Major International Business Headlines Brief::: 23 November 2022

Wed Nov 23 11:32:46 CAT 2022

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Major International Business Headlines Brief::: 23 November 2022 

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

ü  China Covid: Angry protests at giant iPhone factory in Zhengzhou

ü  FTX: Court says Sam Bankman-Fried ran FTX as a 'personal fiefdom'

ü  Cost of living: New Zealand steps up fight against soaring prices

ü  Manchester United: Glazer family owners consider selling Premier League
club

ü  Black Friday deals: Why bigger discounts may come next month

ü  UK faces worst downturn of any advanced economy, OECD says

ü  Nottingham Castle Christmas traders relieved at relocation

ü  Next wave of cost-of-living payments to hit accounts

ü  Cost of living: Energy suppliers failing struggling customers - Ofgem

ü  UK faces worst downturn of any advanced economy, OECD says

ü  Malawi Inflation Balloons to 26.7%

ü  Nigeria: Kolmani Oil - We'll Avoid Mistakes of Niger Delta - Gombe
Governor

ü  Malawi: Castel Introduces New Boss Thomas Reynaud to Malawi Government
Officials

ü  Rwanda: Increasing Interest Rate Not the Best Antidote to Inflation

ü  Nigeria: Over a Billion Barrels of Oil Found in Northern Nigeria, Buhari
Says As Drilling Starts

ü  Nigeria: Buhari to Unveil New Naira Notes Wednesday

 <mailto:info at bulls.co.zw> 

China Covid: Angry protests at giant iPhone factory in Zhengzhou

Protests have erupted at the world's biggest iPhone factory in the Chinese
city of Zhengzhou, according to footage circulated widely online.

Videos show hundreds of workers marching, with some confronted by people in
hazmat suits and riot police.

Those livestreaming the scene claimed workers had been beaten by police.

Last month, a surge in Covid cases saw the company lock down the campus,
prompting some workers to break out and return home.

The company then recruited new workers with the promise of generous bonuses.

Footage shared on a livestreaming site showed workers shouting: "Defend our
rights! Defend our rights!" Other workers were seen smashing surveillance
cameras and windows with sticks.

Several clips also showed workers complaining about food they had been given
and saying they had not received bonuses as promised.

"They changed the contract so that we could not get the subsidy as they had
promised. They quarantine us but don't provide food," said one Foxconn
worker during his live stream.

"If they do not address our needs, we will keep fighting."

He also claimed to have seen a man "severely injured and [who] might die"
after a beating from police.

One employee who recently started working at the Zhengzhou plant also told
the BBC workers were protesting because Foxconn had "changed the contract
they promised".

He said some newly recruited workers also feared getting Covid from staff
who had been there during the earlier outbreak.

"Those workers who are protesting are wanting to get a subsidy and return
home," the staff member said.

There was a heavy police deployment to the plant on Wednesday morning, he
said.

Other livestreamed videos also showed crowds of armed police at the site.

Another newly recruited employee told the BBC he visited the protest scene
on Wednesday where he saw "one man with blood over his head lying on the
ground".

"I didn't know the exact reason why people are protesting but they are
mixing us new workers with old workers who were positive," he told the BBC.

Foxconn has not yet commented. It is Apple's main subcontractor and its
Zhengzhou plant assembles more iPhones than anywhere else in the world.

In late October many workers fled the plant amid rising Covid cases and
allegations of poor treatment of staff, their escape captured on social
media as they rode lorries back to their hometowns elsewhere in the central
Chinese province.

Foxconn then attempted to convince workers to stay and to recruit new staff
by offering higher salaries and bonuses.

The firm has since enacted so-called closed loop operations at the plant -
keeping it isolated from the wider city of Zhengzhou because of a Covid
outbreak there.

Earlier this month Apple said it expected lower shipments of iPhone 14
models because of the disruption to production in Zhengzhou.-BBC

FTX: Court says Sam Bankman-Fried ran FTX as a 'personal fiefdom'

Troubled crypto firm FTX collapsed after being "run as a personal fiefdom of
Sam Bankman-Fried", a US bankruptcy court has heard.

The former FTX boss led the firm once valued at $32bn (£27bn), but lacked
basic money controls, a lawyer leading the bankruptcy proceedings said.

The true state of FTX's finances was only now being understood, he said.

He also claimed Mr Bankman-Fried's team spent roughly $300m on holiday homes
and property for senior staff.

Only now do we realise that "the emperor had no clothes," attorney James
Bromley said, describing the situation as "one of most abrupt and difficult
collapses in the history of corporate America."

FTX was a cryptocurrency exchange allowing people to buy Bitcoin and other
cryptocoins in exchange for traditional money. Many customers used their FTX
digital wallets like bank accounts, expecting their funds to be safe.

Judge John T Dorsey was given a detailed history of FTX and how it grew
rapidly, moving countries multiple times in its seven-year lifespan.

The court was shown a timeline of how it became the second-largest
cryptocurrency exchange before collapsing in just eight days once details
about the company's lack of financial stability were leaked online.

Mr Bankman-Fried resigned and the firm filed for bankruptcy protection,
seeking the court's oversight as it attempts to resolve its debts.

More than one million investors had cryptocurrency stored on the FTX
exchange and are owed money, which they may not get back.

Company records show FTX customers were based in 27 separate countries with
Cayman Islands, Virgin Islands, Great Britain and China having the highest
proportion of users.

Timeline of the FTX collapse

2 November: Documents leak online showing Alameda Research - a
cryptocurrency hedge fund run by Sam Bankman-Fried was financially unstable
and reliant on a coin which was by sister company FTX

6 November: Changpeng Zhao, boss of FTX rival Binance announces the firm is
selling it's holdings in FTX-linked coins "due to recent revelations". The
value of FTX crypto coins plummets and panicked customers rush to cash out

8 November: FTX suspends withdrawals

8 November: Changpeng Zhao announces that Binance is looking to buy FTX to
"protect users"

9 November: Binance walks away from the sale, citing concerns about
"mishandling of customer funds and alleged US agency investigations"

9 November: Sam Bankman-Fried attempts to gather emergency funding to plug
the $8bn shortfall in finances

11 November: Sam Bankman-Fried resigns and files for chapter 11 bankruptcy

It's not known how much money FTX retained after the collapse but lawyers
say that at least some of the firm's cryptocurrency assets have apparently
been stolen by hackers.

"We are under constant cyber-attack and we are trying to defend against
these attacks," Mr Bromley said.

The bankruptcy team also said FTX has custody of the data of millions of
customers.

During a court recess some participants spoke about how they had lost money
in the FTX collapse, with one saying they lost their life savings.

The next hearing is scheduled for 11 January.-BBC

Cost of living: New Zealand steps up fight against soaring prices

New Zealand's central bank has stepped up its fight against soaring prices,
raising its key interest rate to the highest level in over 13 years.

The Reserve Bank of New Zealand (RBNZ) increased its key rate of interest by
0.75 percentage points to 4.25%.

That was the biggest rise since the rate, known as the official cash rate,
was introduced in 1999.

It comes after the country's annual inflation rate stood at 7.2% in the
three months to the end of September.

Like much of the rest of the world, New Zealand has seen the cost of living
rise sharply as the global economy emerges from the pandemic and the war in
Ukraine has pushed up the cost of fuel and food.

The RBNZ's updated forecasts also pointed to the country's economy falling
into recession in September next year. A recession is usually defined as
when an economy shrinks for two three-month periods - or quarters - in a
row.

"Because the New Zealand economy is starting from a position of very high
inflation and acute labour shortages, an economic contraction is likely,"
the RBNZ said in a statement.

"Trying to avoid an economic contraction by limiting any interest rate
increases in the near term would likely lead to a longer period of high
inflation. In turn, this would likely result in higher interest rates and a
larger contraction eventually being required to bring inflation and
employment back to a more sustainable path," it added.

"Hope is not a strategy. The RBNZ Monetary Policy Committee gets that, and
deserves a pat on the back for facing the challenges head-on. If the facts
change, they'll change their minds. But right now, the fact is that high
inflation is looking increasingly entrenched, and dithering would only make
the problem worse," ANZ Research said in a note to investors.

During a parliamentary hearing on Wednesday, New Zealand's Finance Minister
Grant Robertson said the world economy faced a "year of reckoning" in 2023.

"Countries will either be in recession or feel like they are," Mr Robertson
added.

After the RBNZ interest rate announcement, the New Zealand dollar hit a
three month high against the US dollar before easing a little.-BBC

Manchester United: Glazer family owners consider selling Premier League club

Manchester United's owners the Glazer family say they are considering
selling the club as they "explore strategic alternatives".

The Americans bought the Old Trafford outfit for £790m ($1.34bn) in 2005.

It comes after years of protest from fans against their ownership.

A statement from the club said the board will "consider all strategic
alternatives, including new investment into the club, a sale, or other
transactions involving the company".

It added that the process "will include an assessment of several initiatives
to strengthen the club, including stadium and infrastructure redevelopment,
and expansion of the club's commercial operations on a global scale" to
enhance "the long-term success of the club's men's, women's and academy
teams, and bringing benefits to fans and other stakeholders".

Man Utd news and fan views

In 2012, the Glazers sold 10% of their holding via a stock listing and have
sold further shares in the following years.

"As we seek to continue building on the club's history of success, the board
has authorised a thorough evaluation of strategic alternatives," said
executive co-chairmen and directors Avram Glazer and Joel Glazer.

"We will evaluate all options to ensure that we best serve our fans and that
Manchester United maximizes the significant growth opportunities available
to the club today and in the future.

"Throughout this process we will remain fully focused on serving the best
interests of our fans, shareholders, and various stakeholders."

Manchester United fans break on to Old Trafford pitch to protest against
club ownership

The Glazer family have owned NFL side Tampa Bay Buccaneers since 1995 and
Avram Glazer bought a team in the new United Arab Emirates Twenty20 cricket
league in 2021.

Joel and Avram took over the day-to-day running of United after their father
Malcolm suffered a stroke in April 2006. Billionaire Malcolm died aged 85 in
2014.

American investment firm Raine Group, who handled Chelsea's £4.25bn sale in
May, is exclusively advising United.

The statement from the club added: "There can be no assurance that the
review being undertaken will result in any transaction involving the
company.

"Manchester United does not intend to make further announcements regarding
the review unless and until the board has approved a specific transaction or
other course of action requiring a formal announcement."

United, who are fifth in the Premier League, have not won the title since
2013 and have not won a trophy since claiming the Europa League and EFL Cup
in 2017.

There have been multiple protests against the Glazers' ownership in recent
years, including one in May 2021 which caused United's home league match
against Liverpool to be postponed.

Thousands of supporters marched to Old Trafford in protest before the same
fixture this season, in August.

United were part of the failed European Super League project which rapidly
collapsed in April 2021. Manchester United co-chairman Joel Glazer later
apologised for the unrest caused.

He has since attended fans' forums in the wake of supporter unrest and
pledged to make shares available to the club's followers.

According to Transfermarkt, United have a net spend of 1.36bn euros
(£1.18bn) on transfers under the Glazers, with only Manchester City having a
higher figure in that period.

Portugal captain Cristiano Ronaldo, who left Manchester United with
immediate effect on Tuesday, criticised the club ownership in a
controversial interview last week saying the Glazer family "don't care about
the club" on the sporting side.

The move to sell United comes after Liverpool chairman Tom Werner said
Fenway Sports Group were "exploring a sale" of the Anfield club.

A Bloomberg report in August 2022 said the Glazer family were willing to
sell a minority stake in the club.

British billionaire Sir Jim Ratcliffe said he would be interested in buying
United before he stated in October that the Glazer family had told him they
did not want to sell.

There has never been any real dispute that the Glazers see Manchester United
as a financial investment.

To a greater or lesser degree - co-chairmen Joel and Avram being the most
invested - they are interested in the football side but the main aim is to
make money, which they have succeeded at.

To that end, a few issues have conspired to make the Glazers think now is a
good time to test the water with regard to an exit.

First, the European Super League plan was killed off. Whilst Barcelona,
Juventus and Real Madrid are adamant it will get clearance through the
courts, in its original form, it is done - and with it, the riches that
would have come from it.

Then, Saudi Arabia's backing of Newcastle creates more competition within
the Premier League and, eventually, Europe.

Added to the huge investment required on an Old Trafford refit - and
improvements at the club's Carrington training ground - running a
competitive United, in the short-term, is going to be very costly.

To that end, the £4.25bn Chelsea was sold for in the summer starts to look
very attractive.

The Glazers have not been popular owners since the day they bought United in
2005.

If they are to leave, most fans would welcome it. However, given the likely
selling price, their dream of ownership may be unrealistic.

And, even if a boyhood supporter fan Sir Jim Ratcliffe follows up his summer
plan to attempt to buy the club, he is unlikely to be the only interested
party. In the short-term, the future at Old Trafford may just bring more
uncertainty.-BBC

Black Friday deals: Why bigger discounts may come next month

Shoppers hoping to clinch lucrative deals on holiday gifts may get lucky
during Black Friday sales this season. But those who wait may get even
luckier.

Companies, worried about a repeat of last year's shortages, built up rich
stocks of clothes, toys and other supplies ahead of the holidays.

Now they are knocking down prices, worried that they overestimated demand
from buyers facing strains from the rising cost of living.

Sales events have already been running for weeks - and analysts say the
discounts could get deeper as Christmas Day approaches, and firms face
pressure to get goods off their shelves.

"What a world of difference," said Dana Telsey, chief executive of Telsey
Advisory Group, a trading and consulting firm focused on the consumer
sector.

"Last year there was not enough inventory and everything was selling at full
price. This year there's too much inventory and there's a magnitude of
promotions that will continue to increase as we get closer to Christmas.

"It's great news for consumers - if they have the money to spend."

Globally the mood heading into the holiday season is somewhat lacking in
festive cheer.

A survey by consulting group BCG of nine countries, including the UK,
Australia, France and Germany, found that the US was the only country where
shoppers planned to spend more this year than last.

That aligns with gloomy forecasts from global retailers like Amazon, which
has warned that holiday sales are likely to be weak, especially in its
international business.

That is putting a damper on sales expectations - even in the US, where
consumer spending - the main driver of the economy - has held up better than
expected this year.

What is Black Friday anyway?

Black Friday warning as most deals are not cheaper

The US National Retail Federation expects sales in November and December to
rise 6% to 8% compared to last year, similar to their outlook for the full
year.

That's a sharp slowdown from 2021, when sales jumped more than 13% but still
higher than the 10-year average.

But much of the sales growth in the US is expected to come from price
increases, rather than an increased number of goods sold, said Neil
Saunders, managing director at the GlobalData consultancy.

"A lot of warning signs are flashing in retail but the consumer has been
pretty resilient. The question is how much longer will they be resilient
for," he said. "That remains to be seen and I think that's why everyone in
retail is holding their breath."

Black Friday, held the day after Thanksgiving when many people in the US
have the day off, has traditionally jumpstarted holiday shopping, as
retailers offer discounts to drive the biggest shopping day of the year.

The sales event has spread globally in the last decade or so, advanced by US
giants such as Apple, Amazon and Walmart and then adopted by local retailers
in different countries in an effort to compete.

To buy or not to buy

Black Friday was once infamous for its crush of crowds, but it has seen its
hold on the shopping season loosen in recent years as online discounts are
applied earlier and earlier.

This year, many buyers have already made purchases, tempted by sales events
that started as early as October.

The National Retail Federation still expects the number of shoppers this
weekend to exceed the peak seen two years ago.

But the rise of early shopping raises the risk that buyer demand will drop
off sharply in December, as the economy slows and rising prices for
groceries and other essentials inhibit impulse purchasing.

If demand drops significantly, Mr Saunders said, even deeper discounts are
likely to follow. Some retailers are already preparing for that possibility,
with Target promising shoppers in October that the firm will refund the
difference if it cuts the cost of an item closer to Christmas.

"This is a much more cautious Black Friday," Mr Saunders said. "That's a
very big change compared to last year certainly, when people were throwing
caution to the wind and treating themselves and indulging."

Despite the deals, consumers may still not be celebrating much, given the
massive jumps in prices that have hit wallets over the last two years, said
writer Catherine Brock, who has been blogging as the Budget Fashionista
since 2014.

Though the inflation rate in the US has come down since June, prices are
still rising - up 7.7% in the 12 months ended in October.

"Even though there are some great fashion and beauty deals out there, I
don't know that it makes up for what's been going on with the groceries and
the gas," she said.

"Being able to buy a sweater for my sister for Christmas for $20 instead of
$30 - I think that helps a little bit, but I don't think it offsets it."-BBC

UK faces worst downturn of any advanced economy, OECD says

The UK economy will suffer a bigger blow from the global energy crisis than
other leading nations, according to international body the Organisation for
Economic Cooperation and Development.

The UK will contract by more than any other nation in the G7 group next
year, it said.

Growth in the US and the eurozone will be weak, but Germany is the only
other major economy expected to shrink.

The OECD forecasts a "significant growth slowdown" globally in 2023.

Thanks to the strength of emerging economies, the world economy will grow by
2.2% next year, the OECD's latest report predicts.

But the war in Ukraine was affecting economies unevenly, the OECD said, with
European countries bearing the brunt of the impact on business, trade and
the spike in energy prices.

The G7 includes the US, UK, Canada, France, Germany, Italy and Japan. While
growth is expected to be weaker in most countries in the group, only Germany
and the UK will contract, the OECD predicts.

The OECD expects the UK's economyto shrink by 0.4% in 2023 to be followed by
shallow growth of just 0.2% in 2024.

By contrast, last week the UK's Office for Budget Responsibility (OBR)
predicted the UK would shrink by 1.4% next year, although it also predicted
stronger growth, of 1.3% in 2024. The OBR said that would lead to the
biggest drop in living standards on record.

Earlier this month the Bank of England predicted the downturn could last for
two years.

Germany's gross domestic product (GDP) is expected to fall by 0.3%, the OECD
report says.

Of the wider group of G20 countries, only Russia, which is subject to
economic sanctions, is predicted to fare worse than the UK.

Chart of G20 countries, OECD predictions

The OECD, an intergovernmental body that focuses on economic policy, lays
some of the blame for the UK's poor performance on the Energy Price
Guarantee, the scheme to support household and business energy bills.

While subsidising energy bills reduces the immediate headline inflation
rate, the OECD warns that it will add to overall demand in the economy,
increasing inflationary pressures in the medium-term. That in turn would
require the Bank of England to raise interest rates further and add to the
cost of servicing debts.

"Better targeting of measures to cushion the impact of high energy prices
would lower the budgetary cost, better-preserve incentives to save energy,
and reduce the pressure on demand at a time of high inflation," it said.

Targeted help

The UK government is moving away from universal support for energy bills
after this winter, the prime minister's spokesman pointed out.

"We're taking a different approach post-April to the energy support,
targeting it towards the most vulnerable," he said.

In response to the OECD's forecast for the economy, he said this year the UK
was forecast to be the fastest growing economy in the G7.

"These are challenges that are affecting different countries at slightly
different times," he said.

"We emerged from the pandemic faster than many other countries in Europe.
But some of these challenges are shared," he said.

Labour's shadow chief secretary to the Treasury Pat McFadden said: "We are
forecast to be the only OECD economy that will be smaller in 2024 than it
was in 2019.

"This is the Tory doom loop. A low growth spiral leading to higher taxes,
lower investment, squeezed wages and poor public services."

Liberal Democrat Treasury spokesperson Sarah Olney described the OECD
forecast as a "damning verdict" and said a succession of Conservative
chancellors this year had wrecked hope of growth.

The OECD said UK inflation - which hit a 41-year high of 11.1% in October -
is likely to peak at the end of this year but remain above 9% in early 2023,
slowing to 4.5% by the end of next year.

The organisation expects UK interest rates to rise from their current level
of 3% to 4.5% next April and unemployment to rise to 5% by the end of 2024.

Energy support

The cost of paying for help with energy bills showed up on the government's
accounts in October, as households began receiving the first tranche of a
£400 subsidy, and the lower £2,500 energy price cap came into effect.

The Office for National Statistics (ONS) estimated that these schemes
together cost £3.4bn in October.

That pushed up government borrowing - the difference between government
spending and tax income - to £13.5bn last month, the ONS said.

UK government borrowing chart

Although the figure was £4.4bn higher than last year it was lower than
analysts had expected.

The ONS said that borrowing in the financial year to date - covering April
to October 2022 - was £84.4bn, although this was £21.7bn less than in the
same period last year.-BBC

Nottingham Castle Christmas traders relieved at relocation

Christmas market traders affected by the sudden closure of Nottingham Castle
have said they are relieved the event has been relocated.

The trust that runs the attraction went into liquidation on Monday, meaning
it closed and a market, due to take place at the weekend, was cancelled.

The Business Improvement District (BID) has said the market will now take
place in Sneinton.

Nottingham Castle Trust said it was "hugely disappointed" to be closing.

The Christmas craft market was due to take place in the castle's grounds
from Friday to Sunday.

Traders said they feared they would have lost thousands of pounds as a
result of the cancellation.

However Nottingham BID said it had worked with partners to offer the 23
traders who had been due to attend the market a new location on Sneinton
Market Avenues.

Dr Rose Deakin, founder of The Crop Club, a Gedling-based business selling
eco-growing kits, said: "I am blown away by how quickly the community
rallied around to create an alternative.

"Thank you to everyone that has helped make this new location a
possibility."

Heidi Hargreaves, co-owner of Dukki which specialises in regional dialect
gifts and homeware, said cancelling the market completely would have been a
"huge blow financially".

"The only good thing to come from this is the strength and resilience of all
the small businesses," she said.

"Even though we largely work alone in our day-to-day lives, when there is a
crisis we pull together and form a community of like-minded individuals."

Julie Jackson, owner of Sustainable Bags and Fashion, which sells recycled
bags and accessories from leather destined for landfill, said she felt lucky
Sneinton Market Avenues had offered to host the event at short notice.

"It's such a lovely gesture to do for us all," the 49-year-old said. "We
appreciate it.

"This has really helped us out as we rely on trading at these events and
it's tough being a small business in the current climate."

Alex Flint, CEO of Nottingham BID, said: "On hearing the news about
Nottingham Castle, we knew decisions needed to be made to enable the diverse
range of local food retailers and makers to continue to trade.

"We have collectively secured a new event venue at Sneinton Market
Avenues."-BBC

Next wave of cost-of-living payments to hit accounts

Cost-of-living payments worth hundreds of pounds will arrive in millions of
people's accounts from Wednesday.

More than 11 million pensioners will receive regular winter fuel payments
boosted by an extra £300 this year.

A million people on tax credits can also expect to see a second
cost-of-living payment arrive in their bank accounts over the next week.

However, recipients were warned to look out for fraudsters who may exploit
the situation.

Anyone contacting people directly about cost-of-living payments could be con
artists attempting to steal personal details, the tax authority is warning.

The latest payments are in addition to the £400 being distributed to every
household, and the Energy Price Guarantee, which caps the price that
suppliers can charge.

"We want to do everything we can to support pensioners who are often the
most exposed to higher costs," said Work and Pensions Secretary Mel Stride.

"As we deal with the impact of Putin's illegal war in Ukraine and the
aftermath of the pandemic, we will continue to stand by the most vulnerable,
with further cost-of-living payments coming next year," he added.

For the vast majority of pensioners, the extra support with winter energy
bills will be automatically paid into their accounts within the next two
months. However people who do not receive benefits or the state pension will
need to make a claim.

The money will appear on bank statements with the payment reference starting
with the customer's national Insurance number followed by 'DWP WFP' for
people in Great Britain, or 'DFC WFP' for people in Northern Ireland.

About one million people in receipt of tax credits will receive their second
cost-of-living support payment of £324, also aimed at helping with higher
energy bills.

Another seven million people on low incomes who receive certain benefits
were given cost-of-living support in recent weeks.

Help with bills

A range of cost-of-living payments are being provided to eligible households
by the government during the second half of the year, on top of the £400
discount for all billpayers.

Who can get the latest cost-of-living payment?

What the Autumn Statement means for you

Those on low-incomes and receiving various benefits are being paid £650 in
two instalments. The second payment went out to the vast majority of them in
recent weeks.

People who qualify through their tax credits award, rather than through
other benefits, received their first payment between 2 and 7 September. The
payment being rolled out now is their second.

The latest payment reference in their account will be "HMRC COLS".

Energy support graphic

HM Revenue and Customs (HMRC), which administers tax credits and this
specific payment, has warned everyone to be aware of fraudsters taking the
opportunity it provides to steal personal details.

It warned that anyone contacting you out of the blue about cost-of-living
payments saying they are from HMRC, could be part of a scam.

HMRC said it would never ask for bank details by text message or email.

Further cost-of-living payments will be sent out next year, including:

£900 in instalments to low-income households on means-tested benefits

£300 for pensioner households

£150 to people on certain disability benefits

The government, which made the announcement during the Autumn Statement,
said it would publish information about the timing of the payments in due
course.-BBC

Cost of living: Energy suppliers failing struggling customers - Ofgem

Energy firms have been failing vulnerable customers, the sector's watchdog
has said, as people face a cold and costly winter.

Ofgem told all 17 firms in its review to improve, with Good Energy, Outfox,
So Energy, Tru Energy and Utilita found to have severe weaknesses.

Failings included setting debt repayments so high that customers could not
top-up their pre-payment meters.

But some of the suppliers hit back, calling the review "incomplete".

Consumer groups described the regulator's report as "hugely concerning" at a
time when people were being hit by bills double the level of last winter,
amid the soaring cost of living.

The regulator said some of the worst examples of poor practice included
suppliers failing to read the meters of customers who could not do so
themselves.

It also found that some vulnerable customers were unable to contact their
supplier to top up their meter or to request support credit.

In some cases, debt repayment rates were set so high that vulnerable
customers self-disconnected - in other words, did not top-up their
prepayment meter when the credit ran out.

The regulator ranked firms in its review in three categories:

Severe weaknesses: Good Energy, Outfox, So Energy, Tru Energy and Utilita

Moderate weaknesses: E (Gas & Electricity), Ecotricity, Green Energy UK,
Octopus and Shell

Minor weaknesses: British Gas, Bulb, EDF, E.ON, Ovo, Scottish Power and
Utility Warehouse

Ofgem chief executive Jonathan Brearley said customers faced "pot luck" when
calling their energy provider for help, and that making the service
consistent was an urgent priority for him. He said that an elderly man's
energy supply was simply cut off through the smart prepayment meter and he
was left for almost two weeks without any power.

"He didn't know what was going on," said Mr Brearley. "He thought he was
experiencing a blackout."

Helen works for Liverpool Community Advice which offers local people help on
a range of issues including energy. She said she had seen several examples
of poor customer service to elderly clients in particular.

She helped an 83-year old blind and partially deaf man who was in hospital
when he was switched to new provider after his old one went bust.

Given he didn't know the firm, the man cancelled the direct debit. After two
letters, he was referred to a credit reference agency.

"The new provider's customer service was so bad that they ended up issuing a
CCJ against him, sent his file to bailiffs twice - who visited his home at
07.30 in the morning to remove his goods - and have until recently ignored
his complaints," Helen says.

The new provider said that they did not know he was vulnerable as that
information wasn't provided by his previous supplier.

The review is Ofgem's third into various aspects of suppliers' treatment of
customers. The first demanded action on soaring direct debit demands and the
second found more help was needed for people on payment plans struggling to
pay.

This latest review required suppliers to give evidence about how they
identified and kept records of customers in a vulnerable situation, and
whether they were added to a priority register for help.

Suppliers also gave information about free gas safety checks and vulnerable
prepayment meter customers.

All the suppliers that submitted data to the regulator were told they must
improve their practices.

Ofgem said that in general, there were risks that people were not identified
as vulnerable and given the support they were entitled to.

But questions have been raised for the regulator itself, which has been
accused of being asleep at the wheel when bills are soaring and suppliers
failing.

In response, it said it had moved proactively, rather than waiting for
issues to be reported.

Peter Davis, 69, from Cambridgeshire says his smart meter has been broken
for the past year and he doesn't feel he is getting adequate support from
his provider.

He is a pensioner with osteoarthritis in his hip and knee. His wife Joanne
Davis is also partially disabled and had just been diagnosed with breast
cancer.

"Our smart meter was installed in 2015, and just goes offline, or says
pending," says Peter.

Joanne said she had called them numerous times. "On one occasion the
[customer service] man said he could see there was a problem with the meter
and he'd call back the following Monday - but never did.

"The customer service calls cost almost £30 in phone bills - as it's a
premium rate number - an 0300 one," she added.

Peter said: "It seems to us that they just don't care as long as they are
getting paid."-BBC

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