Major International Business Headlines Brief::: 05 April 2023

Wed Apr 5 05:53:00 CAT 2023

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Major International Business Headlines Brief::: 05 April 2023 

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ü  Johnson & Johnson offers $9bn to settle talc claims

ü  JPMorgan chief Jamie Dimon warns banking crisis 'not yet over'

ü  Virgin Orbit: Richard Branson's rocket firm files for bankruptcy

ü  Men still out-earn women in most jobs

ü  A nutty solution for cleaner stoves and barbecues

ü  Credit Suisse investors angrily confront bank as chairman says sorry

ü  TikTok fined £12.7m for misusing children's data

ü  Disney CEO calls DeSantis 'anti-business' and 'anti-Florida'

ü  Tesla: Carmaker told to pay ex-worker $3.2m over racism case

ü  UK airport scraps 100ml liquid rule with scanners

ü  L'Oreal buys Australian brand Aesop in $2.5bn deal

ü  Oil prices surge after surprise move to cut output

ü  Africa: Seychelles to Host World's Largest Salt-Water Floating Solar
Plant

ü  Liberia: Farmers Hail EU-Funded Integrated Rice-Fish Farming Technology

ü  Nigeria: Naira Plunges to New Low At Official Window

ü  Nigeria: Naira Plunges to New Low At Official Window

ü  Liberia: Govt Cancels Annual Agriculture Fair Due to Lack of Money

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Johnson & Johnson offers $9bn to settle talc claims

Johnson & Johnson has proposed to pay almost $9bn to resolve tens of
thousands of lawsuits it faces in North America that claim its baby powder
and other talc-based products cause cancer.

The healthcare giant said it still believed the claims were "specious" but
was hoping the new settlement offer would help conclude its legal battle.

The figure marks a big boost over the $2bn it had proposed previously.

The new offer has significant support from people tied to the case, it said.

The company is facing more than 40,000 lawsuits from former customers who
say using its talc-based baby powder caused cancer, including some who
allege the product contained cancer-causing asbestos.

It stopped US sales of its talc-based baby powder in 2020, citing
"misinformation" that had sapped demand for the product, applied to prevent
nappy rash and for other cosmetic uses, including dry shampoo. Last year, it
announced plans to end sales globally.

Before that decision, the company had sold the baby powder for almost 130
years. It continues to sell a version of the product that contains
cornstarch.

The company has been trying to resolve the lawsuits in bankruptcy court
since 2021, after creating a subsidiary responsible for the claims.

But its efforts ran into trouble after an earlier bankruptcy court ruling
found the subsidiary was not in financial distress and could not use the
bankruptcy system to resolve the lawsuits.

"The company continues to believe that these claims are specious and lack
scientific merit," said Erik Haas, worldwide vice president of litigation
for Johnson & Johnson.

But he said "resolving these cases in the tort system would take decades and
impose significant costs on LTL and the system, with most claimants never
receiving any compensation."

"Resolving this matter through the proposed reorganisation plan is both more
equitable and more efficient, allows claimants to be compensated in a timely
manner, and enables the company to remain focused on our commitment to
profoundly and positively impact health for humanity."

Johnson & Johnson said it had won a majority of the talc lawsuits against
it. But it has been stuck with some significant losses, including one
decision in which 22 women were awarded a judgement of more than $2bn.

Johnson & Johnson said it had commitments from about 60,000 current
claimants to support the new settlement terms.-bbc

JPMorgan chief Jamie Dimon warns banking crisis 'not yet over'

The crisis facing the US banking system "is not yet over," the head of
America's biggest bank has warned.

Jamie Dimon, chief executive of JPMorgan Chase, made the comments in an
annual letter to shareholders just weeks after the dramatic collapse of two
major US banks.

He said he did not expect the turmoil to lead to a global crisis akin to
2008, noting that it involved "involved fewer players and fewer issues".

But he warned the impact would linger.

"While this is nothing like 2008, it is not clear when this current crisis
will end," he said. "Even when it is behind us, there will be repercussions
from it for years to come."

Mr Dimon is a veteran of Wall Street, who steered JPMorgan through the 2008
financial crisis, when exposure to bad home loans in the US caused problems
throughout the global financial system.

In recent weeks, he worked with government officials to coordinate a rescue
plan for the California-based bank First Republic, which many feared was
also on the verge of collapse.

In the near term, he said the failures of Silicon Valley Bank and Signature
Bank, and the rushed takeover of Credit Suisse in Europe, had provoked "lots
of jitters in the market" and were likely to prompt lenders to pull back in
the months ahead, increasing the odds of an economic recession.

But he said it was not clear if the crisis would affect regular consumers in
the US, who are the main drivers of the world's largest economy.

"While the current crisis has exposed some weaknesses in the system, it
should not be considered... anything like what we experienced in 2008," he
wrote.

SVB failed last month after fears about its financial position prompted
customers to withdraw nearly a quarter of the firm's deposits in a few days,
overwhelming its ability to supply the funds. Regulators shut down Signature
amid signs of a similar bank run.

As the failures led to scrutiny of other potentially troubled firms, Credit
Suisse saw shares plunge, leading to its rushed takeover by rival UBS in a
deal brokered by the Swiss government.

Mr Dimon said the recent turmoil should push regulators to scrutinise risks
to banks that arise from having a high proportion of uninsured deposits, or
many customers with similar profiles, as SVB, which was known for catering
to the tech industry, did.

But he added that many of the risks - including a sharp rise in interest
rates last year that have hurt the value of some kinds of assets typically
held by banks - had been "hiding in plain sight". He criticised regulators
for not considering the increase in rates in tests designed to test bank
stability.

"This is not to absolve bank management - it's just to make clear that this
wasn't the finest hour for many players," he said.

As US President Joe Biden and others call for stronger rules for banks, he
warned against "knee-jerk, whack-a-mole or politically motivated responses".

"We should carefully study why this particular situation happened but not
overreact," he said.

"Erratic stress test capital requirements and constant uncertainty around
future regulations damage the banking system without making it safer," he
added.-bbc

Virgin Orbit: Richard Branson's rocket firm files for bankruptcy

British billionaire Sir Richard Branson's rocket company Virgin Orbit has
filed for bankruptcy in the US after failing to secure new investment.

The satellite launch company halted operations weeks ago but it hopes to
find a buyer for the business.

The company, based in California, announced last week that it would cut 85%
of its 750-strong workforce.

Earlier this year, a Virgin Orbit rocket failed to complete its first-ever
satellite launch from UK soil.

Virgin Orbit's boss Dan Hart said that although the company had "taken great
efforts" to address its finances and secure more funding, "we ultimately
must do what is best for the business."

He said that Virgin Orbit would now concentrate on finding a buyer for the
business "to provide clarity on the future of the company to its customers,
vendors, and employees".

Virgin Orbit was founded in 2017 and is a spin-off from Sir Richard's space
tourism company Virgin Galactic.

It launches rockets from beneath modified Boeing 747 planes to send
satellites into space.

But in January, an attempt to send a satellite into orbit from the UK for
the first time failed because a rocket fuel filter had become dislodged,
causing one of the engines to overheat.

The mission, which launched from Spaceport Cornwall, near Newquay, had been
billed as a milestone for UK space exploration.

It was hoped it would mark a major step in helping to turn the UK into a
global player - from manufacturing satellites to building rockets and
creating new spaceports.

Virgin Orbit, which is mostly owned by Virgin Group, scrambled to find new
funding following the UK rocket failure and paused operations last month to
conserve cash.

The company, which listed its shares on New York's Nasdaq index in 2021, had
debts of $153.5m (£123m) as of September last year.

On Tuesday, the company said Virgin Investments, part of Virgin Group, would
provide $31.6m in new money to help Virgin Orbit through the process of
finding a buyer.

It has filed for what is known as Chapter 11 bankruptcy protection in the
US. This allows a business to keep operating and address its financial
issues while providing protection against creditors who are owed money.

Former president of Virgin Galactic Will Whitehorn said the failed launch in
Cornwall and the collapse of Silicon Valley Bank at the time it was trying
to raise new funding contributed to its downfall.

But Mr Whitehorn said the business deserved a second chance because there
was "a lot of demand" in the industry.

"What you have got to remember is they have got nearly 50 satellites into
space already, so I think there's a chance they'll be back," he said.

Melissa Quinn, head of Spaceport Cornwall, said the news about Virgin Orbit
was "very sad" but said the site would "remain focused on furthering the
international space industry".

She said it was the only licensed spaceport in the UK, had multiple users
and was working with other launch operators, such as US company Sierra
Space.

Quite a few space companies have gone through Chapter 11, only to re-emerge
a few months later with new owners, no debts and a healthy stash of
investment cash to take the business forward.

You need look no further than London-based OneWeb, which has just now
managed to complete its broadband internet constellation in the sky.

But who will step forward to buy a rocket business? There are tens, if not
hundreds, of similar enterprises across the world developing small launch
vehicles.

If Sir Richard Branson's company can claim one key separator, it ought to be
responsiveness - the ability with its jumbo jet platform to launch from
anywhere at short notice. This has appeal to the military, for example.
Except, the firm has found it very hard to do, launching only twice last
year.

Any prospective new owner, therefore, will want to know a high cadence of
launches can be achieved. This means going up every month, the original aim
of the company.

Mr Hart said despite the financial problems, he was confident the company
had a "wide appeal" to a new owner because its team had created "cutting
edge launch technology".

But Danni Hewson, head of financial analysis at investment firm AJ Bell,
said the company's failed launch mission from the UK was "not the best
advert" for its technology.

"Neither is Virgin Orbit's collapse the best advert for the space investment
theme," she added.

"This industry may have significant potential at some point in the unknown
future but investors tempted to reach for the stars have only had their
fingers burned so far."

The UK Space Agency said it had worked with Virgin Orbit for many years but
said its issues were a commercial matter for the company.

It added that the UK space sector was "thriving" and said it generates
£17.5bn worth of income a year.

Sir Richard is one of a very small group of billionaires who have expanded
their business empires into launching satellites and attempts to pioneer
commercial space travel.

The others include Jeff Bezos, founder of online retailer Amazon, who set up
his space company Blue Origin, as well as Twitter and Tesla owner Elon Musk,
who founded SpaceX.

Sir Richard and the Virgin Group have invested more than $1bn in the
business in a quest to launch satellites through Virgin Orbit but also to
develop reusable "space planes" to take tourists on brief trips to
sub-orbital space.

Virgin Galactic has already started selling tickets for $250,000 for these
journeys and celebrities such as pop star Justin Bieber have signed up.

But the main players in the "billionaire space race" have also faced
criticism for what some see as offering joy rides for the super-wealthy at a
time when countries across the globe are being impacted by climate change.

However, Mr Bezos has previously insisted his space exploration is partly an
environmental mission "to take all heavy industry, all polluting industry
and move it into space, and keep Earth as this beautiful gem of a planet
that it is".

bbc

Men still out-earn women in most jobs

Men still earn more than women, according to data gathered by the BBC.

Despite a continued push for equality, the difference in wage has remained
at 9.4%, the same level as in 2017/18, when figures were first published.

The BBC looked at a company's median pay gap - the difference in pay between
the middle-ranking woman and the middle-ranking man.

This is different to unequal pay - paying women less for the same work -
which is illegal.

Equality charity The Fawcett Society said employers needed to "do more" to
close pay gaps.

"If we are to see meaningful progress on closing the pervasive pay gap,
employers must go further than data sharing," said Jemima Olchawski, the
organisation's chief executive, who added companies needed to take concrete
action.

By law, companies, charities and public sector departments of 250 employees
or more must publish their gender pay gap figures on the Gender Pay Gap
Service website.

It is part of a government initiative to force businesses to be more
transparent about pay - by Tuesday afternoon, 9,824 employers had reported.

Bar chart showing the median gender pay gap over time. It was 9.4% in
2022/2023, the same figure as in 2017/2018.

Banking and finance remain among the worst offenders, with women earning, on
average, 22% less than their male colleagues. The industry has narrowed the
gap by just 0.5 percentage points compared with five years ago.

Histogram chart showing the distribution of companies based on their median
gender pay gap. In 80% of those companies, men earned more than women.

The construction sector, meanwhile, narrowed the gap by 2.7 percentage
points, but it remained highly unequal, with the average woman earning 78p
for each pound a man earned. There are some businesses that pay women more
than men including Airbus Operations (17.7%), Azebra Pay (16.9%) and DHL
Services (12%).

Bar chart showing the median gender pay gap in each sector of the British
economy. Finance and insurance had a pay gap of 22%, construction 22%, and
education 20.4%.

But for many sectors, the gender pay gap has continued to widen. For
example, in education, the pay gap has increased by 0.9 percentage points.

Ms Olchawski, from the Fawcett Society, said all employers needed to create
an action plan which set out how they will improve gender equality in their
workplace.

"Reporting is a good way of identifying pay inequalities, but taking action
is key," she said.

Bar chart showing the top 10 employers with the highest pay gaps towards
men. They are Pertemps Recruitment Partnership, VetPartners Practices,
Independent Vetcare, EasyJet Airline Company, Linnaeus Group, CVS (UK),
Lloyds Bank, Savills (UK), Arthur J. Gallagher Services (UK), Ormiston
Academies Trust.

Large businesses that have some of the widest gaps in pay between men and
women include Easyjet, Lloyds Bank, Savills and CVS pharmacy.

At Easyjet, despite an improvement from last year, the average woman takes
home just 53p for every £1 earned by men.

Mona Abdelatti, a pilot for Easyjet, said that part of the challenge is more
men than women are interested in professions like hers.

"For most people when they see a female pilot, it's like a huge deal," she
said.

She acknowledged the training was an investment: "What I would say is that
unless you love it, don't make the investment, just because it is so much
money."-bbc

A nutty solution for cleaner stoves and barbecues

For Nathan Visser a friendly braai, the word in South Africa for barbecue,
is more than a meal - it's a social tonic.

"We all got our differences and yet somehow braais seem to mitigate that,
where we don't care, we all just get along," he says.

He runs a company called BraaiBaas, or barbecue boss in Afrikaans. Its
products include an apron with the slogan "stay calm, we're going to braai
now" and a hoodie that has a dedicated pocket for a bottle of beer and a
handy opener attached.

Like many people Mr Visser prefers firewood to cook his meat, rather than
charcoal. And you can forget gas, which is often frowned upon in South
African barbecue culture.

While, in general, he values being mindful of the environment, that does not
extend to changing his braai habits. Mr Visser argues that his braai does
not burn long enough to do much environmental damage.

He doesn't want to switch away from firewood to briquettes that claim to be
more sustainable. "I don't want my meat to taste terrible," he jokes.

Michael Duncan, the founder of Shisa Eco-briquettes, is keen to prove him
wrong.

His company is exploiting an abundant source of combustible material in
South Africa - macadamia nut shells. The country is the world's biggest
producer of macadamia nuts, so there are plenty of shells going spare.

Since 2021, Mr Duncan's firm has been taking some of them, compressing them
and turning them into briquettes.

He says Shisa Eco-briquettes are an environmentally-friendly alternative to
charcoal.

Often charcoal manufacturing in Africa is small-scale, emits more carbon
dioxide (CO2) than it needs to, and contributes to deforestation.

Mr Duncan says that his eco-briquettes can protect forests by replacing
charcoal and wood with a product completely derived from a waste biomass
product.

And, according to Mr Duncan, briquettes made from macadamia shells can add
to the braai experience.

"You have a macadamia nut shell burning, that lets out a wonderful aroma
which actually also goes on to the food you're actually cooking, so it gives
you a different taste."

Mr Duncan plans to expand, particularly into export markets, which he says
tend to be less cost-sensitive and particularly value eco-friendly products.

Beyond the braai, more environmentally friendly cooking methods could tackle
a much bigger problem.

According to the World Health Organization (WHO), globally around 2.4
billion people use inefficient stoves or polluting cooking methods,
including kerosene and coal.

Breathing the smoke produced from cooking with polluting fuels can lead to
heart diseases, stroke, cancers, chronic lung diseases and pneumonia, the
WHO report says.

Ziwa Hillington is the managing director of Green Bio Energy in Uganda,
which makes more efficient cooking stoves and briquettes from waste like
charcoal dust, cassava and maize crops.

He says those briquettes produce no smoke or soot when burnt, so are a much
healthier option. They also help mitigate deforestation. In addition, making
the briquettes provides employment.

Perhaps the biggest advantage is cost - Mr Hilligton says they can be
between 20% and 40% cheaper than charcoal or other cooking fuels.

Sylvia Herzog is the director of the Charcoal Project, a non-profit that
works to find solutions to the unsustainable production and use of charcoal
and other fuels, particularly in sub-Sahara Africa.

The charcoal industry is projected to grow at around 3% a year over the next
10-15 years. "Both increase in population and in urbanisation has really
driven demand in the less developed world for charcoal," explains Ms Herzog.

She says briquettes made from waste from agriculture and other industries
offer a cleaner alternative, but only account for a small part of the
market.

"I think the reality is that charcoal isn't going away anytime soon," she
says and thinks that briquettes might be a good stepping stone to cleaner
forms of energy.

Rachael Kupka, the executive director of the Global Alliance on Health and
Pollution, says it is hard to tell whether eco-friendly briquettes would
have a significant impact on local air pollution or human health.

"We do know that indoor cooking is responsible for a large portion of the
burden of disease from air pollution - and that as a general sector does
need to be addressed if we have any hope of reducing the human health
impacts of indoor air pollution."

Back in Johannesburg, Nathan Visser stresses the positive, and difficult to
measure, benefits of cooking on a fire.

"I believe braai is like a hidden language that we all speak, yet we don't
understand it yet. We all can come around a fire with no issue, no barriers,
and just get along."

bbc

Credit Suisse investors angrily confront bank as chairman says sorry

Shareholders in Credit Suisse have told the firm they feel "failed" and
"cheated" after the collapsed bank was rescued by its long-time rival UBS.

On Tuesday, the 167-year old Swiss bank faced investors for the first time
since the deal was struck and for the last time as an independent firm.

Credit Suisse chairman Axel Lehmann said he was "truly sorry".

But one investor told the bank that shareholders had "everything stolen from
them".

Credit Suisse was rescued by UBS last month in a deal brokered by
authorities after turmoil in the US banking sector sent the Swiss lender's
shares tumbling.

The loss-making bank had already been struggling for a number of years after
a series of scandals, compliance problems and bad financial bets.

Mr Lehmann told investors at the Annual General Meeting that management had
a plan to turn things around but had been "thwarted" by fears prompted by
the collapse of Silicon Valley Bank in the US.

But one shareholder suggested the board would have been crucified in
medieval times.

Another held up a sack of empty walnut shells, saying they cost the same as
a single Credit Suisse share.

Credit Suisse's chief executive Ulrich Korner said: "I understand that you
feel disappointed, shocked, or angry.

"I share the disappointment of you, our shareholders, but I also share the
disappointment of all of our employees, our clients and, ultimately, the
general public."

Shareholders in both Credit Suisse and UBS - which will hold an investor
meeting on Wednesday - have been denied a vote on the takeover because of
the emergency measures taken by the Swiss government to rush the deal
through.

Mr Lehmann said the only other option would have been bankruptcy.

"This would have led to the worst scenario, namely a total loss for
shareholders, unpredictable risks for clients, severe consequences for the
economy and the global financial markets," he said.

"It was our duty to protect the interests of our shareholders as best we
could to provide security to our clients. We did everything we could within
what was possible."

Credit Suisse bosses knew they would have to eat humble pie at this meeting,
but despite numerous apologies the shareholders remain angry.

It's common for middle-class Swiss people, especially the elderly, to invest
money in a few shares as a back-up to their pensions. What have they
traditionally considered safe? Switzerland's two biggest banks. But now
Credit Suisse shares are worth less than 10% of what they were two years
ago.

One man representing a group of shareholders accused Credit Suisse
management of "greed and incompetence", another pointed to his red tie,
saying he was wearing it to represent the "red card" Credit Suisse deserved.

Others turned their anger on the Swiss government, which forced through the
takeover by UBS over just one weekend while the markets were closed. Some of
us, said one shareholder, spend more time choosing our smartphones.

Venting their anger is just about the only action the shareholders can take;
the deal with UBS is done. Apologising again, CEO Ulrich Korner said there
had been little choice, it was either take the deal with UBS or bankruptcy,
which he said would have been catastrophic not just for Switzerland, but for
the entire global economy.-bbc

TikTok fined £12.7m for misusing children's data

TikTok has been fined £12.7m by the UK's data watchdog for failing to
protect the privacy of children.

It estimated TikTok allowed up to 1.4 million UK children aged under 13 to
use the platform in 2020.

The video-sharing site used the data of children of this age without
parental consent, according to an investigation by the Information
Commissioner's Office (ICO).

TikTok said it had "invested heavily" to stop under-13s accessing the site.

The ICO said many were able to access the site despite TikTok setting 13 as
the minimum age to create an account.

It said that children's data may have been used to track and profile them,
and potentially present them with harmful or inappropriate content.

Information commissioner John Edwards said: "There are laws in place to make
sure our children are as safe in the digital world as they are in the
physical world. TikTok did not abide by those laws.

"As a consequence, an estimated one million under-13s were inappropriately
granted access to the platform, with TikTok collecting and using their
personal data.

"TikTok should have known better. TikTok should have done better. Our £12.7m
fine reflects the serious impact their failures may have had."

Later, he told BBC News TikTok had "taken no steps" to obtain parental
consent.

"When you sign up you can be targeted for advertising, you can be profiled,
your data contributes to an algorithm which feeds content," he said.

"If you've been looking at content which is not appropriate for your age,
that can get more and more extreme.

"It can be quite harmful for people who are not old enough to fully
appreciate the implications and to make appropriate choices."

Reduced fine

It is one of the largest fines the ICO has issued.

A TikTok spokesperson told the BBC "our 40,000-strong safety team works
around the clock to help keep the platform safe for our community".

"While we disagree with the ICO's decision, which relates to May 2018 - July
2020, we are pleased that the fine announced today has been reduced to under
half the amount proposed last year. We will continue to review the decision
and are considering next steps."

The watchdog had previously issued TikTok with a "notice of intent" - a
precursor to handing down a potential fine - at the time saying TikTok could
face a £27m fine for these breaches.

Prof Sonia Livingstone, who researches children's digital rights and
experiences at the London School of Economics and Political Science, told
the BBC it was "great the ICO is taking action", but feared the fine amount
could be "shrugged off as the cost of doing business"."Let's hope TikTok
reviews its practices thoroughly and make sure that it respects children's
privacy and safety proactively in the future," she said.

Louise Devine has told the BBC she allows her 10-year-old son to use TikTok,
though she monitors his usage.

"I know exactly what he's posting and I do monitor who he's talking to.
Obviously, I can't monitor what he sees," she said.

"I don't think I would stop him from using it because all his friends are
using it and I think that would be quite unfair, however, I do think that if
I could have a way of monitoring what he sees that would be better for me."

Trouble for TikTok

TikTok is allowed to appeal against the scale of the fine and has 28 days to
make representations. If successful, the ICO could reduce the final amount.

The regulator has a maximum of 16 weeks, from issuing the notice of a
proposed fine to delivering its final verdict.

Fines received by the ICO go back to the Treasury.

But there may be further concerns for TikTok as the UK Online Safety Bill,
due to be passed in the coming months, requires strict age verification
processes by social networks.

It has been suggested firms will be fined for breaches - but a £12.7m fine
is a small amount compared to the $80bn (£64bn) revenue reported to have
been made by TikTok's parent company ByteDance, a Chinese tech company, in
2022.

And it comes as the platform is already under global scrutiny over security
concerns.

Many Western countries are taking measures against TikTok over fears users'
data will be shared with the Chinese government.

The app has been banned on government devices in Canada, Belgium, Denmark,
New Zealand, Taiwan, the UK, the US and for anyone working at the European
Commission.

TikTok boss Shou Zi Chew was grilled in Congress over its safety and tried
to reassure lawmakers that users' data was secure.

The BBC has advised staff to delete TikTok from work phones.-bbc

Disney CEO calls DeSantis 'anti-business' and 'anti-Florida'

Disney CEO Bob Iger has lashed out at Florida's Republican governor in an
ongoing public battle between the entertainment company and the state.

On Monday, Mr Iger said that Governor Ron DeSantis's recent actions have
been "anti-business" and "anti-Florida".

State lawmakers targeted Disney after it criticised a Florida law curtailing
gender and sexuality education.

Mr DeSantis has pushed for more state control over Disney's Orlando theme
parks in the dispute.

During a Monday meeting with Disney shareholders, Mr Iger said "a company
has a right to freedom of speech just like individuals do", according to US
media.

He said that Mr DeSantis "got very angry about the position Disney took",
referring to the company's objection to the state's Parental Rights in
Education Act, dubbed by critics as the "Don't Say Gay" bill.

The measure bans school instruction about sexual orientation and gender
identity for pupils aged nine and under.

In his remarks, Mr Iger also acknowledged a fight over a last-minute
contract signed before Florida forced Disney to hand over uniquely held
powers to state officials.

"It seems like he's decided to retaliate against us, including the naming of
a new board to oversee the property and the business, in effect to seek to
punish a company for its exercise of a constitutional right," Mr Iger said.

"That just seems really wrong to me."

Mr Iger, who was leading his first investor's meeting since returning as
Disney CEO in November 2022, added: "Any action that thwarts those efforts
simply to retaliate for a position the company took sounds not just
anti-business, but it sounds anti-Florida."

"And I'll just leave it at that."

For more than 50 years, the Walt Disney World territory operated within
Florida's Reedy Creek Improvement District and essentially acted as a
self-governing area, with control of utilities and a fire department.

The Bob Iger method

In February, Mr DeSantis signed a bill that subjects Disney to additional
layers of external oversight through a five-member board, now appointed by
the state. But last week, the new board said it had been neutered by the
last-minute contract.

That contract gives Disney near total control over development in the
district in perpetuity or until "21 years after the death of the last
survivor of the descendants of King Charles III, king of England".

Mr DeSantis and his allies called the move an attempt to defy the will of
Floridians and state lawmakers. The governor has ordered an investigation
into the outgoing board.

The battle over cultural issues between Mr DeSantis and Disney has helped
elevate the governor's profile as a potential 2024 Republican presidential
frontrunner. He is widely expected to announce his candidacy in the coming
months.

On Monday, Mr DeSantis signed a law allowing residents to carry a concealed
firearm without a permit or training.

The law is due to take effect on 1 July, and will make Florida the 26th US
state to allow permitless carry.-bbc

Tesla: Carmaker told to pay ex-worker $3.2m over racism case

Electric carmaker Tesla has been ordered to pay almost $3.2m (£2.6m) to a
black former worker after he won a racial harassment lawsuit.

Owen Diaz, a lift operator from 2015 to 2016 at its Fremont factory, was
subjected to a racially hostile work environment, a federal jury found.

However, the payment has been slashed by 98% from the $137m that he was
originally awarded in 2021.

A judge ruled last year that the initial amount was excessive.

On Monday, Mr Diaz was awarded $3m in punitive damages and $175,000 in
damages for emotional distress.

"If we had been allowed to introduce new evidence, the verdict would've been
zero imo," Tesla chief executive Elon Musk said on Twitter.

"Jury did the best they could with the information they had. I respect the
decision," he added.

Mr Musk did not provide details of what new evidence Tesla would have
presented.

Tesla's lawyer Alex Spiro declined to comment. The company did not
immediately respond to a BBC request for comment.

In the original lawsuit, Mr Diaz alleged that African-American workers
"encountered a scene straight from the Jim Crow era" at the firm's plant in
Fremont, California.

He claimed that black workers regularly faced racist slurs on the factory
floor and racist graffiti in bathrooms.

The lawsuit also said that employees would refer to areas where black or
African-American staff worked with racist historical names, such as "the
plantation".

It alleged that one worker heard racial slurs "as often as 50-100 times a
day".

In 2021, a federal court in San Francisco found that Tesla did not take
reasonable steps to tackle the abuse, despite complaints to supervisors.

The jury awarded Mr Diaz $137m in damages. At the time Tesla disputed the
verdict but said it recognised it was "not perfect".

In April 2022, a US federal judge cut Mr Diaz's award to $15m and said the
compensation decided by jurors was "extremely high".

Bernard Alexander, a lawyer for Mr Diaz, said last week that: "Mr Diaz's
outlook on the world has been permanently changed. That is what happens when
you take away a person's safety."

Mr Alexander had called on jurors to award his client nearly $160m in
damages.

However, Tesla's lawyer, Mr Spiro, argued that Mr Diaz's lawyers had failed
to show that any serious, long-lasting damage had been caused by Tesla.

"They're just throwing numbers up on the screen like this is some kind of
game show," Mr Spiro said.-bbc

UK airport scraps 100ml liquid rule with scanners

London City Airport has scrapped the 100ml liquid limit by using high-tech
scanners which also allow electronics to be kept in hand luggage at
security.

Travellers can now carry on up to two litres of liquid, and toiletries no
longer have to be put in separate bags.

It is the second UK airport to use this technology in all its security
lanes, after Teesside introduced it in March.

The government has set a June 2024 deadline for most UK airports to install
the machines.

London City Airport has brought in the C3 scanners which takes
high-resolution 3D images of bags.

Passengers at other airports currently have to remove items such as tablets,
laptops and liquids from hand luggage for security checks.

The current rules were introduced in November 2006, at the end of a ban on
liquids in the cabin, when British police said they had foiled a plot to
blow up as many as 10 planes using explosives hidden in drinks.

London City Airport started trialling the new technology more than a year
ago and went live with four of the new X-ray machines, similar to CT
scanners used in hospitals, on Tuesday.

Chief operating officer Alison FitzGerald said screening staff had been
retrained to use the technology, which presents 3D imagery, and the public
can be assured it is safe.

"The level of processing now through the X-ray is even more secure than it
was previously and the machine has the ability to differentiate between a
non-dangerous and a dangerous liquid."

The machine would still reject images it was not happy with, she said, but
it would allow staff to focus on potential threats while allowing items such
as water, shampoo and perfume to go through.

It would also speed up the "door to gate" process with estimates of a 30%
increase in passenger numbers, Ms FitzGerald added.

"The whole process is quicker on the basis that previously you needed to
empty your bag and put that in multiple trays whereas now it's one bag in
one tray and you don't need to take everything out," she said.

Which? consumer expert Harry Kind said while it was the "beginning of the
end" of a system introduced 17 years ago, people should not assume it was a
rule change across the board.

"It's really important passengers actually check what the rules are for the
airports they're flying from and flying to," he said.

But crucially it should reduce waiting times. Many travellers reported
delays of up to an hour at security, and in a recent Which? survey 7% said
they had missed a flight because of queues, Mr Kind added.

"This change will make a massive difference and reduce the number of people
missing flights and losing out on their holidays just because they've got a
too big bottle of shampoo."

London City Airport was already the fastest of the UK airports it surveyed
for security times, with an average of 12 minutes, he added.

The largest of the UK's airports are rolling out the next generation
technology on a gradual basis.

Heathrow trialled 3D scanners in 2017 and said with more security lanes than
any other airport installing the new machines was "always going to be
complex and take longer".

Gatwick is currently trialling one lane with next generation technology and
a spokesperson said passengers should continue to follow all existing rules.

Other airports told the BBC they had no specific date for completion but
would be in line with the government deadline of June 2024.

The technology has already been in use by airports in the US, such as
Atlanta's Hartsfield-Jackson and Chicago's O'Hare, for a number of
years.-bbc

L'Oreal buys Australian brand Aesop in $2.5bn deal

L'Oreal has agreed to buy Australian skincare brand Aesop in a deal worth
$2.53bn (£2bn), the French beauty giant's largest takeover in decades.

The brand is a "superb combination of urbanity, hedonism and undeniable
luxury," L'Oreal chief executive Nicolas Hieronimus said.

Since its founding 36 years ago, Aesop has developed a cult following around
the world for its products including soaps, lotions and creams.

Aesop has almost 400 stores globally.

The deal, which is subject to regulatory approvals, is expected to close in
the third quarter of this year.

Mr Hieronimus said that L'Oreal will help Aesop expand in China, where it
opened its first store in 2022.

"Aesop taps into all of today's ascending currents and L'Oreal will
contribute to unleash its massive potential, notably in China and travel
retail," he added.

Brazilian cosmetics company Natura & Co bought a majority stake in Aesop in
2012, before taking full ownership of the brand four years later.

It became Natura's highest revenue earner over the decade between 2012 and
2022. Aesop, gross sales jumped from $28m to $537m during the period.

Aesop was founded in 1987 by hairdresser Dennis Paphitis, who had started
blending essential oils into products at his salon in Melbourne, Australia.

As demand grew, he developed samples for customers. Mr Paphitis eventually
named his brand after the famous Greek fabulist and storyteller Aesop.

Natura chief executive Fábio Barbosa said the company would now focus
improving its other businesses, including UK High Street Chain The Body
Shop, which it bought from L'Oreal in 2017.

"We are confident that Aesop's growth story will continue under the
ownership of L'Oreal and wish Aesop continued success in this new chapter,"
Mr Barbosa added.

-bbc

Oil prices surge after surprise move to cut output

Oil prices have surged after several of the world's largest exporters
announced surprise cuts in production.

The price of Brent crude oil is trading close to $85 a barrel after jumping
by almost 6%.

Economists warned that higher oil prices could make it harder to bring down
the cost of living.

But the RAC motoring group said it does not expect petrol prices to rise
unless the higher oil price is sustained over several days.

Brent crude prices rose after Saudi Arabia, Iraq and several Gulf states
said on Sunday they were cutting output by more than one million barrels of
oil a day.

In addition, Russia said it will extend its cut of half a million barrels
per day until the end of the year.

Energy giants BP and Shell saw their share prices rise on Monday, with both
rising more than 4%.

Oil prices soared when Russia invaded Ukraine, but are now back at levels
seen before the conflict began.

Graphic showing oil prices (3 April 2023)

However, the US has been calling for producers to increase output in order
to push energy prices lower. A spokesperson for the US National Security
Council said: "We don't think cuts are advisable at this moment given market
uncertainty - and we've made that clear."

High energy and fuel prices have helped to drive up inflation - the rate at
which prices rise - putting pressure on many households' finances.

Yael Selfin, chief economist at KPMG, warned that the oil price surge could
make the battle to bring down inflation harder.

However, she said that rising oil prices won't necessarily lead to higher
household energy bills.

"The energy price cap, that households benefit from, has already been
determined using earlier market expectations," she said. "Plus, when you
look at energy use in households, it tends to be more gas-heavy rather than
oil."

There have also been fears that there could be an impact on transport costs,
if fuel prices rise.

The RAC said it does not expect this to happen in the short-term.

"Any sudden increase in the cost of oil shouldn't result in a rise in the UK
average price of petrol for a fortnight, unless of course the barrel price
stays higher for several days," RAC fuel spokesman Simon Williams told the
BBC.

The reduction in output is being made by members of the Opec+ oil producers.
The group accounts for about 40% of all the world's crude oil output.

Saudi Arabia is reducing output by 500,000 barrels per day and Iraq by
211,000. The UAE, Kuwait, Algeria and Oman are also making cuts.

A Saudi energy ministry official said the move was "a precautionary measure
aimed at supporting the stability of the oil market", the official Saudi
Press Agency said.

Nathan Piper, an independent oil analyst, told the BBC the move by Opec+
appeared to be an attempt to keep the oil price above $80 a barrel in the
medium term, given that demand could be hit by a weakening global economy
and sanctions have had a "limited impact" on restricting Russian oil
supplies.

This surprise announcement is significant for several reasons.

Despite price fluctuations in recent months, there were concerns that global
demand for oil would outstrip supply, especially towards the end of the
year. The increase in oil prices following Sunday's announcement could
potentially put more pressure on inflation - worsening the cost-of-living
crisis and raising the risk of recession.

Interestingly, this announcement came just a day before the Opec+ meeting.
There were indications from members that they would stick to the same
production policy, meaning there would be no fresh cuts, which is why it has
come as a huge surprise.

The development will also likely further strain ties between the US and
Saudi Arabia-led Opec+. The White House had called on the group to increase
supplies to cool down prices and check Russian finances.

However, Sunday's announcement also underlines the close cooperation between
oil-producing countries and Russia.

The latest reductions come on top of a cut announced by Opec+ in October
last year of two million barrels per day (bpd).

However, last year's cut came despite calls from the US and other countries
for oil producers to pump more crude.

When the Opec+ group announced its production cuts in October, US President
Joe Biden said he was "disappointed by the short-sighted decision".-bbc

Africa: Seychelles to Host World's Largest Salt-Water Floating Solar Plant

Work on a floating solar farm in Seychelles is expected to begin this year,
following the signing of three agreements for the project on Tuesday.

Once completed, Seychelles will have built the world's largest salt-water
floating solar plant.

The project, which has been seven years in the making, will see the
installation of a 5-megawatt photovoltaic system in the lagoon at
Providence, on the eastern coast of Mahe, which will help Seychelles move
closer to its zero-emissions target.

The agreements for the project were signed in a ceremony on board the Energy
Observer, which is a floating photovoltaic laboratory, which is an official
partner with French renewable energy company Qair.

In fact, of the three agreements signed; one between the Seychelles
government and Qair for government support on the project and another two -
a power purchase agreement and grid connection agreement - was signed
between the Public Utilities Corporation (PUC) and Qair.

"The government is determined to ensure energy security through the best
investments and with the use of renewable energy in Seychelles," said the
Minister for Agriculture, Climate Change and Energy, Flavien Joubert, in his
speech after the signing of the agreements.

He added that "just seven months separate us from this agreement and having
a plant in operation in Seychelles."

On his part, the regional director of Qair, Olivier Gaering, said that
despite the many international issues that threatened the project, it is
great that it finally reached this point.

"Qair started looking into the Seychelles market back in 2015, seven years
ago and I am very happy that we have managed to get these agreements signed
so that we can move forward with the first independent power production
project in Seychelles," said Gaering.

Qair is an independent power producer (IPP), operating 860 MW of power
generation assets exclusively from renewable sources.

The group is in the construction and financing phase for 800 MW and is also
developing 16 GW of assets for future deployment in the heart of the 20
territories in which it operates.

For the Seychelles project, the majority shareholder is a Seychellois
company, Vetiver Tech, owned by businessman Radley Webber.

Webber explained that originally the plant was meant to produce less
electricity than has now been agreed, but through their meetings and
discussion, they managed to find a way to produce more, through the
partnership with Qair.

"We also had some issues when we originally announced the project, with
inhabitants of the surrounding area expressing concerns about the impact it
would have on marine life, but we were able to show that as these panels
will be on the surface of the water, it would have no effects on the
underwater species," said Webber.

Gaering explained that all the necessary environmental impact assessments
were completed to ensure the project poses no danger to the surrounding
environment.

The agreements signed last for 25 years, with Qair funding most of the
project, while they will also be the ones providing all the necessary
maintenance on the panels.

-Seychelles News Agency.

Liberia: Farmers Hail EU-Funded Integrated Rice-Fish Farming Technology

Beneficiary farmer groups of the EU-funded DeSIRA Integrated Rice Fish
Farming System (IRFFS) Project have hailed the project's technology after
recording high yields.

One farmer, Augustine Moore, said that he has recorded three harvests per
year- equivalent to 5 tons per hectare, since the adoption of IRFFS
technology.

Moore told journalists touring the project's beneficiary farms in Margibi
County over the weekend.

The tour led by the DeSIRA-IRFFS Project Coordinator, Dr. Inoussa Akintayo,
saw beneficiaries narrate their adoption journey of the IRRFS technology to
journalists.

Additionally, the communication and visibility visit allowed participating
journalists to witness other activities that the EU-funded DeSIRA Integrated
Rice Fish Farming System Project team is carrying out to meet its
objectives.

Alfred Kollie, Assistant Farm Manager at the Karsor Farm, another
beneficiary farm of the EU-funded IRFFS project, said that his team has
received quality training on the IRFFS technology since the project
intervened in the county.

"Before, we were growing only fish, but we adopted this technology after
assessing the benefits that it brings. The project team guided us during the
construction of the first set of IRFFS ponds."

"Later, we decided to increase the number of IRFF ponds after we saw that
the technology could change the course of our operations for the better,"
said Mr. Kollie.

Like Moore and Kollie, agriculture remains the primary source of income for
approximately 80 percent of the country's population, the Liberia Institute
of Statistics and Geo-Information Services (LIGIS) revealed.

Despite the number of people that are involved in the sector, agriculture
productivity has reportedly been low.

Climate change, low-performing farm inputs, poor extension services
delivery, and limited farm-to-market linkages are a few contributing
factors.

As part of efforts to address the low food productivity in the country, the
Project Communication Specialist Mr. George A. Harris said the European
Union's initiative aims to improve food and nutritional security. He said it
aims to increase farmers' income by employing a climate-smart approach that
keeps the environment intact while producing food.

"The IRFFS project aims to improve food and nutrition security by
transforming low-yielding, climate-risky traditional rice-fish production
systems into more climate-resilient, high-yielding, resource-use-efficient
systems in Liberia."

"With the IRFFS technology, farmers can utilize the lowland to produce food
while keeping our environment intact as well," said Harris.

Harris further revealed that 174 youths and 170 Women-Head-Homes (WHH) have
adopted the integrated rice-fish technology introduced across the project
counties - Gparpolu, Grand Gedeh, River Gee, Maryland, and Gbarpolu
counties.

Also explaining to journalists other innovations of the EU-funded project,
the Agro-Mechanic and Processing Specialist of the project, Dr. Ahouansou
Roger said that the project has introduced a variety of labor-saving devices
to reduce farmers' workload and accelerate their productivity.

He also disclosed that plans are underway to train farmers on the operations
and maintenance of the locally fabricated equipment that the DeSIRA-IRFFS
Project is introducing.

Power tillers, moldboard plows, disk ploughs, rakes, driving seats, drum
seeders, upland seeders, and rice harvesters were a few farm machines seen
at the project's headquarters in Suakoko Bong County.

Earlier, the Project Coordinator/AfricaRice Country Representative Dr.
Inoussa Akintayo said his team's efforts are synergies of efforts directed
at curbing the impact of climate change on food production.

He added that the adoption of the IRFFS technology, especially by women and
youth is welcoming.

He stressed that climate-smart farming methods like the IRFFS technology
should be encouraged among farming communities to discourage other
activities that could harm the environment.

"We are preparing to improve our living conditions today, but we should also
think about the next generation," said Dr. Akintayo. "Today we have the
forest, but the next generation may suffer when we poorly manage what we
have now."

Multi-national organizations AfricaRice and WorldFish are implementing the
initiative in partnership with national institutions which include the
National Fisheries and Aquaculture Authority (NaFAA), Central Agricultural
Research Institute (CARI), and the Ministry of Agriculture (MoA).

The project target groups are the integrated rice-fish farmers who benefit
through access to research, innovations, and technologies that will improve
the sustainability and productivity of their businesses.

-New Dawn.

Nigeria: Naira Plunges to New Low At Official Window

Naira plunged to N463.50 per $1 on Monday, the lowest known level it has
recorded at the official market so far.

Naira weakened to a new low at the official market on Monday, falling 0.46
per cent against the United States dollar at the spot market window.

According to data published by FMDQ, where forex is officially traded, the
naira opened trading at N461.70 and closed at N463.50 to a dollar on Monday.

This represents a N2.12 or 0.46 per cent depreciation as against N461.38
posted in the previous market session last Friday.

The domestic unit reached an intra-day high of N460.00 and hit a low of
N466.00 before it eventually settled at N463.50 per $1 at the close of
business on Monday.

The rate is the weakest rate the naira has exchanged this year. In the first
quarter of the year, the currency moved between the exchange range of
N461.00 and N462 benchmark to a dollar, after closing the previous year at
N461.50 per $1.

At N463.50 per $1, the local fiat has declined by at least 0.43 per cent in
less than four months into this year amidst forex scarcity, dwindling
foreign reserves and the controversial naira redesign policy.

Within the business period, forex turnover decreased significantly by 7.4
per cent with $175.40 million recorded at the close of business on Monday as
against the $188.37 million posted in the previous session last week Friday.

However, the naira appreciated significantly against the greenback at the
parallel market on Monday.

According to currency rates collated in cities across the country, the
domestic currency closed at N738.46 to a dollar on Monday as against N746.29
per $1 it closed on Friday last week.

The spread between the official and unofficial market is pegged at N274.96,
leaving a margin of N59.32 per cent at the close of business on Monday.

-Premium Times.

Nigeria: Naira Plunges to New Low At Official Window