Major International Business Headlines Brief::: 17 March 2023

Fri Mar 17 09:43:11 CAT 2023

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Major International Business Headlines Brief::: 17 March 2023 

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

ü  What China’s baby woes mean for its economic ambitions

ü  Ryan Reynolds' Mint Mobile sale to T-Mobile earns actor over $300m

ü  ChatGPT-style tech brought to Microsoft 365

ü  Virgin Orbit to pause all operations from Thursday

ü  TikTok: UK ministers banned from using Chinese-owned app on government phones

ü  SpiceJet: India pilots grounded for coffee cup in cockpit

ü  Multi-billion dollar rescue deal for First Republic Bank

ü  Nuclear energy: How environmentally-friendly and safe is it?

ü  John Lewis axes staff bonus and plans to cut jobs

ü  Credit Suisse: Lessons learned from the last banking crisis?

ü  Credit Suisse to borrow up to $54bn from Swiss central bank

ü  Corporation tax: Jeremy Hunt confirms rise to 25% from April

ü  Nigeria: Dana Air Takes Delivery of Aircraft From Maintenance, Introduces New Rate

ü  Central Africa Calls for Investments to Counter Impact of Russia's War

ü  South Africa: Taxi Industry Snubs Malema's Shutdown

 <mailto:info at bulls.co.zw> 

What China’s baby woes mean for its economic ambitions

Crystal, who wished to withhold her real name, is a 26-year-old living in Beijing. Unlike most women from previous generations in China, she is unmarried and currently faces no pressure to tie the knot.

When asked why that is, she laughs: "I think it's because my family members are either never married or divorced."

It appears to be a common sentiment among young urban women in China. A 2021 survey by China's Communist Youth League of almost 3,000 people between the ages of 18 and 26, found that more than 40% of young women living in cities did not plan to marry - compared to less than 25% of men. This is in part due to rising childcare costs and the ghosts of China's one-child policy.

"Having just one child or no children has become the social norm in China," says Yi Fuxian, a senior scientist in obstetrics and gynaecology at the University of Wisconsin-Madison, and a prominent critic of the one-child policy.

"The economy, social environment, education and almost everything else relates back to the one-child policy," he adds.

For Beijing, this is a worrying trend because China's population is declining. It's birth rate has been slowing for years but in 2022 its population fell for the first time in 60 years.

That's bad news for the world's second-largest economy, where the workforce is already shrinking and an ageing population is beginning to put pressure on the state's welfare services.

China's working age population - those between the ages of 16 and 59 - currently stands at about 875 million. They account for a little more than 60% of the country's people.

But the figure is expected to fall further, by another 35 million, over the next five years, according to an official estimate by the government in 2021.

"China's demographic structure in 2018 was similar to that of Japan's in 1992," Mr Yi said. "And China's [demographic structure] in 2040 will be similar to Japan's in 2020."

Until last year, many economists had assumed China's growth would surpass that of the US by the end of the decade - a move which would cap the country's extraordinary economic ascent.

But Mr Yi says that is now looking unlikely, adding "By 2031-2035, China will be doing worse than the US on all demographic metrics, and in terms of economic growth".

The average age in China is now 38. But as its population ages and birth rates plummet further, there are concerns that China's workforce will eventually be unable to support those who have already retired.

The retirement age for men in China is 60 and for women, it is 55. Currently, those above 60 make up almost a fifth of the population. In Japan, which has one of the fastest ageing populations in the world, nearly a third of the people are 65 or older.

An elderly man sews a handmade wallet at an alley in Beijing on October 6, 2022.

,GETTY S

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China's ageing population is bad news for its economy

"Population ageing is not unique to China but the strain on China's pension system is a lot more acute," says Louise Loo, a senior economist with Oxford Economics.

She says the number of retirees has already exceeded the number of contributors, leading to a drop in contributions to the pension fund since 2014.

The country's pension fund is administered at a provincial level and on a pay-as-you-work basis - that is, contributions from the workforce pay the retirees' pensions.

So Beijing, aware of these cracks in its system, created a fund in 2018 to shift pension pay-outs from richer provinces like Guangdong to those facing a deficit. But in 2019 a report by the Chinese Academy of Social Sciences predicted that because of its shrinking workforce, the country's main pension fund would be depleted by 2035.

Then in 2022 China launched its first private pension scheme in 36 cities, allowing individuals to open retirement accounts at banks to buy pension products like mutual funds.

But Ms Loo says it's unclear if many Chinese people, who typically invest savings in more traditional avenues such as property, would turn instead to private pension funds.

These problems are not unique to China - Japan and South Korea both have a greying population and a shrinking workforce.

Mr Yi noted that Beijing is poised to replicate Tokyo's policies to lower parenting costs but, he adds, "China, which is 'getting old before it gets rich' does not even have the financial res to fully follow Japan's path."

And this is not the only thing troubling Beijing. There's also a growing online youth movement to "lie flat". It calls on workers to reject the struggle for career success and promises release from the pressures of life and work in a fast-paced capitalist society. Add to the mix a high youth unemployment rate, which peaked last July when 20% of those aged between 15 and 24 were jobless.

As Mr Yi puts it: "The labour force is the flour and the pension system is the skill of making bread. Without enough flour, it is impossible to make enough bread, even with the best bread-making skills."-BBC

Ryan Reynolds' Mint Mobile sale to T-Mobile earns actor over $300m

Hollywood star Ryan Reynolds is the latest celebrity to make bank through savvy investments that are a world away from his onscreen acting performances.

The Canadian actor is set to rake in over $300m (£248m) after a telecoms firm in the US offered to buy a smaller phone network that he owns a stake in.

The co-owner of Welsh football team Wrexham AFC also sold a gin brand he co-owned in 2020 for a reported $610m.

He also still appears in films as one of the highest-paid actors worldwide.

The Deadpool star is expected to see a major payday after T-Mobile, the second largest mobile phone carrier in the US, agreed to purchase a company that Reynolds has invested in.

Reynolds owns a reported 25% of budget telecoms firm Mint Mobile, which is included in the $1.35bn deal with T-Mobile.

"We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds," he joked in a press release announcing the sale.

The Detective Pikachu and Green Lantern A-lister has been actively involved in Mint's advertising campaigns through his firm Maximum Effort.

Maximum Effort has also created ads for Peloton, as well as his gin brand, Aviation American Gin, which he sold to spirits giant Diageo in 2020.

In a recent interview for the Wall Street Journal, he described the company's work as "fastvertising" - aiming to create short viral adverts.

"Everything we do is scrappy. It's fast, it's inexpensive, character over spectacle," he said.

Media ,

Watch: King Charles and Queen Consort Camilla met Ryan Reynolds and Rob McElhenney on Wrexham's pitch

Reynolds began his acting career in the 1990s and has starred in films like Deadpool 2, Hitman's Wife's Bodyguard, The Adam Project and Free Guy.

He was the second highest-paid actor in the world in 2020, according to Forbes, regularly making over $20m per film, coming in behind Dwayne "The Rock" Johnson.

In a 2018 interview on daytime chat show Live with Kelly and Michael, he recalled his first acting gig in 1991 as a teenager with a side job delivering newspapers.

He said that the role paid $150.

"For me, I thought I was like a gajillionaire," Reynolds said. "For a 150 bucks a day it was like a dream come true."

In 2021 he bought Wrexham United AFC with Rob McElhenney, the co-creator of long-running cult comedy series It's Always Sunny in Philadelphia, in a deal worth $2.5m.

The pair went on to create a documentary series about the team titled Welcome to Wrexham.

In the past few years, rumours have swirled that he may seek to buy the Ottawa Senators hockey team.

Reynolds is one of many celebrities investing in non-acting projects.

Ashton Kutcher famously owns a venture capital firm with stakes in Uber, Skype and Airbnb. Snoop Dogg and Jared Leto are both investors in Reddit, to name just a few examples.

Despite his fortune, Reynolds continues to act. He is due to star in Deadpool 3 alongside actor Hugh Jackman playing the role of Wolverine next year.-BBC

ChatGPT-style tech brought to Microsoft 365

The technology behind the world's most talked about artificial intelligence (AI) system, ChatGPT, is being added to its most ubiquitous work software, Microsoft 365.

Microsoft is calling the system Copilot and says it will be embedded into Word, Excel, PowerPoint, and Outlook.

Microsoft boss Satya Nadella said it would "fundamentally change the way we work."

However, the firm admitted Copilot would sometimes make mistakes.

The functions of Copilot include:

Summarising the key discussion points of a conversation held on meeting software, Teams, and providing recaps for someone who joins late or misses the whole event

Creating PowerPoint presentations, including s, from prompts

Drafting emails

Analysing long email threads and documents

Creating summaries and graphs of data on Excel spreadsheets

Chat GPT has captured the world's attention with its ability to quickly provide human-like responses to questions, even very complicated or abstract ones.

However, those replies are sometimes inaccurate or provide completely invented information.

While the tech being deployed by Microsoft in Office365 is not simply ChatGPT itself, it is based on the same language-learning model.

The firm acknowledged that Copilot may also sometimes be "usefully wrong".

"We all want to focus on the 20% of our work that really matters, but 80% of our time is consumed with busy work that bogs us down. Copilot lightens the load," the tech giant said in a statement.

It has not yet revealed roll-out details.

On Tuesday, OpenAI launched GPT4, un updated version of the model which powers ChatGPT. Microsoft has invested billions of dollars in the firm.

OpenAI said GPT4 had "more advanced reasoning skills" than ChatGPT - but warned that it may still be prone to sharing disinformation.

ChatGPT is a big runner in the worldwide AI chatbot race.

Google - whose lucrative search business could be threatened by ChatGPT - has launched a rival called Bard.

Meta has its own chatbot, named Blenderbot, and in China, the tech giant Baidu has released a more advanced version of its chatbot Ernie, also known as Wenxin Yiyan.

Analysis box by Zoe Kleinman, technology editor

Make no mistake, this is a significant milestone for generational AI and, more importantly, for the world of work.

Bringing the powers behind ChatGPT to the humble Word, Excel and PowerPoint programmes, quite possibly the most used work programmes in most offices, plonks it directly in the daily lives of millions of workers.

I know people have been using ChatGPT to help them do their jobs - to write computer code, speeches, website copy. Students are using it to help them with their homework.

But most of us have been having fun, getting it to write poems, songs, jokes. I asked an audience at a live event recently who had tried ChatGPT. Most hands shot up. But most went back down immediately when I asked who was using it professionally.

Putting Copilot into Office365 is a real game-changer. Imagine instead of summarising that long dull report for your client meeting, you just get a chatbot to do it for you in a few seconds. But why stop there - do you even need to be at the meeting at all? Just get Copilot to recap it for you and send you the notes of it afterwards.

Watching a demo of it creating a stylish PowerPoint presentation in moments was really quite heartwarming for anyone familiar with the phrase "death by PowerPoint".

Microsoft would argue that this frees up your time to do other jobs. But what if Copilot has one day beaten you to those things as well?-BBC

Virgin Orbit to pause all operations from Thursday

Virgin Orbit is to pause operations from Thursday in an apparent attempt to shore up its finances.

Almost all employees at the satellite launch company will reportedly also be furloughed.

Bosses told staff about the move at a meeting on Wednesday, saying a further update would be provided next week.

It comes after the company's failure to launch the first ever satellite mission from UK soil in January.

Chief Executive Dan Hart told staff that the furlough would buy Virgin Orbit time to finalise a new investment plan, a  who attended the event told Reuters news agency.

It was not clear how long the furlough would last, but Mr Hart said employees would be given more information by the middle of next week.

Shares in Virgin Orbit dropped 18.8% to 82 cents (72p) in extended trading, Reuters said.

A statement from the company said: "Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks."

It did not confirm or deny the furlough when asked by BBC News.

First satellite launch from UK soil ends in failure

Dislodged fuel filter blamed for UK rocket failure

In January's launch, a jumbo jet operated by Virgin Orbit carried a rocket out of Newquay, Cornwall, to release it high over the Atlantic Ocean.

The rocket ignited and appeared to be ascending correctly, but later suffered an "anomaly".

The satellites it was carrying could not be released and were lost. Cosmic Girl, the carrier 747 jet, returned safely to base.

Virgin Orbit later said the mission had failed because a rocket fuel filter had become dislodged, causing one of the engines to overheat.

Graphic showing stages of rocket. 1. First-stage rocket fired successfully after dropping from Cosmic Girl 747 jet. 2. Problem with second-stage engine. 3. Satellites lost with rocket

The statement released by the company on Thursday said that the investigation into the failure was "nearly complete" and that "our next production rocket with the needed modification incorporated is in final stages of integration and test".

The mission had been billed as a major milestone for UK space, marking the birth of a home-grown launch industry.

The ambition is to turn the country into a global player - from manufacturing satellites, to building rockets and creating new spaceports.-BBC

TikTok: UK ministers banned from using Chinese-owned app on government phones

British government ministers have been banned from using Chinese-owned social media app TikTok on their work phones and devices on security grounds.

The government fears sensitive data held on official phones could be accessed by the Chinese government.

Cabinet Minister Oliver Dowden said the ban was a "precautionary" move but would come into effect immediately.

TikTok has strongly denied allegations that it hands users' data to the Chinese government.

Theo Bertram, the app's vice-president of government relations and public policy in Europe, told the BBC it believed the decision was based on "more on geopolitics than anything else".

"We asked to be judged not on the fears that people have, but on the facts," he added.

The Chinese embassy in London said the move was motivated by politics "rather than facts" and would "undermine the confidence of the international community in the UK's business environment".

Mr Dowden said he would not advise the public against using TikTok, but they should always "consider each social media platform's data policies before downloading and using them".

Prime Minister Rishi Sunak had been under pressure from senior MPs to follow the US and the European Union in barring the video-sharing app from official government devices.

But government departments - and individual ministers - have embraced TikTok as a way of getting their message out to younger people.

Use of the app has exploded in recent years, with 3.5 billion downloads worldwide.

Its success comes from how easy it is to record short videos with music and fun filters, but also from its algorithm which is good at serving up videos which appeal to individual users.

It is able to do this because it gathers a lot of information on users - including their age, location, device and even their typing rhythms - while its cookies track their activity elsewhere on the internet.

US-based social media sites also do this but TikTok's Chinese parent company ByteDance has faced claims of being influenced by Beijing.

Media ,

Watch: Ros Atkins on... The creeping TikTok bans

Downing Street - which last posted a TikTok video of Larry the Cat predicting football results - said it would continue to use TikTok to get the government's message out. It said there were exemptions to the ban under some circumstances.

Some politicians are also reluctant to give up the TikTok habit, despite the security warnings.

Cabinet minister Grant Shapps - an enthusiastic TikTokker - reacted to the ban by posting a clip from the film, Wolf Of Wall Street, in which Leonardo DiCaprio, playing a New York stockbroker, uses a series of expletives and declares: "The show goes on".

Mr Shapps called the ban "sensible", but added: "I've never used TikTok on government devices and can hereby confirm I will NOT be leaving TikTok anytime soon!"

Ministers have not been banned from using the site on their personal phones - just their work devices.

But Nadine Dorries - who experimented with TikTok videos when she was culture secretary - said she would be deleting the app from her personal phone, adding: "I think all MPs should do likewise."

Media ,

Oliver Dowden and Angela Rayner on banning the use of TikTok on government devices over cyber-security fears.

Hours before the ban was announced the Ministry of Defence (MoD) uploaded a video of a Challenger 2 tank, a type being supplied to Ukraine, to its TikTok account.

The MoD said it would continue to use the app "to promote the work of the Armed Forces and to communicate our support to Ukraine". The department's sensitive data is "held on a separate system", it added.

TikTok says US threatens ban if China stake not sold

Minister asks cyber experts to investigate TikTok

TikTok users shrug at China fears: 'It's hard to care'

The Welsh government has also banned TikTok from the work phones of ministers and civil servants.

In Edinburgh, a spokesperson for the Scottish government said officials were liasing with the Cabinet Office "as we consider the need for further action".

In a statement earlier, TikTok said the UK government's decision was based on "fundamental misconceptions".

"We remain committed to working with the government to address any concerns but should be judged on facts and treated equally to our competitors," a spokesman added.

A handful of Western journalists were found to have been tracked by ByteDance employees. ByteDance says they were fired.

A US TikTokker shared a video criticising the Chinese government's treatment of the Uighur Muslims, and it was taken down. TikTok said this was a mistake.

This has added to the nervousness of governments and security specialists - despite the firm's consistent denials.

The Chinese state demands loyalty from all businesses based in the country and nobody really knows to what extent ByteDance might be pushed to comply with demands for data.

The United States barred TikTok from official devices in December, and the European Commission followed suit last month. Canada, Belgium and India have taken similar action.

New Zealand on Friday also issued a ban on government devices.

China has accused the US of spreading disinformation and suppressing TikTok amid reports the White House wants its Chinese owners to sell their stakes in the firm.

TikTok insists it does not share data with Chinese officials, but Chinese intelligence laws requires firms to help the Communist Party when requested.

Western social media apps such as Facebook, Instagram and Twitter are blocked in China.-BBC

SpiceJet: India pilots grounded for coffee cup in cockpit

A private Indian airline has grounded two of its pilots for allegedly having coffee and sweets inside the cockpit of a flight mid-journey.

The incident came to light after a purported photo of an open cup placed on the control panel of a SpiceJet aircraft went viral earlier this week.

Reports said the flight was cruising at 37,000ft at the time of the picture.

The photo sparked outrage, prompting India's aviation regulator to issue a warning to the airline.

SpiceJet on Wednesday said it was looking into the matter and had taken two pilots, who allegedly took the picture, off-duty.

"Appropriate disciplinary action will be taken against them upon completion of an investigation," an airline spokesperson told The Times of India newspaper.

Indian aviation rules allow pilots and crew to have food and beverages inside the cockpit but under strict guidelines. For instance, all cups need to have lids and be carried on a tray to avoid spillage.

The latest incident reportedly took place on board a flight flying from Delhi to the north-eastern city of Guwahati on 8 March, the day of the Hindu festival of Holi.

The photograph showed an uncovered coffee cup, which had the airline's logo, dangerously placed on a start lever of the aircraft, while the pilots, who are not visible in the picture, had gujiyas - a sweet fried pastry traditionally had on Holi.

The post vent viral and sparked anger on social media, with people criticising the pilots for their reckless behaviour.

"Even the slightest turbulence and coffee spills on to the electronics, it will foul the systems. This is a criminal act," said aviation expert Mohan Ranganathan, who reportedly first shared the picture on Twitter.

On Tuesday, India's aviation regulator, the Directorate General of Civil Aviation, took note of the photograph and asked SpiceJet to immediately identify the crew members.

While two pilots have been grounded since then, a SpiceJet spokesperson told The Hindu newspaper that they were still trying to ascertain the exact timeline of the incident.

"It is not clear from the post when was the photograph taken, whether it is recent or old, the sector being operated or the crew or even the aircraft in question. We are trying to ascertain these details," the airline said.

BBC News India is now on YouTube. Click here to subscribe and watch our documentaries, explainers and features.BBC

Multi-billion dollar rescue deal for First Republic Bank

A group of big US banks has injected $30bn (£24.8bn) into a smaller regional bank, First Republic, which had been seen as at risk of failure.

The move came as authorities in the US are trying to quell panic over the health of the banking system, after a series of bank collapses.

Worries about the sector have spread globally, raising fears of a crisis.

US regulators called the move "most welcome", while the banks said their action reflected their "confidence".

They said the banking system had plenty of cash and made big profits.

"Recent events did nothing to change this," they said. "The actions of America's largest banks reflect their confidence in the country's banking system."

Reports of plans for the aid from the 11 banks, led by JP Morgan and Citigroup, helped lift financial markets and sent shares in First Republic surging more than 20% at one point, triggering trading halts.

But a sell-off started again in after-hours trade in a sign that concerns remain.

The San Francisco-based firm had seen its share price plunge nearly 70% over the last week, as investors worried it was the next bank at risk of a rush of customers withdrawing their deposits.

"This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," US financial officials said.

'Risk of contagion'

Problems in the banking sector surfaced in the US last week when Silicon Valley Bank (SVB), the country's 16th-largest lender, collapsed in the biggest failure of a US bank since 2008.

That was followed two days later by the failure of New York's Signature Bank.

Authorities stepped in to guarantee deposits beyond typical limits in an effort to head off further runs on bank deposits, but financial markets have remained jumpy.

In a sign of strains in the system, the US central bank reported a surge in emergency lending to banks, with $318bn in outstanding loans as of Wednesday, up from $15bn a week earlier.

That included roughly $12bn offered through a fund created after the SVB collapse.

"The size of the spike in the Fed's emergency lending underlines that this is a very serious crisis in the banking system that will have significant knock-on effects on the real economy," Paul Ashworth, chief North America economist at Capital Economics said.

In an appearance before politicians in Washington, US Treasury Secretary Janet Yellen said that depositors should have confidence in the system, while acknowledging the severity of the episode.

"We felt that there was serious risk of contagion that could have brought down and triggered runs on many banks and that's something, given that our judgement is that the banking system overall is safe and sound," she said.

Meanwhile, the vice president of the European Central Bank (ECB), Luis de Guindos, said the banking industry in Europe was "resilient" and firms there had "limited exposure to the institutions of the US".

He spoke as the ECB announced a further increase to interest rates from 2.5% to 3%, sticking to its plan for a rise despite concerns about how the move might affect the market turmoil.

Help for banks

Central banks around the world have sharply raised borrowing costs over the last year to try to curb the pace of overall price rises, or inflation.

The moves have hurt the values of the large portfolios of bonds bought by banks when rates were lower, a change that contributed to the collapse of Silicon Valley Bank, and has raised questions about the situation at other firms.

The Swiss National Bank on Wednesday said it was extending up to £44bn in emergency funds to troubled lending giant Credit Suisse, which was seen as vulnerable in the wake of the US bank failures.

Its shares bounced back more than 15% after big falls a day earlier, while major indexes across Europe also gained.

Sir John Gieve, former deputy governor at the Bank of England, told the BBC that central banks were sending a "message" that such problems would be contained locally.

Credit Suisse

,REUTERS

He added that in Credit Suisse's case, the Swiss National Bank's action was likely to be enough to stop the crisis spreading.

"What we've seen overnight is the Swiss central bank saying 'no, we will not let this get into a disorderly collapse'," he said.

"I don't know what the future for Credit Suisse holds but so far they are still standing and it looks like the Swiss central bank will ensure it's standing long enough to rearrange its affairs for the future."

Credit Suisse, founded in 1856, has faced a string of scandals in recent years, including money laundering charges, spying allegations and high profile departures.

It lost money in 2021 and again in 2022 and has warned it does not expect to be profitable until next year. Customers pulled millions of dollars from the firm in recent months.

White House spokesperson Karine Jean-Pierre said officials had been monitoring the developments at Credit Suisse but its troubles were "distinct" from events in the US.

"Its problems are not related to the current economic situation," she said.bbc

Nuclear energy: How environmentally-friendly and safe is it?

The Sizewell C plant is one of the eight new nuclear plants the government wants approved by 2030

Chancellor Jeremy Hunt announced extra support for nuclear power in the Budget.

He wants to reclassify it as "environmentally sustainable" so the industry can access some of the financial incentives available to other forms of renewable energy.

The government wants nuclear power to provide 25% of the UK's electricity needs by 2050.

What is nuclear power?

To generate nuclear power in non-military reactors, uranium atoms are bombarded by much smaller neutron particles.

This causes the atoms to break down and release huge amounts of energy as heat.

The heat is used to boil water, producing steam which drives turbines and generates electricity.

BBC Bitesize: How is nuclear power generated?

Nuclear fusion breakthrough – what is it and how does it work?

How "green" is nuclear power?

Like fossil fuels, nuclear fuels are non-renewable energy res, but unlike fossil fuels, nuclear power stations do not produce greenhouse gases like carbon dioxide or methane during their operation.

Building new nuclear plants does create emissions - through manufacturing the steel and other materials needed. But the emissions footprint - the total emissions generated across the lifecycle of a plant - is still very low.

The government will consult on the proposal to reclassify nuclear power as "environmentally sustainable". But the announcement follows a similar move by the EU in 2022.

What's in the UK's new energy strategy?

What does net zero mean?

Is the UK on track to meet its climate targets?

Is nuclear power safe?

The International Atomic Energy Agency says nuclear power plants are among "the safest and most secure facilities in the world".

They are subject to stringent international safety standards.

An engineer inspects a turbine in a nuclear power station

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However, there have been a number of high-profile accidents which released large amounts of radioactive material into the environment.

The worst nuclear accident in history was caused by explosion at the Chernobyl nuclear power plant in Ukraine in 1986. More recently an enormous earthquake caused a tsunami which flooded the Fukushima nuclear plant in Japan in 2011, causing a partial meltdown of the reactor cores.

However, even under normal conditions, generating nuclear power produces hazardous radioactive waste, which needs to be safely managed and stored for hundreds of years.

How much nuclear power does the UK use?

There are currently six plants that can supply about 20% of UK electricity demand, with 15.5% generated this way in 2022.

Most are at the end of their life, but the government wants to deliver up to eight new reactors overall - with one to be approved each year until 2030.

The Hinkley Point C plant is already under construction in Somerset, and in July 2022, the government gave the go-ahead for the Sizewell C nuclear power plant on the Suffolk coast.

Together these will be able to power 12 million homes in the UK.

Graphic showing the location of nuclear plants in the UK

As well as larger nuclear power stations, the government also wants to develop Small Modular Reactors (SMRs). These work in the same way as conventional nuclear reactors, but on a smaller scale.

The chancellor announced a new competition for SMRs to be delivered through a new body called Great British Nuclear.

If a project proposed is "demonstrated to be viable", he said the government would co-fund it.

How much do nuclear plants cost?

The overall cost of nuclear power is comparable with other forms of energy, but nuclear plants are extremely expensive to build.

A worker on the Hinkley C building site in Somerset

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Hinkley C is the first new nuclear power station to be built in the UK in more than 20 years

Hinkley C is expected to cost 80% more than its original £33bn budget.

The government hopes a new financial funding model could cut the cost of future nuclear projects, including Sizewell C.

How much will nuclear energy cost consumers?

In 2013, the government agreed to pay £92.50 per megawatt hour for Hinkley Point's electricity, an amount which will rise with inflation.

Although this is much lower than the current price of £161 per megawatt hour, critics argue it's still too much.

In 2019, before the global energy crisis pushed prices up, electricity cost £50 per megawatt hour, so if prices returned to this level, £92.50 would be very expensive.

Energy price guarantee: What is happening to gas and electricity bills?

How long do nuclear plants take to build?

Critics of nuclear power say the new plants will take so long to come on stream they will be too late to help the UK meet its emissions targets or reduce energy prices for consumers.

Hinkley Point C is two years behind schedule partially due to the pandemic, and Sizewell C is expected to take nine years to construct.

One of the benefits of SMRs is that they are much quicker to construct than larger plants.-bbc

John Lewis axes staff bonus and plans to cut jobs

John Lewis has axed its staff bonus for a second time and signalled job cuts are in the pipeline, after what it described as a "very tough year".

The department store firm, which also owns Waitrose supermarkets, reported a £234m pre-tax loss.

Partnership chair Dame Sharon White said the stores had attracted more customers, but they had spent less.

She said the losses meant bonuses could not be issued this year for the second time since it began the scheme in 1953.

Dame Sharon suggested the firm may have to reduce staff numbers, or "partners" as they are known at the company.

"As we need to become more efficient and productive, that will have an impact on our number of partners," she said.

When questioned about specific plans around job losses Dame Sharon said: "There are no numbers."

John Lewis and Waitrose plan to cut 1,000 jobs

But the firm said it faced a "more challenging environment" and was tripling its target to make savings from £300m to £900m by January 2026.

It said savings would be made through the sale of assets, such as its Berkshire golf club, and by improving productivity.

John Lewis clothes hangers

,REUTERS

Meanwhile, the plan to move into the residential property market was "working really well" Dame Sharon said.

John Lewis said its long-term aim was for almost half (40%) of profits to come from outside of shops by 2030.

Inflation hurricane

But Dame Sharon said soaring prices last year had "hit us like a hurricane" and that customers had "felt the pain".

Despite Waitrose reporting more shoppers in the year to the end of January, customers spent less. It said the size of the average basket fell by 15% and people were buying cheaper items.

Consequently, full-year sales at Waitrose fell by 3% to £7.31bn.

"The big online growth of the pandemic years was partly reversed," said Dame Sharon, adding: "Shoppers shifted some of their grocery spending to the discounters."

line

Analysis box by Emma Simpson, business correspondent

The cost of living crisis has hit John Lewis hard, with worse-than-expected results. Customer numbers may be up but they are buying less, especially at Waitrose, which revealed a drop in volumes of 10% for the year.

The group is also grappling with its own spiralling costs, up by nearly £180m in a year, including higher energy bills and pay. It has already made £300m of savings as part of its existing plans to turnaround the business. Now the firm's chair Dame Sharon White says she wants to save another £600m by 2026. That will likely mean job losses as the business tries to become more efficient.

She has appointed the Partnership's first ever chief executive to supercharge the transformation and get profits back on track. That's not an easy job right now in the current economic environment.

line

Retail analyst Catherine Shuttleworth said shoppers were "cherry picking what they buy at Waitrose".

The decline in Waitrose sales was significant Ms Shuttleworth said: "Volumes are the life-blood of supermarket businesses - the more you sell, the better the prices you can offer to shoppers.

"One glimmer of hope is that shoppers are back in department stores with sales up 20% - the strategy to invest more in a reduced store network is clearly working especially at seasonal peaks particularly Christmas."

The figures come following recent upheavals within senior management after Pippa Wicks departed as executive director of the department store business.

Nish Kankiwala was appointed on Wednesday as John Lewis' first ever chief executive and will oversee the daily running of the entire business.

It is the third year of pre-tax losses for John Lewis. Last year, it reported a £27m loss, far below this most recent result.-bbc

Credit Suisse: Lessons learned from the last banking crisis?

Shares in Swiss banking giant Credit Suisse have been on a rollercoaster ride in recent days, hitting an all-time low on Wednesday, and leaving financial markets all over the world feeling distinctly queasy.

But the Swiss National Bank threw Credit Suisse a £45bn lifeline and on Thursday its shares climbed back up, allowing everyone to catch their breath.

The move from the Swiss central bank comes just days after regulators in Washington had to take control of two US banks, and HSBC swooped in to pick up the UK arm of one of them for £1.

It does feel eerily like the days leading up to the great financial crisis: cracks appearing in the financial pipes, prompting questions about whether they will burst, as they did nearly 15 years ago.

The economist Nouriel Roubini, nicknamed "Dr Doom" for his usually pessimistic and sometimes correct predictions, argues Credit Suisse could be a Lehmans moment - too big to fail, too big to save, he told Bloomberg.

Larry Fink, the founder of the world's biggest asset manager, Blackrock, said we may be in for "slow rolling crisis" which could see hundreds of small banks go bust, like the savings and loans crisis of the 1980s, when more than 1,000 smaller US lenders went under.

Nouriel Roubini, chairman at Roubini Global Economics and NYU Stern School of Business professor.

,GETTY S

,

Nouriel Roubini has been nicknamed "Dr Doom" but his warnings carry weight

But Noel Quinn, chief executive of HSBC, which is the new owner of Silicon Valley Bank UK, disagreed. He said the authorities - in this case the UK Treasury and the Bank of England - had acted swiftly to find a solution as did their US counterparts in taking over the US parent bank.

It's clear that international regulators have learned from the last crisis that speed is of the essence, which is just as well.

Technology bosses in the US admitted they had debated in online chats whether to take deposits out of Silicon Valley Bank. When some did, they all did within a matter of minutes, thanks to the social media grapevine, effectively breaking the bank.

If nothing else, these outbreaks of instability make it clear that when you reverse nearly 15 years of close-to-zero interest rates suddenly things can and do break. The weakest organisations are the most at risk, and both depositors and investors are perfectly rational in being extremely jittery.

More questions remain around the other big teaching points from the last crisis: whether it's ok to assume the central bank ambulance will always arrive in time, and whether that assumption has made people too relaxed in the face of lurking financial danger.-bbc

Credit Suisse to borrow up to $54bn from Swiss central bank

Troubled banking giant Credit Suisse says it will borrow up to 50bn francs ($54bn; £44.5bn) from the Swiss central bank to shore up its finances.

The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank.

Shares in Credit Suisse fell 24% on Wednesday after it said it had found "weakness" in its financial reporting.

This prompted a general sell off on European markets, and fears of a wider financial crisis.

Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen [the bank]".

"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Credit Suisse's chief executive Ulrich Koerner said in a statement.

Problems in the banking sector surfaced in the US last week with the collapse of Silicon Valley Bank, the country's 16th-largest bank, followed two days later by the collapse of Signature Bank.

After Credit Suisse shares plunged on Wednesday, a major investor - the Saudi National Bank - said it would not inject further funds into the Swiss lender.

The worries spread across financial markets with all major indexes falling sharply.

"The problems in Credit Suisse once more raise the question whether this is the beginning of a global crisis or just another 'idiosyncratic' case," wrote Andrew Kenningham of Capital Economics.

The Swiss National Bank, which is Switzerland's central bank, and the Swiss Financial Market Supervisory Authority sought to calm investor fears, saying they were ready to help Credit Suisse if necessary.

Strict rules apply to Swiss financial institutions to "ensure their stability" and Credit Suisse meets the requirements for banks considered systemically important, the regulators said.

"There are no indications of a direct risk of contagion for Swiss institutions due to the current turmoil in the US banking market," they said in a joint statement.

The BBC understands that the Bank of England has been in touch with Credit Suisse and the Swiss authorities to monitor the situation.

How bad is US banking crisis and what does it mean?

Warning that US banks face more pain

Credit Suisse, founded in 1856, has faced a string of scandals in recent years, including money laundering charges and other issues.

It lost money in 2021 and again in 2022 - its worst year since the financial crisis of 2008 - and has warned it does not expect to be profitable until 2024.

Shares in the firm had already been severely hit before this week - their value falling by roughly two-thirds last year - as customers pulled funds.

The bank's disclosure on Tuesday of "material weakness" in its financial reporting controls renewed investor concerns.

These were intensified when the chairman of the Saudi National Bank, Credit Suisse's largest shareholder, said it would not buy more shares in the Swiss bank on regulatory grounds.

At that time, Credit Suisse insisted its financial position was not a concern. But shares in the lender ended Wednesday down 24%, as other banks rushed to reduce their exposure to the firm and prime ministers in Spain and France spoke out in an attempt to ease fears.

People queue up outside the headquarters of Silicon Valley Bank to withdraw their funds on March 13, 2023 in Santa Clara, California.

,GETTY S

,

A bank run on Silicon Valley Bank ended in its collapse last week

This comes after Silicon Valley Bank (SVB) - which specialised in lending to technology companies - was shut down on Friday by US regulators in what was the largest failure of a US bank since 2008. SVB's UK arm was snapped up for £1 by HSBC.

In the wake of the SVB collapse, New York-based Signature Bank also went bust, with the US regulators guaranteeing all deposits at both.

However, fears have persisted that other banks could face similar troubles, and trading in bank shares has been volatile this week.

The Stoxx Europe banking share index tumbled 7% on Wednesday.

In the US, shares in both small and large banks were hit, helping to push the Dow down almost 0.9%, while the S&P 500 fell 0.7%.

The UK's FTSE 100 fell by 3.8% or 293 points - the biggest one-day drop since the early days of the pandemic in 2020.

"This banking crisis came from America. And now people are watching how the whole thing could also cause problems in Europe," said Robert Halver, head of capital markets at Germany's Baader Bank.

"If a bank has had even the remotest problem in the past, if major investors say we don't want to invest any more and don't want to let new money flow into this bank, then of course a story is being told where many investors say we want to get out."

bbc

Corporation tax: Jeremy Hunt confirms rise to 25% from April

The rate of corporation tax, paid on company profits, will rise next month, the chancellor has confirmed.

It will go up from 19% to 25% for companies with over £250,000 in profits, Jeremy Hunt told the Commons.

He also announced a new scheme to allow every pound invested by businesses in IT equipment, plants or machinery to be deducted in full from taxable profits.

The tax hike, first announced in 2021 when Rishi Sunak was chancellor, has been a  of much political debate.

Ex-PM Liz Truss attempted to scrap the policy in her mini-budget last September and some Conservative MPs still oppose it.

Delivering his Spring Budget, Mr Hunt said the UK would still have the lowest headline rate of corporation tax in the G7, a group of the world's seven richest nations, even after the rise in April.

He said only 10% of businesses would pay the full rate and anticipated that his new "full capital expensing" policy was equivalent of a corporation tax cut worth an average of £9bn a year.

He told the Commons it would lead to a 3% increase in business investment a year and without it, the UK would have "fallen down international league tables on tax competitiveness and damaged growth".

The "full capital expensing" policy will mean companies can deduct spending on investment from profits, meaning they have to pay lower amounts of corporation tax.

The policy would be in place for three years initially but the government hoped to make it permanent "as soon as we can responsibly do so", the chancellor said.

Independent analysis by the Office for Budget Responsibility (OBR) said that as a temporary measure, it provided a strong incentive for businesses to bring forward any investment that had been planned for a later date.

At its peak, the scheme could see business investment up by about 3%, the OBR report said. However it also pointed out that this was lower than the 5% rise under the super-deduction scheme which this policy replaces.

Mr Hunt made the announcement after he confirmed the OBR forecasts the British economy is to avoid a technical recession in 2023 but contract by 0.2%, before returning to growth in 2024.

UK has lowest headline corporate tax rate in the G7. .  .

Plans to hike corporation tax to 25% were first put forward by Rishi Sunak two years ago, when he was chancellor under Boris Johnson.

The rise was justified as a means to claw back some of the billions of pounds worth of public money that had been used to prop up businesses during the Covid-19 pandemic.

Mr Sunak deferred the rise by two years, and in the time since, the policy has been axed, reinstated and divided opinion in the Conservative Party.

Keeping corporation tax at 19% was a key plank of Liz Truss' low-tax leadership platform when she beat Mr Sunak to become prime minister.

On 23 September, then-chancellor Kwasi Kwarteng confirmed the move in the Commons, telling the country it would boost growth - but his Budget quickly unravelled.

Three weeks later, Mr Kwarteng was sacked and the 25% policy was readopted by Ms Truss as she sought to get investors and her own party back onside.

Some Tory MPs publicly oppose the rise, including Mr Johnson, despite the fact he signed off on it when he was PM.

During a speech earlier this month, Mr Johnson said the government should be "cutting corporation tax to Irish levels or lower". The rate is as low as 12.5% for some companies in Ireland.

Former business secretary Jacob Rees-Mogg echoed that view, saying the best approach to tax policy was low rates with few exclusions.

He told the Commons: "We have a rise now in corporation tax but we then sort of salami slice it a bit with some capital allowances to pretend it's not much of a rise. This is not a good approach to tax policy."

Chart showing rates of corporation tax since 2000

bbc

Nigeria: Dana Air Takes Delivery of Aircraft From Maintenance, Introduces New Rate

Dana Air has taken delivery of some of its aircraft from maintenance facility.

The airline in a statement, said it has received some of its aircraft from maintenance and would be introducing a flash sale of N45,000 for those who plan their trips early enough and book ahead on its website wwwflydanaiar.com.

According to the statement, "We are pleased to announce that we have taken delivery of some of our aircraft from maintenance.

These aircraft have undergone proper maintenance in line with our strict safety standards, documentation and certification to be released for our scheduled flights.

"Also, for customers who prefer to plan their trips and book ahead, we have introduced a flash sale of N45,000 so our customers can start booking their Easter trips ahead by visiting our website www flydanaair.com today. We would introduce additional flights as soon as we receive more of our aircraft from maintenance"

Dana Air is one of Nigeria's leading airlines with a varied fleet of nine Boeing aircraft and daily flights from Lagos to Abuja, Port Harcourt, Owerri, and Enugu.

This Day.

Central Africa Calls for Investments to Counter Impact of Russia's War

Yaoundé, Cameroon — Central African economy ministers are calling for investing in energy and farming as Africa's poorest region struggles to recover from natural disasters, armed conflicts, and fallout from Russia's invasion of Ukraine. Heads of state from the six nations of regional bloc CEMAC meet Friday to discuss the challenges.

Economy and integration ministers of the Central African Economic and Monetary Community, CEMAC, say most of their 55 million civilians live in abject poverty that has only been made worse by the last few years of global troubles.

Ministers of the six-nation-bloc, which includes Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of Congo, met Thursday in Yaoundé.

President of CEMAC Daniel Ona Ondo, who was born in Gabon, said Russia's invasion of Ukraine is the latest in a series of global disasters to impact the region.

He said the ministers' meeting strongly recommended huge investments in agriculture and energy to end over dependency on imported food and petroleum products from Russia and Ukraine.

Before Russia's invasion of its neighbor, Central African states' imports from Russia and Ukraine accounted for 60 percent of their fuel and 80 percent of their wheat.

Last July, Cameroon, the Central African Republic, and Gabon reported fuel shortages they blamed on disruptions from Russia's war.

CEMAC says the war caused a sharp increase in prices that member states paid for fuel and fertilizers and added pressure on the region's farmers, who were already struggling from conflict and climate shocks.

Ondo said armed conflicts and political unrest in the region also added to the challenge for economies to recover from the COVID-19 pandemic.

Despite the setbacks, Cameroon's Minister of the Economy Alamine Ousman Mey voiced an optimistic outlook.

Mey is also president of CEMACs council of ministers of the economy and integration.

He said although central African states face many security and environmental shocks, and an influx of refugees and displaced persons, Cameroon, Chad, Equatorial Guinea, Gabon, the Central African Republic, and the Republic of Congo have shown resilience. Mey said the economic growth rate was maintained at three percent in 2022. He said CEMAC will always work for the interest of its people despite the challenging world economy and severe crises.

The ministers said they will propose a plan for improving conditions through energy and farming when heads of state meet in Yaoundé on March 17.

Ernest Moloua is an economist at the Cameroon's University of Buea.

He said the region's leaders should push harder for the free movement of people and goods as part of the African Continental Free Trade Area.

Speaking via messaging app from Buea, he says the trade deal provides a lot of opportunities for CEMAC if the heads of state take it seriously.

"The most important thing for CEMAC is to improve on public infrastructure, improve on the communication and telecommunication infrastructure, improvement of roads, improvement of railway links. When this happens then the region places itself in an advantageous position to reap the benefits that will come from the continental free trade area," said Moloua.

CEMAC says Friday's heads of state summit will focus on structural reforms to deal with the economic consequences of the COVID pandemic and Russia's war on Ukraine.

VOA.

South Africa: Taxi Industry Snubs Malema's Shutdown

The South African taxi industry has rejected Julius Malema's charm offensive.

The SA National Taxi Council has confirmed it will not be joining the EFF nationwide protest against load shedding and President Cyril Ramaphosa's government.

The industry of over 250,000 minibus taxis transports an estimated 15 million commuters a day.

A complete shutdown would cost the R60 billion industry over R150 million a day.

On Wednesday night Santaco said its meeting with the leadership of the EFF did not mean they were supporting the protest.

In the past, Santaco has refused to take sides in South Africa's politics.

Santaco's rejection of the EFF plans will be seen as a major blow to the so-called national shutdown and protesters will not be able to block the main highways on 20 March.

EFF leader Julius Malema said they know the taxi industry is apolitical and did not expect it to join the protest.

He said they sought to meet Santaco's top leadership because they did not want a confrontation with the taxi industry.

"What do we want from Santaco? Nothing," he said.

"It's a courtesy meeting to say there will be protesters on the roads and the taxis should take that into consideration."

Continuing to play down the snub, he said: "There shouldn't be unnecessary confrontations between ourselves and the taxis because we all belong to the same class."

Several taxi associations in the country which spoke to Scrolla.Africa distanced themselves from the Monday shutdown.

The Greater Alberton Taxi Association spokesperson Emmanuel Maleka said the association and its members will not be part of the shutdown. "What are we going to achieve after the shutdown? We'll still be in the dark with load shedding," he said.

Another Association in Mpumalanga takes a similar view and released a statement that it will not take part in the protest on Monday.

Taxi drivers who spoke to Scrolla.Africa said the industry lost a lot of money during the Covid-19 lockdown regulations and many businesses were forced to close. They say having a shutdown is another setback for the economy.

"As a country we need to engage in progressive economic topics and not issues that will bring the economy to a standstill," said one member of the Alexandra Taxi Association who didn't want to be named.

- Scrolla.

Invest Wisely!

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INVESTORS DIARY 2023

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