Major International Business Headlines Brief::: 30 June 2023

Fri Jun 30 07:02:45 CAT 2023

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Major International Business Headlines Brief::: 30 June 2023 

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

ü  Nigeria: Group Urges Tinubu to Investigate Crude Oil Swap Deals

ü  Uganda: Lawsuits Mount Against TotalEnergies Over Uganda Oil Projects
#AfricaClimateCrisis

ü  South Africa: BMW to Invest U.S.224 Million in Electric Vehicle
Production 

ü  Uganda to Sell Power to South Sudan Despite Blackouts Back Home

ü  Ghana's IMF Programme Won't Be Suspended Despite Risk of Govt Failing to
Meet Targets - Fitch Solutions

ü  Ghana: Govt Urged to Support Companies to Produce Degreasing Materials
Locally

ü  Ghana: Japan Motors Holds Stakeholder Engagement

ü  Ghana: Ofoase Ayirebi Gets New State-of-the-Art Post Office

ü  Liberia: DStv Liberia Drops Prices for Subscription Bouquets

ü  Nigeria: Tariff Hike - NERC Awaits President's Approval, Plans
Stakeholders Meeting

ü  Over-30s eye Australia gap year as age limit raised

ü  Virgin Galactic: Sir Richard Branson's rocket plane enters commercial
service

ü  Can Canada make big tech pay for news?

ü  WH Smith won’t open any more UK High Street stores

ü  Google to scrap local news links in Canada over Online News Act

ü  US economy stronger than reported at start of 2023

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

The

Nigeria: Group Urges Tinubu to Investigate Crude Oil Swap Deals

Policy Alert says terminating the direct purchase contract alone was not
enough and would amount to half-measure if the 'corrupt system underpinning
the swaps was not investigated, lost recovered, culprits punished and
safeguard instituted.'

A civil society organisation, Policy Alert, has urged the Nigerian
President, Bola Tinubu to investigate all crude oil swap deals entered into
by the federal government with commodity traders since 2010.

The group, which works to promote economic and ecological justice in the
country, said the request was part of the communique issued by participants
in its Twitter space on Tuesday.

The Twitter space has as its theme, "Beneficial ownership and Nigeria's
crude swaps - priorities for the new administration."

Mr Tinubu had in his inaugural address as Nigerian President on 29 May
declared that the era of petrol subsidy was over.

Days after the announcement, the Group Chief Executive Officer of Nigerian
National Petroleum Company Limited (NNPCL) Mele Kyari said it has commenced
the termination of crude oil swap contracts and will pay cash for petrol
import, TheCable had reported, citing Reuters.

Mr Kyari said it had practically terminated all direct sale direct purchase
contracts in the last four months and added that private companies will
import the bulk of petrol needed in the country.

The direct purchase contract is an agreement that allows sales of crude oil
to refiners, who will in turn supply NNPCL with an equivalent worth of
petroleum products.

But Policy Alert said terminating the direct purchase contract alone was not
enough and would amount to half-measure if the "corrupt system underpinning
the swaps was not investigated, loss recovered, culprits punished and
safeguard instituted."

The group, therefore, urged President Tinubu to investigate the oil swap
deals from 2010 to expose and bring to book those "who facilitated or
benefited from the corruption prone-regimes."

While applauding the NNPCL for ending the direct purchase contract, the
group said the scrapping of the policy was long overdue, adding that the
"swap deals have been poorly regulated, opaque and prone to corruption
resulting in billions of dollars in losses to government."

The NNPCL, the group said "owes it to Nigerian public to publish the traded
volumes, payments received by government and the status of outstanding
liabilities owed the federation for its oil-for-product swap deals with oil
and gas commodity trading companies particularly from 2010 till date.

"The company must ensure that, going forward, transparent criteria are set
for selecting the private importers to avoid a repeat of past mistakes, and
this must include the disclosure of beneficial owners of the contracted
firms."

-Premium Times.

Uganda: Lawsuits Mount Against TotalEnergies Over Uganda Oil Projects
#AfricaClimateCrisis

Harare — At least 26 Ugandans have filed a lawsuit against French oil firm
TotalEnergies in Paris, France, seeking compensation for alleged human
rights abuses at the company's huge megaprojects there. According to AFP,
people from the impacted areas, joined by five French and Ugandan charity
organisations, say that the energy company TotalEnergies caused "serious
harm," to their rights to land and food.

Two enormous TotalEnergies projects, the East African Crude Oil Pipeline
(EACOP) project, a 1,500km pipeline bringing crude oil to the Tanzanian
coast through a number of protected nature reserves, and the Tilenga
exploration of 419 oil wells, one-third of which are in Uganda's largest
national park of Murchison Falls, are at the centre of their complaint
before the Paris court. Ugandans have also claimed that several areas
experienced floods as a result of work at the oil treatment facility for the
Tilenga project.

Local environmentalists and experts believe the deforestation left local
residents vulnerable and negatively affected about 4,000 people. Trees
hugely reduce the likelihood of flooding by slowing and reducing surface
run-off as well as by storing water.

While in breach of their property rights, those impacted by the work have
been denied free access to their land for three to four years.

According to the organisations, the two TotalEnergies projects have
reportedly resulted in the total or partial expropriation of land belonging
to more than 118,000 individuals.

EACOP: A Crude Reality, by environmental non-profit 350.org, features the
testimonies of communities directly affected by Total Energies' mega
project. One Ugandan community member says they lost their family home after
being refused resettlement and forced to take cash compensation.

When criticised about the EACOP project, Total Energies said the EACOP and
its upstream Tilenga oil project in Uganda are "low-cost and low-carbon".

"I want to mention our projects in Uganda and Tanzania that are regularly
criticised by NGOs. These are the major industrial projects for the two
countries. The announcement in February 2022 of the launch of this project
is part of our commitment that is exemplary in terms of sustainability,"
said CEO of Total Energies, Patrick Pouyanne.

According to Pouyanne, villagers had been offered a choice between
replacement housing and cash compensation.

In 2022, a delegation of climate activists from Uganda and Tanzania
travelled to Europe to highlight the devastating impact of EACOP to policy
makers, faith leaders and financiers. They were joined by climate activists
from Europe and across the world to demand climate justice.

While more than 30 financial institutions around the word have officially
announced that they will not support the project, the #StopEACOP campaign
continues to target funders and possible financiers supporting the
acceleration of the climate crisis by destroying biodiversity and protected
areas in a process leading to human rights abuses.

South Africa: BMW to Invest U.S.224 Million in Electric Vehicle Production 

BMW South Africa is going electric and will be investing R4.2 billion over
five years to prepare its manufacturing plant in Rosslyn in Pretoria for the
electro-mobility era, reports Moneyweb. The next-generation BMW X3, a
plug-in hybrid model, will be exclusively manufactured in South Africa for
the world. The investment secures jobs for over 20,000 employees and
showcases BMW's commitment to the country. BMW South Africa also made a
donation of R30 million to support a United Nations Children's Fund (UNICEF)
program aimed at enhancing education in science, technology, engineering,
arts, and mathematics for South African school learners.

Nelson Mandela Foundation CEO Sello Hatang Fired 

Sello Hatang, the CEO of the Nelson Mandela Foundation, has been dismissed
following an internal investigation into his conduct, reports EWN. The
decision came after an internal investigation into multiple complaints about
his conduct. Prior to his dismissal, Hatang had been placed on special leave
due to workplace misconduct complaints. The foundation plans to initiate the
process of appointing a new CEO and will establish an interim management
team.

Deputy President Mashatile Denies Corruption Allegations

Deputy President Paul Mashatile has denied a slew of allegations against
him, saying he was not involved in alleged acts of corruption or any
wrongdoing, reports IOL. Mashatile said he has never been involved in
influencing or awarding tenders in government. He also denied that he has
been living in the properties of businessman Edwin Sodi or any of his
associates. A News24 report linked Mashatile to a life of luxury and some of
the businesspeople who had obtained lucrative government contracts worth
millions of rands. Mashatile also denied that he was working behind the
scenes to remove President Cyril Ramaphosa. He said he was focused on the
work given to him by Ramaphosa to fix the country and implement decisions of
government.

-South African news

Uganda to Sell Power to South Sudan Despite Blackouts Back Home

Uganda will start selling power to neighbouring South Sudan, despite the
blackouts back home.

With the many complaints regarding power blackouts in the country and
especially in the West Nile region, Uganda has instead embarked on a deal to
sell power to neighbouring South Sudan.

While it is not clear how much Uganda intends to sell the power, both sides
have entered a Power Sales Agreement (PSA) that will see power from Uganda
light up Nimule, Kata, Oraba and Elegu.

This will give birth to a 308km heavy transmission line from Olwiyo to Juba,
less than half of which (138km) is located on the Ugandan side.

Power Substations of Olwiyo and Bibia (near Uganda's Elegu border post),
plus the Juba Substation will also be expanded.

The Minister of Energy and Mineral Development, Dr Ruth Nankabirwa Ssentamu,
led the Uganda Government delegation to Juba for the execution, while her
counterpart, Mr Peter Marcello Jelenge, represented the South Sudan
government.

Uganda's Energy Ministry Permanent Secretary, Ms Irene Bateebe, signed the
PSA on Uganda's behalf, while Mr Beck Awan Deng, the General Manager of
South Sudan Electricity Cooperation (SSEC), signed on behalf of his country.

"We would like to see projects that benefit both the people of Uganda and
South Sudan...We will take power from small towns in Uganda, such as Elegu
and Oraba. Similarly, the people at the border of such as Nimule and Kaya in
South Sudan shall be supplied with power from Uganda," Nankabirwa said.

This comes as Uganda's export of power to Kenya rises to 67 per cent owing
to a reduction in power tariffs.

Uganda, through, Uganda Electricity Transmission Company Limited (UETCL),
which is in charge of bulk electricity supplies, imports and exports power
to different East African countries including Kenya, which mainly requests
for support to its western grid.

Uganda also sells power to Rwanda, however, the problems of power blackouts
in Uganda are most persistent due to lack of enough power.

Ghana's IMF Programme Won't Be Suspended Despite Risk of Govt Failing to
Meet Targets - Fitch Solutions

Fitch Solution has stated that Ghana's International Monetary Fund Programme
(IMF) will not be suspended despite a higher-than-budgeted expenditure.

According to its latest assessment of Ghana Titled "Positive Shift in
Ghana's Political Risk Profile Following IMF Programme Approval", the
UK-based firm said there was a risk the government would fail to meet its
IMF targets in 2024.

Since the start of this decade, total expenditure as a share of Gross
Domestic Product increased by an average of 3.0 percentage points during
election years, signaling that some level of fiscal slippage is likely in
2024.

Nonetheless, Fitch Solutions, said a higher-than-budgeted expenditure was
unlikely to lead to a suspension of the IMF programme.

"Nonetheless, higher-than-budgeted for expenditure is unlikely to lead to a
suspension of the IMF programme. Indeed, when public expenditure surpassed
budgetary allocations in 2016 (an election year), the IMF board approved
waivers for non-observance of performance criteria and decided to extend the
arrangement by one year," it pointed out.

"As such, anticipated fiscal slippage in 2024 is unlikely to result in a
loss of investor confidence, which - in turn - would weaken the cedi and
drive up inflation and could lead to greater social unrest," it added.

Furthermore, Fitch Solutions, said it believed that IMF assistance would
improve economic conditions in Ghana and therefore limit risks to social
stability over the coming quarters.

-Ghanaian Times.

Ghana: Govt Urged to Support Companies to Produce Degreasing Materials
Locally

The government must support companies in the country to produce degreasing
materials for oil cleaning services for the downstream petroleum sector
locally, the Chief Executive Officer (CEO) of Bidi Group of Companies, Mr
Benjamin Armstrong has said.

That, he said, would help reduce the importation of such products into the
country and help create jobs for the youth

Mr Armstrong made the call in Accra on Friday during the launch of Bioblast
disinfectant and heavy duty cleaner for the health, food and transport
sector.

The two cleaning products which are produced from natural and biodegradable
products such as sea water are meant to reduce the importation of cleaning
products particularly for the oil and gas sector, into the country.

Mr Armstrong explained that most of the cleaning materials which were used
to clean the slurdge in the bulk storage tanks of oil marketing companies
were imported into the country, putting pressure on the local currency.

He said the demand for degreasing materials for cleaning in the downstream
petroleum sector was huge but there were no local companies producing such
products in the country.

Mr Armstrong said Bidi Group, oil cleaning company, had been licensed by the
National Petroleum Authority to provide bulk storage tank cleaning services
for oil marketing companies in Ghana and served companies such as Puma and
Blue Ocean.

Mr Armstrong said chemical-based cleaning materials were not allowed to be
used in the cleaning of bulk storage fuel tanks.

"In cleaning the bulk storage tanks of Puma and Blue Ocean we had a lot of
experience and this lead us to search for the Bioplast environmental
friendly degreaser for oil and marketing companies," he stated.

A Bioplast Consultant from the U.S.A, Mr Clark Experance, who was the guest
of honour, said the products had come an opportune time when the country was
producing oil locally.

-Ghanaian Times.

Ghana: Japan Motors Holds Stakeholder Engagement

In a bid to boost logistics, Japan Motors Trading Company Ltd. (JMTC), sole
distributors of Foton range of vehicles has held a Foton stakeholder
engagement with captains of the Truck Industry.

The Foton customer engagement event focused primarily on the light duty
division with trucks including, the M4 series from 4 ton all the way to 14
ton pay load trucks and the Foton Tractor Head (GTL-E) powered by ZF
automatic transmission.

The event held in Accra brought together stakeholders from various
industries who were given a presentation on the features of the latest 4th
generation Foton Trucks followed by an interactive session where customer
feedback was addressed by officials of JMTC and Foton team led by Ms.
Shelley Zhao, Foton Senior Manager, Light-Duty Truck Business Department.

Mr. Amine Kabbara, General Manager Sales & Marketing-JMTC underscored the
importance of the Foton stakeholder engagement for Japan Motors and Foton to
share more light on the 4th edition of the mini and light duty trucks and to
solicit for feedbacks from customers for an improved service.

Mr. Kabbara announced that its flagship Foton Truck Mate would now be
assembled in Ghana to spur a significant drop in prices.

Addressing the forum on behalf of the Foton Team, Ms. Shelley Zhao, Foton
Senior manager, Light-Duty Truck Business Department was delighted about the
patronage which she described as an indication that customers want to know
more about the Foton brand.

She disclosed that the 4th generation Foton had undergone significant
modification on all models with a solid investment in after-sales service.

Mr. Abdul Rahaman Osman, Foton-Brand Sales Manager in charge of Light Duty
and passenger vehicles supported by Mr. Freeman Medegli, Foton Brand Sales
Manager in Charge of Heavy duty trucks and Ms. Harriet Esi Mensah, Marketing
Manager of JMTC, presented the trucks to the gathering.

-Ghanaian Times.

Ghana: Ofoase Ayirebi Gets New State-of-the-Art Post Office

The Ofoase Ayirebi Constituency in the Eastern Region is now equipped with a
brand-new post office, ready to cater to the postal and other needs of
constituents.

The state-of-the-art edifice, commissioned amidst high excitement, has been
hailed as a significant step towards providing essential postal services to
the constituency.

At a brief ceremony last Friday, the Member of Parliament (MP) for the area,
Kojo Oppong Nkrumah conveyed his profound gratitude to the management of
Ghana Post for their instrumental role in providing the community with such
a magnificent structure.

"Today is a remarkable day for Ofoase Ayirebi. We are incredibly grateful to
Ghana Post for their outstanding contribution in delivering this beautiful
post office," expressed a visibly elated Oppong Nkrumah. "This
state-of-the-art facility will undoubtedly elevate the postal services
available to our constituents, fostering greater connectivity and
convenience within our community," he added.

He said the completion of the post office was part of ongoing efforts to
provide the constituency with essential amenities.

He recalled that last year, the constituency was gifted with a new police
station built by townsfolk with the support of the MP.

The Managing Director of Ghana Post, Bice Osei Kuffour, who joined the MP to
officially open and hand over the facility acknowledged the importance of
the new post office to the constituency.

He said the facility would enhance the efficiency and convenience of postal
services, making a positive impact on the lives of the residents.

The MD of Ghana Post urged managers of the facility to at all time take good
care of it in order to prolong its lifespan.

The event was attended by distinguished guests, including the District Chief
Executive (DCE), Paul Asamoah, as well as chiefs and traditional rulers from
the town.

-Ghanaian Times.

Liberia: DStv Liberia Drops Prices for Subscription Bouquets

Monrovia — The Consolidated Group Incorporated (CGI), service provider of
the noble Digital Satellite Television (DSTv) in Liberia has announced the
reduction in prices of subscription fees in Liberia.

DStv in partnership with MultiChoice stated in a release issued Wednesday,
June 28, 2023, pointed out it is looking at various ways to thank it many
customers for their ongoing support and loyalty whilst delivering a
world-class entertainment service at a price they can afford.

The Chief Executive Officer of the Consolidated Group and DSTv Liberia,
businessman Mr. Simeon Freeman, indicated that the price drop across the
DStv bouquets is the company's way of demonstrating commitment to its
customers to ensure that they receive the best possible access to great
entertainment at an outstanding value.

"DStv Liberia is delighted to announce that DStv customers in Liberia will
now enjoy quality entertainment for less. This means that monthly
subscription prices on DStv have decreased effective July 1, 2023," said the
statement.

"We are constantly looking at various ways to thank our customers for their
ongoing support and loyalty whilst delivering a world-class entertainment
service at a price they can afford, said Simeon Freeman the CEO Consolidated
Group and DStv Liberia. "This price drop across the DStv bouquets is our way
of demonstrating a commitment to our customers to ensure they received the
best possible access to great entertainment at an outstanding value."

As a lead partner to DStv, Multi Choice is committed to putting customers at
the heart of every decision we make and we aim to continuously delight them
with great entertainment and the best value. DStv viewers of all ages and
tastes are in store for great entertainment.

"M-Net brings the laughs with a brand-new comedy series, Avenue 5 based in
space and starring Hugh Laurie.The kids are in for a treat with a new
Cartoon Network series, Ninjango:Dragons rising which follow the adventures
of a heroic green ninja.. Learn to make a great meal with Kitchen Crash S2
on Food Network and MasterChef Australia S15 on M-Net. July also brings with
it the return of the Premier League with great sports action for our
football fans. Additionally, Big Brother Nigeria will return. MultiChoice
will make great entertainment even more accessible to our customers in
Liberia," the release noted.

In line with the new adjustment, DStv Premium package, which currently
stands at US$91.00 monthly would be reduced to US$61.00 monthly, while the
Compact Plus package will drop down from US$59.00 to US$36.00 and DStv
Compact dropping from US$28.00 to US$23.00 monthly.

Furthermore, the price for DStv Family package will be minimized from
US$21.00 to US$13.00 monthly and DStv Access from US$14.00 to US$8.00.

"Across the African continent, DStv presents the most value from other
competitive pay TV offerings. Over the past 26 years of which, DStv Liberia
has operated in the market we have worked tirelessly to ensure we provide an
unrivaled channel for our customers to enjoy," the company maintained.

"Our key priority is to put our customers' needs at the heart of everything
and we undertake to continue doing so. We appreciate your support in
ensuring that we deliver world-class entertainment services," the release
added.

-FrontPageAfrica.

Nigeria: Tariff Hike - NERC Awaits President's Approval, Plans Stakeholders
Meeting

The Nigerian Electricity Regulatory Commission, NERC, is awaiting the
approval of President Bola Tinubu before a new tariff regime is made public.

The review of the Multi-Year Tariff Order, MYTO, which happens twice a year,
is expected to lead to a rate increase following the devaluation of the
Naira with the flotation of the national currency.

An impeccable source at the Commission told Vanguard, yesterday that the
review has been concluded and the result sent to the President for approval.
The source who declined to be named said "Everything is ready.

By Friday this week, we will know if this increase will happen on July 1 or
August 1, as some people have suggested.

"The truth is that the increase will happen, if not the government will have
to pay for the shortfall. I don't think there is a budget for it and without
the increase, the industry will struggle to survive", the source added.
Providing more insight, he disclosed that a stakeholder meeting involving
the Commission, operators and consumers has been scheduled for Monday and
Tuesday next week where all issues arising from the tariff hike will be
discussed.

Checks by Vanguard confirmed that President Tinubu's, Special Adviser on
Energy, Olu Verheijen would likely lead the government's decision on the
electricity tariff review and all other reforms in the sector.

Last Friday, she met with top government officials at the Federal Ministry
of Power in Abuja where she was said to have put forward her vision for the
power sector.

Already, some consumers said they would attend the planned stakeholders
meeting expected to through up issues, including the rising cost of
operations, inflation and foreign exchange for discussion.

Meanwhile, the Electricity Distribution Company, DisCos said the upward
tariff review would encourage investment, leading to the supply of
additional power to consumers.

Similarly, the Manufacturers Association of Nigeria, MAN also noted that the
implementation of the nation's Electricity Act would also be enhanced
because of the new tariff.

In its position paper obtained by Vanguard, the association stated: "As an
advocacy Association, MAN has always pushed for the need to charge
cost-reflective electricity tariff to avoid extortion of our members.
Fortunately, it is of great delight that this new Act fits like a glove as
it will help actualize a cost-reflective tariff considering the healthy
price competition it will bring between the states and private investors."

However, the President, of Nigeria Consumer Protection Network, Mr Kunle
Olubiyo, in a note to Vanguard, noted that much value has not been given to
consumers despite several past tariff reviews.

He said more investment should be channelled into the capacity expansion of
critical power grid infrastructure and network improvements in order to
upscale efficient service delivery, quality of supply and customer
satisfaction in the post-privatized Nigerian power sector.

He also said: "Government should address matters relating to domestic gas
obligation, appropriate gas pricing and gas to the domestic market should be
sold in local currency (Naira) for use by gas to power generation power
plants.

"Government should provide tax incentives, fiscal and non-fiscal incentives
and access to long-term low-interest single digits credit facilities to
indigenous meters assembling plants/local meters manufacturers in order to
strengthen their production capacity.

"End users of electricity in Nigeria should be given the opportunity to buy
pre-paid meters off the shelves. Conversion of the post-paid meters used by
maximum demand metered customers who are bulk users into pre paid maximum
demand meters in order to enhance energy accountability and
customer-centric, customers' satisfaction & value for money."

-Vanguard.

Over-30s eye Australia gap year as age limit raised

Millions more Brits can now live and work in Australia after the age limit
for working holiday visas went up to 35.

The age limit has been extended from 30 for all British citizens making 16
million more people eligible to apply.

Popular with backpacker tourists, the changes are a key part of the free
trade agreement struck between the two countries last year.

It will also be easier for Australians to work and travel in the UK.

It follows an agreement between New Zealand and the UK to expand working
holiday visas up to 35-year-olds.

The scheme will allow Brits to work and live in Australia for up to three
years, with various restrictions on the type of work that visitors are
allowed to do lifted by 2024.

In a rule going back more than a decade, British working holiday makers had
to complete 88 days of agricultural work if they wanted to stay in
Australia, for every additional year they would like to stay on.

These rules are now being eased, allowing visitors to work more freely
across industries.

The three-year allowance does not have to be consecutive and can be taken at
any time up until the age of 35.

Sally Cope, UK regional general manager for Tourism Australia, said there
had been lots of interest from foreign travellers recently in the big
sporting events coming up in Australia over the next few years.

"It's an exciting time and these big sporting events, like the FIFA woman's
football world cup and Olympics in Brisbane in 2032, offer the temporary
contract type work that young visitors want."

According to Tourism Australia, there are around 35,000 arrivals from the UK
on working holiday visas each year and many stay on. `

Restrictions are also easing for Australians, who from July this year will
be able to apply for UK working holiday visas up to the age of 35, instead
of 30, and stay for three years instead of two.

Australia is a popular destination for young people, among Europeans.

Aside from lifestyle attractions, wages are slightly higher than many
European countries.

Australia's minimum wage is currently $21.38 (£11.22) with the UK's minimum
wage standing at £10.42, for those aged over 23 years old.-bbc

Virgin Galactic: Sir Richard Branson's rocket plane enters commercial
service

It's taken just shy of 20 years but Sir Richard Branson has finally begun
commercial operations with his Virgin Galactic rocket plane, Unity.

The vehicle soared high over the New Mexico desert on Thursday to enable
three Italians to conduct science experiments in weightless conditions.

It was the first "purchased" mission, as opposed to just a test flight.

Sir Richard will now begin sending up the 800 or so individuals who've
bought tickets to ride on Unity.

The 72-minute mission took off from Spaceport America at 0830 local time
(1430 GMT) and was livestreamed around the world.

Just under an hour into the mission, after reaching an altitude of 44,500ft
(13,600m), the carrier plane, Eve, then released Unity to ignite its engine
and boost up to the edge of space. At the top of its climb, the rocket plane
was at 279,00ft (85.km).

US multi-millionaire Dennis Tito became the world's first-ever space tourist
in 2001, paying a reported $20m and Jeff Bezos' space company Blue Origin
beat Virgin Galactic in the race to take paying passengers into space.

The Amazon founder has a rocket and capsule system he calls New Shepard.
It's a different approach to Unity but does essentially the same job of
taking people on short hops above the atmosphere.

Some of Virgin Galactic's ticket holders have been waiting over a decade to
get their chance to visit the edge of space; and most will have a long wait
still.

Unity can carry only a handful of passengers at a time, and with a mission
rate of one outing per month it will take a while to work through the
backlog.

The pace won't improve until Virgin Galactic introduces a new class of
rocket planes that are expected to make their commercial debut in 2026.
These vehicles will have a flight cadence of once per week.

After Thursday's mission, Michael Colglazier, CEO of Sir Richard's company,
said: "This historic flight was our first commercial flight and our first
dedicated commercial research mission - ushering in a new era of repeatable
and reliable access to space for private passengers and researchers."

Their introduction will be vital also for getting Virgin Galactic to profit.

Thursday's mission was purchased for the Italian Air Force and the Italian
National Research Council.

Col. Walter Villadei, Lt. Col. Angelo Landolfi, and engineer Pantaleone
Carlucci oversaw a range of experiments during their flight, including a
study of how weightlessness affects the mixing of liquids and the behaviour
of biological cells.

The trio were accompanied in the passenger cabin by company astronaut
instructor Colin Bennett; and up front, at Unity's controls, by pilots Mike
Masucci and Nicola Pecile.

It's been a long road to bring Virgin Galactic into commercial service.

The company was founded in 2004 to exploit the technology built into
SpaceShipOne. This was a small, experimental, privately funded rocket plane
that won a $10m prize for flying to space twice within two weeks.

Back then, Sir Richard thought he could introduce a passenger spaceliner
based on the SpaceShipOne concept by 2007.

But the engineering challenges were far greater than anyone had anticipated,
and the project very nearly folded when the first prototype vehicle, called
Enterprise, broke up during a test ascent in 2014, killing one of the two
pilots on board.

It wasn't until December 2018 that Virgin Galactic got the successor, Unity,
above 80km - the altitude regarded as "outer space" by some organisations.

Sir Richard himself finally took up a seat aboard the plane in July 2021 for
a flight experience he described as "extraordinary".

Thursday's mission was designated "Galactic 01" by the California-based
company. Galactic 02, which will fly the first of those patient, ticketed
passengers, is scheduled for August.

The advertised price for a ride on the rocket plane has been as high as
$450,000 (£350,000).

Flight profile

Unity is a sub-orbital vehicle. This means it can't achieve the velocity and
altitude necessary to keep it up in space to circle the globe.

The spaceship is designed to give its passengers stunning views at the top
of its climb, and allow them a few minutes to experience weightlessness.

Unity is first carried by a much bigger aeroplane to an altitude of about
15km (50,000ft), where it is released. A rocket motor in the back of Unity
then ignites to blast the ship skyward.

The maximum height achievable by Unity is roughly 90km (55 miles, or
295,000ft). Passengers are allowed to unbuckle to float to a window. Unity
folds its tailbooms on descent to stabilise its fall, before then gliding
home.

Unity feather system-bbc

Can Canada make big tech pay for news?

Meta, owner of Facebook and Instagram, and Google say they will block local
news from their platforms in Canada after the country became the latest
jurisdiction to pass a law aimed at forcing tech giants to pay news
providers for content. What happens now?

As president of La Presse, a leading French-language publication in Quebec,
Pierre-Elliott Levasseur says he tried for years to negotiate payment
agreements with tech giants, which he believed were sucking up data and ad
dollars on the strength of news articles his 220-odd staff were supplying.

"For years and years they've flat-out refused," he told the BBC.

He had hoped a new law, known as the Online News Act, would change that -
and lead to an influx of funds that could be invested in the business.

The law - which is aimed at Google and Meta - requires tech firms to
negotiate payment agreements with news outlets. If the two sides cannot
reach a deal, the country's broadcast regulator can force them into
arbitration.

A independent parliamentary budget watchdog has estimated that measure could
generate more than C$300m (£180m; $226m) in total annually - or funding for
roughly 30% of a typical newsroom's operations.

But instead of a windfall, La Presse - and every other Canadian news
organisation - is now facing a potential blackout, as the tech giants pledge
to block links to news articles on their platforms rather than comply.

Meta, which had opposed the proposal from the start, said it would start
blocking news sites for Canadian users over the next few months.

Google has struck payment agreements with news providers in Europe,
Australia and elsewhere and had appeared willing to negotiate.

But this week it called Canada's current law "unworkable" and said it would
remove links to Canadian news from its search, news and discover products in
the country once the act goes into effect in six months.

It says it currently has agreements with over 150 Canadian news
organisations, and estimated its traffic helped news websites earn C$250m a
year.

"We're willing to do more," the company said referring to payments. "We just
can't do it in a way that breaks the way that the web and search engines are
designed to work, and that creates untenable product and financial
uncertainty."

Before the law was passed this month, Prime Minister Justin Trudeau had
dismissed the threats from the tech firms to pull news.

"The fact that these internet giants would rather cut off Canadians' access
to local news than pay their fair share is a real problem, and now they're
resorting to bullying tactics to try and get their way. It's not going to
work," he said earlier in June.

Tech industry organisations have compared the effort to a "shakedown", but
Mr Levasseur says no one in media is looking for a handout.

"We're asking to have an opportunity to negotiate a fair commercial
agreement," he says. "The only reason that they haven't done it is because
they're monopolies."

How the dispute gets resolved could prove a pivotal moment in a wider fight,
as countries around the world, including Indonesia, South Africa, India, the
UK and the US consider similar measures.

The sums under discussion amount to a tiny drop in the bucket compared to
the tens of billions of dollars made by the tech giants each year - but
could prove a lifeline for journalism, says Courtney Radsch, director of the
Center for Journalism and Liberty at the Open Markets Institute, an
anti-monopoly think-tank.

"There is an increasing consensus around the world that Google and Facebook
... should pay for the news that they use," she says. "People realise that
there is a need to protect journalism as a fundamental pillar of democracy."

Canada modelled its rule on a measure that Australia passed in 2021. That
law sparked similar objections, prompting Meta to impose a brief news
blackout.

But after some changes to the bill the two companies ended up negotiating
more than 30 deals with publishers worth more than $130m (A$200m), according
to economist Rodney Sims, who led Australia's competition agency, which
developed the law.

He says he expects the companies to behave similarly this time - even though
at Meta, CEO Mark Zuckerberg has been pushing the platform away from news in
favour of more personal content.

"Facebook just hates the whole thing," he conceded. But "you can't have
effective search with no news and I think Facebook is going to find ... that
it is very hard for them to give you your feed without any news," he says.

"It's what makes their service complete."

But others a warning that how the fight plays out in Canada could be
different.

Phillip Crawley, chief executive of the Globe and Mail, which has licencing
deals in place with Google, Meta, Apple and others, pointed to broader
changes in search that are under way, such as the rise of chatbots like
ChatGPT, which generate answers, not a list of links, in response to user
questions.

With more countries considering such measures, the companies also have
bigger incentive to fight, he says.

"The world is in a different place," says Mr Crawley, who spoke in support
of the bill while raising concerns that certain powers granted Canada's
broadcast regulator could threaten independence of the press.

"So I don't think the model in Australia is one that that we should be
guided by too much. That was then. This is now."

Google and Meta say that Canada's law differs from Australia's in key ways.
Notably, in Australia, companies could satisfy regulators without doing
deals with everyone. In Canada, there's no such out. It also regulates more
types of content.

Google says it tried - with little effect - to raise its concerns about the
bill with the government before it passed. Though the government came back
to the bargaining table after the law passed, those "overtime" discussions
were too late to fix the problems, a source at the company told the BBC.

Michael Geist, a Canadian tech legal scholar and noted critic of the bill,
says the government has miscalculated given the shifts in Meta's business.

The company has said the proportion of adults using Facebook for news fell
by about a third between 2016-2022, from 45% to 30%, and its surveys of
users show they want to see less news on the platform.

"Why did the government not read the room?" Mr Geist said. "Facebook is not
bluffing - they would like to get out of news."

Google has said it will continue to participate in the regulatory process,
which could take months to resolve and leaves many newsrooms facing more
turmoil.

At the Globe and Mail, which now gets two-thirds of its revenue from
subscriptions, Google accounts for 30% of the traffic, Mr Crawley told
parliament last month.

For Le Devoir, a major French-language publication, Google drives 40% of its
traffic and nearly 30% comes from social media.

Meta has already moved to cancel the deals it has in place with publishers
in Canada - which can be worth millions of dollars, according to reports -
as well as a funding it had provided to a fellowship programme.

Mr Levasseur conceded that a blackout would have an impact at La Presse,
which is profitable and funded largely by advertising and reader donations.
But he said he believed the publication, which reaches roughly 1.4 million
readers each day, would adjust, as it has to the other upheavals in the news
business that tech giants have unleashed.

"When we put an end to the [print] paper, advertising revenue was
decreasing. Now it's increasing," he says. "We were able to adjust then and
I'm sure we'll be able to adjust in the future."-bbc

WH Smith won’t open any more UK High Street stores

The boss of WH Smith has said the retailer won't be opening any more UK High
Street stores.

Instead it will focus on UK airports and train stations, as well as opening
shops in the US and Europe, its chief executive Carl Cowling told the BBC.

"We've got a very healthy High Street business in the UK. But we've got no
ambitions to grow that," he said.

WH Smith has about 550 UK High Street stores and opening more "would just be
a duplication", he told the BBC.

"When you look at the main cities across England, Wales and Scotland, we are
present in those cities," Mr Cowling said.

Consumer group Which? twice ranked WHSmith among the UK's worst High Street
retailers in 2018 and 2019 after some customers complained about "messy"
shops. A spoof Twitter account also mocked the state of its carpets.

But WH Smith insists that it will continue to invest in its stores, with Mr
Cowling pointing to a retail partnership with Toys R Us in nine UK High
Street shops.

Over the past 20 years, WH Smith has expanded its presence in airports,
train stations, motorway service areas and US-based casino resorts.

Mr Cowling told the BBC World Service Marketplace Morning Report that WH
Smith's biggest growth market is the US. It has captured about 12% of the
retail market in US airports, he added.

"Our ambition is to get to 20% over the course of the next four years and
then that will mean probably only the best parts of 150 stores," he said.

He added that WH Smith will spend about £120m this year opening shops in the
US and Europe.

"So in the first half of this year, we opened 30 shops in North America and
opened another 30 shops in the second half of this year," he said.

"We've got a pipeline of 60 stores to open and we're constantly winning
tenders in airports."

Kate Hardcastle, chief executive of retail insights agency, Insight with
Passion, said airports and service stations represented a "golden
opportunity" for WH Smith, which has been "dwindling" on the British High
Street.

She said: "As more of us now travel with technology we are all the more
likely to forget essentials, all much more of a selling opportunity than the
odd bottle of water."

She added: "A retailer like WH Smith is going to see the value in investing
and building a new captive airport audience than a challenged High Street".

Airport opportunity

In 2019, WH Smith bought Marshall Retail Group, a travel retailer that opens
specific stores and brands in airports.

It also acquired InMotion, a travel retailer which sells tech products, in
2018.

"We run the Hugo Boss store, we've got Kiehl's there, we've got InMotion,
our own tech accessory stores, and we've got books and all sorts of
souvenirs. So we bring that all together under one brand," said Mr Cowling.

Last year, WH Smith partnered with Amazon to open a walk-out technology
store in LaGuardia Airport in New York City.

The company is expanding further in Europe, after opening five new stores at
Brussels Airport and another five at Oslo airports, where it is selling hot
dogs.

"We're selling hot food in WH Smith stores so that's very interesting," he
said.

In 2022, WH Smith reported £63m in profit-before-tax.

Mr Cowling said the rise in interest rates has increased the costs of the
company's investments, since the cost of borrowing is now higher.

"It's something we have to think about because we bought two businesses in
the US and and of course we have debt in the purchase of those businesses,"
he said.

"But our business has come out of the pandemic in a good place. We're very
cash generative, and we haven't got a ceiling on our investments at the
moment."-bbc

Google to scrap local news links in Canada over Online News Act

Google says it will block Canadian news in the country in response to a new
law that aims to make tech giants pay Canadian media for news.

Canada's parliament passed the Online News Act last week, requiring
platforms like Google and Meta's Facebook to negotiate deals with news
providers.

Google's move comes after Meta announced it would also restrict news content
for its Canadian users.

The bill is set to take effect in six months.

A similar law in Australia was tweaked. That legislation passed two years
ago, but Australian lawmakers made changes after Meta briefly blocked users
in the country from sharing or viewing news on its platforms.

The blackout ended when the amendments were made, and Google and Meta have
since negotiated more than 30 deals with Australian media companies.

Google had previously called the Canadian law "unworkable" in its current
form and proposed amendments. Both Google and Meta have held talks with the
government about the legislation.

But in response, the Canadian government has said the legislation will help
provide fair compensation to struggling news outlets and has argued it is
necessary "to enhance fairness in the Canadian digital news market".

Speaking to CTV News on Thursday afternoon, the minister responsible for the
file, Pablo Rodriguez, said he was surprised by Google's move, noting they
had had "conversations as recent as this morning".

The Canadian parliament's independent budget watchdog found news
organisations could receive as much as C$329m ($248m; £196m) per year from
digital platforms.

But many of the same media associations and outlets that championed the bill
may now face a threat to their businesses, as Google fuels a significant
portion of web traffic to Canadian news outlets.

At the Globe and Mail, for instance, Google accounts for 30% of the traffic,
publisher Phillip Crawley told parliament last month. For Le Devoir, a
prominent French language publication, Google drives 40% of its traffic,
with nearly 30% coming from social media.

Google did not specify how long its ban on local news links would last, or
whether Canadian users would be shown links to stories about Canada from
publishers not based in the country.

"We have now informed the government that when the law takes effect, we
unfortunately will have to remove links to Canadian news from our Search,
News and Discover products in Canada," Google said in a blog post.

"We don't take this decision or its impacts lightly and believe it's
important to be transparent with Canadian publishers and our users as early
as possible," it said.

In a statement to the BBC, Google Canada's policy team said the government
had "not given us reason to believe that the regulatory process will be able
to resolve structural issues with the legislation".

But in its post on Thursday, the company said it planned "to participate in
the regulatory process" and to "continue to be transparent with Canadians
and publishers as we move forward".

News Media Canada, which represents hundreds of news organisations across
the country and had lobbied in favour of the law, said it still believed
there was a "viable path forward"."Rather than demonstrating their
extraordinary market power by withholding access to timely, accurate news
for Canadians, this is a time for all stakeholders to act in good faith, as
responsible corporate citizens, and engage actively in the regulatory
process to ensure that regulation is balanced, predictable and fair," it
said.-bbc

US economy stronger than reported at start of 2023

US economic growth was stronger than previously reported at the start of the
year - news that could help bolster the case for higher interest rates in
the world's largest economy.

The Commerce Department said the latest data showed the US economy grew at
an annual rate of 2% in the first three months of the year.

Its first estimate put growth at 1.1% in the January to March period.

The boost reflected stronger consumer spending than previously understood.

The US central bank has been trying to cool the economy, aiming to ease the
pressures pushing up prices.

It has raised its key interest rate by five percentage points since March
2022, to more than 5%, and signalled that more hikes are in the offing.

The moves had raised concerns that they might lead to a painful slowdown, as
higher rates weigh on activity, such as spending and business expansions.

Many companies had reported concerns about the outlook earlier this year,
but hiring has remained strong and other data has painted a brighter
picture.

US inflation at lowest since 2021 as fuel costs fall

How worried should I be about the US economy?

As well as consumer spending, the Commerce Department on Thursday said
exports were also greater than previously reported.

"Narrative on growth shifts, again. Signs of slowing scant," Diane Swonk,
chief economist at KPMG in the US, tweeted in response to the report.

Analysts said the report did not shift the overall picture of inflation.
Consumer prices in the US rose 4% over the 12 months to May, according to
the Labor Department. That was the slowest pace in two years, reflecting
declines in costs for fuel since last year's spike.

But prices of many other items have continued to rise. So-called core
inflation, which strips out energy and food items and economists say is a
better measure of underlying pressures, was 5.3%.

At a meeting in Europe this week, the head of the Federal Reserve, Jerome
Powell, said he did not think current policy was doing enough to combat
inflation.

"Although policy is restrictive, it may not be restrictive enough and it has
not been restrictive for long enough," Mr Powell said during a panel hosted
by the European Central Bank in Portugal.

Scott Hoyt, senior director at Moody's Analytics, said he expected the
economy to struggle as the Fed focuses on its inflation fight, but still
manage to avoid outright decline.

"The economy remains admirably resilient, and odds of a recession beginning
this year are receding. But the coast is far from clear," he said.-bbc

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Heroes’ Day

Aug 14

Defence Forces Day

Aug 15

Companies under Cautionary

CBZH

GetBucks

EcoCash

TSL

Econet

Turnall

First Capital Bank

ZBFH

Fidelity

Zimplow

FMHL

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