Major International Business Headlines Brief::: 06 February 2023
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Major International Business Headlines Brief::: 06 February 2023
<https://wwww.nedbank.co.zw/>
ü Britishvolt: UK battery start-up set to be bought by Australian firm
ü Elon Musk found not guilty of fraud over Tesla tweet
ü Has the Brexit fishing promise come true?
ü Twitter: Number of staff suing goes up daily - lawyer
ü The app allowing fans to invest in their favourite musicians
ü Jobs growth surges in US despite slowdown fears
ü New Porsche mistakenly put on sale at bargain price in China
ü Cost of living: Call for better pension saving deal for under-22s and
low-paid
ü Renault and Nissan shake up 24-year-old alliance
ü Scottish courts to review warrants for force-fitting meters
ü Jobs growth surges in US despite slowdown fears
ü Great Yarmouth Marina Centre rebuild has boosted town - council
ü Tanzania: Zanzibar Secures Market for Neglect Seaweed
ü East Africa: Seychelles and Mauritius to Explore Joint Management Area
for Sea Cucumber
ü Kenya: Consumers Pick Up Bills As Swiss Supplier of Tax Stamps Makes
Billions
ü Nigeria: Japa: Citizens' Mass Exodus - a Reality Check for Nigeria
ü Kenya: 65 Kenyan Teenagers Benefit From Thinkyoung, Boeing Coding Program
ü Rwanda's Green Growth Vs GMO Preparing for Better or Worse
ü Kenya: Govt to Install E-Gates, Api Sytem At Entry Points - CS Kindiki
ü Kenya: Kakamega Firm Turns Sugarcane Bagasse Into Fuel Pellets
ü Kenya: Trademark to Open Sh38mn Modern Market in Busia
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Britishvolt: UK battery start-up set to be bought by Australian firm
An Australian firm has been named as the preferred bidder for Britishvolt,
the UK battery start-up which collapsed last month.
Recharge Industries, which is owned by New York fund Scale Facilitation
Partners, has entered an agreement to buy Britishvolt's business and assets.
Britishvolt was put into administration after running out of money.
It had planned to build a giant factory to make electric car batteries in
Blyth, Northumberland.
EY, the accountancy firm and administrator to Britishvolt which has been
overseeing the sale, said: "Completion of the acquisition is expected to
occur within the next seven days."
Recharge Industries is building a facility in Australia to produce batteries
for electric vehicles.
Little detail has emerged on its plans for the Britishvolt business which
had hoped to build a £3.8bn factory as part a long-term strategy to boost
the UK's manufacturing of electric vehicle batteries.
Electric car battery firm goes into administration
Britishvolt's collapse 'terrible' for North East
It had been hoped it would create 3,000 skilled jobs. Instead, more than 200
people lost their jobs when Britishvolt collapsed.
It was forced to delay the start of production at the plant a number of
times, most recently blaming "difficult external economic headwinds
including rampant inflation and rising interest rates".
David Collard, chief executive of Scale Facilitation and founder of Recharge
Industries, said it "can't wait to get started making a reality of our plans
to build the UK's first gigafactory".
Recharge is building a battery-making factory in Geelong, Melbourne which,
according to its website, will begin operating in 2024.
Recharge reportedly beat a number of others to become the preferred bidder
for Britishvolt.
EY said it followed a process "that involved the consideration of multiple
approaches from interested parties and numerous offers received".
Indriatti van Hien, deputy fund manager at Genus Henderson Investments, told
the BBC: "The acquisition of Britishvolt will really give them a toe-hold in
Europe.
"It is interesting really because there are a lot of British companies
bidding for this asset too."
Britishvolt's collapse was a blow to the government's "levelling up" agenda
started by former Prime Minister Boris Johnson.
It was hoped it would boost the economy in Blyth which was one of the main
so-called "red wall" seats to change hands from Labour to the Conservatives
in the 2019 General Election.
The government had committed £100m in funding for the project. That had
helped the company to secure a further £1.7bn in funding from private
investors.
The then Business Secretary, Kwasi Kwarteng, said Britishvolt's factory and
the jobs it would create was "exactly what levelling up looks like".-bbc
Elon Musk found not guilty of fraud over Tesla tweet
Tesla co-founder Elon Musk has been cleared of wrongdoing for a tweet in
which he said he had "funding secured" to take the electric carmaker back
into private ownership.
Shareholders argued he misled them with his posts in August 2018, and they
had lost billions of dollars because of them.
The proposed $72bn (£60bn) buyout never materialised.
If found liable, Musk could have been ordered to pay out billions in
damages.
It took the nine jurors less than two hours to reach their verdict on the
class-action lawsuit on Friday afternoon.
Mr Musk - who had wanted the trial moved to Texas, where Tesla is based,
arguing he could not get a fair trial in San Francisco - welcomed the
outcome.
Taking to Twitter, the social media platform he bought for $44bn last
October, he posted: "Thank goodness, the wisdom of the people has prevailed!
"I am deeply appreciative of the jury's unanimous finding of innocence in
the Tesla 420 take-private case."
Number of staff suing Twitter 'goes up daily'
'Elon Musk has made me embarrassed to drive my Tesla'
Central to the lawsuit was Mr Musk's tweet on 7 August 2018: "Am considering
taking Tesla private at $420. Funding secured."
The plaintiffs also argued Mr Musk had lied when he tweeted later in the day
that "investor support is confirmed".
The stock price surged after the tweets, but fell back again within days as
it became clear the deal would not go through.
According to an economist hired by the shareholders, investor losses were
calculated as high as $12bn, after many made decisions about buying and
selling their shares based on the tweet.
The US Securities and Exchange Commission (SEC) sued Mr Musk over his
tweets, accusing him of lying to investors. Mr Musk agreed to step aside as
Tesla board chairman and settled for $20m.
During the three-week trial, Mr Musk - who also leads SpaceX and Twitter -
had argued he thought he had a verbal commitment from Saudi Arabia's
sovereign wealth fund for the deal.
During his nearly nine hours on the witness stand, the world's
second-richest man said: "Just because I tweet something does not mean
people believe it or will act accordingly."
Shareholders had argued that "funding secured" suggested more than a verbal
agreement.
Just a 'bad tweet'?
Although Tesla's share price shot up after the tweet was posted, Mr Musk
also questioned whether his tweets had any effect on Tesla's share price.
"At one point I tweeted that I thought that, in my opinion, the stock price
was too high... and it went higher, which is counterintuitive," he said -
arguing the effect his tweets have on the stock price can be unpredictable.
Mr Musk said he eventually scrapped the plan to take Tesla private after his
discussions with smaller investors led him to believe they would prefer that
the firm remain publicly traded.
He was not in court when the verdict was read, but he was present during
closing arguments earlier on Friday as duelling portraits were drawn of him
by the rival legal teams.
Nicholas Porritt, a lawyer for the Tesla shareholders, said: "Our society is
based on rules. We need rules to save us from anarchy. Rules should apply to
Elon Musk like everyone else."
Mr Musk's attorney, Alex Spiro, said: "Just because it's a bad tweet doesn't
make it a fraud."
After the verdict, Mr Porritt said: "We are disappointed with the verdict
and are considering next steps."
Mr Musk was generally calm during his testimony - though at times he
appeared annoyed at the line of questioning.
There were also times of levity. After a lawyer representing shareholders
accidentally called Elon Musk "Mr Tweet", Elon Musk promptly changed his
name on Twitter to the same moniker.
Several Tesla directors also testified, including James Murdoch, son of
Rupert Murdoch. They testified that Mr Musk did not need the Tesla board to
review buyout tweets.
Securities fraud lawyer Reed Kathrein called the tweet about taking Tesla
private "as concrete a statement of taking a company private as there can
be", and said th-bbc
Has the Brexit fishing promise come true?
Even though fishing is a tiny part of the UK economy, it was a key issue in
the Brexit campaign with promises to "take back control" of British waters.
At the end of 2020, Boris Johnson announced his new Brexit trade agreement
with the EU, promising that "[we will] be able to catch and eat quite
prodigious quantities of extra fish".
What are the new fishing rules?
The UK-EU fishing rules, which came into force at the start of 2021, mean:
There was give and take because UK boats still needed to sell their fish to
EU markets.
The UK now negotiates annually with non-EU fishing nations such as Norway
and the Faroe Islands. Before Brexit, it was covered by the EU's
negotiations with them.
Is the UK catching more fish?
Government figures show the amount of fish UK boats caught and landed in the
UK (and at ports in Europe) has been rising:
2019 - 622,000 tonnes
2020 - 623,000 tonnes
2021 - 652,000 tonnes
Mark Spencer, the fisheries minister told MPs in December 2022: "We are
30,000 tonnes better off now that we are outside the EU".
Dr Bryce Stewart, a fisheries biologist from the University of York,
believes the government has overstated the longer term impact.
He says most of the benefit came in 2021, because 15% of the EU's quota was
transferred then, with much smaller transfers to come up to 2026.
He also points out: "Quotas are not always fished to their full extent. Fish
are unpredictable, they might not always be where you think they are, the
weather might be too bad to fish and markets might not be available."
Winners and losers
In 2019, the top UK port for the amount of fish landed was Peterhead in
north-east Scotland, with 132,000 tonnes, followed by Lerwick, on the
Shetland Islands, with 28,000 tonnes.
They accounted for more than a quarter of all landings by UK boats.
A map of the UK showing the top 20 UK ports by the amount of fish, in
tonnes, landed in 2019, with ports of Peterhead and Lerwick being the
biggest.
In 2021, Peterhead and Lerwick got more than 83% of the extra catch - 25,000
of those 30,000 extra tonnes.
Ports in north-east England - Hull, Grimsby and Bridlington - as well as in
the south-west - Plymouth and Newlyn - all saw decreases on their 2019
catches.
A map of the UK showing the top 20 UK port by the amount of fish, in tonnes,
landed in 2019, with ports of Peterhead and Lerwick still being the biggest
and increasing on the 2019 volumes
Why did some areas do better and some worse?
Dr Stewart says the new quota system is skewed towards a small number of
species, benefiting those places where they're fished.
"The gains to the UK in terms of tonnage and value are highly concentrated.
Western mackerel, which is fished off the north coast of the UK and landed
in places like Peterhead, accounts for about 30% of the change in overall
value."
The Scottish Pelagic Fishermen's Association (SPFA) represents 22 boats
which fish for mackerel and herring in the north-east Atlantic.
"If you asked me if our fishermen would prefer to be back in the EU, the
answer would be a huge 'absolutely not'," said chairman Ian Gatt.
'I had to make 72 fishermen jobless'
It's a different story for Jane Sandell of UK Fisheries, a foreign-owned
company based in Hull.
Its trawlers fish in Norwegian waters in the North Atlantic and 95% of their
catch is cod which goes to UK fish and chip shops.
Ms Sandell says before Brexit (when the UK share of the fish in Norwegian
waters was determined by EU-Norway negotiations), the company would catch
about 15,000 tonnes of cod a year and employed 106 crew, most from the
north-east of England.
Jane Sandell, CEO of UK Fisheries, in front of the last vessel in the
company's fleet
Image caption,
Jane Sandell, CEO of UK Fisheries, in front of the last trawler in her
company's fleet
In 2022, their catch halved. She blames the fishing deal the UK negotiated
with Norway in 2021.
Announcing it, the government said UK boats would "gain access to 30,000
tonnes of white fish" in 2022 - the limit for cod was set at 7,000 tonnes a
year.
Ms Sandell says: "From the middle of 2021 to the end of 2022, I had to make
72 fisherman jobless. That's the worst bit, because it's people's
livelihoods."
Gary Taylor, a former government fisheries negotiator, says: "The position -
when the UK was part of the EU - was that we were very much a net
beneficiary of the deal with Norway.
"We gained significant amounts of Arctic cod. That was drastically reduced
under the current [UK-Norway] deal."
'No change' in Cornwall
One of the main requests from the fishing industry in Cornwall was to
exclude French and other EU boats from the zone between six and 12 miles off
the Cornish coast.
The Brexit deal did not do this - which was "extremely painful", according
to Chris Ranford from the Cornish Fish Producers Organisation which
represents about 170 vessels fishing for over 40 different species of fish.
"Our boats are often affected by the weather and the sea conditions. They
are not able to go to the sea at certain times of the year because they
don't have engine capacity or the size of the boat to do so. During those
times, we get a lot of foreign vessels operating up to the six mile line."
Why is there a Brexit fishing row?
Who really owns UK fishing rights?
He's also sceptical about the post-Brexit increase in fish quotas.
"Us in the south-west of England, fishing relatively close to the shore,
haven't seen anywhere near as much as a 25% increase. We are looking at very
minimal numbers."
In Devon, Juliette Hatchman of South Western Fish Producers highlighted
post-Brexit trade.
Although the trade deal avoided tariffs (taxes) on UK seafood exports to the
EU, she says there are still problems:
"The sheer cost of all the additional export paperwork is quite eyewatering.
Whilst the extra costs have in part been absorbed into the selling prices to
some EU customers, this has clearly resulted in the loss of some
long-standing smaller EU (namely French) customers."-bbc
Twitter: Number of staff suing goes up daily - lawyer
The number of sacked Twitter staff launching legal action against the
company "goes up daily", according to a lawyer representing some of them.
Lisa Bloom has told the BBC she has already taken on the cases of about 100
former employees but the number is rising.
One of her clients, Amir Shevat, told the BBC that Twitter boss Elon Musk
had "failed" in his leadership of the firm.
Twitter did not respond to the BBC's request for comment.
In an interview with BBC World Service programme Tech Tent, Mr Shevat
recalled the turbulent time at Twitter after Mr Musk went through with his
$44bn (£39.3bn) takeover in November.
Mr Shevat was the head of product for the Twitter developer platform, in
charge of about 150 staff.
He said almost his entire team was laid off over the course of a night.
"We got an email saying there was some sort of restructuring and then what
happened is, I was communicating with my team, and one after the other they
were telling me that their computer got 'bricked'," he said.
"Bricked is the process of turning a computer into something that looks more
like a brick - so you can't log in, you can't do anything with that
computer."
He added: "It was a very, very hard experience which left a lot of the
engineers, who cared deeply about the company, very discouraged."
Five ways Musk's Twitter has changed for users
Musk to quit as Twitter CEO when replacement found
Around half of Twitter's 8,000-strong workforce were sacked when Mr Musk
took over.
At the time Mr Musk warned the company was losing money at an alarming rate
and was in "the fast lane to bankruptcy", although he has since said it is
now moving in a "good direction" following the cuts.
Mr Shevat joined Twitter in 2021 when his start-up called Reshuffle was
acquired by the social media network.
He is now entering into an arbitration process with his former employer,
represented by lawyer Ms Bloom.
She told the BBC she was representing about 100 laid-off Twitter staff in
the US, but "the number goes up daily".
Ms Bloom added there were a variety of claims including alleged breaches of
contract and discrimination.
'Awkward' experience
Employees sacked in the UK are also pursuing legal action, while workers at
the only African Twitter office in Ghana have also hired legal
representation.
As the takeover went through in November, Mr Shevat logged on to an "all
hands" meeting Mr Musk held, which he described as an "awkward" experience.
"We were trying to get him to tell us what he wants with the company and
what's the direction. And his answers were not 100% on point but also not
very inspiring," he said.
"For example, when we asked him: 'what is the future of Twitter?' He
answered that he thinks that we will help him reach Mars. I don't know how
to connect building a social application into reaching Mars."
What is behind the big tech companies' job cuts?
Twitter is just one of a host of big tech companies which has pushed through
mass layoffs in recent months, with the likes of Amazon, Meta and Microsoft
also carrying out cuts.
Mr Shevat said he was not "objecting to the downsizing", but rather the way
in which it was done at Twitter.
"The way to do it is in a legal way, empathetic way and a highly
communicative way. And in all of these Elon, in his leadership, failed," he
said.
Mr Shevat told the BBC that workers were initially promised four months' pay
as severance by Twitter, but were offered only one month in the end - with
"zero justification" for the reduction in package.
He described the treatment of staff by Mr Musk as "unjustifiable" and added
he was "worried" about the future of Twitter.
"We wanted to make people's lives more pleasant and more productive. And all
of that went to garbage when Elon bought the company," he said.-bbc
The app allowing fans to invest in their favourite musicians
You might not have heard of an electronic music artist called Alan Walker,
but he has a significant fanbase.
On YouTube the video of one of his songs, Faded, has been played 3.5 billon
times, and he has 42.9 million subscribers on the platform.
It is a similar picture on Spotify, where the Anglo-Norwegian music producer
and DJ has numerous songs that have been listened to hundreds of millions of
times.
While bands and other musical artists have long argued that the streaming
services do not pay them enough, Walker, who also earns money from live
performances, has amassed a net worth estimated to be as high as $20m
(£16m).
For the music industry the fans are normally just the consumers - they pay
to listen to the songs and albums, attend the concerts, and buy the
merchandise. But last year Walker decided that he would start to allow his
fanbase to share in his financial success.
He has done this by giving around 8,000 fans the opportunity to invest in
four of his singles, sharing with them his streaming revenues. To facilitate
this, Walker has used a new Swedish website and app called Corite, which
handles all the financial details, including the collection and exchanges of
funds.
"I wanted to involve my fans beyond just connecting with them on the stage
and through my music," Walker tells the BBC. "We have raised just above
$100,000 [from fans] in our projects so far, but this number is not what
makes me tick.
"It's the thousands of backers that have participated in my projects that
will now share the success with me."
Stockholm-based Corite is the brainchild of music industry veteran Mattias
Tengblad, who was previously commercial director for industry giant
Universal Music Group.
The idea behind Corite is that up and coming artists can skip signing with
record labels - which typically make more money from a successful artist,
than the artist make themselves.
Under Corite's model, artists secure financial backing from their,
hopefully, growing fanbase.
In return, fans can hope to earn more money than the sum they have invested.
Although it is important to stress that they can lose money.
The way it works is that an artist announces a "campaign" via Corite,
typically the forthcoming release of a single song. They then detail how
much money they are seeking to raise, from just $500 up to tens of
thousands, and how much profit they will given to each investor if the song
is streamed a certain number of times over the first year of its release.
Typically the rates of return are between 1.4 and 1.7 times the amount a
person invests. So if you put in £10 at 1.7, and the song reaches its
one-year listening target you'd get back a minimum of $17.
And if the song greatly exceeds its streaming target, the investors will get
even more earnings. However, it is a gamble, as if the song flops, and
doesn't hit its goal, then the investors won't recoup as much much money as
they put in. Instead they may only get a few pounds or even just pennies
back.
To help people decide whether a song is worth investing in, they can listen
to a 30-second snippet via the Corite site.
When the song is ready to release in full, Corite uploads it to all the
streaming services, and collects and distributes the revenues to the artists
and the fan investors.
Fans and other would-be investors can use the Corite app to listen to
snippets of songs seeking funding
"We are challenging the status quo in the music industry," says Mr Tengblad.
"Corite lets music lovers invest in the music that they love, and artists
that they love, and get a piece of the success when songs are streaming on
the likes of Spotify and Apple.
"For the artists it can be a cheaper way of funding your career than signing
an expensive deal with a record label, that is going to take a much higher
slice of their earnings. And even when a record company has all the best
intension in the world, nowadays the social media world has made promotion
much more complicated.
"Record labels don't know how to make things happen anymore, and instead
artists can use Corite to unleash the power of their fans, who with money
invested will become even more vocal cheerleaders. Yet at the end of the day
you still need good songs to be successful."
But can artists really succeed without the support of a record label?
Jeremy Lascelles has been a music industry executive for more than 50 years.
Today he is the co-founder and chief executive of Blue Raincoat Music, which
combines a record label, with artist management, and music publishing arm.
He says that record companies still have a very important role to play.
"The digital age has certainly shifted the power away from record labels,
but they are still a very attractive proposition for artists. They still
have access to quite considerable capital and funding, they have marketing
muscle, and they have access to media, to radio, TV and the like.
"So when an artist releases a single or album, you have an army of people at
the record label there to help it be successful. Doing all that on your own
is far more difficult."
One Alan Walker fan who has invested in one of his 2022 singles is student
Effie Sampson, who is doing a degree in games designer at the University of
Central Lancashire in Preston.
She invested $35, and has so far got back $19.13. However, Ms Sampson says
it isn't about the money. "I did it to support an artist that I love," she
says. "And you feel more involved in the song when you listen to it."
It is this sense of closer involvement that business psychologist Stuart
Duff, a partner at UK practice Pearn Kandola, thinks might be key to
Corite's future success.
"While the financial transaction may be important, of much greater value is
the way that the investment will strengthen the relationship between the
artist and fans," he says. "Without even realising it, the artist is
creating a stronger psychological bond with the fans."
Alan Walker says that for him, using Corite, and allowing fans to join in
his financial success, "offers me a way of giving back to the community of
'Walkers', and showing my appreciation of what we've built together".-bbc
Jobs growth surges in US despite slowdown fears
Jobs growth surged in the US in January, defying fears that the economy is
heading for a downturn.
Employers added 517,000 jobs last month, the Labor Department said.
That was far more than expected, pushing the unemployment rate down to 3.4%
- the lowest rate since 1969.
Analysts are struggling to figure out what is happening in the world's
largest economy, which is being buffeted by a mix of higher borrowing costs
and rising prices.
Many forecasters have warned that the odds of a recession this year are
unusually high, pointing to data which has indicated a recent pullback in
consumer spending, declines in manufacturing and a sharp slowdown in home
sales.
A recent survey by research company Morning Consult suggested nearly half of
the public thinks the economy has already fallen into recession, or a period
of decline.
Despite this, the labour market has remained strong - though the gains in
January shocked even those economists who have argued against the gloomy
predictions.
"This is a breathtaking number," economist Justin Wolfers, a professor at
the University of Michigan, wrote on Twitter following the report.
Dante DeAntonio, director at Moody's Analytics, cautioned against reading
too much into a single month of data.
His firm still expects employment growth to slow "dramatically" in the
months ahead, and warned that the probability of a recession remained
"uncomfortably high".
But US President Joe Biden, whose approval ratings dropped last year as
prices surged - with Republicans blaming his spending plans - said the
report showed his critics were wrong in their grim interpretations of the
economy.
"For the past two years we've heard a chorus of critics write off my
economic plan," he said. "Today's data makes crystal clear what I've always
known in my gut - these critics and cynics are wrong."
The hiring in January was widespread, led by bars and restaurants, which are
continuing to recover from job losses sparked by the pandemic.
The car manufacturing and tech industries were among the few parts of the
economy to report job losses.
Those sectors are sensitive to borrowing costs, which shot up last year, as
the US central bank took steps to stabilise consumer prices.
US announces smaller rate rise as inflation cools
US economic growth stronger than expected
By raising interest rates, the Federal Reserve is aiming to cool demand,
easing the pressures pushing up prices.
However, the increase in rates, coming at a time when price increases have
started to ease, has raised fears that officials will tip the economy into a
painful contraction, bringing economic activity to an abrupt slowdown that
leads to firms to cutting jobs.
The head of the Federal Reserve, Jerome Powell, said this week he was
hopeful the US central bank can avoid that scenario.
But he warned that the Fed was focused on curbing inflation and remained
worried that the job market was too strong to allow price growth to
stabilise around the bank's 2% target.
Friday's report showed wages rose 4.4% over the 12 months to January.
Pay increases did not keep pace with price inflation last year and have
shown signs of cooling in recent months.
"It's difficult to see how wage pressures can possibly soften sufficiently
when jobs growth is as strong as this and it's even more difficult to see
the Fed stop raising rates and entertain ideas of rate cuts when there is
such explosive economic news coming in," said Seema Shah, chief global
strategist at Principal Asset Management.
"The market is going to go through a rollercoaster ride as it tries to
decide if this is good or bad news. For now, though, looks like the US
economy is doing absolutely fine."-bbc
New Porsche mistakenly put on sale at bargain price in China
Potential car buyers in China have found that an online advert for a luxury
sports car was just too good to be true.
A Porsche dealership in the the city of Yinchuan listed the brand new
vehicle for 124,000 yuan ($18,300, £15,000).
That is just a fraction of what it should have been. The Panamera has a
starting price of $148,000.
The promotion attracted hundreds of would-be buyers who rushed to secure
what appeared to be a bargain.
A spokesperson for the German car maker told the BBC that the promotion
"contained a serious mistake in the listed retail price", which was taken
down immediately.
"As there was only one vehicle in stock, in accordance with the sales
process, Porsche Centre Yinchuan has communicated with the first customer
who made an online refunded reservation fee and has negotiated an agreeable
outcome", they added.
VW values Porsche at up to $75bn in share sale
Luxury cars up in smoke after ship catches fire
The dealership also contacted "every bidder individually and explained the
situation with apology".
The incorrect information was posted on 30 January and customers who paid
the 911 yuan reservation fee have been refunded, Porsche said.
The incident caused a stir on Chinese social media, with one commentator
posting "This is why I don't buy Porsche lol".
Others thought that it was just a promotional strategy that was "well
conducted".
It was also suggested that the company had been "irresponsible" and should
have honoured the cut-price offer.
Another social media user claimed to be the first person to try to buy the
car but had cancelled their order when they were told the real price. They
said it would have been wrong to try to take advantage of a mistake.
Porsche started selling cars in mainland China more than 20 years ago.
In recent years the company expanded its footprint in the world's second
largest economy as it opened new dealerships.
The country is now Porsche's largest single market globally, with sales
totalling $6.2bn in the first six months of last year.-bbc
Cost of living: Call for better pension saving deal for under-22s and
low-paid
Younger and lower-paid workers should be included in a scheme which sees
people automatically enrolled into pension saving, a think tank says.
Current rules require workers aged 22 and above to be enrolled, and receive
a contribution from their employer, when they earn more than £10,000 a year.
The Social Market Foundation (SMF) says those from minority ethnic
backgrounds disproportionately miss out.
The government says it is planning to make these changes, when affordable.
Aveek Bhattacharya, research director at the SMF, a centrist think tank,
said: "Sensible changes to pensions auto-enrolment rules would bring more
ethnic minorities into pension saving, increasing their chances of enjoying
the comfortable retirement that everyone deserves."
In a wide-ranging study, supported by the consumer group Which?, the SMF
also called on the government to accelerate its plans to allow workers to be
included from the age of 18.
That will reignite the debate over whether teenage workers would want some
of their wages diverted into a workplace pension scheme, when their budget
is squeezed by cost-of-living pressures.
Automatic enrolment explained
All employers must offer a workplace pension scheme to their staff, and
automatically enrol those who fit certain criteria.
They include people who are not already signed up to a workplace pension,
earn at least £10,000 a year per job, and are aged between 22 and state
pension age.
Workers can opt out if they do not want to save. Otherwise, 5% of their
earnings above £6,240 a year, including tax relief, and a contribution from
their employer worth 3% of earnings, is automatically saved into a pension
pot which is invested.
The idea is to encourage saving for retirement from an earlier age, to top
up the state pension in later life. It has been widely regarded a success
since its introduction in 2012, with relatively few people opting out.
The SMF said that people from ethnic minorities were much less likely than
white Britons to save into a workplace pension, suggesting that 25% did so,
compared with a national average of 38%.
They were disproportionately likely to be younger and poorer, meaning they
were missing out. The think tank also suggested there was heightened
scepticism about financial services within these groups, with lower levels
of awareness and trust, even among those earning bigger salaries.
"Part of the responsibility for addressing this situation should lie with
government, but it is also incumbent on financial firms to do their bit as
well," it said.
Among its recommendations were:
Employers making pension contributions from the first pound earned by an
employee, with the worker starting to contribute when they earn enough to
pay National Insurance
Targeted support for new migrants to integrate them quicker into the
financial system
More research, awareness, and data collection about the issue
Workers can opt in to the pension saving scheme when they earn more than
£6,240, but the SMF suggestion to cancel the earnings threshold follows
similar calls from pension providers.
Andrew Tully, technical director at Canada Life, said: "The best ideas are
often the simple ones and these recommendations are not only easy to
deliver, but will reward many more people effectively saving for their
retirements, increasing pension coverage irrespective of social or economic
background.
"This will help many people who are multiple jobbers but where each
individual job falls below the current £10,000 threshold, so won't enjoy the
benefits of auto-enrolment. This includes many women."
The government said that it was planning to abolish the lower earnings
limit, and cut the age for automatic enrolment from 22 to 18 by the
mid-2020s.
"It is important that we make sure that these changes are made in a way and
at a time that is affordable, balancing the needs of savers, employers and
taxpayers," said Laura Trott, the Pensions Minister.
She said that automatic enrolment had "transformed pension saving", with
more than 10.8 million workers enrolled into a workplace pension and an
additional £33bn saved in real terms in 2021 compared with 2012.
Separately, the Institute for Fiscal Studies, has called on the government
to overhaul the tax treatment of pensions.
The leading economic research group argues that the current system gives
overgenerous tax breaks to those with the biggest pensions and the biggest
contributions from employers.-bbc
Renault and Nissan shake up 24-year-old alliance
Nissan and Renault have unveiled the details of a major shake-up of their
often strained 24-year-old alliance.
The announcement comes after months of negotiations between the motor
industry giants.
In a joint statement, the two firms said they had "rebalanced" their
relationship by agreeing that Renault would cut its stake in Nissan.
Under the deal, Nissan will take a stake in Renault's flagship electric car
unit Ampere.
The companies also said that they will work together on electronics and
battery technology, as well as making savings from joint projects in Europe,
India and Latin America.
The agreement will see Renault cutting its stake in the Japan's Nissan from
more than 43% to 15%, the same size as Nissan's stake in its French
counterpart.
The companies also said that Nissan will take a stake of up to 15% in
Renault's new electric vehicle venture, Ampere.
Christopher Richter from investment group CLSA said the changes were
necessary to keep the two-decade partnership alive.
"It's a last ditch attempt to save an alliance where the two partners don't
get along very well," he told the BBC.
"Hopefully, by equalising their status in the alliance, they can put some of
the rancour behind them, and find a limited number of activities where they
can cooperate and add value to each other," Mr Richter added.
The move comes at a time of huge change for the motor industry as it
transitions to electric vehicles and adopts new technology.
"We all know that auto firms will be amalgamated into five or six globally,
especially due to the big changes occurring in AI technology," Seijiro
Takeshita from the University of Shizuoka in Japan told the BBC.
"In that context, Nissan and Renault need to find a good partner, and that's
what they are, at least nominally. They cannot and do not have the luxury of
going alone in this battle," he added.
Soviet-era car brand revived at ex-Renault plant
Ex-Nissan boss Carlos Ghosn says he wants a trial
The alliance was formed in 1999 when Renault rescued Nissan from the brink
of bankruptcy.
In 2016, they were joined by Mitsubishi, after Nissan took a major stake in
the struggling Japanese firm.
The alliance was rocked in November 2018 when Nissan boss Carlos Ghosn was
arrested over allegations that he had understated his annual salary and
misused company funds. Mr Ghosn denied the charges.
At the time, Mr Ghosn was the chairman of the Japanese carmaker. He was also
chairman of France's Renault and the boss of a three-way alliance between
both carmakers and Mitsubishi.-bbc
Scottish courts to review warrants for force-fitting meters
Scotland's court service has said it will review the process for utility
warrants following outcry over forced installation of pay-as-you-go meters.
It is thought at least 32,000 such warrants were applied for by energy
companies in Scotland in 2022.
The Times recently found debt agents for British Gas had broken into
vulnerable people's homes to fit the meters.
On Thursday industry regulator Ofgem asked firms to suspend the practice.
It requested that all suppliers reviewed the use of court warrants to enter
the homes of customers in arrears and said firms must get their "house in
order".
In Scotland there is no overall record of how many utility warrants have
been granted, with only some individual courts choosing to record the
information.
The Scottish Courts and Tribunals Service (SCTS) told BBC Scotland it does
maintain the number of submissions for warrants by utility firms for
"processing the relevant court fee".
But it added: "A working group has now been established to review the
process for dealing with utility warrants, including the data recorded, with
a view to improving the information currently available."
Although Ofgem has ordered a review into pre-payment meters to "uncover poor
practice", it does not have the power to enforce a total ban.
However, British Gas and EDF announced they would stop forced installation
while they conducted reviews. Energy firm OVO said it had stopped in
November last year.
How does the process work in Scotland?
After a long period of non-payment by a customer, an energy company may seek
to place them on to a pre-payment meter.
The firm will apply for a warrant under the Right of Entry (Gas and
Electricity Boards) Act 1954 - a piece of legislation drafted when utilities
were under state control.
The warrants are dealt with by Scotland's Justice of the Peace court - the
lowest level of the court system that normally deals with minor criminal
matters. It is presided over by a justice of the peace, a lay magistrate
appointed from the local community.
The act itself states the companies have to satisfy a justice of the peace
that they have met their obligations to the customer. This would include a
letter to the customer seven days before the firm applies for the warrant.
Unless the customer objects, the warrant will be granted without a hearing.
Campaigners such as the Poverty Alliance and Energy Action Scotland have
said the system is "opaque" and that the notification process is not
adequate.
Prepayment meter price cap graphic
Alan McIntosh, debt advisor and campaigner, told BBC Scotland he had been
contacting authorities for months to gather information about the process.
He said: "People are in the dark. It's been a worrying time for people who
are maybe themselves getting in more and more debt because of the fuel
bills.
"The problem is that it seems to be completely untransparent for people. How
this process works, what the companies can command and what they do.
"For some, the first time you know anything, you may have a warrant granted
against you."
In an example guidance form shared by Mr McIntosh with the BBC and used in
Tayside, there are no questions about whether the debt is disputed or the
customer's vulnerability.
How prevalent is this in Scottish courts?
The Herald newspaper originally reported there were more than 32,000 utility
warrant submissions in the first 10 months of 2022.
Campaigners shared information with the paper last month that showed more
than 4,500 were granted because some courts chose to record the outcome.
This week, the Scottish Parliament's social justice committee agreed to
write to the Scottish government, the court service and energy firms to call
for more transparency in how warrants were being dealt with.
Its convener, SNP MSP Natalie Don, said she found the practice of forced
entry to install pre-payment meters "appalling".
She told the BBC: "We are currently in the process of approaching a range of
different stakeholders to try to find out what action can be taken, because
I do think there could be more transparency around these warrants.
"There is guidance, but I don't believe it's compulsory, and there could be
improvements in the way that the system is carried out, in terms of
notifying people when an application is made, a minimum period of notice,
and checks on whether adequate efforts have been made to try and work with
the people."
The Scottish government said legislative powers around utility warrants were
reserved to Westminster, but it was aware of the "dreadful impacts" forced
installation of pre-payment meters had on those in vulnerable circumstances.
It said: "How independent courts in Scotland consider applications for
warrants made under the reserved law is a matter for the courts.
"It is vital that the UK government takes urgent steps to ensure that proper
protections and safeguards are put in place to prevent a repeat of the
disgraceful practices that have been reported this week.
"Meanwhile, we encourage all affected customers in need of help to contact
Advice Direct Scotland."-bbc
Jobs growth surges in US despite slowdown fears
Jobs growth surged in the US in January, defying fears that the economy is
heading for a downturn.
Employers added 517,000 jobs last month, the Labor Department said.
That was far more than expected, pushing the unemployment rate down to 3.4%
- the lowest rate since 1969.
Analysts are struggling to figure out what is happening in the world's
largest economy, which is being buffeted by a mix of higher borrowing costs
and rising prices.
Many forecasters have warned that the odds of a recession this year are
unusually high, pointing to data which has indicated a recent pullback in
consumer spending, declines in manufacturing and a sharp slowdown in home
sales.
A recent survey by research company Morning Consult suggested nearly half of
the public thinks the economy has already fallen into recession, or a period
of decline.
Despite this, the labour market has remained strong - though the gains in
January shocked even those economists who have argued against the gloomy
predictions.
"This is a breathtaking number," economist Justin Wolfers, a professor at
the University of Michigan, wrote on Twitter following the report.
Dante DeAntonio, director at Moody's Analytics, cautioned against reading
too much into a single month of data.
His firm still expects employment growth to slow "dramatically" in the
months ahead, and warned that the probability of a recession remained
"uncomfortably high".
But US President Joe Biden, whose approval ratings dropped last year as
prices surged - with Republicans blaming his spending plans - said the
report showed his critics were wrong in their grim interpretations of the
economy.
"For the past two years we've heard a chorus of critics write off my
economic plan," he said. "Today's data makes crystal clear what I've always
known in my gut - these critics and cynics are wrong."
The hiring in January was widespread, led by bars and restaurants, which are
continuing to recover from job losses sparked by the pandemic.
The car manufacturing and tech industries were among the few parts of the
economy to report job losses.
Those sectors are sensitive to borrowing costs, which shot up last year, as
the US central bank took steps to stabilise consumer prices.
US announces smaller rate rise as inflation cools
US economic growth stronger than expected
By raising interest rates, the Federal Reserve is aiming to cool demand,
easing the pressures pushing up prices.
However, the increase in rates, coming at a time when price increases have
started to ease, has raised fears that officials will tip the economy into a
painful contraction, bringing economic activity to an abrupt slowdown that
leads to firms to cutting jobs.
The head of the Federal Reserve, Jerome Powell, said this week he was
hopeful the US central bank can avoid that scenario.
But he warned that the Fed was focused on curbing inflation and remained
worried that the job market was too strong to allow price growth to
stabilise around the bank's 2% target.
Friday's report showed wages rose 4.4% over the 12 months to January.
Pay increases did not keep pace with price inflation last year and have
shown signs of cooling in recent months.
"It's difficult to see how wage pressures can possibly soften sufficiently
when jobs growth is as strong as this and it's even more difficult to see
the Fed stop raising rates and entertain ideas of rate cuts when there is
such explosive economic news coming in," said Seema Shah, chief global
strategist at Principal Asset Management.
"The market is going to go through a rollercoaster ride as it tries to
decide if this is good or bad news. For now, though, looks like the US
economy is doing absolutely fine."-bbc
Great Yarmouth Marina Centre rebuild has boosted town - council
The £26m rebuilding of a sports and leisure centre has helped increase
footfall in a seaside town, a council's chief executive said.
The Marina Centre, owned by Great Yarmouth Borough Council, reopened in
August after closing down in October 2019.
Since its opening it has attracted 150,000 visitors, Sheila Oxtoby, from the
council, said.
"We have seen almost a 15% increase [in footfall] compared to 2019," she
added.
The old Marina Centre was demolished and a new facility was built on the
seafront site, featuring a six-lane swimming pool as well as climbing walls,
a gym, a sports hall, water slides, a learner pool and cafe.
Ms Oxtoby said: "The figures for last year compared to 2019, we can
definitely see an increase [in footfall] once the Marina Centre opened in
August as we moved into the 'shoulder season' - October, November, December,
when footfall would normally fall away.
"We have seen almost a 15% increase compared to 2019, and the fact we know
almost 150,000 have used the centre and an additional 20,000 who've used the
cafe, we absolutely believe it's driving the footfall."
Media caption,
The £26m leisure centre is making a splash on the Norfolk coast
Ms Oxtoby said the council-owned centre, run by Freedom Leisure, had been
designed to be fun for adults and children, as well as be a serious sports
centre.
"There's nothing else equivalent in Norfolk and I think people will travel
[to it] because it's a great offer," she said.
"We believe it's doing exactly what we hoped it would do, as well as
financially meeting our business case."
Asa Morrison, chief executive of Visit Great Yarmouth, said: "Anytime you
put something on the seafront that is weather tolerant, it helps the
footfall on the seafront."
He said the centre was a "positive development" and the redevelopment of the
empty Winter Gardens would only help further.
Sandie Menezes has been the owner of the Beach Hut cafe for eight years and
said opening each winter had been a "struggle sometimes".
"But now we are noticing more footfall, getting busier through the winter
time as there's more cafes opening up and there's more choice for people,"
she said.
"I think out of the seven cafes [north of the Britannia pier], six are now
open all winter, which is great because it brings people down."
Mark Allen, owner of Munchies cafe on North Drive, said: "We've stayed open
for the winter for the first time this year because we've taken on somebody
as a manager to give me a little bit more spare time, and of course we've
got to employ year-round.
"However, it's been quite successful.
"It's great to hear more people are coming into town and using it [the
Marina Centre] and anything like that is going to be good for the town."-bbc
Tanzania: Zanzibar Secures Market for Neglect Seaweed
Zanzibar — NEWLY established Zanzibar Seaweed Company (ZASCO) has secured
the market for the Ulva seaweed variety, which was previously disregarded as
waste and environmental nuisance.
ZASCO Director General Dr Masoud Rashid Mohammed said here over the weekend
that the company has since September last year spent over 960m/- in the
purchase of 1,200 tonnes at 800/- per kilogramme.
"Besides boosting the incomes of about 10,000 Zanzibaris, the business has
helped to address the environmental challenges at our beaches," Dr Masoud
told the Daily News, noting that the self-grown seaweed had always been an
environmental bother along the beaches.
Ulva Lactuca is considered one of the most useful seaweeds, and its
applications include applications in food, agriculture, pharmacology and
medicine, the common name is sea lettuce-because of its appearance.
Ulva is considered a good source of nutrition. It contains high amounts of
cobalamin, or vitamin B12, which plays an important role in maintaining the
homeostasis of the brain and nervous system, as well as the formation of
blood.
He said there is an investor who has expressed interest to invest in an Ulva
processing plant in Zanzibar.
And, hardly a year since it started business in April last year, Dr Masoud
said, ZASCO has influenced seaweed price hike of between 17 and 43 per cent
to 2,100/- per kilogramme.
"We have experienced price rise albeit small even before we embark on
domestic processing," Dr Masoud said, assuring that after completion of the
multi-billion processing plant in Chamanangwe, Pemba, seaweed prices will
skyrocket further.
Since ZASCO entered the seaweed buying business, the price of spinosum
seaweed has risen by 43 per cent from 700/- to 1,000/- per kg while the
cottonii variety's has increased to 2,100/- from the previous 1,800/- per
kg, a 17 per cent rise.
Dr Masoud said the 30-tonne capacity processing plant will transform the
seaweed industry in the country into a money-minting undertaking.
"Seaweed farming is soon becoming the most lucrative business, with ZASCO
being among the giant companies in Zanzibar," he said.
He challenged the private players in the industry to embrace value addition,
which is the focus of the government.
"ZASCO has its doors open to all stakeholders who are willing to work
together in value addition," he said.
ZASCO, the brain-child of President Hussein Mwinyi, is registered as a
public company whose key task is to manage the seaweed business in the
country. it was registered last January.
Zanzibar Social Security Fund is the major shareholder with over 50 per cent
shares while Zanzibar Insurance Corporation and Zanzibar Ports.
Corporation control 26 and 11 per cent, respectively. Zanzibar State Trading
Corporation controls the remaining shares.
President Mwinyi has since his election to the highest office in the land in
October 2020 remained keen on seaweed, devising various measures to boost
the production and marketing of the oceanic produce.
He has put special emphasis on domestic processing, arguing that there is no
miracle to pay high prices to farmers in the absence of "our own processing
plants."
Dr Mwinyi says the government is embracing spice farming, which he
appreciates as highly lucrative and fits well in Zanzibar's limited land.
The Chamanangwe plant whose construction work is in speedy progress is
perceived as the panacea to the seaweed price challenges in the country.
-Daily News.
East Africa: Seychelles and Mauritius to Explore Joint Management Area for
Sea Cucumber
Sea cucumber fishers in Seychelles are being asked to submit their proposals
to be part of the exploratory harvesting of the species under the joint
management area (JMA) managed by Seychelles and Mauritius, said a top
official.
The JMA is the mechanism of joint jurisdiction between Seychelles and
Mauritius over an area of the seabed and its underlying subsoil in the
Mascarene Plateau region. It excludes the water and living organisms above
the shelf.
Chrissant Barbe, the Seychelles JMA Focal Point at the Department of Blue
Economy, said that "at the moment, in the JMA, we do not know how many sea
cucumbers there are in this area, where they are exactly and if there are
any sea cucumbers in this area."
He added that this opportunity will, therefore, give harvesters the chance
to go out and find out if they are present and will also benefit from its
harvest.
"This is an exploratory harvest, meaning that it will be at the risk of the
fishers, who will have to go out and search for the sea cucumbers
themselves, where they may come back empty handed or with a fortune," he
explained.
The request for proposal is already open and those interested have until
February 21 to submit their documents to Barbe at the department's
headquarters at Maison Collet in the capital, Victoria.
Documents submitted must include identification documents, such as ID cards,
business or company documents, a fishing licence and permit, and the
proposal and methodology for sea cucumber fisheries activities.
The treaty for the joint management area was signed in 2012 and the two
island nations secured rights to manage the seabed covering over 400,000
square kilometres in the Indian Ocean.
The process involved the preparation of a joint continental shelf submission
to the Commission on the Limits of the Continental Shelf under an
internationally agreed process established by the 1982 United Nations
Convention on the Law of the Sea.
"It is an area where little exploration has been done so far and so, we have
decided that both countries will be involved in this programme, with the
hopes that we will learn more about the resources the area contains," Barbe
added.
The harvesting of sea cucumbers began in the early 1980s and the fishery
experienced rapid development. By 1999 there were already signs of stock
depletion, including lower volumes of high value species and fishermen
having to travel further and dive deeper to maintain catch rates, and
concerns were raised regarding the sustainability of the fishery.
The Seychelles Fishing Authority (SFA) implemented some management measures
in 1999 in response to the local depletion of some species.
Currently, there are 25 licenses to harvest and 4 licenses to process sea
cucumbers.
A recently completed survey showed that some sea cucumber species appear to
be resilient to heavy fishing pressure while others show clear signs of
over-exploitation.
As a result, the SFA has imposed a ban on one species and quotas on others
for the current season which will end in June.
-News Agency.
Kenya: Consumers Pick Up Bills As Swiss Supplier of Tax Stamps Makes
Billions
Nairobi — Kenyans are paying more for excisable products as a Swiss
manufacturer of tax stamps make billions of shillings.
This comes at a time when the Kenya Revenue Authority (KRA) plans to
quadruple fees manufacturers must pay for stamps on excisable goods.
Price hikes will impact final product prices for alcohol, juice, cigarettes
and makeup.
Now, Minority Leader Opiyo Wandayi has called for an official audit into the
Excisable Goods Management System (EGMS), which administers the tax stamps
and has been operated by a Swiss supplier known as SICPA Security Solutions
SA since 2011.
Wandayi says SICPA has made a profit of Sh64 billion in just five years
under the terms of a contract mired in secrecy.
Stephen Mutoro, chairman of Stop Crime Kenya (StoCK), said: "The KRA will
need to address transparency issues around the single-sourced and
non-competitive procurement of SICPA. There have been many objections
through the courts and now Parliament.
"KRA receives much less commission from the tax it collects on behalf of
government. It's unacceptable that SICPA pockets several hundreds of times
the commission from EGMS. We are exporting our taxpayers' funds with little
or no return.
"The EGMS was meant to cut the level of illicit trade involving excisable
goods. Unfortunately, the vice has spiralled and government has not raised
revenue. The only winners are cartels, not consumers or state coffers. This
is unsustainable. It cannot be treated like business as usual."
StoCK welcomes the call by the Minority Leader at the National Assembly
Opiyo Wandayi to audit the whole EGMS arrangement. Our view is that the EGMS
operated by SICPA is a scandal of huge proportions. It must be halted sooner
rather than later."
-Capital FM.
Nigeria: Japa: Citizens' Mass Exodus - a Reality Check for Nigeria
Nonetheless, cynics, especially medical practitioners, say the worst is yet
to come.
The increasing wave of emigration of Nigerians to other parts of the world
provoked more public attention penultimate Thursday with the official
revelation that Nigeria Immigration Service (NIS) issued a total of
1,899,683 passports in 2022, the highest in a single year, and in the last
seven years. The reason for the demand for passports is not difficult to
fathom. The situation in situ is dire for a broad spectrum of professionals,
artisans, and even those without any skills, hence the desperation to search
for opportunities in other climes for survival.
Admittedly, the craving of professionals to ply their trades abroad is not
new. The urge birthed the "brain drain" syndrome in academia in the 1980s.
Medical doctors, nurses and students followed suit; but the exodus of those
years cannot be compared to the current scale. The situation has made the
phenomenon called "Japa" - in Yoruba language, which means to run, or escape
- as comic an issue, as it has become a national concern.
While Nigerian universities have almost been denuded of their best brains,
the health sector is being haemorrhaged by the United Kingdom, United
States, Canada, Saudi Arabia and others with their perennial demand for our
medical workforce - consultants, general medical practitioners, nurses,
pharmacists, radiologists and other paramedics - to make up for their human
resource shortages. Rising global health challenges, Brexit-induced labour
migrations and early retirements, have created these opportunities. The
effect of this is becoming evident. The patient-to-doctor ratio in Nigeria
is now 3,500 to 1, as against the World Health Organisation (WHO)
recommendation of 600 to 1. This does not give room for efficiency.
Nonetheless, cynics, especially medical practitioners, say the worst is yet
to come. In a plaintive account of his case, Dr Kunle Ibisola, an erstwhile
junior doctor at University College Ibadan (UCH), now working with Scotland
National Health Service, told the BBC recently that he never planned to
leave the country but existential realities constituted the final push
factors. He said, "The main reason I left is salary, and the cost of living.
Some doctors didn't get paid for six to nine months, because there was an
issue with the federal payment system. Some senior colleagues couldn't
afford to drive to work or send their children to school. That was an
eye-opener for a lot of people."
There are thousands of Ibisolas out there who can no longer bear the
ossified and choking socio-economic conditions in Nigeria. Last November,
the Chief Medical Director of the University College Hospital (UCH) in
Ibadan, Professor Abiodun Otegbayo, disclosed that 600 doctors resigned in
one year. At least 15 of such high calibre manpower resign weekly, he
stressed. About 10,296 Nigerian doctors are practising in the UK alone, says
the Nigeria Medical Association (NMA). With emigration as the dream of most
doctors, including those still in training, the country is in for a more
corrosive hit. The only way to buck the trend is for the authorities to
address challenges of poor remuneration, lack of modern facilities to work
with, insecurity and underemployment that drive the mass exit.
As the environment is unfriendly to medical personnel, so it is for other
professionals. A Nollywood actor, Omotola Jalade Ekeinde, who relocated to
the US two years ago, has seen the gulf between her new abode and here - a
difference in how societies are organised, with opportunities and social
amenities available for career advancement and a better life, as against the
disorder and dysfunction she left behind. She thundered: "I'm deeply
frustrated at the depth and volume of the needless suffering Nigerians go
through... why (is it that) people must suffer to get anything done?"
Her concerns about the lot of country folks, perhaps, speak to the present
challenge of nationwide fuel scarcity. President Muhammadu Buhari, who
doubles as the minister of Petroleum Resources, will have a lot of
explanations to make after leaving office in May, regarding why for eight
years Nigeria could not refine petroleum products but relied solely on
importation. The process of importing fuel has been mired in subsidy
controversies and imponderable corruption for so long. Leadership is all
about problem-solving. As a test, Buhari has flunked it.
Today, fuel is being sold for N600 per litre in some parts of the country,
despite being subsidised. There is no cash in banks for people to withdraw
in the wake of the redesign of the naira; electricity supply has totally
collapsed, stifling daily business activities and the real sector in the
process. The youth unemployment rate is stratospheric; inflation is up to
21.34%; kidnapping and the endless killings of citizens by non-state actors
go on, unsuccessfully challenged by the Nigerian state. This Hobbesian
monstrosity evokes a crucial alarm: do human lives matter in Nigeria?
For eight months, universities went on strike and are threatening to return
to the trenches as the challenges of underfunding and proper remuneration of
lecturers remain unresolved. Faith in the system has irretrievably been
lost, thus driving the surge in the number of Nigerians studying abroad or
aspiring to. Erudera, a higher education platform, revealed in 2021 that
Nigeria's 21,305 students' population in the UK ranked it the third non-EU
country with the most students there. It is the same story in the US and in
other jurisdictions. Nigerian undergraduates are now among the top three
international student populations in several Canadian universities.
With effect from the 1st of February, many Nigerian teachers in Mathematics,
Sciences, and French will take with both hands the opportunity the UK
government has provided for teachers in nine countries, which include
Singapore, Ghana, India, South Africa, Zimbabwe, Jamaica, Ukraine and Hong
Kong, to apply for qualified teacher status through the Teaching Regulatory
Agency, to make up for deficits in their own system. They will teach pupils
between 11 and 18 years.
This is bad news for a country already gnawed by a shortage of teachers. A
national personnel audit by the Universal Basic Education Commission (UBEC)
in 2020, revealed a huge deficit of 277,537 teachers in the basic education
sector - from the primary to junior secondary levels. Sadly, Nigeria has
reduced its teachers to a gallery of disillusioned and most poorly paid
professionals. This is not how to treat the mother of all professions. Some
Nigerian states owe teachers between four and 18 months of salaries, as the
Secretary-General of Nigeria Union of Teachers, Dr Mike Ike Ene, said during
the 2022 World Teachers Day. This calls for national introspection.
Undoubtedly, Nigeria's environment is hostile to its people because of
government's actions and inertia. With the lack of jobs and absence of an
enabling environment for self-help, many youths have embraced the perilous
or kamikaze route of travelling across the Sahara Desert through Niger
Republic and Libya to reach Italy and other European destinations to fight
for their existence. Many have died in the process, just as others have been
rescued by the International Organisation for Migration (IOM) and deported
back home.
A country that pays a senior professor N427,000 per month, which budgeted
N64 billion for erecting the Abuja City gate in 2013 and gave N1billion each
to newly established universities as take-off grants, can hardly inspire
hope or optimism for a better tomorrow. A Nigerian based in Germany, Oguchi
Unachukwu, was shot dead at a military checkpoint at Imo State airport in
June 2021 on his way to catch his flight back to Germany. Scores of
Nigerians like Unachukwu, who visited their families, have met their
untimely deaths in similar circumstances.
With brazen treasury looting, a serving lawmaker owning 40 properties
acquired through unclear sources and public office holders never held to
account for numerous acts of malfeasance against the state and hence fellow
citizens, therefore signalling a broken society, many Nigerians now find
succour in japa. Perhaps, and quite unfortunately, it is instructive that
Kenya's anti-corruption campaigner, Professor PLO Lumumba's inimitable quote
that, "In Japan a corrupt person kills himself. In China, they will kill
him. In Europe they will jail him. In Africa, he will present himself for
election," finds full flowering here.
-Premium Times.
Kenya: 65 Kenyan Teenagers Benefit From Thinkyoung, Boeing Coding Program
Nairobi — Sixty-five teenagers have benefited from a coding program
facilitated by Think Young Africa in partnership with Boeing in Kenya's
capital Nairobi.
The closing ceremony of the 17th edition of Think Young Coding school was
held on Sunday at Nairobi Garage attended by dignitaries from the two
organizations and top government officials.
"We have noticed through our partners such as ThinkYoung that technology is
needed. Coding is needed and we cannot hide anymore because it is the
reality. So, we have to prepare this generation and equip them with digital
skills for the future," said Think Young Director Delila Kidanu.
Boeing Middle East President Kuljit Ghata said coding is crucial to children
as it prepares them for the current world and the future world which will
largely be reliant on digital skills.
Her sentiments were echoed by Kidanu who said, "We have ensured that all the
programs that we have built out are research-based and also fill out the
gaps in terms of what the market needs."
Some of the children who attended the classes which included learning how to
create websites, robotics, drones and aviation workshops said the classes
instilled a sense of responsibility in them and expanded their mindset which
are needed for a digital world.
"The school is amazing and engaging. You learn a lot of things. You not only
learn about coding but also about how to be a better person which gives you
a sense of responsibility that allows you to think outside the box," said
Elijah Simani.
ICT Principal Secretary, Department of Digital Economy John Tanui called on
more Private Sector partners to come up with such initiatives saying the
government is working hard to ensure coding is made part of school
curriculum so that children can learn about digital skills at an early age.
"Coding and science knowledge are going to be very critical. So, we
encourage parents to support their children. The government is working to
ensure programs like coding are institutionalized in our schools and those
of us who have finished and graduated but have these exciting spaces should
enroll to learn about digital skills," he said.
The program is expanding in Africa and in addition to Kenya, ThinkYoung and
Boeing will run coding schools in Rwanda and Ethiopia.
Throughout the year, more than 150 African teenagers, 60 percent of which
are girls; will benefit from free-of-charge lessons in computer programming
through the ThinkYoung Coding School boot camps in Africa.
Since 2016, ThinkYoung and Boeing have introduced more than 1,300 teenagers
to coding.
The Coding School is characterized by its innovative approach in a
non-formal educational setting, addressing the real needs of the youth and
the skills required to be successful in the modern world.
While the proportion of science, technology, engineering and mathematics
(STEM) graduates in Africa averages less than 25 percent, ThinkYoung Coding
School aims to train youth in digital skills and encourage them to pursue a
higher education path in STEM subjects.
The programme seeks to ensure the next generation is equipped with top-notch
skills to meet the global demand for skilled labour in tech and aerospace
industries.
-Capital FM.
Rwanda's Green Growth Vs GMO Preparing for Better or Worse
In the "land of a thousand hills," as Rwanda is fondly known, the country is
rich in plants and animals which makes part of the biodiversity. Rwanda is
setting a precedent to the rest of the world in terms of cleanliness. This
has not been the only investment, but the nation has demonstrated a strong
commitment in promoting biodiversity conservation through the Rwanda green
growth and climate resilience strategy.
This success is attributed to institutionalisation of activities and passing
laws that reinforce them. We have seen "Umuganda" a well-known practice that
every Rwandan and resident consciously strives towards specific projects by
participating in community services in areas of residence on the last
Saturday of each month. The ban on the use of non-biodegradable plastic bags
and other similar materials resulted in zero littering across the whole
country and this showed compliance from the general public and the tourists.
The Government also embarked on projects to promote the existence of
endangered species and a nationwide landscape restoration. Let us not forget
the,"Car Free Day," to promote a healthier lifestyle and a green city which
is a way to contribute to the reduction of gas emissions. The attitude of
Rwandans towards conserving the natural heritage is amazing.
Now, the question comes, introduction of new varieties - will they adapt
well in the current ecosystem without changing the God given creation of the
beautiful Rwanda as we call it,"RWANDA NZIZA?" These altered varieties are
commonly referred to as genetically modified organisms. Plants, animals, or
micro-organisms that include foreign genetic material. However, one has to
be specific whether it's GMOs or living modified organisms (LMOs). The forms
of LMO are the material that propagate like seed and GMOs or GM commodities
are all the processed products like cassava flour, maize flour, cereals, and
others.
Rwanda is part of the East African Community and one partner state, Kenya,
lifted a decade-long ban on the cultivation and importation of genetically
modified food products, three months ago. The move for GMOs without being
responsible will be considered as a man-induced threat and not natural
threats.
Rwanda is a party to the Cartagena Protocol on Biosafety and experience
gained within the framework can contribute to the regulation of the emerging
technologies that may have adverse effects to the environment, taking into
account risks to human health.
Rwanda expressed safety concerns that it could face an influx of genetically
modified food, feed, and their additives from Kenya. On another hand,
experts in Rwanda are advocating for access to modern agricultural
technologies and innovations, for example, the GM potato push.
The government is so advanced in placing necessary institutional and
legislative structures and this is what the biosafety measures is about. To
introduce these technologies, it is imperative to first address regulatory
means on borders, measures for controlled releases, building containment
facilities, establishment of an inspectorate unit, coming up with
biotechnology safety guidelines, engaging the masses both in education and
addressing their concerns and taking decisions based on examining
environmental and socio-economic risks that are carried out in a
scientifically sound and transparent manner.
Biotechnology has the potential to generate benefits for humankind and
contribute to sustainable development. In medicine, it has contributed to
the development of vaccines, drugs, and diagnostic aids. In agriculture, it
promises to enhance food security of crops with higher yields, improved
nutritional value, and resistance to pests and environmental hazards, while
reducing dependence on fertilisers and herbicides.
The writer is a biochemist and biological engineer with experience in
biosafety and biosecurity through working in academia and the industry.
-New Times.
Kenya: Govt to Install E-Gates, Api Sytem At Entry Points - CS Kindiki
Nairobi — The government is set to install an Advanced Passenger Information
(API) system as well as e-Gates at the country's entry points for easy
profiling of passengers and convenience.
According to Interior Cabinet Secretary Kithure Kindiki, these will be
critical in boosting the country's security and eliminating queues as
passengers await their immigration stamps.
-Capital FM.
Kenya: Kakamega Firm Turns Sugarcane Bagasse Into Fuel Pellets
Kakamega — A local company, Powerspot Pelletizers, has set up a plant that
produces pellets from sugarcane bagasse in Kakamega.
The pellets which are smokeless are then used as fuel in jikos, burners, and
can act as an alternative to charcoal and firewood, thereby preserving trees
from being felled for charcoal burning.
The Company currently produces 100 tonnes of pellets from about 200 tonnes
of sugarcane bagasse.
The Chief Executive Officer of the company Alfonso Acebal says plans are
underway to set up a similar plant with a higher capacity to produce more
than 2000 tonnes of pellets from about 4500 to 5000 tonnes of sugar bagasse.
He says the raw materials, which is sugarcane bagasse, are in plenty and
once the sister plant is set up, it will offer a big relief to sugar
companies which dispose of excess sugarcane bagasse.
He says the company has also produced Jikos, which were initially powered by
pellets produced from sawdust to be powered by the pellets which now come
from Sugarcane Bagasse.
Acebal established the company in 2017, but after an intensive research,
tests and trials that took a lot of time.
He says he visited Kakamega to sell Jikos which use pellets obtained from
sawdust as most companies in the United States and European Markets produce
pellets from sawdust.
During his visit, he was also doing some research on how to adjust a jiko to
produce energy that apart from its primary usage of cooking, the Jiko can at
the same time power lamps, charge phones and even power other electronic
devices with an aim of providing a source of energy to rural areas of Kenya.
During the research, they set up the plant to use sawdust to produce pellets
in Kenya instead of importing from the US. The plant was set up but after
operating for some time, it became challenging to obtain sawdust due to
deforestation and government firm stand on conservation.
It was then that Acebal led his team to research on alternative raw
materials that can produce pellets as already some jikos had been sold to
customers. That is when they decided to utilize sugarcane bagasse. He says
they adjusted the machinery which initially converted sawdust to pellets to
now convert bagasse to pellets.
Once obtained from the sugar factories, bagasse has about 50 per cent
moisture, it is thus fed into a rotary drum dryer to dry it to about 8 per
cent moisture content.
The resulting product is then crushed and fed through the pelletizer section
where mills convert and mix with a binder into pellets.
They are then cooled down and packaged in bags of 5 kg, 30kg 50kg and 500 kg
bags especially for industries.
The company sells 1kilogram of pellets for between Sh. 21 and Sh. 25.
It also supplies an energy saving Jiko which uses thermoelectric technology
powered by pellets to produce energy at a cost of Sh. 5000. A Jiko which
does not use thermoelectric technology is sold at Sh. 1500.
Local community members from Kabras have already embraced the Jikos and are
now using pellets as a source of fuel for cooking and using the
thermoelectric jiko to power their electric appliances like phones and to
light bulbs.
"We have energy saving Jikos which use thermoelectric technology which
allows the jiko to generate energy while cooking. We can say that it is free
energy because by using this jiko and by the pellets then you are able to
light up to 10 bulbs, you can charge phones, you can charge and power on
radios," he noted.
He says they are finalizing research to come up with institutional Jikos
which use pellets as fuel for supply to schools to minimize use of firewood.
He says once fully done, then schools, other institutions and industries
that have boilers and burners will cut costs of up to 60 per cent, and also
save the environment from tree felling.
-Capital FM.
Kenya: Trademark to Open Sh38mn Modern Market in Busia
Trademark East Africa (TMEA) Sh38 million modern market in Busia will be
opened in two-weeks, offering a boost to local traders.
TMEA officials over the weekend inspected the facility in readiness for its
opening at the border town.
The market, which is 99 percent complete, will house 160 traders from Uganda
and Uganda.
"This is the first modern cereal market with the best facilities that will
give a new look to the town of Busia. The market is dear and a big relief to
traders who have been doing their business on the roads in scorching sun,"
the County's CEC Trade Investment and cooperation Omuse Olekachuna said.
The market will be launched at a time when traders have lost their structure
constructed along road reserves in efforts to reorganize the town.
"The process of allocation of stalls will be free and fair with priority
being given to displaced traders who paved the way for the construction of
this market," Trade Mark East Africa Project Manager Simon Konzolo said.
-Capital FM.
Invest Wisely!
Bulls n Bears
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INVESTORS DIARY 2023
Company
Event
Venue
Date & Time
Axia
EGM to approve the delisting of Axia from the ZSE and listing on VFEX
virtual
February 2 – (9am)
Robert Mugabe National Youth Day
February 21
Cafca
AGM
virtual
February 23 - (12pm)
Ariston
AGM
Centenary Room, Royal Harare Golf Club
February 24 - 3:30pm
Good Friday
April 7
Easter Saturday
April 8
Easter Sunday
April 9
Easter Monday
April 10
Independence Day
April 18
Workers’ Day
May 1
Africa Day
May 25
Companies under Cautionary
CBZH
TSL
Fidelity
Willdale
FMHL
ZBFH
GetBucks
Zimre
Seed Co
<mailto:info at bulls.co.zw>
DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other Indices quoted herein are
for guideline purposes only and sourced from third parties.
(c) 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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