Major International Business Headlines Brief::: 15 February 2023

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Major International Business Headlines Brief::: 15 February 2023 

 


 

 


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ü  Elon Musk donates almost $2bn of Tesla shares to charity

ü  Sandwich chain Subway explores sale of business

ü  Louis Vuitton picks Pharrell Williams to lead men's designs

ü  UK inflation: Price rises slow but remain close to 40-year high

ü  Kia, Hyundai offer fix after TikTok car theft trend

ü  Air India in record order for new planes

ü  United flight 1722: US to investigate Boeing 777's mysterious nosedive

ü  US inflation stays high as housing costs bite

ü  Adani: India watchdog probing Hindenburg fraud allegations

ü  Tesla workers launch union campaign

ü  Huel ads claiming its shakes cut food bill 'misleading'

ü  Nigeria Eyes £14bn in UK Trade Scheme for Developing Countries

ü  Nigeria: Harnessing Nigeria's Science, Technology and Innovation
Potential

 


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Elon Musk donates almost $2bn of Tesla shares to charity

Tesla chief executive Elon Musk says he donated around $1.95bn (£1.6bn)
worth of shares in his electric carmaker to charity last year.

 

The donation of 11.6 million shares was described in a filing with US
regulators as "a bona fide gift".

 

The filing did not name the recipient, or recipients, of the donation.

 

Also on Wednesday, Mr Musk said that towards the end of this year would be a
"good time" to find someone to succeed him as the chief executive of
Twitter.

 

The document lodged with the US Securities and Exchange Commission showed
the donation was made between August and December last year.

 

Tesla did not immediately respond to a BBC request for comment.

 

It is not the first time Mr Musk has given Tesla stock to charity. He
donated around $5.74bn worth of shares in 2021, according to a regulatory
filing.

 

He also said on Twitter that year, that he planned to donate $20m to schools
in Cameron County and $10m to the city of Brownsville in Texas for "downtown
revitalization".

 

Tesla workers launch union campaign

Elon Musk not guilty of fraud over Tesla tweet

Number of staff suing Twitter 'goes up daily'

Mr Musk has also hinted that he plans to find his successor as chief
executive of Twitter by the end of 2023.

 

"I'm guessing probably towards the end of this year would be good timing to
find someone else to run the company, because I think it should be in a
stable position around, you know, at the end of this year," he said.

 

"I think I need to stabilise the organisation and just make sure it's in a
financially healthy place and that the product roadmap is clearly laid out,"
he said on a video link at the World Government Summit in Dubai.

 

The multi-billionaire businessman bought the social media platform last year
for $44bn. He has since said the company was close to bankruptcy.

 

However, he has been criticised by some Tesla investors for spending too
much of his time focussing on trying to turn around Twitter.

 

In November, addressing the G20 Summit in Bali, Indonesia, Mr Musk said he
is working too much as he juggles his responsibilities as Twitter, Tesla,
and his rocket company SpaceX.

 

"My workload has recently increased quite a lot," Mr Musk said. "I have too
much work on my plate, that is for sure," he added.-bbc

 

 

Sandwich chain Subway explores sale of business

Global sandwich chain Subway says it is exploring a possible sale of the
business after almost six decades of family ownership.

 

The firm has been growing rapidly for years but is now facing tough soaring
costs and increased competition.

 

A sale of the company could value it at more than $10bn ($8.2bn), according
to the Wall Street Journal, which first reported the story.

 

Investment banking giant JP Morgan is advising Subway on the potential sale.

 

The man who made burgers and pizzas popular in India

Domino's pulls out of the birthplace of pizza

Subway said that it does not plan to give any further updates on the process
until it is completed and did not give any indication of how long it could
take.

 

Earlier this month, the company announced its second year in a row of record
sales. Subway said same-store sales rose 9.2% last year, compared to 2021.

 

It added that it would "continue to execute against its multiyear
transformation journey", that includes new menu items and modernising its
restaurants.

 

Subway was founded in 1965 as Pete's Super Submarines in Bridgeport,
Connecticut, by 17-year-old Fred DeLuca and family friend Peter Buck.

 

It went through several name changes before finally being renamed Subway in
1972.

 

Within two years they had opened 16 sandwich shops in their home state and
then started to franchise the brand. It now has nearly 37,000 outlets in
more than 100 countries.

 

Subway restaurants are owned and operated by franchisees, including
thousands of entrepreneurs and small business owners.

 

In recent months, companies around the world have faced rising costs of
everything from food to fuel.

 

In July, one of Subway's fast food rivals McDonald's raised the price of its
cheeseburger in the UK for the first time in more than 14 years.

 

The company said its UK restaurants would be adding between 10p and 20p to a
number of items.

 

In an email to customers, the chief executive of McDonald's UK and Ireland
said it was facing "tough choices" about its prices.

 

-bbc

 

 

 

Louis Vuitton picks Pharrell Williams to lead men's designs

French fashion brand Louis Vuitton has named Grammy-winning producer,
rapper, singer and songwriter Pharrell Williams as its new menswear creative
director.

 

The label described Williams as "a visionary whose creative universes expand
from music to art, and to fashion".

 

He is also the co-founder of the streetwear brand Billionaire Boys Club.

 

The Louis Vuitton role was previously held by high-profile designer Virgil
Abloh, who died in 2021.

 

Williams' first collection for the label will be shown at the Men's Fashion
Week in Paris in June.

 

World's biggest luxury firm reports record profits

World's richest man promotes daughter to head Dior

"I am glad to welcome Pharrell back home, after our collaborations in 2004
and 2008 for Louis Vuitton, as our new Men's Creative Director," Louis
Vuitton chairman and chief executive Pietro Beccari said in a statement.

 

"His creative vision beyond fashion will undoubtedly lead Louis Vuitton
towards a new and very exciting chapter," Mr Beccari added.

 

Louis Vuitton is one of the world's leading international fashion houses. It
is part of the luxury goods group LVMH, which is owned by the world's
richest person Bernard Arnault.

 

 

The BBC is not responsible for the content of external sites.

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Williams has won 13 Grammy Awards and was a judge on popular television
talent competition The Voice.

 

He received an Oscar nomination for the song Happy which was part of the
soundtrack of the animated film Despicable Me 2.

 

Williams co-founded streetwear label Billionaire Boys Club with Japanese
designer Nigo in 2003.

 

He has collaborated with sportswear giant Adidas and luxury brands Moncler
and Chanel, and worked with Louis Vuitton designer Marc Jacobs to design
eyewear for the label.

 

Williams was criticised last year when he attended a fashion show wearing a
pair of diamond-studded Tiffany sunglasses.

 

Social media users highlighted similarities between the design and a pair of
spectacles dating from India's Mughal era.

 

Williams' predecessor at Louis Vuitton, Virgil Abloh was the founder of the
Off-White fashion brand.

 

Known for fusing elements of streetwear with high fashion designs, he died
from cancer at the age of 41 in November 2021.

 

His posthumous final menswear show was built around an elaborate
"Dreamhouse" concept with angels, breakdancing models and a disregard for
gender in the designs.-bbc

 

 

 

 

UK inflation: Price rises slow but remain close to 40-year high

Price rises in the UK slowed for a third month in a row but inflation
remains near a 40-year high, official figures show.

 

Inflation, which measures the increase in the price of something over time,
fell to 10.1% in the year to January from 10.5% in December.

 

The drop was largely due to the price of fuel and cost of restaurants and
hotels slowing.

 

But this was offset by rising prices of alcohol and tobacco.

 

Food inflation also remained high at 16.7% in the year to January and is one
of the main drivers fuelling overall inflation, along with energy bills,
according to the Office for National Statistics (ONS), which published the
data.

 

To calculate inflation, the ONS keeps track of the prices of hundreds of
everyday items.

 

If it falls, it does not mean the prices of goods are going down, it just
means prices are rising more slowly.

 

Why are prices rising so much?

Why inflation is falling but prices are still rising

Some analysts have said the cost of living may now be beginning to ease
after inflation hit a peak in October.

 

However at 10.1%, the rate of price rises is still way above the 2% target
the Bank of England is charged with meeting.

 

Other than in the last year in which inflation has been rising, the last
time it was above the current level was in February 1982.

 

Chart showing drivers of inflation

Grant Fitzner, chief economist for the ONS, said the latest figures showed
there were signs costs facing businesses were "rising more slowly", but
warned "business prices remain high overall, particularly for steel and food
products".

 

He said air and coach travel prices had dropped back after December's "steep
rise". "Petrol prices continue to fall and there was a dip in restaurant,
cafe and takeaway prices," he added.

 

"The cost of furniture decreased by more than this time last year, in line
with traditional New Year discounting."

 

Chancellor Jeremy Hunt also warned the "fight is far from over" on rising
prices.

 

"High inflation strangles growth and causes pain for families and businesses
- that's why we must stick to the plan halve inflation this year, reduce
debt and grow the economy," he said.

 

Although the government has pledged to halve inflation, many economists have
predicted it will happen naturally, as the cost of energy falls.

 

But shadow chancellor Rachel Reeves said families would feel no better off
following 13 years of Conservative government and repeated Labour's call for
a windfall tax on oil and gas companies to ease bills when energy prices go
up in April.

 

The fall in inflation in January was bigger than widely expected.

 

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said this gave
the Bank of England "the flexibility" to keep its benchmark rate at 4%,
rather than increase rates again.

 

The Bank raised interest rates for a tenth time in a row at the start of the
month in bid to curb rising prices.

 

Raising interest rates is seen as a way to control inflation by making it
more expensive to borrow money and thus encouraging people to borrow less
and spend less, and save more.

 

But it is a balancing act as the Bank does not want to slow the economy too
much with predictions that the UK could enter a recession - a period of
economic decline - this year.-bbc

 

 

 

Kia, Hyundai offer fix after TikTok car theft trend

Kia and Hyundai have offered car owners steering wheel locks and a software
upgrade after TikTok videos popularised how to easily steal their cars.

 

"Kia Boyz" trended last year with videos showing thieves breaking into the
cars and taking them for joyrides.

 

The models don't have an electric mobiliser and use a turn-key instead of
push-button ignition - so thieves had been using USB cables to hotwire cars.

 

US authorities said they had a seen a spike in car thefts due to the trend.

 

The National Highway Transportation Safety Administration said these had
caused at least eight deaths and 14 crashes in the country last year.

 

On Tuesday, the South Korean carmakers released a free "software patch" that
will require the key in the ignition before the engine can be turned on. The
software also extends the car's alarm from 30 seconds to one minute.

 

US authorities said more than eight million cars would be able to get the
patch, which apply to 2015-2019 Hyundai and Kia models.

 

Kia said in a statement that it was also offering steering wheel locks to
owners of affected models.

 

Videos showing the theft, or those of victims recovering their damaged cars,
have received over 70 million views on TikTok.

 

The social media giant has said it "does not condone this behaviour which
violates our policies and will be removed if found on our platform."

 

Last year, Los Angeles, Chicago and Seattle authorities reported a dramatic
rise in thefts of Kia and Hyundai cars following the TikTok trend.

 

Seattle city authorities have also sued the car manufacturers, accusing them
of failing to install ant-theft technology.-bbc

 

 

 

Air India in record order for new planes

Air India has ordered 470 new aircraft - a record for the aviation industry
- as the carrier pushes to become bigger global player.

 

Chairman N Chandrasekaran said the airline had its sights set on becoming "a
world-class proposition".

 

He said the orders from Europe's Airbus and US-based Boeing would modernise
the airline's fleet and help it to "dramatically" expand its network.

 

The first aircraft will go into service at the end of this year.

 

"Air India is on a large transformation journey," Mr Chandrasekaran said in
a statement announcing the deals. "This order is an important step in
realising Air India's ambition... to offer a world-class proposition serving
global travellers with an Indian heart."

 

Air India said it was looking to Airbus to supply 250 planes, and Boeing for
another 220 jets to help catalyse its revival.

 

The orders come less than two years after the Indian government sold the
airline to Tata Group, India's largest conglomerate, which had founded the
company in 1932.

 

Nationalised in 1953, the airline long preserved a reputation for being a
top-tier carrier, with customers that included George Harrison and The
Doors.

 

But competition ramped up in the 1990s and the firm started racking up
losses after its 2007 merger with the state-owned domestic operator, Indian
Airlines.

 

The company lost ground to rivals, such as IndiGo and Emirates, Qatar
Airways, Etihad and other Middle Eastern carriers, which now handle much of
the overseas travel to and from India.

 

These orders could change that, said aviation analyst Mark Martin, but the
airline - which made its last aircraft purchase nearly 20 years ago - will
face the challenge of rapidly modernising its operations, including
software, maintenance and its systems for the new aircraft.

 

"If they are successful, they will take India's uniqueness to the globe once
again, after many years," Mr Martin said.

 

Air travel in India has rebounded more quickly from the pandemic than in
many other markets, fuelled by a fast-growing economy and an expanding
middle class.

 

Boeing and Airbus expect that demand to continue to rise. The country's
economic and geopolitical importance has also increased as Western relations
with China grow more uncertain and firms look for other markets to propel
their growth.

 

French President Emmanuel Macron and Indian Prime Minister Narendra Modi
appeared with the company in a press conference announcing the Airbus deal.

 

Mr Modi later wrote on Twitter that the orders reflected a "robust"
relationship between India and France and would strengthen his country's
aviation industry.

 

Separately, US President Joe Biden hailed the "historic" Boeing order as a
sign of a "deepening partnership" between the two countries, and one that
would support more than a million jobs in the US.

 

UK Prime Minister Rishi Sunak also said the orders would help create 450
jobs in the UK, since the engines will be supplied by Rolls-Royce.

 

"By building trade ties with growing economic powers like India we will
ensure UK businesses remain at the forefront of global growth and
innovation," he said in a statement.-bbc

 

 

 

United flight 1722: US to investigate Boeing 777's mysterious nosedive

US air safety officials say they will investigate why a Boeing 777 jet
unexpectedly lost altitude and nearly plunged into the Pacific Ocean.

 

United Airlines flight 1722 had left Maui on 18 December and was climbing
when it suddenly plummeted 1,400ft (425m), reports say.

 

It stabilised at just 775ft in altitude and went on to land safely in San
Francisco 27 minutes early.

 

Its adds to a number of near misses involving planes this year.

 

The flight was going normally until 71 seconds after take-off from Kahului
Airport when it suddenly dropped in elevation, according to Flightradar24,
an aviation website.

 

The National Transportation Safety Board (NTSB), which investigates US plane
crashes, will produce a report about the incident within three weeks.

 

Passenger Rod Williams told CNN: "There were a number of screams on the
plane. Everybody knew that something was out of the ordinary, or at least
that this was not normal."

 

He said it was "sobering" to think they were probably about five seconds
away from hitting the water.

 

The flight's pilots filed an internal safety report after landing, a United
Airlines representative told BBC News. They have a combined 25,000 hours of
flying experience.

 

An investigation by the airline resulted in additional training for the
pilots, which United said was ongoing.

 

"Safety remains our highest priority," a company official said in a
statement.

 

The Federal Aviation Administration (FAA) also received a report of the
incident, the federal agency says, and "took appropriate action". It did not
elaborate.

 

The incident is among a number of potentially dangerous events reported by
US airlines recently, including two near misses in New York and Texas this
year.

 

The NTSB is already looking into two close calls within the last month.

 

On 4 February, a FedEx cargo plane aborted its landing to avoid a Southwest
Airlines plane at Austin-Bergstrom International Airport in Texas.

 

At John F Kennedy Airport in New York in January, a Delta flight stopped
short on the runway during take-off to avoid an American Airlines plane.-bbc

 

 

 

US inflation stays high as housing costs bite

Inflation in the US has cooled for a seventh month in a row, but prices
continue to rise far more quickly than is considered healthy.

 

Inflation, the rate at which prices rise, was 6.4% in the 12 months to
January, driven higher by jumps in housing, food and energy costs.

 

That was down just slightly from 6.5% in December.

 

Officials have warned that it will take time to stabilise prices, despite
recent signs of improvement.

 

Among food prices, the cost of beef has fallen from a year ago. But egg
prices are up 70% compared with January 2021, while butter and margarine
costs have jumped by nearly a third.

 

Prices for televisions, smartphones and used cars and trucks have fallen
compared with a year ago.

 

However, housing costs - one of the biggest components of the price index
-have climbed more than 7%,driven by higher rents, and prices of services
such as haircuts continue to rise rapidly.

 

The US central bank, the Federal Reserve, has responded to the problem by
aggressively raising interest rates, a move intended to cool the economy and
ease the pressures pushing up prices.

 

But the jobs market has remained more robust than expected, fuelling intense
debate among economists about how high borrowing costs will have to go to
return inflation to the 2% rate considered healthy - and whether the economy
can handle the increase without tipping into a painful recession.

 

US inflation graphic

The latest news on inflation is likely to keep the Federal Reserve on a path
of higher interest rates, analysts said.

 

"Disinflation is continuing, but at slower pace than the Fed might like,"
said Ronald Temple, chief market strategist at Lazard. "To pause the
tightening cycle, the Fed will need to see more muted price gains and less
tightness in the labour market. The wait for both is ongoing."

 

Prices in the US took off in 2021 as the economy roared back to life after
pandemic lockdowns. Companies that were facing shortages and rising costs
increased their prices.

 

The war in Ukraine, which hit food and energy supplies, made the problem
worse, sending inflation to 9.1% in June - the highest rate since 1981.

 

Those forces have since cooled. Analysts said recent data suggests that the
surge in rental rates - which show up in the government's report at a lag as
people renew their leases - may also be receding.

 

But many companies have continued to raise prices, citing higher costs.

 

The cost of petrol, known as gasoline in the US, also ticked higher in
January, though it is below last year's record highs.

 

"While inflation is heading in the right direction, there is a long and
bumpy road ahead to price stability," said Andrew Patterson, senior
economist at Vanguard.-bbc

 

 

 

 

Adani: India watchdog probing Hindenburg fraud allegations

India's markets regulator has confirmed that it is investigating allegations
made by Hindenburg Research against companies owned by multi-billionaire
Gautam Adani.

 

The Securities and Exchange Board of India (SEBI) also says it is examining
market activity around the report.

 

Mr Adani's business empire had over $100bn (£82.3bn) wiped off its stock
market value after the claims of market manipulation and financial fraud.

 

Adani Group has denied the claims.

 

On Monday, SEBI said in a Supreme Court filing that it was studying the
allegations and "the market activity immediately preceding and post the
publication of the report".

 

"SEBI is strongly and adequately empowered to put in place regulatory
frameworks for effecting stable operations and development of the securities
markets," it added in a filing to the Supreme Court.

 

Adani Group did not immediately respond to a BBC request for comment.

 

Can India's Adani Group recover from $100bn loss?

Fraud claims against Adani Group spark political row

But the group did tell the Reuters news agency that it had strong cashflows
and its business plans were fully funded.

 

"We are confident in the continued ability of our portfolio to deliver
superior returns to shareholders," it said.

 

Meanwhile, the conglomerate's flagship company, Adani Enterprises, reported
a net profit of nearly $100m for the October to December quarter, against a
loss of $1.5m in the same period a year earlier.

 

Its total revenue jumped by 42% to $3.3bn, owing to a strong performance in
its airports, coal trading and new energy businesses.

 

"Our fundamental strength lies in mega-scale infrastructure project
execution capabilities
 the current market volatility is temporary," said Mr
Adani in the results statement.

 

The company did not announce any cutback in growth projections or investment
plans, or comment on the decision by France's TotalEnergies to put its
partnership with Adani for a green hydrogen project on hold following the
Hindenburg report.

 

Shares in Adani Enterprises were up 5% on Mumbai's stock exchange after
plunging nearly 50% over the past month.

 

Mr Adani's group has seven publicly-traded companies which operate across a
wide range of sectors, including commodities trading, airports, utilities,
ports and renewable energy.

 

Last month, a report by US-based short-seller Hindenburg Research alleged
that Adani Group companies had engaged in decades of "brazen" stock
manipulation and accounting fraud.

 

It also claimed its companies had "substantial debt" which put the entire
group on a "precarious financial footing".

 

Short-selling is betting that the value of an asset will fall.

 

Adani Group has categorically denied the allegations. It has said previously
that the Hindenburg report was intended to enable the US-based short seller
to book gains, without citing evidence.

 

-bbc

 

 

 

Tesla workers launch union campaign

A group of Tesla workers in New York is trying to form a union, which would
be a first for Elon Musk's electric car company.

 

They have sent a letter to the firm outlining the plans and asking leaders
to agree to ground rules for a "fair" union election.

 

Mr Musk, who has opposed organising efforts at his company in the past, has
not responded publicly to the effort.

 

About 2,000 people work at the plant in Buffalo, according to organisers.

 

The campaign is backed by Workers United, the union that helped launch the
recent surge in unionisation at Starbucks.

 

"We are organising a union, with Workers United Upstate New York, that looks
to be as innovative as the company we work for and to build an even more
collaborative environment that will strengthen the company," the Buffalo
workers said in a press release.

 

Campaigners say the organising committee is drawn from some of the roughly
800 analysts based in Buffalo who work on Tesla's autopilot systems.

 

They are hoping to join forces with others at the facility, who include call
centre workers and people making solar panels and batteries.

 

The workers are said to have been working quietly on the effort for months
and are currently collecting signatures of support for a union election.

 

Starbucks fires organisers as union movement grows

Amazon union fight continues despite workers' win

In order to have an election, they must demonstrate backing from at least
30% of workers for a vote. If they succeed, Tesla will be obliged to
negotiate with staff over pay and conditions.

 

There has been an uptick in labour organising in the US in recent years,
with Apple, Starbucks and Amazon among the big companies facing campaigns.

 

But successful efforts remain rare.

 

Tesla has seen off other campaigns - though its methods have drawn fire from
labour officials.

 

In 2021, the National Labor Relations Board upheld an earlier ruling that
Tesla had illegally fired a worker in California in retaliation for his
unionisation efforts. Officials also ordered Mr Musk to delete a tweet in
which he suggested that joining a union would entail giving up stock
options.

 

Mr Musk last year said a tight labour market near the Tesla manufacturing
plant in California meant his company paid and treated its workers well.

 

"I'd like hereby to invite UAW to hold a union vote at their convenience,"
he added. "Tesla will do nothing to stop them."-bbc

 

 

 

Huel ads claiming its shakes cut food bill 'misleading'

Adverts that suggested Huel meal replacement shakes could save people money
on their food bills have been banned for being misleading.

 

As the cost of living crisis hit, one Facebook ad claimed that "Huel helps
keep money in your pockets".

 

But Huel did not show its products were cheaper than traditional food, the
Advertising Standards Authority said.

 

The firm, which has pulled the ads, said it took its advertising
responsibilities seriously.

 

Huel was founded by entrepreneurs Julian Hearn and James Collier who named
it by combining "human" and "fuel".

 

It claims when mixed with water its powders provide "complete nutrition",
are a healthy alternative to traditional meals and can "help you lose, gain,
or maintain weight".

 

The company runs paid social media partnerships with fitness influencers and
encourages its customers to call themselves "Hueligans".

 

In December it announced investment by actor Idris Elba, presenter Jonathan
Ross and social media influencer Grace Beverley, founder of fitness brands
Tala and Shreddy.

 

Cost claims

A Huel advert which ran on Facebook in August and September 2022 claimed
that Huel "helps keep money in your pockets", adding that a month's worth
cost less than £50.

 

A second advert on the firm's website also claimed that Huel could help
"save money on food".

 

"The ads were seen at a time of worsening financial crisis, during which
increasing energy and food costs, as well as rising inflation, were having a
significant impact on people in the UK," the ASA said.

 

The watchdog ruled that Huel didn't make it clear enough that the £50 claim
was based on having one meal replacement per day.

 

To get the recommended amount of calories for a day, an average woman would
have to eat five Huel portions, the ASA added.

 

That would cost about £350 a month, while an average man would need to eat
more.

 

Separately, Huel claimed to be a "healthy option" without backing that up,
the watchdog said.

 

Huel said it did not believe the ads were misleading, and "regretted any
confusion that may have been perceived by their ads".

 

It added that the £50 claim was made on the basis of having 34 Huel meals
per month, at a cost of £1.51 per meal. This was mentioned in text at the
bottom of the ad, albeit in a way the ASA found unclear.

 

The firm said it had never claimed Huel shakes should replace all of a
person's meals.

 

Heater claims

Separately, the Electrical Safety First charity has made complaints to the
ASA about adverts for heating products its claims are dangerous.

 

The ads were trying to attract customers squeezed by cost-of-living
pressures by saying the heaters could help save on energy bills.

 

But Electrical Safety First found heaters branded Keilini, HeatPal and
InstaHeat "posed a serious risk of electric shock, with mains plugs not
meeting the necessary UK safety standards".

 

It said on two of the heaters the plug pins snapped easily, and the
Keilini-branded heater did not have a UK plug at all, but instead an EU
mains plug with an adaptor.

 

It said this was unsuitable due to a lack of fuse, creating a fire risk.

 

Lesley Rudd, chief executive of the charity, said it was "callous that these
sellers are pushing dangerous products they know are going to be sought
after by hard-up households during an energy crisis".

 

The firms were contacted by the BBC for comment.

 

There is also a firm that runs an "Instaheat UK" website which sells patio
heaters. This firm said it was unconnected to the portable heaters branded
"Instaheat".-bbc

 

 

 

 

 

 

Nigeria: Harnessing Nigeria's Science, Technology and Innovation Potential

Given the critical role of Science, Technology and Innovation in all facets
of human endeavour as well as its importance to the transformation of the
Nigerian economy from a resource -based to knowledge-based economy, Precious
Ugwuzor reports on the recent drive by the Federal Institute of Industrial
Research to adequately harness it and put the country among the top 20
economies of the world by 2030

 

The world is fast paced, and so also is the priority to offer timely
innovations that will efficiently impact various segments of living,
industry, and enterprises as solutions to personal, communal, and even
societal needs of the people.

 

In a world where the growth of developed and developing economies are tied
to efficiency in Science Technology and Innovation, STI, a mono- economy
country like Nigeria must not be left behind in accelerating its
technological development potentials to sustain its growth.

 

As oil price needs recede in importance and global alternatives being scaled
up to replace fossil fuel in favour of green and safe energies, Nigeria has
identified the need to diversify its economy from mono dependency on oil
with bias to engineer a digital and science-propelled economy for industrial
development. In this direction, policymakers have agreed that the principle
of comparative advantage dictates that Nigeria cannot afford to neglect its
agriculture sector but also the engineering sector for the purpose of easing
utility, creating jobs and growing its industrial base.

 

As the population soars, so also is the exploration of natural resources
becoming insufficient for wealth creation; as such, it has become imminent
that Nigeria embraces measures for values addition to practices by employing
science and technology with creative ideas to transform raw materials into
valuable goods and services; economic development and improved quality of
life.

 

 

Volume 1 of the National Development Plan, NDP, 2021 - 2025 was explicit in
building a strong nexus among Science Technology and Innovation as three
intertwined concepts that underpin the development of products, processes
and systems to ensure human progress and wellbeing. However, despite the
crucial role it plays in industrial development, Nigeria still ranks low in
this although gradually embracing the STI innovation to change its
industrial phase.

 

Available statistics indicate that the world average gross expenditure on
research and development as GDP stands at 1.68 percent, while the figure for
Nigeria is 0.13 percent in 2007 (we should have data that is more recent).

 

 

Minister of Science Technology and Innovation, Adeleke Mamora is however
optimistic that Nigeria's STI potential, when adequately harnessed, can put
the country among the top 20 economies of the world by 2030.

 

Mamora, at a stakeholders' meeting to inaugurate the planning committee of
the STI 2023 Expo in Abuja, noted the critical role of STI in all facets of
human endeavour as well as its importance to the transformation of the
Nigerian economy from a resource -based to knowledge-based economy.

 

The Minister identified the role of STI which cuts across every sector of
government with expected value addition to human and societal endeavours.
"It spans through all the Ministries, Departments and agencies such as
technology science, agriculture, aviation, industry, energy, health, space
education, entrepreneurship, military amongst others," Mamora observed.

 

Challenges Facing STI

 

Although much is desired to see speedy transformation of the STI, especially
towards meeting the immediate and long-term development for economic and
industrial revival of the country, experts have however identified that
there are obstacles to surmount in the sector. Among them inadequate
funding, lack of research, poor education and improper coordination have
been identified as factors limiting deployment of STI in Nigeria.

 

Lookman Adahunse, a Lagos based IT expert, advocated massive public and
private sector funding of research and development of the STI, saying: "For
Nigeria to build a fundamental innovation paradigm that will give it
incredible economic growth, it has to pump more money in research and
development. The investments in research and development by government and
private sector players must be consistent and not faltering."

 

Political economist and former Presidential aspirant of the Young
Progressive Party, Kingsley Moghalu, believes Nigeria is yet to have a truly
innovation-led economy because there is still little or no policy and
financial support for moving the products of innovation into the mainstream
marketplace through mass production and marketing distribution.

 

Moghalu, in the same vein noted that investment by companies and government
on Research and Development, R&D, are still relatively low even as Nigeria's
current dire economic situation and foreign exchange crisis in particular
provides it with an opportunity to scale up innovation. "It is only
innovation that can break the Nigerian economy's structural dependency as an
import- and consumer-driven one," he noted.

 

FIIRO to the Task

 

But all hope is not lost as the Federal Government, under the leadership of
President Muhammadu Buhari has in the last five years invested no fewer than
N924bn to revive the science, technology and innovation sector in the
country.

 

The National Development Plan 2021-2022, Volume I, disclosed that the funds
were devoted to priority projects in the sector, as well as others that are
similarly crucial to its operations.

 

Recently, the Federal Institute of Industrial Research, Oshodi, FIIRO, at
the 2023 Technology and Innovation Expo, showcased some of its technological
inventions and research products as outstanding feats capable of attracting
investors to the sector.

 

Among the exceptional innovations displayed by FIIRO at the Expo held in
Abuja are mechanized processing technologies for cassava, ceramics, legumes,
bread and confectionery baking technology. Others are roots processing
technology, oil seed processing technologies, beverage drinks production and
preservative technologies, livestock nutrition/poultry feed, among others

 

The Technology and Innovation Expo which had as its theme: "Actualizing
Effective Diversification of the Nigerian Economy through Science,
Technology and Innovation," was organized to unveil the products to showcase
the mileage that have been recorded so far as well as offering solutions on
the way forward.

 

FIIRO, an agency of the Federal Ministry of Science and Technology, is the
foremost centre for Science and Technology-based research and development
for the industrialization and socio-economic advancement of the nation.

 

At the 2023 Expo, Dr Mamora who was impressed with the innovations however
charged the research institute to engender the means through which these
valuable products would find their way to the Nigerian market by improving
on its research and marketing strategies. "The major challenge is how do you
get this major research out to the market because it's like you are winking
in the dark, and when you wink in the dark, nobody can see you. You should
light up your candles so others can see it," the minister said.

 

The Director-General/CEO of FIIRO, Dr (Mrs.) Jummai Adamu solicited the
support of all stakeholders to invest in the cutting-edge products, goods
and services of the Institute towards aiding the economic diversification of
Nigeria's government.

 

Dr Adamu also solicited the collaboration of investors to support the nation
in achieving its diversification agenda of moving from a consumption to a
production economy through effective STI utilization in the shortest
possible period.

 

She said the expo had presented itself as a clarion call for serious
commitment by stakeholders and investors to move the economy from
consumption to production for the purpose of stimulating economic growth,
liberation and self-reliance for the nation and the Nigerians.

 

The FIIRO boss noted that the mono-economic dependence on oil and gas, which
is non-renewable, has kept the nation far away from meaningful development
that would have made her respected among comity of nations.

 

"This is attributed to our inability to properly utilize STI as the fulcrum
for modern development. It is to be noted that all developed and developing
countries all over the world are where they are today because they realized
that it is only through Science, Technology and Innovation, that all our
problems can be tackled.

 

"It is an established fact that Science, Technology and Innovation holds the
key to the present and future development of any nation as it plays a
fundamental role in wealth creation, improvement of quality of life and real
economic growth and transformation in any society," she said.

 

Dr Adamu submitted that STI has impacted many economic areas, reducing
poverty, promoting healthier and more productive lives, rapid improvement in
agriculture, energy, environment and economic growth.

 

By bridging the technological power vacuum, she observed, more Nigerians can
be adequately mobilized as needed human resources to tackle the challenges
confronting the nation, especially towards arresting the menace of poverty,
youth restiveness, terrorism, kidnapping and banditry currently ravaging the
country.

 

"As you may be aware, one of the key components that aid economic
diversification is technology transfer, which is the innovation capabilities
of any organization that wants to thrive technologically.

 

"Increase in economic diversification will expose us to opportunities to
utilize our technological prowess and become more capable to generate new
technological solutions due to cross-fertilization of ideas among different
knowledge areas of diversification, thus producing positive effects on our
innovation performance," the FIIRO boss said.

 

On the importance of the STI, she noted that a diversified economy has the
capacity to support multiple businesses, increase sustainable circles of
economic activity where businesses continually feed from one another and
grow larger as the economy grows.

 

"Worldwide, it is an established fact that economic diversification brings
about stability, improves standard of living, minimizes the use of
potentially underutilized resources, creates jobs and generates wealth for
the teeming youth, considering the depletion nature of the oil that we have
been depending since time immemorial," she explained.

 

The representative of the organized private sector and business community,
at the Expo, Victoria Akai urged FIIRO to explore partnership opportunity
with the Abuja Chamber of Commerce and Industry on business
entrepreneurship, skills and technology to enhance productivity, especially
among the youth and women.

 

She also lauded the institute for its various research outputs which have
strengthened the technological innovation sector in the country. Her words:
"The value of your achievement in the area of various commodities including
motor, processed and bottled palm wine, cassava bread, fish feeds, ceramics,
textile design product, pepper grinding machines and other related machines
for small and medium enterprise agencies as well as entrepreneurship
training and technology transfer cannot be overemphasized."

 

As Nigeria continues in this steady move to turn around its economy driven
by science, technological and innovation, FIIRO has sufficiently
demonstrated its capacity to support, not just the diversification of the
economy away from the overdependence on oil, but has also proven, that with
required support by investors and adequate funding by government, the
revitalization of the Nigeria's economy is nearer than before.

 

Quote

 

It is an established fact that Science, Technology and Innovation holds the
key to the present and future development of any nation as it plays a
fundamental role in wealth creation, improvement of quality of life and real
economic growth and transformation in any society

 

-This Day.

 

 

Nigeria Eyes £14bn in UK Trade Scheme for Developing Countries

Abuja — The Executive Director/Chief Executive, Nigerian Export Promotion
Council (NEPC), Dr. Ezra Yakusak has said that the Developing Countries
Trade Scheme (DCTS) recently unveiled by the United Kingdom (UK) would
further support sustainable economic growth for Nigeria's non-oil export
sector.

 

Specifically, the NEPC boss said Nigeria could potentially grow its exports
to the UK from 0.3 per cent to 5 per cent share of the market by 2030 with a
value of £14 billion.

 

Speaking at a workshop organised by the UK-Africa Trade and Investment
Service, the NEPC boss pointed out that DCTS would boost trade with Least
Developing Countries (LDCs) through reduced tariffs as well as simplified
Rules of Origin for LDCs.

 

 

Essentially, the DCTS is designed to replace the UK's current Generalised
Scheme of Preferences (GSP) early in the year with the former expected to
improve access to the UK market for developing countries.

 

The DCTS aims to support sustainable growth in developing countries through
a more generous unilateral offer among others.

 

Yakusak explained that the essence of NEPC's participation was to sensitise
the Nigerian exporting community to take advantage of the new scheme as well
as provide veritable information that will proffer solutions to technical
and operational challenges faced by Nigerian exporters.

 

He said, "The opportunity for Nigeria to increase its non-oil exports to the
UK in sectors where supply currently exceeds the demand are cocoa,
fertilizers, sesame, ginger, and cashew nuts. Others are natural rubber,
cotton, frozen prawn, plantain, and tomatoes."

 

Yakusak, however, lamented the several challenges that have continued to
inhibit the country from realising its potential.

 

In a statement issued by NEPC Head, Corporate Communications, Mr. Ndubueze
Okeke, Yakusak further explained that with the new development, Nigeria no
longer has to ratify the 36 conventions with the UK before trading.

 

He said, "This is significantly more generous than both the EU's GSP scheme
and the US' AGOA scheme and, based on current trade volumes, would mean that
99 per cent of goods exports to the UK are duty-free."

 

Other major aspects of the new scheme include cutting tariffs for Nigeria so
that 3000 new products are duty free for the first time.

 

Also, the average existing tariff on these goods is 7 per cent, implying
that these changes make Nigerian exports more competitive in the UK.

 

In addition, many tariff reductions are on value-added goods such as
processed sesame oil, cotton clothing, and cocoa butter and paste and
complement existing duty-free trade on raw products.

 

-This Day.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

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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