Major International Business Headlines Brief::: 15 September 2022
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Major International Business Headlines Brief::: 15 September 2022
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ü Patagonia: Billionaire boss of fashion retailer gives company away
ü South Korea 'cryptocrash' boss faces arrest warrant
ü California says Amazon's dominance drives up online prices
ü Citi offers junior bankers sun with Malaga office
ü Kwasi Kwarteng considers scrapping bankers’ bonus cap to boost City
ü Ukraine war: EU moves to cut peak electricity use by 5%
ü Kenya: More Pain at the Pump as Fuel Prices Hit Record High
ü Rwanda: Rwf1.3 Billion Nyagatare Maize Flour Plant Begins Production
ü Africa: World Bank Says Global Economy in Danger, Is It?
ü Africa: Mobile Educational Facilities Driving Inclusive Education in Africa
ü Zambia's Energy Sector Drives the Country's Industrial Base... .as Petroleum Pushes Social Interaction
ü Kenya - Safaricom Partners With NCPWD to Help Persons With Disabilities Find Jobs
ü Kenya: Safaricom in Deal to Link PWDs With Jobs
ü Ethiopia: Ministry Unveils New Factory Prices for Cement Products
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Patagonia: Billionaire boss of fashion retailer gives company away
The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust.
Yvon Chouinard said that under a new ownership structure, any profit not reinvested in running the business would go to fighting climate change.
This will amount to around $100bn ($86bn) a year, he claimed, depending on the health of the company.
Patagonia sells hiking and other outdoor clothing in over 10 countries.
Founded in 1973, its estimated revenue was $1.5bn this year, while Mr Chouinard's net worth is thought to be $1.2bn.
"Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," the entrepreneur said of his decision to give up ownership.
"Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source."
The Californian firm was already donating 1% of its annual profits to grassroots activists and committed to sustainable practices. But in an open letter to customers, the apparently reluctant businessman said he wanted to do more.
He said he had initially considered selling Patagonia and donating the money to charity, or taking the company public.
But he said both options would have meant giving up control of the business. "Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility," he said.
Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. The Patagonia Purpose Trust, led by the family, remains the company's controlling shareholder but will only own 2% of its total stock, Mr Chouinard said.
It will guide the philanthropy of the Holdfast Collective, a US charity "dedicated to fighting the environmental crisis" which now owns all of the non-voting stock - some 98% of the company.
"Each year the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis," Mr Chouinard said.
Mr Chouinard is not the first entrepreneur to give wealth away. Last year the boss of the Hut Group, which owns a range of online beauty and nutrition brands, donated £100m to a charitable foundation after becoming a billionaire when his firm was listed.
Matthew Moulding said of his newfound wealth that he "couldn't even comprehend the numbers" and was trying to make a difference.
Meanwhile, Microsoft founder Bill Gates this year vowed to "drop off" the world's rich list as he made a $20bn donation to his philanthropic fund.
The tech boss, who is thought to be worth $118bn, had pledged to give his wealth away to charity in 2010 but his net worth has more than doubled since then.-BBC
South Korea 'cryptocrash' boss faces arrest warrant
A South Korean court has issued an arrest warrant for Do Kwon - who co-founded the company behind the Terra Luna and TerraUSD cryptocurrencies.
Their spectacular collapse earlier this year spooked investors and saw the values of major tokens plummet.
Prosecutors believe that Terraform Labs, which is registered in Singapore, had violated capital market rules.
Terra Luna lost 99% of its value in May and this was aggravated by a fall of its sister token, TerraUSD.
Mr Kwon did not immediately respond to a BBC request for comment on Thursday.
A spokesperson for the South Korea prosecutor's office told the BBC that arrest warrants had been issued for Kwon and five other individuals connected to the case. However, she declined to comment on how close authorities were to making the arrests.
According to media reports Mr Kwon is believed to be in Singapore, which does not have an extradition agreement with South Korea.
Mr Kwon said it was "kind of hard" to decide whether to return to South Korea in a recent interview with crypto show Coinage.
He also claimed to have "never been in touch with the investigators".
Prosecutors are planning to arrest and extradite Mr Kwon from Singapore by nullifying his passport and working with international policing organisation Interpol, the Financial Times reported.
Neither Interpol nor Singapore Police responded to a BBC request for comment.
Are crypto-currencies the future of money?
The Terra Luna token fell from a high of over $100 (£87) to $0.09 in mid-May.
Its collapse was linked to and made worse by a fall in the value of TerraUSD, a so-called "stablecoin".
Companies behind stablecoins try to ensure that they remain in parity with assets including the US dollar. However, the value of TerraUSD fell to $0.40.
The collapse in Terra trigged a sell-off in major cryptocurrencies such as Bitcoin, Ethereum and Tether.
As a result the term "cryptocrash" trended online.-BBC
California says Amazon's dominance drives up online prices
The state of California has accused Amazon of violating competition law with practices that prevent sellers from offering lower prices elsewhere.
The lawsuit from America's most populous state says the moves have hurt rivals and made online shopping more expensive for everyone.
It marks the biggest legal threat Amazon has faced in the US.
But a similar lawsuit was dismissed in the US earlier this year for insufficient evidence of higher prices.
Proving harm to consumers in the form of higher prices is a key issue in US competition law.
Amazon said that like the DC case, California's complaint had it "exactly backwards" and that the lawsuit should be dismissed.
"Sellers set their own prices for the products they offer in our store," the company said. "Amazon takes pride in the fact that we offer low prices across the broadest selection, and like any store we reserve the right not to highlight offers to customers that are not priced competitively."
In the complaint, California says Amazon's contracts require sellers to offer the lowest price on Amazon, restraining the ability of other websites to compete.
By protecting Amazon's dominance of the market, the deals give the firm freedom to raise fees on merchants, which eventually hit consumers in the form of higher prices.
"Amazon knows its price parity agreements prevent rivals from stealing market share away with lower prices reflective of their lower fees. So Amazon keeps raising fees, leading to higher prices on Amazon, leading to higher prices off Amazon due to price parity," the lawsuit says.
It said this created "a vicious anticompetitive cycle in which Amazon wins and its third-party sellers, its wholesale suppliers, consumers, and competition lose".
The lawsuit also accuses Amazon of punishing merchants who run afoul of the rules, with tactics such as moving their listings lower in search results,
"The reality is: Many of the products we buy online would be cheaper if market forces were left unconstrained," California Attorney General Rob Bonta said in a statement announcing the lawsuit.
Though the lawsuit is limited to California, its effect could be far-reaching given California's size.
The lawsuit comes as regulators, especially in the European Union, increasingly question the dominance of a handful tech giants.
This summer Amazon sought to settle a case brought by the EU which accused it of using data it collects on sellers to compete against them.
Amazon is also under investigation in the UK over concerns that the company is giving an unfair advantage to certain sellers on its marketplace.
Meanwhile an EU court this week also largely upheld a record fine against Google for using the Android platform to cement its search engine's dominance.-BBC
Citi offers junior bankers sun with Malaga office
While some Wall Street banks launch return-to-office battles in London and New York, Citigroup is trying a different tack: offices at the beach.
The bank has opened a new hub for junior staff in the seaside city of Malaga, on Spain's Costa del Sol.
In addition to sun, staff are promised a reprieve from the industry's traditionally gruelling hours.
Though salaries are also lower, more than 3,000 people applied for a spot, the bank said.
The bank has hired 27 people so far, from a stated goal of 30. The group, most of them aged 22 to 26, is drawn from 22 countries and speaks 15 different languages.
Its staff in Malaga will work eight-hour days with no weekend work for around half of the $100,000 (£86,000) starting salary offered for the same roles in London and New York.
According to one career website, investment bankers in London typically work a 65-70 hour week in quiet periods, although this can rise to as many as 100 hours in busy periods.
The first day at the office, which formally opened on Wednesday, included a round of hobnobbing with Malaga's mayor, Citi said.
Officially, the new recruits will assist teams working with clients in a range of industries, including property, technology and healthcare. Bank representatives said the jobs are office-based, not remote,
Citi first announced the plan in March, saying it was meant to help it reduce turnover and draw new people to the industry, which has seen its allure fade as tech companies and other firms in finance dangle similarly high salaries but less demanding days.
"Low levels of junior banker retention are being seen across the industry, and the message is clear: the key driver behind many junior-level departures is the search for a better work-life balance. At Citi, we are listening," Manolo Falcó, the bank's global co-head of banking, capital markets and advisory said at the time.
Goldman Sachs offers senior staff unlimited holiday
The bank has also raised starting salaries, while Citi boss Jane Fraser, the first woman to lead a Wall Street bank, famously declared Zoom-free Fridays last year, calling for a "reset" from the "relentlessness of the pandemic workday".
The moves come as the pandemic has lain bare strains in banking's infamously tough work culture.
In recent years, for example, young staff at Goldman Sachs have revolted against senior managers, taking gripes about burnout, return-to-office demands and, most recently, allegedly stingy coffee perks to the press.
In May, Goldman appeared to soften its image when it said senior staff would be allowed to take as much holiday as they wanted in order to promote "rest and recharge". Junior bankers, however, will still only be entitled to a fixed amount of holiday.
The bank follows tech firms LinkedIn, Bumble and Netflix in introducing the perk.-BBC
Kwasi Kwarteng considers scrapping bankers’ bonus cap to boost City
The Treasury is considering removing a cap on bankers' bonuses as part of a post-Brexit shake-up of City rules.
Sources said no final decisions had been made, but confirmed chancellor Kwasi Kwarteng considered it a way of making London a more attractive place for global banks to do business.
City bosses have long complained about the EU-wide bonus rules which cap bonuses at twice an employee's salary.
They say they lead to higher base pay that pushes up banks' fixed costs.
Those costs cannot be adjusted in line with the firm's financial performance, they add, making the UK less attractive than the US or Asia.
People close to Mr Kwarteng confirmed reports in the Financial Times that the new chancellor is considering the move.
Critics have argued that uncapped bonuses lead to the kind of excessive risk taking that spawned the financial crisis of 2008.
But others argue that other new rules that can hold senior managers personally and potentially criminally responsible for misconduct, plus the ability to claw back bonuses years after they are granted, achieve a sufficient disincentive.
Taking the lid off bankers' pay at a time when many households are facing hardship from the rising cost of living will undoubtedly provoke outrage in many quarters, but it is just one of a number of deregulation initiatives being considered.
The government is also keen to relax rules limiting the amount insurance and pension funds can invest in assets that are harder to sell at short notice - such as long-term infrastructure projects.
Political fight
These rules are part of pan-European regulations collectively known as Solvency II.
But the Bank of England is concerned that relaxing the rules could expose pensioners' savings to greater long-term risk and that lowering the amount of ready cash firms are required to hold could see them pay out any money freed up to their shareholders rather than invest in projects favoured by the government.
Pitting the Treasury and the financial services industry against the Bank of England is seen as a key test of the Bank's independence and senior officials at the Bank have privately conceded the fight over Solvency II is a political one they could well lose.
Kwasi Kwarteng laid out his "unashamedly pro-growth plan" for the economy at a gathering of senior bankers two weeks ago.
He would argue that the instincts that persuade him to cut banking regulations are the same instincts that persuaded him to throw a £100bn-plus shield over businesses and households to prevent high energy prices causing a job-and-growth-killing recession.-BBC
Ukraine war: EU moves to cut peak electricity use by 5%
EU chief Ursula von der Leyen has called for cuts to electricity use across the bloc and windfall taxes on energy firms to tackle high prices.
She told the European Parliament that gas and electricity prices had hit all-time highs after Russia's invasion of Ukraine.
She called for electricity consumption to be cut at peak hours by at least 5%.
But plans for a cap on the price of natural gas, a key Russian export to the EU, were put on hold.
The plan outlined in Strasbourg targets "excess revenues" with proposals to skim the profits of low-carbon electricity producers and implement a de facto windfall tax on the oil, gas and coal sectors.
The money raised, estimated to be €140bn (£121bn; $141bn), would go to families and businesses across the EU's 27 states.
Companies producing energy from low-carbon sources such as wind, solar and nuclear would face a cap of €180 per megawatt hour (MWh) on their revenue.
By comparison, the front-year electricity price in Germany, the EU's biggest economy, was trading at just below €500/MWh on Wednesday.
"Power generators with lower operating costs have been able to reap extraordinary profits, way beyond what may have reasonably expected based on investment decisions," European Commission Vice-President Frans Timmermans said.
The windfall tax on fossil fuel producers and refiners would require them to contribute 33% of their taxable surplus profit.
The EU's member states will pore over the proposals with hopes of an agreement by the end of this month.
Ms von der Leyen also announced she would be visiting Ukraine again later on Wednesday for talks with President Volodymyr Zelensky, saying: "Europe's solidarity with Ukraine will remain unshakeable."
Mr Zelensky's wife Olena was in the parliament as guest of honour to hear the speech.
Ms von der Leyen said that "making ends meet" was "becoming a source of anxiety for millions of businesses and households".
"In these times, it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of our consumers," she argued.
'Russia's industry is in tatters'
Defending EU sanctions on Russia, she said: "This is the time for us to show resolve, not appeasement."
"Russia's financial sector is on life-support," she asserted, with nearly 1,000 international companies having left the country.
"The Russian military is taking chips from dishwashers and refrigerators to fix their military hardware because they ran out of semiconductors. Russia's industry is in tatters."
Russia has so far largely managed to avoid the economic meltdown predicted back in the spring when sweeping sanctions were imposed. It has cushioned the blow with revenue from oil and gas sales.
Gas exports
Ukraine has officially been a candidate for accession to the EU since June.
It recently began a counter-offensive to drive back Russian troops, reportedly regaining thousands of sq km of territory in the east and the south this month.
"This is the time for us to show resolve, not appeasement," said Ms von der Leyen. "We are in it for the long haul."
It was her conviction, she said, "that with courage and solidarity, [Russian President Vladimir] Putin will fail and Europe will prevail".
Russia, a global energy supplier, is locked in an economic struggle with the EU which imposed sweeping sanctions in response to the invasion.
Before the invasion, Russia accounted for 40% of the EU's imported gas. That figure has since fallen to below 10%.
This summer, European gas prices were about 10 times higher than their average level over the past decade.
A portion of the gas is also burnt to generate electricity, meaning that high gas prices push up power bills too.
Ms von der Leyen said EU states had managed to stockpile gas reserves for the winter to 84% of capacity, well ahead of an October deadline.
She named the US, Norway and Algeria as "reliable" gas suppliers.
She also announced plans to set up a European hydrogen bank to promote investment of up to €3bn in that fuel as a green alternative to fossil fuels.
State of the Union speeches are always wide-ranging and, in that sense, this one was no different. But of course the circumstances have dramatically changed from Ursula von der Leyen's last address, one year ago.
The fallout from Russia's invasion of Ukraine has exacerbated an energy crisis that is now the dominant issue within the bloc. Deep, longer-term, energy market reforms are being mooted but I understand those will not be ready until next year.
The more immediate proposals, to tackle high prices, centre on cuts to consumption and de facto windfall taxes on energy companies.
The European Commission president was trying to send a message about European resolve this winter. Sanctions against Russia were "here to stay", she said. But questions still hang over the EU's readiness to impose more penalties against President Putin, while promises of integrating Ukraine more into the EU's orbit and economy will be closely watched by its government and citizens.-BBC
Kenya: More Pain at the Pump as Fuel Prices Hit Record High
Nairobi — Kenyans will have to dig deeper into their pockets to purchase fuel starting Thursday, as the new government commences the gradual removal of the fuel subsidy.
In the latest monthly review by the Energy and Petroleum Regulatory Authority (EPRA), the price of petrol is up by Sh20.18 to retail at Sh179.30 per litre in Nairobi.
A litre of diesel will retail at Sh165, a Sh25 increase while kerosene, mostly consumed by low income households has increased by Sh20 retailing at Sh147.94 per litre.
EPRA said that although the subsidy for petrol had been removed, a subsidy of Sh20.82/litre and Sh26.25/litre had been retained for diesel and kerosene respectively in order to cushion consumers from the high prices.
The prices are inclusive of the 8 per cent Value Added tax in line with the provisions of the Finance Act 2018, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty for inflation as per Legal Notice No.194 of 2020.
During his inauguration President William Ruto said that he would face out subsidies on fuel and food, arguing that they are a huge burden to the government's budget and often lead to product shortages.
-Capital FM.
Rwanda: Rwf1.3 Billion Nyagatare Maize Flour Plant Begins Production
Farmers in Nyagatare District have got a ready market, and maize flour needed by its residents is now available, thanks to the over Rwf1.35 billion maize processing factory which has started operation, The New Times has learnt.
The factory, with a capacity to process 30 tonnes of maize a day, is a joint venture between the district and the union of Nyagatare maize farmers' cooperatives (UNICOPROMANYA). The district holds 62.7 per cent shares (with Rwf850 million) in the plant, while the farmers own 37.3 per cent stake (with over Rwf500 million).
UNICOPROMANYA has 27 cooperatives counting 2,500 farmers, who produce about 12,000 tonnes of maize per year, its president Chrysostom Twiringiyimana, told The New Times.
According to the Auditor General's report for the financial year 2020-2021, the construction of this factory was completed but it was not operational for some time, because some initial equipment did not meet required standards.
When district officials on Wednesday, September 14, appeared before the parliament's Public Accounts Committee (PAC) to respond to public funds mismanagement cases raised by the AG's report, they said the factory is now operational.
Nyagatare District Mayor, Stephen Gasana said that the district had compelled the supplier to return the defective machinery in question to the manufacturer in China, which it did, and brought the required one to enable the factory to run. Apart from the delay in the operationalisation of the factory, he said, the district did not incur a cost in the process.
A partial view of Nyagatare maize processing plant building.
According to information from the district, the factory started production in June this year, while its construction began in 2020.
Gasana told The New Times that so far, it is making maize flour of two grades (grade one which is the top-quality level, and grade two which is in the second quality tier).
Twiringiyimana, president of UNICOPROMANYA, said that though Nyagatare is the biggest maize producing district in Rwanda, its residents had to buy maize flour from the neighbouring Uganda because of the lack of such a facility in the district.
Maize production in Nyagatare is estimated at between 130,000 and 140,000 tonnes per year, according to data from the district.
These data suggest that the district accounts for almost a quarter of Rwanda's annual maize production which stood at over 482,000 tonnes, according to the Seasonal Agricultural Survey 2021 Annual Report, produced by the National Institute of Statistics of Rwanda (NISR).
"As farmers, the factory benefited us in two ways: one, we got a ready market for our maize produce; two, the maize flour we need is close to us," Twiringiyimana said, adding that the flour is of good quality.
Twiringiyimana said that the flour, under the brand name Akeza k'inoge, is currently available in 10kgs and 25 kgs packs in the district, but he said that they plan to also put on market packs of 5kgs in order to serve the people who cannot afford large quantities.
Gasana said that the factory was meant to support farmers and reduce the reliance on commodity import from neighbouring countries.
"Nyagatare is a major maize producing district. Sometimes farmers were given very low prices, or lacked buyers in case of bumper maize harvest. ... So, the Government gave the guideline for the establishment of the factory for maize processing so that maize farmers get a ready market," he said.
"Now, our factory makes good flour. One of the reasons to set up the factory was to get quality flour such that people do not have to look for it in other countries," he said.
-New Times.
Africa: World Bank Says Global Economy in Danger, Is It?
World Bank chief David Malpass said that the world economy was in danger.
The multilateral institution's boss made his sentiments known in the foreword of this year's edition of the Global Economic Prospects report. The document published annually by the World Bank takes stock of the developments in the global economy and uses them to predict the future.
The world economy had been dealt a mortal blow by the advent and onset of the COVID pandemic two years ago. This time, the World Bank warns that the global economy is threatened by stagflation.
World Bank expects global economic growth to decline sharply in 2022, according to its head David Malpass
Malpass, who is the head of the multilateral institution, made his sentiments known in a World Bank publication called Global Economic Prospects 2022
The global economy has been adversely affected by shocks which include rising inflation, rising interest rates, and low growth. This has resulted in stagflation
This is an economic phenomenon characterized by high inflation and low growth. Malpass stated in the document, "Even if a global recession is averted, the pain of stagflation could persist for several years-- unless major supply increases are set in motion."
The head of the World Bank's assessment and prognosis are highly prescient. It is not likely that the world economy will avert a global recession. The world's leading economic powers, like the United States and China, have recorded slowing economic growth in their respective domains. Large parts of Europe and the United Kingdom have also recorded slowing economic growth on a quarterly basis.
The outlook is that most of the world's leading countries will record either slowed or reduced GDP growth. It is not unreasonable to expect that a global recession is likely. Economic developments, metrics, and statistics certainly point to a global recession on the horizon. Some countries in the world have been outliers, like India. It has managed to register double-digit growth in its GDP on a quarterly basis.
The Asian country has managed to do this largely because of the strength of its domestic economy. This is in contrast to a large number of economies that rely on global trade for their economic growth.
The head of the World Bank cites a potential solution to the stagflation problem. These are what he calls "major supply increases". This is because the inflationary pressure prevailing in the global economy is driven by supply-side constraints and increases in the prices of food and energy costs. This is a reference to the Euro 65 billion energy plan announced by German Chancellor Olaf Scholz to intervene and cushion German citizens from rising energy costs. Other European countries have announced similar packages.
This demonstrates that manipulating interest rates alone will not be enough to deal with inflationary pressures. Governments will need to follow Germany's lead and design packages to provide assistance to households and firms in their respective countries. The German package has been announced against a background of a looming winter and inflation, which rose to 8%. The package will subsidize energy costs and essentials that households and firms spend on.
World Bank, through its head Malpass advises that the solution to ending stagflation and restoring non-inflationary growth will be to remove supply constraints to the access to energy and food.
The current stagflation environment is similar to the 1970s episode of the same phenomenon. The fundamentals this time around, according to Malpass and the World Bank, are much direr in the sense that the rate of economic deceleration currently is double the rate of a slowdown in the 1970s.
Critical distinctions between this period of stagflation include that oil prices are not as high on an inflation-adjusted basis today as they were in the 1970s, and governments are better prepared today than they were to deal with stagflation through the right policies, the World Bank says.
Due to globalization, countries worldwide are increasingly interdependent. This is why a conflict between two countries in Europe will cause ripple effects that the rest of the world feels. The World Bank projects that economic growth in 2022 will slump on this basis. Not slow down but slump. The choice of words is intentional.
Malpass now believes that the world is in for several years of above-average inflation and below-average growth. This projection will most likely lead to destabilizing consequences for low- and middle-income economies. These low- and middle-income countries are largely on the African continent. Stagflation which the world last saw in the 1970s, will have a devastating effect on countries in Africa. Most countries in the continent do not have the resources like Germany to muster multibillion Euro or multi-billion United States dollar packages to subsidize the economic plight of their citizens.
World Bank forecasts a sharp downgrade of its global economic outlook and anticipates a sharp contraction in the economy. The global economy is expected to slow down from the GDP growth rate achieved in 2021 of 5.7% to 2.9% in 2022. The downgrade from the multilateral institution is because of the war in Ukraine, which has triggered food and energy increases as well as supply and trade disruptions.
COVID undermined the multilateral institution's efforts to poverty reduction and income growth in developing economies. The war in Ukraine has further undermined these efforts. The World Bank predicts that because of the adverse effects of the war and the legacy of the pandemic, real per capita income in developing economies in 2023 will remain below pre-COVID levels. At least 40% of developing economies will experience this in 2023. This means that for developing economies avoiding a recession will be especially difficult.
The solution to breaking out of stagflation and restoring noninflationary growth lies in the supply side interventions similar to what Germany has announced. Stagflation is not a desirable economic environment to have, especially for developing economies. This is because the last time that the world experienced this inflationary environment was in the 1970s.
Back then, the interest rate increases that were implemented to rein in inflation were so severe that, according to the World Bank, they set off a global recession which is reminiscent of the kind that the prevalent today and in developing countries, causing a string of debt crises resulting in a lost decade. The multilateral financial institution said. The World Bank publication also offers strong warnings on the dangers of stagflation. The danger of stagflation in today's context is much direr than it was in the 1970s. The World Bank projects that between 2021 and 2024, global economic growth will slow down by 2.7 percentage points.
This slowdown is twice as much as the deceleration in economic growth experienced in the years 1976 to 1979. It is likely that the adverse effects of stagflation this time around will be much direr, especially considering that external public debt in developing economies is at historic highs. Much of this debt is owed to private creditors. Making matters worse, this debt is not denominated in the local currencies of the respective borrowers. The debt is denominated in hard currency.
One of the shocks to developing economies has been the strengthening of the United States dollar relative to the currencies of developing economies. This shock will make it difficult for the same countries to service their obligations, especially when interest rates are rising. As global financing conditions tighten and currencies depreciate, debt distress, according to the World Bank, which had previously been confined to the developing economies, will seep into middle-income economies. Despite the similarities between now and the 1970s, critical differences could mitigate the impact of stagflation in the worst-case scenario and limit its impact.
The World Bank advises that the critical differences are that the United States dollar is currently strong, whereas, in the 1970s, it was weak. Secondly, the 1970s were characterized by rising oil prices which quadrupled in the mid-1970s and doubled in the late 1970s to the early 1980s.
Currently, oil prices, when adjusted for inflation, are a fraction of what they were in the early 1980s. Financial institutions today have much stronger balance sheets than they did in the 1970s, which would make them better positioned to handle a default and credit risk shocks.
Lastly, the World bank makes an important distinction between now and the 1970s by saying that economies now are much more flexible than they were in 1970. The structural rigidities in terms of wages and the labour market are largely gone. Perhaps most importantly governments are better placed to institute and implement policies to mitigate the economic headwinds.
-The Exchange.
Africa: Mobile Educational Facilities Driving Inclusive Education in Africa
Recognizing the vital role of education, students and their families across sub-Saharan Africa have started using educational technologies to supplement formal schooling during times of disruption.
Mobile laboratories (mobile labs) bring scientific tools and techniques right to the school parking lot, allowing students access to experiences far beyond what many schools can provide.
In Chad, a mobile school offers nomad children hope. Chad's nomads make up almost a tenth of the country's population and many children in the community hardly get an education.
Countries and organizations are taking perceptible actions for Inclusive Education to succeed internationally as well as in individual African countries. Internationally, countries adopted several treaties in support of Inclusive Education. Inclusion has become a global issue while in different countries we can find many stated intentions and written policies to move towards its achievement.
In Africa, a few examples include South Africa's Department of Education White Paper 6: Special Needs Education - Building an Inclusive Education and Training System (2001), Namibia's Ministry of Education Sector Policy on Inclusive Education (2013), and Nigeria's Federal Ministry of Education National Policy on Inclusive Education (2016).
According to UNESCO, current rates of educational access in sub-Saharan Africa are among the lowest in the world due in part to a shortage of physical resources. Unplanned disruptions to schooling also arise for a variety of extenuating circumstances, such as labor disputes resulting in teacher strikes, natural disasters like hurricanes, and public health crises like the COVID-19 pandemic, which has disrupted in-person instruction around the world.
These frequent disruptions to schooling are detrimental to student learning outcomes and to building a highly skilled workforce to spur economic development in the region.
Recognizing the vital role of education, students and their families across sub-Saharan Africa have started using educational technologies to supplement formal schooling during times of disruption. Although physical resources like classroom space are scarce, it is projected that mobile connectivity will reach more than half of sub-Saharan Africa by 2025 according to SAGE Journals.
Mobile laboratories
Countries in Africa must embrace mobile science laboratories to effectively change the science education landscape. Mobile laboratories are a strategy to increase student interest in science, technology, engineering, and math (STEM) careers. Mobile laboratories (mobile labs) bring scientific tools and techniques right to the school parking lot, allowing students access to experiences far beyond what many schools can provide. Mobile labs are less expensive than traditional brick-and-mortar labs.
According to North-West University News, On March 5, 2020, the Sasol Foundation in South Africa donated a mobile science laboratory to the North-West University (NWU). To deliver practical science education to thousands of learners around the North West Province.
When fully utilized, this state-of-the-art mobile laboratory can serve up to 30 schools per year.
"Sasol is committed to continuing to play its part in the socio-economic development of South Africa, particularly in the communities in which we operate," said Vusi Cwane, head of the Sasol Foundation.
He said the impact of the mobile science laboratories, which is one of the many key initiatives of the Sasol Foundation, has been positively evaluated by an independent monitoring and evaluation agency in 2019. This confirmed that innovation is a critical piece of the puzzle in addressing the underdevelopment of STEM capabilities in South Africa.
"The mobile laboratory will promote science, technology, engineering mathematics, and innovation by engaging communities in the North West through different science awareness programmes.
"The mobile laboratory will also enable the NWU's Science Centre to expand its capabilities in teacher and learner curriculum support. By taking science experiments to schools more learners will be reached, especially those in remote corners of the province," said Prof Dan Kgwadi.
Mobile School for nomads in Chad
Meanwhile, in Chad, a mobile school offers nomad children hope. Chad's nomads make up almost a tenth of the country's population and many children in the community hardly get an education.
About 7 percent of the central African nation's population of about 16 million are nomads. They move hundreds of miles from the south with their herds every year when seasonal rains turn the semi-arid central regions green with fresh pasture.
This way of life is centuries old but does not allow nomad children to access Chad's formal education system. According to the Denmark-based International Work Group for Indigenous Affairs, fewer than 1 percent of nomad boys and "virtually zero" nomad girls were registered for school in Chad as of 2018.
According to an article by Aljazeera published on September 12, 2022, Teacher Leonard Gamaigue was inspired to set up a mobile school when he saw children playing at a nomad camp in Toukra, outside the Chadian capital N'Djamena, during school hours in 2019.
"When we started, we had practically nothing, not even a piece of chalk," the 28-year-old recalled, after a lesson in late August during which the children had carefully taken notes in exercise books on their laps.
Nearly three years on, his school - which follows the community when they move on every two months or so - has 69 pupils of various ages and basic supplies thanks to donations.
"They had never been to school before, none of them ... today they can already write their name correctly, express themselves in French, do sums," Gamaigue said with pride.
Digitalization of education
The transition to online education happened out of necessity, catalyzed by the pandemic, and came with implementation and access issues in many countries in the Global South. However, we learned that institutional thinking and psychological barriers can sometimes hold us back from embracing innovation, of which we are capable.
There remains an opportunity to do further research on what worked and what didn't work during the period of emergency online education.
Going forward, technology can increase access to higher education and internationalization and push the boundaries of how we currently do things. We need to learn how to optimally tap into innovation in digital delivery.
Educators around the world have been astounded by the success of E-Learning processes and platforms that were hurriedly put in place by education departments, schools, universities, and private education facilities.
"Online education has been a thing for many years, but its growth in Africa has been slow not only due to issues of digital infrastructure, line speed, and access to appropriate hardware, but also due to the doubt with which online learning has been viewed, and the lack of digital skills from educators themselves" commented James Williams, Director, Events | Connecting Africa | Informa Tech, organizers of Africa Tech Festival, which will take place in Cape Town between 7 - 11 November this year.
-The Exchange.
Zambia's Energy Sector Drives the Country's Industrial Base... .as Petroleum Pushes Social Interaction
ENERGY is a key sector to Zambia's socio-economic development and is inextricably linked to, and exerts a strong influence on other sectors of the economy.
Agricultural and industrial production, mining, tourism, construction, social and administrative services all rely on energy to drive their growth.
Petroleum products being mainly petrol, diesel and kerosene are used to fuel industrial activities both at micro and macro level, a clear demonstration of its importance to economic development.
In addition, petroleum products are useful at domestic level to fuel tanks of automobiles use by majority of the middle class for convenience, especially in a setting where public transport sectors are not well developed.
Hence, a private sector led energy industry is critical in enhancing the much needed capital to boost the industry's contribution to the economy.
With real Gross Domestic Product (GDP) estimated at 3.1 per cent this year, the energy demand is expected to grow at significant pace as well.
Zambia is said to be on a rapid economic recovery, driven by mining, tourism and manufacturing industries.
This is underpinned by the various reforms undertaken to revive Zambia's economy, as well as stimulate investment in key productive sectors.
The structural reforms, particularly those in the energy (Petroleum) sector are all aimed at accelerating growth, attracting investments and creation of employment for the Zambia people.
Thus, Petroleum plays a pivotal role in the economic development of every developing country like Zambia.
Access to gas and petroleum play an additional role of stimulating development in less developed rural area.
It is said that once a filling station is opened in rural area, not only does it serve to provide the primary function of providing fuel, but it results in the escalating of other industries such as lodges, entertainment spots, shops or industries and employment opportunities for the local population to mention but a few.
Furthermore, local tourism may be enhanced as well as promotion of social interactions and without fuel many of the social amenities cannot be properly exploited.
Politically, petroleum and gas related issues have been known to usher in new governments and result in the exit of others.
For example, the former Patriotic Front government kept domestic prices artificially low-through price control, export or quantity restrictions, or political pressures put on oil to act as subsidies.
With the coming in of the United Party for National Development (UPND) administration in August 2021, they adopted the "Cost Reflective Price Regulation on Petroleum" doing away with the subsidies.
The cost Reflective Price Regulation implemented by the Energy Regulation Board (ERB) is said to reflect the actual pricing of the commodity on the international market.
However, debates on the current pricing structure rages on from industry players, suggesting that it is difficult for businesses or individually to plan due to the monthly fluctuation of peterolum products.
Considering that Zambia is an energy importer that relies on raw material imports from the Middle East to be refined locally at the country's state-owned refinery, Indeni Oil Refinery, whose business model will soon change to a blending oil storage facility.
As a result, energy industry requires huge investments to encourage private sectorpar ticipation in the industry such as setting up of storage facilities.
For instance, Harvest Group of Companies and Othniel Brooks International Limited last year sealed a deal worth US$310 million from African Import-Export Bank (Afreximbank) to help build the country's three strategic fuel reserves.
This will help reduce the cost of fuel in Zambia and create product security once the three strategic reserves are completed.
The project will be implemented in the following provinces, North-western in Solwezi, Southern in Choma and Central in Kabwe.
Its Group chief executive officer Pauline Adaoha Ugo-Ngadi was quoted last year saying that the project will build infrastructure development in Zambia for the downstream sector of the oil and gas.
The Group intends to tap into opportunities that lie in Zambia's energy sector by working with progressive Zambians to grow local capacity in response to emerging global opportunities.
Harvest Group of Companies Limited is expanding its capacity to become a respected player in Zambia's oil and gas industry through promoting local participation.
This is a clear demonstration that with the correct policies and business friendly environment, many other ventures like the ones being undertaken by Harvest Group of Companies and Othniel Brooks International Limited will help accelerate Zambia's economic development.
Energy Minister, Peter Kapala, commenting on the developments in the sector says Government adopted a new business model for Indeni Oil Refinery to make it more efficient and effective.
Mr Kapala says works on the new Tanzania-Zambia Refined Oils Pipeline project has already begun, with the building of the 700-kilometer (435-mile) segment on the Tanzania side.
Zambia and Tanzania already share the Tanzania- Zambia Mafuta (TAZAMA) Pipeline, a 1,710-kilometer (1,063-mile) pipeline that has been transporting raw crude oil material for refining from the port of Dar-es-Salaam in Tanzania to the Indeni Petroleum Refinery in
Ndola from the 1960s until last year.
"The old pipeline has suffered wear and tear and some of its equipment is obsolete. However, the TAZAMA pipeline will be rehabilitated, cleaned up and reconfigured to start pumping finished products instead of commingled crude," Mr Kapala states.
Despite these efforts, "our two sister nations recognise the need to supplement the old pipeline, saying that the modalities to operationalise the framework of these pipeline have been concluded".
The new pipeline will run alongside the existing TAZAMA pipeline and will be more modernised and made mostly subterranean for security reasons.
The two pipelines - in addition to those from Angola and indeed Namibia - will bring in low-sulphur diesel from the Tanzanian ports into Zambia for our industries' mines and domestic use.
This will consequently reduce transportation costs and hence sustainably reduce the pump price of diesel, which is currently at a record high.
Within months, the pipeline will start pumping diesel fuel into Zambia. On the Zambian side, phase one of the new 12-inch diameter pipeline will end in Mpika District in Northern Province.
"We are in the final stages of finalising the financing mechanism for and we shall soon go out to tender. Phase one will cost between US$250 million and US$300 million to complete.
Phase two will see the pipeline extended from Mpika into Ndola on the Copperbelt Province and lastly phase three will be connected to a new pipeline in Solwezi in the mining region of North-Western Province," Mr Kapala says.
The total project cost for the two countries will be around US$1.5 billion.
Mr Kapala indicates that the country needs to act and reduce the local prices irrespective of what happens with the war in Ukraine, stating that the construction of the pipeline from Namibia, Tanzania and Angola are they way forward.
Zambia imports most of its petroleum requirements from the Middle East through the port of Dar-es-Salaam in Tanzania.
These two pipelines from Dar-es-Salaam will ensure these imports get into Zambia seamlessly. The pipeline from Angola will allow Zambia to finally access Angolan oil whose transportation will be cheaper than petroleum from the Gulf Region.
This applies to the Namibian oil too, once that also is available.
Mr Kapala also says the Government has renewed talks with the Government of Saud Arabia for cheaper importation of oil which will help oil marketing companies (OMCs) procure large volumes of the commodity.
On growing stakeholders' demands to revert to the quarterly fuel review to stabilise businesses ,the Minister says:"We have no plans to revert to previous ways of adjusting fuel prices after months, as that makes it hard to manage the debts owed to oil marketing companies and does not make the pump price to be cost-reflective."
Zambia's daily fuel consumption averages at two million litres (530,000 gallons) of diesel, one million litres of petroleum, and 800,000 litres of kerosene.
The desire by the Government is to facilitate ethanol blending plants in all the country's 10 provinces, which will be a game changer in promoting renewable energy in the country.
Mr Kapala says Government will start constructing ethanol plants in provincial centres for blending fuel, as a measure and strategy to reduce the cost of petroleum in the country.
"Blending of fuel will reduce the pump-price of fuel, which will reduce the cost of doing business and also facilitate the creation of more jobs for the youths.
"The plan is that the blended fuel will use ethanol from cassava," Mr Kapala states. In response to the Minister plans, Economic Association of Zambia (EAZ) is of the view that Government should come up with more incentives to propel biofuel blending activities in thecountry as it plans to establish ethanol blending facilities in the 10 provinces.
EAZ Copperbelt chapter chairperson Mathews Muyembe says the country lagged behind in terms of fuel blending despite having one of the robust biofuel blueprints in the region.
"We need to start offering incentives to investors wanting to start fuel blending to encourage more investments in the energy sector," Mr Muyembe says.
In terms of the investment opportunities, the expanding mining sector and economic activities will continue creating demand for the petroleum products in the country.
Therefore, it is evidently clear that Zambia's energy sector is set to drive industrial base that will stimulate growth and job opportunities for the Zambian people.
-Times of Zambia.
Kenya - Safaricom Partners With NCPWD to Help Persons With Disabilities Find Jobs
Kenya's leading telecommunications company, Safaricom, has partnered with the National Council of Persons with Disabilities (NCPWD) to connect persons with disabilities with job opportunities through an online portal.
In a statement seen by The Exchange Africa, the company said the portal, powered by IT service provider Fuzu, is a first in Africa and seeks to help employers easily identify and recruit Persons with Disabilities into their firms.
Fuzu, which has been active since November 2020, currently has over 360 employers and over 5,000 job candidates.
Safaricom said it has used the portal for its recruitment needs and supported NCPWD by mobilising more employers to come onboard. The TechCo has also been driving a campaign to encourage candidates to register and access the portal for employment opportunities.
This partnership has earned Safaricom a nomination at the 2023 Zero Project awards, which recognises the rights of persons with disabilities and seeks to improve their day-to-day lives. Safaricom is among five organisations nominated in Kenya, which is among 19 countries in Africa to have their innovations nominated for the 2023 Zero Project Awards.
"In 2018, Safaricom made a commitment at the Global Disability Summit to support the economic empowerment of persons with disabilities. Through this project, we have made great strides in increasing the prospects of persons with disabilities in their search for employment. Our nomination at the 2023 Zero Project Awards is a testament to our commitment to diversity, equity, and inclusion," said Peter Ndegwa, CEO, Safaricom.
The Zero Project was launched in 2008 with the objective of supporting social innovation, social entrepreneurship, and Persons with Disabilities. The 2023 edition has 100 nominations from the civil society, 11 nominations from the public sector, 5 nominations from the business sector and 40 ICT innovations.
"We are excited about this partnership with Safaricom, which boosts the job prospects and improves the quality of lives of persons with disabilities. The NCPWD Career Portal is a big step in our objective of having organisations reach the minimum 5 per cent reservation of employees with disabilities as per the Persons with Disabilities Act No. 14 of 2003," said Harun Hassan, the Executive Director, NCPWD.
Candidates with disabilities can register through the link https://ncpwd.fuzu.com while employers can register by contacting [email protected]
List of highest paying jobs in Kenya in 2022
In a separate story, a survey conducted in Kenya ranked Safaricom as the top company that job seekers would love to work for, with most respondents attributing the working environment and remuneration as key indicators.
3,448 valid responses put Safaricom in the top spot as the number one best company to work for as well as the most 'desired' and 'respected' brand.
Other companies in the top 5 include East African Breweries, United Nations (UN), Kenya Commercial Bank (KCB) and Kenya Revenue Authority (KRA).
The survey was conducted by BrighterMonday. Commenting on the report at the time, BrighterMonday Chief Executive Officer Emmanuel Mutuma revealed that Kenyans were not entirely happy with their current work situations, with most willing to switch jobs.
"Respondents aged between 25-35 are the happiest age group at work, followed by 18-24; however, both age groups posed a high flight risk. The oldest age group is the least happy group but not willing to leave their current employer. In Kenya, employees are most satisfied when they can relate to a company's vision, have full transparency with management and have flexibility in the execution of their tasks."
Adding, "In Kenya, employees are most satisfied when they can relate to a company's vision, have full transparency with management and have flexibility in the execution of their tasks. A company is only as good as its staff on any given day, so ensuring your staff are happy and satisfied not only increases your company's productivity but your company's reputation as well."
The report surveyed a total of 3,448 valid responses following internal audiences made up of employees working at numerous companies in Kenya and external surveys that targeted the general public. The majority of the respondents were aged between 25-35 and 18-24, live in Nairobi and hold a Bachelor's degree.
=The Exchange.
Kenya: Safaricom in Deal to Link PWDs With Jobs
Nairobi — Safaricom has partnered with the National Council of Persons with Disabilities(NCPWD) to connect persons with disabilities with job opportunities through an online portal.
The portal, powered by IT service provider Fuzu, currently has over 360 employers and more than 5,000 job candidates.
Safaricom has used the portal for its recruitment needs and supported NCPWD by mobilizing more employers to come on board.
Additionally, the TechCo has also been driving a campaign to encourage candidates to register and access the portal for employment opportunities.
This partnership has earned Safaricom a nomination at the 2023 Zero Project awards, which recognises the rights of persons with disabilities and seeks to improve their day-to-day lives.
"Through this project, we have made great strides in increasing the prospects of persons with disabilities in their search for employment. Our nomination at the 2023 Zero Project Awards is a testament to our commitment to diversity, equity, and inclusion," said Peter Ndegwa, CEO, Safaricom.
The Zero Project was launched in 2008 with the objective of supporting social innovation, social entrepreneurship, and Persons with Disabilities.
"We are excited about this partnership with Safaricom, which boosts the job prospects and improves the quality of lives of persons with disabilities. The NCPWD Career Portal is a big step in our objective of having organisations reach the minimum 5 per cent reservation of employees with disabilities as per the Persons with Disabilities Act No. 14 of 2003," said Harun Hassan, the Executive Director, NCPWD.
-Capital FM.
Ethiopia: Ministry Unveils New Factory Prices for Cement Products
Addis Abeba — The Ethiopian Ministry of Trade and Regional Integration has announced today that it has issued a new cement price regulation to curb the rising price of cement products in the country.
The ministry said it has made the decision after it asked cement factories in Ethiopia to make price adjustments to tackle the increasing cost of cement products. However, the prices forwarded by cement factories was too high, promoting the ministry to establish a task force to study production process and come up with price suggestions.
Accordingly, the Ministry has regulated the factory selling prices for a quintal of cement to be 510 Birr minimum, and 683.44 Birr maximum.
Gebremeskel Chala, the Minister of Trade and Regional Integration, said that due to the lack of cement production, priority is being given to government projects.
Ways were facilitated to other large projects to procure the products directly from factories by obtaining confirmation from the relevant government institutions. Private consumers will get cement products through government development organizations and organized cooperation, according to the Minister.
The Minister cautioned that cement transactions carried out in various places with cement other than those approved by city administrations and regional states are considered illegal and legal actions will be taken from the date of notification by the institution.
The sale in different cities will be regulated considering the cost of transportation, loading and unloading as well as warehouse rents.
It is a far cry from July 2021, when the Ministry of Trade and Industry (as was known back then) had announced that the cement market in Ethiopia would be decided based on free market prices for an indefinite period of time. The Ministry said the main reason for the decision was the rainy season, which sees reduced construction activities and the demand for cement products. Furthermore, the Ministry said the government had completed preparations to import cement to reduce the shortage in the local production and agreed with local producers to help them increase productions.
However, the rising cement prices showed no let up since then, forcing the Ministry of Industry to direct cement factories to exclude agents from the market network and sell the product directly. In a letter dispatched to 10 cement factories, the Ministry also asked the factories to indicate in a letter the names and number of agents they had excluded. AS
-Addis Standard.
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