Major International Business Headlines Brief::: 20 June 2023
Bulls n Bears
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Major International Business Headlines Brief::: 20 June 2023
<https://www.nedbank.co.zw/>
ü South Africa: Big Business Embraces Ramaphosa Peace Efforts
ü Kenya: Court Stops Transcentury's Takeover By Equity Bank Over Debt
ü South Africa: Johann Rupert Overtakes Dangote As Africa's Richest Man
ü Kenyan Goods Set to Access EU Market Duty-Free
ü Nigeria: CBN Lifts Cash Deposit Restriction On Domiciliary Accounts, Allows $10,000 Daily Withdrawals
ü South Africa: Labour Court Upholds Dismissal of Lying Municipal Chief Financial Officer
ü South Africa: SA, France Sign Anti-Cyber Crime Agreement
ü South Africa: Driving Licence Card Machine Back in Full Production
ü Nigeria: Access Free Power Without Refueling Your Generator With Pricey Petrol
ü Nigeria: ExxonMobil Announces New Managing Director for Mobil Producing Nigeria
ü Nigeria: We Have Invested Over $4 Billion in Nigeria - Airtel
ü Tanzania: Vat Exemption On Air Charters Thrills Operators
ü TerraUSD: South Korea 'cryptocrash king' Do Kwon jailed
ü IndiGo: Record aircraft purchase announced at Paris Airshow
ü Amazon, Hilton and Pepsi to hire thousands of refugees in Europe
ü Ministers to block plans to ban new coal mines
ü Pirelli: Italy blocks Chinese control of tyre giant
<https://www.cloverleaf.co.zw/>
The South Africa: Big Business Embraces Ramaphosa Peace Efforts
Organised business in South Africa has hailed President Cyril Ramaphosa's peace mission to Ukraine and Russia, saying the war is already hurting African economies.
Advocate Mtho Xulu, the president of the South African Chamber of Commerce and Industry, slammed the DA and other critics of the African Peace Initiative, saying African leaders could no longer wait for the developed nations to plead Africa's case in world politics.
"We spend a lot of money building multilateralism on the continent and globally and we pay a lot of fees to make sure that we sustain a department like Dirco and our international footprint of embassies.
"To say a mission like this is wasteful is not to understand how diplomacy works and how to become part of the global community," said Xulu.
He said business leaders had been in conversation with the diplomats from Ukraine and Russia regarding the opening of trade routes.
"The direct impact has been on grain and fertiliser but that has a knock-on effect because food shortage would affect every citizen on the continent.
"So any increases around food will have a knock-on effect because it puts pressure on existing incomes, so from a labour point of view you'll have to increase wages which also increases input costs for anything that is produced on the continent," he told Newzroom Afrika.
Ramaphosa said Africa's plight could be desperate in the next few months because of rising food prices, the cost of fuel and grain.
According to the African Development Bank, the conflict has "triggered a shortage of about 30 million tonnes of grains on the African continent, along with a sharp increase in cost."
The rand also remained unchanged, trading at R19.52 to the dollar on Monday - an improvement from R19.90 last week.
The Russia/Ukraine conflict will also feature in the Russia Africa Summit in Russia in July, and the meeting of the Brics nations in South Africa later in the year.
-Scrolla.
Kenya: Court Stops Transcentury's Takeover By Equity Bank Over Debt
Nairobi — A court in Nairobi has stopped the takeover of TransCentrury (TC) by Equity Bank over debt.
The firm informed its shareholders and the public that the injunction took effect immediately.
It argues that the lender illegally appointed a receiver while they were still engaged in negotiations, saying it breached the law.
"We are delighted to see that the court has seen the irregularity that marred this very unfortunate and ill-intended process. We viewed the bank as a partner and have been in what we saw as positive discussions to arrive at an amicable agreement just a day before the receiver was appointed by the bank," TC Group Chairman Shaka Kariuki said.
"TransCentury is a significant business in Kenya's economic landscape, we are committed to meeting our obligation, and hence the reason why we embarked on a Rights Issue transaction at the beginning of the year," he added.
"Despite the challenging economic environment that Kenya and the world at large faces, we raised money from our shareholders and were preparing to settle on an agreement favorable to the business and the bank."
On Saturday, Equity Bank placed Transcentury and the East African Cables under receivership and administration for defaulting on Sh3.01 billion.
The lender appointed Messrs Muniu Thoithi and George Weru from PricewaterhouseCoopers (PwC) as joint receivers and managers, effective yesterday.
Thoithi is a specialist in forensics and business recovery services at PwC.
By being placed under receivership, it signaled Equity's intention to settle bad debt.
The injunction puts a stop to the appointment of the receivers and restrains them or their agents from performing any actions in their capacity as receivers of the company.
"TC Group is steered by a very resilient team and I am confident that we shall recover the time lost as we continue focusing on our mandate of impacting Africa with transformative infrastructure," said Nganga Njiinu, CEO of TC Group.
-Capital FM.
South Africa: Johann Rupert Overtakes Dangote As Africa's Richest Man
73-year-old South African businessman Johann Rupert has displaced Nigeria's foremost billionaire, Aliko Dangote as the richest man on the continent.
Johann Rupert, whose net worth is estimated at $12 billion was named by Forbes Magazine in its Real-time global Billionaires ranking while Dangote trails behind with a net worth of $10.8 billion.
Rupert's wealth primarily emanates from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer and retailer, along with strategic investments in Remgro and Reinet.
Dangote's net worth reportedly took a massive dip due to the naira depreciation caused by the Central Bank of Nigeria's decision to auction the dollar at a relatively lower rate than the official market price.
-Leadership.
Kenyan Goods Set to Access EU Market Duty-Free
Nairobi — Kenyan goods will soon access the European Union (EU) market duty-free, helping boost exports to the huge market.
This comes after the Kenyan government and EU signed an economic partnership agreement at State House, Nairobi, today.
Under the deal, Kenya's products, such as horticulture, tea, and fruits, among others, will enjoy preferential tax treatment in the union with 27 countries.
"There is a strong appetite for boosting trade and partnership in both the two regions. We have the right platform to do so," said EU Vice President Frans Timmermans.
The visiting EU delegation observed that Kenya and the EU are aligned on many global issues as well as having strong ambitions on trade and sustainable development.
The European Union Vice President further revealed that already Ꞓ3.4 billion has been mobilized to support over one hundred and fifty projects in the country, including renewable energy, electric car mobility, and a sustainable agricultural value chain.
He added that a further Ꞓ500 million has been mobilized to support connectivity for jobs and skills as well as digital governance.
"We are looking forward to good gratification by the Kenyan parliament and the European Union", said Trade and Investment Cabinet Secretary Moses Kuria.
President William Ruto, who presided over the signing of the agreement, observed that the partnership will have a far-reaching effect on the economic transformation of the country.
"It assures a stable market for industrialists and for our farmers. The agreement is also designed to stimulate investment and manufacturing," said the head of state.
"Consequently, Kenya is prepared to strengthen its manufacturing sector."
-Capital FM.
Nigeria: CBN Lifts Cash Deposit Restriction On Domiciliary Accounts, Allows $10,000 Daily Withdrawals
The CBN disclosed this in a press statement after deliberating at an extraordinary Bankers' Committee meeting
The Central Bank of Nigeria has announced the removal of cash deposit limitations on domiciliary accounts, granting account holders the liberty to withdraw up to $10,000 per day.
This development marks a significant shift in the nation's monetary policy, allowing individuals greater flexibility in managing their funds held in domiciliary accounts.
The CBN made this disclosure in a press statement on Sunday, after deliberating at an extraordinary Bankers' Committee meeting.
The new directive provides further guidance to banks on the operational changes to the foreign exchange market.
The bank had announced the unification of all segments of the Nigerian forex market earlier in the week, collapsing all windows into the Investors & Exporters (I&E) window.
According to the press statement signed by the CBN's director of the banking supervision department, Haruna Mustafa, the meeting was held to discuss the implementation and implications of the policy changes for the banking public.
"These policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market," the bank said.
"Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.
"Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN including the "purpose" for such transactions."
No Restriction
It also said cash deposits into domiciliary accounts will no longer be restricted, subject to deposit money banks conducting proper due diligence and adhering to the spirit and letter of extant laws and other relevant rules and regulations.
The CBN said all visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the investors' and Exporters' (I & E) window.
It directed banks to ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate on the official window.
The bank said it will prioritize orderly settlement of any committed FX forward transactions to further boost market confidence.
It also said it will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.
Prior to this announcement, individuals with domiciliary accounts faced limitations on the amount of cash they could deposit and withdraw, hindering international transactions.
-Premium Times.
South Africa: Labour Court Upholds Dismissal of Lying Municipal Chief Financial Officer
Misrepresenting qualifications is a "menacing evil", says judge
Lesedi Municipality Chief Financial Officer Paul Mpele was "grossly dishonest" when he overstated his qualifications, the Labour Court has ruled.
The CCMA previously found Mpele's dismissal unfair and ordered his reinstatement and back pay of more than R2-million.
But the Johannesburg Labour Court has overturned that ruling, saying that the misrepresentation of qualifications is a "rot" that must be exposed.
The Johannesburg Labour Court has ruled that the axing of a Lesedi Municipality Chief Financial Officer for misrepresenting his qualifications was fair.
Acting Judge Bart Ford set aside a previous ruling by the Commission for Conciliation, Mediation and Arbitration (CCMA) that Paul Mpele had been unfairly dismissed, ordering his reinstatement with back pay of more than R2-million.
Judge Ford said the decision by the commissioner to reinstate Mpele in circumstances where he had misrepresented his qualifications and professional status was "unreasonable".
The judge said the misrepresentation of qualifications was "pervasive and a menacing evil that greedily devours and indelibly taints our employment landscape".
He said it was "morally offensive", cheapened legitimate and hard-earned achievements and could never be condoned.
"This rot must be resisted and exposed at all costs," he said.
Read the judgment hereMpele was hired in 2015 and fired in April 2019, following an internal disciplinary hearing prompted by a forensic investigation into his qualifications.
Aggrieved, he turned to the CCMA, which found in his favour, ordering his retrospective reinstatement with back pay.
The municipality, which has its seat in Heidelberg, Gauteng, sought to review the CCMA ruling in the Labour Court.
Judge Ford said the forensic report indicated that Mpele claimed to have a B.Com accounting degree from the (then) University of Durban-Westville (now the University of KwaZulu-Natal) but he had only obtained a B.Com degree.
He claimed to have an honours degree in Generally Recognised Accounting Practice (GRAP) from the University of Stellenbosch, when he had only obtained a NQF Level 8 qualification after attending a short course.
He had also cancelled his membership with the Institute of Administration and Commerce (IAC) "and accordingly could not claim in 2015 to have been a registered accounting officer".
Evidence before the commissioner was that while Mpele had met the general requirements for the CFO position, he had been considered favourably, to the exclusion of other candidates, because he claimed to be a B.Com Accounting graduate.
Judge Ford, referring to the transcript of the evidence before the CCMA, said Mpele had been unnecessarily evasive but had eventually conceded that he did not have the accounting degree.
"When unable to adequately set out his reasoning for overstating his qualifications, he attributed this to an error on his part, but denied that it was dishonest," Judge Ford said.
Mpele claimed he never represented that he held an "honours degree" but that his interpretation of the NQF Level 8 was that it had the same standing as an honours degree.
The judge said the commissioner had been presented with "overwhelming evidence" yet had come to an unreasonable decision in favour of Mpele.
"The issue was not whether Mpele met the requirements for the CFO position as advertised, it had to do with the fact that in his application he presented himself as the holder of certain degrees and professional memberships which he did not have. This evidence remained largely uncontested. Mpele was, as the applicant [the municipality] correctly contended, grossly dishonest."
If Mpele had "made an error", as he claimed, he would have admitted this at the first and earliest opportunity and been extremely penitent.
He had failed to do so and had only made the concession when he was "cornered" during cross-examination, and had nevertheless maintained that he had done nothing wrong, the judge said.
He ruled that Mpele's dismissal was both procedurally and substantively fair, setting aside the CCMA award.
-GroundUp.
South Africa: SA, France Sign Anti-Cyber Crime Agreement
South Africa and France have entered into a cooperation protocol agreement to improve the Special Investigating Unit's cyber forensic capabilities.
The agreement is expected to also yield the establishment of an anti-corruption academy in Tshwane, which will serve the SIU and other law enforcement agencies and anti-corruption agencies within the Southern African Development Community (SADC), the Commonwealth and Non-Commonwealth countries.
It was signed by Minister of Justice and Correctional Services, Ronald Lamola, and French Minister for Europe and Foreign Affairs, Catherine Colonna, on Monday.
Lamola said the cooperation agreement will add much needed skills to strengthen the SIU's capacity in cyberforensic investigations, financial crimes and analytical skills.
"We are going to benefit a lot through this process of training that will enable our forensic cyber capabilities and investigations to be on par with the standards of the world and the globe because these types of crime are no longer just national, they are transnational in nature.
"So this kind of cooperation will definitely be of great value and help to us as a country to enhance our skills and be able to deal with the cybercrimes in the country. This will further boost confidence in the investment climate in our country that our cyberspace is safe and if anything happens, we will have the capabilities to investigate," he said.
The French Minister remarked that the agreement represents "a window of what we are promoting in terms of bilateral cooperation".
"This agreement will yield results beneficial to the South African citizens and possibly to all the SADC region. As a result of the close cooperation from the French experts, the SIU currently has 22 trained trainers who possess the capability to train other investigators.
"Since the very early stages of our cooperation, members of the SIU have been to France and have had opportunities...to see and experience the French expertise in the field of mostly cyber investigations. I call for those exchanges to grow," she said.
-SAnews.gov.za.
South Africa: Driving Licence Card Machine Back in Full Production
The Department of Transport has announced that the driving licence card production machine is back in full production.
This follows the department's announcement to the public in May 2023 that the machine was taken out of production for three weeks in order to replace a broken part identified during a routine maintenance.
Department spokesperson, Collen Msibi, said the testing of the machine, after the part replacement, took another two weeks before it was certified to go back to full production.
"This will see an increase in production from 60 000 cards produced over the past three weeks during the testing period to about 120 000 cards per week.
"The machine has printed an average 2 850 000 cards per annum in the past two financial years. Since its commissioning in 1998, it has printed over 60 million driving licence cards," Msibi said.
The backlog is currently at 350 000 cards for the past five weeks, depending on the number of orders received.
He said the department has introduced a catch-up plan to address the backlog, which will be cleared by the end of August 2023.
"The department is currently working on the process to introduce a new driving licence card as approved by Cabinet in August 2022. The new driving licence card will be launched before the end of the current financial year.
"It will also bring with it new card production machines to replace the current machine. This signals the new dawn in the driving licence card environment," Msibi said.
-SAnews.gov.za.
Nigeria: Access Free Power Without Refueling Your Generator With Pricey Petrol
Due to a weak grid power supply, 40% of Nigerian households use generators and spend $14bn on fuel, according to a report.
The cost of drawing electricity from fuel generators for daily use in Nigeria has skyrocketed as Nigeria's state oil firm NNPC Ltd recently hiked petrol prices to as high as 557 Naira per liter from 189 Naira, up about 200%.
Due to a weak grid power supply, 40% of Nigerian households use generators and spend $14bn on fuel, according to a report. The recent spike in fuel price following subsidy removal has led to a corresponding increase of household energy expenditure or sometimes thrown some homes into darkness.
Luckily, there is a way out with the help of BLUETTI, a leading brand in the energy storage industry. It provides solar generators, an easy and sustainable power solution, to get electricity for free.
What is a solar generator?
Solar generators harness the power of the sun to generate electricity. They usually consist of an inverter, battery, and photovoltaic panels (PV) that convert sunlight into usable energy, which is then stored in a battery for later use.
The difference between solar and fuel generators
As we all use and know, fuel generators convert the chemical energy of gasoline into mechanical energy and then into electrical energy. Let's compare the two in terms of the following aspects and find out which type is better.
Safety
Solar generators are generally considered safer since they don't require flammable fuels, eliminating risks such as fuel leaks or harmful emissions. However, improper charging can still lead to explosions.
Fuel generators, on the other hand, run on fuel and carry certain safety risks. Additionally, they emit exhaust fumes and cannot be placed indoors.
User Experience
Solar generators operate quietly and are plug-and-play. They require minimal maintenance. Additionally, they are more portable in various sizes.
Fuel generators can be noisy and have a complex system that requires regular refueling and maintenance. Though they have steel frames or wheels for toughness and mobility, it's still risky and clumsy to move around.
Cost
Solar generators have higher upfront costs due to their advanced solar and battery systems. However, once installed, they utilize free solar energy and have fewer long-term operational costs.
Fuel generators have lower initial costs but require ongoing expenses for fuel, which can become expensive over time.
Sustainability
Solar generators are environmentally friendly and sustainable as they harness renewable energy from the sun. They do not produce greenhouse gas emissions.
Fuel generators rely on fossil fuels, which are non-renewable and contribute to pollution and climate change.
How to choose the right solar generator?
Solar generators are clear winners over their fuel counterparts. But how do you choose the right one for you? Consider the following models in these two common scenarios.
Scenario one: Home backup power for power outages
Suppose you have a large family with high electricity consumption, you want a reliable power supply to be prepared during power outages. In this case, a solar generator is an ideal choice because it's quiet, emission-free, and sustainable. Take the AC300 and EP500Pro models from BLUETTI. In addition to 3,000W output and responsive UPS function, they feature an impressive 2,400W solar charge from two different solar panel arrays. This means you can make the most of abundant solar energy and power your home for free at all times.
The modular AC300 has expandable capacity by adding B300 battery packs. This enables you to customize your backup battery system from 3,072Wh to 12,288Wh, enough power to get you through a multi-day blackout. The 5,100Wh EP500Pro is an all-in-one generator with four smooth-running wheels for mobility. You can move it around to power essential home appliances such as the refrigerator, heater, and some lights.
Scenario two: Mobile power for emergency backup and outdoor activity
If you need reliable, portable emergency backup power, the BLUETTI AC200MAX is an excellent choice. It can power most household appliances, RV equipment, and power tools with its 2,200W output. For even more capacity, add a B230 expansion battery to boost the AC200MAX from 2,048Wh to a max 6,144Wh. Its compact design and efficient 900W solar input make it easy to transport in your car trunk while providing unlimited power for any situation.
As you seek fresh air, and quiet during your outdoor outings, a compact solar generator like the BLUETTI EB70 is a must-have to keep all your essentials charged, like phones, drones, speakers, and mini-fridges. When you run out of battery on the go, you can use portable solar panels, like the BLUETTI PV200, to get a 200W solar charge from the sunlight. Don't forget to bring this powerful duo on your next trip so that you can enjoy nature's beauty with all the comforts of home!
Save on big now and then
With unreliable grid power and rising fuel prices, it's a great time to invest in a solar generator. Now BLUETTI is offering a 10% discount on its products, click https://bit.ly/3paAltY
(CODE: BLUETTI-NEWS) to grab yours to save now and more in the long run. Follow BLUETTI for product news and exclusive offers on:
YouTube: https://www.youtube.com/c/bluettiofficial
Facebook: https://www.facebook.com/bluetti.inc/
Twitter: https://twitter.com/bluetti_inc
Instagram: https://www.instagram.com/bluetti_official/
-Premium Times.
Nigeria: ExxonMobil Announces New Managing Director for Mobil Producing Nigeria
"I look forward to the work that lies ahead and continuing the company's outstanding relationships."
ExxonMobil has announced Shane Harris as the new chairman and managing director of its affiliates - Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production Nigeria - in Nigeria.
This is contained in a statement made available to journalists in Eket on Monday by the Manager, Media and Communications of Mobil Producing Nigeria, Ogechukwu Udeagha.
The statement said Mr Harris was assuming the role of lead country manager for ExxonMobil's three affiliates in Nigeria due to Richard Laing's retirement.
"ExxonMobil has appointed Mr Shane Harris as chairman and managing director, and lead country manager of its three affiliates in Nigeria.
"The three affiliates include; Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production Nigeria (Offshore East)," he said.
Mr Laing is retiring from the company on 1 July after 33 years of service.
Mr Harris, before his appointment, was the chairman and president of ExxonMobil Exploration and Production, Malaysia Incorporated.
"It is a privilege to lead the ExxonMobil team in Nigeria and build on the work that Richard Laing has done over the last three years.
"I look forward to the work that lies ahead and continuing the company's outstanding relationships," he said.
Since joining ExxonMobil in 1998, Mr Harris has held a variety of leadership, engineering and business assignments in Australia, Canada, Malaysia, Russia and the United States.
"In two of these previous assignments, he served as asset manager for Imperial Oil's Kearl oil sands mining asset in northern Alberta, Canada, and as ExxonMobil's global drilling technical manager in Houston," the statement said.
Mr Harris is Australian and holds a bachelor's degree in mechanical engineering from the University of Newcastle, Australia.
(NAN)
-Premium Times.
Nigeria: We Have Invested Over $4 Billion in Nigeria - Airtel
"...I think the future will be glorious for this country," the Airtel boss said.
Chairman of Bharti Airtel, Sunil Mittal, on Monday, said it has so far invested $4 billion into the Nigerian economy since the company began operations in the country.
Mr Mittal disclosed this while speaking to State House Correspondents after he met with President Bola Tinubu on Monday.
"We are already investing about $400 million a year in Nigeria, which has been going on for the last many years, and that will continue. That is business as usual. We have invested just under $4 billion since the time we came into Nigeria," he said.
He further disclosed that the company is willing to invest 700 million dollars in the country in the next two years as it rolls out the 5G network.
"To roll and experience the 5G and more fibre into the ground and data centres will require $700 more million in order to achieve that, so, $400 million is what we generally invest every year, but with 5G the investment is only going to go up for the next two or three years before it comes back to what it used to be," Mr Mittal added.
The telecom mogul said he sees a lot of investment opportunities in Nigeria and with the steps so far taken by the Tinubu administration, adding that a better future awaits the country.
Mr Tinubu's recent reform of the nation's foreign exchange regime drew widespread commendation among global financial institutions, investors and experts, in addition to his removal of fuel subsidy. Mr Mittal noted that the reforms would attract investment and drive economic growth, adding that the Tinubu administration has shown commitment to removing Nigerians from poverty and leveraging Nigeria's potential to build digital infrastructure for the benefit of its citizens.
"I can tell you, this country has tremendous future; with 220 million young and energetic people and in the next ten years, the country will be the 3rd largest in the world with the current steps taken like the floating of naira and taking fuel subsidy out, as well as organising oil production in a better way, I think the future is going to be glorious for this country," he said.
The Airtel boss was accompanied to the villa by other senior officials of the company, including the Chief Executive Officer of Airtel Africa Limited, Segun Ogunsanya.
-Premium Times.
Tanzania: Vat Exemption On Air Charters Thrills Operators
THE government decision to grant a value added tax (VAT) exemption on sale and lease of air charters has won the hearts and minds of aviation industry players.
Tabling the 2023/24 budget in Parliament on Thursday, Finance and Planning Minister, Dr Mwigulu Nchemba proposed a VAT exemption on sale and lease of air charters, breathing a collective sigh of relief to the aviation and tourism stakeholders.
"I propose to amend part I of the schedule to the VAT Act, Cap. 148 to include a VAT exemption on sale and lease of aircraft, aircraft engine or parts by a local operator of air transportation" Dr Mwigulu said in his budget speech.
This means that the government wants to reverse its measure taken in the financial year 2022/23 on supply of air charter services, as it seeks to complement the efforts of reviving tourism industry along with the invaluable move of President Dr Samia Suluhu Hassan of promoting Tanzania as a tourism and investment destination, through the Royal Tour film.
Indeed, Dr Mwigulu said: "The VAT exemption measure intends to support the growth of aviation industry and reduce business and investment cost".
The Tanzania Air Operators Association (TAOA) board Chairman, Captain Maynard Mkumbwa welcomed the government move, saying it offers enormous opportunities for the key economic industry to grow by leaps and bounds.
"This has been our grave concern all along. However, TAOA appreciates the government for being considerate. Our earnest gratitude goes to the President Dr Samia Suluhu Hassan for her painstaking efforts to create conducive business environment," Captain Mkumbwa noted.
TAOA Chief Executive Officer, Ms Lathifa Sykes said that the VAT on air charter services contained a seed of destruction as it had created turbulence and slowed down investments in the aviation industry.
The aviation sub-sector is a key pillar of tourism in Tanzania as it contributes a fair share of foreign currency to the country.
"I'm short of words for the government and Parliament to have heeded our scream to buy our argument. As we seek to unlock the full potential of tourism to bring more foreign exchange, we cannot afford to ignore the aviation as it plays a critical role of travel for many tourists" Ms Sykes said.
The TAOA CEO said that when aircraft are affordable, for example through VAT exemption, investing in the aviation sub-sector becomes lucrative.
Through increased investment in the aviation industry, she explained, the basic law of supply and demand suggests airfare becomes affordable.
"This will result in an increase in local and international air travel. The investors will be happy with the profits, enabling the government to generate more income from tax," Ms Sykes stressed.
TAOA is the member-base association that aims at fostering legal and responsible development of the aviation industry by ensuring safety, efficiency, regularity and economic operations.
It provides a common platform for the promotion of best practices and engages in effective advocacy with the government through responsible authorities.
-Daily News.
TerraUSD: South Korea 'cryptocrash king' Do Kwon jailed
Do Kwon, the cryptocurrency boss behind the $40bn (£31.3bn) collapse of the terraUSD and Luna tokens, has been sentenced to four months of jail in Montenegro.
Mr Kwon was found guilty of forging official documents.
He was arrested in March as he tried to board a flight to Dubai at Podgorica Airport, in the country's capital.
Mr Kwon also faces charges in the US and South Korea over the collapse of the two digital tokens last year.
The former finance officer of Mr Kwon's company Terraform Labs, Han Chang-joon, was also sentenced to four months in prison after being found guilty of the same charges.
Mr Kwon and Mr Han pleaded not guilty at their first court hearing in May.
The sentences will include the time that Mr Kwon and Mr Han have already spent in detention after being arrested in March, the court said in a statement.
They will also be able to appeal the verdict within eight days of receiving written notification from the court.
In February, US regulators charged Mr Kwon and his company Terraform Labs with "orchestrating a multi-billion dollar crypto asset securities fraud".
"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 TerraUSD," US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement.
Last year, a South Korean court issued arrest warrants for Mr Kwon and five other individuals connected to the case.
Prosecutors said they believed that Terraform Labs, which is registered in Singapore, had violated capital market rules.
Montenegro does not have extradition treaties with the US or South Korea.
The collapse of the terraUSD stablecoin and the associated Luna token rocked cryptocurrency markets in May 2022.-bbc
IndiGo: Record aircraft purchase announced at Paris Airshow
Indian carrier IndiGo has made a record order for 500 Airbus A320 aircraft - the largest single purchase agreement by any airline in commercial aviation history.
The deal, announced on the first day of the Paris Airshow, is worth roughly $55bn (£43bn) before any bulk-order discounts.
IndiGo now has an order book of 1,330 aircraft with Airbus.
It is expected to mean a stream of deliveries between 2030 and 2035.
The new deliveries will help budget carrier IndiGo lower its operating costs and improve fuel efficiency, the company says.
India is a burgeoning aviation market, with some analysts saying it is on track to replace China as the aerospace industry's next growth frontier.
The country is expected to be the fastest-growing G20 economy over the next few years and has seen a significant increase in the number of first-time flyers since the pandemic.
And there's still a large runway for growth. Under 5% of the country's 1.4 billion people are estimated to have ever taken a flight and air traffic in India has been growing hugely as disposable incomes rise.
In February, Air India, IndiGo's rival, made headlines by placing its own order for 470 aircraft from both Airbus and Boeing.
This latest deal shows that confidence is returning to the airline industry in the wake of the pandemic - and this order from the low-cost carrier is a statement of ambition from one of the fastest-growing airlines in the world.
Ryanair and Saudi start-up Riyadh Air have also recently made large aircraft orders. But while airlines now seem keen to invest in new aircraft, manufacturers are struggling to build them quickly enough, because supply chains remain disrupted by the after-effects of the Covid shutdowns.
While this may be by far the most dramatic order seen so far at the Paris Airshow, it is unlikely to be the last.
The airliner market ground to a halt during the pandemic, but now carriers are making up for lost time, renewing their fleets and in some cases expanding aggressively as well.-bbc
Amazon, Hilton and Pepsi to hire thousands of refugees in Europe
Amazon has pledged to hire 5,000 Ukrainian and other refugees in Europe as part of a wider drive to help people fleeing persecution.
Hilton Hotels, Adecco and Microsoft are also among the firms promising to offer work or career support.
It comes as the global number of people forcibly displaced from their countries stands at a record 110 million.
Margaritis Schinas, Vice-President of the European Commission, said far too many refugees could not find work.
"This is despite our endemic skills shortages, their high levels of education, desire to earn a living, and legal right to work [in the EU] through the Temporary Protection Directive," she said.
"This unprecedented show of support from businesses across the continent will be critical to enabling tens of thousands of Ukrainians to provide for themselves and their loved ones back in Ukraine."
Following Russia's invasion of Ukraine, the number of Ukrainian refugees living in Europe stands at more than 5.9 million, including 1.3 million living in Russia and Belarus.
Millions of others have fled conflicts and persecution in regions such as Syria, Sudan and Afghanistan.
The Tent Partnership for Refugees charity, which is co-ordinating the efforts, said most of the Ukrainian refugees in Europe were women and faced particular hurdles when finding jobs.
These ranged from not knowing the local language to having to juggle childcare responsibilities.
Under its initiative, big firms including Amazon, Hilton and Marriott have committed to hire 13,680 Ukrainians and other refugees for their workforce over the next three years.
In addition, staffing agencies such as Adecco will help 150,000 find work, while the likes of Accenture and Microsoft will help train more than 86,000.
Amazon has already committed to hiring at least 5,000 refugees in the US by the end of 2024 under its Welcome Door programme.
It said it also provided financial support for immigration-related processes, access to self-help guides on settling into a new community and mentorship and training.
The firm, which employs 200,000 across Europe, said most of the new roles for refugees would be in areas such as fulfilment and distribution.
However, J Ofori Agboka, a vice-president at the e-commerce giant, said workers would be eligible "to move into jobs that are in different levels of the organisation that are commensurate with their skills and abilities".-bbc
Ministers to block plans to ban new coal mines
The government is planning to remove a ban on opening new coal mines from a bill that is going through Parliament.
The ban was added to the Energy Bill by peers in the House of Lords.
Ministers also plan to drop changes to the bill which would have enabled small community energy projects to sell electricity directly to local homes.
Green MP Caroline Lucas called the decision "reckless" and said the amendments should be reinstated "immediately".
A government spokesperson said it was made after "careful consideration" and they would continue to engage with parliamentarians.
The amendment to ban the opening of new coal mines was approved by the House of Lords in April by a majority of just three with 197 peers voting in favour of the motion and 194 against.
Introducing his amendment Liberal Democrat Lord Teverson said he had previously believed a ban was not necessary because it was "totally and absolutely obvious" that building a new coal mine "would be a really stupid thing for a country to do".
However, he told peers he had changed his mind after the government's decision to allow a new mine to be built in Whitehaven, Cumbria.
"If that happens once, it can happen again - that is why this amendment is so important," he said.
Opposing the amendment, minister Lord Callanan said the government was committed to phasing out coal but argued that an outright ban could cause a "severe weakening of our security of supply".
Shadow energy secretary Ed Miliband had said Labour would back the ban, but the government plans to remove the amendment from the bill at committee stage, where a bill is examined in detail, before it reaches a vote of the whole House of Commons.
Community projects
The government also intends to ditch measures put in by the House of Lords which would enable small community energy projects to sell electricity directly to local consumers.
For example, a group which has installed solar panels on a school roof would be able to sell electricity directly to neighbouring homes.
Currently, projects tend to sell their energy to other, larger utilities because the cost and burdens of setting up as a supplier in their own right are too high.
More than 60 organisations - including the National Grid and the Church of England - have written to Energy Secretary Grant Shapps urging him to reconsider.
In the letter, the organisations say community energy schemes have seen "almost no growth for six years, despite renewable technologies being cheaper than ever".
They say this is "largely due to the prohibitive costs they face in accessing local markets" and suggest the current rules are holding back the possibility of a big expansion in community schemes.
'Bewildering'
The government may also be heading for a run-in with some of its own backbenchers.
More than 120 Conservative MPs had previously pledged to support a private members' bill, which had the exact same wording as the clauses added in the House of Lords.
Speaking in a debate about the bill in May, Conservative MP for North Devon Selaine Saxby spoke in favour of community schemes, telling MPs: "It is still bewildering to me, as someone who lives somewhere sunny, windy and with a huge tide, why this has not progressed sooner."
Responding to the debate Energy Minister Andrew Bowie said he agreed community energy schemes had "a role to play in tackling climate change" and that the department was looking into what further support could be given to the sector.
Green MP Ms Lucas said the government's approach was "well and truly stuck in the last century".
She said that "after endlessly repeating the importance of no new coal at COP26, its words have proved to be meaningless - and when hundreds of MPs from across the House have thrown their weight behind innovative community energy schemes to generate clean electricity at low cost, ministers rip them to shreds and offer up no alternative".-bbc
Pirelli: Italy blocks Chinese control of tyre giant
Italy has moved to block a Chinese state-owned company from taking control of tyre making giant Pirelli.
The decision is part of measures announced by Italy's government to protect Pirelli's independence.
Beijing-controlled chemical giant Sinochem is Pirelli's biggest shareholder, with a 37% stake in the 151-year-old Milan-based firm.
It comes as tensions between Beijing and the West are in focus as the US secretary of state visits China.
On Sunday, Pirelli said in a statement to investors that the Italian government had ruled that only Camfin - a company controlled by Pirelli's boss Marco Tronchetti Provera - could nominate candidates to be its chief executive.
Pirelli also said the government had decided that any changes to the company's corporate governance should be subject to official scrutiny.
It came after Sinochem told the Italian government in March that it planned to renew and update an existing shareholder pact.
Italian Prime Minister Giorgia Meloni's administration examined the agreement under the so-called "Golden Power Procedure" rules, which are aimed at protecting businesses that are viewed as strategically important to the nation.
In 2015, Pirelli was sold for €7.1bn (£6.1bn; $7.8bn) to a group of investors including ChemChina and Camfin. Six years later ChemChina merged with state-owned Sinochem. The Chinese government's Silk Road investment fund also owns a 9% stake in Pirelli.
US Secretary of State Antony Blinken is in Beijing, on his final day of a rare visit to China by such a high-ranking Washington official.
Mr Blinken's trip comes as the relationships between China and many Western nations have deteriorated in recent years over issues including trade, Taiwan and security.
Before his visit officials saw little chance of any breakthrough on the many disputes between the world's two biggest economies, which include Washington's attempts to slow the development of China's computer chip industry.
-bbc
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INVESTORS DIARY 2023
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Aug 14
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Aug 15
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