Major International Business Headlines Brief::: 24 August 2023

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Major International Business Headlines Brief::: 24 August 2023 

 


 

 


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

 


 

 


 

ü  South Africa: Govt Plans Major Expansion of Electricity Grid  

ü  Liberia: Boakai Commits to Increasing National Budget to U.S.$1 Billion
Through Revenue Collection

ü  Nigeria Among Top 3 Countries With Highest Oil Discovery in 2023

ü  Uganda: World Bank Funding Embargo to Uganda

ü  South Africa: India Hits Daily Maverick With Malicious Cyberattack After
Report On Modi's 'Tantrum'

ü  Nigeria: Tasks Ahead of Nigeria's New Aviation Minister, Festus Keyamo

ü  Nigeria: Shell Discovers Another Oil Leak After Resumption of Forcados
Export Facility

ü  South Africa: Young People Call for Establishment of Brics Youth Council

ü  Nigeria: 103 Mini-Grids Built Across Nigeria, Says Rural Electrification
Agency

ü  Kenya: President Ruto, Tiktok CEO to Hold Talks Over Negative Content

ü  Nigeria: Labour Threatens to Pull Out of National Housing Fund
Contribution

ü  Artificial intelligence chip giant Nvidia sees sales more than double

ü  FTX founder Bankman-Fried living on bread and water, lawyer says

ü  Parcel delivery giant UPS avoids first strike in 25 years

ü  Rising numbers seek help for energy bill debts, warns Citizens Advice

ü  Wilko: Jobs to go as attempts to find a buyer fail

 


 

 


 

 <https://www.cloverleaf.co.zw/> South Africa: Govt Plans Major Expansion of
Electricity Grid 

South Africa plans to add 14,000km of power lines over the next decade, a
significant increase from the 4,400 kilometers of new lines installed in the
past 10 years, reports eNCA. Electricity Minister Kgosientsho Ramokgopa is
optimistic that a new agreement with China will facilitate the realisation
of this plan. These investments are aimed at ensuring that South Africa has
a reliable and sustainable electricity supply in the future.

 

Medical Scheme Mediclinic Investigated for Alleged Patient Billing
Manipulation

 

Discovery and Momentum Health Solutions, two major medical schemes in South
Africa, have approached hospital grou[ Mediclinic following explosive
allegations of patient bill manipulation, reports News24. A former
Mediclinic employee has alleged that the hospital group engages in
widespread manipulation of patients' clinical coding to its financial
benefit in the Western Cape and Gauteng. The allegations include changing
coding to reflect different types of deaths and monitoring profit and loss
reports to add high-cost coding during losses. Mediclinic has launched an
independent audit of the allegations and says it is confident that the audit
will confirm its billing processes are accurate and ethical. The audit will
also cover claims that employees in the company were victimised for speaking
out against these alleged practices.

 

 

Musician Jub Jub to Appear in Court on Rape, Attempted Murder, and Assault
Charges

 

Musician and TV presenter Molemo "Jub Jub" Maarohanye is scheduled to appear
in the Johannesburg Magistrate's Court to face charges of rape, attempted
murder, and assault, reports SABC News. He turned himself into the Brixton
police station after an arrest warrant was issued against him. He is
currently out on bail, having paid R10,000. Jub Jub was previously released
on parole in 2017 after serving four years of a 25-year prison sentence for
causing a car crash that resulted in the death of four schoolchildren near a
school on a public road.

 

-South African news

 

 

 

 

Liberia: Boakai Commits to Increasing National Budget to U.S.$1 Billion
Through Revenue Collection

Monrovia — Unity Party standard bearer, Joseph Nyumah-Boakai, has pledged to
raise Liberia's national budget to over one billion United States dollars
during his presidency. He intends to achieve this goal through improved tax
revenue collection.

 

Boakai contends that revenue collection has been consistently underreported
due to the government's failure to disclose the full extent of tax
collection. He accuses the government of diverting these funds for personal
use rather than investing in the well-being of the Liberian people. Boakai
asserted, "Every year, our budget falls short of six hundred million dollars
because tax collections are underreported. They declare less than they
collect, and we are aware of it. Under our administration, we will ensure
transparent reporting of all taxes collected, with the aim of creating
opportunities for our citizens."

 

 

These statements were made by Boakai as he embarked on his Montserrado
County campaign tour, specifically in Districts 11 and 12. He further
promised that his administration would prioritize job creation to empower
citizens, reducing their dependence on government assistance for daily
sustenance.

 

Boakai also emphasized his commitment to education, vowing to equip both
public and private schools adequately. He pledged to provide teachers with
competitive salaries to ensure a high-quality education system that prepares
Liberian youth for a promising future. "Our goal is to eliminate child labor
and have every child in school, preparing for a brighter tomorrow. We aspire
to create an environment in which Liberian youth can compete with their
global counterparts," he affirmed.

 

On the subjects of sanitation and healthcare, the Unity Party standard
bearer promised to ensure clean and safe communities with access to clean
drinking water nationwide. Boakai pledged to upgrade and maintain
well-equipped hospitals, while also recruiting competent medical
professionals to enhance the quality of healthcare services across the
country.

 

Boakai concluded by highlighting his international connections and potential
investments in Liberia. He stressed the importance of providing assurances
to foreign investors that their investments would be safeguarded and that
Liberians would have opportunities for personal growth without having to
rely on political patronage.

 

-FrontPageAfrica.

 

 

 

 

Nigeria Among Top 3 Countries With Highest Oil Discovery in 2023

Nigeria has been named among three top countries in terms of highest oil
reserves discovered owing to 2023 investments.

 

Others are Guyana and Namibia according to a research conducted by Rystad
Energy.

 

Also, global spending on conventional oil and gas exploration will hit over
$50 billion in 2023, according to an energy research company.

 

Upstream companies are strategically directing their investments towards
offshore projects, focusing on lucrative regions that have a robust
geological understanding.

 

Rystad Energy said 95 per cent of the total expenditure in 2023 is allocated
to offshore initiatives.

 

"Upstream companies are facing a period of uncertainty. They are eager to
capitalise on the increased demand for fossil fuels and find additional
resources," Aatisha Mahajan, vice president of upstream research, Rystad
Energy, said in a report.

 

 

Global majors, including ExxonMobil, bp, Shell, TotalEnergies, Eni and
Chevron, and National Oil Companies are expected to account for over half of
the spending with the majors directing a total $7 billion in exploration
projects in 2023.

 

But despite huge oil and gas deposits the Organisation of the Petroleum
Exporting Countries (OPEC) said that Nigeria's economic growth in the first
quarter of 2023 (1Q23) stood at 2.4 per cent year-on-year (y-o-y).

 

OPEC made this known in its Monthly Oil Market Report for August.

 

OPEC said this was against a growth of 3.6 per cent in the fourth quarter of
2022, an indicator of 2023 anticipated slowdown.

 

According to the report, after Nigeria's economy grew by 3.3 per cent in
2022, it is forecast to decelerate in 2023.

 

It said high inflation continued to burden Nigeria's economy.

 

"Inflation data for June shows an ongoing acceleration, with an annual rate
of 22.8 per cent y-o-y, following 22.4 per cent y-o-y in May and 22.2 per
cent in April and 22 per cent in March.

 

"Food inflation has been a key factor in this rise, reaching 25.1 per cent
year-on-year (y-o-y) in June, after 24.8 per cent y-o-y in May.

 

"A combination of factors including conflict, the impact of climate change,
population pressures, and the below-average output of the agricultural
sector, exacerbated the scarcity of food resources over recent years," it
said.

 

To assist, it said, the Nigerian government had unveiled a comprehensive
financial package amounting to N500 billion.

 

To lower inflation, the report said the Central Bank of Nigeria (CBN) lifted
the key policy rate by 25 basis points to 18.75 per cent in July.

 

As a consequence of the ongoing challenges, it said, in May 2023, Stanbic
IBTC Bank Nigeria Purchasing Managers Index retracted to stand at 51.7 in
July, after a level of 53.2 in June was reached.

 

 

This follows observation by the Nigerian Upstream Petroleum Regulatory
Commission, NUPRC, that the country's crude oil production dropped by 12.56
per cent in July to 1.29 million barrels daily from 1.48 million barrels
daily in June.

 

According to the NUPRC, one of the reasons for the decline was the temporary
shutdown of the Forcados terminal, which Shell, the operator, said in
mid-July on suspicions of a leak.

 

The Forcados sees loadings of an average of 220,000 barrels daily but on
July 12 workers in the area saw fumes near a vessel that was being loaded
with crude. The repairs work on the terminal was expected to be completed by
the end of the first week of August but as of the middle of this week,
Forcados remained shut down.

 

Earlier this year, the commission warned that Nigeria is producing one
million bpd of crude less than it has the capacity to produce.

 

The agency cited a lack of investments, a shortage of funding sources
because of the energy transition, and insecurity among the factors driving
the situation.

 

"Currently, Nigeria has the technical allowable capacity to produce about
2.5 million barrels of oil per day.

 

However, arising from the highlighted challenges, our current production
hovers around 1.5 million barrels of oil and condensate per day," the chief
executive of the body said in May.

 

To remedy matters, Nigeria, earlier this month, announced the pending launch
of a roadshow to pitch upstream investments in the country.

 

"Whereas the global imperatives for energy transition is clear and
justified, the need for Africa's energy security, economic development and
prosperity cannot be overemphasised," the Nigerian regulator, which is
organising the roadshow, said.

 

According to a senior Petroleum ministry official, Nigeria is looking to
boost its oil production to 1.7 million barrels daily by November this year.

 

Equally, the Nigeria Extractive Industry Transparency Initiative (NEITI)
said, Nigeria lost over 619.7 million barrels of crude oil valued at
$46.16billion or N16.25 trillion from 2009 to 2020 from theft and sabotage.

 

Executive secretary of NEITI, Dr. Ogbonnaya Orji, who presented the report
as a part of his remarks at the Stakeholder's roundtable for the review and
approval of NEITI Audit Reports in Abuja said: "In addition, NEITI reports
have disclosed that Nigeria lost over 619.7 million barrels of crude oil
valued at $46.16 billion or N16.25 trillion from 2009 to 2020 from theft and
sabotage. This amounts to losing over 140,000 barrels of crude valued at
$10.7 million daily."

 

-Leadership.

 

 

 

 

Uganda: World Bank Funding Embargo to Uganda

Kampala — Following the World Bank decision issued on Aug.8 to stop new
public funding to Uganda in relation to the passing of the
anti-homosexuality bill into law, a group of civil society organizations
under the umbrella group - Civil Society Budget Advocacy Group are calling
on the government to renegotiate with the global lender.

 

In a statement issued recently, the group calls on the government to
re-examine its spending patterns with the main objective of further cutting
down on its public administration costs by reviewing the public service
salary structure.

 

They also want the government to renegotiate with the World Bank on key
project intervention areas that have a multiplier effect on Ugandans.

 

"There are certain programs that if not implemented, will dent our
development outcomes," the group led by Julius Mukunda, the executive
director said.

 

The CSO group for instance says road maintenance and repair if not done will
increase the cost of production; reduce investment in health and education
systems which will likely reduce labour productivity in the long term.

 

CSOs also urged the government to request other lenders for a moratorium on
debt servicing for at least three years and renegotiate with the bondholders
to increase the bond maturity periods.

 

They also said that the Ministry of Finance should conduct a thorough review
of ongoing and planned projects to rank projects based on a hierarchy of
priority and then it can reallocate resources accordingly to help in
mitigating the impact of funding shortages on critical sectors.

 

The World Bank has over the years, offered financing to support Uganda's
development agenda, and to date Uganda has 30 active World Bank Projects and
13 projects in the pipeline which amount to US$13.9bn (Shs51tn). Approx.US$
9.5bn (Shs35tn) of this is for the 30 active projects and US$4.43 million
(Shs16 billion) is for the 13 projects in the pipeline which are affected by
the World Bank decision.

 

Uganda has the largest outstanding multilateral debt stock of
Shs29.91trillion including arrears largely from the World Bank financing
arm, the International Development Association which represents 55% followed
by ADF with 19%, International Monetary Fund with 11 %, the International
Development Bank with 5% and other funders.

 

Besides loans, Uganda also receives grants from World Bank and by the end of
December 2022, the country had received grants amounting to US$204.6million,
of which, the largest share of up to 85% was for Human Capital Development
where education, health, water, and sanitation fall.

 

The World Bank has reassured the government that the ongoing projects to the
tune of US$9.5bn(Shs35tn) will not be affected.

 

"This goes without saying that there will be increased scrutiny of how these
projects are going to be implemented," Mukunda told reporters at a press
conference held in Ntinda on Aug.13.

 

"Third-party monitoring and grievance redress mechanisms will significantly
increase, allowing us to take corrective action as necessary," he added.

 

More worries

 

The CSOs said, the decision by the World Bank, being a major development
funding partner might induce other development partners, especially from the
Organization for Economic Cooperation and Development (OECD) countries to
follow suit.

 

In this regard, a lot of uncertainty lingers as to whether the IMF will take
a similar decision being the other Bretton Woods Institution apart from the
World Bank. Analysts say this might cause uncertainty which is never good
for business and economic growth projections.

 

CSOs warn that failure by the government to respond logically could result
in an increase in economic inequality in Uganda amidst the rise in poverty
as reported by the Africa Development Bank, Economic Outlook report, 2023,
where poverty in Uganda increased by 4.2% in 2022 from 15.61 million
Ugandans to 16.36 million.

 

Uganda has the third highest income inequality level in the East Africa
Community at Gini-Coefficient of 42.7 and lagging behind Tanzania, Burundi,
and Kenya.

 

"In the event that the government is forced to promote austerity-linked
measures attributed to the suspension of the financing from the World Bank;
economic inequality may further widen disparities in access to health,
education, and other social services," CSOs said.

 

President Yoweri Museveni has confidently written about this matter saying
Uganda's economic growth trajectory remains positive amidst World Bank's
decision given that the East African third largest economy expects its first
oil by 2025.

 

-Independent (Kampala).

 

 

 

South Africa: India Hits Daily Maverick With Malicious Cyberattack After
Report On Modi's 'Tantrum'

Daily Maverick has been forced to temporarily block website access in India
after experiencing a malicious denial of service attack.

 

Daily Maverick was forced to temporarily block internet traffic from India
on Wednesday after a large-scale, malicious denial of service attack caused
its site to crash. The attack came only hours after the publication of the
South African media company's report of India's Prime Minister Narendra
Modi's refusal to get off his plane on Tuesday.

 

Daily Maverick's website received 36.1 million hits (HTTP requests) from
Indian servers on Wednesday, following the publication of the article
headlined "Tough Love Triangle: While Ramaphosa focused on Xi, Modi threw a
tantrum and refused to get off his plane" on Tuesday, 22 August.

 

According to officials, Modi refused to disembark from his plane at
Waterkloof Air Force Base because South Africa had only sent a Cabinet
minister to officially welcome him, Daily Maverick's Peter Fabricius
reported. Eventually, Ramaphosa dispatched his deputy, Paul Mashatile, who
left the pomp and ceremony of the China state visit at the Union Buildings
and dashed to Waterkloof.

 

"About two hours ago, the site suddenly went down. We picked it up very
quickly and started identifying a massive distributed denial of service
(DDoS) attack, and we investigated and found it was coming from a whole host
of Indian servers,"...

 

-Daily Maverick.

 

 

 

Nigeria: Tasks Ahead of Nigeria's New Aviation Minister, Festus Keyamo

Mr Keyamo took the baton of aviation minister from Hadi Sirika, whose
efforts at reform were captured under the Aviation Sector Roadmap.

 

Festus Keyamo, a former minister of state for Labour and Employment, was on
Monday sworn in by President Bola Tinubu as Nigeria's new Minister of
Aviation.

 

Mr Keyamo, who hails from Delta State, is a Senior Advocate of Nigeria
(SAN). He served in the immediate past administration of former President
Muhammadu Buhari briefly as minister of state in the Niger Delta ministry
before he was moved to the Ministry of Labour and Employment in the same
capacity. He later combined his ministerial duties with the role of
spokesperson of the APC/Tinubu-Shettima Presidential Campaign during the
last election that brought his principal to power.

 

Mr Keyamo took the baton of aviation minister from Hadi Sirika, whose
efforts at reform were captured under the Aviation Sector Roadmap. The key
components of the roadmap are the concession of four airports, the
establishment of a national carrier - Nigeria Air, the development of
agro-filled/cargo terminals and the establishment of maintenance, repairs
and overhaul centres.

 

 

Other components of the roadmap are the establishment of an aviation leasing
company, the development of an aerotropolis (airport cities), the
establishment of an aerospace university and improvement in aviation safety
and security through upgrades and modernisation of aviation infrastructure
and facilities.

 

While some progress was recorded on the plans captured in the roadmap, the
aviation sector under the watch of Mr Sirika faced many challenges too. Due
to the challenges, some airlines (domestic and international) stopped or
reduced their operations in the country while the nation's indigenous
airline, Nigeria Air, never flew.

 

Meanwhile, experts have raised key issues and policies that the new aviation
minister has to contend with quickly.

 

 

"Nigeria Air"

 

In 2018, the proposed national carrier, Nigeria Air, was unveiled at the
Farnborough Air Show in England. However, the project was shelved less than
three months after Nigerians raised questions about its relevance and
sustainability. The proposed airline was expected to gulp $8.8 million in
preliminary cost and $300 million as takeoff cost.

 

In June last year, Mr Sirika announced that Nigeria Air Limited had been
issued an Air Transport License (ATL) by the Nigerian Civil Aviation
Authority (NCAA).

 

On several occasions, Mr Sirika assured Nigerians that the national airline
would commence operation before the inauguration of a new administration on
29 May. The former minister further said negotiations between the Ethiopian
Airlines Group Consortium -- which emerged as the highest bidders for
Nigeria Air, and the Nigerian government were in progress and that the next
step would be the Federal Executive Council approval of the "Full Business
Case."

 

 

In September last year, Mr Sirika announced at a press briefing in Abuja
that Ethiopian Airlines emerged as a core investor in Nigeria Air with a 49
per cent shareholding. Many Nigerians were suspicious of the plan and
opposed the use of limited public funds for the national carrier.

 

The decision to settle for Ethiopia Airlines was challenged in a suit filed
by local airline operators who claimed they could manage Nigerian Air better
than a foreign airline would. The operators asked the court to stop the deal
with Ethiopian Airlines.

 

However, three days before leaving office, the former minister unveiled the
airline at the ceremony, with a single aircraft belonging to Ethiopian
Airlines which was repainted in Nigeria's national colours. FEC had approved
the acquisition of three aircraft.

 

The development further heightened concerns among Nigerians, as many took to
social media to question the move and Mr Sirika's handling of the airline's
proposed operation.

 

In the midst of this, in June, the House of Representatives Committee on
Aviation called for the suspension of the establishment of Nigeria Air. It
also called for the prosecution of those involved in the unveiling of the
national carrier, describing the exercise as a " fraud".

 

The committee said: "In conclusion, looking at the total amount required to
fully start the airline, which is put at $250,000,000, the Nigerian
government and its citizenry can raise these funds without necessarily
subjecting itself to the ridicule we have been exposed to by this recent
episode. This is what we suggest the new administration look into."

 

Meanwhile, less than two weeks after the airline was unveiled, NCAA
announced that it rejected an application from the national carrier seeking
certification to proceed to "phase two" in the process of obtaining an Air
Operator's Certificate (AOC).

 

"National carriers are no longer in vogue. The government should empower
strong domestic airlines and designate them as flag carriers with the full
support of the government," an aviation industry expert who did not want his
name mentioned said, urging the incoming minister to discontinue the entire
Nigeria Air project.

 

"It is a monumental fraud designed to use our commonwealth to enrich a few
individuals under the guise of promoting private enterprise using the
government as cover."

 

The Tinubu administration has not said what it plans to do about the
'national carrier' with Mr Keyamo expected to help the president make up his
mind on it.

 

Concession of airports

 

Another issue in the country's aviation industry Mr Keyamo may have to
urgently address is the concession and renaming of airports by the past
administration.

 

Less than two weeks to the end of former President Buhari's tenure, the
Federal Executive Council (FEC) approved the concession of the Nnamdi
Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano
International Airport (MAKIA), Kano, to the Corporacion American Airport
Consortium. The approval, which came the same day the Aviation ministry
signed a Memorandum Of Understanding (MoU) for the commencement of the
African Aviation and Aerospace University (AAAU), was described by Mr Sirika
as "momentous" for Nigeria's aviation industry.

 

 

However, the Senate in July faulted the process following a motion moved by
Kawu Sumaila (NNPP, Kano South) at the plenary presided over by the Deputy
Senate President, Barau Jibrin. By the agreement on the concession,
Corporacion America Airports Consortium will make an upfront payment of $7
million to run the Abuja airport for 20 years and $1.5 million for Kano
airport for 30 years. The total revenue from concessioning the two airports
during the period is estimated at over $4 billion.

 

In a scathing review of the agreement, the Senate described the concession
agreement as "not transparent or done in the public's interest." The
senators granted additional prayer on the motion to allow the Senate
Committee on Aviation to summon the authorities in the Federal Ministry of
Aviation over the agreement.

 

Similarly, a day before his exit from office, former President Buhari
approved the renaming of airports across the country. He named the airports
after some prominent Nigerians, including himself. It is unclear if he
discussed the renaming with his successor, Mr Tinubu.

 

Dollar scarcity/Repatriation Concerns

 

The scarcity of foreign exchange in the country has continued to impact the
aviation industry negatively as airline operators scramble to access forex
for their operations.

 

Meanwhile, due to their inability to repatriate their funds in the country,
some foreign airlines on several occasions threatened to halt operations in
Nigeria. Emirates Airlines, for instance, on several occasions last year
threatened to suspend flights to Nigeria due to its failure to repatriate
$85 million in revenue from the country.

 

The International Air Transport Association (IATA) repeatedly criticised
Nigeria's failure to allow international airlines to repatriate their
profits, warning it may cause the country more damage. The association said
the amount involved rose to $464 million (N199.2 billion) in July last year.

 

The Central Bank of Nigeria (CBN) later released $265 million to airlines
operating in the country to settle outstanding funds from ticket sales.

 

Aviation fuel, multiple taxation & other worries

 

Recently, the high cost of aviation fuel worsened the operation of domestic
airlines amidst difficulty to access foreign exchange. This led some
airlines to shut down operations, while air ticket prices increased.

 

On several occasions, airline operators complained about the operational
challenges and how it has hindered progress in the aviation industry. Mr
Sirika during one of his interventions last year, pleaded with Nigerian
airlines to suspend their planned shutdown of operations over the increase
in the cost of aviation fuel from N190 to N700 per litre.

 

Amidst the rising exchange rate of the dollar, PREMIUM TIMES gathered that
aviation fuel sells for over N800/litre.

 

Until the new administration came on board, the marketers said the Nigeria
National Petroleum Company Ltd (NNPCL) was the largest importer of fuel into
the country, but that most times after allocating to marketers in the
country they were exposed to multiple charges and bribery.

 

This, they said, also contributes to the significant hike in the prices of
aviation fuel in the country.

 

"We are being charged from the side of the authorities. We are being charged
from the side of tax as a company. We are being charged by the Federal and
State inland revenue.

 

"When we sell one litre at the airport we give FAAN N2.50. FAAN has forced
itself to authorise our accounts without any other way to stop them. They
will just enter our account and deduct the N2.50 multiplied by the volume
that we sell for the month," a marketer, who sought anonymity for fear of
victimisation, told this newspaper.

 

On his part, Peter Dia, a representative of the Oil Marketers Association,
called for financial audits of aviation oil marketers in the country. He
said anyone who does not have enough money to buy real aviation fuel should
be stopped from selling fuel so that they don't compromise the products and
risk lives. He also wants old fueling trucks at the airport phased out."They
should mandate airlines to be giving them a copy of the fueling receipts
that they are paying so that they will know who is the one fueling them.
That's where the real sellers of the fuel would be revealed," he said.

 

Rising airfares, law enforcement and safety concerns

 

The high prices of air tickets and the disturbing trends of unprofessional
practices among airline operators, handlers and logistic services are other
pressing tasks Mr Keyamo would need to address.

 

Amid a significant rise in the price of fuel, average airfare has seen a
substantial increase within a year. As of mid-February last year, an average
economy flight ticket that cost about N23,500 (if booked a few days ahead)
jumped to N55,000 and above due to the high cost of fuel and other operation
expenditures.

 

In recent years, many Nigerians switched to air travel for fear of
kidnappers on the highways. But the increase in ticket prices has forced
many to rethink.

 

"The country's aviation industry will suffer if there's a continuous
astronomical increase in airfare," the former chairperson of the Senate
Committee on Aviation, Biodun Olujimi, said at the second edition of the
Federal Airports Authority of Nigeria (FAAN) National Aviation Conference
held in Abuja.

 

Mrs Olujimi said Nigeria's aviation sector is bedevilled with several
challenges, adding that the problem is that Nigeria cannot enforce many of
its laws.

 

Flight delays and cancellations

 

Another pressing issue the incoming aviation minister will need to tackle is
rising cases of flight cancellations and delays.

 

The NCAA, in a report titled "Executive Summary on International and
Domestic Flight Operations" published last month, said over half of the
domestic flights in Nigeria between January and March were delayed.

 

The report which further confirmed the complaints of travellers about
incessant flight delays in the country's airports, noted that of the total
18,288 domestic flights within the period under review, 10,128 were delayed
(about 55 per cent).

 

Many Nigerians have lamented the delays as they took to social media to
narrate their experiences with some flights delayed for over 24 hours.

 

The NCAA also noted that the 11 domestic airlines operating in the country
had 284 flight cancellations within this period.

 

Many Nigerians will await the steps Mr Keyamo will take to tackle the
incessant flight delays and cancellations.

 

Airport Environment

 

Another challenge raising safety concerns within airport premises in the
country are the many buildings said to be encroaching on airport lands. In
May, FAAN said structures encroaching on airport land in Lagos and other
parts of the country will be demolished.

 

"The authority hereby uses this opportunity to advise all illegal occupants
to relocate from all airport lands for their own safety and security, " the
agency said at the time.

 

Within that period, about 13 houses within Ajao Estate and Shasha axis of
Lagos were demolished by the Lagos State Building Control Agency (LSBCA) and
FAAN over alleged "encroachment".

 

Inefficient transport services, touting, hawking at airports

 

In an effort to ease logistic arrangements for airport users, FAAN
inaugurated an app for taxi services at the Nnamdi Azikiwe International
Airport Abuja (NAIA) last year, preventing unregistered taxi drivers from
lifting passengers within the airports.

 

The agency claimed at the time that the technology would boost the country's
gross domestic product (GDP), yet passengers still face difficulties in
accessing affordable taxis in the airport.

 

About three weeks ago, FAAN suspended "car hire services" at the Nnamdi
Azikiwe International Airport in Abuja, Nigeria's capital city. It said the
temporary suspension was a result of the unresolved factional dispute
amongst the car hire operators, which has been affecting airport car hire
service operations.

 

Also, despite several reports revealing the activities of touts and hawkers
within major airports in Nigeria, the menace still persists. Mr Keyamo's
predecessors also promised to address the problem but were unable to.

 

Many airport users will hope Mr Keyamo finally addresses the menace.

 

-Premium Times.

 

 

 

 

Nigeria: Shell Discovers Another Oil Leak After Resumption of Forcados
Export Facility

Nigeria's oil production is facing another major challenge following
discovery of another oil leak in a facility operated by oil major Shell.

 

Shell is currently investigating a possible leak on its Trans Niger oil
pipeline that traverses Bodo community in Nigeria's River state following an
August 18 report, a spokesperson said on Monday.

 

The 180,000-barrel-per-day pipeline is one of two conduits that export Bonny
Light crude.

 

"We are working with the community and other stakeholders to ensure we can
safely look into and resolve this situation," spokesperson Bola 'Salt'
Essien-Nelson told Reuters following an inquiry.

 

Oil theft and pipeline sabotage are common in the southern oil production
heartland of Nigeria, Africa's top crude producer.

 

The oil major blames most spills on pipeline vandalism and illegal tapping
of crude.

 

 

This incident is coming after Nigeria resumed the export of about 220,000
barrels of crude oil per day at the Forcados terminal.

 

The terminal was shut for maintenance on July 12, 2023 when workers saw
'fumes' near a single buoy mooring where oil was being loaded onto a vessel.

 

The development contributed partly to the inability of Nigeria to meet the
quota of the Organisation of Petroleum Exporting Countries, OPEC, during the
period.

 

Consequently, the resumption of export at Forcados would impact on the
nation's total oil production, which fell by 13.6 per cent to average 1.08
million barrels per day in July 2023 compared to 1.25mbpd recorded in June.

 

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),
August 2023 report, the latest production figure is a major setback for the
government which has a production target of 1.69 million barrels per day in
the 2023 budget.

 

The volume of production is also significantly lower than the 1.7 million
barrels per day production quota allocated to the country by the
Organisation of Petroleum Exporting Countries (OPEC).

 

A closer look at the data released by NUPRC also showed that blended and
unblended condensate oil daily production in July were 38,258 barrels and
174,509 barrels respectively. Condensate oil productions are not part of
Nigeria's OPEC production requirement.

 

In total, daily average oil production in July was 1.29 million barrels per
day, a 12.8 per cent drop when compared to total average daily production of
1.48 million barrels in June.

 

The NNPC Limited had said it expects oil production to hit 1.8 million
barrels per day by the fourth quarter of this year, as measures put in place
to boost production begin to yield results.

 

-Leadership.

 

 

 

South Africa: Young People Call for Establishment of Brics Youth Council

Making their voices heard at the 15th BRICS Summit, young people across the
member states have called for the establishment of a BRICS Youth Council.

 

Addressing the summit currently underway in Johannesburg on Wednesday,
National Youth Development Agency (NYDA) Chairperson Asanda Luwaca said the
recent 9th BRICS (Brazil, Russia, India China, and South Africa) Youth
Summit reached a consensus on the establishment of a Youth Council.

 

"This will allow us to ensure deeper and stronger collaborations among young
people. We thus implore that this summit endorse our proposal for the
establishment for the BRICS Youth Council in its final declaration in
ensuring that new pathways for positive change and innovation can be
realised.

 

 

"In doing so, it will further ensure that no young person among the BRICS
member states gets left behind. Young people in their collective believe
that youth are the present and the future. Our interaction as BRICS member
states cannot and should not be limited to an annual summit," Luwaca said.

 

Taking place under the theme: "BRICS and Africa: Partnership for mutually
accelerated growth, sustainable development and inclusive multilateralism",
the summit is being attended by the leaders of Brazil, India, China, as well
as South Africa, as the host.

 

Noting that young people make up the larger proportion of the population of
each of the BRICS countries, Luwaca emphasised that the voices and views of
the youth are critical as nations forge a post-pandemic society at the
highest making forums.

 

 

"We believe that the BRICS countries in general and youth in particular
should use their collective strengths to prioritise the development
paradigm, using as a guiding principle for our work as we continue the intra
BRICS cooperation across areas such as trade, education, skills development
and training, economic participation and transformation, health and
well-being and social cohesion.

 

"At our 9th Youth Summit, we presented the draft framework for the
establishment of a BRICS Youth Council, which will become the coordination
body for youth development between BRICS member countries and will join
formations such as the BRICS Business Council, BRICS Women's Alliance and
the new Development Bank," she said.

 

Last month, the NYDA hosted the 9th BRICS Youth Summit and the Meeting of
Ministers responsible for Youth Affairs, under the theme: "BRICS and Africa:
Partnership for Mutually Accelerated Growth, Sustainable Development and
Inclusive Multilateralism".

 

The BRICS Youth Summit is a platform for dialogue for delegates from member
states, striving for the promotion of peace, security, development in a
multi-polar inter-dependent and increasingly complex, globalizing world.

 

The objectives of the summit are to bring together youth participants,
affording them an opportunity to share ideas and work on a concrete Action
Plan for co-operation in economic, humanitarian, mass media, and science
sphere.

 

This year, South Africa as the head of BRICS directed the summit to focus on
discussions that aim to encourage young leaders among BRICS nations to
actively participate in addressing the most significant global challenges,
economic, social issues, and contribute to the developmental agenda.

 

It further called for a focus on constructive engagements on issues relating
to youth empowerment, the advancement of youth development and in creating a
conducive environment where youth will devise a path to a brighter and
better future.

 

The Youth Summit preceded the BRICS Ministers responsible for Youth Affairs
meeting, which was attended by the Youth Ministers; Heads of Executive
Authorities for Youth; Senior Government Officials; and youth.

 

The outcomes of the BRICS Youth Summit will be presented to the Ministers'
Meeting for decision-making and adoption of the presentations and
resolutions made by delegates from the summit.

 

-SAnews.gov.za.

 

 

 

Nigeria: 103 Mini-Grids Built Across Nigeria, Says Rural Electrification
Agency

"Through the NEP, over 80 mini-grids have been completed and commissioned,
connecting about 32,000 households, MSMEs, and public facilities and
providing clean and reliable electricity.

 

The Rural Electrification Agency (REA) said it has built about 103
mini-grids nationwide through the Nigeria Electrification Project (NEP)
initiative.

 

Ahmad Salihijo, the agency's managing director/chief executive officer,
disclosed this while speaking during the 10th mini-grid virtual roundtable
discussion on Wednesday.

 

The NEP is a federal government initiative that is private-sector driven and
seeks to bridge the energy access deficit by providing electricity to
households, micro, small and medium enterprises (MSMEs), educational and
healthcare facilities in unserved and underserved rural communities through
the deployment of mini-grid, Solar Home Systems (SHS), captive power plants
and productive use appliances to ensure sustainability of these off-grid
solutions.

 

 

Speaking during the roundtable discussion, Mr Salihijo said the REA has
successfully deployed 103 mini-grids across Nigeria under the Performance
Based Grant (PBG) subcomponent of the NEP.

 

This, he said, signalled a crucial advancement in enhancing electricity
access for households, micro, small, and medium enterprises (MSMEs), as well
as public facilities in rural and underserved regions of Nigeria.

 

"The REA was established with the mandate to increase access to electricity
by bridging the energy access deficit in Nigeria. Since its inception, we
have made significant progress in achieving this goal.

 

"The Agency is implementing various electrification programmes - like the
Nigeria Electrification Project (NEP) targeted at creating lasting impacts
by fostering economic growth, improving education, and enhancing the overall
quality of life of Nigerians," he said.

 

 

He explained that one of the key strategies that the agency is using to
achieve this goal is the PBG sub-component.

 

He said the PBG is a financing mechanism that provides grants to qualified
developers to construct and operate mini-grids in rural communities.

 

So far, Mr Salihijo said the PBG has been very successful in attracting
private-sector investments in mini-grids.

 

"Through the NEP, over 80 mini-grids have been completed and commissioned,
connecting about 32,000 households, MSMEs, and public facilities and
providing clean and reliable electricity.

 

"The Solar Hybrid Mini-grid component has witnessed remarkable success, with
a total of 46,661 verified connections made to households, MSMEs, and public
facilities," he added.

 

He said each connection is a step towards bridging the energy gap and
fostering economic development."

 

"An additional 281,578 connections are in progress, poised to further expand
the project's impact and reach," he noted.

 

In his remarks, Abba Aliyu, the head of the REA project management unit of
the NEP, expressed satisfaction at the accomplishment.

 

"We are thrilled to announce that we have successfully completed and
commissioned 103 mini-grids as part of the NEP initiative. This achievement
underscores our commitment to providing reliable and sustainable energy
solutions to communities that have long been underserved," he said.

 

"Our goal has always been to empower communities with the power of
electricity. These 103 mini-grids represent brighter futures, improved
livelihoods, and growth opportunities."

 

According to him, the initiative has already positively impacted over
230,000 people across Nigeria, leading to positive changes in their daily
routines, economic activities, and overall quality of life.

 

"The installation of 5.8 MW of photovoltaic (PV) capacity underscores REA's
commitment to harnessing renewable energy sources for sustainable power
solutions," he added.

 

He explained that the successful deployment of 103 mini-grids stands as a
testament to the project's dedication to creating a brighter and more
electrified future for communities throughout Nigeria.

 

"We're not stopping here. Our vision is to keep expanding, keep innovating,
and keep bringing light to every corner of this nation," he added.

 

-Premium Times.

 

 

 

Kenya: President Ruto, Tiktok CEO to Hold Talks Over Negative Content

Nakuru — President William Ruto is set to hold talks with Tiktok global
Chief Executive officer (CEO) Shou Zi Chew on the moderation of content in
Kenya.

 

Speaking during the Kenya Music Festival Winners' State concert that brought
about 130,000 people in Nakuru, President Ruto noted that there is need to
commercialize growing talents through digitization.

 

"Just like the way we have moderation on other social platforms, tomorrow
morning I will be speaking to the Global CEO of Tiktok so that we can agree
on a mechanism to moderate content in their space to reduce negative
contents and leverage on monetization that benefits more people," he said.

 

 

The head of state indicated that he will ensure that his government works
closely with the ministries of Education and Sports to ensure that every
talent in Kenya does not go unnoticed.

 

"We are one of the four countries in Africa that can now monetize our
content. We are now at 80 per cent monetization. Kenya Institute of
Curriculum Development (KICD) should have a You tube channel where we can
sell the contents of our children displayed here," he said.

 

The best performing and certified students have been promised scholarship
while the teachers who helped in executing the music performances will be
promoted in their different categories of work.

 

The president also mentioned that the Permanent Presidential Commission
(PPC) in charge of statehouse music performance will be changed to Creative
Commission of Kenya and that a creative bill is being worked on to ensure
that that the creative docket has professional studios in every county to
give opportunity to every talent in Kenya.

 

The president who was in company of his deputy Rigathi Gachagua, the first
lady Rachael Ruto, Nakuru Governor Susan Kihika, Cabinet secretaries for
Education Ezekiel Machogu and Youths and Sports Ababu Namwamba congratulated
the performers and promised further that the school feeding program will be
increased from two billion shillings to five billion shillings.

 

As the Tiktok talk will be taking place here has been a cross section of
Kenyans who have called out to no ban of tha social media after a petition
was tabled in parliament by Bob Ndolo, an executive officer of the Briget
Connect Consultancy, citing that Tiktok has explicit content and lack of
privacy among others.

 

National Assembly Speaker Moses Wetangula on Tuesday acknowledged receipt of
the petition from petitioner.

 

-Capital FM.

 

 

 

 

Nigeria: Labour Threatens to Pull Out of National Housing Fund Contribution

The Nigeria Labour Congress (NLC) has threatened to pull out workers from
the National Housing Fund (NHF) contributory scheme because of the
non-remittance of deductions made by the Federal Mortgage Bank of Nigeria
(FMBN).

 

NLC president, Comrade Joe Ajaero, issued the threat yesterday in a
presentation before the House of Representatives Ad-hoc Committee on
Non-Remittance to the NHF and Utilisation of the Funds from 2011 till date.

 

Ajaero said the FBN had failed to send alerts to civil servants on how much
they had been contributing to the scheme and their monthly deductions.

 

 

He urged lawmakers to take drastic steps to remove the encumbrances to
affordable and quality housing to millions of Nigerians, especially workers
who make the highest contributions to the NHF.

 

The labour leader stated that the immediate past managing director of FMBN,
Ahmed Dangiwa, who is now the Minister of Housing and Urban Development, had
said he left behind N120 billion in the coffers of the bank.

 

"He (Dangiwa) said he was able to mobilise N249.1 billion to Nigeria's
housing fund, and increased subscription to 197,000 between 2017 and 2022,"
Ajaero noted.

 

He said in spite of making the statutory contributions of 2.5 per cent of
their annual salary to the NHF, many workers were unable to access the loan
due mainly to administrative bottlenecks.

 

Ajaero said: "While the Act provides for 90 days from the date of
application for the loan to disbursement, the experience by many workers are
horrific as the undue delay in approving the loans force many workers to
abandon pursuit of the loan.

 

 

He said many resort to third party agencies to fast track the loan
application at unofficial fees, creating perception of corruption in the
process of housing loan approval and disbursement to workers who need the
funds.

 

While declaring the probe open, the Speaker of the House, Hon. Tajudeen
Abbas, said the allegations of non-remittance to the National Housing Fund
were grievous and must be investigated.

 

The Speaker who was represented by his deputy, Hon. Benjamin Kalu asked
members of the Committee to be guided by the principle of fairness, equity
and diligence as they discharge their mandate.

 

He said: "Your task, as members of this Ad-Hoc Committee, is to shed light
on the utilisation of these contributions, to ensure that the NHF fulfils
its mandate to provide affordable housing solutions.

 

"The allegations of non-remittance are grievous, and must uncover the truth,
in order to hold those responsible accountable, and safeguard the interests
of those who have diligently contributed to this Fund.

 

"The House will look into this law which is obsolete now. From 1992 till
date calls for a review. There are other issues that the House will inject
to make it fit for purpose."

 

"The House was alarmed to receive allegations of non-remittance by
employers, and in other cases, mismanagement and misappropriation of the
hard-earned salaries of Nigerian workers, by the administering institution."

 

The FMBN managing director, Madu Hamman said the total amount of
contributions from MDAs from 2011 till date is N238 billion while those of
individuals accrued to N225 million within the same period.

 

Hamman, however, asked for time to reconcile the conflicting documents from
the N34.5 billion ministerial housing pilot scheme which was missing from
those submitted to the Committee.

 

Consequently, the panel adjourned the hearing to Thursday to enable the
bank's managing director to come along with the required documents.

 

-Leadership.

 

 

 

Artificial intelligence chip giant Nvidia sees sales more than double

Technology giant Nvidia says its sales have hit a record after more than
doubling as demand for its artificial intelligence (AI) chips soars.

 

The company says revenue jumped to above $13.5bn (£10.6bn) for the three
months to the end of June.

 

Nvidia also expects sales to soar further in the current quarter and plans
to buy back $25bn of its stock.

 

The firm's shares rose by more than 6.5% in extended trading in New York,
adding to their huge gains this year.

 

Nvidia also said it expects revenue of around $16bn for the three months to
the end of September.

 

That is much higher than Wall Street expectations and would equate to a rise
of around 170%, compared to the same time last year.

 

"A new computing era has begun," Nvidia's chief executive, Jensen Huang,
said in a statement.

 

"Companies worldwide are transitioning from general-purpose to accelerated
computing and generative AI," he added.

 

The strong performance was driven by Nvidia's data centre business, which
includes AI chips.

 

Revenue for that unit came in at more $10.3bn, a rise of more than 170% from
year ago, as cloud computing service providers and large consumer internet
companies snapped up its next-generation processors.

 

This year, Nvidia's stock market value has jumped to more than $1 trillion
as its shares more than tripled in value.

 

That made it the fifth publicly traded US company to join the so-called
"Trillion dollar club", along with Apple, Microsoft, Alphabet and Amazon.

 

Sarah Kunst, the managing director of Cleo Capital, which invests in
startups, told the BBC's Today programme that she was fascinated by "the
almost mania" around Nvidia.

 

"They've been making chips for a very long time and it's only really been in
the last couple of years that the market has sort of caught on to this," she
said.

 

Nvidia was originally known for making the type of computer chips that
process graphics, particularly for computer games.

 

Now its hardware underpins most AI applications, with one report finding it
had cornered 95% of the market for machine learning.

 

ChatGPT - which generates human-like responses to user queries within
seconds - was trained using 10,000 of Nvidia's graphics processing units
clustered together in a supercomputer belonging to Microsoft.

 

AI products are expected to dramatically change how we use computers and the
role they play in our lives.-bbc

 

 

 

 

 

FTX founder Bankman-Fried living on bread and water, lawyer says

Sam Bankman-Fried is struggling to prepare for his fraud trial due to a lack
of adequate food in prison, the lawyer for the founder of collapsed
cryptocurrency exchange FTX says.

 

The claim came as Mr Bankman-Fried pleaded not guilty to seven criminal
charges contained in a new indictment.

 

His bail was revoked two weeks ago.

 

At the time the judge said: "There is probable cause to believe that the
defendant has attempted to tamper with witnesses at least twice."

 

The former billionaire's lawyer, Mark Cohen, said a lack of adequate food at
Brooklyn's Metropolitan Detention Center was hampering his client's ability
to prepare for his trial, which is scheduled to start in October.

 

Mr Bankman-Fried was "subsisting on bread and water", his lawyer said.

 

Mr Cohen also said Mr Bankman-Fried had not been provided with the attention
deficit hyperactive disorder (ADHD) drug Adderall and that his supply of the
medication Emsam to treat depression was running low.

 

Magistrate Judge Sarah Netburn said she would ask the US Justice
Department's Bureau of Prisons, which runs the jail, to address the issues
with Mr Bankman-Fried's medication.

 

She was "reasonably confident" the facility offered vegetarian food, but was
not sure whether vegan food was available, Judge Netburn added.

 

The Bureau of Prisons said inmates had access to "appropriate" healthcare,
medicine and hot meals.

 

During the court hearing in New York on Tuesday he pleaded not guilty to
seven criminal charges contained in a new indictment.

 

Mr Bankman-Fried, who was formerly nicknamed "The King of Crypto", was led
into court wearing leg restraints and a beige prison uniform.

 

It was his first court appearance since his bail was revoked on 11 August.

 

Mr Bankman-Fried was jailed after sharing the personal writings of his
former romantic partner and colleague, Caroline Ellison, with a journalist.

 

Ms Ellison, who is the former chief executive of Mr Bankman-Fried's trading
firm Alameda, has pleaded guilty and agreed to testify against him.

 

The new indictment charged Mr Bankman-Fried with seven counts of fraud and
conspiracy over the collapse of FTX in November 2022.

 

However, it no longer charges him with conspiring to violate US campaign
finance laws.

 

He pleaded not guilty to the charges.

 

Mr Bankman-Fried has acknowledged that FTX had inadequate risk management
but has denied stealing the funds.

 

FTX was once the world's second largest cryptocurrency exchange and valued
at $32bn (£25bn).

 

It filed for bankruptcy protection on 11 November, which sent shockwaves
through the cryptocurrency market.-bbc

 

 

 

 

Parcel delivery giant UPS avoids first strike in 25 years

UPS has avoided its first US strike in more than 25 years as the union
representing its workers said a new five-year contract has been approved.

 

The two sides have been negotiating for months over demands including higher
pay and better working conditions.

 

In July, UPS said it had agreed a deal with the Teamsters Union to raise the
average annual salary of full-time drivers to about $170,000 (£133,440).

 

This included healthcare and other benefits and is up from about $145,000.

 

The deal also gives workers one more day of paid holiday, ends forced
overtime and adds air conditioning to new models of the company's trucks
from next year.

 

"This is the template for how workers should be paid and protected
nationwide, and non-union companies like Amazon better pay attention," the
general president of Teamsters Sean M O'Brien said.

 

UPS warned earlier this month that its profits will be lower because of the
deal.

 

The Atlanta-based firm is the world's largest package delivery company, with
more than 20 million deliveries a day in more than 220 countries around the
world.

 

In 2020, UPS estimated that the goods it handled were worth about 6% of the
US economy, including time-sensitive shipments for healthcare firms and
others.

 

Workers at Amazon and other delivery firms have pointed to the agreement as
they pushed for their own pay raises.

 

Unions representing "essential" transportation workers such as pilots, port
workers and delivery drivers have been enjoying stronger bargaining power in
recent months due to the country's tight jobs market.

 

The latest data showed that layoffs in the US dropped to an 11-month low in
July as the labour market has largely weathered aggressive interest rate
hikes from the Federal Reserve since March 2022.

 

Economists are watching the pay increases closely, as some worry higher
wages could start to feed into an inflation problem that started with
pandemic-related supply issues.

 

US inflation hit a peak of 9.1% last year, far above the central bank's 2%
target. But it has eased significantly as the shock to food and energy
prices from the war in Ukraine has faded.

 

This year, wage growth has started to outpace inflation which means that it
could start to push up prices as consumers spend more money.--bcc

 

 

 

 

Rising numbers seek help for energy bill debts, warns Citizens Advice

Thousands more people will start the winter behind on their energy bills
with some borrowing to pay them, Citizens Advice has warned.

 

A total of 46,431 people with energy debts contacted the charity for advice
in the first six months of 2023, a 17% increase on the same period last
year.

 

Friday's energy price cap is expected to set a typical annual household bill
at about £1,926 from October.

 

But those who contacted Citizens Advice for help had debts averaging £1,711.

 

This is up a third on 2019, the charity said.

 

The amount that some households are behind of their energy bills has been
rising consistently since the spring of last year, as billpayers have faced
high prices for gas and electricity.

 

Prices for 29 million households in England, Wales and Scotland are governed
by a cap set by the energy regulator Ofgem. In an announcement on Friday, it
is expected to lower the cap, making the price of each unit of energy
cheaper, for the three months from October.

 

Bar chart showing the average level of energy debt for people in England and
Wales seen by Citizens Advice. In April-June 2023, it was £1,711, higher
than at any point since at least 2019.

Consultancy firm Cornwall Insight predicts typical bills could drop by £148
a year, compared with now, but still remain far higher than before Russia's
invasion of Ukraine.

 

Those high prices, along with the rising cost of other essentials such as
food, is why 12% of those surveyed by Citizens Advice said they had resorted
to a loan or credit card in order to pay their energy bill.

 

The total number of people who have contacted the charity so far this year
who are already behind on their bill is higher than during the same period
of any of the previous four years. The same is true of those unable to
top-up their prepayment meters.

 

It said there was a risk of debts growing because people would have to pay
back arrears on top of the costs of increasing energy use in the colder
months, and find the funds to cover other essential bills.

 

Line chart showing the number of cumulative people in England and Wales seen
by Citizens Advice about energy debt. In 2023, 46,431 people contacted
Citizens Advice by June, higher than any other year since at least 2019.

One of those clients was Natasha, who told the charity that her finances
were overstretched.

 

"The bailiffs came to our home because of the gas and electric debt," she
said. "They looked all around my home and said there was nothing of value to
take, then left.

 

"I know the energy prices will go up again and that is worrying me a lot.
Winter is going to be very hard for me and my family as we can't afford the
bills now, so definitely won't be able to afford them when it gets colder."

 

Analysis by Citizens Advice suggested people with disabilities and families
with young children, particularly single parents, were more likely to have
very high levels of energy debt, as well as significant monthly shortfalls.

 

It called for greater support for struggling households through the current
system of grants.

 

Matt Upton, executive director of policy at Citizens Advice, said the
charity believed energy costs this coming winter would be "as bad if not
worse" than last year "unless government steps in with more support".

 

He pointed out that although the Energy Price Cap was lower than in 2022,
people would pay more gas and electricity on average because government
support had been scaled back.

 

"We want at least to see a targeted offer of support to those struggling
most," Mr Upton told the BBC's Today programme.

 

He suggested the government could extend help under the Warm Home Discount
scheme - which is for some pensioners and people on a low income receiving
certain benefits - from £150 to £600 and broaden it out to more people.

 

"Citizens Advice is an 84-year-old charity and we are busier than we have
ever been at any time in our history. This is not getting better - it should
be top of the priority list for government and we need action now," Mr Upton
said.

 

The Resolution Foundation said its research predicted 7.2 million, or more
than one-in-three, homes would have higher energy bills this winter than
last, with the poorest households hit hardest.

 

It said about one-in-eight households would see winter energy bills
increasing by £100 or more.

 

Fuel poverty charity National Energy Action estimates there will still be
6.3 million UK households in fuel poverty - even after an upcoming fall in
bills, up from 4.5 million in October 2021.

 

The government said it had spent nearly £40bn putting a limit on bills
throughout last winter, since when wholesale energy prices - as well as the
costs for consumers - had dropped. Additional help was being offered through
schemes like the Warm Home Discount.

 

"Our consultation on how best to ensure people can access the full benefits
of moving to a smarter, more flexible energy system is ongoing and we
continue to keep options under review including for the most vulnerable
households," said a spokesman for the Department for Energy Security and Net
Zero.-bbc

 

 

 

Wilko: Jobs to go as attempts to find a buyer fail

The administrators of Wilko have said jobs are set to go and stores will
close after it failed to find a buyer for the whole business.

 

However, PwC said parts of the group could still be bought.

 

Wilko announced earlier this month that it was going into administration,
putting 12,500 jobs and its 400 stores at risk.

 

PwC was tasked with trying to look for a buyer for all or part of the
business.

 

In a statement, PwC said: "While discussions continue with those interested
in buying parts of the business, it's clear that the nature of this interest
is not focused on the whole group.

 

"Sadly, it is therefore likely that there will be redundancies and store
closures in the future and it has today been necessary to update employee
representatives."

 

What has gone wrong at Wilko?

Wilko shoppers warned to avoid fake websites

PwC said it understood the news would further add to uncertainty felt by
workers and said it would be supporting staff.

 

It said that in the immediate term, all stores remain open and continue to
trade, and that staff would continue to be paid.

 

It added there were "currently no plans to close any stores next week".

 

Earlier, the union representing workers at Wilko said the majority of stores
were to close "within weeks" after a purchase fell through.

 

The GMB said that some stores might be bought, but "significant job losses"
were now expected.

 

Its national secretary, Andy Prendergast, said the union would seek to
ensure its members "receive every penny" they are entitled to.

 

"We will fight to ensure Wilko bosses are held accountable for the simple
reason our members deserve so much better," he added.

 

The company, which was founded in Leicester in 1930, is well known for its
affordable everyday items.

 

After the collapse of Woolworths in 2008, Wilko - which is still family run
- stepped up to fill the gaps left on High Streets.

 

But it has been struggling with sharp losses and a cash shortage.

 

Sarah Montano, professor of retail marketing at the University of
Birmingham's Business School, said the collapse of Wilko was not
particularly surprising.

 

She told the BBC 5Live's Wake up to Money: "From the consumer point of view,
I think it comes back to this reason: why would you go to Wilko?

 

"They haven't kept up with their competitors," she added. "In retail you
could start out as unique and as innovative as you could possibly be, but,
over time, gradually your competitors are going to do similar things to what
you do."

 

Many of Wilko's stores are in High Street locations in traditional town
centres, which became an expensive liability as customers shifted to bigger
retail parks and out-of-town locations.

 

The company has also faced strong competition from rival chains as the high
cost of living has pushed shoppers to seek out bargains.

 

There has been speculation that some of those rivals, such as B&M,
Poundland, The Range and Home Bargains, could be those interested in the
firm.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
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www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <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 s 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 d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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