Major International Business Headlines Brief::: 07 November 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 07 November 2022 

 


 

 


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ü  Twitter confirms fee for blue-tick verification after Musk takeover

ü  Made.com expected to go into administration this week

ü  Will falling gas prices mean lower bills?

ü  US jobs growth solid but slowing amid inflation fight

ü  Workers at Heathrow to strike in World Cup run-up

ü  Cost of living: Millions have no savings as prices soar

ü  Train strikes: Passengers warned of disruption after walkouts suspended

ü  Twitter: Elon Musk blames 'activist groups' for earnings drop

ü  Brexit adding to cost-of-living crisis, Mark Carney says

ü  Nigeria: Editorial - CBN, New Banknotes, and How Not to Run Monetary
Policy

ü  Namibia Launches Economic Partnership Agreement Implementation Plan

ü  Nigeria: Expensive Darkness - Nigerians Paid N258.9bn for Electricity in
Seven Months

ü  Kenya: Aviation Workers Union Call Off Strike

ü  Nigeria: Put Obasanjo On Redesigned Naira Note to Inspire Future
Generations, Atiku Tells FG

ü  Tanzania: Uganda-Tanzania Oil Pipeline Project a 'Carbon Bomb', Analysis
Shows

ü  Egypt: The Importance of Egypt Hosting COP27

ü  Kenya Airways Says It May Not Pay Salaries If Pilots' Strike Persists

 


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Twitter confirms fee for blue-tick verification after Musk takeover

Twitter has confirmed plans to allow users to buy blue-tick verified status.

 

In an update for Apple devices, the company said the feature would be open
to users in certain countries who sign up to its Twitter Blue service for
$7.99 (£7) per month.

 

The policy change is controversial, amid concerns that the platform could be
swamped with fake accounts.

 

It follows Twitter's takeover by Elon Musk, who on Friday laid off around
half of the company's workforce.

 

The sought-after blue tick was previously only available to high-profile or
influential individuals and organisations - who were asked to prove their
identity.

 

It has been used as a sign that a profile is authentic, and is a key tool to
help users identify reliable information on the platform.

 

The policy change may fuel worries that government figures, celebrities,
journalists and brands could be impersonated by any user willing to pay a
monthly fee.

 

Mr Musk, the world's richest person, appears to be looking to diversify
Twitter's income, following his acquisition of the firm late last month in a
$44bn (£39bn) deal.

 

On Friday, the billionaire said Twitter was losing more than $4m (£3.5m) per
day, insisting that this gave him "no choice" over culling around half the
company's 7,500-strong workforce.

 

The cuts - as well as Mr Musk's fierce advocacy of free speech - have caused
speculation that Twitter could water down its efforts on content moderation.

 

However, Mr Musk has insisted that the firm's stance towards harmful
material remains "absolutely unchanged".

 

On Saturday a top United Nations official, Human Rights Commissioner Volker
Türk, urged Mr Musk to "ensure that human rights are central to the
management of Twitter".

 

The unusual UN intervention pointed to the sacking of Twitter's whole human
rights team, saying this was "not an encouraging start" under Mr Musk's
ownership.

 

There was no immediate response from Twitter.

 

Few details were publicised relating to the change in verification policy,
and a Twitter Blue subscription reportedly remained at its old price of
£4.99 in the UK following Saturday's announcement.

 

Twitter's update said the changes would apply only in the UK, US, Canada,
Australia and New Zealand at first.

 

A flurry of tweets from Mr Musk himself suggested the changes would be
rolled out worldwide after they were observed in the initial handful of
countries.

 

It was not clear what would happen to those profiles which already had a
blue tick - or if Twitter still planned to "verify" a user other than by
charging them a subscription.

 

Responding to one user who asked what would happen to existing verified
profiles, Mr Musk said the timeline for changes to be implemented was a
"couple [of] months".

 

Answering another question about the risk of users pretending to be notable
figures, he said Twitter would "suspend the account attempting impersonation
and keep the money".

 

Previewing other upcoming changes, Mr Musk said Twitter would soon allow
users to attach long-form text to tweets, "ending [the] absurdity of notepad
screenshots".

 

Earlier on Saturday, Twitter co-founder and ex-CEO Jack Dorsey addressed the
mass sackings, saying sorry to employees for what had unfolded at his former
firm.

 

Mr Dorsey - who quit as CEO in November and left the board of directors in
May - said he was aware Twitter staff were "angry with me".

 

His statement continued: "I own the responsibility for why everyone is in
this situation: I grew the company size too quickly. I apologise for that."

 

Mr Dorsey appeared to endorse the need for dismissals. Earlier this year, he
expressed support for Mr Musk's takeover.

 

A host of major brands have halted advertising spending with Twitter in
recent days amid the company's upheaval.

 

Mr Musk has been looking to decrease the platform's reliance on adverts -
and Saturday's update also promised "half the ads".-BBC

 

 

 

Made.com expected to go into administration this week

Online furniture retailer Made.com is set to go into administration on
Monday or Tuesday after attempts to find a buyer failed.

 

Around 500 staff, most of them in the UK, are expected to lose their jobs.

 

Thousands of customers also face uncertainty over whether they will receive
a refund for outstanding orders.

 

The fashion and furniture retailer Next is believed to be the frontrunner to
buy the Made brand name.

 

Administrators from PwC are expected to oversee a sale of intellectual
property associated with the collapsed firm after it formally enters
administration.

 

Made.com announced its intention to appoint administrators last week and the
formal legal process is expected to take place in the coming days.

 

Pandemic furniture star Made.com nears collapse

Made.com was set up in 2011 to offer affordable yet "high-end" furniture
online and once said it wanted to be the "new Ikea".

 

The retailer, which sourced furniture directly from designers and
manufacturers, gained a loyal base of mostly younger customers. During the
pandemic lockdowns sales soared as people bought more furniture and other
products online and it was valued at £775m when it was floated on the London
Stock Exchange last year.

 

But more recently the company hit problems, as households cut back on
big-ticket purchases. Global supply chain issues have also left customers
waiting months for deliveries.

 

The firm announced in September that it was looking for an investor willing
to keep the business trading.

 

It stopped taking new orders at the end of October and last week its shares
were suspended after it warned it was running out of funds.

 

The firm's co-founder Brent Hoberman said last week that the business had
got caught out holding "massive inventory at just the wrong time".

 

He said there were questions to be asked about how money raised by Made's
stock exchange listing last year had been spent and whether enough attention
had been paid to "potential risks".

 

In the last two weeks customers have complained that furniture ordered was
not being delivered, and some were told their orders had been cancelled.
Made posted a message on its website to say it was "truly, deeply sorry" for
the situation.-BBC

 

 

 

 

Will falling gas prices mean lower bills?

After soaring over the summer months, the cost of wholesale gas in the UK
and Europe has fallen dramatically in recent weeks.

 

But it's unlikely prices will stay low for long enough to have much effect
on bills, analysts say.

 

That's largely down to the way the market for gas works.

 

When gas prices rose dramatically on international markets earlier this
year, households and businesses were faced with huge increases in their
energy payments. That prompted the government to step in, using taxpayer
funds to cover a portion of the costs.

 

Until April the government's energy price guarantee scheme limits the bill
for the average household to about £2,500 a year - though people who use
more gas will pay more.

 

Since then international wholesale prices have tumbled. In August, the UK
benchmark price for gas for delivery the following day peaked at 550p a
therm. Last week, it fell to just 38p.

 

That means the government's subsidy won't need to be as large as it would
have been if wholesale prices had stayed high.

 

But wholesale prices are expected to go back up again as the weather gets
colder.

 

"I do think we are in a lull just before the start of winter," explains Jack
Sharples, Research Fellow at the Oxford Institute for Energy Studies.

 

"My expectation is that as the weather turns colder, and demand therefore
increases, we will see prices rise again."

 

Forecasters Cornwall Insight expect that from April onwards, without further
government intervention, the cap for the average household bill will rise to
£3,700 - and it will remain above £3,000 until the end of next year. So
despite the low prices now, consumers will still end up paying more.

 

Hedging

Most energy suppliers will be unable to reap the full benefits of the
current low prices, as much of their gas will have been bought in advance,
at a higher cost.

 

There is no single price for gas. Instead it can, for example, be sold for
delivery the following day, the following month, the following year, or for
use in two years' time. The price you pay depends on the option you choose.

 

Businesses which expect to use a lot of gas will usually buy part of what
they need months beforehand to protect themselves in case there's a sudden
price spike coming up. This process, known as hedging, allows them to fix a
portion of their energy costs. They can buy more gas on top of that later if
they need it at short notice.

 

At the moment, day ahead prices are low because there is plenty of gas
around. Anyone buying right now is benefitting from those lower prices. But
those who bought in advance are not.

 

Price climb

After the recent scramble for additional supplies, European storage
facilities are almost full, and tankers full of liquified natural gas (LNG)
have been lying off European coastlines, waiting for access to processing
facilities.

 

But gas being sold for delivery in the middle of winter already costs a lot
more than supplies available now.

 

On the Dutch TTF platform, which is seen as a European pricing benchmark,
gas for day-ahead delivery was trading below 30 euros per Megawatt hour at
the start of this week. But gas for delivery in February was priced at more
than 130 Euros/MWh. That reflects market expectations that supplies will be
tighter in the middle of winter than they are now.

 

That price is many times higher than would have been considered the norm
before the disruptions caused by Covid and the war in Ukraine.. But at least
for now storage facilities are well stocked.

 

Looking ahead

"While Europe as a whole looks set to weather the storm this winter, it's
becoming more and more an issue for the winter of 2023," explains Leon
Izbicki, senior associate for natural gas at consultancy Energy Aspects.

 

Europe is increasingly reliant on liquid natural gas (LNG) imported by sea
after pipeline imports from Russia were dramatically reduced.

 

Flows through the Nordstream 1 pipeline, which used to take gas from Russia
to Germany ceased in September. Soon afterwards, the pipeline itself was
badly damaged in a series of explosions.

 

Deliveries from Russia to Poland through the Yamal pipeline have also
ceased, while experts believe supplies sent through Ukraine are also at
risk.

 

This has triggered a big increase in demand for LNG - and means much more
will be needed to refill storage facilities next year - and exposing
consumers to variations in LNG prices.

 

"European LNG imports in January-September 2022 were already 23% higher than
in the whole of 2021, and even 5% higher than in the whole of 2019,"
explains Mr Sharples.

 

This increasing reliance on LNG means that European buyers will have to pay
whatever the market requires to attract cargoes which could otherwise find
buyers elsewhere, particularly in Asia.

 

At the moment China is buying much less LNG than usual, because of the
impact of Covid shutdowns on its economy. But once that demand returns,
prices are likely to rise sharply.

 

"High prices are here to stay," says Mr Izbicki.-BBC

 

 

 

 

US jobs growth solid but slowing amid inflation fight

Jobs growth in the US is continuing at a solid, though slowing pace, despite
rising prices and higher borrowing costs weighing on the economy.

 

Employers added 261,000 jobs in October, while the unemployment rate rose
slightly to 3.7%, the US Labor Department said on Friday.

 

The news comes as the economy remains a top concern for voters ahead of next
week's midterm elections.

 

Despite a strong labour market, soaring costs have hit public confidence.

 

Consumer prices are rising at a pace not seen since the early 1980s.
Inflation, which measures how the cost of living changes over time, is up
8.2% over the 12 months to September.

 

While the rate has slowed since June as motor fuel prices fall, the cost of
groceries, medical bills and many other items continues to climb.

 

The issue has weighed on Democrats, who were already fighting an uphill
battle to maintain their slim hold of Congress.

 

"People are depressed and often people vote with their pocketbooks," said
Beth Ann Bovino, chief US economist at S&P Global Ratings. "Inflation is
almost everywhere. People are squeezed at the checkout stand, they're
squeezed with their rental payments, when they try to buy a home."

 

The White House has made the case that some slowdown is expected - and
healthy - as the economy returns to normal after the surge in activity when
it reopened from lockdowns.

 

And for now, government figures suggest there has only been mild softening
in the labour market.

 

Although the unemployment rate ticked up from 3.5% in September, the 261,000
jobs added last month was far better than economists had expected, with
healthcare and manufacturing firms helping to drive the hiring.

 

Wage gains were also strong, despite not keeping pace with inflation, with
average hourly pay up 4.7% over the past year.

 

"We're going to do what it takes to bring inflation down," President Joe
Biden said Friday, responding to the latest figures. "But as long as I'm
president, I'm not going to accept an argument that the problem is that too
many Americans are finding good jobs. "

 

Job losses ahead?

With prices still rising sharply, however, analysts say they expect to see
job losses increase next year, as consumers start to curb their spending and
the central bank raises interest rates to rein in rising costs.

 

Since March, when interest rates were hovering near zero, the Federal
Reserve has hiked borrowing costs six times, moves that have rippled out to
the public in the form of sharply higher rates for home, car and business
loans.

 

By making borrowing more expensive, the bank hopes to cool demand among
businesses and households, in turn easing the pressures pushing up prices.

 

"The US economy continues to create far more jobs than population growth can
accommodate, putting more upward pressure on wages and prices," said Ron
Temple, head of US Equities at Lazard Asset Management.

 

"The Fed has attacked the inflation challenge aggressively, but will be
forced to remain on the offensive as long as the labour markets remain
resilient."

 

Some sectors, such as housing and technology, have been hit hard already and
anecdotal reports of job cuts and hiring freezes have increased, as firms
prepare for a downturn.

 

On Thursday, payments firm Stripe on Thursday said it was axing 14% of its
workforce, while Lyft, a taxi firm that is Uber's main rival, said it was
cutting 700 jobs.

 

Elon Musk told Twitter staff the company would impose widespread job cuts,
and Amazon also said it would halt hiring for corporate positions across the
company.

 

"We think that 2022 represents the beginning of a different economic
climate," Stripe executives wrote in an email to staff. "Our business is
fundamentally well-positioned to weather harsh circumstances... however, we
do need to match the pace of our investments with the realities around us."

 

But the ongoing strength of the labour market has raised hopes that the US
may be able to avoid a severe recession.

 

Dane Brecher helps to run Plastic Crafts, a 40-person family-owned
manufacturing company in New York that his grandfather started in 1934.

 

The business has felt the effects of higher interest rates, opting to pay
cash when it recently bought new machinery, instead of borrowing as it might
have a few months ago.

 

But it does not have major debts and sales have been steady. While there may
be some signs of slowdown, he said he is not worried about a serious
downturn.

 

"If interest rates were a little less, I'm sure we'd be looking to expand
more," he said. "We're just going to stay the course... we're in a good
place. Unfortunately, I don't know if the rest of the country is, but we're
OK."-BBC

 

 

 

 

Workers at Heathrow to strike in World Cup run-up

Strike action by hundreds of workers at Heathrow Airport could hit football
fans heading to the World Cup in Qatar, a union has warned.

 

Unite said 700 workers who work in the ground handling, airside transport
and cargo side of the airport will go on strike for three days from 18
November.

 

It said the strike action would cause disruption and delays at Heathrow
terminals 2, 3 and 4.

 

The staff, employed by Dnata and Menzies, are calling for higher pay.

 

"Strike action will inevitably cause disruption, delays and cancellations to
flights throughout Heathrow, with travellers to the World Cup particularly
affected," Unite regional officer Kevin Hall warned.

 

The World Cup is set to begin in Qatar on 20 November and the union said it
expected Qatar Airways, which has put on extra flights for football fans, to
be "hit heavily" by the strike action.

 

But Unite general secretary Sharon Graham said the union's members at Dnata
and Menzies "are simply seeking a decent pay rise".

 

She added: "Both companies are highly profitable and can fully afford to
make a fair pay increase."

 

The union said other airlines, including Singapore Airlines, Cathay Pacific
and Emirates will also be affected.

 

Passengers travelling to the United States for the Thanksgiving holiday
might also be hit.

 

A Heathrow spokesperson said: "We are aware of proposed industrial action
from Dnata and Menzies colleagues at Heathrow, and we are in discussions
with our airline partners on what contingency plans they can implement to
support their ground handling should the strike go ahead."

 

The spokesperson added that the airport's priority is to ensure passengers
are not disrupted by any shortages of airline ground handlers.

 

Alex Doisneau, managing director of Dnata UK, called the industrial action
"disappointing" and "costly".

 

She said its staff have been offered a pay award which is "in line with
inflation and among the best in the industry".

 

"We would like to reassure our customers, partners and passengers that we
are implementing contingency plans to minimise disruption to our
operations."

 

Menzies said the strike action "will benefit no one". Miguel Gomez
Sjunnesson, executive vice president Europe at Menzies Aviation, said the
firm was "ready and willing to continue pay discussions", and urged Unite to
take part in the negotiations.

 

He added: "I also want to reassure our airline customers and their
passengers that we have robust contingency plans in place should Unite elect
to continue with unnecessary industrial action."

 

Queues, delays and cancellations frustrated thousands of travellers earlier
this year.

 

They were largely caused by staff shortages in the aviation industry.
Airports and airlines, which cut jobs at the height of the pandemic, have
struggled to recruit staff as demand for international travel has returned.

 

It led to Heathrow Airport demanding airlines stop selling summer tickets
and placing a cap on passenger numbers at busy times.

 

Strikes have also played a part in the disruption. Refuelling workers,
postal workers and check-in staff at Heathrow were among several groups to
strike or vote in favour of industrial action earlier this year.

 

Prices are currently rising at the fastest pace for 40 years, prompting many
unions and workers in the UK to ask for pay increases.-BBC

 

 

 

 

Cost of living: Millions have no savings as prices soar

A quarter of UK adults have less than £100 set aside in savings, a survey
suggests, leaving them vulnerable to rising and unexpected bills.

 

The lack of a financial safety net means many have to borrow money to cover
any extra costs, creating greater anxiety about their plight.

 

One mother told the BBC she was scared of being judged so did not seek help.

 

The Money and Pensions Service, which conducted the research, said such
fears could be overcome with family help.

 

Debt advisors are expecting a sharp increase in enquiries over the winter as
people struggle to fund higher food and energy bills, with little to fall
back on.

 

'I wish I'd asked for help earlier'

This latest survey of 3,000 people found that 17% - or one in six - of those
asked held nothing in savings. Another 5% had less than £50 and a further 4%
had between £50 and £100 set aside.

 

If those figures reflect the UK as a whole, then millions of people will
have little or nothing as a savings buffer.

 

Among them is Kylie, a mother-of-six who faced difficulties that left her
failing to pay critical, and priority, bills. She just about managed to pay
her rent, to keep a roof over her family's head, but was behind on many
other payments.

 

The 31-year-old said some of the more aggressive debt collection left her
children frightened, and her finances were in a mess.

 

Six things you can do as cost of living rises

Your personalised guide to saving money

Her energy provider told her to seek help from a debt charity, but she said
she was scared to do so.

 

"I felt like I would be judged and looked down on," she said.

 

When she did eventually seek help, the advisors were kind and helpful, she
said, and crucially told her about the various hardships funds and grants
that were available to her.

 

"But I would have been in a better position if I had done it earlier," she
said.

 

She came to an arrangement with her creditors, so she pays back a more
affordable amount each month. She recently managed to save £40 - for the
first time in years.

 

The idea of saving money will be alien to many people struggling with the
rising cost of living. A recent survey by the Building Societies Association
(BSA) found 35% of those questioned had stopped saving as a result of the
rising cost of living.

 

Meanwhile, 36% of those asked said they were relying on their savings to get
through a period of rising bills and prices. Some credit unions are offering
ways to help families save for expensive times of year, such as Christmas.

 

Talking to loved ones

The Money and Pensions Service runs the Moneyhelper website, which includes
a free debt advice locator.

 

It is running a week-long Talk Money campaign urging people to open up about
their finances and is encouraging people to plan for their financial future
and take free debt advice as soon as they realise they could be facing
difficulties.

 

"Millions of people find it a challenge to save, and this leaves them
vulnerable when sudden expenditure items arise. When you add in the anxiety
that they feel with their credit commitments, the weight of that worry can
quickly become overwhelming," said Caroline Siarkiewicz, chief executive of
the government-backed organisation.

 

"We want everyone to start the conversation with family or friends and share
the burden of any money worries. By dealing with the problem head on, people
can discover just how helpful free debt advice can be and see the importance
of talking to their creditors early. They can also begin to find a way
forward, no matter how difficult their situation might feel."

 

Kylie, meanwhile, is looking forward to Christmas, but with some
trepidation. She said her food bill shot up when her children were on school
holidays.

 

"I am trying to do my best, and save for Christmas," she said. "At the
moment, we are just living week by week."-BBC

 

 

 

 

Train strikes: Passengers warned of disruption after walkouts suspended

Passengers are being warned of extensive disruption to train services on
Saturday despite a series of strikes by railway workers being called off.

 

Network Rail warned that services would remain "extremely limited", with
trains on Monday also likely to be affected.

 

The RMT union said it would now enter "a period of intensive negotiations"
with Network Rail and train operators.

 

The strikes, planned for 5, 7 and 9 November, had been called in a dispute
over pay and conditions.

 

They involved staff at Network Rail, which employs signalling workers across
England, Scotland and Wales, as well as workers at 14 train companies.

 

Rail companies say the RMT announcement came too late to prevent disruption
and a temporary revised timetable for Saturday, Sunday and Monday will
remain in place.

 

There is expected to be a major impact across the network, with only a fifth
of services due to run between 07:30 and 18:30 GMT on Saturday.

 

However, the suspension is a significant development, as it is the first
time in the RMT's long-running dispute that a strike has been called off to
make further talks easier.

 

Another transport union, the TSSA, had already called off November action at
Network Rail so that discussions could continue, and on Friday suspended
planned rail strikes on Saturday, Monday and Wednesday at different firms.

 

It had planned to take strike action at five train firms including Avanti
West Coast and West Midlands Trains.

 

Avanti said on Friday it would not reinstate services on Saturday, Monday
and Wednesday.

 

West Midlands Trains said a reduced timetable will remain in place for at
least Saturday and Monday.

 

Rugby hit

The cancellation of the strikes has come "too late" for thousands of rugby
fans travelling to Cardiff for the Wales v New Zealand autumn international,
Network Rail Wales said.

 

There will be fewer trains before the game, and none leaving Cardiff after
it has finished.

 

Tom and Lydia Ellis, who are from New Zealand but living in Bristol, will
have to take a bus to get to the game.

 

"I won't be fully relaxed until we're in the stadium," said Mr Ellis.

 

ScotRail will only run a skeleton service on Saturday, with the rail
operator warning of significant disruption to its services. Only 11 of its
routes will remain open.

 

And a London Underground strike planned for Thursday is still set to go
ahead.

 

'Pay promise'

RMT general secretary Mick Lynch said the threat of strike action "has made
the rail employers see sense".

 

"We have always wanted to secure a negotiated settlement and that is what we
will continue to push for in this next phase of intensive talks.

 

"Our priority is our members, and we are working towards securing a deal on
job security, a decent pay rise and good working conditions."

 

He added that there had been "the promise of an offer" on pay from the rail
operating companies.

 

However, when contacted by the BBC, rail employers and the government said
their position had not changed.

 

The suspension has been announced 11 days before a fresh RMT strike ballot
is due to close on 15 November.

 

Mr Lynch previously told the BBC that he expected workers to vote in favour,
and warned that there could be strikes for another six months if no
agreement is reached.

 

Tim Shoveller, Network Rail's chief negotiator, said the company is looking
forward to "getting back round the table with all our trades unions early
next week to see if the progress made this week can be built on, and a
resolution found".

 

Network Rail continues to advise passengers to check before they travel, and
to only travel by rail if absolutely necessary on Saturday and Monday.

 

Mr Shoveller said on Monday there will be "limited ability" to change the
strike timetable.

 

Transport Secretary Mark Harper said suspending the strike action was "a
positive development for passengers up and down the country".

 

He added that calling off the latest ones has given negotiations between
unions and employers a "better chance of success".

 

Rail Minister Huw Merriman said he did not want to "rule anything in or out"
when asked if the government would put more money on the table to help
resolve the dispute.

 

The Rail Delivery Group (RDG), which represents train companies, said that
it was "positive" that the RMT had "stepped back from the brink".

 

Speaking on Thursday, chairman Steve Montgomery said the RDG was "working up
to" making an offer once it had made an agreement with unions on workplace
reforms.

 

He said there were some areas in which there could be "commonality" between
the two parties on workforce reform.

 

Rosters for drivers are typically agreed a week in advance, and so the
"short notice cancellation" of the strikes "means that train driver
availability will inevitably be very challenging and rely primarily on
volunteers", the RDG added.

 

-BBC

 

 

 

 

Twitter: Elon Musk blames 'activist groups' for earnings drop

Elon Musk, the new owner of Twitter, has blamed "activist groups pressuring
advertisers" for a "massive drop in revenue" as the company makes sweeping
job cuts in an effort to save money.

 

The billionaire owner of Tesla tweeted that "activists" raising concerns
about how Twitter is moderated are "trying to destroy free speech in
America".

 

It came as Twitter made widespread job cuts around the world on Friday.

 

Reports suggested that thousands of staff lost their jobs.

 

Yoel Roth, the company's head of safety and integrity, appeared to confirm
in a tweet thread that "approximately 50%" of Twitter's workforce had been
cut company-wide.

 

He added that most of the 2,000+ content moderators "working on front-line
review were not impacted" by the cuts.

 

Mr Musk posted his own comments, saying he was presented "no choice" over
what he called Twitter's "reduction in force", as the company was losing $4m
(£3.51m) a day.

 

He insisted that all those losing their jobs were offered three months of
severance pay, "which is 50% more than legally required".

 

Addressing the topic of content moderation, he said Twitter's "strong
commitment" remained "absolutely unchanged".

 

Online safety groups and campaigners have expressed concerns about Mr Musk's
plans to relax content moderation and reverse permanent Twitter bans given
to controversial figures, including former US president Donald Trump.

 

An internal email sent to staff earlier on Friday said the mass job cuts
were "unfortunately necessary to ensure the company's success moving
forward".

 

Staff confirmed on Twitter they had been logged out of work laptops and
Slack, a messaging system.

 

Many staff revealed that they had been axed in posts on the platform,
painting a picture of cuts that spanned the globe and hit departments that
ranged from marketing to engineering.

 

They included communications, content curation, and product development
employees.

 

A team that focused on research into how Twitter uses algorithms - an issue
that was a priority for Mr Musk - was also sacked, according to a tweet from
a former senior manager at the company. But that was later denied.

 

Almost all of Twitter's revenue currently comes from advertising and
Volkswagen is among the brands that has stopped spending with it since Mr
Musk bought the social media company.

 

"We are closely monitoring the situation and will decide about next steps
depending on its evolvement," Europe's biggest carmaker said.

 

On Thursday, food manufacturer General Mills, which owns brands including
Cheerios and Lucky Charms, did the same.

 

It said it was continuing to monitor the social media company's "new
direction" and wanted to "evaluate [its] marketing spend".

 

Other brands to have paused paid activity on the platform include car firms
General Motors and Audi, and drugs giant Pfizer.

 

Mr Musk has been looking for ways to cut costs and make money in different
ways from the platform, including plans to charge a monthly subscription fee
for users to be verified on the platform.

 

He also proposed that those paying the $8 per month fee would get their
Tweets boosted in replies, mentions, and searches, prompting criticism from
some people on Twitter that he was creating a two-tier system that would
benefit those willing to pay.

 

Twitter employees filed a class action lawsuit on Thursday which argued the
company was making big job cuts without giving 60 days' notice, in violation
of federal and Californian law.

 

The lawsuit also asked the San Francisco federal court to order Twitter not
to ask sacked employees to sign documents waiving their rights without
telling them about the court case.

 

Shannon Liss-Riordan, the lawyer co-ordinating the case, said: "We filed
this federal complaint to ensure that Twitter be held accountable to our
laws and to aid Twitter employees by helping them understand their rights."

 

Twitter was approached for comment.-BBC

 

 

 

 

Brexit adding to cost-of-living crisis, Mark Carney says

Brexit has added to the UK's economic woes by lowering the value of the
pound and contributing to price rises, an ex-Bank of England governor has
said.

 

Mark Carney told the BBC the fall in the pound and shrinking economy after
the UK left the EU had added to "inflationary pressure".

 

No 10 says soaring prices are being driven by Covid and the Ukraine war.

 

On Thursday, the Bank warned the UK was facing its longest recession since
records began.

 

In an attempt to cool rising prices it raised interest rates from 2.25% to
3% - the biggest jump since 1989.

 

A recession is defined as when a country's economy shrinks for two
three-month periods - or quarters - in a row.

 

Five ways a falling pound could affect you

What is a recession and how could it affect me?

Inflation - the rate at which prices rise - is at the highest level for 40
years.

 

The invasion of Ukraine has driven up the price of food and energy, as
supplies are disrupted by the war and the West tries to phase out Russian
oil and gas.

 

However, Mr Carney, who was governor of the Bank of England between 2013 and
2020, said Brexit was also helping to fuel inflation and had "slowed the
pace at which the economy can grow".

 

He told BBC Radio 4's Today programme the pound had fallen "sharply" against
other currencies after the Brexit referendum in 2016 and "hasn't recovered".

 

"If I can actually cast your mind back to a few years ago, this is what we
said was going to happen, which is that the exchange rate would go down, it
would stay down, that would add to inflationary pressure," he said.

 

"The economy's capacity would go down for a period of time because of
Brexit, that would add to inflationary pressure, and we would have a
situation - which is the situation we have today - where the Bank of England
has to raise interest rates despite the fact that the economy is going into
recession."

 

He added that the UK had experienced "a big hit to our productivity" and "we
have to take some tough decisions in order to get it back up".

 

Chart showing CPI measure of inflation

But Downing Street blamed the impact of the Covid pandemic and the war in
Ukraine for the problems in the UK economy.

 

The prime minister's official spokesman said: "What we are seeing is
challenges caused by the pandemic and by war in Europe which have been
driving factors in terms of inflation, and we're seeing high inflation in a
number of countries around the world."

 

Asked if he was denying Brexit had caused financial issues, he said: "Our
focus is on ensuring we have stability and fiscal credibility. That's what
the chancellor and the prime minister are focused on rather than on a
decision taken a number of years ago where people made a clear decision."

 

A fall in the value of the pound makes goods and services which are imported
from overseas more expensive, while making exports more competitive.

 

In September the pound fell to a record low against the dollar, after
then-Chancellor Kwasi Kwarteng announced sweeping tax cuts without saying
how they would be paid for.

 

It has since recovered to the level it was at before the so-called
mini-budget, after new Chancellor Jeremy Hunt reversed almost all the
planned tax cuts.-BBC

 

 

 

 

Nigeria: Editorial - CBN, New Banknotes, and How Not to Run Monetary Policy

The presence in circulation of different series of the US dollar suggests
that there are other less-disruptive-to-economic-activity ways of doing
this.

 

The naira's further loss of value to the dollar at the parallel markets
following the announcement, was sign that something might be amiss with the
decision of the Central Bank of Nigeria (CBN) to circulate a "new series of
banknotes at N100, N200, N500, and N1,000 levels" effective 15 December. In
part, the Central Bank governor's press release announcing this was to blame
for much of the ensuing confusion. Mr Godwin Emefiele suggested that the
large hoarding of "banknotes by members of the public" was one of the
problems that the Central Bank sought to address with this new initiative.
Inevitably, given the state of the economy, most commentators asked, "What
role does currency hoarding play in the upward pressure on domestic prices
and the naira's ill-fortune in the parallel market?"

 

 

If inflation is the result of too much money chasing fewer goods, how was
the market to interpret Mr Emefiele's argument that statistics available to
the apex bank showed that "over 80 percent of currency in circulation is
outside the vaults of commercial banks"? Inevitably, again, most
commentators sought to make sense of the policy initiative within the
context of the Central Bank's price stability duty. And to be fair to the
Central Bank of Nigeria, under Mr Emefiele's watch it continues to plumb
unimaginable new depths in how not to run monetary policy.

 

Amongst other reasons, this is why it matters that the data on currency
outside the banking system, as a proportion of the currency in circulation,
is not all of the truth. CBN data (which ought to be available to the
governor) indicate that since 2014, the only time that this ratio has been
lower than 80% was in 2015. In other words, not just has this so-called
"hoarding" of banknotes been on for a while now (if at all). It is also
unlikely to be a cause of either rising prices, or the naira's chronic value
loss against major currencies. Aside from this, to tinker with the currency
(either through issuing new banknotes, their replacement, redenomination, or
as in India in 2016, demonetising certain levels) in response to runaway
prices is the monetary policy equivalent of a driver recalibrating the
temperature gauge of his car while in motion, in order to deal with the
nuisance of an overheating engine.

 

 

It's far better to find a hard shoulder, park and check the vehicle's
coolant level and cooling system. Cursory attention to the physical state of
a large number of the banknotes in circulation shows that this basic
housekeeping chore has not been carried out in a while. Indeed, Mr Emefiele
admits that whereas the norm is to "circulate new local legal tender every
5-8 years, the naira has not been redesigned in the last 20 years". This and
an inexplicable reluctance to replace worn and mutilated notes explains the
dearth of certain denominations of banknotes, the unsightly circumstance of
the ones that are available, and the wry anecdotes of banks' cash machine
custodians ironing these notes to make them fit for dispensing by their
automated teller machines (ATMs).

 

 

Yet, for everything there is a proper time. And while we may cavil at the
CBN for the delay in replacing worn naira notes, it is doubtful that the
approach to the year's biggest festive season and the middle of an
electioneering campaign is the right time to do this.

 

For the most part, the constraints here include the fact that banks, in
response to rising business costs, have shortened their business hours. It
is conceivable that the Central Bank may compel them to open shop for
extended hours in order to help complete the note swaps. But the country
will simply have moved associated costs on to the balance sheets of banks.
Surely, it cannot be the Central Bank's intention that its housekeeping work
increases the domestic cost of doing business for certain sectors of the
economy.

 

While, in the end, domestic money banks (with their large profits) will
easily bear these costs, the same cannot be hoped for other players in the
currency ecosystem. Whether it is the cost to the rural dweller who has to
travel to the nearest bank branch in order to swap her meagre savings or the
additional costs to banks that might have to adjust the trays in their ATMs
in order to accommodate the new notes, the CBN has simply pushed up domestic
costs at a time when the cost of living is exerting a terrible toll on the
pockets of the poor and vulnerable and in a most auspicious period.

 

The presence in circulation of different series of the US dollar suggests
that there are other less-disruptive-to-economic-activity ways of doing
this. It is far easier to issue the new banknotes and retire the old ones by
natural attrition than to impose the burden of a tight deadline, after which
the old notes cease to become legal tender.

 

-Premium Times.

 

 

 

Namibia Launches Economic Partnership Agreement Implementation Plan

Namibian minister of industrialization and trade launched an economic
partnership agreement implementation plan at the Southern African
Development Community-European Union EPA Trade Forum

 

The Namibian minister of industrialisation and trade, Lucia Iipumbu,
launched an economic partnership agreement (EPA) implementation plan at the
Southern African Development Community (SADC)-European Union EPA Trade Forum
at the Windhoek Country Club Resort on Monday.

 

The event was co-hosted by the European Union (EU) delegation in Namibia
under the theme 'Towards Increased and Diversified Trade under the EPA by
Ensuring Inclusivity, Sustainability and Economic Growth'.

 

 

"The EPA Implementation Plan for Namibia which we are also launching is
geared towards attaining the objectives of the SADC - EU EPA and ensuring
that the potential benefits that can accrue from it are fully utilised by
the intended beneficiaries, which include exporters, importers, consumers,
and the entire business fraternity," she added.

 

The Minister of Industrialisation and Trade officiated the SADC-EU Economic
Partnership Agreement (EPA) Trade Forum and jointly launched the EPA
implementation plan in Windhoek.

The EPA provides duty-free, quota-free market access into the EU for exports
from partner states like Namibia, subject to rules of origin and adherence
to international and regional quality standards.

According to Iipumbu, the Namibian EPA Implementation Plan was developed
with the support of financial assistance from the EU.

 

"We are further happy to note that the Plan is being implemented with the
support of the EU through a Financing Agreement between National Planning
Commission and the EU Delegation. The launch of the implementation plan and
its implementation was postponed due to the COVID-19 pandemic
interruptions," she said.

 

 

According to the statement, the Forum will have several interactive
engagements and presentations focusing on opportunities for Namibian and EU
traders, agriculture and agro-processing, manufacturing, and trade
facilitation and logistics.

 

The ministry of trade serves as the coordinator for the plan's initial goal,
which is to provide improved coordination and cooperation across
institutions and organizations addressing areas related to EPA
implementation.

 

It is also concentrated on establishing and enhancing the performance of
important institutions involved in EPA implementation.

 

Making a case for technical support to strengthen the necessary legal,
institutional, and infrastructure frameworks for Namibia's EPA
implementation is the third point of emphasis.

 

 

The EPA provides duty-free, quota free market access into the European Union
for exports from partner states like Namibia, subject to rules of origin and
adherence to international and regional quality standards.

 

Namibia and five other SADC member States, namely Botswana, Eswatini,
Lesotho, Mozambique and South Africa signed the EPA in June 2016, which
provisionally came into force in October 2016. It was fully implemented
after Mozambique submitted its instrument of ratification on January 25,
2018.

 

H.E. Sinikka Antila, EU Ambassador to Namibia noted that Europe and Africa
are facing unprecedented socio-economic challenges, but also opportunities,
which can only be tackled collectively by engaging public and private
sector, development partners, financial institutions and civil society
amongst others."Similarly, in terms of mobilizing resources, the demand is
so huge that we need to deploy various financial instruments such as grants,
technical assistance, concessional loans, blending and guarantees to manage
this. The Global Gateway is EU's contribution to narrowing the global
investment gap, "she said.

 

According to Namibia ministry of finance - EPAS recent quarterly economic
update, Namibia's trade balance registered a deficit of N$4.2 billion for
July. This is a worse-off performance compared to the trade deficit recorded
in 2021 during the same month which was only N$ 3.5 billion. The higher
trade deficit stemmed from total import that rose by 60.1 per cent in July
on an annual basis from N$7.2 billion recorded in July 2021 to N$11.5
billion, while exports grew by 99.6 per cent from N$ 3.6 billion to N$ 7.2
billion under the same period- however still lower than imports.

 

On the monthly basis, export earnings declined by 14.8 per cent to N$7.2
billion in July from N$ 8.5 billion in June 2022. The monthly decline was
buoyed by decreases in the value of export of uranium down by 54.4 per cent
to N$ N$652 million, precious stones-diamonds up by 12.0 per cent to N$250
million, fish down by 28.2 per cent to N$ 301 million, while Ores and
concentrates of base metals decreased by 40.9 per cent to N$78 million. For
the month of July, the top 5 export products were precious stones
(diamonds), as top exported product followed by fish, uranium, non-monetary
gold, and petroleum oils.SACU emerged as the largest export destination for
Namibia's goods during the month under review with a 36.8 per cent as a
share of total exports (Figure 5). The OECD and EU followed in the second
and third positions absorbing 32.5 per cent and 27.2 per cent of Namibia's
total export share, respectively. SACU market absorbed 16.1 per cent of
Namibia's total exports and finally, 16.1 per cent of Namibia's total
exports was absorbed by the COMESA market.

 

For the month of July most of Namibia export was destined for the Botswana
market, accounting for 20.5 per cent for the country's export. South Africa
took the second position taking up 19.8 per cent of the export. Followed by
China with 10.0 per cent, Zambia and Netherland by 8.8 per cent and 6.6 per
cent respectively. These top five export market accounted for 65.7 per cent
compared to 49.5 per cent recorded in the same period of previous year. On
monthly basis the accumulated export percentage was 10.7 higher in July 2022
compared to 55.0 per cent recorded in June 2022. Namibia exported mostly
precious metal to Botswana and South Africa. Fish was destined for the
Zambian market and Uranium for China market.

 

As usual South Africa remained the source of import destination for Namibia
taking up 36.2 per cent however lower as compared to 50 per cent recorded in
July 2021. Peru took the second position of 12 per cent. Followed by
Bulgaria, other countries and India with 6.3 per cent, 6.1 per cent, and 5.6
per cent respectively. All these countries combined provided Namibia with
total import amounting to 66.2 per cent, lower than 71.5 per cent recorded
in July last year. But an increase in comparison to 62.5 per cent recorded
in June 2022.The EPA holds the potential for significant market access and
improvements into the EU for Namibian business operators.

 

-The Exchange.

 

 

 

Nigeria: Expensive Darkness - Nigerians Paid N258.9bn for Electricity in
Seven Months

Abuja — Despite epileptic power supply and frequent blackouts, electricity
consumers in the country paid N258.91 billion for electricity in the first
seven months of 2022, latest report from the Nigeria Bulk Electricity
Trading Plc, NBET, has shown.

 

The report obtained by Vanguard showed that the amount was however, N194.4
billion short of the N453.31 billion invoiced for electricity supplied over
the period.

 

The figure was also 24.91 percent short of the Minimum Remittance Order,
MRO, set by the Nigerian Electricity Regulatory Commission, NERC, for
electricity distribution companies, DisCos.

 

 

Monthly remittances

 

A close look at the monthly remittances by the DisCos showed that the 11
utilities remitted N38.87 billion in January, N40.08 billion in February,
N31.27 billion in March and N38.78 billion in April.

 

Others were N30.09 billion in May, N33.48 billion in June and N46.34 billion
in July.

 

NERC had on July 1, activated a partial Power Purchase Agreement, PPA, with
generation companies, GenCos, for the supply of 5,505 Megawatts of
electricity for peak generation and a base load of 4,893MW.

 

The move is part of efforts by the government to improve electricity supply.

 

The agreement guarantees payment for gas supplied to the GenCos by gas
companies and also ensures that the generation companies are paid for power
supplied to the national grid.

 

The new partial power purchase agreements mean that all the 25 power
generation plants on the grid now have an agreement in place to generate a
certain amount of power and get paid for it.

 

Checks on power generation data released by the National System Operator,
NSO, a unit in the Transmission Company of Nigeria, TCN, showed that the
grid hit a peak generation of 4,718.8 Mega Watts on Saturday.

 

... today, Sunday; tripled billings

 

As at 3pm on Sunday, NSO data showed that 21 power generation companies were
supplying the grid with 4,187MW with Shiroro Hydro (501MW), Delta (438MW),
Azura-Edo IPP (375MW) and Jebba Hydro (369MW) among the top four generators.

 

Speaking to Vanguard in a telephone chat, Mr. Chijoke James, National
President, Electricity Consumers Association of Nigeria, said though power
supply has improved since July 1, 2022, the electricity bills have more than
tripled.

 

According to him, "The bills from the DisCos have tripled especially for
consumers on the estimated billing system.

 

"It is important that the government should compel the DisCos to provide
meters to consumers.

 

"The policy that the consumers have to pay for meters is wrong because the
meter ought to be free.

 

"It is the responsibility of the DisCos to private meters for their
business.

 

"The government must end the estimated billing method because the consumers
are paying for electricity they have not consumed," he added.

 

-Vanguard.

 

 

 

 

Kenya: Aviation Workers Union Call Off Strike

Nairobi — The Kenya Aviation Workers Union (KAWU) has called off its strike
barely a day after it directed its members to withdraw their labour in all
areas until Kenya Civil Aviation Authority (KCAA) implements provisions in
the Collective Bargaining Agreement (CBA).

 

KAWU Secretary General Moss Ndiema said that they opted to suspend their
action to allow Kenya Airline Pilots Association to resolve their dispute
with both KQ's management.

 

400 Kenya Airways pilots downed their tools on Saturday, protesting what
they termed as neglect of their grievances, which saw about 10,000
passengers affected.

 

"We backtracked on our decision because it was being construed as KAWU
joining KALPA, yet they are striking against KQ but our action is directed
towards Kenya Airports Authority (KAA). So that distinction was not coming
out very clearly," he said.

 

KAWU and KAA have had a long-standing standoff regarding payment, resulting
in multiple disruptions in aviation operations in major airlines including
Kenya Airways.

 

The strike began after an order issued by the Employment and Labour
Relations Court on August 15.

 

The court order stated that all unionisable employees who shall engage in
the withdrawal of labor shall not be replaced, victimized, or harassed and
shall not return to work upon the union being fully satisfied with the terms
of the new CBA.

 

Ndiema however, defended against resignation calls aimed at KQ CEO Allan
Kilavuka, stating that he has restored KQ on the recovery path.

 

-Capital FM.

 

 

 

Nigeria: Put Obasanjo On Redesigned Naira Note to Inspire Future
Generations, Atiku Tells FG

The presidential candidate of the Peoples Democratic Party (PDP), Atiku
Abubakar, has stated that his former boss and ex-President Olusegun
Obasanjo, ought to be in the proposed redesigned naira note to inspire the
future generation of Nigerians.

 

Atiku, in a series of tweets also saluted the 85-year-old elder statesman
and African Union's mediator for leading peace talks between the Ethiopian
Government and Tigrayan rebels after two years of devastating conflict that
have claimed thousands of lives and left millions needing aid in Africa's
second-most populous country.

 

For two years, Ethiopia's government and the Tigray Peoples Liberation Front
had been in a civil war that devastated much of northern Ethiopia.

 

The two parties agreed to a cease-fire a few days ago, after a week of peace
talks mediated by Obasanjo, led by the African Union.

 

 

Reacting to the development, Atiku wrote via his Twitter handle that he was
not surprised, saying Obasanjo had done the same in Liberia and São Tomé
while in office.

 

"I am not surprised. I know my boss. He did the same thing in Liberia and
São Tomé and Príncipe during our time in office," the PDP candidate said.
Atiku was Nigeria's Vice-President between May 1999 and May 2007 when
Obasanjo was a democratically elected President. Obasanjo and Atiku's second
term in office was not smooth but the two would later resolve their
differences.

 

He wrote, "I celebrate the extraordinary prowess of His Excellency, Chief
Olusegun Obasanjo, in bringing peace to Ethiopia. I am not surprised. I know
my boss. He did the same thing in Liberia and São Tomé and Príncipe during
our time in office. If for nothing else, he is most deserving of a Nobel
Peace Prize, and I will nominate him when entries are open for nominations.

 

"Africa is blessed to have a statesman of such impeccable democratic
credentials as Chief Obasanjo - a man whose image ought to be in the
redesigned Naira note to inspire future generations of Nigerians to
sacrifice for their nation and continent.

 

"On behalf of my family, I congratulate you, President Olusegun Obasanjo,
GCFR, for successfully ending the Ethiopia-Tigray conflict. And I thank God
for the gift of wisdom and foresight He gave you, which you have used
creditably to steer Nigeria and Africa on the right path."

 

On October 26, the Governor of the Central Bank of Nigeria (CBN), Godwin
Emefiele said the apex bank will issue redesigned N200, N500, and N1,000
notes, effective December 15, 2022, while the new and existing currencies
will remain legal tender and circulate together until January 31, 2023.

 

-This Day.

 

 

 

 

Tanzania: Uganda-Tanzania Oil Pipeline Project a 'Carbon Bomb', Analysis
Shows

The multibillion euro East African crude oil pipeline project, being
financed by France's TotalEnergies and the China National offshore Company,
will produce far more carbon emissions than claimed, new data shows.

 

Currently under construction, the EACOP pipeline will transport oil hundreds
of kilometres from Uganda to a port in Tanzania.

 

The US-based Climate Accountability Institute (CAI) has warned EACOP will
emit 379 million tonnes of carbon over its 25-year lifespan - a so-called
"mid-sized carbon bomb" that exceeds France's own national estimates for
2020.

 

 

This is far greater than estimates given by pipeline builders in their
environmental impact report, signed off by both Uganda and Tanzania, which
CIA said accounted for a mere 1.8 percent of the project's emissions.

 

This is because the report, among other things, did not take into account
"downstream" emissions such as transporting oil from the pipeline to global
markets.

 

CAI carbon analyst Richard Heede said emissions estimates needed to include
the "far larger supply chain emissions (98.2 percent) from maritime
transport of crude oil to European and Chinese refineries" along with
emissions from refining the oil and "the emissions from the fuels being used
as intended by consumers".

 

Project opposition

 

The pipeline will transport oil from Murchison Falls National Park on Lake
Albert in Uganda to Tanzania's Port Tanga, 1,400 kilometres away. Tankers
will transport the crude from Tanga to the ports of Shanghai, China, and
Rotterdam, in the Netherlands.

 

"It is time for TotalEnergies to abandon the monstrous East African Crude
Oil Pipeline that promises to deliver oil we don't need," CAI wrote, adding
that the project runs counter to what TotalEnergies says in public about
reducing carbon emissions.

 

A number of climate, biodiversity and human rights groups have united to
call on Uganda and Tanzania to stop the EACOP, which they say will ruin
lives as well as contaminate the environment.

 

CAI had filed an affidavit with the East African Court of Justice with East
African and other international non-governmental organisations to support an
injunction, which was temporarily halted in March.

 

According to the group STOP EACOP, the pipeline will run through the basin
of Lake Victoria, Africa's largest lake, which provides water and
livelihoods for 40 million people and their farms.

 

And the area is an active seismic zone with regular earthquake activity.

 

"Just one spill or leak could have absolutely catastrophic effects on these
vital freshwater sources and the millions of people that depend on them,"
said the group.

 

In addition, the group says that TotalEnergies and its partners are using
the lowest cost, open cut trenching option for nearly all the water
crossings, which is not up to industry best practices.

 

-RFI website.

 

 

 

Egypt: The Importance of Egypt Hosting COP27

Contribute to the tourism promotion of Egypt, and attract investments from
international and regional partnerships.

 

Promote the Egyptian industry, products, crafts and traditional industry,
which will be presented on the sidelines of the conference.

 

Politically:

 

Advance the priorities of Egyptian issues, foremost of which is Egyptian
water security, and how climate change will affect it.

 

Support the presidential weight and the Egyptian presence in major
international forums, including the G20.

 

 

Introduce initiatives in the areas of climate change, water, and the
transboundary impacts of adaptation and emissions reduction efforts.

 

Strengthen the relationship with some of the main partners, expand the areas
of cooperation, and confirm the weight of Egypt and its ability to host and
manage international conferences.

 

Internationally:

 

Provide an opportunity for partnerships.

 

Provide additional funding sources from international organizations to
finance projects concerning climate change in Egypt.

 

Environmentally

 

Strengthen the State's efforts in implementing Egypt's Sustainable
Development Strategy 2030 as a key dimension of the strategy, in parallel
with Egypt's endeavors and efforts for green recovery.

 

Highlight Egypt's role, policies and national projects, through the
international media

 

-Egypt Online.

 

 

 

Kenya Airways Says It May Not Pay Salaries If Pilots' Strike Persists

Nairobi — Kenya Airways(KQ) may not be able to meet its salary obligations
this month if the ongoing pilots strike persists.

 

KQ CEO Allan Kilavuka in a passionate plea has called on the Pilots to let
common sense prevail and call off their strike as the paralysis at the
airways is a doubled aged sword affecting both the airline and the pilots.

 

Kilavuka said the striking workers may be forced to go without salary as the
company is bleeding Sh300million daily from the strike

 

"All I know is that pilots are KQ employees before they are members of the
Kenya Airline Pilots Association (KALPA). We are losing Sh300million every
day, if this continues we may not be able to pay salaries this month," said
Kilavuka

 

 

As part of negotiations to end the strike, the KQ boss has also demanded
that KALPA ensures that its staffers are back to work arguing that the
ongoing industrial action is illegal and in contravention of a court order.

 

The airline is also demanding that the Union limits its negotiation to the
Collecting Bargaining Agreement (CBA) signed between them .

 

The government through Cabinet Secretary for Transport Kipchumba Murkomen
has threatened to take action against the pilots.

 

"Considering the defiance of KALPA and their total disregard for the
existing court order - which is at the heart of the rule of law - the
Ministry of Labour now has to activate the procedures governing industrial
relations. I urge the pilots to be mindful of the consequences of defying a
court order and to urgently return to work because impunity cannot be an
option." read in part a statement from Murkomen.

 

 

Murkomen has blamed the woes bedeviling the airline on the ambitious project
Mawingu that aimed to position Nairobi as Africa's travel hub but instead
left KQ cash strapped and debt stricken.

 

In a strongly worded statement the CS has said the Kenya Kwanza
administration will not adapt cosmetic solutions to the perennial problems
KQ has been facing but will instead find lasting solutions to resuscitate it
with their eyes set on enlisting it at The Nairobi Securities Exchange(NSE).

 

"Instead of sweeping the challenges which have been facing Kenya Airways for
many years under the carpet, we are ready to tackle these challenges
head-on. This administration has been working on a plan to turn around Kenya
Airways, a plan that is contingent on the capitalisation of the airline and
nurturing it back as a listed company at the NSE," added Murkomen.

 

The government has also brushed off any hope of bailing out the carrier,
arguing the move is financially unsound given the current state of Kenya's
economy and contrary to the wishes of most Kenyans.

 

"The people of Kenya are neither happy nor willing to continue subsidizing
Kenya Airways, and we have heard their voice loud and clear. As for now, I
urge the pilots to be part of the solution by working with us to resolve
these issues," the CS said.

 

A spot check at the Jomo Kenyatta International Airport (JKIA ) revealed
that most passengers were stranded after their flights were either cancelled
or rescheduled.

 

Kenya Airways was founded in 1977 following the demise of East African
Airways and flies more than four million passengers to 42 destinations
annually.

 

It has been operating in large part thanks to state bailouts following years
of losses.

 

The national carrier reported a Sh9.86 billion loss for the six months
ending June 2022, a 14.4 percent improvement from the Sh11.5 billion loss
the national carrier reported during a similar period last year.

 

-Capital FM.

 

 

 

 

 

 

 

 

 

 

 


 


 


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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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