Major International Business Headlines Brief::: 09 November 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  09 November 2023 

 


 

 




 


 

 


 

ü  Liberia: Govt Needs U.S.$4 Billion to Achieve Nat'l Plan

ü  Ethiopia Cuts Importing Malting Barley

ü  Nigeria: Exchange Rate - NECA, Experts Disagree On Govt's Target

ü  Nigeria: Third Mainland Bridge Repairs to Gulp Over N21bn

ü  Nigeria: Old Banknotes Remain Legal Tender - Central Bank

ü  Nigeria: Niger Govt, NNPC Sign Greenfield Hydroelectric Power Project

ü  Nigeria: Tinubu Signs N2.17trn Supplementary Budget

ü  Ethiopia: Addis Drafts Vehicle Emission Control Regulation

ü  Africa: Fossil Fuel Producers 'Literally Doubling Down', New UNEP Report
Warns

ü  Botswana: Barolong On High Alert After FMD Reports in SA

ü  Nigeria Govt to Sign Direct Flight Agreement With Algeria

ü  Nigeria: Concrete Versus Asphalt for Nigeria's Roads - Which Is Better?

ü  Hollywood actors' union agrees tentative deal to end four-month strike

ü  Omegle: Popular video chat website shut after abuse claims

ü  First Online Safety Act guidance for tech platforms targets grooming

 


 

 


 <https://www.cloverleaf.co.zw/> Liberia: Govt Needs U.S.$4 Billion to
Achieve Nat'l Plan

Deputy Finance Minister, Samora P.Z. Wolokolie says government needs over
US$4 billion to achieve its Pro-Poor Agenda for Prosperity and Development
(PAPD) goals and objective, describing the program as ambitious.

 

Speaking during a joint radio appearance Wednesday, November 8, 2023,

 

on State Radio, ELBC, on the topic "Why President George M. Weah should be
re-elected and analysis of the government PAPD framework", Wolokollie
disclosed that government remains focused on providing job opportunities and
better livelihood for its citizens as captured in the PAPD.

 

 

He said the number of people that are supposed to be lifted out of poverty
as proposed by the PAPD is expanded with inferior and not six years as
critics have misinterpreted.

 

"We have a manifesto or a development plan for the country, strategic
development plan that runs in excess of six years. That program (PAPD) is
costed around US$4 billion dollars. The manifesto of the CDC 2017 PAPD is
ambitious. I mean it's very ambitious. To be able to achieve everything in
the manifesto, it means you must be able to mobilize the resource to Carter
to the manifesto" Mr. Wolokolie stated.

 

Wolokollie explained that the CDC manifesto did not promise to raise one
million Liberians out of poverty in one year or six years.

 

He pointed out that as ambitious as the PAPD is, it expands over a
protracted period of time.

 

"We are projecting in the PAPD to raise one million people out of poverty
within a protracted period. The period expands beyond two terms, for
clarity, it's beyond 2029. So, the manifesto has been misinterpreted. I'm
making an honest clarification. So, know it today that the one million
people to be lifted out of poverty is not one year or six years thing but
extend beyond" Wolokolie noted.

 

However, he assured that the CDC government remains committed to good
governance, transparency, jobs, and infrastructure development as promised
in the PAPD. -Edited by Othello B. Garblah

 

- New Dawn.

 

 

 

Ethiopia Cuts Importing Malting Barley

Ethiopia has achieved self-sufficiency in malting barley that it had been
importing for years to meet the demands of the brewing industry, Industrial
Parks Development Corporation (IPDC) disclosed.

 

Reports show that the country had been spending millions of USD to import 70
percent of the cereals required by its breweries. Ethiopia has stopped
importing barley thanks to the government's efforts that enabled the nation
to become self-sufficient with adequate local products, said Fitsum Ketema,
Chief of Staff and Transformation Head of IPDC.

 

According to him, a malting barley producing company which operates at Bole
Lemmi Industry Park has contributed to the barley production growth by
supporting over 60,000 smallholder farmers to have direct access to the
market. Such market linkage is being facilitated in Debre Berhan and Jimma
agro processing industries, as to Fitsum.

 

 

He added that the country is also working on market integration for the
trade-off between farmers and buyers in more agricultural products. Many
industrial parks have been working on increasing the volume and variety of
their products to alleviate the effects of the termination of Ethiopia from
AGOA benefits, he noted.

 

This increment includes agro-processing, textiles, pharmaceuticals, car
assembly and other productions, Fitsum stated. The country is also working
on constructing additional industry parks and attracting foreign direct
investment to create more jobs and increase foreign currency earnings, he
indicated. Ethiopia's 13 industry parks are generating millions of dollars
while creating over 100,000 jobs, according to the corporation.

 

- Ethiopian Herald.

 

 

 

 

Nigeria: Exchange Rate - NECA, Experts Disagree On Govt's Target

Against the backdrop of indications that the Federal Government is putting
in place measures to achieve exchange rate target of N500-N600/$1, while
reorganising the banking sector, various private sector institutions and
financial experts have expressed divergent views over the feasibility and
the benefits of the goals.

 

They however, advised government on what it should do to achieve a stable
macroeconomic environment that will address exchange rate instability.

 

Special Adviser to the President on Economic Matters, Dr Tope Fasua,
speaking at the "Cowries to Cash" lecture and launch in Abuja on Tuesday,
dropped the hint on Federal Government's plan to shore up the value of the
naira.

 

 

Alluding to the rise in the value of the naira in the past few days, Fasua
said the trend is expected to continue as a result of policies being
implemented by the government.

 

He cautioned Nigerians hoarding foreign currencies with the hope that the
local currency will continue to fall, warning that the policies of the
government will shock them.

 

Fasua, who represented Vice President Kashim Shettima, at the event said:
"For those who are speculating and praying and wishing that the currency
would become nonsense, I believe that policies being rolled out by the
Central Bank and the Federal Government that I serve, led by the President
Bola Tinubu, will shock some of them.

 

"You know, he has some very great ideas coming up. Some of them are what
you've seen reversing the fall in the value of the naira, but he has also
challenged us to review forward many of the targets, for example, the idea
that Nigeria's economy will get to a trillion dollars. He wants to achieve
it by 2026.

 

 

"Some people thought the naira will continue to lose value. Of course, we
can already see what's going on and the naira will strengthen even further
to may be N500 or N600. I'm beginning to see some of those."

 

NECA reacts

 

Reacting to this hint, the Nigeria Employers Consultative Association, NECA,
and economy experts commended the idea but urged the working policy plans
should be disclosed and made clear.

 

They added that government should focus on local production, address the
nation's propensity to import, make the fiscal and monetary policy
authorities work in sync among other things, before dreaming of a lower
exchange rate.

 

Commenting, NECA's Director-General, Mr Adewale-Smatt Oyerinde, urged
government to deepen engagement with organized businesses with the view of
building greater consensus and support for the on-going reforms.

 

 

Oyerinde stated: "We note the plan by the Government to shore up the value
of the Naira to between N500 and N600 to a Dollar in 2024. This plan is
quite commendable and ambitious.

 

"While we commend the plan, it is instructive to note that this will require
deliberate and focused plan of action to address the shortfall in Dollar
supply".

 

How they intend to do it is still unclear --Amolegbe

 

Olatunde Amolegbe, immediate past President of Chartered Institute of
Stockbrokers, CIS, said though he has not seen any working paper on how the
exchange rate goal will be achieved, he wondered how they would achieve it.
He stated: "Though I have not seen where they stated this, how they intend
to do it is still unclear to me. We certainly do not have enough information
that points to how this will happen in the medium term".

 

Govt should not be giving exchange rates targets --Nwizu

 

Also reacting, Nnamdi Nwizu, of Co-Founder, Comercio Partners Limited, said:
" It is good to see the fiscal and monetary policy authorities working in
sync. We have not seen that in a while.

 

"However, we need them to shed more light on actions being taken and how
they intend to use them to strengthen the economy and ensure we have more
exports to help the currency.

 

"I am not sure that a reorganisation of the banking sector alone can bring
about the stability we seek. We need to see a lot on the fiscal side for
that to happen.

 

"I also do not think government should be giving exchange rates targets."

 

It will lead to fall in inflation in the long run --Kurfi

 

Mallam Garba Kurfi, Managing Director/CEO, APT Securities & Funds, described
the proposition as a welcome development, saying it will lead to a fall in
inflation rate in the long run.

 

He stated: "It is a good development and we will wait to see the plan. If
the apex bank decided to do that it is good since they are the most
realisable sources of FX. In this context, they are referring to
restructuring the banking system for a desired result".

 

He further said: "It is a welcome development and if they can achieve that,
our inflation will come down because it is cost-push inflation.

 

"With that, achieving $1 trillion Gross Domestic Product, GDP, as the
President promised, will be possible. We will wait to see the monetary and
fiscal policies that will make that achievable."

 

 

W-Bank, others will help to boost FX earnings --Omordion

 

On his part, Ambrose Omordion, an analyst at Invesdata Consulting Limited,
said the exchange rate goal is possible, arguing, however, that dollar
inflow from the World Bank and other multilateral organisations will help
boost the nation's foreign exchange earnings.

 

His words: "It's possible if government will do the needful. Why I said it's
possible is that because for more than one year, the price of crude oil in
the international market has remained above $80 dollars. If we are producing
at capacity to meet our OPEC quota, it will increase our forex earnings.

 

Recommendations

 

NECA and the financial experts, however, made recommendations on how the
Federal Government can achieve the desired exchange rate target.

 

NECA in its recommendation said: "To achieve this, the government must
urgently address the nation's propensity to import, including the fixing and
or privatization of the national refineries, ensure maximum crude production
in line with OPEC quota and promote local production. "Without producing
what we consume, the nation will continue to conspire to put pressure on the
Naira, leading to its continued weak state.

 

"We urge government, in this line to continue to deepen engagement with
organized businesses, with the view of building greater consensus and
support for the on-going reforms."

 

Also, Amolegbe said: "The continuing mop-up of system liquidity via the
resumption in the issuance of treasury instruments at significantly higher
rates could slow the flows of money going towards the FX market as well as
encourage increased foreign investment inflows.

 

"This will need to be coupled with some other significant measures in order
to achieve the stated target exchange rate."

 

In his recommendation, Nwizu said: "Instead of focusing on reforms, the Ease
of Export or Doing Business, should be considered."

 

Recommending, Omordion said: "The World Bank has said it's giving us an
interest-free loan facility of $1.5 billion. African Development Bank has
also made similar promises to Nigeria. Not only that, we need to encourage
more exports from Nigeria.

 

"We also need to encourage Nigerians abroad to repatriate funds back to the
country in hard currency.

 

"There is need to check the elites, including the political class, who buy
and stock dollars. If politicians are not converting their naira to dollar
and storing it in their accounts, we won't be seeing the dollar scarcity.

 

"So, the EFCC should move in and monitor bank accounts of every Nigerian and
know those that are stocking dollars in their domiciliary accounts.

 

"These are the things we should be doing to increase supply. It's doable but
the government needs to encourage production, rather than depending on
importation. When we start producing, it will reduce the pressure on dollar
demands."

 

- Vanguard.

 

 

 

 

Nigeria: Third Mainland Bridge Repairs to Gulp Over N21bn

THE Minister of Works, Senator David Umahi, yesterday, disclosed that the
comprehensive repair works on the Third Mainland Bridge will gulp N21
billion.

 

Umahi said this at the flag off of the bridge alongside the Deputy Governor
of Lagos State, Dr Obafemi Hamzat.

 

The Minister said the cost was as a result of an expansion of the scope of
work which includes complete replacement of the asphalt of the deck to the
standard two inches to make motoring smoother and safer on the bridge.

 

He hinted that a special feature agreed with Lagos State government was the
fixing of spikes on the guard railings to discourage suicidal attempts on
the bridge.

 

According to the Minister, the repairs of the four ramps will be completed
on or before December 13, adding that a break will be observed for the
Christmas and New Year celebrations, while the maintenance of the
carriageways will commence on the January 15.

 

On his part, Dr Hamzat urged to Lagos residents to be perseverant with what
will just be minimal discomfort the repairs of the bridge might cause,
assuring them that it was necessary for overall good of the public.

 

- Vanguard.

 

 

 

 

Nigeria: Old Banknotes Remain Legal Tender - Central Bank

The Central Bank of Nigeria says both the redesigned and old banknotes
remain legal tender while urging Nigerians to accept both notes for
transactions.

 

The CBN made the disclosure in a statement on Wednesday signed by the
Director, Corporate Communications, Dr. Isa Abdulmumin.

 

Part of the statement reads: "There have also been reports of anxiety among
some members of the public over the legality or otherwise of old Naira
banknotes.

 

"For the avoidance of doubt, while reiterating that there are sufficient
banknotes across the country for all normal economic activity, we wish to
state unambiguously that every banknote issued by the Central Bank of
Nigeria (CBN) remains legal tender and should not be rejected by anyone, as
stipulated in Section 20(5) of the CBN Act, 2007," Abdulmumin said.

 

He added that branches of the CBN across the country have been directed to
continue to issue different denominations of old and redesigned banknotes in
adequate quantities to deposit money banks for onward circulation to bank
customers.

 

The apex bank further noted that to reduce the pressure on the use of
physical cash, Nigerians should embrace online and alternative modes of
payment.

 

- Daily Trust.

 

 

 

 

 

Nigeria: Niger Govt, NNPC Sign Greenfield Hydroelectric Power Project

The Niger State government has signed a Memorandum of Understanding (MOU)
with the Nigerian National Petroleum Corporation Limited (NNPCL) for the
development of the Greenfield Hydroelectric power project, mega solar parks
in institutions and home solar system for 250,000 households out of the
800,000 households projects in the state.

 

The MOU, which was signed on Tuesday, focuses on industrialization,
agriculture, solar deployment and renewable energy.

 

Governor Bago and the Secretary to the State Government (SSG), Alh. Abu
Bakar Usman, signed the MOU on behalf of the state government while the
NNPC's Executive Vice President, Gas, Power and New Energy, Olalekan
Ogunleye, as well as its Managing Director, New Energy Limited, Kanayochukwu
Odoe, signed for the NNPC.

 

Bago said: "This will, among other things, bring about the development of a
Greenfield Hydroelectric power project, solar parks in institutions, home
solar systems for 250,000 households and the establishment of a 500
million-litre Ethanol Plant."

 

He also said maize, sugarcane, and sweet sorghum will be cultivated on
100,000 hectares of land in the state, to produce over 500,000 tons of the
crops to be used to fuel the ethanol plant.

 

Also speaking, the Executive Vice President, of Gas, Power and New Energy,
Olalekan Ogunleye, explained that the leadership of the NNPC focused not
just on projecting clean energy in Africa, but exploring the route and
converting it for the prosperity of the country.

 

- Daily Trust.

 

 

 

 

Nigeria: Tinubu Signs N2.17trn Supplementary Budget

President Bola Tinubu, on Wednesday, signed the N2.17 trillion 2023
Supplementary Budget, which was recently passed by the National Assembly.

 

The President signed the 2023 Supplementary Appropriation Act at the
Presidential Villa, Abuja, in the presence of the President of the Senate,
Senator Godswill Akpabio, and the Speaker of the House of Representatives,
Tajudeen Abass.

 

Those with the President at the brief signing ceremony in his office
included the Secretary to the Government of the Federation, SGF, Senator
George Akume; Minister of Budget and Economic Planning, Atiku Bagudu; and
Chairman of the Federal Inland Revenue Services, FIRS, Zacch Adedeji.

 

Others at the signing were Senate Leader, Opeyemi Bamidele; and the
Chairman, Senate Committee on Finance, Olamilakan Adeola.

 

Vanguard News

 

- Vanguard.

 

 

 

 

Ethiopia: Addis Drafts Vehicle Emission Control Regulation

ADDIS ABABA - A new vehicle emission control regulation has been drafted to
monitor air quality and tackle air pollution in the metropolis, the Addis
Ababa Environmental Protection Authority said.

 

The authority in collaboration with C40 Cities Climate Leadership Group has
been offering awareness creation training for air quality and communication
experts that were drawn from various countries.

 

Speaking at the occasion, Addis Ababa Environmental Protection Authority
Executive Director Dida Dirriba stated that various measures would be taken
to reduce vehicle emissions, improve public transport, and enhance green
climate. These initiatives are instrumental to monitor air quality and
alleviate air pollution in the city.

 

Reference-grade air quality monitors have been installed at more than 10
places in the capital. Vehicle emission testing designed to identify and
remove high emitting vehicles from Addis Ababa roads and development of Air
Quality Management Plan (AQMP) to outline a range of measures to improve air
quality, the director elaborated.

 

 

Despite the challenges, the city administration has made significant
progress in curtailing air pollution and tackling climate change in recent
years.

 

One of the biggest challenges is lack of awareness among the public about
air quality and climate change. "This is why communication is so important.
We need to be able to communicate the challenges we face and potential
solutions in a clear and impactful manner."

 

According to him, the training aims to mobilize the communication experts to
drive change through effective outreach. "Since vehicles have an immense
impact on air quality, vehicle owners should either install emission
reduction devices or gradually change used cars that release high emission
by the new one in the future."

 

The C40 Cities Climate Leadership Group have been assisting the Addis
Ababa's administration in the formulation code that will force buildings to
entail green spaces and other climate-friendly structures. The partnership
is a significant step towards creating a sustainable urban environment,
making the metropolis a lively place to live in improving the design of
buildings, and associated facilities, Dida remarked.

 

The Group's Regional Air Quality Technical Advisor for East Africa Tibebu
Assefa for his part said vehicle energy usage adversely contributes to the
air quality in Addis Ababa; calling for strong cooperation to address such a
challenge.

 

BY TSEGAYE TILAHUN

 

THE ETHIOPIAN HERALD WEDNESDAY 8 NOVEMBER 2023

 

- Ethiopian Herald.

 

 

 

 

Africa: Fossil Fuel Producers 'Literally Doubling Down', New UNEP Report
Warns

Contrary to pledges to cut fossil fuel production, government policies
worldwide will add up to a doubling of production in 2030, a new report from
the UN environment agency (UNEP) revealed on Wednesday.

 

"The 2023 Production Gap report is a startling indictment of runaway climate
carelessness," the UN Secretary-General António Guterres said in his message
accompanying the landmark report.

 

This hike in fuel extraction comes despite 151 national governments having
pledged to achieve net-zero emissions.

 

The latest forecasts suggest that global coal, oil, and gas demand will peak
this decade, even without new policies.

 

When combined, government plans would lead to an increase in global coal
production until 2030, while global oil and gas production will continue
growing until at least 2050.

 

"In other words, governments are literally doubling down on fossil fuel
production; that spells double trouble for people and planet," the UN chief
commented.

 

 

Alarming data

 

The research conducted by Stockholm Environment Institute (SEI), Climate
Analytics, E3G, International Institute for Sustainable Development (IISD)
and the UN Environment Programme (UNEP) urges countries to aim for a near
total phase-out of coal production and use by 2040.

 

The report also calls for at least a 75 per cent reduction in oil and gas
production by 2050, compared with 2020 levels. All this is of paramount
importance since risks and uncertainties of carbon capture and storage, as
well as carbon dioxide removal, are significant.

 

While 17 of the 20 countries featured in the report have pledged to achieve
net-zero emissions - and many have launched initiatives to cut emissions
from fossil fuel production activities - none have committed to reduce coal,
oil, and gas production in line with limiting global warming to 1.5 degrees
Celsius.

 

 

Although at the 26th Conference of the Parties (COP26) in Glasgow two years
ago governments agreed to accelerate efforts towards "the phasedown of
unabated coal power", the production and use of fossil fuels has still
reached record high levels.

 

"Countries must phase out coal - by 2030 in OECD countries and 2040
elsewhere. And the G20 must take the lead in ending licensing and funding
for new oil and gas," said Mr. Guterres, calling on world leaders to "save
humanity from the worst impacts of climate chaos, and profit from the
extraordinary benefits of renewable energy."

 

Clear signal

 

The report co-authors believe that governments with greater capacity to
transition away from fossil fuels should aim for more ambitious reductions
and help support the transition processes in countries with limited
resources.

 

The UN chief thinks that at COP28 - the UN climate summit in Dubai at the
end of this month - world leaders must send a clear signal that "the fossil
fuel age is out of gas - that its end is inevitable."

 

For that to happen, credible commitments to ramp up renewables, phase out
fossil fuels and boost energy efficiency are needed to safeguard a just and
equitable transition.

 

"Fossil fuels are sending essential climate goals up in smoke. It's time for
change," asserted Mr. Guterres.

 

- UN News.

 

 

 

Botswana: Barolong On High Alert After FMD Reports in SA

Barolong Farms — Farmers and law enforcement officers in Barolong Farms are
on high alert after reports of an outbreak of Foot and Mouth Disease (FMD)
emerged recently in the neighbouring South African North West province.

 

Speaking in an interview, Assistant Superintendent One Botlhoko said they
had assembled a response team that was working round the clock to ensure
that nothing went wrong.

 

She said the team was headed by the principal veterinary officer in the Good
Hope District, Dr Benjamin Sebonego.

 

Assistant Superintendent Botlhoko also said they had requested all
traditional leaders in the concerned villages to stop registering cattle and
small stock as a preventative measure, saying nobody knows if the disease
had not spread to Botswana yet.

 

 

In Phitshane Molopo, Station Commander Thusego Gaonyafelwe revealed that
they were patrolling the border with farmers committees in their area to
ensure that livestock did not cross the fence, adding that they had
intensified their campaign to encourage farmers to herd their livestock and
to report any signs of sickness in animals.

 

Furthermore, he divulged that they were in contact with South African
authorities, adding that they had agreed that all animals from both sides
should be grazed far from the border area to avoid accidental crossing of
the border fence by livestock.

 

He said he was confident that the disease would be controlled as there was
mutual understanding and good working relations between the two concerned
districts and countries.

 

BOPA

 

- Botswana Daily News.

 

 

 

 

Nigeria Govt to Sign Direct Flight Agreement With Algeria

"Nigeria has always had a Bilateral Air Service Agreement with Algeria
(BASA) for decades, however, they have not taken advantage of the
agreement," the minister said.

 

Nigeria's Minister of Aviation Aerospace Development, Festus Keyamo, says
the federal government is set to finalise arrangements to sign a Memorandum
of Understanding (MoU) with Algeria for a direct flight route between both
countries.

 

According to a statement issued Wednesday by the ministry's Head of Press
and Public Affairs, Sani Datti, the minister disclosed the move during a
meeting with the Algerian delegation in Abuja recently.

 

"In an exciting development for global connectivity, the Federal Government
is set to finalise arrangements to sign a memorandum of understanding (MoU)
with Algeria for a direct flight route between the two countries in a few
months to come," the statement said.

 

According to the statement, Mr Keyamo noted that Nigeria has had a Bilateral
Air Service Agreement (BASA) with Algeria for decades but authorities have
not taken advantage of the agreement.

 

 

"That agreement actually specifies the routes between Algiers and Lagos.
Luckily, for both countries there is a symbiotic relationship," he said.

 

The minister explained that the Algeria delegation in the past weeks has
reached out to Nigeria for the reopening of the route between Algiers and
Lagos to revive the BASA. "Today they are here with a memorandum of
understanding specifying, although in the spirit of opening up the sky in
Africa, they want to add Abuja to their route and also give us the second
largest city in Algeria in place of reciprocity for us to fly with our Local
airline and that city is Oran," the statement quoted Mr Keyamo as saying.

 

"We have insisted that for those who come to us for such an agreement, one
of the focal points of this administration is to protect our Local airline
operators; protect their business, and to promote their business. We raised
the case of reciprocity for our local operators which they have gladly
acceded to."

 

 

"As a government, we are going to quickly look at this MoU from the face of
it. We have no serious objection to it but we have a normal bureaucratic
process that has to pass through as quickly as possible."

 

The official explained that the government will schedule a day either here
in Nigeria or at an international forum for the signing of the agreement.

 

"We are very happy to have Air Algeria back on the soil of Nigeria. We want
competition; we want the price of air tickets to go down for the benefit of
Nigeria. This is a symbiotic relationship; it is beneficial to Algeria and
beneficial to Nigeria," he said.

 

In his remarks, Hocine Latli, Ambassador of Algeria in Nigeria, who led the
delegation, said both countries cannot have a tied partnership if they do
not have a direct flight between the two countries.

 

"So, it is important today that we have reached a common point that the Hon
Minister of Aviation and Aerospace has accepted the opening of direct flight
from Algiers to Nigeria," the ambassador said.

 

- Premium Times.

 

 

 

 

Nigeria: Concrete Versus Asphalt for Nigeria's Roads - Which Is Better?

Nigeria's new works minister, David Umahi, is pushing for the use of rigid
pavement in road construction, as against the flexible pavement
predominantly in use. This, as the minister noted, is due to the precarious
state of flexible pavements in the country.

 

A rigid pavement is a road surface overlaid with reinforced concrete, while
a flexible or asphalt one has a bituminous (tar) overlay.

 

Asphalt roads are the most common type of paved roads in Nigeria. Examples
include the Lagos-Ibadan, Port Harcourt-Enugu, Lokoja-Abuja and Abuja-Kaduna
expressways. Concrete roads include the Kaba-Obajana road in Kogi State and
Apapa-Oshodi road in Lagos State.

 

Road infrastructure is essential in modern economies. Economic growth and
development requires mobility and accessibility.

 

As a professor of engineering who has researched the use of reinforced
concrete and asphalt on Nigerian roads, I offer some insights into the
issues raised by the minister's decision.

 

 

The choice is between additional service and higher cost or reduced service
and lower cost. This is a design challenge. The decision is not only
technical, but also political.

 

However, there is no data to speak categorically on whether concrete
pavement is better than flexible pavement for Nigeria.

 

Comparison of flexible and rigid pavements

 

Rigid pavements are generally more expensive and difficult to install and
maintain. They're made out of a cement concrete with a base, sub base and
subgrade underlay. Unlike flexible pavement, rigid pavements have a high
flexural strength, making every layer virtually immune to bending under
pressure. Flexural strength is the material's ability to resist deformation
under load.

 

Flexible pavement is designed to bend and deflect according to external
factors like traffic loads. Essentially, it is more adaptable to the
elements to which it's exposed. The initial cost of construction is low and
with excellent regular maintenance, it has a lifespan of about 10-15 years.
Regular maintenance is required for this type of pavement, and repair work
is fairly easy.

 

 

Flexible pavements have low initial cost, but higher maintenance cost.

 

Comparatively, rigid pavements have high initial cost, but low maintenance
cost.

 

Asphalt has a relatively smaller surface area of subgrade compared to a
wider surface area for reinforced concrete. Subgrade is the material
underneath the pavement structure.

 

Flexible pavements usually last for 10 to 15 years while rigid pavements
last for 25 to 30 years.

 

There's a higher water penetration rate for flexible pavement but lower rate
for rigid pavement. The longer moisture remains in a flexible (asphalt)
pavement structure the more likely pavement failure will occur. In
particular, the continuous presence of moisture in a pavement subgrade can
significantly affect the subgrade's modulus and reduce pavement performance.
Subgrade modulus is a conceptual relationship between applied pressure and
deflection for a plate resting on an elastic support system.

 

 

Night driving is better on rigid pavements due to the light coloured
surface.

 

Extreme weather like high temperature affects flexible pavements but not
rigid pavements. In flexible pavements, temperature fluctuations have a
significant impact on structural performance, including stress and strain.

 

Noise pollution is also high on flexible pavements but lower on rigid
pavements.

 

The way to go

 

The choice of any type of pavement depends on the life cycle and costs of
materials, which include initial construction cost, maintenance and repair
cost, and cost associated with environment factors such as emissions and
energy consumption.

 

Consequently, a life cycle cost analysis should be carried out before
choosing a pavement type.

 

A well-designed road will provide the intended level of service at an
acceptable level of safety. It will also reflect local values and policy,
which will vary from location to location, and it will place appropriate
importance on cost, environmental values and appearance. These should guide
the country's decision on the issue.

 

Asphalt roads (flexible pavement) have less initial cost of construction,
lower construction and repair periods, they are quicker to repair, absorb
traffic noise and can be recycled, thereby reducing waste. However, asphalt
has a short life span, requires frequent maintenance, is less able to carry
heavy traffic and so is more suitable for light traffic in residential
streets and rural roads. It also has a greater carbon imprint, which is
detrimental to the environment, as a result of bitumen production.

 

Concrete roads have a heavy construction cost, longer construction period
due to the time required for curing, and longer repair times. They have a
longer life span, low maintenance cost, high durability, and high load
bearing capability, ideal for heavy traffic areas such as highways, ports
and airports. Concrete roads have a lower carbon imprint from the production
of cement, and are less prone to developing pot holes, reducing fuel
consumption and carbon emissions.

 

Hussein Mohammed, Professor of Engineering, Obafemi Awolowo University

 

 

 

 

Hollywood actors' union agrees tentative deal to end four-month strike

US actors' union Sag-Aftra says it has agreed a tentative deal with
Hollywood studios to end a months-long strike.

 

Sag-Aftra reached agreement with the Alliance of Motion Picture and TV
Producers (AMPTP) in a unanimous vote, ending the 118-day shutdown.

 

The impasse - combined with a separate writers' strike - has paralysed the
entertainment industry and delayed the releases of numerous major films.

 

Actors have been calling for better pay and safeguards on the use of AI.

 

They said the strike would officially end on Thursday, with more details
released following a meeting on Friday.

 

AMPTP said it was pleased to have reached the tentative agreement and "looks
forward to the industry resuming the work of telling great stories".

 

It said the deal gave Sag-Aftra "the biggest contract-on-contract gains in
the history of the union".

 

Sag-Aftra represents around 160,000 members of the industry and has been on
strike since July 14, causing major disruption.

 

Disney/Marvel's Blade, Dune: Part Two and Fantastic Four have all been
delayed by several months, while Avengers: The Kang Dynasty and Avengers:
Secret Wars have also been pushed back by a year.

 

Live action remakes of Disney animations Moana and Lilo & Stitch have also
been affected, as has James Cameron's Avatar series and Paddington in Peru.

 

As well as film delays, Hollywood stars have also not been attending events
such as film premieres while the strike has been taking place, as union
rules prohibit them from taking any work, including promotion or publicity
for projects.

 

In addition to increased pay and AI guarantees, Sag-Aftra has called for
increased royalties and higher contributions to actors' pension and health
plans.

 

Actors appear to have responded positively to the deal, with Zac Efron
describing it as "incredible" at a premiere for wrestling film The Iron
Claw.

 

Oscar winner Jamie Lee Curtis posted on Instagram that "perseverance pays
off".

 

Academy Award winner Alec Baldwin offered his "congratulations to everyone
who did this great work on behalf of the members", in a post on Instagram.

 

The Writers Guild of America (WGA) ended its separate strike in September,
after almost five months.

 

The combination of the actor and writers' strikes is estimated to have cost
the California economy more than $6.5bn (£5.3bn) so far, according to
Deadline.

 

Los Angeles Mayor Karen Bass welcomed the "fair agreement", and said the
strikes had impacted "millions" in Los Angeles and throughout the country.

 

Although Hollywood's star actors earn millions, many lesser-known performers
often struggle to get by, particularly amid rising inflation and industry
changes.-bbc

 

 

 

 

Omegle: Popular video chat website shut after abuse claims

Popular live video chat website Omegle is shutting down after 14 years
following user claims of abuse.

 

The service, which allowed users to socialise with random strangers online,
grew in popularity with children and young people during the pandemic.

 

Omegle's closure announcement included an image of its logo on a gravestone.

 

Founder Leif K Brooks said in a statement that operating the website was "no
longer sustainable, financially nor psychologically".

 

The decision comes as social media platforms are facing increased scrutiny
from regulators around the world.

 

Just this week, Ofcom issued its first guidance for tech platforms complying
with the UK Online Safety Act and the communications regulator singled out
online grooming.

 

Omegle has been the subject of controversy, including in a landmark case
where a young American accused the platform of randomly pairing her with a
paedophile.

 

The account user was a minor when the incident took place and the lawsuit
against Omegle was filed 10 years later in November 2021.

 

Omegle's legal team argued in court that the website was not to blame for
what happened, and denied that it was a haven for predators.

 

On Thursday, Mr Brooks said "There can be no honest accounting of Omegle
without acknowledging that some people misused it, including to commit
unspeakably heinous crimes."

 

However, he also pointed, without giving specific details, to the "constant
barrage of attacks on communication services" like Omegle by "a malicious
subset of users".

 

"As much as I wish circumstances were different, the stress and expense of
this fight - coupled with the existing stress and expense of operating
Omegle, and fighting its misuse - are simply too much," Mr Brooks said.

 

"Frankly, I don't want to have a heart attack in my 30s," he added.

 

The announcement also drew comments from users on social media who shared
their favourite memories of Omegle. Their reactions ranged from surprise to
nostalgia.

 

The BBC found that Omegle has been mentioned in more than 50 cases against
paedophiles in countries including the UK, US and Australia.

 

Video-sharing platform TikTok banned sharing links to Omegle, after a BBC
investigation in 2021 found what appeared to be children exposing themselves
to strangers on the website.

 

Imagery of young children carrying out sexual acts on camera has risen by
more than tenfold since the pandemic lockdowns, according to the Internet
Watch Foundation (IWF).

 

In 2022, the IWF logged more than 63,000 webpages showing the material
compared to 5,000 before the pandemic.-bbc

 

 

 

 

First Online Safety Act guidance for tech platforms targets grooming

Social media platforms should fight online grooming by not suggesting
children as "friends" by default, the communications watchdog says.

 

The warning is contained in Ofcom's first guidance for tech platforms on
complying with the Online Safety Act.

 

This covers how they should tackle illegal content, including child abuse
online.

 

Ofcom revealed figures suggesting that over one in ten 11-18 year-olds have
been sent naked or semi-naked images.

 

This first draft code of practice published by Ofcom in its role enforcing
the Online Safety Act covers activity such as child sexual abuse material
(CSAM), grooming and fraud.

 

It wants to hear what tech platforms think of its plans.

 

These include requiring the largest platforms to change default settings so
children aren't added to suggested friends lists, ensure children's location
information cannot be revealed in their profile or posts, and prevent them
receiving messages from people not in their contacts list.

 

They must also ensure content moderation teams have the resources they need.

 

Ofcom will also require some platforms to use a technology called
hash-matching to detect CSAM.

 

This converts an image into numbers called a "hash", and compares that with
a database of numbers generated by known CSAM images. If there is a match,
then it means a known CSAM image has been found.

 

The method is already widely used by social media and search engines,
according to Professor Alan Woodward of Surrey University.

 

"I fear Ofcom are simply codifying mechanisms that are already in use. It's
not surprising as research to date has found nothing more effective than
what is in use already", he told the BBC.

 

Private messages

But this hashing will not apply to private or encrypted messages. Ofcom
stresses it is not - in this guidance - making any proposals that would
break encryption.

 

Powers in the bill that could, if certain conditions are met, be used to
force private messaging apps such as iMessage, WhatsApp and Signal to scan
messages for CSAM have been deeply controversial.

 

These apps use end-to-end-encryption, which means even the tech firm cannot
read the contents of the message.

 

Some major apps have said they will not comply if asked to scan encrypted
messages - arguing it would require them to weaken the privacy of their
systems globally, and weaken the security of systems that protect users
including children.

 

Ofcom says those powers will not be consulted on until 2024 and are unlikely
to come into force until around 2025.

 

Some question whether it will ever be possible to enforce these powers in a
way that preserves the privacy of encrypted communications.

 

Asked in a BBC interview if those powers would ever be used, Ofcom's chief
executive Dame Melanie Dawes said, "it's hard to say right now, but there
isn't a solution yet, a technology solution, that allows scanning to take
place in encrypted environments without breaking the encryption."

 

But she encouraged encrypted messaging companies to find ways to combat
child abuse on their platforms.

 

Great expectations

The challenge facing Ofcom is significant. This first guidance is over 1,500
pages long. Over 100,000 services, many based outside the UK, may be subject
to regulation.

 

And government figures have suggested that 20,000 small business could need
to comply.

 

Asked if Ofcom had the resources it needed, Dame Melanie admitted it was a
"really big job" but added "we're absolutely up for the task. And we're
really excited that we're launching today."

 

It faces another challenge managing expectations from the public and from
campaigners. Whatever Ofcom announces it may be criticised for being too
hard on tech platforms or not hard enough, said Dame Melanie.

 

"It isn't the job of a regulator to be loved by everybody. That's
impossible.

 

"And it's not what we ever aim for, but it is our job to be proportionate.
And to make sure that what we require is evidenced and has been backed up by
proper facts", Dame Melanie added.

 

And one expectation Ofcom is keen to dismiss is that harmful content should
be reported directly to it - instead its task is to make sure the tech-firms
have good systems for users to report illegal or harmful content to them.

 

"So this isn't like TV [complaints] where you can submit a complaint to
Ofcom, and we will consider it as the regulator", Dame Melanie said.-bbc

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

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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