Major International Business Headlines Brief::: 18 May 2023

Thu May 18 09:14:11 CAT 2023

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Major International Business Headlines Brief::: 18 May 2023 

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

ü  TikTok: Montana to become first US state to ban app on personal devices

ü  Legend of Zelda game sells 10 million copies in three days

ü  Elon Musk: I will say what I want even if it costs me

ü  Chancellor Jeremy Hunt: Office working should be default

ü  How computer games encourage kids to spend cash

ü  Food bank uses tech to plug donation shortfall

ü  Purplebricks snapped up by rival Strike for £1

ü  Vauxhall-maker warns Brexit may force it to close UK factory

ü  Eleven million Britons struggling to pay bills

ü  South Africa: Sidestepping Questions, Gordhan Lashes De Ruyter for
'Messianic and Hero Figure' Tendencies

ü  South Africa: SA's Ever-Closer Ties With Russia Jeopardise R60bn in
Annual Exports to US Under AGOA Deal

ü  Africa: 91% of Sub-Saharan African Workers Don't Save for Old Age - Why
That's a Problem and How to Fix It

ü  Rwanda: Uganda Resumes Works on Rail Link to Rwanda

ü  Nigeria: Bayelsa Oil Spills Cleanup to Cost U.S.$12 Billion - Report

ü  Kenyan Tycoon Mwale to Invest in Consortium Buying Forbes - Report

ü  South Africa: Treasury's 'Bounce Back' Measures to Help Households With
Solar

ü  South Africa: Cannabis, Indigenous Plants Project in Ilembe a Boon for
Communities

ü  South Africa: Cannabis, Indigenous Plants Project in Ilembe a Boon for
Communities

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

on TikTok: Montana to become first US state to ban app on personal devices

Montana is set to become the first US state to ban Chinese-owned media giant
TikTok from personal devices.

Governor Greg Gianforte signed the ban into law on Wednesday. It is due to
take effect on 1 January.

The video-sharing platform says the ban "infringes on the First Amendment
rights of the people of Montana".

TikTok has come under scrutiny from authorities around the world over
concerns that data could be passed to the Chinese government.

Mr Gianforte, a Republican, told lawmakers that a wider ban would further
"our shared priority to protect Montanans from Chinese Communist Party
surveillance."

TikTok said in a statement that it was used by "hundreds of thousands of
people" in Montana.

"We want to reassure Montanans that they can continue using TikTok to
express themselves, earn a living, and find community as we continue working
to defend the rights of our users inside and outside of Montana," it added.

TikTok is expected to challenge the legislation in the courts.

Last month, lawmakers in Montana passed a bill banning TikTok on personal
devices by a vote of 54 to 43.

The law will make it illegal for app stores to offer TikTok, but does not
ban people who already have TikTok from using it.

Montana, which has a population of just over 1m, banned the app on
government devices last December.

TikTok says it has 150m American users. Although the app's user base has
expanded in recent years, it is still most popular with teenagers and users
in their 20s.However, there are concerns across the US political spectrum
that TikTok could be a national security risk.

TikTok is owned by ByteDance - a Chinese company.In March, a congressional
committee grilled TikTok chief executive Shou Zi Chew about whether the
Chinese government could access user data or influence what Americans see on
the app.

Mr Shou repeatedly said that it would never spy on Americans - despite
admitting that employees had used the TikTok accounts of journalists to
obtain information about them.

Earlier in March, the US government said ByteDance should sell TikTok or
face a possible ban in the country.

The penalties apply to companies, but not individual users. Firms that break
the law face penalties of up to $10,000 (£8,012), which would be enforced by
Montana's Department of Justice.

It means that technology giants like Apple and Google could face fines if
they allow TikTok to be downloaded in Montana from their app stores.

TikTok's owner ByteDance has repeatedly denied it is controlled by the
Chinese government.-bbc

Legend of Zelda game sells 10 million copies in three days

Nintendo has announced its latest game in the Zelda series has sold more
than 10 million copies in just three days.

The Legend of Zelda: Tears of the Kingdom had become the fastest-selling
Zelda game so far, it said.

For comparison, The Legend of Zelda: Ocarina of Time - the highest-rated
game on gaming-aggregator Metacritic - sold 7.4 million copies over its
entire run.

Tears of the Kingdom was released as a Nintendo Switch exclusive on Friday.

And it has already sold more copies than any other Zelda game except Breath
of the Wild, to which it is a sequel.

Breath of the Wild, released on both Switch and Wii U in 2017, sold almost
30 million units, according to Statista.

Skip twitter post by Nintendo of America

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Meanwhile, 2022 Game Awards prize-winner Elden Ring had sold an estimated
20.5 million units as of March 2023. But the fantasy game, made by the
developers of successful role-playing series Dark Souls, was released on
many consoles, spanning the PlayStation 4, PlayStation 5, Xbox One, Xbox
Series X and even PC.

Tears of the Kingdom has also become 2023's biggest physical video-game
launch in the UK, according to GamesIndustry.biz, selling twice as many
physical copies as Hogwarts Legacy.

Piers Harding-Rolls, of Ampere Analysis, told BBC News: "The huge opening
sales of the latest Zelda places it amongst the biggest paid-for games ever
released.

"With estimated gross sales of well over $600m [£480m], this title is
comparable to some of the best-ever launches but falls a little short of the
very biggest.

"For example, Grand Theft Auto V delivered over $1bn in sales in its
three-day launch window.

"Zelda has always been a beloved franchise for Nintendo fans but the success
of the Switch console and the reinvention of the franchise into an
open-world experience has transformed its appeal."-bbc

Elon Musk: I will say what I want even if it costs me

Twitter owner Elon Musk has defended his controversial social-media
presence, saying he will "say what I want" even if it loses him money.

Mr Musk was responding to accusations of antisemitism on Twitter, after his
tweet George Soros "hates humanity" was criticised by the Israeli
government.

The tweet was seen as playing into frequently debunked conspiracy theories
about the Jewish philanthropist.

But Mr Musk told CNBC he held no antisemitic views.

He also used the interview to call working from home "morally wrong" and
criticise technology rival OpenAI.

Trending figures

Soros Fund Management cut back the shares it owned in Mr Musk's Tesla
company, in May.

But company founder Mr Soros is a regular target of conspiracy theories by
right-wing figures in the US.

And the Israel Foreign Ministry retweeted a post from the country's digital
diplomacy director, David Saranga, sharing Twitter trending figures showing
more than 27,000 tweets using the term "The Jews" following Mr Musk's post.

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Former Labour MP David Miliband, Foreign Secretary under Gordon Brown,
called Mr Musk's remarks "totally disgusting" and said he should retract
them.

But this was not the only part of the interview to draw criticism.

Mr Musk was also questioned about a tweet in which he asked whether a mass
shooting had been part of "a very bad psy-op" - a baseless conspiracy
theory.

A "psy-op" - or "psychological operation" - is a military term for actions
used to target and influence behaviours.

False claims

Mr Musk's words carry considerable weight.

One of the world's richest and most influential people, he also owns one of
its largest social-media platforms - where he has the single biggest
account, with nearly 140 million followers.

But in recent months, Mr Musk has increasingly been engaging with false or
misleading claims on Twitter.

His remark about the Texas shooting - and Bellingcat, an investigative
organisation that reported on it - are the latest in a series of such
Twitter engagements by Mr Musk.

Previously, he had repeated misleading claims about:

While Mr Musk often tries to be careful with the wording of his tweets, he
has been more explicit in promoting the false claim the Texas shooter did
not have a neo-Nazi ideology and his online profile might have been a
"psy-op".

This is despite major news outlets reviewing and verifying the shooter's
online profiles and Texas police confirming he had extremist and neo-Nazi
beliefs.

Some of Mr Musk's recent tweets have been fact-checked by Community Notes, a
Twitter feature that allows users to add context to false or misleading
claims via a voting system.

Elsewhere in the interview, Mr Musk also took aim at working from home.

"It's not just a productivity thing," he said. "It's morally wrong." And it
was unfair some people, such as baristas or shop assistants, had to attend
work in person while others did not.

Mr Musk also suggested the way OpenAI had developed technology such as
ChatGPT was unsafe.

He said earlier on Tuesday that he was the reason OpenAI existed and in the
interview added that he had come "up with the name".

In March, Mr Musk was one of many public figures to sign a letter asking for
artificial-intelligence development to be put on hold so safeguards and
regulation could catch up.

But the following month, he created rival AI company X.AI.

OpenAI chief executive Sam Altman has not responded to Mr Musk directly but
appeared before a Senate Committee on Tuesday calling for AI growth to be
regulated.-BBC

Chancellor Jeremy Hunt: Office working should be default

The "default" location for workers should be in the office unless there is a
good reason to work from home, the Chancellor has suggested.

Jeremy Hunt said while working remotely had produced "exciting
opportunities", he was worried about "the loss of creativity" when it is
permanent.

"The default will be you work in the office unless there's a good reason not
to be in the office," he said.

Flexible working has become the norm for many workers since the pandemic.

But there has been a split across different sectors since lockdown
restrictions have been eased.

Some firms told their staff they needed to return to the workplace, while
others opted for so-called "hybrid" working patterns, where employees could
come in to offices on certain days and work remotely on others.

Other businesses allowed workers to do their jobs from home on a permanent
basis.

The most recent official figures suggest the majority of people - 63.9% -
never work from home, while 21.4% work from the office and remotely. Just
7.8% of workers were based at home permanently, the survey found.

Speaking at the British Chambers of Commerce conference in London, the
chancellor said it was "something for businesses to find their own way
through", but added he believed the default for many would be to work from
offices.

"I worry about the loss of creativity when people are permanently working
from home and not having those water cooler moments, where they bounce ideas
off each other," he added. "I think that's why businesses are saying they
want people back unless there's a reason."

Mr Hunt admitted that there were "some very exciting opportunities created"
by workers being able to use programmes like Zoom and Microsoft Teams to
conduct meetings remotely.

He suggested that it helped parents with childcare and it also helped people
with mobility issues.

Andrew Mawson, founder of Advanced Workplace Associates, which supports
flexible working, said the chancellor was focussing "on the wrong issue" by
suggesting workers should return to offices.

"If we want to get more people back in the workforce we need to design work
to fit the way people live, the technology they use, and the opportunities
for flexible working," he said.

"There may be ways that working together in a physical space can add value,
but not for every task and not every day."

Meanwhile, consultancy firm Deloitte said a survey it conducted found more
than three-quarters of UK Gen Zs (77%) and millennials (71%) would consider
looking for a new job if their employer asked them to go into their
workplace full-time.

Kate Sweeney, partner and human capital lead at Deloitte, said that younger
workers "expect to be able to flex their work to accommodate their personal
life".

"Employers who recognise this desire for choice and support this are more
likely to attract, retain and motivate the best talent from these two
generations," she added.

The Recruitment and Employment Confederation said there were 1.1m job
postings in April that included "flexible", "hybrid" or "remote" working.

'Pivotal moment'

The chancellor's comments came after the boss the BCC warned UK business
needed a "fresh relationship" with the government

Shevaun Haviland, director-general of the major business lobby group, said
it was a "pivotal moment for the voice of British business" with an election
looming in 18 months' time.

Opening the BCC's annual conference Ms Haviland said companies had been hit
by "eye-watering" energy bills, rising interest rates and a "cripplingly
tight labour market".

Through its regional branches, the British Chambers of Commerce claims to
represent tens of thousands of UK businesses employing almost six million
people. It hosts networking events, shares best practice and lobbies
government for pro-business policies.-BBC

How computer games encourage kids to spend cash

Nara Ward says keeping track of her kids' spending when they are playing
their favourite computer games is a full-time job.

Ms Ward lives in Barbados with her husband and sons, Finn, 14, and Leif, 12.

When Leif started playing Roblox, he began asking for robux - the game's
currency - that allows players to upgrade their character or buy virtual
items. So his grandparents gave him $200 (£159) Apple credit for Christmas.

"To my shock, he spent all of it in a matter of days," says Ms Ward. "After
that, I gave him no more than $10 worth of robux per month. He quickly
became frustrated and bored with the game."

Leif moved on to World of Tanks, which also requires players to upgrade
their weaponry using PlayStation credit.

"However, this game has the option to watch ads to gain credit," says Ms
Ward. "He would do that out of desperation when he had used up his monthly
gaming allowance."

Ms Ward says her younger son has yet to learn self-control or money-sense.

"It's something that I have to police constantly."

Rather than profiting from the initial sale of a video game, many of today's
gaming companies rely on revenue generated by in-game purchases, or
microtransactions.

The content purchased can be purely aesthetic - dance moves, skins or
clothing.

Alternatively, in-game purchases can provide a tactical advantage to the
gameplay - extra lives, character upgrades or weapons - providing a lead
over players who did not purchase the additional content.

The global online microtransaction market is forecast to grow from $67.94bn
in 2022 to $76.66bn in 2023.

However, there are signs of a backlash from experts and consumers alike.
Also, some companies are promising new releases that are in-game
purchase-free.

Gaming companies use behavioural psychology to manipulate users into
spending, says Prof Sarah Mills, and the link between gaming and gambling is
becoming "increasingly blurred", she explains.

Ms Mills is professor of human geography at Loughborough University. Her
research found gambling techniques make gamers play for longer and spend
more money, and drive repeat buying.

Vicki Shotbolt, chief executive of Parent Zone, an organisation which helps
parents navigate the digital world for their children, is more specific
about how games incentivise players to part with their money.

By spending players can "avoid the grind" - where making an in-game purchase
means you avoid hours of monotonous gaming to progress to another level.

"Fun pain" is where you risk losing something important if you don't make a
purchase.

Meanwhile, "obfuscation techniques", like in-game currencies, make it hard
to see how much you're really spending.

Another tactic is the use of "loot boxes". Players buy a box without knowing
what's inside. It could contain a game-changing item - but more often than
not the prize is nothing more than a mediocre customisation.

"Young people recalled senses of shame when they reflected on the amount
they spent trying to gain a rare item, even if they were successful," says
Prof Mills.

And - despite many children saying they dislike in-game purchasing -
spending money on microtransactions has become an expectation.

While spending on games has risen, some argue that playing games can benefit
young people and fears are exaggerated.

Gaming as a form of play has been found to relieve stress, help develop
cognitive skills and combat loneliness.

As a teenager Zhenghua Yang, from Colorado, spent two years in hospital.

"I played a lot of video games. The single-player games made me feel like a
hero. The multiplayer games connected me to other people. I made life-long
friends all over the world."

In 2014, Mr Yang founded Serenity Forge, a gaming company on a mission to
help others. To date, more than 20 million people have played the firm's
games.

"We are in the business of expanding people's horizons," says Mr Yang.

Serenity Forge does not use microtransactions but, says Mr Yang, that could
change in the future if they found them to contribute to "meaningful,
emotionally impactful games that challenge the way you think".

The impact of microtransactions, says Mr Yang, depends on the vulnerability
of the user.

"Like a credit card can be dangerous for someone in an inappropriate
context, so too can microtransactions. However, credit cards can also serve
an important function and in-game purchases can be important to a gamer
engaging with their favourite game."

Sarah Loya's son Andrew, 14, spends almost all his pocket money on gaming
but, she says, that isn't a problem and gaming makes him happy.

"He plays daily, after school and on the weekends. I don't really see much
of a negative. He's a smart kid and knows the difference between reality and
fantasy."

Ms Loya lives in Texas with Andrew, and his brother Rex, 6.

"My bank account is linked to Andrew's subscription, so I would see if he
purchased something without permission," says the 43-year-old, "but he
always asks me before making a purchase."-BBC

Food bank uses tech to plug donation shortfall

Food banks are having to buy groceries at high prices because donations fail
to meet demand from families in need.

The Trussell Trust said 13% of food in emergency parcels was bought, whereas
before the pandemic it was all donated.

Donations do not always match their most-needed items meaning charities have
to buy more to cover shortages.

But new software may be helping solve this problem, by telling people
exactly which groceries and toiletries are running low in their local food
bank.

Paul McMurray, from North Shields, has created Donation Genie - a website
that displays the items that are most needed at each specific food bank
across the UK.

Paul McMurray., who created Donation Genie

Visitors to the site can enter a postcode or area and it will show the four
nearest food banks and which items they are in most need of.

Mr McMurray, a software engineer at Accenture used days offered by his
company to do charity work to develop the idea.

"We want to use the simplicity of technology and kindness of people, then
join them together to direct the right food to the right people."

That could lead to "less hunger, less waste, and less food poverty", he
said.

Map of the UK, detailing the percentage change in the number of food bank
parcels delivered by the Trussell Trust over the last year. Title says 'all
areas saw an increase in food bank use'. Wales rose by 41%. Scotland by 30%.
The largest region rise in England was the North East, which rose by 54%.

The need is clear from data in his area. There was a 54% rise in food
parcels handed out in the North East of England in 2022-23 compared with the
previous year, among a record three million across the country, according to
The Trussell Trust - the UK's largest food bank provider.

Nearby, the network of 36 food banks in County Durham and Sunderland
provided food to 2,000 people at the start of last year. By this March, that
had risen to more than 4,000 with children accounting for more than a third
of them.

Food prices rising at their fastest rate for 45 years has "really affected
donations", according to Jonathan Conlon, distribution manager for
Sunderland and County Durham food banks.

"Month-on-month, donations are decreasing - less food is coming in to the
warehouse from the public. At the same time, the number of people using food
banks is increasing," he said.

Food price rises chart

It is the same story at the other end of the country. In Bromley, south east
London, the Living Well food bank spent more than £5,000 in April on
groceries to give out. Before Covid it ran on donated food alone. Among
those who need it now are families with working parents, including one who
has three jobs.

Elsewhere, figures from surveys by the Charities Aid Foundation show that
financial donations to food banks peaked in the run-up to Christmas, then
slumped in February, although there has been some recovery since. Food banks
told the charity that donated supplies had been "erratic" at best.

Jonathan Conlon, distribution manager for Sunderland and County Durham food
banks

Image caption,

Jonathan Conlon says donors are also stretched as prices have risen

Mr Conlon, from the Durham food banks network, said any donations were
welcome but, in general, there was a greater need for toiletries, as well as
tinned meat and fish.

People were more likely to drop pasta, cooking sauce and tins of beans in
the collection baskets at supermarkets and churches. Evidence of the
mismatch was all around him in a warehouse where a team of volunteers were
sorting items primarily given by the public.

The solution, he said, was to think more creatively.

Human-centric technology like Donation Genie is one example of that,
community spirit is another.

Warning prices to be higher for longer as rates rise

How much are prices rising for you? Try our calculator

A few miles away in Gateshead, some of the residents of Bensham Court
sheltered accommodation are playing bingo. Hot dog sausages and tins of
coffee are the prizes, signalling the shift in what may be considered a
lucky luxury as prices soar.

One flat at Bensham Court has been converted into am emergency food bank. It
is a lifeline for some of the 135 residents, all of whom are aged over 50.

Poonam. who lives at Bensham Court

Image caption,

Poonam says neighbours are helping each other through tough times

However, there is such togetherness, that they are planning to top this up
with food grown in a new allotment in the grounds of the 1960s tower block.

According to Julie Bray, social prescribing link worker at the local GP
practice, such activities are bringing health as well as financial benefits.

"That keeps them away from their GPs, it stops them from taking medication,
and is making them resilient again."

Poonam lives here, has struggled financially, but said she had received
vital help and support since she moved in, making her feel part of a family
- and that, she said, was priceless.

-BBC

Purplebricks snapped up by rival Strike for £1

Troubled online estate agent Purplebricks has agreed a deal to sell its
business and assets to rival Strike, for the token sum of £1.

Purplebricks' aim was to create a lower-cost, more flexible estate agent by
charging house sellers a flat rate.

But the UK firm, which was once valued at more than $1bn (£800m), put itself
up for sale in February.

It said the deal will lead to job losses, and that its boss will step down
after the sale.

The announcement sent its shares tumbling by around 40%.

Over the past 18 months there have been a number of management reshuffles at
the company, a restructure, and one of its shareholders called for the
removal of its chairman, Paul Pindar.

The company revealed in February that it expected to lose between £15-£20m
this year.

It said last week that it was in exclusive talks with Strike.

The sale price of £1 is down to the company burning through cash, the BBC
understands.

The firm is spending £3m per month on costs including staff, hosting and
marketing.

Purplebricks has been making staff redundant over the past 12 months, and
sales have taken a hit.

But out of more than 750 employees, the BBC understands the firm will try to
keep many on.

Its chief executive Helena Marston is set to resign after the sale
completes, and a number of directors will also step down.

Mr Pindar said: "I am disappointed with the financial value outcome, both as
a 5% shareholder myself and for shareholders who have supported the company
under my and the board's stewardship.

"However, there was no other proposal or offer which provided a better
return for shareholders, with the same certainty of funding and speed of
delivery necessary to provide the stability the company needs."

The firm said the deal would transfer its £33m liabilities to its new owner.

Purplebricks was founded in 2012 by brothers Michael and Kenny Bruce, who
grew up on a council estate in Larne, County Antrim.

The company had early success, but it has seen its share price fall 98% over
the past five years.

In 2017 its shares suffered after a BBC Watchdog investigation into
allegations that it had made misleading claims to customers.

A year later, stockbrokers Jefferies said selling with Purplebricks was a
"£1,000 coin toss".

Unlike traditional estate agents, its customers had to pay the fee
regardless of whether the property sold, Jefferies said.

Strike is backed by the Carphone Warehouse and TalkTalk founder Sir Charles
Dunstone - who is a partner at Strike's joint major shareholder Freston
Ventures.

Sir Charles said the deal was "a positive outcome for anyone looking to sell
their home".-BBC

Vauxhall-maker warns Brexit may force it to close UK factory

One of the world's biggest carmakers has warned it may have to close UK
factories if the government does not renegotiate the Brexit deal.

Stellantis, which owns Vauxhall, Peugeot, Citroen and Fiat, had committed to
making electric cars in the UK, but says that is under threat.

It warned it could face tariffs of 10% on exports to the EU due to rules on
where parts are sourced from.

In response to the comments, Rishi Sunak said he believed in Brexit.

"I voted for Brexit, I believe in Brexit," the prime minister told reporters
while travelling to the G7 Summit of world leaders in Japan.

Mr Sunak cited what he called "Brexit benefits" he introduced as chancellor
and reforms to retained EU law which he said would save business a billion
pounds a year.

He did not directly address concerns made by Stellantis, but a spokesperson
said the government was "determined" UK car making would remain competitive.

It is the first time a car firm has openly called for a renegotiation of the
terms of the Brexit trade deal, and the BBC understands all major
manufacturers in the UK have raised similar concerns with government.

Stellantis warned that if the cost of electric vehicle manufacturing in the
UK "becomes uncompetitive and unsustainable, operations will close".

The car giant called on ministers to come to an agreement with the EU to
maintain the status quo until 2027, with a review of arrangements for
manufacturing parts in Serbia and Morocco.

Labour's Sir Keir Starmer said the country needed "a better Brexit deal" to
ensure firms such as Vauxhall could continue operating in the UK.

Sources said Business and Trade Secretary Kemi Badenoch had a "constructive"
virtual meeting with Stellantis on Wednesday, with them "cautiously
optimistic" after conversations with the EU which recognised a deal was in
both parties' interest.

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

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

But the firm told a House of Commons inquiry the current trade rules posed a
"threat to our export business and sustainability of our UK manufacturing
operations".

>From next year, 55% of the value of an electric car should originate in the
UK or EU to qualify for trade without tariffs. This will rise to 65% in
2027.

Stellantis said it was "now unable to meet these rules of origin" due to the
recent surge in raw material and energy costs.

Why rules of origin are a headache for manufacturers

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, exports of its UK-made cars "would be subject to 10% tariffs" from
next year, it said.

This would make the UK an uncompetitive place to manufacture cars compared
with Japan and South Korea, it added.

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

Car making in UK decline since Brexit vote chart

A government spokesperson said ministers will take "decisive action" to
ensure future investment in the industry but Labour said car makers had been
let down by a "government in chaos".

'Running out of time'

Trading rules around electric cars were one of the very last issues settled
in the Brexit negotiations in 2020.

But Stellantis warned the current rules meant manufacturers could relocate
abroad, pointing to BMW's decision to make its new electric Mini in Germany
and Honda's closure of its plant in Swindon.

Along with trade barriers, a core problem remains the lack of electric car
battery plants in the UK, when compared with the US, China and EU which are
pouring subsidies into electric car making.

Former Nissan executive and battery start-up businessman Andy Palmer said
the UK was "running out of time" to develop its own battery manufacturing
industry.

Gigafactory

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

Meanwhile, the Spanish government is currently trying to woo the UK's
biggest car manufacturer, Jaguar Land Rover, into building a gigafactory in
Spain.

With the rules due to tighten again in 2027 experts believe UK exporters
will find it impossible to sell cars overseas tariff free unless they can
source batteries domestically.-BBC

Eleven million Britons struggling to pay bills

The number of adults struggling to pay their bills and debts has soared to
nearly 11 million, new figures show.

Some 3.1 million more people faced difficulties in January than they did in
May last year, the Financial Conduct Authority (FCA) said.

It found that 11% of adults had missed a bill or loan payment in at least
three of the previous six months.

The FCA encouraged people to ask for help as household budgets were squeezed
by the rising cost of living.

"Our research highlights the real impact the rising cost of living is having
on people's ability to keep up with their bills, although we are pleased to
see that people have been accessing help and advice," said Sheldon Mills,
its executive director of consumers and competition.

"We've told lenders that they should provide support tailored to your
needs," he added.

What do I do if I can't afford to pay my debts?

What can I do if I can't pay my energy bill?

Energy, food and fuel prices have jumped in the last 18 months, putting
pressure on personal finances.

Prices for most things have been rising and inflation, the rate at which
prices go up, is at 10.1%, meaning goods are more than 10% more expensive on
average than they were a year ago.

Researchers found that 29% of adults with a mortgage and 34% of renters had
seen their payments increase in the six months to January this year.

The team also saw signs that some people had reduced or cancelled their
insurance policies as a way of easing the pressure on their budgets.

The FCA said it had repeatedly reminded firms of the importance of
supporting their customers and working with them to solve problems with
payments and bills.

'Stop aggressive debt collection'

But Helen Undy, chief executive of the Money and Mental Health Policy
Institute, said the regulator needed to do more by cracking down on
"aggressive" debt collection practices and limiting the number of times
lenders could contact people who had missed a payment.

"Those actions would go a long way in mitigating the mental health impacts
of the crisis, and could even save lives," she said.

The FCA said its survey suggested around half of UK adults (about 28.4
million people) felt more anxious or stressed due to the rising cost of
living in January than they did six months earlier.

The body said it had reminded 3,500 lenders of how they should support
borrowers in financial difficulty and added it had told 32 lenders to "make
changes to the way they treat customers".

The FCA said this work had led to £29 million in compensation being secured
for over 80,000 customers.

UK Finance, the trade association for the UK banking and finance industry,
said lenders were contacting customers and would "always work with them to
find the right solution for their particular needs and circumstances".

It urged people worried about their finances to contact their lender, and
said discussing options would not affect a person's credit rating.

The FCA released its latest figures after gathering more than 5,000
responses as part of a UK-wide survey of people aged 18 and over.-BBC

South Africa: Sidestepping Questions, Gordhan Lashes De Ruyter for
'Messianic and Hero Figure' Tendencies

Public Enterprises Minister Pravin Gordhan hit back at former Eskom boss
André de Ruyter, who has claimed that senior politicians were involved in
corruption at the state power utility. The minister said the ex-CEO was
noteworthy for breaking his employment contract confidentiality clause, and
'taking the country back to swart gevaar'.

Public Enterprises Minister Pravin Gordhan deftly sidestepped questions
about:

What he'd done when told the names of the "high-ranking politicians"
involved in Eskom corruption - nothing, as "no evidence" was proffered;

A privately funded intelligence investigation into corruption at Eskom -
nothing, because he was only "told in passing" about it; and

Pinpointing the whereabouts of that investigation's report(s) - nothing, as
much "other work" had to be done.

"Without tangible evidence that will withstand judicial scrutiny, there is
no point speculating who these politicians may be... I am not going to smear
the reputation of others without credible evidence and verifiable facts
provided," Gordhan told Parliament's public spending watchdog, the Standing
Committee on Public Accounts (Scopa), on Wednesday.

That included not approaching President Cyril Ramaphosa, who has told
Parliament in person and in a written reply he had not been informed about
the "high-ranking politicians" involved in Eskom corruption.

Instead, De Ruyter became the focus.

"That he [De Ruyter] signed [the CEO contract] as self-proclaimed champion
of corporate governance and the only person in town who understands the role
of various institutions and people," only to contravene the confidentiality
clause was noteworthy, said Gordhan.

"In no big institution like Eskom, or...

- Daily Maverick.

South Africa: SA's Ever-Closer Ties With Russia Jeopardise R60bn in Annual
Exports to US Under AGOA Deal

South Africa exports an enormous amount of goods to the US annually -
including vehicles, aluminium, chemicals, fruit, wine, ferroalloys, and even
ice cream and edible ice. But now its privileged access via the Agoa deal
could be at risk amid allegations that SA's stand on the war in Ukraine is
contrary to America's national security or foreign policy interests.

South Africa stands to lose up to R60-billion a year in exports to the US if
it forfeits its privileged access to the US market under the African Growth
and Opportunity Act (Agoa) because of its ever-closer ties with Russia.

That was roughly the value of goods SA exported to the US under Agoa in
2022, according to US figures. About half of that was in motor vehicles -
many of them high-end Mercedes-Benzes and BMWs - and about R8-billion was in
agricultural products, much of it citrus and wine. Jewellery was another
major export.

In 2022, SA exported about R275-billion in goods to the US, of which about
21.6% - or R59.59-billion - entered the US under Agoa, which provides
duty-free access to eligible sub-Saharan African countries. Thirty-five of
those are currently eligible. Countries can be removed for:

Human rights abuses, including waging war, for supporting terrorism or for
raising unacceptable barriers to US trade.

Or for acting contrary to America's national security or foreign policy
interests.

It is the latter which could cause SA to be removed from Agoa, as many US
legislators regard SA's warming ties with Russia - including its alleged
sale of weapons to Moscow -...

-Daily Maverick.

Africa: 91% of Sub-Saharan African Workers Don't Save for Old Age - Why
That's a Problem and How to Fix It

Less than 10% of the workers in sub-Saharan Africa save for old age, the
lowest rate for any region in the world. That implies most of the
breadwinners today won't be able to afford basic items after retirement. A
pension plan is meant to commit employers to make regular savings so that
employees will continue to earn after retirement. The Conversation Africa
asked Owen Nyang'oro, a financial economist, about Africa's pensions and why
they need to be fixed.

What's the state of sub-Saharan Africa's pension savings?

In a recent study of retirement savings in sub-Saharan Africa (other than
the francophone countries), we established that the continent's pension
funds are diverse in architecture, coverage and performance. But they mostly
lag behind in reforms compared to other regions. Pension savings are also
low compared to other regions. Only 19.8% of people above statutory
retirement age receive a pension in sub-Saharan Africa, and just 8.9% of the
labour force is covered by pension schemes. This is much lower than the
global average where 77.5% of people above statutory age and 53.7% of
workers have pension coverage.

Pension schemes in sub-Saharan African countries are characterised by low
contributions due to low earnings, high informality, high financial
illiteracy levels and lack of proper information about the benefits of
adequate contributions for future pension withdrawals.

Market data shows that South Africa, with pension fund assets valued at
about US$330.3 billion in 2019 (latest country update), is the continent's
top performer in absolute terms. Nigeria, which had assets worth US$32.6
billion, Kenya with US$13.7 billion and Namibia with US$13.3 billion were
the other top pension savers in 2021.

Countries with low pension savings at the end of 2021 included Mozambique
with US$224 million, Zambia (US$745 million) and Angola (US$861 million).

But in proportion to the size of the economy, the best performers in 2019
included Namibia (95.4%), South Africa (82.6%) and Botswana (51.9%). Angola,
Mozambique, Zambia, Nigeria and Ghana trailed with pension assets below 10%
of their gross domestic product.

Generally, Africa's pension assets are very small compared to the 2021
retirement funds of say, the United States (US$40.0 trillion) or the United
Kingdom (US$3.8 trillion).

What's peculiar about Africa's population?

The majority of the population is young and fertility rates are high. The
old-age dependency ratio (the number of elderly people for every
economically active person) is low compared to other regions, averaging 5.5
in 2022, and the ageing population is small but increasing. The annual
population growth rate in sub-Saharan Africa was 2.5% in 2022, which is more
than three times the global annual average of 0.8%.

With much younger populations and relatively high population growth rates,
the number of dependants in sub-Saharan African countries is increasing at a
slightly faster rate, and over time the numbers of elderly people needing
social support will also rise. It is projected that the number of elderly
persons in the region will grow at annual rates above 3% between 2022 and
2050.

The concern is that only one in five people of pensionable age receives an
old-age pension compared to over three in four people globally.

High levels of unemployment and the large size of the informal sector -
which accounts for over 89.2% of the labour work force - mean that the
elderly will continue to face income challenges. Households are also
becoming smaller and changing from multi-generational (made up of
grandparents, parents, children and grandchildren) which offer social
support to the elderly, to skipped-generation (where grandparents live with
grandchildren in the absence of parents) or one-generation (where the
elderly live by themselves).

What are the benefits of a good pension system?

The primary goal of pension savings is to provide income and livelihood in
old age. However, pension savings can also be mobilised to finance
productive activities and improve living standards.

The continent's annual infrastructure funding gap (the difference between
resources required and what's available) is estimated at between US$68
billion and US$108 billion. Resources to meet the infrastructure gap could
be mobilised from pension funds. This requires good governance and removal
of any regulatory obstacles. Pension funds can also support development of
capital markets and improve ease of trade in the capital market through
their investment activities.

Pension funds can also reduce public borrowing, and improve efficiency of
the labour market by creating incentives for formalisation of businesses.

How should countries improve pension savings?

African governments can boost pension savings in four ways:

Increase pension participation and coverage by including the unemployed and
those in the informal sector. This could be achieved through a targeted
universal pension scheme and greater financial literacy. The countries
should have a mix of universal schemes and schemes with payroll deductions
and employer contributions.

Bundling pensions with other products. Bundling pensions with other products
such as life insurance cover, and even matching contributions to encourage
greater participation and long-term savings in pension funds. Favourable tax
considerations can also enhance the growth of contributions and assets of
pension funds.

Use of technology. Leverage innovations in digital technology to increase
pension savings. The region accounts for 53% of active mobile money accounts
in 2021. Use of digital technology could increase coverage, especially in
the informal sector. It can make enrolment and contribution to pension funds
easier.

Review regulatory frameworks of the pension sector to open it up to the
unserved population. There is also a need to streamline management of
pensions and minimise costs of administration, especially for private
pensions. This will allow pension funds to extend investments to other
assets, including foreign ones, to improve returns.

Sub-Saharan African countries are likely to gain from a well-developed
pension system that provides adequate income to the elderly. This will in
turn reduce the need for social protection, provide financing for
infrastructure development, and support the development of capital markets.

All this calls for deliberate reforms to facilitate growth of pension
savings. Countries should prioritise pensions within their development
plans, address informality in the labour market and take advantage of
technological advancements and the youthful population.

A well-developed pension system will improve the region's financial
stability through reduced budgetary strain as funds become available for
development. It could also open up capital markets and improve the labour
market, thus leading to growth.

Owen Nyang'oro, Lecturer, University of Nairobi

Rwanda: Uganda Resumes Works on Rail Link to Rwanda

Construction works on East Africa's ambitious standard gauge railway line
linking the port of Mombasa to Kampala and Kigali could soon be revived,
following a deal inked between Uganda and Turkish firm, Yapi Merkezi.

Yapi Merkezi is the same company contracted for the Tanzania Standard Gauge
Railway.

The planned 1,500 km-long railway from Mombasa to Kigali had fallen behind
schedule, with only Kenya having completed the initial phase of the project
from Mombasa to Nairobi.

Uganda is contracting Yapi Merkezi, same Company for Tanzania SGR, for
construction of the SGR on the eastern & western of Malaba-Kampala-Kigali.
Yapi Merkezi is said to be undertaking commendable work on SGR project in
Tanzania. pic.twitter.com/9syXNNhHMq-- Government of Uganda (@GovUganda) May
16, 2023

"Uganda is contracting Yapi Merkezi, same Company for Tanzania SGR, for
construction of the SGR on the eastern and western of Malaba-Kampala-Kigali.
Yapi Merkezi is said to be undertaking commendable work on the SGR project
in Tanzania," reads part of a statement by the government of Uganda.

"The delegation is expected to meet Tanzania Railways Corporation (TRC) and
other stakeholders ahead of the Partner States Northern Corridor Integration
Projects (NCIPs) SGR cluster meeting scheduled for 24-26 May 2023 in
Kampala."

It is not yet clear when construction works are set to begin, but Uganda
says it had previously completed the feasibility and designs for the 273
km-long line between Malaba, in Kenya, and Kampala. The Ugandan section is
estimated to cost $2.3 billion.

Rwanda, on the other hand, earlier indicated that it had completed the
preliminary engineering design of the new line from Kampala to Kigali,
through Mirama Hills.

The standard gauge railway from Kampala to Kigali is part of the Northern
Corridor infrastructure project designed to connect Mombasa to Malaba on the
border with Uganda, and onward to Kampala, Uganda's capital, and eventually
Kigali in Rwanda, with a branch line to Kisumu, and another line to Juba in
South Sudan through Kasese and Pakwach.

-New Times.

Nigeria: Bayelsa Oil Spills Cleanup to Cost U.S.$12 Billion - Report

A similar cleanup in the neighbouring Rivers State has suffered several
years of delay.

Nigeria needs $12 billion to carry out the cleanup of oil spills in Bayelsa
State, South-south Nigeria, a new report said.

The report identified two oil giants - Shell Petroleum Development Company
and Eni as being responsible for the major pollution in the state.

According to the report, which was released on Tuesday, the cleanup exercise
would last over 12 years.

The findings were contained in a report from the Bayelsa State Oil and
Environmental Commission, which had in 2019 begun an investigation on the
impact of oil spills in the state, Reuters reported.

The commission, in its investigation examined evidence from company data and
forensic scientists as well as blood samples from people living in the
affected areas.

Findings revealed that toxic pollutants from oil spills and gas flaring were
many times higher than the safe limits in samples of soil, air, water and in
the blood of local residents amongst others.

"The report finds failures of strategy, prevention, response and remediation
by oil companies," the commission said.

Reuters reported that the spokesperson for Shell declined comment but that
of Eni blamed the oil spills on theft aimed at feeding illegal refineries,
illegal export and sabotage, adding that the company undertook to remedy all
spills.

"Eni conducts its activities according to the sector's international
environmental best practices, without any distinction on a country basis,"
the spokesperson told Reuters.

The oil rich Niger Delta states particularly Rivers, Delta, Akwa Ibom and
Bayelsa have suffered years of oil spillage, which have destroyed farmlands
and aquatic lives in the area.

In the neighbouring Rivers State, the federal government had in 2016
launched the cleanup of the heavily polluted Ogoni land, five years after
the United Nations Environmental Programme made the recommendation in its
2011 report.

The project has suffered years of delay, which the Minister for Environment,
Mohammed Abduallahi, last year blamed it on some civil society organisations
as well as some individuals in the state of instituting "unnecessary
litigations" to stall the implementation of the project.

But the Federal Executive Council, seven days ago, approved the sum of
N129.8 billion for the cleanup among other projects for the Niger Delta
Ministry, Punch newspaper reported.

-Premium Times.

Kenyan Tycoon Mwale to Invest in Consortium Buying Forbes - Report

Nairobi — Kenyan tycoon Julius Mwale the founder of US $ 2 billion Mwale
Medical and Technology City (MMTC) has been named as one of the key
investors in Forbes acquisition for US $ 800 million (Sh109 billion).

US publication Axios reported that US technology billionaire Austin Russell
was a leader of the consortium that raised money for 82 per cent of Forbes
ownership which includes Mwale who is investing billions of shillings, as a
key investor in the iconic US media giant.

"Austin Russell, the 28 year old American CEO of Electric vehicle tech
company Luminar Technologies plans to put in only $10 million of his own
money as part of his bid to buy 82 per cent of Forbes for $656 million,
..the rest is almost all coming from foreign investors," Axios reported.

"Limited partners of investment group funding bid include: Kenyan
businessman Julius Mwale who will put in tens of millions of dollars," Axios
reported.

Other partners include Global Silicon Valley (GSV), a Silicon valley based
investment firm, Sun Group a conglomerate from India to invest between
USD200 to 300 million, Kazakistan businessman Bulat Utemaratov who is
investing $50 million.

Forbes is an iconic US media giant which has over 140 million unique users
worldwide, with 55 million unique users based in the United States.
Acquisition of Forbes will increase tycoon's influence over these millions
of business oriented users and will be the first time that an African would
be among the voices of global iconic media empires which may help change
Africa's perception in the world.

Hong Kong-based Integrated Whale Media (IWM) acquired a majority of Forbes
from Forbes family a decade ago and will retain 8% after the sale.

Mwale last month attended Forbes Under 30 Summit in Botswana where he was
the keynote speaker.

The Forbes profile of Mwale on the summit's website outlines his success as
an industrial entrepreneur and investor with vast experience of more than 20
years in innovative investments in technology, energy, health, retail, and
construction industries.

He is currently the Principal of the US $2 billion MMTC, which is based in
Western Kenya.

As the lead investor of MMTC, Mwale invested and mobilized over US $2
billion to build the new city with a 100% green concept. The city is
anchored by Hamptons hospital which is providing universal healthcare to 2
million residents in Kakamega County since 2019.

In his keynote speech at the Forbes Under 30 Summit Africa, Mwale emphasized
the need for job creation and poverty reduction in Africa.

"In 20 years, Africa is going to have about a quarter of the global
population, and we see ourselves being able to move about 800 million people
on the continent out of poverty by creating jobs," he stated.

He also pointed out the opportunities available in Africa brought about by
the Africa Free Trade Agreement, which has three phases of implementation:
trade and goods, intellectual property (IP), investment and competition,
where Africa has the expertise, and third e-commerce, which will lead to
Africa becoming a leading continent in the world in terms of population,
development, and growth by 2043.

"We are in the driver's seat leading that now and we want the Forbes team
and the entire continent of Africa and the whole world to join us," Mwale
added.

MMTC has expanded in 12 countries in Africa using an integrated model of
smart city development, with a vision to build 18 smart cities and empower
around 800 million people by 2050.

Mwale's background in telecommunications engineering enabled him to found
and Chair SBA Technologies Inc. a biometric pioneer that was key in enabling
the establishment of mobile digital identity infrastructure, that became a
secure foundation for digital money transfer services worldwide.

-Capital FM.

South Africa: Treasury's 'Bounce Back' Measures to Help Households With
Solar

National Treasury will in the coming weeks introduce Bounce Back measures to
assist with the rollout of rooftop solar for households to encourage
electricity generation and expand the renewable energy tax incentive for
business.

Finance Minister Enoch Godongwana said this on Tuesday in Parliament where
he tabled the department's Budget Vote for the 2023/24 financial year.

The Minister said his published draft taxation legislative amendments for
public comment to give effect to the two renewable energy tax incentives
announced in the 2023 Budget.

He said these proposals will assist in partially addressing the country's
energy crisis and encourage private investment into expanding electricity
generation.

"As a complementary measure, National Treasury has also made changes to the
Bounce Back Loan Guarantee Scheme (introduced in 2022) to incentivise
rooftop solar investments, with the aim to reduce energy-related constraints
experienced by small and medium enterprises.

"Specifically, government will guarantee solar-related loans for small and
medium enterprises on a 20% first-loss basis, as well as facilitate the
leasing of rooftop solar by households and SMEs. The Bounce Back measures
will be introduced in the coming weeks," the Minister said.

Godongwana said these are among a suite of reforms that National Treasury
has championed as part of Operation Vulindlela.

In addition to securing energy supply, he said, the joint operation with the
Presidency also aims to ensure sustainable water supply, establish a
competitive logistics network, improve digital communications, and reform
the visa regime.

Overall, he said, over half of the reforms are either completed or on track
to be completed within the next 12 months.

"We are also taking strategic action to secure our long-term growth
prospects. There are no silver bullets or easy solutions to our economic
challenges. What is needed is for us as a department, as a government, and
as a nation, to make the difficult and informed trade-offs necessary to
revive our economy," he said.

Navigating uncertainty

Godongwana told MPs that the department's sustained efforts to narrow the
budget deficit are key to stabilising the debt-to-GDP ratio, investment in
infrastructure, strengthening public sector financial management, overall
governance and compliance.

"We also remain committed to navigating the difficult domestic and global
economic conditions through stable, balanced and clear policies that support
faster growth and address emerging fiscal risks.

"We have responded to the electricity crisis by taking over R254 billion of
Eskom's debt, to ease pressure on the company's balance sheet, and enable it
to invest in transmission and distribution infrastructure, while conducting
the maintenance essential to improving the availability of electricity."

Godongwana said the conditional write-off of the debt owed to Eskom by
municipalities is another urgent step they have taken to stabilise the
energy sector.

"At the time of tabling the Budget, we made an undertaking to publish
details for accessing the debt relief in a circular. National Treasury has
fulfilled this through the issuing of a municipal circular published on 3
May 2023.

"This enables municipalities to have some of their past debt to Eskom
written off subject to tough conditions, including to change non-payment
behaviour and start paying their bills to Eskom each and every month,"
Godongwana said.

Streamlining procurement and transforming the economy

Cabinet has approved the Public Procurement Bill, which Godongwana hopes to
table in Parliament soon.

The Bill is aimed at ensuring that the procurement system is modernised to
provide value for money to the State, and to also leverage the system with
the aim of advancing economic opportunities for historically disadvantaged
people, women, young people, people with disabilities and small businesses,
and to stimulate local production where feasible.

The proposed legislation also takes into account recommendations of the
Zondo Commission, and aims to better prevent corruption, collusion and
bid-rigging in public procurement by establishing a central procurement
authority and procurement oversight bodies.

Supporting employment

Godongwana has reaffirmed Treasury's commitment to supporting the millions
of South Africans, especially young people, who are unemployed to access the
job market and acquire the necessary skills to allow them to meaningfully
participate in the formal economy.

"Through the Employment Tax Incentive, a cost-sharing mechanism between
government and employers allowing them to reduce what they pay in tax when
hiring young people, we are encouraging youth employment.

"Similarly, the Jobs Fund has concluded nine funding rounds, including the
COVID-19 relief support funding round. As at 31 March 2022, the fund had
disbursed R6.1 billion and leveraged an additional R11.9 billion from
project partners," he said.

-SAnews.gov.za.

South Africa: Cannabis, Indigenous Plants Project in Ilembe a Boon for
Communities

A groundbreaking initiative is set to grow the agricultural sector in the
iLembe District Municipality, according to KwaZulu-Natal MEC for Finance,
Neliswa Peggy Nkonyeni.

Nkonyeni said the provincial government plans to focus on growing cannabis
and other indigenous plants as well as facilitate entry into markets so that
all organic agricultural products can be exported to foreign countries.

Through this initiative, the province will afford an opportunity for the
youth and unemployed graduates to get involved in farming.

The MEC made the comments when she addressed stakeholders, including
business, traditional leaders, agriculture professionals and experts in
organic farming, recently.

"We are here to offer our services to teach all communities under Amakhosi
to plant and use their vast agricultural land to improve their livelihoods.
We are here to share experience, learn from each other and grow our
agriculture commercially.

"As much as we want to fight poverty and food shortages, what is equally
important is to be creative and focus on organic plants that we can consume,
but also sell outside of our country to boost our economic development. This
requires strong partnerships and commitment to succeed," Nkonyeni said.

She said the engagement would soon be followed by implementation as
agricultural land in the iLembe District has already been identified and
will be used for training and planting - promising thousands of job
spin-offs for local communities.

KZN Agriculture and Rural Development MEC Super Zuma said the department was
focused on agricultural projects that help fight poverty, create employment
and reduce inequality.

He said the initiative in Ilembe was a breath of fresh air and that he hoped
to see many people getting involved.

"That is why we are focusing strongly on our programme in one home, one
garden. We are working with Amakhosi to help us demarcate agricultural land
and make it available for communities," Zuma said.

ILembe District Mayor, Thobani Shandu, said the engagement was strategic
because it helped them to bring together variously skilled professionals,
especially in a scarce and unique agricultural platform, such as growing and
selling organic medical herbs, to share ideas on how they can further
develop the livelihoods and the economy of Ilembe District.

"The partnership with Amakhosi is crucial because they facilitate
availability of agricultural land for the development of communities,"
Shandu said.

-SAnews.gov.za.

South Africa: Cannabis, Indigenous Plants Project in Ilembe a Boon for
Communities