Major International Business Headlines Brief::: 17 February 2023
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Major International Business Headlines Brief::: 17 February 2023
<https://wwww.nedbank.co.zw/>
ü Do Kwon : US regulator charges cryptocrash boss with fraud
ü Bao Fan: Chinese tech banker's firm reports him missing
ü Elon Musk: Tesla denies firing workers over union campaign
ü Energy giant Santos accused of Australia dolphin deaths
ü The race across Europe to build green steel plants
ü KitKat maker Nestle to raise prices again
ü The entrepreneur who turned down the Dragons twice
ü Postal workers vote to strike again
ü South Africa: Schoolkids Stranded As Education Heads and Taxi Bosses Clash
ü Nigeria: Jigawa Declares 1000 and 500 Old Naira Notes Legal Tender, Threatens Anyone Rejecting Notes
ü South Africa: Warning of Another Repo Rate Hike Next Month
ü Africa: US Foreign Aid Agency Continues to Invest in Africa
ü Nigeria: Naira Redesign - Cash Crunch May Worsen Forex Shortage - Fitch
ü Nigeria, Our Ballooned Debt and Our Great Grand Children's Burden
ü Malawi: Roads Authority Rehabilitates Damaged Bridge in Mangochi
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Do Kwon : US regulator charges cryptocrash boss with fraud
US financial regulators have charged failed South Korean cryptocurrency boss Do Kwon and his company Terrraform Labs with "orchestrating a multi-billion dollar crypto asset securities fraud".
The Singapore-based firm created the Terra Luna and TerraUSD tokens, which collapsed spectacularly last year.
The collapse is estimated to have cost investors more than $40bn (£33.5bn).
Mr Kwon and Terraform Labs did not immediately respond to a BBC request for comment.
"We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD," US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement.
"We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors," he added.
According to the SEC, Mr Kwon and his company raised billions of dollars from investors by selling them "an interconnected suite of crypto asset securities" with many transactions being unregistered.
The SEC also alleged Mr Kwon and Terraform claimed repeatedly that the tokens would increase in value, and misled investors about the stability of TerraUSD.
However, the value of the token and its linked Luna cryptocurrency plunged to close to zero in May last year.
Globally, investors in TerraUSD and Luna lost an estimated $42bn, according to blockchain analytics firm Elliptic.
It triggered a sell-off in major cryptocurrencies such as Bitcoin, Ethereum and Tether. As a result the term cryptocrash trended online.
"I am heartbroken about the pain my invention has brought on all of you," Mr Kwon said at the time.
The SEC complaint, which included other allegations, did not state where Mr Kwon was located.
In December, South Korean authorities, who have issued an arrest warrant for Mr Kwon, said they believed he was in Serbia.
Mr Kwon had previously denied that he was in hiding, but did not reveal his whereabouts.
"For any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide," he said on Twitter.
Mr Kwon faces charges of fraud and breaches of capital markets law in his home country of South Korea.-bbc
Bao Fan: Chinese tech banker's firm reports him missing
One of China's most high-profile investment bankers has gone missing, his company has reported.
Bao Fan, the chief executive of China Renaissance Holdings, had not been able to be reached in recent days, the firm said in a market update on Thursday.
Mr Bao is a leading dealbroker in China whose clients include top tech companies Didi and Meituan.
His firm's announcement has renewed concerns of a potential Beijing crackdown on business and tech leaders.
Shares in China Renaissance plunged in Hong Kong trading on Friday, after the company's notice to the stock market said it had "been unable to contact Mr Bao Fan".
It added it was not aware of "any information that indicates that Mr Bao's unavailability is or might be related to the business and/or operations of the group".
The company did not specify how long Mr Bao had been missing. Chinese business newswire Caixin cited sources saying staff had not been able to contact him for two days.
Mr Bao, who is both the chairman and chief executive, founded China Renaissance in 2005 as a boutique advisory investment firm. It has since grown into one of China's top financial institutions - executing business deals and mergers between several of the country's tech companies.
The major bank has served as an advisor for the initial public offerings of JD.com and Kuashou, as well as Didi's listing at the New York Stock Exchange in 2021.-bbc
Elon Musk: Tesla denies firing workers over union campaign
Elon Musk's electric car maker Tesla has denied firing employees in response to a group of workers trying to form a union in New York state.
The company said it had laid off 27 staff for "poor performance" and that they "were identified... well before the union campaign was announced."
Organisers in the city of Buffalo alleged staff were sacked a day after the union went public with its plans.
They accused Tesla of firing more than 30 people to try to quash the campaign.
Tesla said in a blog post that the decision to layoff the workers, who were part of a 675-strong Autopilot labelling team, had been made on 3 February.
The firm said it only learned in hindsight that one of the 27 impacted employees "officially identified as part of the union campaign."
"The employees let go as part of this process received prior feedback on their poor performance from their managers over the course of the review period. Despite feedback, they did not demonstrate sufficient improvement," it added.
Mr Musk has been outspoken about his opposition to unions in the past.
"I strongly feel this is in retaliation to the committee announcement and it's shameful," said Arian Berek, a fired member of the union's organising committee.
In the complaint filed with government labour officials, the union cited 18 people it said the company had fired "in retaliation for union activity and to discourage union activity".
Organisers said, based on a company chat, they believed more people had been fired and expected to add names to the complaint. They said they were still confirming how many of those fired had been directly involved in the campaign or had just indicated their support.
Tesla recalls cars for self-driving software risks
Musk donates almost $2bn of Tesla shares to charity
The Buffalo facility employs about 2,000 people, according to organisers from Tesla Workers United, which is backed by the same union that launched organising efforts at Starbucks.
The group is now seeking support from Tesla workers in Buffalo to hold a vote about joining a union. It sent a letter to the company on Tuesday outlining its plans and asking leaders to agree to ground rules for a "fair" election.
A day later, campaigners said, Tesla fired more than 30 workers and sent an email informing staff of a policy that bars recording of workplace conversations without the consent of all parties.
Organisers said the rule violated their rights under federal and state laws.
The National Labor Relations Board has previously found that Tesla violated labour rules during an organising effort at its car manufacturing plant in California.
"We're angry. This won't slow us down. This won't stop us. They want us to be scared, but I think they just started a stampede," said Sara Costantino, current Tesla employee and organising committee member.-bbc
Energy giant Santos accused of Australia dolphin deaths
An energy giant has been accused of covering up the severity of an oil spill which allegedly killed dolphins off Western Australia (WA) last year.
A whistleblower's statement read out in parliament this week alleges dead dolphins were found floating near the oil slick caused by Santos last March.
Santos has previously denied the deaths were connected to the spill from its Varanus Island facility.
The Australian firm is yet to respond to request for comment.
The company last April told the WA Today newspaper the incident was a "minor spill" with "negligible" environmental impact.
In November it added that the dead dolphins had been sighted "a couple of hours after" the spill, arguing it would have been too early for their deaths to result from it.
But the whistleblower claimed the company couldn't know for sure as it did not send environmental experts to the island until more than a week after the incident.
The statement from a former Santos employee was read out by independent Senator David Pocock on Thursday.
The employee said the Lowendal Islands, some 75km (46 miles) off the WA coast, is known for "pristine white sand beaches", "gorgeous blue turquoise water" and "abundant marine and bird life".
But in the statement he said sea snakes had "writhed in agony" and marine life had suffered after some 25,000 litres of condensate leaked from an underwater hose.
"I was then shocked at the public comment from Santos," the whistleblower said.
"Tens of thousands of litres of oil in the ocean, dead dolphins and sea snakes. How was this negligible?"
They added that Santos' alleged delay in sending environmental assessors was a breach of the company's obligations.
"They could not have known the real scale of impact, it was never checked," their statement read.
Santos' conduct was "deceptive" and "contrary to its internal code of conduct… and, possibly, the law", they said, adding that other employees had also spoken up internally.
Mr Pocock, who tabled the statement, said he found the testimony and footage "very distressing".
The incident raised major questions about marine environment protections and Santos' conduct, he said.
The spill is the latest mark in oil company's "very poor environmental and safety record", WA's peak conservation body told the BBC.
"It is vital that regulators make an example of Santos. Petty fines are simply not enough to prevent this sort of thing from happening again," Maggie Wood said.
She also expressed concern that the allegations had only come to light a year after the incident, and only because of a whistleblower.
"How many incidents like this might we not know about, simply because the likes of Santos neglected to tell us?"
Santos has not yet issued a public response and has not replied to the BBC's queries.-bbc
The race across Europe to build green steel plants
A small military town in Sweden's frozen north is on course to produce Europe's first commercial green steel.
Giant diggers and excavators are powering through layers of mud, ice and snow at the site of a new steel plant just outside Boden, 900 km (559 miles) north of Stockholm.
At 09:00, the sun has only just risen and the temperature is -8C. Some of the workers are wearing three or four jackets, and have switched on the heated seats in their vehicles.
Steel is usually made in blast furnaces. Fed with coking coal and iron ore, they emit large quantities of carbon dioxide and contribute to global warming.
The production of steel is responsible for around 7% of the world's greenhouse gas emissions. But in Boden, the new plant will use hydrogen technology, designed to cut emissions by as much as 95%.
Although the first buildings have yet to go up on the remote site, the company behind the project, H2 Green Steel, believes it's on course to roll out the first commercial batches of its steel by 2025.
If it succeeds, it will be the first large-scale green steel plant in Europe, with its products used in the same way as traditional steel made in blast furnaces, to construct everything from cars and cargo ships to buildings and bridges.
Although much of Europe's steelmaking industry dates back centuries, H2 Green Steel is a start-up that didn't even exist before the pandemic.
When Northvolt opened Sweden's first giant electric battery factory two hours south of Boden, it wanted to find a greener way of producing the steel needed to make the batteries, and H2 Green Steel emerged as a spin-off with funding from two of Northvolt's founders.
The centrepiece of the new steel plant will be a tall structure called a DRI tower (DRI means a direct reduction of iron). Inside this, hydrogen will react with iron ore to create a type of iron that can be used to make steel. Unlike coking coal, which results in carbon emissions, the by-product of the reaction in the DRI tower is water vapour.
All the hydrogen used at the new green steel plant will be made by H2Green Steel.
Water from a nearby river is passed through an electrolyser - a process which splits off the hydrogen from water molecules.
The electricity used to make the hydrogen and power the plant comes from local fossil-free energy sources, including hydropower from the nearby Lule river, as well as wind parks in the region.
"This a unique spot to start with. You have to have the space, and you have to have the green electricity," says Ida-Linn Näzelius, vice president of environment and society at H2 Green Steel.
H2Green Steel has already signed a deal with Spanish energy company Iberdrola to build a green steel plant powered by solar energy in the Iberian peninsula, and says it's exploring other opportunities in Brazil.
On home soil it's got friendly competition from another Swedish steel company, Hybrit, which is planning to open a similar fossil-free steel plant in northern Sweden by 2026. This firm is a joint venture for Nordic steel company SSAB, mining firm LKAB and energy company Vattenfall, boosted by state funding from the Swedish Energy Agency and the EU's Innovation fund.
While Sweden is leading the way when it comes to carbon-cutting steel production in Europe, it is important to put its potential impact in context, says Katinka Lundberg, a senior policy advisor at the Brussels-based climate think tank E3G.
H2 Green Steel hopes to produce five million tonnes of green steel a year by 2030. Global annual production is currently around 2,000 million tonnes, according to figures from the World Steel Association.
"The production capacity in Sweden will be a drop in the sea," says Ms Lundberg.
A key part of the steel prodution process happens in the DRI tower where hydrogen reacts with iron ore
But other ventures should help increase the proportion of green steel available in Europe.
These include, GravitHy, which plans to open a hydrogen-based plant in France, in 2027. German steel giant Thyssenkrupp recently announced it aims to introduce carbon-neutral production at all its plants by 2045. Europe's largest steelmaker ArcelorMittal and the Spanish government are also investing in green steel projects in northern Spain.
Meanwhile, the EU is in the process of finalising a new strategy called the Carbon Border Adjustment Mechanism, designed to make it more expensive for European companies to import cheaper, non-green steel from other parts of the world.
"I think it is important in that it'll give industry the confidence to invest, because they can see that, at least in the European context, their steel will be competitive," says Ms Lundberg.
She also points to a "a crucial window of action" between now and 2030, with around 70% of steelworks around the world in need of repair and reinvestment during this period.
Blast furnaces could be replaced or relined to extend their lifetimes, but a smarter long-term strategy, argues Ms Lundberg, would be to invest in switching to carbon-cutting production processes instead.
"The next eight years are crucial for making sure that companies and investors globally make decisions towards green steel production... which is going to 'lock us in' for another few decades."
But whether the majority of big steel producers will follow this path is difficult to predict, says Lundberg. "I would say I'm hopeful, but we need to keep the pressure up."
In the UK, the government is reported to be ready to stump up £600m to help Britain's two largest steelmakers switch away from coal-fired blast furnaces. However the country remains "very much a laggard" in green steel circles, according to Chris McDonald, chief executive of the UK's national innovation centre for steel and metals, the Materials Processing Institute.
"A big reason for that is that currently the UK has very high energy prices compared with other countries, and that means it makes the steel industry unsustainable and it makes investment less attractive in the UK."
Another challenge, says Mr McDonald, is figuring out how to negate high unemployment in industrial heartlands if existing steel plants shut down, or require different skill sets from employees once they've been remodelled. "It's more complicated, I think, than just opening up the market and allowing new entrants to come in, because we're trying to manage a green transition and to manage the social consequences at the same time," he argues.
In Boden, the arrival of H2 Green Steel is being viewed as a major opportunity for job creation in an area that's been crying out for new industries for decades.
The small military town shrunk after army budget cuts and closure of a large hospital in the region in the 1990s, resulting in thousands of people moving elsewhere to find work.
"This is our biggest opportunity in more than 100 years," says the town's Social Democrat mayor Claes Nordmark. "This will mean jobs, it will mean more restaurants, it will bring more sponsorship to our football and ice hockey and handball team and so on… it means everything for us."-bbc
KitKat maker Nestle to raise prices again
KitKat maker Nestle has said it will raise its prices again this year, despite an 8.2% increase in 2022.
The world's biggest food company said it would be forced to charge more to cover the increasing cost of ingredients.
Nestle, which also makes Buitoni pasta, Buxton mineral water and Nescafe coffee, said it was taking a "massive" hit to its margins at the moment.
It refused to say how much prices would climb this year.
Boss Mark Schneider said the company suffered in 2022 because of the "many challenges and tough choices for families, communities and businesses" which led to lower spending on many of the firm's products.
Nestle's net profits for the year were 9.27bn Swiss francs (£8.34bn), which was much lower than the 11.58 billion francs (£10.42bn) expected by analysts.
As a result the company will spend 2023 "with a focus on restoring our gross margin", said Mr Schneider.
Surging prices
The news will come as a fresh blow to hard-up British consumers, already reeling from record inflation and soaring food prices.
Prices across the board have jumped since the war in Ukraine hit the cost of commodities such as food, fuel and energy.
Grocery prices were up 16.7% in the year to January, leaving food inflation at a 45-year high.
Other big food businesses are busy raising prices with Coca-Cola saying it will raise the price of its fizzy drinks again this year, after increasing them by 11% in 2022. Rival Pepsi increased prices by 14% during the year.
McDonalds announced on Wednesday it is increasing prices by up to 20% for some items, such as its Mayo Chicken which is going up from 99p to £1.19. Last year it hiked the price of a cheeseburger by the same amount.
Nestle sells more than 2,000 brands covering coffee, pet care, baby food, drinks, cereals and prepared dishes.
In the UK it's best known for confectionery such as KitKat and Smarties, cereals such as Shreddies and Cheerios, Nescafe and Nespresso coffee, fizzy drink San Pellegrino, and Purina pet food.
Last month it said it would cut 94 jobs at its Dolce Gusto factory in the Midlands.
This year it's planning to shut its confectionery factory in Newcastle - where the likes of Fruit Pastilles, Toffee Crisps and Rolos have been made since 1958 - which will result in 475 jobs going.-bbc
The entrepreneur who turned down the Dragons twice
Cally Russell never dreamed he would turn down an offer in the Dragon's Den - but he has now done it twice.
The Edinburgh businessman appears in the latest episode of the BBC series, eight years after he refused an investment offer from Dragon Peter Jones on a previous appearance in the den.
Mr Russell is one of just a handful of people who have appeared on the programme more than once.
However, it is understood nobody has ever turned the potential investors down on both occasions.
The 35-year-old entrepreneur said he was disappointed at how low their offers were.
"I've been left feeling anxious and a little stressed about it as it takes a lot to turn down a Dragon," Mr Russell says.
"But I know it was the right decision, I just have to prove it now."
Mr Russell first appeared in front of the Dragons in 2015 with his idea for a fashion app called Mallzee that used the data generated to help retailers make better decisions about what clothes to buy.
Back then he turned down an offer from Dragon Peter Jones because he wanted too much of a stake in his business.
The company grew but it was hit badly when retailers stopped buying stock during the Covid pandemic.
He closed it down in 2021 to focus on his new project - This is Unfolded.
It claims to make clothes without the waste normally generated by big brands.
Mr Russell says about 30% of clothes that are made are never sold - 26 billion items of clothing per annum.
His company only starts making the clothes once they have been ordered, to reduce waste. It then takes between four to six weeks to reach the customer.
He has about 3,000 women on social media who vote on their favourite designs before the most popular ones go up for sale on his website.
Mr Russell says he also wants to pay bonuses to garment workers at the factories he uses in India and fund children living near them to learn to read and write.
During his latest meeting with the Dragons, he was asking for £75,000 in exchange for 2% of his company.
Steven Bartlett failed to make Mr Russell an offer but three of the Dragons offered all of the £75,000.
Deborah Meaden wanted 12% of the company, Peter Jones 15% and Touker Suleyman wanted 30%, which Steven called a "Dracula offer" - meaning it was bloodsucking.
Mr Russell reject Touker's offer, saying he didn't think it would be good for either of them to work together and certainly not good for his mental health.
The entrepreneur then tried to negotiate Peter Jones down from 15% to 4% or 5%, which made the Dragon ask if he was joking.
Mr Russell explained he "simply couldn't go lower".
Deborah Meaden said they were so far apart she did not think a compromise could be reached but she wished him all the best.
And Peter Jones said he hoped Mr Russell would not regret saying no to him twice.
Mr Russell told BBC Scotland: "Peter and Deborah would have been great partners for This is Unfolded and I'm still cut up we weren't able to do a deal to get them both on board but it just wasn't possible with the percentage they wanted."
He said he would need to raise further money in the future and if he gave away too much of the company at such an early point then that wouldn't be possible.
Mr Russell said: "Saying no to Peter Jones the first time round felt like one of the biggest decisions I had ever made.
"I had waves of fear all the way back to Edinburgh that potentially I could have made the wrong decision.
"However this time round I feel I have made the right decision in saying no to him."
He added: "That's not to say I haven't had a number of sleepless nights since."
His latest appearance in the den was recorded in Manchester in July.
At that time he had £600,000 in investment for his company.
He has since secured another £600,000.
Mr Russell said: "Going up in front of the Dragons is a very scary experience. Your adrenaline is going all day and you are in front of them for two hours without a break.
"They ask a lot of questions and you have to make investment decisions in a short space of time. It's an intense environment.
"I really didn't want to say no to them and I am very sad about it but I just couldn't structure a deal with them that worked for everyone."-bbc
Postal workers vote to strike again
Thousands of postal workers have voted in favour of more strikes in the long-running dispute over pay.
More than 95% of staff who voted in the ballot wanted strike action, said the Communication Workers Union (CWU), which represents more than 110,000 postal workers at the Royal Mail.
A spokesperson from Royal Mail said it was "disappointed" at the vote result.
Workers held strikes over Christmas and the new vote gives the union a six-month mandate for strike action.
Royal Mail has offered a pay deal it says is worth up to 9% over 18 months - but the CWU wants more given the rate at which prices are rising.
The union is now urging Royal Mail bosses to "take stock" and change course in their negotiations.
The CWU also objects to proposed changes to working conditions, including changes to Sunday working.
Royal Mail says strikes have cost it millions
Strike action: What do teachers, firefighters and others want?
A Royal Mail spokesperson said the company was committed to continue talks with the union.
But they added that the threat of more strike action by CWU members could mean more customers will switch to competitors.
"We urge the CWU to seriously consider our best and final pay offer and to work with us to transform Royal Mail and secure its future. That is in the best interests of Royal Mail and all its employees," they added.
CWU General Secretary Dave Ward said the vote was "proof" that postal workers would "not accept their livelihoods being destroyed".
"It is proof that for Royal Mail to begin functioning normally again, there needs to be a change in negotiating approach from its leadership that recognises the depth of feeling from the workforce that make their company," he continued.
Earlier this month, postal workers said they would no longer go on strike after a legal challenge by Royal Mail.
About 115,000 workers had planned to walk out on 16 February in to 17 February, in an ongoing row over pay and conditions.
But union bosses said that they would not fight a legal challenge to the action.
Hundreds of thousands of workers - including teachers, civil servant and barristers - have been on strike recently over pay, which they say should keep up with rising prices.-BBC
South Africa: Schoolkids Stranded As Education Heads and Taxi Bosses Clash
Thousands of school children have been left stranded, unable to attend school due to a dispute between the Western Cape Education Department and taxi association Codeta.
For several days, students who rely on scholar transport, private cars and buses to get to school have been turned away and blocked by Codeta.
The taxi association wants to get a scholar transport tender from the education department.
But Western Cape Education MEC, David Maynier, has condemned the illegal blockade. He accused the taxi association of attempting to muscle in on their transport contracts and extort money from the department.
Codeta in the Khayelitsha region says it has approached the department to stop giving the tender to buses and rather to give it to the organisation, as it claims it is capable of doing the job.
The situation has caused great concern among parents and drivers. Many are worried about the safety of kids if taxis were to be used to get them to school.
Mandisa Ntikinca, a parent, expressed her concern: "They are greedy. How are they going to manage to transport our kids when they cannot even handle [adult] passengers?"
Zikhona Mesi, another parent, expressed her frustration: "They must sort out their issues with the department and leave us out of their troubles."
Scholar driver Mzukisi Nkonjane said he would not risk transporting children.
Codeta spokesperson Andile Khanyi explained that in a meeting it had last year, they were told their request was not far-fetched and that the department representative needed to be afforded an opportunity until the end of April 2022 to consider it.
However, after the initial meeting, no further meetings were arranged.
After days of the stand-off, Codeta has announced that scholar transport and private cars may transport students from Thursday, 16 February. But buses are not allowed, Khanyi said.
"We will temporarily transport learners who were using buses to their schools until we get a response from the education department."
Codeta has said that the organisation will transport the children for free until 23 February, giving the department time to resume talks and find a solution to the dispute.
The hope is that the Western Cape Education Department and the taxi association can resolve their issues soon and that students can return to school without any further disruptions.
-Scrolla.
Nigeria: Jigawa Declares 1000 and 500 Old Naira Notes Legal Tender, Threatens Anyone Rejecting Notes
People are advised to report any traders or business organisation that refuses to accept the now-old N200, N500 and N1000 notes as legal tender in Jigawa State to the nearest appropriate authorities.
Despite the declaration of President Muhammadu Buhari, Thursday morning that the old N500 and N1000 notes have seized to be legal tender, the Jigawa State Government has taken a counter position by advising citizens and other persons in the state to continue to use the currencies as lawful means of payment and business transactions. The state government premised its decision on the ongoing suit at the Supreme Court which is yet to be conclusively decided by the apex court.
An announcement on Thursday evening by Mr Bala Ibrahim, the Jigawa State Commissioner for Information, Youths,, Sports and Culture conveyed the stance of the state government. The full text of the announcement read:
"The Jigawa State Government wishes to inform members of the Public that, it has come to its notice some individuals and corporate bodies are rejecting the now-old N200, N500 and N1000 notes. The Jigawa State Government is concerned about the conduct of such individuals and corporate bodies.
"As a law-abiding Government, there are suits by various State Governments of which Jigawa State is among before the Supreme Court of Nigeria. The court has issued an order restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or commercial banks, ministries, parastatals, organisations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on 10 February, 2023 the time frame within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender pending the hearing and determination of the motion on notice.
"Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardship to the people of Jigawa State. Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria.
"For clarity, the section provides, "The decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court". People are advised to report any traders or business organisation that refuses to accept the now-old N200, N500 and N1000 notes as legal tender in Jigawa State to the nearest appropriate authorities."
President Buhari said on Thursday that old ₦500 and ₦1000 notes are no longer legal tender in the country. In an early morning national broadcast aired on national stations, the president directed the CBN to release old N200 notes into circulation as legal tender for the next 60 days while those with 500 and 1000 naira were directed to deposit them at the Central Bank and other designated points.
Mr Buhari directed the CBN to make the new notes available to all citizens. He also apologised to Nigerians over the difficulties experienced as a result of the implementation of the redesign policy of the naira.
-Premium Times.
South Africa: Warning of Another Repo Rate Hike Next Month
Economists have warned consumers to brace for yet another hike in the repo rate when the reserve bank's monetary policy committee meets next month, Eyewitness News reports. The warning comes despite a drop in headline inflation for January, which now sits at 6.9%.
Struggle Veteran Peter Jones Dies
Peter Jones, who was the last person to see Steve Biko alive when they were arrested by apartheid police in 1977, has died after suffering a stroke, reports IOL. Jones and Biko were leaders of the Black People's Convention (BPC). Jones was arrested along with Biko as they were traveling to Cape Town in August 1977. Both were tortured and interrogated by apartheid security police. Biko would later die in prison. TimesLive reports that in his testimony before the Truth and Reconciliation Commission, Jones said they had been taken to an isolated room at police offices in Gqeberha (then Port Elizabeth). His clothes were removed and he was forced to sit in the centre of a room on a steel chair to which his left hand was bound. He was interrogated about activities related to his involvement in the Black Consciousness Movement and why he was with Biko at the time of his arrest.
Power Cuts to Continue for Remainder of 2023
Outgoing Eskom CEO Andre de Ruyter has said that the country's rolling power cuts are here to stay, at least for the remainder of the year, reports EWN. De Ruyter said that the state of the country's electricity grid was still unstable. "These issues should be resolved by the end of calendar 2023 and if that's the case, and it certainly looks like it is doable, then the outlook from 2024 onwards is going to be better. Will load shedding then be definitively a thing of the past? I think not," said De Ruyter. The country has been experiencing uninterrupted stages of load shedding since December 2022. De Ruyter, who resigned in mid-December, will remain in office until March.
Man Rescued from Letaba River After Four-Day Ordeal
Rescue teams in Limpopo have saved a man who had been stuck in the middle of the Letaba River in Tzaneen, Limpopo, for four long days without water or food, reports eNCA. The Letaba River has been in flood due to heavy rains that hit the province and other parts of the country. Limpopo provincial Co-operative Governance, Human Settlements and Traditional Affairs Minister, Basikopo Makamu, said that "due to the constant heavy rainfall, it was impossible for him to make his way back to the riverbank. But on Wednesday afternoon, he was finally rescued and airlifted by helicopter. He was taken to a stand-by ambulance and received medical attention. He kept sending signals to the rescue team that he was okay."
More South African news
Africa: US Foreign Aid Agency Continues to Invest in Africa
Washington — Branching out from the usual bilateral agreements between the United States and individual nations, the Millennium Challenge Corporation (MCC) recently crafted a new type of grant to promote cross-border economic integration and trade between two African countries.
The first so-called regional compact in the amount of $504 million -- $202 million for Benin and $302 million for Niger -- will focus on reducing transportation costs between Benin's Port of Cotonou and Niger's capital of Niamey.
But there's more, said Mahmoud Bah, deputy chief executive officer of the MCC, an independent U.S. agency that has been providing foreign assistance around the world for nearly two decades.
"It will also try to address some of the root causes of maintaining road assets," he said. "In both countries, they've committed to improving road maintenance, so there will be policy and institutional reforms around road maintenance, contributions, how the fund is flowing and how those funds are allocated to roads that actually need to be maintained."
Benin and Niger will contribute a combined total of $15 million to the various projects.
The regional compact also aims to eliminate trade bottlenecks between the two nations and cut down on spoilage from delays, Bah told VOA.
MCC previously invested $1.1 billion in Benin and Niger. Some of that money went toward eliminating procedural constraints affecting the flow of goods through the Port of Cotonou.
The new projects aim to build on progress made.
"We hope that we will connect our previous investment to this new investment," said Bah. "The port of Benin is effectively a model in the region, thanks to the work we jointly did, and this road piece connecting that port to customers, farmers, clients in Niamey along the corridor from Cotonou is the big story here. I truly believe that regional integration is an essential piece of the entire continent's development."
Other grants in the works
In southern Africa, MCC recently signed a memorandum committing Washington and Maputo to pursue a compact later this year to protect Mozambique's coastal areas.
"Mozambique is one country that is faced with extreme adverse effects of climate," said Bah. "Sixty-five percent of Mozambicans live on the coastal part of Mozambique. It has 2,300 kilometers of coast, and it's being pounded every year by heavier and heavier cyclones. In the last five years, Mozambique had four 100-year cyclones -- cyclones that are supposed to happen every hundred years."
About four years ago, Cyclone Idai killed hundreds in Mozambique, Zimbabwe and Malawi and displaced millions in what the United Nations called "one of the worst weather-related catastrophes in the history of Africa."
In Mozambique, Bah also visited mangroves, which are slated for funding in an upcoming MCC compact.
"It's the ecosystem that allows the planet to survive certain climatic impacts, but it's being taken away by these cyclones," he said. "Also, the mangroves themselves are being chopped to make charcoal, but the people that are chopping these mangroves have no other alternatives."
MCC also hopes to help restore an 80-year-old bridge on the brink of collapse and connect small farmers by helping them become more commercially viable.
Eligibility criteria
To receive money from MCC, a country needs to meet the agency's standards on a range of criteria, from good governance to economic freedom.
And even after receiving funds, the criteria need to be respected throughout implementation. For that reason, MCC recently terminated Burkina Faso's grant funding after a military takeover.
"When we see a coup d'etat, especially the military coup d'etat, it calls into question the model and what for us ... is a red line," said Bah. "We cannot face Congress and say, 'We need to support this country,' when in fact we see an attempt or a confiscation of the constitution by a group of military [forces]."
Bah said he hoped the partnership between the two countries would soon be restored, because it was a tough decision for the MCC to stop the work that had already begun.
Meanwhile, MCC is working on signing a compact with Sierra Leone this year to help make electricity cheaper and its energy sector more reliable.
Other potential beneficiaries in Africa include Mauritania, Togo and Gambia. Senegal will be tapped for the next regional compact.
Free money?
MCC started under a Republican administration nearly 20 years ago and has benefited from bipartisan support.
To the skeptics who say there's no such thing as free money, Bah said the only cost of getting an MCC grant is abiding by the agency's model and meeting the eligibility criteria. Otherwise, the grants are not to be repaid.
And to anyone who may be uneasy with taxpayer money being spent overseas, here is one way to look at it, he told VOA.
"When countries grow and have a peaceful transfer of power, where they have a democratically elected government, there is a tendency for that growth to be contagious and for us to spend less money in those countries than the alternative," said Bah.
"So, it's an opportunity for businesses in the U.S. to find frontier emerging markets where they can invest. It's an opportunity for our partner countries to invest in the U.S. To me, it's a win-win situation."
- VOA.
Nigeria: Naira Redesign - Cash Crunch May Worsen Forex Shortage - Fitch
Fitch Ratings, a global credit ratings agency, has warned that the cash crunch occasioned by the redesigning of the N200, N500 and N1000 banknotes by the Central Bank of Nigeria (CBN) may boost demand for foreign currency and aggravate foreign exchange (forex) shortages in the country.
In its latest report titled, 'Nigeria's Economic Challenges Highlight Importance of Post-Election Policies', Fitch said it was not yet clear whether there would be long-term economic benefits of the naira redesign policy.
The report stated: "The Supreme Court's suspension of a 10th February deadline for exchanging old banknotes into new eases, at least temporarily, the risk of intensifying cash shortages.
"However, the demonetisation drive is still likely to be disruptive in the near term. Associated cash shortages may hit consumer spending and boost demand for foreign currency, aggravating foreign-exchange shortages.
"It is not yet clear whether there will be offsetting longer-term economic benefits, such as greater use of the formal banking system or enhanced use of digital payment systems.
"The country faces numerous other challenges to its fiscal sustainability, external finances and economic outlook," the agency stated.
Fitch noted that it downgraded Nigeria's rating to 'B-' from 'B' in November 2022, with a Stable Outlook, due to the country's continued deterioration in debt servicing costs and external liquidity.
According to Fitch, Nigeria's fiscal profile would remain weak in the medium term.
"General government interest/revenue is extremely high (47 per cent in 2022 by Fitch's estimate) and we expect it will remain so given constraints on revenue mobilisation, increasing debt and high-interest rates.
"Structurally low non-oil revenue, spending pressures and weak economic growth imply substantial fiscal financing needs.
"The government faces external debt amortisations of $2.5 billion in both 2023 and 2024, an increase on recent years, although the majority is bilateral and multilateral debt service."
- Vanguard.
Nigeria, Our Ballooned Debt and Our Great Grand Children's Burden
Lagos — Today, our country's debt is about ten or more times what it was at the start of this present government. Compared with the size of our economy, this is the largest it has been since independence. To make it worse, this debt profile is projected or expected to grow exponentially to an alarming, but unknown ratio, in the coming years.
Our ballooning debt is the result of the unconscionable choices made by our government from their habitual habit of borrowing money to mostly finance frivolous expenditures, irresponsible spending to support recurrent expenditures for huge salaries of politicians and their unproductive workforce.
This level of debt that we are experiencing today, has in itself, become an economic crisis. The growth of our economy has therefore become imperiled, stunted, and almost comatose. What is assured, is complete catastrophe and doom.
How we got ourselves into this fiscal quagmire is not very difficult to decipher. The constant need to borrow money to fund federal budgets that include salaries, defence, security, education and everything else that government provides for, and the unrealistic expectations for our economic books to balance, created the imperativeness and necessity for government borrowing.
At the end of the civil war, and from years proceeding the war, our coffers were flush with huge revenue from oil wealth and from the export of various products ranging from agriculture to mineral resources. We, at that point, did not know what to do with money. This proposition, of course, did not last for long, for we were very soon to fall into distress and into one of the world's most indigent and indignant countries.
Paradoxically, we have faced tremendous challenges from many fronts; both institutional and structural, bringing with them, deep-rooted corruption, income inequality, incompetent governments, disjointed policies, deepening poverty and hunger, insecurity and all horrible vices capable of distorting even a well-endowed economy, and hindering prosperity. The results of these contraptions are the colossal losses of economic opportunities that have deprived us of significant growth and progress, leaving us in the throngs of being a beggarly country.
It is clear that what drives a stable economy to a large extent, is the macroeconomic environment which invariably reflects the productive capacity and performance for the competitiveness and profitability of local initiatives and companies that push and provide stability for the economy. But the distortions that we are experiencing in these various sectors, today, portray government's incapacity to intervene and maintain stability and good economic outlook.
Preceding Buhari's time, and more prevalent right after his advent in 2015, Nigeria's macroeconomic environment became essentially unstable, disjointed and portending a dangerous trend hindering economic growth. The dilapidating drivers for these economic outcomes are; foreign exchange drastic volatility, outrageous inflation, fiscal unsustainability and other unfavourable variables that brought high rate of macroeconomic instability.
I have heard a lot of Nigerians, especially our politicians talk about how our country will prosper, but I have not heard any of them tell us how we will grow out of the deep mess of debt that we owe. Fantasize as they may about our prosperous future, the quantum of problems awaiting us and our great-grand-children are unimaginable. It is difficult to share in this fairytale prosperity framework philosophies that will create jobs, reduce poverty and inequality, while ensuring economic and social prosperity for all Nigerians, without capturing the dreadful calculus of our prohibitive huge debt burden. This is very distressing and bewildering to say the least.
Nigeria's current dispensation finds itself grossly deficient in many of the attributes and qualities that define and power a country's rise. Our collective strengths in all the facets of our existence should be the building blocks of what should propel our prosperity. But to succeed, we must reinforce and support these collective strengths and attributes. Instead, our aggregious penchant for little ambition, shortsightedness, lack of diversity, and lack of willingness to learn and adapt to proper ways of doing things, have imperiled and slowed, or even regressed our economic development and growth.
The first essential indicator or characteristic of the foundation of a country's strength lay in its economic power and wellbeing. The causal links between these, and the success a country records across board, suggest that they play very prominent role in determining the fate of all nations, Nigeria inclusive. When the dynamism and vitality of our oil boom era evaporated, the fearful threat to our existence faced a strikingly dreadful peril.
I find it rather difficult to begin to apportion and assign responsibility, or blame to individuals or regimes for our levels of debt, but by their disgustingly crude action, the debt has become a stinking filth that has been the bane of all our past and present leadership. Even as some economists agree that by borrowing during economic downturn, the borrowing entity helps to revive the economy by protecting its citizens and businesses. However, the case of our debt burden is disproportionately inconsistent with reality. In order words, we cannot justify the huge debt we have accumulated with any significant commensurate development and economic growth. Where did all the money go? Some think that it disappeared into the leaky pockets of our politicians and their lackeys.
Others swear, that they can trace these borrowed monies to the Swiss Bank and Dubai Bank accounts of our citizens and their thieving partners.
Just imagine: our current debt stands at US$101 billion, about N44 trillion. According to the data available from the Debt Management Office, the debt categories are as follows: Total External Debt = US$39,661.72 million, Total Domestic Debt = US$62,251.71 million, Federal Government of Nigeria Debt only = N49,846.02 million, States and FCT = US$12,402.69 million. All these total to over 100 billion US Dollars. By the First Quarter of 2022, our debt stock stood at a staggering $40 billion, up 288% from $10.3 billion at the beginning of Buhari's "change" government. Take a look at the profile of our domestic debt that has risen above 160% from N8.4 trillion to well over N22 trillion, and see how the country's debt-to-GDP ratio has been pushed beyond a 40% threshold.
The agony of our predicament is that we now spend as much as 90% of our revenue on debt servicing. We are at risk of economic extinction if you consider the position of other economies. For instance, South Africa which has about 2.5 x Nigeria's debt stock and over 2 x the debt-to-GDP ratio, is a good case in point. Like an economist wrote; "Nigeria is staring down the barrel of financial bankruptcy."
The challenges confronting Nigeria are grievous and very real. The threats posed by the debt conundrum should never be underrated or exaggerated, but must be viewed as absolute antithetical to Nigerian interest, values, goals, and future. This phenomenon has become counterproductive, yielding devastating domestic repression and orthodoxy. On a melancholic meditation, my firm grip on the causes of our present and future anticipated stagnation and decline can mostly be pointed to the consequences of our protracted and senseless borrowing and our ever ballooning debt.
Today, the most pressing question is; what is the fate of our economy in the face of the huge and mounting debt? The answer can be found in the many upheavals the country is experiencing. Nigeria is presently in the midst of the most consequential economic decline in its entire history. There is a growing consensus that the present level of economic decay is beyond destructive demagoguery with definite and clear danger, uncertainty and ambiguity.
The burden of our debt can be linked to the rapidly growing inconsistencies in our economic policy plans and the inherent failure of our planners, the institutions and its apparatus to lift us out of abject poverty and misery. The consistent advocacy for infrastructural investment financed by borrowed funds, is challenged by the ever constant failure in matching the rhetorics with the volume of funds borrowed. The borrowed funds have failed to address the myriad of problems confronting and hindering the economic growth of Nigeria in the areas of power supply, inadequate road network, air, rail and waterways provisions, insufficient domestic food production and processes, fuel and oil industry supplies, and other infrastructural areas. To be clear, these inadequacies have continued to fester unabatedly, holding our country in a precarious stranglehold.
For over 50 years, Nigeria has failed, or has been unable to solve these problems as we have exponentially become desperately poorer, weaker, and despondent. The variables that made us economically strong in the early 1960s have all but disappeared. Recall that we used to be number 3 in the entire world in the production and distribution of cocoa, rubber, palm oil, and were in the group of the world's largest producers of textile, sugar cane, sorghum, cotton, magnesium, columbine and tin. Until crude oil became a prominent feature in our economy, Nigeria had a relatively strong, viable and potentially progressive economy. Today, we have become intensely poorer and may have no clue of how to creatively scamper out of this quagmire, except to borrow, borrow and borrow, jeopardizing our generations to come.
We must all worry about the present position of our country's debt profile. We must be disturbed, knowing that our government is poised to go a-borrowing again at a time it is paying out of its nose to service the existing debts, even as it is glaringly evident that our main source of income which is oil is experiencing unpredictable and very sluggish movements.
Uncertain times call for hope and for redemptive minds, but the notion of a quick repair of this damage to our country now and in the future, is a chimerical projection. There is no iteration evident in our past and present behavior in history that allows us to dream of a better tomorrow, especially in the area of our indebtedness. My passivism is cemented in my knowledge of how pervasive the repercussions for indebted countries have become and attracting dire consequences. How do we expect to bail out of these debts without attracting stiff conditions and penalties that will force major austerity measures which will plunge an already reeling country into further turmoil? I bet that with the barrels of the guns of these borrowing entities staring us in our eyes, we will begin to lose our sovereignty and our economic order and independence. Without any doubt, the days are coming when we will be unable to repay our debts. The debtors will have no choice but to find ways to recover their funds either by taking control of our national treasuries, and compelling us to open our territories for exploitations.
Perhaps one of the most fundamental setbacks of our debt burden issue, is the positions taken by The International Rating Agencies. Moody's and Fitch downgraded their rating for Nigeria, targeting the cutting of our long-term foreign currency bond, by revising Nigeria's economic outlook downwards, from stable to negative. The reasons announced for these downgrades are pointed to the burden placed on the economy by the ever rising budget deficit, the ballooning and mounting debt profile and other supply-side issues and challenges. The general expectation is that Nigeria's fiscal and debt position will continue to decline and deteriorate, and that its capacity to respond remains constrained by sustained and long-standing institutional and structural weaknesses and defaults.
The forecast for our economic future is bleak and precarious. Our external position will be gravely weighed down by our government's constrained access to external funding, depressed and the uncertainties surrounding oil production, capital outflows, and other extraneous circumstances. Most crucial, is our government's inability to demonstrate a clear vision of delivering on fiscal reforms.
Another depressing drawback, is the negative governance profile score (G-5 issuer profile), that shows very weak control of corruption and the rule of law, and an alarming failure in the management of internal resources and public funds. Ultimately, we are on our way to a fiscal deterioration, the type never seen or recorded in our history.
My perception is that these mountains of loans and the resultant heavy debts will further presage and worsen the conditions of our children yet unborn, and will imperil their future with problems and challenges. We have bequeathed onto them, a destabilizing and consequential tomorrow whose outcome is predictably frightening.
-Dr. Okey Anueyiagu, A Political Economists Writes from Ikoyi, Lagos
-This Day.
Malawi: Roads Authority Rehabilitates Damaged Bridge in Mangochi
Roads Authority says it has renovated a bridge that was partially cut-off on the M2 Arthur Peter Mutharika highway at Mangochi turnoff between Mwima and Namanolo in Balaka.
The bridge was damaged following incessant rainfall in the past two days.
RA spokesperson, Portia Kajanga, has confirmed adding the institution is gearing up for protection works which includes supporting pillars to prevent the bridge from being swept away and allow the waters to pass through freely without damaging the walls.
-Nyasa Times.
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