the next thing we heard from the marketers was that they had
already been given the consignment that we were all jostling for. So we
waited, thinking that they would sell as agreed. They never did.

 

"I actually called the MD of NNPC in the presence of our members. We wanted
to hear from him. He answered that there was no way they would leave us to
get the product directly, that it was dangerous.

 

"But I said no, that the marketers you are going to give are the same
marketers that would handle it for us. He said he did not want any crash or
anybody adulterating it. I said how could they adulterate it because they
are the same marketers.

 

"We are not taking it on our own. Long and short of the story is that this
product was not given to us and we noticed that it continued rising and
rising," he said.

 

Also speaking at the forum, President of the Association, Abdulmanaf Yunusa,
who's also the Chairman of Azman Air, corroborated the allegation, saying
NNPC denied them the allocation approved by the president.

 

But Kyari, who put up a stout defence for the marketers, said his refusal
was hinged on safety issues, stressing that releasing aviation fuel directly
to operators, or even marketers was risky.

 

"Mr speaker sir, it is more complex than they say. Somebody must handle
aviation fuel. We cannot surrender the safety of Nigerians to just anyone.
It is not every marketing company that can handle ATK, including the
chairman's company. 'We cannot give him. He has marketing company. We cannot
give ATK to handle. That is why they have to bring the people that we can
deal with," he said.

 

In his presentation, NNPC GMD, Mele Kyari, said it was difficult to have a
fixed price of the product, saying "we agreed that we make the marketers
sell the product to them at N500 for three days pending the day they would
sit down and agree on this pricing formula. "I confirm that between us the
and the downstream authority they had sat down and engaged and agreed on a
pricing structure.

 

"Needless to say there is no fixed price. This is a deregulated product. So
you cannot hold unto any price and indeed what you have seen in the media is
N700 reference point. It cannot be a reference point. It depends on the
market condition. It can higher than N700 depending on the market. This
markets shifts. As we speak it is closely related to the price of crude oil.

 

"There is no way the oil matters, I am speaking for them now, if you own me
N1 billion. I would not give you credit. No one would do this. There are
limits to credits. It is an understanding customers

 

"It is our role to ensure we intervene. We did. We brought in products so
that we can dampen the price. In March and April, we brought in cargo and
made it available to the entire industry at N460. there is a build up to
that price. When the customer takes marine N435, he has to transport, he has
to charter vessel, bring it to his depot, to his furl station and transport
it. So there cannot be two same price in Lagos and Maiduguri.

 

"We cannot fix price. We cannot ask for N500. we cannot say it must be below
N600 or N700. That is why we insisted they go and have a formula that is
transparent that each one of us can see.

 

"The only way we can have fixed price is if we put subsidy on. You can say
it can sell for N500 in any circumstance, then somebody has paid for that
difference. I am not sure this is what we are doing.

 

"There is an FX constraint. There is limit to what the CBN can provide. We
are constrained because we are not able to produce dollar because of teh
dearth of oil in the Nigera Delta. This is then reality. So we do not have.
That means customers must source for FX from alternative sources", he said.

 

Similarly, the CBN governor, Emefiele who responded to the an earlier
concern of the operators of not accessing foreign exchange, said there was
one to sell, adding that it was only when the NNPC exported products that it
could get foreign exchange.

 

"The availability of FX is very important and the issue of constraint from
FX arising from issues bordering on theft in the Niger Delta is a big issue.
It is when NNPC is able to export that dollars can come in.

 

"We do not have FX to sell. It would be difficult for us to grant any
concession. It means we would be taking a hit or we would be providing some
sort of subsidy for the industry," he said.

 

It will be recalled that on March 14, 2022, when the first meeting of the
stakeholders held with the deputy speaker of the House, Ahmed Idris Wase,
presiding, he had lashed out at the

 

Chief Executive, Nigerian Midstream and Downstream Regulatory Authority,
NDMPRA, Ahmed Farouk represented by an Executive Director, Ogbogu Ukoha who
said the prices of fuel had been discounted.

 

Wase had asked the regulatory body the current price of the product and why
it was so exorbitant but was referred to the marketers who, however,
sidestepped the questions and could not give specific answers.

 

Wase had said: "As far as I'm concerned, the basic issues that we left to
come back today have not been addressed. First is on the agreement, your
resolution, that's is the basis to proceed on any meeting and I read out
what we resolved the other day and that's why I'm asking you the questions.

 

" I specifically asked the other person when he said they sell at a loss. I
said what was the unit cost at that time that you were selling at loss, so
we will now know. And I said here, you are just using semantics and
language.

 

"Here, I am after facts. We are on fact-finding, we are not on language here
and I want to insist that please let's be serious.

 

"Like I did mention to him, the House can go further, if you want us to go
on expanded investigation, we will do that. As far as I'm concerned, I am
not willing to compromise what is in the interest of our own country.

 

"You are supposed to regulate their (oil marketers) activities, are you just
giving the licence? What are the minimum requirements; what is expected of
that company that you are authorizing them to bring in this product?

 

" Is it that they have the opportunity and then the leverage to tell you
whatever rate they want and it has to stand? No, I don't think so".

 

In their remarks at the meeting, the oil marketers, represented by Olumide
Adeosun, thanked the House for their intervention.

 

"We are grateful for your intervention. The last thing any marketer wants is
to create a saturation where the general public has to pay far beyond what
they can afford for any product.

 

"The resolution that we reached today is one that is attainable and we look
forward to working with our colleagues in the aviation sector so that we can
have an efficient sector for Nigerians", he said.

 

However, the marketers were absent at Monday meeting.

 

The deputy speaker had remarked that they ought be handy to give some
explanations to some issues, expressing displeasure with the GMD for
speaking on their behalf.-Vanguard.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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