Major International Business Headlines Brief::: 28 September 2022

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Major International Business Headlines Brief::: 28 September 2022 

 


 

 


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ü  Government gambling with the UK economy, says Asda chairman

ü  TikTok may be fined £27m for failing to protect children

ü  Aldi boss: Shoppers are switching in their droves

ü  Mortgage lenders pull deals due to interest rate rise fears

ü  Workers rush to take second jobs: 'I felt I had no choice'

ü  Pressure on Kwasi Kwarteng after sterling hit

ü  South Africa: Deputy Minister Nomalungelo Gina Visits Titanium Dioxide
Pigment Plant in Richards Bay

ü  Ghana: Road-Sector Progress Laudable

ü  Ghana: VP Bawumia Commissions Sinohydro Cape Coast Inner City Roads

ü  Liberia: A Simple Economic Guide to Fix Liberia

ü  Nigeria: Shell's Nigerian Operations May Decline As Incoming CEO Set to
Rev Up Renewables Drive

ü  Bank will 'not hesitate' to raise interest rates after pound's fall

ü  iPhone in India: Apple makes new handset in India in shift from China

ü  Russia's gas pipeline leaking into Baltic Sea - Denmark

ü  Tim Cook: 'No good excuse' for lack of women in tech

 


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Government gambling with the UK economy, says Asda chairman

Sir Stuart Rose, chairman of Asda and former chief executive of Marks and
Spencer, has told the BBC the government is gambling with the UK's economic
future, likening the government's mini-budget to a bet on a horse race.

 

"They have put the entire UK economy on the 3:30 at Epsom," he said. "If it
comes in people will cheer but if it doesn't people will be in a very
difficult position indeed."

 

He cast doubt on the UK economy's ability to grow, as he pointed to Asda's
closely followed income tracker which shows that the poorest 20% of
households are already spending £60 more than they are earning every month.

 

"That household budget deficit means people are having to rein in spending
and move away from premium brands."

 

Companies are not only facing a vicious squeeze on customer budgets, their
own borrowing costs have rocketed in the last year making it very difficult
for firms to borrow to invest and grow their own business and - in turn -
the economy as a whole.

 

The S&P Investment Grade Corporate Bond index shows that in October last
year, UK companies that are considered to have strong finances - deemed
investment grade - could borrow for 10 years at 1.76%. That same debt is now
costing 6.1%.

 

Well-known names that are slightly below investment grade (e.g. Marks and
Spencer) would face interest rates of more than 10% for a five-year loan if
they needed to borrow right now.

 

Companies that use the bond market to raise money will have lots of loans
with fixed and different end dates so will not necessarily be paying more
right now. But bankers say for those with loans maturing, and hoping to roll
them over into new loans, the corporate lending market is expensive to the
point of practically being shut.

 

As one senior banker told the BBC: "No one knows the value of anything right
now, which means no one will be doing anything until this massive
uncertainty clears."

 

He added that many firms were looking to reduce debt, which could mean
selling off non-core bits of their business.

 

While it is early days, in the current environment few firms will be looking
at ways to pour money into new projects - which is the outcome the
chancellor desperately wants.-BBC

 

 

 

TikTok may be fined £27m for failing to protect children

TikTok could face a £27m fine for failing to protect children's privacy when
they're using the platform.

 

The UK's Information Commissioner's Office (ICO) found the video-sharing
platform may have processed the data of under-13s without appropriate
consent.

 

The watchdog said the breach happened over more than two years - until July
2020 - but that it had not yet drawn final conclusions.

 

TikTok says it disputes the findings, noting that they are "provisional".

 

The ICO has issued TikTok Inc and TikTok Information Technologies UK Limited
with a "notice of intent" - a legal document which precedes a potential
fine.

 

The notice sets out the ICO's provisional view that TikTok breached UK data
protection law between May 2018 and July 2020.

 

 

The ICO investigation found the social platform may have:

 

processed the data of children under the age of 13 without appropriate
parental consent

failed to provide proper information to its users in a concise, transparent
and easily understood way

processed special category data, without legal grounds to do so

According to Ofcom, 44% of eight to 12-year-olds in the UK use TikTok,
despite its policies forbidding under-13s on the platform.

 

Information Commissioner John Edwards said: "We all want children to be able
to learn and experience the digital world, but with proper data privacy
protections.

 

"Companies providing digital services have a legal duty to put those
protections in place, but our provisional view is that TikTok fell short of
meeting that requirement."

 

TikTok has rolled out a number of features to strengthen the privacy and
safety on the site - including allowing parents to link their accounts to
their children's, and disabling direct messaging for under-16s.

 

But Mr Edwards continued: "I've been clear that our work to better protect
children online involves working with organisations, but will also involve
enforcement action where necessary.

 

"In addition to this, we are currently looking into how over 50 different
online services are conforming with the Children's Code, and have six
ongoing investigations looking into companies providing digital services who
haven't, in our initial view, taken their responsibilities around child
safety seriously enough."

 

Rolled out in September last year, the Children's Code put in place new data
protection codes of practice for online services likely to be accessed by
children, built on existing data protection laws, with financial penalties a
possibility for serious breaches.

 

The ICO said its findings in the notice were provisional, with no conclusion
to be drawn at this stage that there had been any breach of data protection
law.

 

It added: "We will carefully consider any representations from TikTok before
taking a final decision."

 

A TikTok spokesperson said: "This notice of intent, covering the period May
2018-July 2020, is provisional and as the ICO itself has stated, no final
conclusions can be drawn at this time.

 

"While we respect the ICO's role in safeguarding privacy in the UK, we
disagree with the preliminary views expressed and intend to formally respond
to the ICO in due course."

 

Previous action

In 2019, the firm was given a record $5.7m fine by the Federal Trade
Commission, for mishandling children's data.

 

It has also been fined in South Korea for similar reasons.

 

In July, the US Senate Commerce Committee voted to approve a measure that
would raise the age that children were given special online privacy
protections to 16, and prohibit targeted advertising to children without
consent.-BBC

 

 

 

 

Aldi boss: Shoppers are switching in their droves

The boss of Aldi has said customers are switching to the discounter "in
droves" as the cost of living crisis continues to hit struggling households.

 

Aldi has gained more than 1.5 million customers in 12 weeks, UK chief
executive Giles Hurley told the BBC.

 

The discounter has recently overtaken Morrisons to become the fourth biggest
supermarket in the UK.

 

Rival discounter Lidl has also been gaining ground as shoppers seek to lower
their bills.

 

There has been an "unprecedented" change in consumer behaviour as inflation
has soared, Mr Hurley said.

 

"We're seeing customers switch in their droves," he said. "Customers are
prioritising value like never before and switching their shopping to Aldi."

 

Aldi becomes Britain's fourth-largest supermarket

Mr Hurley said shoppers from "all of the traditional full-price
supermarkets" were coming to Aldi.

 

According to the retail research firm Kantar, sales at Aldi were up 19% for
the 12 weeks to September compared with the same time last year. If it keeps
growing at this rate, it will add up to an extra billion or so pounds in
sales this year.

 

"We haven't seen growth rates like this since the last recession," said Mr
Hurley, referring to the recession in 2008-2009.

 

Rival discounter Lidl is also seeing a rapid increase in sales.

 

Both businesses are still opening new stores, which is driving extra sales.
Prices are also rising, which pushes up the value of sales.

 

But Mr Hurley insists that Aldi's popularity is broad-based.

 

"There's no doubt that some of our sales can be apportioned to new stores,"
he says.

 

"But the majority are coming from within the existing business as customers
reappraise their search for value. It's not just about new shoppers, it's
also about existing shoppers consolidating their shop at Aldi, and using
Aldi as a first-stop shop."

 

Bargain hunting

Consumers are buying fewer big brands and putting cheaper own-label products
in their shopping baskets instead.

 

According to retail research firm, Kantar, private label ranges now account
for 51% of the market, compared to branded products.

 

Sales of the cheapest own label ranges are up by a third on last year.

 

More than 90% of products at Aldi are non-branded items.

 

Mr Hurley says the business is seeing growth across all categories, from a
20% increase in sales of its nappy range to a 29% rise in its premium
Specially Selected range in the last three months.

 

What is the UK inflation rate and why is the cost of living rising?

Pound hits fresh 37-year low against dollar

Mr Hurley was speaking as the chain released its results for the last
financial year covering the twelve months to the end of December 2021.

 

Aldi only racked up a small increase in sales compared with the previous
year with revenues of £13.6bn, as it missed out on the online grocery boom
during the pandemic.

 

Pre-tax profits fell by 87% to £36m. That's a net profit margin of less than
a third of 1%.

 

Aldi says the fall was down to Covid costs, increasing staff pay and
investing in prices.

 

Aldi is a privately-owned business, something which Mr Hurley says gives it
a big advantage.

 

"We can look very much to the long term and not worry about short term
results."

 

Like Lidl, the chain is part of a much bigger German-owned retailer. Both
discounters are still expanding, unlike traditional supermarkets which are
adding little, if any, new space.

 

Selling supermarket food is a highly competitive market, an industry that's
driven by volume and market share.

 

"The bigger your sales, the more you can invest in your pricing and the
better deals you can, in turn, get from your suppliers," says Duncan Brewer,
head of the retail and consumer products strategy team at EY-Parthenon

 

"It's that flywheel effect. And of course, if your volume falls, the
trickier things can quickly get. The grocery pie isn't getting any bigger so
for the main supermarkets it's all about taking someone else's slice."

 

Aldi now has just over 970 stores. It's planning to open another 16 before
the end of the year, with a target of hitting 1,200 stores by 2025.

 

It may be piling on shoppers, but Adam Leyland, editor-in-chief of the
Grocer magazine, says Aldi isn't going to get things all its own way.

 

This is unlike during the financial crisis, when the big four chains raised
prices too much, allowing the discounters to steal a march and begin their
breakneck expansion.

 

"Pricing is far more nuanced than it used to be," he said. "It's not
straightforward. All the established players have developed their
entry-level ranges to be more competitive, with some price matching against
the discounters on hundreds of lines.

 

"To maintain a price gap, discounter prices are around 15% cheaper than in
continental Europe. It shows they're having to work a lot harder," Mr
Leyland added.

 

Tesco and Sainsbury's have been price-matching Aldi on key products.

 

Asda has recently launched a revamped basic range, Just Essentials, and had
to put a temporary limit on the number of products customers can buy to keep
up with demand.

 

Aldi's big rivals are determined not to make the same mistakes again, but
the cost pressures are enormous for every supermarket. Food prices on the
shelves are rising at their fastest rate in more than a decade.

 

Mr Hurley wouldn't be drawn on how much more food price inflation is still
to come, saying that the last few years had taught him it was "very, very
difficult to predict the future."

 

Aldi's more efficient business model, he claimed, is better placed to
insulate customers from rising prices right across the food supply chain.

 

So how much profit margin is Aldi prepared to sacrifice this year to protect
shoppers?

 

"We always make value the cornerstone of our business. No matter what it
takes," says Mr Hurley, a sign that he's determined to keep the pressure
on.-BBC

 

 

 

Mortgage lenders pull deals due to interest rate rise fears

Some mortgage deals have been withdrawn by banks and building societies
after a fall in the pound fuelled forecasts of a sharp rise in interest
rates.

 

Virgin Money and Skipton Building Society halted mortgage offers for new
customers, but said submitted applications would still be processed.

 

Halifax said it would stop mortgages with product fees.

 

The Bank of England said on Monday it would "not hesitate" to hike interest
rates after the pound hit record lows.

 

The pound plunged against the dollar on Monday after comments at the weekend
from Chancellor Kwasi Kwarteng pledging more tax cuts, on top of Friday's
mini-budget when he announced the biggest tax cuts for 50 years. Overnight,
the pound stabilised at $1.08 after hitting a record low of $1.03 on Monday.

 

The mini-budget plans will require a large increase in government borrowing
and concerns among investors about the country's ability to meet that debt
led to the value of the pound being pushed down while the cost of UK
government borrowing also soared.

 

Former US Treasury Secretary Larry Summers tweeted: "I was very pessimistic
about the consequences of utterly irresponsible UK policy on Friday. But, I
did not expect markets to get so bad so fast."

 

A weaker pound also makes imports and goods priced in dollars, such as oil,
much more costly and risks fuelling price rises at a time when UK inflation
is at its highest for 40 years.

 

The Bank of England said it would make a full assessment as to whether it
should change interest rates at its next meeting on 3 November, following
speculation it might have intervened earlier.

 

Following Monday's volatility, financial markets updated predictions and
said interest rates could now more than double by next spring to 5.8%, from
their current level of 2.25%, to curb inflation - the rate at which prices
for consumers rise.

 

Experts said a rise in the cost of long-term borrowing meant the current
cost to mortgage lenders of offering new deals was now more expensive. There
are also concerns that would-be borrowers will rush to secure mortgages at
favourable rates before interest rates rise and if they do jump, homeowners
will not be able to afford higher repayments.

 

Some 8.3 million people have mortgages in the UK, according to UK Finance,
the trade association.

 

The number of residential mortgages on offer by lenders fell to 3,596 on
Tuesday, according to financial information firm Moneyfacts, compared with
3,961 deals on Friday when the mini-budget was announced. It is also a sharp
fall from the number available in December last year when the Bank of
England started raising interest rates.

 

Julie-Ann Haines, chief executive at Principality Building Society, said:
"As a lender what we need to do is one of two things. Firstly to make sure
that customer mortgages are affordable. We have to do that under regulation
and we therefore need to stress-test and make sure that if the Bank of
England base rates go up that consumers can still afford their mortgage.

 

"And of course the second thing is banks and building societies have to be
able to make a margin and so they have to price that increased financial
market view of the interest rates into their products, and that's why you're
seeing [mortgage] rates start to really go up quite fast over the past two
to three months."

 

The Bank has already lifted interest rates seven times in a row since
December to the highest rate in 14 years.

 

In August, the Bank scrapped a mortgage affordability rule which required
banks and building societies to stress test whether homeowners could cope
with a 3% rise in interest rates.

 

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if
interest rates rise as predicted, the average household refinancing a
two-year fixed rate mortgage in the first half of next year would see
monthly payments jump to £1,490 from £863.

 

"Many simply won't be able to afford this," he said.

 

Pound v dollar graphic

A spokesman for Virgin Money confirmed its decision to halt deals for new
customers was due to the market conditions.

 

Both it and Skipton Building Society said they would issue a new range of
mortgage deals in the coming weeks.

 

Halifax said from Wednesday it would remove mortgage products that come with
a fee "as a result of significant changes in mortgage market pricing we've
seen over recent weeks".

 

Mortgage deals which have product fees can result in lower monthly
repayments for homeowners, with the fee being added to the total mortgage
debt.

 

But although mortgage rates may be lower per month, the overall cost of the
loan will be higher due to more interest accruing over time.

 

Halifax said it had not changed its mortgage rates and it continued to offer
product fee-free options for borrowers.

 

HSBC said it had no plans to change mortgage offers, while NatWest said its
rates were under "continual review in line with market conditions".
Nationwide said it had not withdrawn any mortgage deals and will "continue
to keep the market under review".

 

TSB declined to comment.

 

The statement from the Bank of England came shortly after a separate
statement by the Treasury, seemingly intended to reassure investors, laying
out a timetable for when more details of the government's plans would be
given.

 

It said cabinet ministers would announce measures to boost growth over the
coming weeks and that the chancellor would set out a "medium-term fiscal
plan", including measures to reduce the national debt, on 23 November.

 

It also said the plan would come with a forecast of expected UK growth and
government borrowing from the independent Office for Budget Responsibility,
the omission of which from Friday's mini-budget had drawn criticism.

 

In government, there is nervousness about talking about what is going on.

 

And there is nervousness about NOT talking about what is going on.

 

What does that tell you?

 

It tells you the government has been a reluctant passenger on this big
dipper of market volatility that it strapped itself and the rest of us into.

 

There appears to be some relief that the markets overnight are not as bumpy.

 

They think, they hope - and there's a lot of hoping going on - that the
double dose of attempted reassurance from the Treasury and the Bank of
England on Monday shows a road map without a panic.

 

But guess what? No sooner had I just said what you've just read on the radio
and a minister texted me suggesting this was "too optimistic."

 

"The impact on mortgage rates of these ill-considered policies will be very
damaging. I can't see the pound rising substantially, in fact it feels more
likely to drift down further over time if this path is continued."-BBC

 

 

 

Workers rush to take second jobs: 'I felt I had no choice'

Jude Harford says she would rather not have a second job, especially as she
has young children, but as living costs soar she felt she had no choice.

 

"Everything is ridiculously expensive right now," the mum-of-two from Poole
says. "We need the extra money."

 

Research seen by the BBC suggests millions of people have also been forced
to take on additional jobs, due to the rising cost of living.

 

The Royal London report surveyed 4,000 UK adults.

 

Ms Harford, who is a part-time nurse, took on a second job with an energy
company in April to boost her income.

 

"It was a double-edged thing," she says. "It was to make sure we have a
decent quality of life now, but also about future planning, for our
financial security."

 

 

The job at the energy firm pays much better than her nursing job. It also
offers flexible hours, which means she is able to pick up her children, aged
10 and 14, after school. But she still wishes she did not have to do it.

 

"I felt I had no choice," she says. "If I didn't have the stress of having
to work a second job, I could be around the kids more, which is important
while they're still young."

 

Ms Harford's experience is not unique, according to research by insurer
Royal London.

 

The report found 16% of workers they surveyed have taken on an additional
job to help pay for the cost of living increases. If true across the UK,
that would equate to 5.2 million people.

 

A further 30% of people asked said they will need to do so if costs continue
to rise.

 

Royal London's figures are higher than official data from the Office for
National Statistics (ONS), which suggests around 1.2 million UK workers have
second jobs. However, the ONS figures also suggest that number has been
rising over the past two years.

 

The cost of living is increasing at its fastest rate in nearly 40 years,
driven largely by the rising cost of food and energy.

 

Rising costs are eating into budgets, with price rises outstripping wages.

 

The survey by Royal London suggested that one job is not enough for millions
of workers, as costs continue to soar.

 

However, working more hours is not a realistic option for many UK employees.
Over a quarter (28%) of full-time employees already work over 48 hours a
week, according to the research.

 

Out of those, a fifth say they are working more than 56 hours every week.

 

Despite working long hours or multiple jobs, many people are still finding
it difficult to bring in enough money to cover bills. Nearly a third (31%)
of people are already having to spend money they do not have, borrowing or
using their bank overdraft, the research said.

 

'Tough winter ahead'

"We know that many households started reining in their spending six months
ago as costs first started to rise, but with bills continuing to climb, it
could be an incredibly tough winter ahead," said Sarah Pennells, consumer
finance specialist at Royal London.

 

"While many have resorted to making significant spending adjustments,
others, despite working all the hours they can, just can't keep their heads
above water."

 

The government is limiting energy bill rises for all households for two
years as Prime Minister Liz Truss tries to prevent widespread hardship.

 

A typical household energy bill will be capped at £2,500 annually until
2024, although bills will vary according to how much gas and electricity is
used.

 

But despite this, many people are still concerned about their finances, Ms
Pennells said.

 

"While the government's energy price freeze announcement will have brought
relief, escalating costs across the board are deeply worrying, with only one
in 10 adults confident they'll be able to cope financially," she said.

 

Rising costs are not just impacting finances. According to the survey, over
three fifths (64%) of adults say they are overwhelmed.

 

But nearly three quarters (72%) of UK adults have not approached anyone for
help with the cost of living crisis.

 

Royal London suggested contacting your energy provider if you are finding it
hard to pay your energy bills, and contacting Citizens Advice if you cannot
agree a plan.

 

National poverty charity Turn2us urged people who are worried about money to
seek advice as soon as possible.

 

The charity also recommends speaking to a specialist debt organisations to
get help with rising debt.-BBC

 

 

 

 

Pressure on Kwasi Kwarteng after sterling hit

The official line from government is no comment on market movements. The
baptism of fire for the chancellor after his budgetary statement continued
in the early hours of Monday morning, when the pound fell to a fresh 37-year
lows in early Asian trade, and then plummeted to an all-time lows against
the dollar.

 

The pound has since regained some ground, but whatever is said in public,
behind the scenes, the government will be deeply concerned about the weak
pound as well as the surge in UK government borrowing costs, in particular.

 

Borrowing costs reached their highest levels since August 2008 on Monday
morning. The effective rate of interest on borrowing for two-year and
five-year periods reached 4.5%.

 

The moves reflect a combination of Britain being charged more for larger
borrowings and the Bank of England now predicted to raise interest rates
much more aggressively.

 

These rates will effectively be passed on to household and commercial
borrowers of fixed-term loans. While the injection of cash from tax cuts
should help temper the recession, very fast rate rises could make that
worse.

 

Pound hits record low after tax cut plans

I want to keep cutting taxes, says Kwarteng

It is an unusual and concerning sign that these borrowing costs are going up
at the same time as the value of sterling has fallen sharply.

 

Some financial markets are now indicating a one-in-four chance of one pound
being worth less than a dollar. It is effectively the lowest value for
sterling against the dollar in the history of the US currency.

 

The last time the value of the pound was anywhere near $1.05 was in February
1985. Back then, the official line from Downing Street was also that the
government was unworried by a slide in the pound, and that it was mainly the
result of a strong dollar and speculation.

 

In private, official papers from that time, reveal that Mrs Thatcher was
seeking answers from President Reagan, and imploring the Treasury to set a
trap for those speculating against the pound. Eventually the Bank of England
raised interest rates to protect the value of sterling.

 

While the dollar has been very strong as its central bank the Federal
Reserve has hiked interest rates aggressively, sterling has also been weak
against other major currencies such as the euro. Some economists and traders
anticipate the government or Bank of England could have to intervene in some
form to shore up confidence.-BBC

 

 

 

South Africa: Deputy Minister Nomalungelo Gina Visits Titanium Dioxide
Pigment Plant in Richards Bay

Government happy with progress at titanium dioxide pigment plant in Richards
Bay

 

The Deputy Minister of Trade, Industry and Competition (the dtic), Ms
Nomalungelo Gina says government is happy with the progress made at the
titanium dioxide pigment manufacturing plant based at the Richards Bay
Industrial Development Zone (RBIDZ) in KwaZulu-Natal.

 

Gina was visiting the zone and Nyanza Lights Metals to evaluate the phase
one completion of the infrastructure construction being built by the company
for their chemicals plant.

 

According to Gina, the visit highlighted the need to support highly
technical sector plants that have a potential to create sustainable jobs and
train graduates in the scarce skills.

 

 

"South Africa is the second largest producer of titanium-bearing minerals in
the world after

 

Australia, and has a potential to benefit the local industry and create
much-needed jobs in the country. More than 90% of all titanium feedstock is
consumed by the pigment sector, which drives demand for titanium mineral
concentrates," said Gina

 

Gina added that titanium dioxide was a key component in many industrial
applications and consumer goods, such as paints, plastics, cosmetics, paper,
rubber, ceramics, and textiles.

 

"Previously government had invested in initiatives that were primarily
concerned with the metals beneficiation through research, so now it is
encouraging to see companies willing to work with government and invest in
plants and skills development," she said.

 

The Chief of Executive Office of Nyanza Lights Metals, Mr Donovan
Chimhandamba said when the construction of the Nyanza mineral beneficiation
plant starts next year, between two and three thousand jobs will be created.
He added that once the plant was fully commissioned, 1 200 direct jobs will
be created.

 

-Govt of SA.

 

 

 

Ghana: Road-Sector Progress Laudable

Vice President Dr Mahamudu Bawumia cut the sod for the construction of 30
kilometres of inner city roads in Cape Coast.

 

The road project falls under the Ghana-Sinohydro Master Project Support
Agreement.

 

Works on the roads in the communities in Cape Coast involved drainage,
earthworks and bituminous asphaltic surfacing that have upgraded them and
thus improved their accessibility and quality of life.

 

Communities directly benefiting from the roads are Akotokyir, Amamoma,
Kwaprow, part of Abura, English Arabic Area, PPAG Area, Amissano, Besakrom,
Dunkwakrom, Eyifua and Kakumdo.

 

 

Yesterday, the Vice President inaugurated 22 kilometres of the roads almost
three years after cutting the sod for the project to begin.

 

It is important for the government to see to it that every community in the
country is connected by the road network for social and economic activities
to thrive everywhere, even in hamlets.

 

The Akufo-Addo administration cannot be said to have constructed or
rehabilitated roads everywhere in the country.

 

This is because the cry and even warnings or ultimatums regarding the need
for roads in certain communities are common in the news.

 

However, only the opponents of the government who have vowed to not give it
any credit for its performance in any sector of the economy will deny the
fact that it is undertaking road projects across all the 16 regions of the
country.

 

It will be recalled, for example, that before Dr Bawumia cut the sod on
November 21, 2019 for the construction of the Cape Coast roads inaugurated
yesterday, he had performed a similar ceremony in the week for work to begin
on the 88-kilometre Hohoe-Jasikan-Dodopepeso road in the Oti Region.

 

 

Just yesterday, he stated that other projects such as the Tamale
interchange, upgrading of selected feeder roads in Ashanti and Western
regions had also been completed and inaugurated.

 

He added that there were three lots under the Sinohydro agreement with
projects at various stages of completion.

 

For President Nana Addo Dankwa Akufo-Addo to even declare the year 2020 as
his government's year of roads indicates his administration's commitment to
address the poor road network.

 

It is heartwarming that in spite of the achievement in the road sector, Nana
Akufo-Addo himself admits in public speeches that there is still a lot more
work to be done to improve the flow of road traffic in Ghana.

 

On this score, the Ghanaian Times appeals to communities agitating for roads
to exercise restraints but keep their requests alive by not giving their
assemblies, the minister of road and the sector ministry the peace of mind
until their requests are met.

 

Sometimes one wonders if certain communities are actually in this country
and whether politicians go there to campaign during electioneering, or they
have district assemblies or Members of Parliament.

 

The roads connecting these communities are muddy, "man-holed or pot-holed",
have their bridges washed away or hanging as deathtraps or have become
impassable.

 

Sometimes, it hard to fathom why certain roads have been abandoned for who
knows how long while others are improved continuously even when
rehabilitation appears unnecessary.

 

Let the government make every community feel connected and part of the
country with motorable or passable roads, whether asphalted or not.

 

In the meantime, efforts in the road sector show signs of more progress.

 

-Ghanaian Times.

 

 

 

 

Ghana: VP Bawumia Commissions Sinohydro Cape Coast Inner City Roads

The Vice President, Dr. Mahamudu Bawumia, has, on Monday September 26, 2022,
commissioned the construction of inner-city roads in the Central Regional
Capital, Cape Coast.

 

Speaking at the same ceremony in Cape Coast, the Vice President also named
major road projects the NPP Government has undertaken in the Central Region,
which he indicated, is part of the Akufo-Addo Government's overall
commitment to improving road networks across the country.

 

The Construction of the Cape Coast Inner City Roads is part of the Master
Project Support Agreement (MPSA) between the Government of Ghana and the
Peoples Republic of China through SinoHydro Corporation.

 

 

A total of 441km of roads and two interchanges are part of Phase 1 of the
agreement, which, among others, include a 100km Kumasi Inner City Roads, the
on-going Takoradi interchange the first ever interchange in the north, the
Tamale Interchange and the Jasikan-Dodi-Pepeso road, which have already been
commissioned.

 

In his address, Vice President Bawumia, expressed delight at the
commissioning of yet another inner city roads from the SinoHydro agreement,
which he said, has silenced critics, after they raised doubts over the
feasibility of the Sinohydro agreement when it was signed a few years ago
following his visit to China.

 

"I am particularly happy today because when we first mooted the idea of the
SinoHydro road project after my visit to China in 2018, many of our
political opponents said that what we were proposing to do under the
SinoHydro road projects was not possible. They said we were lying," Dr.
Bawumia said.

 

 

"But today marks yet another day of the commissioning of yet another
SinoHydro project.

 

Unfortunately for some of our opponents, when we say something and they
don't understand, instead of asking for explanation and also reading about
it, they don't like to read, they don't wany to ask for explanation; they
just say you're lying. But today, as we commission the road, they are
silent. They are no longer saying it is not possible."

 

MASSIVE ROAD PROJECTS IN CENTRAL REGION

 

Apart from the SinoHydro Cape Coast Inner City roads, Dr. Bawumia revealed
that the Governemnt of President Akufo-Addo has completed a number of major
road projects in the Central Region, which include: partial reconstruction
of the Cape Coast-Twifo Praso road and access road to Kakaum Park -30km,
ugrading of Dunkwa-Twifo Praso-Assin Foso road - 20km, and partial
reconstruction of Bawjiase-Agona Swedru road - 15km.

 

He added that the Department of Urban Roads have also completed 30km of
asphalt overlay works, and beneficiary towns include Cape Coast, Agona
Swedru, Winneba and Anomabo. In addition, the DUR, Dr. Bawumia revealed,
have regravelled 50km of roads and also undertook the rehabilitation of
7.5km of roads in the Central Region.

 

 

For feeder roads, the Vice President noted that the Department of Feeder
Roads have upgraded 75km of roads in the Central Region to bitumen surfacing
and constructed 6 major bridges.

 

The roads include: the bitumen surfacing of Winneba-Sankor-Ojobi-Akoti road
- 22km, bitumen surfacing of Kushea - Abotareye -Akwawusu- Atweneboana -
16.5km, and bitumen surfacing of Nyarkrom-Bobikuma road, which 12.5km.

 

Among bridges that the Government has constructed in the Central Region are
the construction of 105m span Steel Bridge on Suprudu-Ammissano-Mankessim
Feeder Road, construction of 25m, 20m and 40m spand steel bridges over
rivers Akora, Osene and Okyi respectively.

 

SINOHYDRO PROJECTS

 

Apart from the Cape Coast Inner City project he commissined, Dr. Bawumia
also gave updates on other on-going projects in other parts of the country
under the SinoHydro agreement.

 

The list include: the Tamale Interchange, upgrading of selected feeder roads
in Ashanti and Western Regions, as well as the Jaskian-Dodopepeso road,
which have all been completed and commissioned.

 

Among on-going Sinohydro projects the Vice President listed are: 100km of
Kumasi Inner City roads, the construction of PTC interchange in Takoradi,
which is at 50%, and the construction of Sunyani and Berekum Inner City
roads, which are at 60% complete.

 

The Vice President reiterated the NPP Government's commitment to its quest
to improving road networks in the country, stating that no government in the
history of the country has built more roads and interchanges than the
current Akufo-Addo Government.

 

-Ghana Presidency.

 

 

 

 

Liberia: A Simple Economic Guide to Fix Liberia

A society cannot develop in the absence of adhering to the basic tenets of
nation-building. The concept of developing a pluralistic society must be
planned with an exceptionally higher degree of consideration for the rising
complexities of the state and the needs of the people. Development is an
economic construct with growth connotations; this concept applies and
utilizes technical knowhow and available resources to spur economic growth
and advance the standard of living in that location.

 

The drive for a higher quality of life must be balanced against sound
policies that fit the times and aspirations of the people. Note, however,
that this endeavor to develop must be balanced against time tested economic
and developmental principles that have worked in countries with similar
challenges as ours. Liberia's aspirations must be met with Liberian centered
solutions.

 

 

Setting Developmental Standards

 

To practicalize your developmental theories, leaders must strategically
recruit the best and brightest of its citizens, especially those who have
mastered their craft and upped their expertise to production levels. Setup a
committee entirely dedicated to head-hunting the best Liberian Professionals
from around the world - pay them competitively but tie their compensation to
production and targeted output.

 

Development is entirely about producing results that benefit the society at
large; it has nothing to do with loyalty or "party discipline". Focus your
efforts on your plans and how to achieve them - understand that there is
campaigning and there is governing; the latter must take precedence far
above everything else. Governing is an inclusive action; it aims to promote
and accommodate a peaceful coexistence of different groups with competing
interests.

 

 

Moreover, your developmental standards must be tailored to our local
conditions; do not blindly employ foreign methodologies simply because they
appeared to work in other countries. There must be an infusion of local
cultures and traditions for any strategy to work. A Liberian Think Tank
comprising of experts must approve and ensure developmental concepts meet
the "Local Benchmark Test" before implementation.

 

The first step to begin fixing Liberia is to clearly define a National
Development Master Plan that must be followed by successive administrations.
Enshrine this into laws, ensuring no president can alter these national
plans in a major way without legislative approval. New administrations can
make minor changes and the national legislature can improve on these plans
provided they align with the overall developmental vision defined in the
original documents. The national plan must detail and clearly define
sustainable infrastructural goals and systems for education, health care
provision, roads, railways and transportation, security, sanitation and
water supply, energy and electrification, national economic structure,
telecommunication, industrialization, geopolitical strategy, etc. This
should be our national roadmap that guides our development. There must be a
forceful commitment to the national developmental agenda; new
administrations should have little to no discretion on already set national
plan. These guidelines must be strictly followed.

 

 

Demarcate regional blocks for targeted development. Create regional economic
zones with local plurality. Utilize and improve local knowhow to build and
market locally available and produced commodities. Promote regional
specializations in specific areas and grow those areas to develop local
infrastructure. Your ideas must be generated locally by local people who
truly understand and can clearly define their needs.

 

Macroeconomic Stability

 

Monetary and fiscal policies are primarily meant to reduce volatility,
enhance market efficiencies, and provide a stable platform to promote
economic growth. However, the type of indicators used to gauge macroeconomic
stability to include price fluctuations, interest rate volatility, growth in
real GDP, current account changes, health of government finances, employment
volatility, taxes, etc., must be closely monitored to avoid the
inefficiencies that cause a collapse in that economy. Remember, economic
stability is the absence (and control) of excessive fluctuations in domestic
market forces. Authorities must design policies that ensure constant
production levels and a balance in market forces to avoid inflation and
uncontrolled market variations.

 

Part of a government's job is to maintain a balance in market forces while
at the same time growing the economy for the betterment of a large majority
of its people. To achieve that growth, administrators of government must
implement a proven strategy that has passed the local benchmark test, but at
the same time infused with sufficient innovation to be on par with the times
- there must be a design of strategy that considers a whole host of things
that are in line with time-tested economic principles.

 

Take for example where the country is and where it should be given available
resources and options:

 

Has the government considered its current unemployment numbers and the
social vulnerabilities to its bottom line?

 

How is it contrasting its exports and import against our balance of trade?

 

Has the government adequately factored in the informal economy and how it
impacts the overall domestic market - how does it intent to bring it into
the formal sector for accountability and tax purposes?

 

What are the short-term and long-term valuations - do they fit in the
overall grand strategy?

 

Has it taken local capacity into account and do local people possess the
expertise for the government growth strategy it plans on implementing?

 

What are the barriers to entry and access to capital - are interest rates
competitive?

 

Consider that your goal is to maintain an increasing rate of economic growth
and output, higher income, and a higher standard of living for your people,
increased revenue, stable inflation, and low unemployment. All your
decisions must be weighed against these measures while at the same time
ensuring efficient government utilization of available resources. Know that
people cannot rise above their capabilities; continuous education and
training are vitally important for growth.

 

Increase and direct a huge portion of your tertiary education budget towards
targeted, hands-on skill development across the country; limit degrees in
social sciences such as political science, sociology, etc. The intent here
is to develop the specialized skillset required to get the kind of results
and the human capacity development the country needs to begin true
development. Organize this strategy in a way that proportionally supports
each region and its need for growth. Track and measure growth in the regions
and adjust accordingly.

 

Create and implement regional economic strategy with specializations
suitable for each region of the country - establish local diversification
plans that support your overall national vision. Design plans in a way that
ensures each region is specialized in certain markets/commodities while at
the same time developing synergy amongst the various regions to achieve
oneness of purpose. Think of it as a division of labor, or in our case a
division of specialization as described by Adam Smith in "The Wealth of
Nations".

 

Expand regional financial institutions - banks, increase government
subsidies to ensure easy access to capital. Promote competition especially
in areas with the greatest opportunities; discourage monopolies and limit
political influence in the free market system. Let fair competition guide
and strengthen the process. Your goal here is to build a robust system that
can withstand the tests of time but at the same time making each region a
self-sustaining, economic hub.

 

Moreover, diversifications will help counter against national inflation,
create a strategically balanced economy with regional support and ensure we
gradually limit our reliance on the extractive side that has never helped
the country in any meaningful way (Read "Close the Mines in Liberia: All of
Them). Keep in mind that developing countries without strong and independent
governing institutions are always on the receiving end of the negative
effects of extractive industry to include poverty and inequality,
environmental degradation, dispossession and the loss of livelihood,
violence, never-ending conflicts, etc.

 

Nevertheless, government macroeconomic strategy details should outline how
it intends to gradually limit importation and expand exportation of
regionally produced commodities. There must be realistic timeframe to halt
all importation of food products such as rice, flour, sugar, poultry, fish,
and other "everyday items" that can be locally produced. This strategy must
include the development of new industries and the beginning stages of
manufacturing; make sure we entirely control and own the process. Deregulate
regional restrictions, increase women participation; ensure local
administrators make most of the decisions for their locales. The people must
own the strategy for it work - tie it to their identity!

 

The Simple chart below will give you a better insight on the different areas
to focus your policy strategy; nation-building and economic development must
be an intentional endeavor, and a continuous process that is guided by
expert hands.

 

Policies for Nation Building and Economic Development

 

Strategic economic development plans must focus on generating market
understanding, convergence of skills and specialization, revitalization, and
policy positioning. The national vision must be pursued in oneness to get
the maximum effect and the transformation that is needed for development.
National self-sufficiency and true economic independence can only be
attained if there is a uniformity of purpose across the country. Call a
nation-wide "Coop" (cooperative) to build the country!

 

Law and Justice

 

Institutional governance is the one surest way to build a pluralistic and
economically balanced society (Read "Institutional Governance is the only
Hope for Liberia")! Outside of law and justice, we will have nothing but a
collapsed system and a kleptocratic arrangement like the one we see being
manifested in Liberia today.

 

To achieve economic vibrancy, the rule of law must be the central pillar in
all policy design. Everything must be built around our reliance on judicial
independence and strict adhering to the rules that ensure stability in an
equitable fashion. Liberia stands zero chance for economic transformation if
decisions are not guided and protected by the rule of law. To get the
process of nation building to work, there must be total citizen involvement
- all hands on deck.

 

The issue of corruption and the chaos that follows can only happen in a
location where the rule of law is only on paper and not enforced. Define a
serious anti-corruption agenda that is administered with total independence
- this includes full prosecutorial powers, constitutionally granted to an
anti-graft institution that entirely controls its own affairs with its own
court headed by five judges. There should be no jury trials for corruption
cases, except where special, strict standards are established for jurors in
these cases. Our country is too poor with a very high illiteracy rate, most
potential jurors will not understand the full ramification of these cases.
However, document all such cases in the public domain including television
coverage. Limit the frequency for appeals to the supreme court, except in
cases where it is obviously clear the judicial guidelines were not followed.

 

Get ahead and prevent theft of state resources by expanding financial
transparency measures, heavily scrutinize the awarding of public contracts,
strengthen both your political and financial institutions, assess the depths
of corruption and how to counter it. Institute political financial reforms
with total openness for all public offices without restrictions except in
the cases of national security, employ more technology in the fight against
corruption, and push to have a system that is governed by independent
institutions.

 

Know that the lack of law enforcement and corruption threaten national
security and economic development; by default, they increase poverty
numbers, limit opportunities, weaken democracy, and deny our children any
hope for a meaningful future. Furthermore, corruption limits and, in some
instances, denies the country of every possible economic advantage. For
these fixes to work, the rule of law must be aggressively enforced without
fear or favor!

 

-FrontPageAfrica.

 

 

 

Nigeria: Shell's Nigerian Operations May Decline As Incoming CEO Set to Rev
Up Renewables Drive

Shell's incoming Chief Executive, Wael Sawan, is set to accelerate the
group's drive to build its renewable energy business, including through a
possible "transformative" clean power acquisition, company and industry
sources have told Reuters.

 

But this could mean a further cutting down of the multinational's activities
in Nigeria's oil and gas industry, with pressure mounting on the company,
which has operated in Nigeria for over six decades to slow down its
investment in hydrocarbons.

 

Shell has recently begun a divestment drive in Nigeria, citing the many
troubles in the Niger Delta as well as the exigencies of the global energy
transition, which seeks to massively reduce carbon emissions.

 

 

But the process has been stalled by a court decision which is asking the
company to resolve its environment-related issues with one of the
communities it operates before moving on with selling off some of its
onshore and shallow water assets.

 

Sawan will from January next year take on a firm with a strong balance sheet
after a surge in oil and gas prices, but whose renewables capacity has
lagged peers like TotalEnergies and BP as green issues come increasingly
into vogue.

 

Shell aims to halve its greenhouse gas emissions by 2030 and to become a
net-zero emitter by 2050, and is already moving to achieve that, shifting
hundreds of experienced oil and gas staff into the business and hiring
hundreds more this year.

 

A spokesperson for the group said the strategy that Sawan helped build in
his current role will remain, "and delivery of the strategy will be as
dynamic under the new CEO as it has been under the current CEO".

 

But the sources said Lebanese-Canadian Sawan, 48, who is currently head of
Shell's natural gas and renewables business, is likely to further accelerate
the build-up of the group's renewables portfolio.

 

When outgoing CEO Ben van Beurden took office in 2014, he quickly cemented
Shell's position as the world's top Liquefied Natural Gas (LNG) trader with
the $53 billion acquisition of smaller rival BG Group.

 

The company remains hugely reliant on oil and gas, with its renewables and
energy solutions division accounting for just 6 per cent of Shell's earnings
in the second quarter of this year.

 

-This Day.

 

 

 

 

Bank will 'not hesitate' to raise interest rates after pound's fall

The Bank of England has said it will "not hesitate" to hike interest rates
to curb inflation after the pound fell to a record low against the US
dollar.

 

The Bank said it was "monitoring developments closely" and would make a
decision on any action in November.

 

Its statement came after the Treasury said it would publish a plan to tackle
debt in a bid to reassure investors.

 

In Asia currency market trade on Tuesday, the pound rose by more than 1% to
top $1.08.

 

On Monday, some UK lenders said that they were halting new mortgage deals.

 

Halifax, the UK's largest mortgage lender, said it would temporarily
withdraw all mortgage products that come with a fee due to the market
volatility.

 

Virgin Money and Skipton Building Society have also stopped offering
mortgage products to new customers.

 

Experts said a rise in the cost of long-term borrowing due to the market
turmoil meant the cost to lenders of offering new mortgage deals was too
expensive.

 

Sterling fell to an all-time low earlier against the US dollar after
Chancellor Kwasi Kwarteng pledged further tax cuts at the weekend on top of
Friday's mini-budget where he announced the biggest tax cuts in 50 years.

 

The pound had been sliding as global markets reacted to the sharp increase
in government borrowing required to fund the cuts.

 

A weak pound makes it more expensive to buy imported goods and risks pushing
up the rising cost of living even further. Imports of commodities priced in
dollars, including oil and gas, are also more expensive.

 

UK inflation, the rate at which prices rise, is already rising at its
fastest rate for 40 years.

 

Some economists had predicted the Bank of England would call an emergency
meeting in the coming days to raise interest rates in a bid to stem the
fall, as well as calming rising prices.

 

But the Bank of England instead said it was "monitoring developments in
financial markets very closely" and would make a full assessment at its next
meeting on 3 November.

 

Investors are now predicting that interest rates could more than double by
next spring to 5.8% from their current 2.25%, to curb high inflation, which
is expected to be fuelled by the huge tax cuts announced in Friday's
mini-budget.

 

'Not affordable'

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if
interest rates rise as predicted, the average household refinancing a
two-year fixed rate mortgage in the first half of next year would see
monthly payments jump to £1,490 from £863.

 

"Many simply won't be able to afford this," he said.

 

A late afternoon double dose of attempted reassurance - firstly from the
Treasury, and then from the Bank of England.

 

What's new from the Treasury is a timeline with dates attached. There will
be a series of statements from various cabinet ministers about ideas we
heard about on Friday.

 

And then in just under two months, a parliamentary moment. What's being
described as the "Medium Term Fiscal Plan" - and the Office for Budget
Responsibility's number crunching.

 

In short, what the Treasury is attempting to say is this: don't panic, we
know what we're doing.

 

Well, let's see what the markets do next.

 

The market volatility following Mr Kwarteng's mini-budget has also been
linked in part to the government's decision not to publish a forecast of
expected UK growth and government borrowing from independent forecaster the
Office for Budget Responsibility.

 

Martin Weale, Professor of Economics at King's College London and former
member of the Bank of England's Monetary Policy Committee, which votes on
interest rates, told BBC Radio 4's PM programme that people "are concerned
that the government has no plan for bringing the national debt under
control."

 

"Sterling has fallen because market traders have been frightened by the
government's policies, and I think they got further frightened by the sense
over the weekend that this was only the first instalment of some tax cuts."

 

But Lord David Frost, Conservative peer and former chief Brexit negotiator,
said the reaction on global markets was "an overreaction".

 

"I don't think anything has gone wrong, actually, Liz Truss promised change,
a different economic approach to get us back to growth and away from
stagnation."

 

He said as part of this change in approach, interest rates would rise and
the government would need to provide additional support via tax cuts and
whilst it would need to reduce spending medium term, the details of that
would come in November.

 

The government said its financial plan set for 23 November would include
full growth and borrowing forecasts from the Office for Budget
Responsibility.

 

It also pledged to set out further details on the government's spending
rules, including how it will try to decrease debt.

 

Paul Dales, chief UK economist at Capital Economics, said given the pound
had fallen back since the statements from the Bank and the Treasury the
markets "may well need more reassurance and some actual action", saying a
change in policy from government or an interest rate hike from the Bank at
an emergency meeting before 3 November may be necessary.-bbc

 

 

 

iPhone in India: Apple makes new handset in India in shift from China

Apple says it has started making its iPhone 14 in India as it diversifies
its supply chains away from China.

 

The company makes most of its phones in China but has shifted some
production outside the country as tensions rise between Washington and
Beijing.

 

China's 'zero-Covid' policies, that have triggered widespread lockdowns,
have also caused major disruptions for businesses during the pandemic.

 

The technology giant unveiled its latest iPhone earlier this month.

 

"The new iPhone 14 line-up introduces groundbreaking new technologies and
important safety capabilities. We're excited to be manufacturing iPhone 14
in India," Apple said in a statement.

 

Taiwan-based Foxconn, which manufactures the majority of Apple's phones, has
had an operation in the southern Indian state of Tamil Nadu since 2017,
where it makes older versions of the handsets.

 

But now, Apple is betting big to make in India its newest product - the
iPhone 14.

 

By betting on India, Apple is also looking to increase its footprint in the
country. As of last year, its market share was about 4% there.

 

The US giant has been struggling to compete with the much cheaper South
Korean and Chinese smartphones that continue to dominate the Indian
smartphone market.

 

But manufacturing in India does not mean the phones will be cheaper in the
country because of high import duties on components and other taxes.

 

So while Indians might be looking at the 'Made in India' tag on their iPhone
they will still have to pay a hefty sum to own it.

 

The announcement that iPhone production has increased in India is a win for
prime minister Narendra Modi's administration.

 

His government launched its flagship "Make in India" campaign eight years
ago as it aimed to boost the country's manufacturing and exports.

 

Apple's announcement marks its latest move towards diversifying supply
chains to avoid disruptions as tensions rise between China and the US over
Taiwan and trade.

 

Earlier this month, analysts at investment bank JP Morgan said that they
expect Apple to move around 5% of iPhone production to India this year.

 

The report also predicted that a quarter of all iPhone production will be in
the South Asian nation by 2025.

 

Last year, Apple supplier Foxconn invested $1.5bn (£1.4bn) in Vietnam,
according to the South East Asian country's government.

 

Vietnamese state media reported last month that the company had signed a
$300m agreement to expand its facility in the north of the country to
increase production.

 

-BBC

 

 

 

Russia's gas pipeline leaking into Baltic Sea - Denmark

Nord Stream 2 - the controversial gas pipeline from Russia - has begun
leaking in the Baltic Sea, endangering naval traffic, Denmark has warned.

 

It set up a prohibitive zone within five nautical miles (9km) of the
pipeline near the Bornholm island.

 

The Danish energy ministry said it had acted after being informed about a
pressure drop in the now-defunct undersea pipeline earlier on Monday.

 

Operating company Nord Stream 2 AG said the drop happened overnight.

 

"The Nord Stream 2 landfall dispatcher registered a rapid gas pressure drop
on Line A of the Nord Stream 2 natural gas pipeline," it said in a
statement, adding that it was investigating the matter.

 

The company's majority shareholder is Russia's state-owned Gazprom giant.

 

 

In its statement, the Danish energy ministry said: "There are no security
risks related to the leak outside of the prohibitive zone.

 

"The incident is not expected to have consequences for the security of
Danish gas supply."

 

Nord Stream 2 had been built to deliver gas from Russia to Germany and other
European nations, but the multi-billion euro project was halted after Russia
invaded Ukraine in February.

 

However, gas had already been pumped into the pipe, and there are now
concerns that large amounts of it could be released into the atmosphere.

 

Nord Stream 1 - a parallel gas pipeline - has been shut for several weeks,
with Gazprom saying it was carrying out maintenance work to fix an earlier
leak.

 

The European Union accuses Russia of using its gas supplies to blackmail
Europe because of its war in Ukraine, but Moscow denies this.

 

Energy prices have soared since Moscow invaded Ukraine and scarce supplies
could push up costs even further.

 

There are growing fears families in the EU will be unable to afford the cost
of heating this winter.

 

Europe is now attempting to wean itself off Russian energy in an effort to
reduce Moscow's ability to finance the war, but the transition may not come
quickly enough.-BBC

 

 

 

Tim Cook: 'No good excuse' for lack of women in tech

Apple chief executive Tim Cook says there are still "not enough women at the
table" at the world's tech firms - including his own.

 

In an exclusive interview with the BBC, Mr Cook said technology "will not
achieve nearly what it could achieve" without a more diverse workforce.

 

He said there were "no good excuses" for the lack of women in the sector.

 

He also said he thought Augmented Reality (AR), and the concept of the
Metaverse, were "profound."

 

"In the future people will wonder how we lived without AR," he says. "We're
investing a tonne in that space."

 

Augmented Reality is a mixture of digital content and the real world - a
very simple example might be using the phone on your camera to insert
virtual furniture before you buy it, to see how it might look in your house.

 

The metaverse is the concept of entire virtual worlds - and big tech is
investing heavily in it, not least Meta, formerly Facebook, which re-branded
itself to reflect its new priority.

 

Meeting Tim Cook

I met Tim Cook during his first visit to the UK since the pandemic.

 

In person, the boss of the world's richest company is affable, polite and
thoughtful.

 

He's softly spoken, and was dressed in his trademark dark clothes. He wasn't
big on small talk, although we joked about the British weather, and he
offered his condolences on the death of the Queen.

 

Mr Cook told me he is "not a great role model" for work-life balance and
that it isn't a phrase he associates with himself.

 

"There's little distinction between personal and work, they blend," he
says.He adds that he tries to "compartmentalise" issues that are outside of
his control. "I realise that they're there
 but I don't obsess with it," he
says.

 

He was fascinated by my BBC audio recorder and turned it over in his hands a
few times once we had finished our interview.

 

I confessed that I'd had to ask his colleagues if I could borrow some wired
headphones to plug into it - Apple largely ditched the headphone socket from
its iPhones in 2016, in favour of wireless in-ear AirPods.

 

"Oh we still sell those," he said seriously of the wired pair hanging from
my ears. "People still buy them."

 

He was keen to talk to me about another subject close to his heart -
diversity.

 

'No good excuses'

Apple has just launched its founders' development programme for female
founders and app creators in the UK.

 

"I think the the essence of technology and its effect on humanity depends
upon women being at the table," Mr Cook says.

 

"Technology's a great thing that will accomplish many things, but unless you
have diverse views at the table that are working on it, you don't wind up
with great solutions."

 

He said while companies including his own had made progress on diversity,
there were "no good excuses" for the tech sector not to employ more women.

 

Apple had 35% female staff in the US in 2021, according to its own diversity
figures.

 

It launched its original Apple Health Kit in 2014 without a period tracker -
which led to accusations that this was an oversight due to male bias among
its developers.

 

Deloitte Global estimate large global technology firms will reach nearly 33%
overall female representation in their workforces in 2022 on average - with
25% occupying technical roles.

 

One challenge facing the sector is the lack of girls choosing to pursue
science, tech, engineering and maths subjects at school.

 

"Businesses can't cop out and say 'there's not enough women taking computer
science - therefore I can't hire enough'," says Mr Cook.

 

"We have to fundamentally change the number of people that are taking
computer science and programming."

 

His view is that everybody should be required to take some sort of coding
course by the time they finish school, in order to have a "working
knowledge" of how coding works and how apps are created.

 

Apple has also created its own programme language, Swift, along with content
for learning how to use it.

 

Equalising the playing field

Mr Cook and I also met a small group of female app founders, three of whom
have joined Apple's new programme.

 

App creators Alexia de Broglie, Sahar Fikouhi, Ariana Alexander-Sefre and
Zoë Desmond. Alexia, Ariana and Zoë are all on Apple's new UK programme for
founders.

One of those is Alexia de Broglie, who created a personal finance education
app called Your Juno, for women and non-binary people, after being shocked
by how little her female friends understood about finance.

 

She said she belongs to some WhatsApp groups for founders, and that some of
those are 90% male.

 

"[The women] all know each other on a first-name basis, which is crazy,
because there are so many men that are building start-ups, and they
definitely don't know each other."

 

Ariana Alexander-Sefre runs Spoke, a wellness app aimed at young people,
which she created after her younger brother lost a friend to suicide.

 

"I hope that in five years, that there's not even going be a thing of female
founder, or there's not even going to be a defined niche because, you know,
there will just be so many different people working on different things,"
she says.

 

"I'd love to see the whole playing field just equalised."-BBC

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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