Major International Business Headlines Brief::: 17 May 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 17 May 2023 

 


 

 


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ü  Ex-Apple engineer accused of stealing self-driving car secrets

ü  US debt ceiling: Biden and Republicans hopeful of a deal

ü  Record inflation: Five ways Argentines try to cope

ü  Vauxhall-maker says UK needs to change its Brexit deal

ü  Asia is spending big to battle low birth rates - will it work?

ü  Black taxpayers more likely to be audited, IRS admits

ü  Why Bud Light and Disney are under attack from conservatives

ü  Vodafone to cut 11,000 jobs as new boss says firm 'not good enough'

ü  Record numbers not working due to ill health

ü  Tanzania: Zanzibar to Produce Its Own Power

ü  South Africa: Govt to Open Bid to Procure Additional Renewable Energy

ü  South Africa: SA's Unemployment Rate Rises to 32.9 Percent, With 85,000 Domestic Worker and Gardener Jobs Shed

ü  Nigeria: Aviation Experts Discuss Sustainability Issues Amid Challenges

ü  Nigeria: Leading Nigerian Bank Opens French Subsidiary in Paris

ü  Uganda: Posting Potholes On Social Media Will Not Make Us Lose Sleep - Government

 


 

 


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on Ex-Apple engineer accused of stealing self-driving car secrets

A former Apple engineer has been charged with stealing the company's self-driving car technology, almost five years after he fled to China.

 

Prosecutors accuse Weibao Wang, 35, of stealing thousands of files containing proprietary information while secretly working for an unnamed Chinese company.

 

Six counts of theft or attempted theft of trade secrets are in the indictment.

 

This is the third time an ex-Apple employee has been accused of stealing autonomous tech secrets for China.

 

The justice department alleges Mr Wang stole documents containing the source code for the software and hardware behind the self-driving systems.

 

Mr Wang joined Apple in March 2016 as a member of the team that developed technology for autonomous systems, the justice department said.

 

He signed a confidentiality agreement about the project, which was at the time known to very few people within the company.

 

Mr Wang left Apple on 16 April 2018, the indictment said. Unbeknownst to the firm, he had accepted an offer more than four months earlier to work as an engineer at another company developing self-driving cars, said US prosecutors.

 

That company, unnamed in the indictment, is based in China, said prosecutors.

 

Law enforcement searched Mr Wang's home in Mountain View, California, in June 2018 while he was there.

 

He told authorities he had no plans to leave the US. That same day, he bought a one-way ticket from San Francisco to Guangzhou, China, the justice department said.

 

An analysis of the devices seized from Mr Wang's home showed he had stored large quantities of Apple data on self-driving car technology.

 

In a press conference, the US Attorney for the Northern District of California, Ismail Ramsey, said Mr Wang remained in China.

 

If he were ever extradited and convicted, he could face 10 years in prison for each of the six charges.

 

Apple did not respond to BBC's request for a comment.

 

Two other former Apple employees have previously been charged in similar cases involving the theft of trade secrets.

 

Xiaolang Zhang pleaded guilty last year in a court in San Jose, California. He was arrested in 2018 as he tried to board a flight to China.

 

Another ex-Apple employee, Jizhong Chen, faces similar charges.-bbc

 

 

 

US debt ceiling: Biden and Republicans hopeful of a deal

President Joe Biden and Republican leaders have expressed cautious optimism that a deal to raise the US debt ceiling is within reach, following emergency talks at the White House.

 

But House of Representatives Speaker Kevin McCarthy told reporters the two sides are still far apart.

 

The standoff has forced Mr Biden to cut short a foreign trip.

 

Without a deal, the US could enter a calamitous default on its $31.4tr (£25tr) debt as soon as 1 June.

 

A failure by the US government to meet its debt obligations could trigger global financial chaos.

 

The Democratic president said Tuesday's hour-long Oval Office meeting was "good, productive", sounding upbeat about the prospects of an agreement.

 

Mr McCarthy said afterwards he believed a deal was possible by the end of this week.

 

Asked about the risk of the US falling off a fiscal cliff, the California congressman told BBC News: "The great thing about that question is we've already taken default off the table."

 

He also told reporters a Biden-appointed representative would negotiate directly with his staff, which he said was a sign that "the structure of how we negotiate has improved".

 

A number of senior Democrats were at the talks, including Vice-President Kamala Harris, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.

 

In exchange for support for raising the debt ceiling, Republican leaders are demanding budget cuts. They also want tougher work requirements on government aid recipients.

 

Citing sources familiar with the talks, the Associated Press news agency reports that this idea was "resoundingly" rejected by House Democrats at another meeting earlier on Tuesday.

 

Mr Biden has repeatedly said that a potential debt default and budgetary issues should be separate.

 

The president is due to fly to the G7 summit in Japan on Wednesday. He was then expected to head to Papua New Guinea and Australia for further meetings.

 

But he will now return after the 19-21 May summit ends in Hiroshima to "ensure that Congress takes action" to avert a default, the White House said in a statement.

 

The so-called Quad meeting in Sydney has now been cancelled, and the leaders will attempt to meet on the sidelines of the G7, Australian Prime Minister Anthony Albanese said.

 

Reaching the debt ceiling would mean the US government is unable to borrow any more money.

 

This means the government would no longer be able to pay the salaries of federal and military employees. Social Security cheques - payments that millions of pensioners in the US rely on - would stop.

 

Every so often the US Congress votes to raise or suspend the ceiling so it can borrow more.

 

A default - which would be a first in US history - could shatter trust in America's political ability to pay its bills.

 

Experts have warned it could also see the US spiral into recession and trigger a rise in unemployment.

 

Treasury Secretary Janet Yellen said at an event on Tuesday that "a US default would generate an economic and financial catastrophe".

 

Meanwhile, White House National Security Council spokesman John Kirby said: "There's countries like Russia and China that would love nothing more than for us to default."

 

A deal to avoid this scenario has so far proven elusive. In April, Republicans proposed an agreement that would suspend the debt limit by $1.5tn or until 31 March, whichever comes first.

 

In exchange, they would maintain spending at key government agencies at 2022 levels for the next financial year and limit spending growth to 1% annually over the next 10 years.

 

They argued this would lead to $4.8tn in savings.

 

The proposal, however, would scupper several of Mr Biden's legislative priorities, including student loan forgiveness.

 

The last time the US was approaching a default, back in 2011, lawmakers struck a deal hours before the deadline.

 

That standoff led to a downgrade in the US credit rating, sent the stock market plummeting and increased the government's borrowing costs.

 

"Nobody should use default as a hostage," Senate Majority Leader Chuck Schumer said at the US Capitol on Tuesday. "The consequences would be devastating for America."

 

The US debt ceiling has been raised, extended or revised 78 times since 1960.bbc

 

 

 

Record inflation: Five ways Argentines try to cope

Argentines are no strangers to economic upheaval, having experienced a number of financial crises in the past decades.

 

But with inflation rising above 100% and the value of the Argentine currency - the peso - plummeting, even some of the most crisis-hardened Argentines are struggling to make ends meet amid fast-changing prices and a soaring cost of living.

 

Reporter Valley Fontaine spoke to five Argentines about their strategies to make ends meet.

 

1. Buy now, pay later

Argentina's year-on-year inflation rate soared past the 100% mark in February for the first time in more than 30 years.

 

That means that the prices of many consumer goods have doubled in the space of just a year.

 

So saving up for a special purchase or even everyday goods can mean that you will end up paying a higher price in a few months or even weeks down the line.

 

The answer? Using interest-free credit.

 

Monica, a digital artist from Buenos Aires, has the buy-now-pay-later approach down to a fine art.

 

The 27-year-old takes advantage of the interest-free credit options offered by many supermarkets and clothes shops.

 

"I buy everything on interest-free instalments. Payments are usually spread over 3 months or more," she explains.

 

So even if Monica does not have the money to buy a pair of shoes costing 20,000 pesos outright, she will try to buy them in four 5,000-peso instalments, rather than risk returning to the shop once she has saved up 20,000 pesos and risk the shoes' price having risen to 25,000 pesos.

 

"If I can't pay in instalments, I usually won't buy it," she says. 

 

2. Barter or swap

With prices rising so rapidly, some Argentines are running out of cash at the end of the month and can not even afford the basics.

 

Teresa, a cleaner from the city of Mar del Plata, spends most of her income on rent.

 

Another big chunk goes on travelling to the homes she cleans. She spends at least four hours a day on public transport.

 

With very little disposable income and hardly any spare time, the 31-year-old has few options to make her money stretch further.

 

"When I run out of money, I will hitchhike or walk," she says.

 

But what about other expenditures? Teresa says that finding people who are in a similar situation has helped her get by without cash.

 

"I joined a club where people swap items. Last week, I swapped a pair of shoes that one of my clients gave me in exchange for milk, toothpaste, bread and other food items." 

 

3. Bulk buying

But even for those who may have some money left at the end of the month, skyrocketing inflation is proving a problem.

 

Saving pesos when inflation is this high means your savings will devalue quickly.

 

If you put 100,000 pesos in your savings account in February 2022, you will have 100,000 pesos plus interest a year on. But as the rate of interest is lower than the rate of inflation, your pesos will be worth less than they were a year ago.

 

So what do Argentines do with money they may have left over at the end of the month?

 

Noira, a nurse from the city of Mendoza, says she tries to buy large quantities of goods that will not go off.

 

"I buy popular non-perishable things like coffee and toilet paper in bulk to prevent the devaluation of my salary," the 59-year-old explains.

 

She stores these items in a room in her flat and tries to sell those she does not use herself to friends and colleagues.

 

With the peso so volatile, she tries to exchange anything left over from her bulk buys for dollars.

 

The US currency is seen as a much safer investment. In fact, the dollar has been gaining in value against the peso rapidly.

 

In one day in April, it went up by 7% in just 24 hours.

 

4. Buying dollars

Even though the peso is Argentina's national currency, many Argentines like Noira have little faith in it and prefer to convert any spare pesos into dollars.

 

Business student Jorge, 23, not only has more faith in the stability of the dollar than the peso, he also has little trust in Argentina's banks and therefore prefers to keep his dollars at home.

 

His distrust of the banking system is rooted in his family's experience of Argentina's 2001 crisis, when the government at the time put limits on the cash Argentines could withdraw from their bank accounts.

 

Banks collapsed, with people's life savings lost for good. Jorge's father lost savings worth $60,000 (£47,500).

 

"When the banks went bankrupt and wouldn't give us our money back, we had to sell our home," he recalls.

 

More than 20 years later, he, like many other Argentines, remains wary of entrusting banks with his savings.

 

"I am too scared to put my money in the bank, so I buy US dollars with any unspent income that I earn. "

 

But buying dollars in Argentina is not a simple transaction.

 

The government has limited the amount of dollars Argentines can buy at banks or official currency exchanges to $200 a month, to avoid its limited deposits of dollars being depleted.

 

This has led to a vibrant informal market in dollars emerging where the US currency - dubbed the blue dollar - is sold at much higher prices.

 

Although technically illegal, many Argentines like Jorge view it as necessary to access foreign currency.

 

"Buying dollars is not cheap, because I have to buy most of them at the higher 'blue' dollar rate," he says,

 

On 30 April, Jorge paid 469 pesos for just one dollar on the informal market. But he reckons it is an investment worth making, because he thinks the dollar will hold its value, unlike the peso.   

 

5. Spend, spend, spend

But with the blue dollar to peso rate so high, many Argentines' income does not stretch to purchasing the US currency, even if they do see it as a safer option.

 

"I can't afford to buy dollars and my pesos devalue in my hands," says 25-year-old shop assistant Roberta.

 

So rather than seeing her spare cash lose value, she spends as much as she can "as quickly as possible". 

 

With prices rising by 6-10% per month, this is a widespread practice. But with inflation on the rise, what she gets for her pesos is less every month.

 

"Each month, I can't afford to buy what I bought the month before."   -bbc

 

 

 

 

Vauxhall-maker says UK needs to change its Brexit deal

One of the world's biggest carmakers has called on the government to renegotiate part of the Brexit deal or risk losing parts of its car industry.

 

Stellantis, which makes Vauxhall, Peugeot, Citroen and Fiat had committed to making electric vehicles in the UK.

 

But it has now said it is no longer able to meet Brexit trade rules on where parts are sourced.

 

The government is "determined" that the UK will remain competitive in car manufacturing, a spokesperson said.

 

Stellantis called on the government to come to an agreement with the EU to keep rules as they are until 2027.

 

It also wants arrangements for manufacturing parts in Serbia and Morocco to be reviewed.

 

Nissan warns costs must fall to make new electric cars in UK

Just two years ago, the world's fourth biggest car maker said the future of its Ellesmere Port and Luton plants were secure.

 

But now Stellantis has asked the UK government to renegotiate part of the Brexit deal amid a "threat to our export business and the sustainability of our UK manufacturing operations".

 

In a submission to a Commons inquiry into electric car production, the firm said its UK investments were based on meeting the strict terms of the post-Brexit free trade deal.

 

These rules state that from next year, 45% of the value of the electric car should originate in the UK or EU to qualify for trade without tariffs.

 

Stellantis said it was "now unable to meet these rules of origin" after the surge in raw materials costs during the pandemic and energy crisis.

 

Rules of origin: Why are Percy Pigs a headache for M&S?

Honda workers in Swindon to face 'reality check' after it closes

If the government cannot get an agreement to keep the current rules until 2027, from next year "trade between the UK and EU would be subject to 10% tariffs", it said.

 

This would make domestic production and exports uncompetitive in comparison to Japan and South Korea, it said.

 

"To reinforce the sustainability of our manufacturing plants in the UK, the UK must consider its trading arrangements with Europe," Stellantis said.

 

A government spokesperson said that Business and Trade Secretary Kemi Badenoch "has raised this with the EU".

 

Ms Badenoch, who will meet with Stellantis executives today, "is determined to ensure the UK remains one of the best locations in the world for automotive manufacturing, especially as we transition to electric vehicles," the spokesperson said.

 

The government has set up a fund to develop the supply chain for electric vehicles, and in the coming months will take "decisive action to ensure future investment in zero emission vehicle manufacturing", the spokesperson added.

 

'Uncompetitive'

The deal on electric cars and batteries was one of the very last issues settled in Brexit negotiations between Boris Johnson and Ursula von der Leyen in 2020.

 

The Stellantis document warns that uncompetitive electric vehicle costs will mean "manufacturers will not continue to invest" and will "relocate manufacturing operations outside of the UK".

 

It then lists Ford, and BMW's electric Mini, as well as Honda's investment in the US after closing its UK site in Swindon.

 

The core problem remains a lack of UK battery plants, and a domestic supply chain that should be being built now, but is being dwarfed by developments elsewhere.

 

At a time of some uncertainty over UK trading arrangements, now the US, China and the EU are pouring subsidies into this market.

 

The industry-wide fear is that the UK is missing out on a once-in-a-generation tidal wave of investment around the electrification of cars.

 

Gigafactory

Earlier this week, French President Emmanuel Macron hosted Tesla's Elon Musk, who hinted he might invest in a gigafactory - which makes batteries - in France.

 

The owners of the UK's biggest manufacturer, Jaguar Land Rover, are currently being wooed by the Spanish government to host a gigafactory that had long been assumed to be being built in the UK.

 

Andy Palmer, a former chief operating officer at Nissan and chairman of the battery start-ups Inobat and Ionetic, told the BBC "we are running out of time" to get battery manufacturing in the UK.

 

"It's basically impossible to meet those [EU] local content rules unless you're sourcing your battery from a plant in the UK or in the EU," he told Radio 4's Today programme.

 

He added that the cost of failure was clear: "It's 800,000 jobs [lost] in the UK, which is basically those jobs associated with the car industry."

 

David Bailey, professor of business economics at the Birmingham Business School, agreed, saying: "If we don't make batteries at scale in the UK, we won't have a mass car industry."

 

He added that although the government under Boris Johnson wanted a "gigafactory" built in the UK, "essentially there's no industrial policy to back that up".

 

The Brexit trade agreement allowed a "phase in" of the strict rules on the origin for electric vehicle parts.

 

The first stage comes in next year, and some in the UK car industry hope that the EU itself may want to renegotiate, if its own manufacturers are struggling to meet the origin requirements.

 

But the requirements are hard-wired into the UK-EU treaty.

 

The rules are then due to tighten again in 2027, and insiders believe UK exporters will find it impossible to export cars tariff free at that point, without UK battery production.-bbc

 

 

 

 

Asia is spending big to battle low birth rates - will it work?

Falling birth rates are a major concern for some of Asia's biggest economies.

 

Governments in the region are spending hundreds of billions of dollars trying to reverse the trend. Will it work?

 

Japan began introducing policies to encourage couples to have more children in the 1990s. South Korea started doing the same in the 2000s, while Singapore's first fertility policy dates back to 1987.

 

China, which has seen its population fall for the first time on 60 years, recently joined the growing club.

 

While it is difficult to quantify exactly how much these policies have cost, South Korean President Yoon Suk-yeol recently said his country had spent more than $200bn (£160bn) over the past 16 years on trying to boost the population.

 

Yet last year South Korea broke its own record for the world's lowest fertility rate, with the average number of babies expected per woman falling to 0.78.

 

In neighbouring Japan, which had record low births of fewer than 800,000 last year, Prime Minister Fumio Kishida has pledged to double the budget for child-related policies from 10tn yen ($74.7bn; £59.2bn), which is just over 2% of the country's gross domestic product.

 

Globally, while there are more countries that are trying to lower birth rates, the number of countries wanting to increase fertility has more than tripled since 1976, according to the most recent report by the United Nations.

 

So why do these governments want to grow their populations?

 

Simply put, having a bigger population who can work and produce more goods and services leads to higher economic growth. And while a larger population can mean higher costs for governments, it can also result in bigger tax revenues.

 

Also, many Asian countries are ageing rapidly. Japan leads the pack with nearly 30% of its population now over the age of 65 and some other nations in the region are not far behind.

 

Compare that with India, which has just overtaken China as the world's most populous nation. More than a quarter of its people are between the age of 10 and 20, which gives its economy huge potential for growth.

 

And when the share of the working age population gets smaller, the cost and burden of looking after the non-working population grow.

 

"Negative population growth has an impact on the economy, and combined that with an ageing population, they won't be able to afford to support the elderly," said Xiujian Peng of Victoria University.

 

Graphic showing China's birthrate per 1,000 people, from 1978 to 2022. There has been a steady decline in recent years. The figure in 1978 was 18.25, while it was 6.77 in 2022.

Most of the measures across the region to increase birth rates have been similar: payments for new parents, subsidised or free education, extra nurseries, tax incentives and expanded parental leave.

 

But do these measures work?

 

Data for last few decades from Japan, South Korea and Singapore shows that attempts to boost their populations have had very little impact. Japan's finance ministry has published a study which said the policies were a failure.

 

It is a view echoed by the United Nations.

 

"We know from history that the types of policies which we call demographic engineering where they try to incentivise women to have more babies, they just don't work," Alanna Armitage of United Nations Population Fund told the BBC.

 

"We need to understand the underlying determinants of why women are not having children, and that is often the inability of women to be able to combine their work life with their family life," she added.

 

But in Scandinavian countries, fertility policies have worked better than they did in Asia, according to Ms Peng.

 

"The main reason is because they have a good welfare system and the cost of raising children is cheaper. Their gender equality is also much more balanced than in Asian countries."

 

Asian countries have ranked lower in comparison in the global gender gap report by the World Economic Forum.

 

Japan has the highest debt in the G7

There are also major questions over how these expensive measures should be funded, especially in Japan, which is the world's most indebted developed economy.

 

Options under consideration in Japan include selling more government bonds, which means increasing its debt, raising its sales tax or increasing social insurance premiums.

 

The first option adds financial burden to the future generations, while the other two would hit already struggling workers, which could convince them to have fewer children.

 

But Antonio Fatás, professor of economics at INSEAD says regardless of whether these policies work, they have to invest in them.

 

"Fertility rates have not increased but what if there was less support? Maybe they would be even lower," he said.

 

Governments are also investing in other areas to prepare their economies for shrinking populations.

 

"China has been investing in technologies and innovations to make up for the declining labour force in order to mitigate the negative impact of the shrinking population," said Ms Peng.

 

Also, while it remains unpopular in countries like Japan and South Korea, lawmakers are discussing changing their immigration rules to try to entice younger workers from overseas.

 

"Globally, the fertility rate is falling so it'll be a race to attract young people to come and work in your country," Ms Peng added.

 

Whether the money is well spent on fertility policies, these governments appear to have no other choice.-bbc

 

 

 

Black taxpayers more likely to be audited, IRS admits

Black taxpayers in the US are more likely to be audited by the IRS, a new study from Stanford University shows.

Black Americans are significantly more likely to be subjected to tax investigations, the Internal Revenue Service (IRS) has admitted.

 

IRS Commissioner Daniel Werfel said in a letter to the US Senate that recent research indicates black taxpayers are between three and five times more likely to be audited.

 

Mr Werfel said he was "deeply concerned" by the disparity.

 

Lawmakers have called on the IRS to review its auditing processes.

 

A recent study from economists at Stanford University found that black taxpayers were more likely to be singled out for audit than non-black taxpayers.

 

Although the IRS does not collect information about race on tax documents, Daniel Ho, the paper's co-author, told BBC News the disparity still exists.

 

This is partially because the agency currently focuses more resources on auditing those who claim refundable tax credits, rather than going after high-income taxpayers with more complicated returns.

 

Mr Werfel told lawmakers the agency was looking into whether changing its approach to audits would reduce the disproportionate impact on low-income black families.

 

Mr Ho suggested funding and staffing shortages over the last decade may be to blame for the IRS prioritising audits that are viewed as "simple".

 

"For the price of a postage stamp, if the taxpayer doesn't respond, it is an audit that results in an adjustment that recovers money for the IRS," he said.

 

Mr Ho along with researchers at Stanford collaborated with the Treasury Department to examine more than 145 million tax returns and 780,000 audits.

 

Taxpayers who claim the Earned Income Tax Credit, which is for lower-income Americans, were more likely to be audited.

 

But the research found black families were "between 2.9 and 4.4 times as likely to be audited" when compared with the overall population of low- to-moderate-income families who claim the same tax credit.

 

"It's a disturbing disparity," said Mr Ho.-bbc

 

 

 

Why Bud Light and Disney are under attack from conservatives

As conservatives rally around social issues, the Republican Party is clashing with corporate America. Will the fights break its longstanding alliance with big business?

 

At the home of Sarah Fields, a conservative activist and mum-of-three from Texas, some of America's biggest brands are no longer welcome. She cut out Disney first, turned off by children's shows featuring gay couples.

 

Her boycotts of Olay skin products and beers from Bud Light-maker Anheuser-Busch began more recently, after she learned they had worked with transgender social media star Dylan Mulvaney.

 

"My thing is protecting kids and the very first time I ever saw corporations pushing any kind of LGBTQ or any kind of trans ideology towards kids is when I really started to pay more attention," the 36-year-old says. "There are so many different ones [now], I can barely keep track."

 

Sarah became politically active during the pandemic, protesting against lockdowns.

 

Now a delegate to her state's Republican Party, she is one of the players pushing the party to rally around social issues such as gender identity and take on "woke" firms in corporate America.

 

Companies have been caught in the crossfire of America's culture wars before, as the country grows more polarised and firms face pressure from staff, customers and shareholders on the left and right to pick a side.

 

But legislative moves targeting firms mark a new frontier for Republicans, who have traditionally been allied with big business over matters like lower taxes and light regulation.

 

In Florida, state lawmakers voted to remove Disney's power over a district including Walt Disney World theme park, after it criticised a law that banned discussions of gender and sexuality in schools.

 

In Georgia, lawmakers threatened to remove a tax break from Delta Airlines, after its chief executive called changes to voting laws "unacceptable".

 

Meanwhile dozens of states are considering proposals aimed at stopping government from doing business with financial firms that consider environmental, social and governance factors when making investments - moves that had cost one of the major targets of the campaign, BlackRock, more than $4bn in customer funds as of January.

 

The measures have been controversial, including among Republicans, some of whom say the proposals go too far to interfere with private business.

 

Proponents are unapologetic.

 

"My job is to protect taxpayers and my constituents from overreach, regardless of where it comes from," says Blaise Ignoglia, one of the Florida state senators who sponsored the Disney legislation - a fight that has now evolved into a legal battle over free speech. "They turned their backs on parents and children when they decided to support sexualising our most vulnerable youth."

 

Mr Ignoglia says he is not worried about taking on Disney, which has supported him in the past and wields major economic and political heft in Florida.

 

To the contrary, he says, "I live in the second reddest district in the state. My constituents are of the same mindset."

 

Big business has lost its grip on the Republican Party, as the party shifts right and picks up support from voters without university degrees, while losing ground among the college educated, says Prof Mark Mizruchi, a sociologist at the University of Michigan.

 

LGBTQ employees and their supporters walkout of Disney Animation protesting CEO Bob Chapek's handling of the staff controversy over Florida's "Don't Say Gay" bill, aka the "Parental Rights in Education" bill, on Tuesday, March 22, 2022 in Burbank, CA

 

 

In 2022, the share of Republicans saying that large corporations have a positive impact was 26% - on a par with Democrats and less than half of what it was three years earlier, according to Pew.

 

But Prof Mizruchi says politicians' attacks on companies for being woke are "mostly a smokescreen", noting that on issues like unionisation, taxes and regulation corporate America and Republican leaders remain tightly aligned.

 

In the 2022 election cycle, the majority of official corporate political donations went to Republicans, as they have for nearly three decades, according to data from OpenSecrets.

 

"Republicans have to play this very careful game of supporting the wealthy and big business behind the scenes, but making it appear to the public that they're on the side of the little person," he says. "That's why going after the wokeness is a good way to do it - because that's not a bread and butter issue [for corporations]."

 

The financial impact of the conservative backlash appears to be relatively limited so far.

 

At BlackRock, lost funds amounted to less than 2% of its portfolio. The Bud Light sales decline in the first three weeks of April reflected only 1% of Anheuser-Busch overall volumes.

 

But the outcry has altered the mood, says Martin Whittaker, chief executive of Just Capital, a non-profit that ranks firms based on issues such as worker pay and environmental impact.

 

Though many companies are still moving forward with initiatives internally, he says public discussions have become quieter. "You're not seeing CEOs stick their necks out."

 

Disney, which spoke out on the Florida bill under pressure from its employees, has taken legal action against Florida. But other firms appear to be in retreat.

 

articipant seen holding a sign at the protest. More than 100 New Yorkers on the frontlines of the climate crisis, including faith leaders and youth, held a protest outside BlackRock Headquarters in Manhattan, where their annual shareholders meeting took place.

 

 

In BlackRock's annual letter this year, risks from climate barely got a mention, though the firm acknowledged challenges due to opinions "diverging across regions".

 

Credit card firms have said they would delay changes that activists had hoped would help track gun purchases, citing legal uncertainty. And some big financial firms including Vanguard have backed out of initiatives aimed at climate change, pointing to "confusion" about their views.

 

Will Hild is the executive director of Consumers' Research, a group that since 2021 has spearheaded multi-million dollar ad campaigns targeting firms such as Nike, American Airlines, Major League Baseball and Levi's for putting "woke politics above consumer interests".

 

"People forget that in the spring of 2021 you had companies coming out and getting involved in election integrity discussions at the state level in Georgia and Texas," he says.

 

"You haven't seen that in the years since and for us, that's an indication that our campaigns have been successful."

 

Last month, after weeks of attacks from conservative pundits and politicians for its partnership with Dylan Mulvaney, Anheuser-Busch put two executives on leave and released a spate of Bud Light ads studded with imagery of American flags and horses galloping across open country.

 

The company, which did not respond to a request for comment from the BBC, said it did not mean to be "a part of a conversation that divides people".

 

Decried by some on the left, the about-face was seen by Sarah as a victory.

 

"What happened with Bud Light is an amazing start and it should be that way for all corporations," she says. "We need to be less fearful and we need to start using our voice more."-bbc

 

 

 

 

Vodafone to cut 11,000 jobs as new boss says firm 'not good enough'

Vodafone will axe 11,000 jobs over the next three years as the new chief executive sets out her plans to "simplify" the telecoms giant.

 

The cuts equal around a tenth of its global workforce and will affect its UK headquarters and other countries.

 

Margherita Della Valle, who is also Vodafone's finance director, said its "performance has not been good enough".

 

Vodafone has 12,000 staff in Britain, based in seven offices including at its UK headquarters in Berkshire.

 

The firm, which had 104,000 staff worldwide last year, has already outlined plans to cut jobs in some areas.

 

The UK telecoms giant has struggled with higher energy bills which are driving up costs and impacting its profits.

 

It has also seen weaker sales in Germany, its biggest market, as well as Italy and Spain where it has struggled to keep pace with rivals.

 

"Part of that can be tied to falling customer satisfaction levels in those regions," said Matt Britzman, an analyst at investment firm Hargreaves Lansdown.

 

Vodafone's broadband service in the UK was the second most complained about of any major provider in the three months to December, according to the industry watchdog Ofcom.

 

It also faced embarrassment in April when a problem knocked out its broadband services for around 11,000 UK customers.

 

"To consistently deliver, Vodafone must change," said Ms Della Valle, who was appointed as Vodafone's new chief in January, and is serving as its interim finance director until a replacement is found.

 

"My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness."

 

It announced the job cuts after reporting a small rise in full year sales to €45.7bn (£39.7bn) and a fall in pre-tax profits.

 

It also posted a sharp drop in cash flow and forecast earnings would be "broadly flat" for the current financial year.

 

Vodafone's former boss Nick Read stepped down in December following concerns over the company's performance. During his four years in charge the firm's share price fell sharply.

 

Mr Britzman agreed with Ms Della Valle's assessment of Vodafone's business, describing it as "lacklustre" in recent years.

 

He said her honesty about the challenges Vodafone is facing is "refreshing" but investors were yet to be convinced she could turn things around.

 

Shares in the telecoms giant fell by 5% on Tuesday.

 

Victoria Scholar, from Interactive Investor, the share trading platform, said Ms Della Valle had a tough task ahead with shares "languishing at lows not seen since the late 1990s".

 

"She needs to continue to focus on cutting costs, the turnaround plan in Germany and M&A [merger and acquisition] opportunities in the UK and abroad to bolster the firm's market share, find efficiencies, and improve its pricing power."c

 

 

 

 

Record numbers not working due to ill health

The number of people not working in the UK due to long-term sickness has risen to a new record, official figures show.

 

More than two and a half million are not working due to health problems, the Office for National Statistics said.

 

It blamed an increase in mental health issues in younger people and people suffering back and neck pain, possibly due to home working, for the rise.

 

Typically, for every 13 people currently working, one person is long-term sick.

 

Since the start of the Covid pandemic, there were "well over 400,000 more people outside of the labour market due to ill health," Darren Morgan, director of economic statistics at the ONS, told the BBC's Today Programme.

 

As well as an increase in mental health conditions and back and neck pains, Mr Morgan said there had also been "an increase in the category that includes post-viral fatigue, so perhaps long Covid having an impact".

 

Who are the millions of Britons not working?

Are wages keeping up with inflation?

One of the reasons why the UK economy has been doing less well than other developed nations has been the case of the missing workers, after millions stopped working during the pandemic.

 

Getting these people back to work is a key part of the government's plan to get the economy growing again with changes to the rules around health-related benefits and universal credit in the March Budget aimed at helping to address the shortage of workers.

 

The latest figures show mixed progress on this front. Significant numbers of students, carers and even some retired people have started looking for work again, pushing the inactivity rate - the key measure of people not in work - down to 21% - the lowest level in three years.

 

However, the rise in the number of people too ill to work is likely to worry policymakers.

 

"We should be concerned by the high number of people who are economically inactive because they are sick, and progress on tackling inactivity overall is too slow," said Neil Carberry, chief executive at the industry body the Recruitment and Employment Confederation.

 

"It is a year since the ONS reported on high worklessness, labour shortages and high inflation and too little has changed. This is holding the economy back by constraining companies' ability to grow."

 

Sitting with proper posture is one of the best things you can do to prevent back and neck problems.

 

So it is easy to see how spending long hours sitting at a desk, hunched over a laptop could be bad for you.

 

The latest data from the ONS suggests musculoskeletal issues are on the rise, and likely linked to the shift to home working that happened to many of us during the pandemic.

 

If you use a home workstation, the advice is to make sure the top of your computer screen is level with your eyes and about an arm's length away from you.

 

You should be able to relax your shoulders when you are typing and keep your elbows at 90 degrees.

 

Take regular breaks too to stand up, stretch and move around.

 

If you have neck or back pain, chat with your doctor or see a physiotherapist.

 

Employers are also required by law to protect the health and safety of their workers

 

.

Ian, 48, from Manchester used to work in software support, but back and leg problems forced him to leave his job, and he's now waiting for surgery on his back.

 

He told the BBC he's "frustrated" but hopes he can return to work at some point.

 

However, he thinks he will be at a disadvantage when applying for jobs. "The tone changes in the interview," he says, when you tell a potential employer that you have health problems.

 

James, 39, from Durham has been given time off work after having problems with his eyesight.

 

He was recently diagnosed with diabetes and says working from home has led to an unhealthy lifestyle.

 

"My eyesight was badly affected because blood sugar levels were so high. I couldn't really look at screens, so couldn't do work properly."

 

He also says it can be difficult to set up a work desk correctly at home. "In an office, someone sets up the chair properly, they have screens that protect eyes. There are more precautions."

 

Pay squeeze

The latest ONS figures also showed the squeeze on pay remains, with wage increases failing to keep up with rising prices.

 

Growth in regular pay, which excludes bonuses, was 6.7% in the first three months of the year, and pay growth in the public sector was 5.6% - the highest rate since 2003.

 

However, when price rises are taken into account, regular pay fell by 2%.

 

The latest figures from the ONS also showed:

 

the employment rate edged up to 75.9% between January and March, helped by more part-time employees and self-employed workers

the unemployment rate also rose slightly to 3.9%

the number of people on employers' payrolls dropped in April, the first decline in more than two years

job vacancy numbers fell for the 10th consecutive period, although there are still more than one million unfilled posts

the number of working days lost to strikes rose to 556,000 in March 2023, mainly due to walkouts in the health and education sectors.

Long-term sickness graphic

In response to the latest figures, the Chancellor, Jeremy Hunt, said: "It's encouraging that the unemployment rate remains historically low but difficulty in finding staff and rising prices are a worry for many families and businesses."

 

But shadow work and pensions secretary Jonathan Ashworth said the government was a "drag" on the economy with family finances "being squeezed to breaking point by a further fall in real wages" and with fewer people in employment than before the pandemic.-bbc

 

 

 

 

Tanzania: Zanzibar to Produce Its Own Power

Zanzibar — FOR the first time ever, Zanzibar will start generating its own electricity, a move which will reduce dependence on power transported from Tanzania Mainland.

 

This comes after the Zanzibar government on Monday signed a contract with investors to generate 180MW from solar energy.

 

The Power Purchase Agreement (PPA) was signed here between Generation Capital Limited (GCL), and the state-owned Zanzibar Electricity Corporation (ZECO).

 

The investment will be done in partnership between the GCL, a Mauritian-based project development and investment firm and the local company, Taifa Energy which is part of the renowned Taifa Group.

 

 

Currently, the Indian Ocean semi-autonomous archipelagos receive about 130MW from the Mainland's Tanzania Electric Supply Company (TANESCO).

 

Speaking after the signing of the agreement, Zanzibar Minister for Water, Energy and Minerals, Mr Shaibu Hassan Kaduara said: "Today is part of our huge happiness...Zanzibar is going to become independent in power production."

 

The 180MW Solar PV Project, worth 330bn/-, is expected to revolutionise Zanzibar's energy landscape and will ensure the reliable supply of clean and renewable power to the citizens of Zanzibar, the tourism and other industries and will pave the way for a sustainable future.

 

The Revolutionary Government of Zanzibar, through the Zanzibar Investment Promotion Authority (ZIPA), granted GCL strategic investor status following their successful application to invest in Zanzibar, proposing multi-phase 180-megawatt renewable energy facilities in various strategically identified locations in Zanzibar.

 

 

The visionary project will be completed on a fast track to ensure the creation of jobs and sustainable development in key sectors depending on reliable and affordable power supply.

 

The project will be built in phases and will commence with the expedited construction of a 30 MW Solar PV power plant at Bambi, Central District in South Unguja Region that will be completed in 2024.

 

The GCL and their local partner Taifa Group plan to implement the subsequent phases quickly: the current lack of reliable power creates suppressed demand and limits economic growth in Zanzibar.

 

This project will provide an immediate boost to Zanzibar's renewable energy capacity, contributing significantly to the reduction of greenhouse gas emissions and the overall development of Zanzibar.

 

Generation Capital Limited and Taifa Group will also incorporate advanced Battery Energy Storage Systems into later phases of the project, ensuring reliable and efficient energy supply during evening peak demand.

 

"We are thrilled to announce this landmark partnership with the ZECO for the first-ever utility-scale solar PV project in Zanzibar," said Mr Rostam Aziz, Chairman of Taifa Group.

 

He added: "This project represents a significant milestone in our commitment to renewable energy development in Zanzibar and the continent as a whole."

 

Through the partnership, Zanzibar will have access to inexpensive, clean, and reliable power infrastructure that, in turn, will quickly foster economic growth and the betterment of the quality of life for all citizens."

 

Generation Capital Limited and Taifa Group's investment in Zanzibar's solar PV infrastructure aligns with the country's vision.

 

The integration of solar PV into Zanzibar's energy mix supports the Blue Economy agenda enhancing energy security, diversifying the energy mix, and promoting sustainable development.

 

The signing of the PPA signifies the collective dedication and determination of all parties involved to accelerate the energy transition in Zanzibar.

 

-Daily News.

 

 

 

 

South Africa: Govt to Open Bid to Procure Additional Renewable Energy

Mineral Resources and Energy Minister, Gwede Mantashe, on Tuesday told Parliament that government will open a bid in July to procure additional renewable energy.

 

Mantashe, who was delivering his Budget Vote speech for the 2023/24 financial year, said Bid Windows 7 and 8 will each give 5 000 megawatts (MW) of renewable energy.

 

"The requests for proposals for the procurement of this capacity will be issued to the market in the second and fourth quarter of this financial year respectively."

 

In addition, he said the second and fourth quarters will see further requests for proposals for the procurement of battery storage with a capacity totalling 1 230MW.

 

In addition, according to Mantashe, a request for proposals for the procurement of gas-to-power, totalling 3 000MW, will be issued in the second quarter.

 

 

A bid for proposals for the procurement of 2 500MW of nuclear energy will be open in the fourth quarter.

 

To narrow the electricity supply and demand gap, Mantashe said his team would present an updated Integrated Resource Plan (IRP) to Cabinet soon.

 

The Integrated Resource Plan (IRP) 2019 - the country's blueprint policy for electricity generation - is currently under review.

 

"We intend to present the draft to Cabinet in the second quarter of this financial year. Whilst this review is underway, we continue to procure additional electricity informed by the existing policy," Mantashe said.

 

Access to electricity

 

Shifting his focus to government's programme to ensure universal access to electricity for poor households, he said the aim was to connect 917 000 households to the grid.

 

 

Of these, he said 673 946 households now have electricity, while the remaining 243 054 will be connected in this financial year.

 

"This achievement brings us closer to the United Nation's Sustainable Development Goal (SDG) seven."

 

Mantashe said government remained steadfast to realise this developmental agenda, despite 2023 being marred by domestic and global factors affecting the performance of the mining and energy industries.

 

Meanwhile, in line with the reform of the electricity sector called for by the President, Mantashe announced that his department has amended the Electricity Regulation Act to enable the creation of the transmission systems operator (TSO).

 

"The legislation is before this House. We appeal to Members to speedily table it for discussion and conclusion."

 

Through the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) and the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), the Minister said government has procured 7 786MW through Bid Windows 4, 5 and 6.

 

 

In addition, he said 2 130MW is connected to the grid and the Minister hopes that the 150MW and 784MW will be operationalised in November 2023 and August 2024, respectively.

 

"Notably, the single-most challenge we face to address the energy crisis is the grid unavailability. For instance, 3 200MW wind capacity of the 4 200MW, procured under Bid Window 6, could not be allocated due to grid unavailability."

 

Mantashe stressed that grid availability is critical to securing electricity supply in the future.

 

"It impacts not only on the public procurement programmes but also on private embedded generation initiatives."

 

Liquefied petroleum gas (LPG)

 

According to the Minister, the demand for liquefied petroleum gas (LPG) has doubled in the last 10 years and is poised to grow more.

 

"LPG can reduce demand for electricity during peak hours, thereby minimise the severity of load shedding.

 

"We wish to encourage consumers to use this efficient source of energy for space heating."

 

Ocean economy

 

The Minister said government is working hard to attract investments in the oil and gas sector, and bringing communities on board to see the benefit of this for development.

 

"In 2022, we undertook consultations in seven kingdoms and fishing communities in the Eastern, Northern, and Western Cape provinces.

 

"The consultations helped us appreciate real and prevailing sentiments about oil and gas developments. These sit in contrast to lobby groups, mostly foreign-funded, that pit the development needs of poor communities against their own self-serving, self-proclaimed protection of the environment," Mantashe said.

 

He said litigation adversely affects South Africa's economic development.

 

He cited ENI and Equinor that exited the South African market amid environmental, logistics and operating concerns.

 

"We have initiated engagements with the Department of Justice and Constitutional Development aimed at ensuring that our Constitution meets its inherent developmental mandate," the Minister said.

 

-SAnews.gov.za.

 

 

 

South Africa: SA's Unemployment Rate Rises to 32.9 Percent, With 85,000 Domestic Worker and Gardener Jobs Shed

South Africa's unemployment rate rose to 32.9% in the first quarter of 2023 from 32.7% in the last quarter of 2022. One worrying trend is that 85,000 jobs were lost in private households, which would be domestic staff and gardeners. This suggests middle-class households are financially strained while others are immigrating.

 

Load shedding is job shedding; it's as simple as that. All the talk by ANC mandarins about confronting the terrible trifecta of unemployment, poverty and inequality is pie in the sky if Eskom can't provide reliable power.

 

Data unveiled on Tuesday by Statistics South Africa (Stats SA) showed the unemployment rate edged up to 32.9% in Q1 of this year compared with 32.7% in the last quarter of 2022 when the economy contracted by 1.3%.

 

While the number of employed persons rose by 258,000 to 16.2 million in the first three months of the year compared with the previous quarter, the unemployment rate still increased because of a flow from the "not economically active category".

 

"It was observed that a large number of persons moved from the 'not economically active' category to 'employed' and 'unemployed' statuses between the two quarters, which resulted in an increase of 0.2 of a percentage point in the unemployment rate to 32.9%," Stats SA said.

 

Considering the sheer scale of the power crisis which is shredding economic growth while simultaneously fuelling inflation because of the costs businesses incur to keep the lights on -- a classic case of what economists term stagflation -- one supposes...

 

-Daily Maverick.

 

 

 

Nigeria: Aviation Experts Discuss Sustainability Issues Amid Challenges

The experts spoke during the second edition of the FAAN National Aviation Conference held in Abuja.

 

Aviation experts on Monday converged in Abuja to discuss the challenges hampering growth and development in Nigeria's aviation industry in order to proffer sustainable solutions.

 

The experts spoke at the ongoing second edition of the Federal Airports Authority of Nigeria (FAAN) National Aviation Conference holding in Abuja.

 

This year's conference, themed "Sustainability of the Aviation Industry in Nigeria," hosts aviation experts from the private and public sectors, in an effort to chart the way forward for the development of Nigeria's aviation industry amidst a myriad of challenges.

 

 

The conference

 

In his remarks, FAAN's Managing Director, Rabiu Yadudu, explained that the agency's primary aim of creating and institutionalising the conference is to provide a unified platform for all industry stakeholders to come together, with a view to discussing challenges within the sector and providing viable solutions.

 

"It is also our intention to use this forum to highlight available investment opportunities in the industry, in order to attract prospective investors, who are desirous of making great returns on their investments," he said.

 

He emphasised that the conference would continue to serve as an open market, or meeting point for the private sector to tap into a world of opportunities to invest and generate incredible returns on their investments.

 

 

"We are happy that some State Governments and private investors, who participated at the maiden edition of this conference are already taking good advantage of the business opportunities available in the industry, and are already positioning their States and organisations strategically for greater productivity and profitability," Mr Yadudu said.

 

Mr Yadudu noted that there are three models of sustainability including economic viability, environmental protection, and social equity, noting that sustainability can only be achieved through collaboration, control, communication, and commitment.

 

At the first edition of the conference last year, Nigeria's Aviation Minister, Hadi Sirika, urged all relevant stakeholders in the industry to invest in airports across the country.

 

"Our four airports, for now, are being approved and designated as free zones. I want all of you to come and invest. Particularly, in Abuja, we have 12, 000 hectares of land or if my maths is correct, 24, 000 acres of land, all available as free zones in this federal capital territory," the minister said at the time.

 

 

On Monday, Mr Sirika, who was represented by the ministry's permanent secretary, Emmanuel Meribole, said he hopes that the recommendations that will evolve from the conference will impact the system in no small measure such that the nation's aviation will further gravitate towards achieving globally acceptable Standards and Recommended Practices (SARPS).

 

"...Undoubtedly, we have met with lots of brick walls and bureaucratic bottlenecks, yet we forged ahead decisively and now all the components are at the finishing lines, the foundation having been solidly laid," the minister said.

 

Challenges

 

During his presentation on the sustainability of aviation industry in Nigeria, the Nigerian Civil Aviation Authority (NCAA) Director General, Shuaibu Nuhu, noted that the main challenges bedevilling the Nigerian aviation industry include operational costs, debts, poor access to foreign exchange, and high cost of aviation fuel.

 

"The cost of Jet A1 fuel is a major problem because it has tripled...," he said.

 

Recently, the rising cost of aviation fuel and forex scarcity have worsened performance of operators in the sector in recent times. The ripple effect is evident in suspension of operations among airlines, increase in ticket fares, among others.

 

A review of air tickets prices across major domestic airline companies such as Air peace, Ibom Air, Max Air, and Azman among others shows that the minimum prices for air tickets rose significantly in recent months.

 

In her remarks, Senate Committee on Aviation Chairperson, Biodun Olujimi, explained that Nigeria's aviation sector is bedevilled with several challenges, adding that the problem is that Nigeria cannot enforce many of its laws.

 

"The country's aviation industry will suffer if there's continuous astronomical increase in airfare," she said.

 

Speaking further on aviation fuel during a panel session, Peter Dia, a representative of the Oil Marketers Association, said the rising cost of Jet A fuel is triggered by the high exchange rate of the dollars and importation charges.

 

"Unfortunately we are not producing Jet A fuel in Nigeria. We import all the Jet fuel we are selling in this country and then we continue to battle with taxes and charges from different agencies when the Jet fuel arrives Nigeria," he said.

 

Way forward

 

On his part, a former Director General of the Nigerian Airspace Management Agency, Roland Iyayi, emphasised that there is a need for Nigeria to mine data and develop a credible database for the entire aviation industry before talking about growing the sector.

 

"We need to see how we will be able to use what we have to get what we need," he said, adding that airlines are at the nose of the aviation business and that there is a need to remove all the bottlenecks and constraints to growth.

 

"The future is bright if all the constraints in the sector can be removed," he said.

 

Also, Matthew Pwajok, NAMA Director General, said the agency is looking at developing satellite communications, surveillance and navigation across major airports in the country but the facilities are capital intensive.

 

He said investing in satellite systems is a way forward for airlines to cut operational costs.

 

Similarly, Airports Council International Africa (ACI Africa) President, Emmanuel Chavez, noted that the future of the country's aviation sector is bright and that Nigeria should leverage on its population size to attain success in the industry.

 

"The future of Nigeria is big, but there are more to work on in order to optimise success," he noted.

 

-Premium Times.

 

 

 

Nigeria: Leading Nigerian Bank Opens French Subsidiary in Paris

Access Bank, one of Nigeria's top financial institutions, has opened a subsidiary in Paris as it seeks to extend its foothold in French-speaking Africa.

 

"The objective is to support trade between France and Africa," Herbert Wigwe, CEO of Access Holdings PLC, told RFI.

 

The bank's operations will focus on trade finance, beginning by capitalising on flows between France and countries in Africa, particularly French-speaking nations.

 

"Most people would cite francophone Africa as the first port of call for everything in the UEMOA [West African Economic and Monetary Union] zone, CEMAC [Economic and Monetary Community of Central Africa], which also includes central Africa, and of course places like Rwanda and so on," Wigwe caid.

 

Last week he took over leadership of the French-Nigerian Business Council, which was set up by French President Emmanuel Macron in 2021 to boost ties between companies from the two countries.

 

 

Macron's Nigeria links

 

Macron reportedly has a personal connection to Nigeria, having done a six-month internship at the French Embassy in Lagos in 2003.

 

He is known to be keen to broaden France's ties with English-speaking Africa and deflect from the interventionist "Françafrique" policies that have dogged France's relationship with its former colonies for decades.

 

Macron met Wigwe at the end of last week at the Elysée Palace to talk about extending the bank's activities in France and French-speaking Africa.

 

"President Macron asked us to come here," Wigwe said, highlighting historical ties between France and Nigeria.

 

"There is also significant business for France outside the francophone zone", he said.

 

Brexit opportunities

 

Access Bank's Paris operations will be overseen by the group's British subsidiary, "so it's a start in terms of support and direct facilitation of business coming from France to Africa", according to Wigwe.

 

While the bank currently has a strong presence in the UK, Brexit forced a rethink, including the need to have a presence in a country in the European Union.

 

Not only does France provide that platform, Wigwe said, "Brexit has created a lot of opportunities for France" too.

 

Access Bank is one of the five largest banks in Nigeria, with "a presence in over a dozen countries across four continents", said Roosevelt Ogbonna, managing director of Access Bank PLC, at the launch in Paris on Thursday.

 

The launch of operations in France is an important step towards achieving the goal of bridging worlds and connecting opportunities for African businesses, Ogbonna said.

 

-RFI website.

 

 

 

Uganda: Posting Potholes On Social Media Will Not Make Us Lose Sleep - Government

The Minister of ICT, Information and National Guidance Chris Baryomunsi has said that the government is not bothered by a section of Ugandans who have created a trend of posting things on social media in an attempt to cause embarrassment to those in charge.

 

Baryomunsi used the recent example of a campaign to expose the dilapidated roads in the city and country that was championed by cartoonist Jimmy Spire Ssentongo.

 

He said that whether people post on social media or not, the government is aware of what needs to be done and no one would lose sleep because of any bad images of the same.

 

 

"As the government, we know what we are supposed to do, whether you post it on social media or not. I will not lose sleep because a picture of a pothole has been posted on social media," Baryomunsi said during an interview on NBS TV.

 

Baryomunsi now claims that such attempts are being driven by interests from external activists, paying Ugandans to blackmail their government.

 

"As a government, we wake up and go to the office early because we have to work for the people of Uganda. We know that there are some external activists that pay people to blackmail the government," he said.

 

"You can't say that simply because there are potholes in some parts of Kampala, all the roads in Uganda are like that. We all know there are parts with good roads. We have no problem with people exchanging information if it's in good faith," he added.

 

Baryomunsi said that it is not bad to highlight the situation of certain things in the country, but the "problem is if you do it for the wrong reasons like inciting the public, misinforming, and abusing others."

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

Africa Day

 

May 25

 


 

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

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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