Major International Business Headlines Brief::: 20 November 2023
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Major International Business Headlines Brief::: 20 November 2023
ü Kenya: Stock Market Has Suffered Steepest Losses in the World - an Expert View On Why and How to Reverse It
ü Kenya Power Announces Planned Power Outages in 5 Counties Including Nairobi
ü Nigeria: Experts Worry Over 'Adoption' of Child Labour By Ogun Cocoa Farmers
ü Nigeria: Emirates Airline to Resume Soon - Aviation Minister
ü Nigeria: Navy Intercepts 127 Bags of Narcotics, Petroleum Products On Lagos Waters
ü Kenya: President Ruto Dispells Raila Odinga's Claims Over G-to-G Oil
ü Kenya: Govt Announces Reduction in Mobile Call Rates From March 2024
ü Nigeria: FG Launches Revised Mining Guidelines for Community Development
ü Tanzania Appeals for Support to Developing Economies
ü Malawi: ActionAid Malawi Calls for IMF Reform Over Kwacha Devaluation
ü Heathrow passengers facing delays after staff shortages and strong winds
ü White House criticises Elon Musk over 'hideous' antisemitic lie
ü ‘I was addicted to social media - now I'm suing Big Tech’
ü Optus: Telecom boss Kelly Bayer Rosmarin quits after Australian outage
ü Former OpenAI boss Sam Altman pictured at firm's HQ amid reports of return
<https://www.cloverleaf.co.zw/> Kenya: Stock Market Has Suffered Steepest Losses in the World - an Expert View On Why and How to Reverse It
Kenya's stock market recently suffered steep losses, making it the worst performing globally. The weak performance has persisted: the Nairobi Securities Exchange 20-share index stood at about 1420 on 10 November 2023, having fallen from 1509 on 29 September 2023, a drop of 6% over the six-week period. In better days, the index has risen above the psychological 5000 mark: for example, it was 5491 on 23 February 2015.
The stock market matters for the Kenyan public for several reasons. First, up to 70% of the retirement savings of Kenyans may be invested in the stock market. So the market's weakness might inhibit retirement funds from meeting their pension obligations. Second, many Kenyan companies use the stock market to raise capital and weak market performance discourages them from doing so.
Given these benefits, it is important to understand reasons for stock market value fluctuations. Here, I discuss some possible reasons for the market's dismal performance and suggest possible ways to reverse the trend.
What moves markets
Stock prices move in response to new information that conveys signals about the risks faced by investors. The new information may be something that an investor has uncovered, or that is known by company insiders (although trading on that knowledge is usually illegal), or that is announced publicly by an authority like the central bank.
New information may be about something unique to the company, or something that affects the entire market. New information about a company often affects the company's price without affecting the market index. However, in small markets such as Kenya's, where the market index may reflect the presence of a few large companies (such as Safaricom and KCB), changes in the price of one firm's stock may cause a noticeable change on the index value.
What ails Kenya's stock market?
An important risk factor that affects the entire market is sovereign (country) risk. Sovereign risk may be responsible for the persistent selling off of shares by international investors at the Nairobi bourse in recent months.
When there are more investors selling shares than those willing to buy, share prices, and the market index, fall. This is because sellers must lower their prices to appeal to the few buyers. In 2022, Kenya's international investors sold about US$158 million (KES 24 billion) worth of shares, slightly lower than the US$191 million recorded during 2020.
The sell-off may indicate deep-seated political issues affecting Kenya's economy. These include fears of possible instability post-2022 presidential elections. The country has previously experienced election related violence.
The sell-off may also speak to economic factors. For instance, when US interest rates increase, as they have, international investors tend to pull their money out of developing markets and invest it in US debt markets, a phenomenon called flight to quality.
Indeed, anecdotal evidence suggests that emerging stock markets slumped to their lowest between March and September 2023 driven by expectations that US interest rates would remain high.
Third, the stock market jitters may be explained by the weakening Kenyan shilling. For international investors, investing in a Kenyan stock means taking a risk on both the stock and the value of the Kenyan shilling. If the shilling falls in value relative to the investor's domestic currency (like the US dollar), it may wipe out all the gains on the stock and cause the investor to lose money.
The Kenya shilling lost 21% of its value between 13 September 2022 and 10 November 2023. This has been largely attributed to capital flight and reduced inflow of foreign currency due to the low value of exports.
Then there's Kenya's burgeoning public debt. It's the chicken-and-egg story: a falling shilling increases the burden of debt owed to outside lenders. And the rising cost of servicing debt in a foreign currency increases the supply of the shilling in the currency markets, weakening it further.
In an attempt to stem the slide in the shilling's value, keep domestic inflation in check, and respond to rising US interest rates, Central Bank of Kenya, like its counterparts globally, has chosen to restrict money supply.
Consequently, the central bank rate, a policy interest rate that guides domestic loan pricing, has increased from 7% in March 2022 to 10.5% in November 2023. When interest rates rise, returns (yields) on debt assets like bonds also rise, making them more attractive than stocks. This induces investors to move their money from stocks to bonds, causing a decline in stock prices.
Expectations
An important recent development is the enactment of Kenya's Finance Act in June 2023. The Act imposes new taxes and tax increases. The World Bank has warned that higher taxation may discourage investment and increase unemployment.
So there's an expectation of weaker economic performance and, concomitantly, weaker company performance (due, for example, to lower product demand). The expectation of weaker company performance causes investors to anticipate lower future cash flows (like dividends), which is reflected in lower company valuations today.
Expectations about public debt also matter for companies. Kenya is expected to borrow more, which will increase interest rates on government debt, making it more lucrative for banks to lend to the government than to the private sector. Reduced private sector lending discourages private investments and lowers company valuations.
What should be done?
There is no quick fix to a stock market collapse. Although stock market performance may be driven by sentiment in the short run, it is more beneficial to think long-term.
There's a close relationship between the broader economy and the stock market. So, as a finance scholar, I offer only one recommendation: diversify and grow the economy.
There is clear evidence of the long-term economic growth benefits of investing in human capital, boosting a country's entrepreneurial orientation and investing in infrastructure. To grow the economy, therefore, the government's policymakers should draw from such evidence.
Importantly, the need to strengthen the country's institutions has never been stronger. This will have the effect of improving governance and accountability as well as investor confidence. With such actions, the stock market needs no intervention.
Odongo Kodongo, Associate professor, Finance, University of the Witwatersrand
Kenya Power Announces Planned Power Outages in 5 Counties Including Nairobi
Nairobi — Kenya Power has announced planned power interruptions expected in select parts of five counties.
In a notice issued today, the utility company stated that this will pave the way for scheduled maintenance.
The affected counties include Nairobi, Kilifi, Kwale, Uasin Gishu and Kisumu with the interruptions set to run from 9am to 5pm.
In Nairobi, some of the areas that will be affected include places along Outer ring road, Tena Estate, Umoja One, Stella street and Rockfield.
In Kisumu county, Africa Sea food, Cocacola, Panda Mabati, Bandani among other areas.
In Kilifi areas including Marina Mtwapa, Ahadi beach villas, Sultan palace, Kwa Jeki, Kanamai Timboni among others will be affected.
In Kwale County, areas that will experience power interruption include Msambweni hospital,Sawasawa beach house, Niceview hospital, Viungujini,Msambweni KMTC,Msambweni Water among other areas.
In Uasin Gishu,the eight-hour interruption will affect Kapkorio, Jamii millers, Moiben Junction during the power outage.
Capital FM.
Nigeria: Experts Worry Over 'Adoption' of Child Labour By Ogun Cocoa Farmers
Major stakeholders have decried the incessant abuse and child labour in cocoa industries, especially farmers in Ogun State and other parts of the South West.
They spoke at a stakeholders' forum on the Campaign Against Forced Labour in Cocoa Industry in Nigeria Programme held in Abeokuta, Ogun State.
The forum, organized by the African Law Foundation (AFRILAW) in collaboration with the National Human Rights Commission (NHRC), Federal Ministry of Labour and Employment, Federal Ministry of Agriculture and Food Security, and the Cocoa Farmers Association of Nigeria (CFAN), had dignitaries from the sectors.
The forum revealed the outcome of investigations of forced labour in Cross River, Ondo, Ogun, Osun, and Oyo states, expressing concern over the growing trend.
The Executive Secretary and Chief
Executive of the National Human Rights Commission, Chief Tony Ojukwu, said there are currently 86.6 million child labourers in Sub-Saharan Africa, and two main causes of this in low-income nations are family poverty and inadequate school infrastructure.
Represented by Mrs. Olayinka Odibe, Ogun State coordinator, National Human Rights Commission, he said "We all know that Forced Labour is a violation of Human Rights where people are forced to do work that they have not agreed to under the threat of punishment. Forced Labour is a contemporary form of slavery which
contravenes Section 34 of the Constitution of the Federal Republic of Nigeria adopted in 1999 as amended.
"Every individual is entitled to have respect for the dignity of his person. Section 34(1)(C) states that no person shall be required to perform forced or compulsory labor.
"The Ogun State government has also signed the child's rights law which provides free and compulsory education for children; they want to be free from harm, safe and healthy; they want the sanctity of their morals preserved and respected.
"Any violation of these norms would have inherent elements of force and breach the fundamental rights of the child to proper education and development.
In response, Apostle S. T. Williams, the state chairman of the Cocoa Farmers Association of Nigeria, said that while the abuse was not typical in their association, they would nonetheless go back to the villages to educate the farmers.
"We shall go back to our various villages and do the campaign; I assure you that it is not common in our association because we have been telling our farmers that they should not use their children but instead spend their resources on educating them.
"What is happening is majorly caused by the state government because they are not helping the cocoa farmers in terms of funds and necessary equipment to work. At the end of the day, after processing the production, they are left with little or no funds, so instead of engaging labourers, they prefer to use their children to minimize cost.
"But like I said, it's not common in our association, I want to call on the government to come to the assistance of cocoa farmers in terms of finance and other necessary things."
-Daily Trust.
Nigeria: Emirates Airline to Resume Soon - Aviation Minister
The minister of Aviation and Aerospace Development, Mr. Festus Keyamo has said Emirates Airline will resume operations in Nigeria soonest.
The spokesperson of the ministry, Odutayo Oluseyi stated this on Sunday.
According to Oluseyi, the minister met "with officials of Emirates Airline at the 2023 Dubai Airshow at the UAE to further discuss the resumption of flights by the airline to Nigeria which has yelled positive results as the management has given assurance that the resumption of the flight would commence very soon.
"They also affirmed that the Emirate's Government has approved Nigeria's carrier, Air Peace Airline, to fly directly into and out of the prime airport in Dubai."
Recall that Emirates Airlines has suspended flight operations to Nigeria over its inability to repatriate funds trapped in the country.
Also, Oluseyi stated that the minister met with "the management of Airline Executive, led by its CEO, Dana Hatcic, a company that indicated interest in establishing an MRO facility in Nigeria. The management had fruitful discussions with the Honourable Minister and they have been invited to Nigeria for further follow-up of their business plans.
"The minister expressed the possibility of a maiden edition of the Nigeria Airshow sometime in November 2024, thereby becoming the first African country to organise such an event. Some of the exhibitors at the Dubai Airshow have made commitments to be at the maiden edition of Nigeria's Airshow."
The Dubai Airshow which commenced on the 13th of November was concluded on the 17th of November, 2023 attracted a considerable number of participants from around the world, including leading aviation and aerospace industry specialists.
Leadership.
Nigeria: Navy Intercepts 127 Bags of Narcotics, Petroleum Products On Lagos Waters
The Nigerian Navy has intercepted 127 bags of cannabis sativa worth N254 million and drums of Automotive Gas Oil (AGO), worth several millions of naira.
In a press briefing by the Commander, NNS BEECROFT, Commodore Kolawole Oguntuga, the narcotics were intercepted at Eleko Beach, Lekki, on Friday, 17th November 2023 while the drums of AGO were intercepted at the vicinity of Liverpool, Apapa, Lagos.
According to Commodore Oguntuga, the interceptions were possible through intelligence gathered from the State-of-the-Art Maritime Domain Awareness Facility, the Falcon Eye Alignment.
"Acting on credible Intelligence, the team swiftly responded, leading to the confiscation of 113 bags of Cannabis Sativa at the beach. The criminals, upon sighting the team, abandoned the narcotics and fled.
"This commendable effort further extended along the Badagry route, resulting in the arrest of additional 14 bags. All seized contraband items, totalling 127 bags, would be handed over to the National Drug Law Enforcement Agency (NDLEA) for necessary action."
Speaking on the interception of the petroleum products, Commodore Oguntuga said, "The boat was found to be laden with petroleum products suspected to be AGO, stored in hundreds of drums and jerrycans.
"Upon approaching the vessel, the perpetrators fled the scene while the Quick Response Team (QRT), secured the boat and its illicit cargoes. The seized items, including the petroleum products and a pumping machine, were safely transported back to the base for further investigation and necessary actions."
"These successful arrests underscore the Nigerian Navy's dedication under the leadership of the Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla, to combatting illicit drug trafficking, preserving the well-being and protection of the nation's resources."
Leadership.
Kenya: President Ruto Dispells Raila Odinga's Claims Over G-to-G Oil
Nairobi — President William Ruto has hit told off his erstwhile rival Raila Odinga for casting aspersion on the government-to-government oil deal entered with Saudi Arabia saying the government is not transacting business on behalf of Kenyans in the procurement of petroleum products.
President Ruto maintained that the government-to-government deal was to cushion Kenyans by affording oil marketing companies seamless transactions given the dollar shortage globally.
"We also gave them the guarantee that dollars will be available to them and we have made sure that is the case. The rest is private business. The State is not a broker or an in-between so the entire process is private sector-led," he said.
"Our objective was to guarantee international oil companies that they can extend products to Kenya for six months and that after six months we are going to pay," Ruto added.
The President asserted the government to government deal was done transparently disputing the claims by Odinga that top government officials had hijacked the deal to steal from the taxpayers at the pump.
The Head of State explained the deal has helped to deal with the crisis of dollar shortage saying the previous method of Open tender would have exposed Kenyans to oil shortage.
Ruto told the Former Prime Minister that he is on a wild good chase linking his administration to corruption scandals saying he will not succeed.
"I want to assure them that the fishing they are doing for a scandal in this administration, they are not about to succeed. They can speculate, imagine and dream about a scandal but that is how far they can go," he stated.
On 16th November,Odinga demanded the cancellation of the government-to-government deal claiming it's a scam that has created a breeding ground for corruption in the country.
In his dossier on the government-to-government deal on oil importation which was entered in March this year, Odinga said other than keeping the cost of oil permanently high in Kenya, the deal was costing the country trade in petroleum with neighboring landlocked countries.
"There was no G-to-G. Kenya did not sign any contract with Saudi Arabia or the UAE. Only the Ministry of Energy and Petroleum signed a deal with state-owned petroleum companies in the Middle East. Why Ruto chose to characterize the deal as a G-to-G is the first red flag that points to mischief in this deal," he said.
He alleged that the government-to-government deal was not aimed at supplying oil on favorable terms but was a business deal to shield the three Kenyan companies from paying 30 percent corporate tax.
"Shielding the companies the three companies from this tax is the reason Ruto told Kenyans that it was G-to-G. Your guess is as good as mine on who is pocketing the unpaid corporate tax. But the burden of the unpaid corporate tax is passed to Kenyans at the pump," Odinga said.
President William Ruto's government opted for government-to-government oil supply contracts in March this year after the shilling tumbled to record lows.
The government ditched the Open Tender System (OTS) that has been in use for importing fuel for nearly a decade in favour of direct procurement under a government-to-government deal with Saudi Arabia and the United Arab Emirates.
In the G-to-G deal, the three Gulf State-owned firms Saudi Aramco, Abu Dhabi Oil Company (ADNOC), and Emirates National Oil Company (Enoc) were given leeway to handpick local oil marketing companies which would distribute fuel on their behalf.
Odinga is pushing for the country to revert to the Open Tender System which he says ensured a guaranteed supply of petroleum product saying the G to G business model is hurting the consumers through exorbitant prices passed on the consumers.
Capital FM.
Kenya: Govt Announces Reduction in Mobile Call Rates From March 2024
Nairobi — The Communications Authority of Kenya has announced a reduction in charges of mobile call rates from March next year.
In a statement, the authority urged telco providers to review the current Sh0.58 per minute down rate to Sh0.41 per minute.
In the latest review, the Authority has capped the MTRs and FTRs at KES 0.41 per minute with effect from 1st March 2024. The current SMS termination rate of 0.05 per SMS remains unchanged," the authority indicated.
It stated that the move which was meant to cushion Kenyans from the rising cost of living came after a reduction in Mobile Termination Rates and Fixed Termination Rates.
"The new rate is informed by the prevailing economic environment, ICT market dynamics and the need to strike a balance between the promotion of investment and the protection of consumers. Lower MTRs and FTRs mean lower calling rates for consumers," it pointed out.
It pointed out that "this decision will have positive outcomes for both the consumers and operators. Consumers will now enjoy access to a variety of affordable services across networks while operators will have more price flexibility in developing more affordable products."
The Authority noted that the new rates will apply for a period of two years.
Mobile operators have therefore been urged to align with the new directive and submit a report by February next year.
Capital FM.
Nigeria: FG Launches Revised Mining Guidelines for Community Development
The federal government has launched the revised mining guidelines for the production of the Community Development Agreements (CDAs) in the solid minerals sector.
The Minister of Solid Mineral Development, Dr Dele Alake, led the launch yesterday in Abuja at an event organised by the African Centre for Leadership, Strategy and Development (Centre LSD), Ministry of Solid Mineral Development and the Ford Foundation.
Alake said the federal government was committed to ensuring that host communities derived maximum benefits from mining operations and activities for local and national economic development.
The CDA is a statutory provision that ensures the transfer of socio-economic benefits to mining host communities, being a legal document that contains obligations by the Mineral Title Holder (MTH) to her host community and vice versa.
The minister said the mining of mineral resources had significant impacts on host communities, thus the imperative of concerned communities to be carried along in the activities of the sector.
Daily Trust.
Tanzania Appeals for Support to Developing Economies
TANZANIA has called on the international communities to support economic growth of developing countries including Tanzania in order to widen the scope of participation of their citizens.
The call was made on Friday by Prime Minister Kassim Majaliwa while presenting the government declaration during the inaugural session of the Second Voice of Global South Summit (VOGSS) held virtually on Friday under the chairmanship of Narendra Modi, Prime Minister of India.
"We have appealed to this platform to see how it can involve developing countries to improve our economies within our countries by promoting business growth and open investment doors and other ways that can help raise our economy," the PM said.
Speaking on behalf of President Dr Samia Suluhu Hassan, the Premier asked the forum to look into how it can involve the world economy and integrate it with the economy of the developing countries, including Tanzania.
Commenting on other issues, Majaliwa asked the forum to ensure that it seeks answers to the challenges of dealing with climate change, renewable energy and empowerment of youth and women.
The forum enables developing countries to discuss challenges they are facing and raise their voices so that they can be presented at the G20 Leaders's Summitt which will be held on November 20 this year.
During the opening of the meeting, the Prime Minister of India, Modi said that despite the fact that the forum has more than 100 members, they are still united by common needs and priorities.
"In December last year, India took over the chairmanship of the G20 but we took it upon ourselves to ensure that the voices of developing countries are heard and that's why we organised the first Voice of Global South Summit (VOGSS) so that we could raise our voices to developed nations and an example is to launch a union of renewable energy users (Global Biofuel Alliance)," said Modi.
The meeting has involved heads of state and 13 representatives, including six presidents, who are President Sitiveni Ligamamada Rabuka (Fiji), President Joko Widodo (Indonesia), President Dr William Ruto (Kenya), President Sadyr Nurgojoevich Japarov (Kyrgyz Republic), President Richard Ravalomanana (Madagascar) and President Daviv Adeang (Nauru).
Prime Ministers who participated in the meeting include Sheikh Hasina of Bangladesh, Dr Abiy Ahmed Ali (Ethiopia), Pravind K. Jugnauth (Mauritius), James Marape (Papua New Guinea), Ferdinand Marcos (Philippines) and the General Counsel of the Transitional Government of Bhutan, Chogyal Dago Rigdzin.
Daily News.
Malawi: ActionAid Malawi Calls for IMF Reform Over Kwacha Devaluation
In light of the growing public outcry following the recent 44% devaluation of the Malawi Kwacha by the Reserve Bank of Malawi, ActionAid Malawi has called for a reform of the International Monetary Fund (IMF) to ensure that the institution champions pro-poor and gender-just macroeconomic policies in the country.
ActionAid Malawi believes the Kwacha devaluation is one of the conditions Malawi Government has undertaken in anticipation of IMF's Extended Credit Facility (ECF) programme.
The social justice organization has also bemoaned that the devaluation has been effected at the time the country has a yawning public debt of over K8 trillion compounded by acute forex shortage and high inflation which has paralyzed essential public services primarily accessed by women, girls and youth.
Reacting to the Kwacha devaluation, which has led to a sharp price increase of essential commodities, ActionAid Malawi Acting Executive Director, Wongani Mugaba, said it is evident that the devaluation has instantly pushed the majority of people into extreme poverty amidst an already high inflation that people were struggling and failing to cope with.
"This is why as ActionAid Malawi, we call upon IMF to reform and offer ECFs to the government without demanding any conditions.
"The recent devaluation is a reminder of a clarion call for systems change at the IMF and World Bank, to ending regressive tenets as a pre-condition to getting aid. It is a reminder that poverty will only end if there is no attaching of stringent and regressive conditions to aid.
"Developed countries and major development partners must pursue concerted efforts to reform the IMF so that the institution uses its influence and resources progressively to work for people living in poverty," he said.
ActionAid Malawi further says the impact of the devaluation of the Kwacha outweighs the potential gains from the ECF and calls upon the Malawi government to rework its recently announced cushioning measures to ensure they reach out to more people who are negatively impacted by the Kwacha fall.
The organisation, among others, calls for an upward adjustment of the proposed 520,000 beneficiary households for the Climate Smart Public Works Programme(CSPWP).
It further notes that the re-introduction of the Price Shock Urban Emergency Cash Transfer Program, which is a once off payment of MK150,000 for a period of three months, is not enough.
Weighing in on the measures, Mugaba observed that the cost of living in the targeted city councils of Zomba, Blantyre, Mzuzu and Lilongwe is exorbitantly high and these measures will not cushion them.
"The targeted number of households is also too little and will not cover a large population of the households of people living in poverty in those cities, leaving a majority of them in destitute.
"The projected number of people living in the urban cities is currently at 3.8 million with an estimated 19.2% ( about 729,000) living in poverty, according to the National Statistics Office report, 2020 report. The focus on the major cities is also problematic as those living in poverty are in all the 28 districts," Mugaba said.
ActionAid Malawi has also made five other calls to government, IMF and development partners. These are:
1. Development partners must immediately resume direct budgetary support to the Government of Malawi, without waiting for the IMF's nod. The financial support provided should also be able to more than cushion the effects of economic shocks such as this one. It will be of equal importance to align this to Sustainable Development Goals(SDGs) and the Paris Agreements on Climate Change which will put Malawi on the right track to development, for long term impact as opposed to the short-term impact as has been the with the previous ECFs.
2. The IMF and developed countries should invest in public finance management systems intensively in the Public Service, while strengthening oversight functions and institutions such as the Auditor General(AG),Anti-Corruption Bureau(ACB), Financial Intelligence Authority(FIA), Fiscal Police, and the Judiciary Arms that deal with financial crimes. This, again, should not come as a conditionality to getting budgetary support but to address long-time mismanagement and abuse of public funds.
3. Government must own up financing of development programmes by strengthening progressive domestic resource mobilization through taxing appropriately major Multinational investors and stopping of tax incentives that deny Malawi from realizing enough resources for its own development. Studies that have been done show how major companies avoid paying taxes through incentives and double taxation treaties, leaving government to overly rely on regressive tax measures. Government must also immediately increase the tax-free band, reduce and where necessary remove, taxes on basic commodities to cushion people living in poverty particularly women, youth, and children.
4. Government must strengthen public resources management for the Public Service to close loopholes that lead to abuse and waste of already little public resources. This includes strengthening of AG, ACB, FIA, Fiscal Police and the judiciary departments that deal with financial crimes.
5. Government should focus on implementing the cushioning measures immediately, while planning for long-term measures as the shocks as being felt by the people now. The plans for 2024, should also be analyzed and replanned to align with the economic climate.
Nyasa Times.
Former OpenAI boss Sam Altman pictured at firm's HQ amid reports of return
The ex-boss of leading artificial intelligence firm OpenAI has posted a photo of himself at its HQ, following reports he is set to return after being sacked on Friday.
Writing on X, formerly Twitter, Sam Altman is pictured holding a guest ID pass and comments: "First and last time i ever wear one of these".
The 38-year-old helped launch the firm which created the popular ChatGPT bot.
On Friday the board dismissed Mr Altman saying it had lost confidence in him.
Reports this weekend, however, have suggested investors and employees are pushing for Mr Altman to be reinstated.
According to tech news site The Information, Mr Altman and Greg Brockman - another co-founder who quit on Friday as the company's president - were invited to the firm's San Francisco headquarters for talks on Sunday.
The BBC has contacted OpenAI for comment.
AI boss Sam Altman ousted after board loses confidence
The extraordinary firing of an AI superstar
Mr Altman is seen as one of the most influential figures in the fast-growing generative AI space and his sacking sent shockwaves across the industry.
In a letter on Friday, the company's board accused him of not being "consistently candid in his communications with the board, hindering its ability to exercise its responsibilities".
The board did not specify what he is alleged to have not been candid about.
However, whatever the board was so alarmed about on Friday has perhaps been overtaken by the global reaction to its decision. There may also have been fears of Mr Altman setting up a rival company and taking OpenAI's top talent with him.
Reports this weekend suggested his sacking had angered current and former employees who were worried it might affect an upcoming $86bn (£69bn; €79bn) share sale.
The firm's venture capitalist backers and the tech giant Microsoft - which has a $10bn stake in OpenAI - have also called for his return, according to the FT.
Sources say there have been a couple of sleepless nights in Seattle, the headquarters of Microsoft, which has also integrated OpenAI's technology into its applications.
If Mr Altman does indeed return, some speculate he may demand the creation of a new board of directors.
Dan Ives from investment firm Wedbush Securities told BBC News he believes Mr Altman will be restored as OpenAI's chief executive.
"The board clearly overplayed their hands. I would almost call it a coup attempt, in terms of trying to get Altman out. But this is going to backfire," Mr Ives said.
"I would expect the board to be out in the next 24 hours and Altman to be back. He is the golden child of AI. That continues to be what Microsoft and other investors are focused on."
OpenAI is widely seen to be a company at its peak, with lucrative investment pouring in, and ChatGPT - which was launched almost a year ago - is used by millions.
Mr Altman has been the face of the firm's rise. More than that, he is seen by many as the face of the industry more widely.
He testified before a US Congressional hearing to discuss the opportunities and risks created by the new technology and also appeared at the world's first AI Safety Summit in the UK at the beginning of November.
His ousting sparked an outpouring of support from Silicon Valley bosses, including former Google chief executive Eric Schmidt who called Mr Altman "a hero of mine" and said that he had "changed our collective world forever".-bbc
Optus: Telecom boss Kelly Bayer Rosmarin quits after Australian outage
The chief executive of Australian telecom giant Optus has resigned after a nationwide outage this month.
Kelly Bayer Rosmarin has been under pressure to quit after overseeing a tumultuous three years for the firm.
Along with the network failure which left almost half of Australia disconnected, she was at the helm during a major data breach last year.
In a statement, she said it had been "an honour to serve" but it was now appropriate for her to step down.
"Having now had time for some personal reflection, I have come to the decision that my resignation is in the best interest of Optus moving forward."
Ms Bayer Rosmarin will be replaced by chief financial officer Michael Venter while the firm searches for a replacement.
The chief executive of Optus's Singaporean parent company thanked her for her hard work during a "challenging period" - pointing out she had improved financial performance despite being appointed at the beginning of the pandemic.
But Yuen Kuan Moon said the Singtel Group understood her decision to resign.
"We recognise the need for Optus to regain customer trust and confidence... Optus' priority is about setting on a path of renewal for the benefit of the community and customers," Mr Moon said.
The outage on 8 November left 10 million Australians and thousands of businesses without mobile or internet coverage for over 12 hours.
The failure caused transport delays, cut hospital phone lines, shut down payment systems, and blocked about 200 people from calling emergency services.
Ms Bayer Rosmarin has faced criticism over her response to the incident, including at a Senate hearing on Friday.
There she revealed thousands of Australians were pursuing the telecom for compensation.
The company is also fighting a class action lawsuit from more than 100,000 current and former customers over the data breach in September 2022.
Affecting 10 million people, it was at the time believed to be the worst data breach in Australian history.
Optus had apologised and blamed a sophisticated cyber-attack, but critics disputed that, including the Minister for Cyber Security who said the firm had "effectively left the window open" for data to be stolen.-bbc
‘I was addicted to social media - now I'm suing Big Tech’
Hundreds of families are suing some of the world's biggest technology companies - who, they say, knowingly expose children to harmful products. One plaintiff explains why they are taking on the might of Silicon Valley.
"I literally was trapped by addiction at age 12. And I did not get my life back for all of my teenage years."
Taylor Little's addiction was social media, an addiction that led to suicide attempts and years of depression.
Taylor, who's now 21 and uses the pronoun "they", describes the tech companies as "big, bad monsters".
The companies, Taylor believes, knowingly put into children's hands highly addictive and damaging products.
Which is why Taylor and hundreds of other American families are suing four of the biggest tech companies in the world.
Harmful by design
The lawsuit against Meta - the owner of Facebook and Instagram - plus TikTok, Google and Snap Inc, the owner of Snapchat, is one of the largest ever mounted in Silicon Valley.
The plaintiffs include ordinary families and school districts from across the US.
They claim that the platforms are harmful by design.
Lawyers for the families believe the case of 14-year-old British schoolgirl Molly Russell is an important example of the potential harms faced by teenagers.
Last year they monitored the inquest into her death via video link from Washington, looking for any evidence which they could use in the US lawsuit.
Molly's name is mentioned a dozen times in the master complaint submitted to the court in California.
Last week, the families in the case received a powerful boost when a federal judge ruled that the companies could not use the First Amendment of the US constitution, which protects freedom of speech, to block the action.
US states sue Instagram over mental health harm
Mother sues Meta and Snap over daughter's suicide
In her own words - Molly Russell's secret Twitter account
Judge Gonzalez Rogers also ruled that S230 of the Communications Decency Act, which states that platforms are not publishers, did not give the companies blanket protection.
The judge ruled that, for example, a lack of "robust" age verification and poor parental controls, as the families argue, are not issues of freedom of expression.
Lawyers for the families called it a "significant victory".
The companies say the claims are not true and they intend to defend themselves robustly.
'Like withdrawals'
Taylor, who lives in Colorado, tells us that before getting their first smartphone, they were sporty and outgoing, taking part in dance and theatre.
"If I had my phone taken away, it felt like having withdrawals. It was unbearable. Literally, when I say it was addictive, I don't mean it was habit-forming. I mean, my body and mind craved that."
Taylor remembers the very first social media notification they clicked on.
It was someone's personal self-harm page, showing graphic images of wounds and cuts.
"As an 11-year-old, I clicked on a page and was shown that with no warning. No, I didn't look for it. I didn't ask for it. I can still see it. I'm 21 years old, I can still see it."
Taylor also struggled with content around body image and eating disorders.
"That was - is - like a cult. It felt like a cult. You're constantly bombarded with photographs of a body that you can't have without dying.
"You can't escape that."
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If you have been affected by any of the issues raised in this story you can visit BBC Action Line.
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Lawyers for Taylor and the other plaintiffs have taken a novel approach to the litigation, focusing on the design of the platforms and not individual posts, comments or images.
They claim the apps contain design features which cause addiction and harm.
'Simply not true'
Meta released a statement saying: "Our thoughts are with the families represented in these complaints.
"We want to reassure every parent that we have their interests at heart in the work we are doing to provide teens with safe, supportive experiences online."
TikTok declined to comment.
Google told us: "The allegations in these complaints are simply not true. Protecting kids across our platforms has always been core to our work."
And Snapchat said its platform "was designed to remove the pressure to be perfect. We vet all content before it can reach a large audience to prevent the spread of anything that could be harmful."
Molly Russell
Taylor knows all about the story of Molly Russell, from north-west London, who took her own life after being exposed to a stream of negative, depressing content on Instagram.
An inquest into her death found she died "while suffering from depression and the negative effects of online content".
Taylor says their stories are very similar.
"I feel incredibly lucky to have survived. And my heart breaks in ways I can't put into words for people like Molly.
"I'm happy. I really love my life. I'm in a place I didn't think I would live to."
It makes Taylor determined to see the legal action through.
"They know we're dying. They don't care. They make money off us dying.
"All hope I have for better social media is entirely dependent on us winning and forcing them to make it - because they will never, ever, ever choose to."-bbc
White House criticises Elon Musk over 'hideous' antisemitic lie
The White House has accused Elon Musk of repeating a "hideous lie" about Jewish people, after the X owner appeared to respond approvingly to an antisemitic post on the platform.
On Wednesday, Mr Musk replied to a post sharing an antisemitic conspiracy theory, calling it "actual truth".
Mr Musk has denied that the post was antisemitic.
But a White House spokesman said his endorsement of the post, which drew anger online, was "unacceptable".
"We condemn this abhorrent promotion of antisemitic and racist hate in the strongest terms," said White House spokesperson Andrew Bates.
He noted that the post Mr Musk was responding to referred to a conspiracy theory that motivated the man who killed 11 people at a Pittsburgh synagogue in 2018.
"It is unacceptable to repeat the hideous lie behind the most fatal act of antisemitism in American history at any time, let alone one month after the deadliest day for the Jewish people since the Holocaust," Mr Bates said, referring to the 7 October Hamas assault against Israel.
X Chief Executive Linda Yaccarino wrote in an earlier tweet that the company has been "extremely clear about our efforts to combat antisemitism and discrimination. There's no place for it anywhere in the world - it's ugly and wrong".
On Wednesday, Mr Musk responded with his "truth" comment to a post that accused Jewish communities of pushing "hatred against whites" and which included anti-immigrant sentiments.
It appeared to be an endorsement of a racist and antisemitic conspiracy theory known as "white genocide," which argues that Jewish people systematically plot to encourage immigration of "non-white" people to Western countries in order to "eliminate" the white race.
The original post that Mr Musk responded to "is using specific language that has been used in the past to justify violent attacks on synagogues," Zahed Amanullah, senior fellow at the London-based Institute of Strategic Dialogue, told the BBC.
The conspiracy theory motivated a mass murderer who entered the Tree of Life synagogue in Pittsburgh in 2018 and shot dead 11 worshippers.
Mr Musk denies he is antisemitic and later said his comments referred not to all Jewish people but to groups like the Anti-Defamation League (ADL) and other unspecified "Jewish communities".
ADL Chief Executive Jonathan Greenblatt posted: "At a time when antisemitism is exploding in America and surging around the world, it is indisputably dangerous to use one's influence to validate and promote antisemitic theories."
The controversy over antisemitism comes as some organisations have stopped buying ads on X, formerly known as Twitter, citing extremist content on the social network.
IBM stopped its ad spending after a report from a left-wing media watchdog said its content was placed next to posts praising Adolf Hitler and Nazism. Apple later said it too would halt ad buys on the platform, Axios reported.
X told the BBC on Thursday that ads are not deliberately placed next to extremist content, that the Nazi-promoting accounts will not earn money from advertising and that specific posts will be labelled "sensitive media".
Separately, the European Commission has asked its departments to stop buying ads on X because of concerns over misinformation in relation to the Israel-Hamas war, according to a report by Politico.
On the platform on Friday, Mr Musk did not directly address his own statements but criticised Media Matters and responded in support of other posts critical of IBM and "media".
The billionaire has on several occasions repeated conspiracy theories and has also lashed out at social media watchdogs - including the ADL and other groups - for criticising his content moderation changes at X.
X claims that it has stronger brand safety controls than other social networks and that hate speech and extremism has fallen on the platform despite large cuts to the company's safety team. Several outside groups disagree with the company's assessment and say that extremism and hate speech have increased under Mr Musk's leadership.
Earlier this year Mr Musk threatened to sue the ADL, claiming it was "trying to kill this platform by falsely accusing it & me of being anti-Semitic". He blames pressure groups, rather than misinformation and extremist posts, for a sharp drop in advertising revenue since his takeover.
While he has not carried through with his threat against the ADL, the company has sued another research and campaign group, the Center for Countering Digital Hate.
On Thursday, CCDH filed a motion to dismiss the lawsuit under California's anti-SLAPP - "Strategic Lawsuits Against Public Participation" - law, calling the X suit "an attempt to censor, intimidate, and silence".-bbc
Heathrow passengers facing delays after staff shortages and strong winds
Temporary restrictions on how many planes can land or take off at Heathrow have been lifted, after a day of delays and cancellations at the airport.
The UK's air traffic services provider NATS said "staff absence and strong winds" had led to limits being imposed.
Heathrow warned of "minor" changes to schedules but declined to say how many journeys would be affected.
It could not confirm if there would be further delays this evening and said passengers should check with airlines.
Earlier, British Airways confirmed that it had made "some adjustments to our short-haul schedule".
Fury over air traffic charges after IT meltdown
Gatwick flights cancelled after air control absences
There are normally about 175 short-haul BA flights that land at Heathrow every day.
Travellers took to X, previously Twitter, to vent their frustration, with some concerned that they would miss connecting flights to other destinations. Some were reportedly facing hours of delays.
NATS has been criticised in recent months for disruption at UK airports. In late August, thousands of flights were cancelled or disrupted when the UK's air traffic control systems suffered a technical failure.
Just over a fortnight later, flights at Gatwick were cancelled, delayed or diverted at short notice because of a shortage of air traffic controllers.
On Sunday, NATS said there was "short notice staff absence in the tower", as well as strong winds.
A spokesperson said: "We are working hard to minimise disruption, working closely with Heathrow airport and airlines. Passengers should check the status of their flight with their airline.
"Restrictions of this sort are only ever applied to ensure safety and we apologise for any inconvenience caused."
BA said that it had "contacted affected customers to apologise and offer them rebooking options or a full refund".
A spokesperson for Heathrow, said: "We want to reassure passengers that our colleagues are working in close collaboration with our airline and air traffic control partners to get them safely on their journeys as quickly as possible.
"We encourage passengers to check with their airline for the latest information."-bbc
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