Major International Business Headlines Brief::: 29 November 2023

Wed Nov 29 08:47:24 CAT 2023

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Major International Business Headlines Brief:::  29 November 2023 

ü  Namibia: Illegal Fishing Headache Continues ... N$1.5 Billion Revenue Lost Annually

ü  Kenyan Court Strikes Down 1,5% Housing Tax

ü  Ethiopia Working to Unlock Mines' Economic Potential

ü  Ethiopia's Sovereign Port Access Spurs Regional Transformation - Expert

ü  Nigeria: FEC Raises 2024 Budget As Tinubu Presents N27.5 Trillion Tomorrow

ü  South Africa: Activists Want Government to Do More to Register Domestic Workers

ü  Seychelles' Main Power Station to Be Expanded By 18MW By 2025

ü  Rwanda: Minagri, FAO Launch Programme for Sustainable Food Systems

ü  Ethiopia: Economic Growth, Peace - Highly Attached Entities

ü  South Africa: Energy Equipment Donation to Be Received By Electricity Minister

ü  Saudi investment fund to buy 10% stake in Heathrow airport

ü  Barclays to cut 900 UK jobs, says Unite union

ü  'Covid and criminals ruined my Airbnb for cars idea'

ü  Eurostar Amsterdam-to-London services to be suspended for six months

ü  Bank boss concerned over UK growth outlook

 <https://www.cloverleaf.co.zw/> Namibia: Illegal Fishing Headache Continues ... N$1.5 Billion Revenue Lost Annually

Walvis Bay — Fisheries minister Derek Klazen has expressed deep concern over the magnitude of illegal, unreported and unregulated (IUU) fishing on the country's coastal line.

The minister said the plundering of Namibia's resources continues unabated, with neighbouring countries also implicated in these illicit activities both inland and at sea. Addressing the fishing industry, Klazen highlighted the persistent challenges posed by both coastal and inland illegal activities, asserting that they remain a significant headache for the government.

Illegal fishing overall is a costly exercise, as it not only robs the country of revenue but also impacts the sustainable management systems in place for the harvesting and safeguarding of natural resources.

Expressing his deep concern about the involvement of citizens from neighbouring countries in illegal fishing, Klazen said plans are currently underway to engage with counterparts to harmonise laws and enforcement measures."We have received alarming reports of an increase in incidents linked to or potentially linked to IUU at our northern coastal border," Klazen stated.

To counter this, the ministry has decided to allocate up to 50% of its control, monitoring, and surveillance sea operations to the northern border with the Republic of Angola. Klazen expressed optimism that these efforts will lead to a tangible reduction in IUU fishing activities.

According to him, the ministry will continue to deploy all resources at its disposal to deter any fishing practices that compromise the sustainability of our aquatic living resources and credibility of our fishery, aiming to combat IUU fishing within Namibia's jurisdiction.

Losing N$1.5 billion

The Confederation of Namibian Fishing Associations (CNFA) in September this year revealed that Namibia is losing over N$1.5 billion annually due to IUU fishing activities. The CNFA reported that six or seven foreign trawlers, allegedly operating under licence in Angolan waters, harvest over 100 000 tonnes of fish in Namibia's northern waters each year.

CNFA chairperson Matti Amukwa then called for urgent intervention to halt illegal fishing in Namibian waters. He emphasised the need to take immediate action against well-known IUU vessels, stressing that reliance on other countries' governments is insufficient to stop the pilferage of Namibia's resources.

"Illegal fishing in Namibia's northern waters has been ongoing since 2015. A 2017 report on IUU by the ministry, supported by the industry, concluded that combating IUU requires the deployment of monitoring, control, and surveillance platforms at and around the northern maritime border," Amukwa said.

He also pointed out that foreign vessels predominantly harvest horse mackerel, but their disregard for the 200m isobath line results in the capture of other species, such as hake, kingklip, and dentex. These illegally caught fish are not considered in determining the total allowable catch (TAC) for quota species, potentially leading to overfishing and the collapse of the fishery.

"Namibia faces a critical juncture in addressing IUU fishing, with government and industry stakeholders working together to protect the country's valuable marine resources," he said.

- New Era.

Kenyan Court Strikes Down 1,5% Housing Tax

The Kenya High Court declared a 1.5% housing levy that was imposed by the government as part of a finance law in July 2023, unconstitutional, reports BBC News.

A three-judge bench ruled that the tax didn't have proper legal support.  The introduction of the housing levy, among other taxes, sparked deadly protests amid a high cost of living.

The government is now asking the court to delay the decision for 45 days while they figure out what to do next.

President William Ruto had, on June 12, 2023, bowed to pressure and slashed the Housing Fund levy by half, from the current 3% to 1.5%. Reducing the percentage of the levy contained in the Finance Bill 2023 came as a direct response to the widespread public outcry, with a considerable number of Kenyans expressing strong opposition to the scheme, reports Capital FM.

Ruto at the time defended the contentious housing levy  saying it would assist in bridging the country's housing deficit. The president chastised politicians who he said "are out to demonise" an otherwise good agenda. He had called for the housing programme to be separated from politics.

Ethiopia Working to Unlock Mines' Economic Potential

The government has made consolidated efforts to make the mining sector the engine for national economic growth and a dependable source of foreign currency and employment, the Mines Minister said.

In his opening remarks at the second Mining and Technology Expo, Mines Minister Habtamu Tegegn (Eng.) stated that the sector has the potential to attract huge amounts of foreign currency to propel economic growth.

"Sustaining nation building as well as registering economic growth would be impossible without tapping mine potential," he noted, adding that producing agricultural minerals and soil fertilizer would help Ethiopia to ensure food self-sufficiency.

For exhibitors, such expos are vital tools to showcase the sector's immense economic potential. According to them, establishing market linkage for manufacturers and supporting the sector with professional research would help Ethiopia to get more benefits from its mining potential.

Despite its opportunities, Ethiopia's mining sector is still underdeveloped and has faced several challenges. The exhibitors mentioned in this regard limited raw material supply and shortage of foreign currency as the sector's pressing hurdles.

More than 90 mine manufacturers and producers are taking part at the expo which will be for five days in Addis Ababa. The exhibitors displayed gold, minerals, industry, construction and other types of minerals in the event.

Prime Minister Abiy Ahmed, who officially launched the Expo, shared in his social media account that Ethiopia is blessed with abundant mineral resources. "We must make productive use of this wealth and hand it over to the next generation for a better country."

The Premier also mentioned that the Expo will showcase Ethiopia's mining potential and stimulate investment in the sector.

- Ethiopian Herald.

Ethiopia's Sovereign Port Access Spurs Regional Transformation - Expert

Ethiopia's sovereign access to seaport would facilitate shared regional economic development in the Horn of Africa (HoA), an economic expert said, calling coastal neighbors to embrace mutual growth principle.

Approached by the Ethiopian Press Agency (EPA) Haramaya University Economics Lecturer Frezer Tilahun stated that Ethiopia's direct access to the sea would create a fertile ground for the HoA's mutual progress. "This requires our neighbors to consider Ethiopia's economic growth and development as their own."

"Keeping Ethiopia landlocked would aggravate the volatility of the HoA and further intensify the current rampant migration, poverty, inflation and, terrorism and conflict in the region. It is important to grow together having mutual agreement and understanding under the give and take principle."

According to him, Apart from helping the peace and stability of the region, Ethiopia's access to the sea is of paramount significance to create a substantial number of jobs, deter illegal human trafficking and reduce poverty,

Furthermore, since poverty is a cause for various conflicts, access to the sea has a capacity to bring sustainable solutions. Tourism and fishery would play a crucial role for Ethiopia's economic growth by offering new jobs.

Most of Ethiopia's basic commodities come from abroad and their price is soaring due to the cost of port rent. Also, the rules and regulations of port-owned countries have been resulting in delays of commodities, quality problems and price increment. In the long run, it would cause inflation on product beneficiaries, the expert elaborated.

"When we ensure access to the sea, we would facilitate timely transit of commodities by overcoming unnecessary bureaucracies."

>From an internal perspective, Ethiopia's sovereign access to the sea would enable a robust transit of import and export goods and greatly improve the country's economic growth by minimizing port charges that are further exacerbated by congestion and checkpoint bureaucracies.

It would also contribute to the national GDP and help to import critical commodities including fertilizer and construction materials and create a favorable environment to attract FDI, Frezer remarked.

- Ethiopian Herald.

Nigeria: FEC Raises 2024 Budget As Tinubu Presents N27.5 Trillion Tomorrow

The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill with aggregate expenditure of N27.5 trillion.

The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, announced this on Monday after the Federal Executive Council meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa, Abuja.

This is just as plans have been concluded for the president to present the budget to the National Assembly on Wednesday.

The minister, who said the proposal was an increase of over N1.5 trillion when compared to the earlier projection of N26.01trillion, put the targeted revenue for next year at N18.32 trillion.

He said the deficit was also lower than that of 2023.

According to him, further details of the budget will be released when President Tinubu makes his presentation of the budget to the National Assembly.

Bagudu said FEC also approved the revised 2024 - 2026 Medium-Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP), which would be submitted alongside the 2024 budget proposal.

According to him, it is four dollars more than the MTET/FSP earlier approved by the National Assembly.

He said: "Today, among other issues, the Federal Executive Council considered the 2024 Appropriation Bill. You may recall that the Medium Term Expenditure Framework was earlier approved and transmitted to the National Assembly, which the assembly graciously approved and that approved Medium Term Expenditure has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent.

"However, in Mr. President's determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval.

"This will significantly increase government revenue that Mr. President intends to use in further supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly health, education, infrastructure, security and other developmental areas.

"Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President. The bill has an aggregate expenditure of N27,500,000,000,000, which is an increase of over N1.5 trillion from the previously estimated, using the old reference prices.

"The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly."

Meanwhile, Tinubu will, on Wednesday, present the 2024 budget estimates to the joint session of the National Assembly.

Secretary, Research and Information of the National Assembly, Dr Ali Barde Umoru, confirmed this on Monday to journalists while requesting for the list of those to be allowed into the chamber during the budget presentation.

This will be the first budget estimate President Tinubu will present to the National Assembly in person.

In the same vein, the Speaker House of Representatives, Abbas Tajudeen revealed that, in line with the 10th House's mantra as the "Peoples House", it will convene a Town Hall meeting on the 2024 Appropriation Act to get inputs from Nigerians before it comes into effect.

He stated this at a 'One Day Retreat for Chairmen and Deputy Chairmen of the House of Representatives' in Abuja on Monday.

The retreat organised by Konrad Adeneur-Stiftung was themed: "Improving Legislative Performance Through Effective Committee Management".

He said, "As we expect to receive the 2024 Appropriation bill in a few days, I wish to state that the House will convene a Budget Townhall Meeting to enable citizens to make inputs into the 2024 Appropriation. It is the first time such an engagement is planned at the national level.

"This is necessary for reducing suspicion, building trust and generating support for the work of the National Assembly. I invite our partners to work with us in preparing for a vigorous and all-inclusive budget process. To ensure speedy passage of the 2024 budget, I charge all Committees to double their efforts and finalise all considerations in two weeks.

"However, this does not imply haphazard and superficial consideration of the Budget. Rather, it is a challenge to you to deploy all resources and make the needed sacrifices to ensure we pass the budget in good time for the good of all Nigerians.

The speaker urged the chairmen, deputies, and all their members to operate as a team. "To be effective, committees must hold regular meetings, develop and adhere to annual work plans, report regularly and engage with the public. However, the general effectiveness of Committees is contingent on a clear understanding of your mandate and objectives.

"This involves fostering teamwork, promoting inclusivity, and ensuring that all members contribute meaningfully to the committee's work. An important aspect of synergy relates to greater collaboration between committees in legislative activities.

"For instance, the House cannot afford individual public hearings on all private member bills due to the increased number of committees. As such, the House will adopt the mechanism of consolidating bills for hearings to ensure sustainability".

- Daily Trust.

South Africa: Activists Want Government to Do More to Register Domestic Workers

Three years after the landmark Concourt ruling, very little has changed with their access to compensation

It's been three years since the Constitutional Court's landmark ruling for domestic workers to be covered by the provisions of the Compensation for Occupational Injuries and Diseases Act (COIDA).

But activists say very little has changed for most workers.

According to SERI, fewer than 20 claims have been submitted with COIDA since 2020, despite a relatively larger number of cases reported to the organisation and others representing domestic workers.

The Department of Labour says it is urging private employers to register their domestic workers, adding that immigrant workers can also be registered using their passport/ID, work permits and asylum seeker documents.

In November 2020, the Constitutional Court made a landmark ruling that domestic workers be covered by the provisions of the Compensation for Occupational Injuries and Diseases Act (COIDA) and that damages can be claimed for work-related injuries, illnesses and death.

Three years later, domestic workers say they are still struggling to access the compensation and the Unemployment Insurance Fund (UIF).

"For many years we have been struggling to get employers to register us for UIF and COIDA. Domestic workers are still being mistreated," said Manyunyu Florence Sosiba, national president of the South African Domestic Service and Allied Workers Union (SADSAWU).

Sosiba was speaking at an event to mark the three-year anniversary of the Mary Mahlangu judgment held at the Nelson Mandela Foundation in Johannesburg.

Maria Mahlangu was a domestic worker who drowned in her employer's swimming pool in Pretoria in March 2012. The compensation matter heard by the Constitutional Court was rooted in a case brought by Mahlangu's daughter, Sylvia Mahlangu, who was her sole dependent at the time. She was left financially devastated after her mother's death. She approached the Department of Labour to claim compensation but was turned away.

Last week's dialogue - organised by the Socio-Economic Rights Institute of South Africa (SERI) - aimed to bring together government officials, civil society, domestic workers and employers to find solutions to issues in the domestic work sector.

Representatives from SERI said they were concerned that fewer than 20 claims have been submitted with COIDA since 2020, despite a relatively larger number of cases reported to the organisation and others representing domestic workers.

Sosiba, who has been a domestic worker since 1983, said that she is yet to be registered for COIDA and UIF. Domestic workers are still being mistreated, earning far below the minimum wage, and not being compensated after getting injured at work, she said.

"We want the Department of Labour to ensure that employers comply with the registration of workers, and that failure to do so would constitute exploitation," Sosiba said.

Maggie Mthombeni from Izwi Domestic Workers said she was particularly concerned with the working conditions of mostly immigrant domestic workers. She said they were aware of cases where employers deliberately employ domestic workers who are undocumented to bypass labour laws.

According to Mthombeni some immigrant domestic workers struggled to claim UIF or COIDA despite being registered due to "system glitches". She added that while some employers had registered their domestic workers, but some people do not include relevant documents needed when claims are submitted, or they were still not contributing the 1% fee of the worker's salary.

She said Izwi and other domestic workers unions are working with SERI on a campaign to educate domestic workers on their rights.

The dialogue ended with activists making a call for the government to ensure that employers comply by registering their workers.

Spokesperson for the Department of Labour, Dikentsho Seabo, told GroundUp that the department had amended the COIDA Act to include domestic workers.

"If employers refuse to register a claim, employees can visit any labour centre to report their own claim. The department has inspectors to investigate any unfair labour practices," Seabo said.

He urged private employers to register their workers with the fund, adding that immigrant workers can also be registered using their passport/ID, work permits and asylum seeker documents.

- GroundUp.

Seychelles' Main Power Station to Be Expanded By 18MW By 2025

Seychelles' main power station, located at Roche Caiman on Mahe Island, is to be expanded by 18MW, the Public Utilities Corporation (PUC) announced recently.

With the installation of two new 8MW generator sets, this will bring the total capacity to 92MW at that particular power station, with the Victoria Power station having a capacity of 28MW.

According to a press release from the PUC, this expansion project, valued at €21.8 million, was initiated following a contract agreement signed in October this year, between PUC and the International Montage Maintenance (IMM), an independent engineering, procurement, and construction (EPC) contractor specialising in thermal power generation plants, based in Belgium.

This project is being facilitated through a loan financed by Nouvobanq and is expected to be completed by July 2025.

The agreement with IMM was finalised following an international tender process aimed at acquiring the necessary generator sets for the expansion.

The project's scope includes a number of components, such as the delivery and installation of the two additional 8MW generator sets and their auxiliary systems, as well as civil works to expand the Roche Caiman power plant's infrastructure.

Increasing Mahe's generator capacity is one of the main goals of this expansion project, which aims to meet the growing demand for power.

PUC hopes to lessen its dependency on older generator sets located at the New Port Power Station by introducing these two new generator sets.

According to the PUC, in the long run, this action will make it easier to decommission New Port's outdated infrastructure, making room for a more advanced and modern power plant.

For the next four to five years, the PUC has carefully scheduled this transition in order to guarantee a stable energy supply that can sufficiently sustain the nation's economy.

Seychelles currently has a total power generation capacity of 129MW, mostly produced by PUC, through its diesel power plants and solar farms.

- Seychelles News Agency.

Rwanda: Minagri, FAO Launch Programme for Sustainable Food Systems

In an effort to advance sustainable agriculture and food systems, the Ministry of Agriculture and Animal Resources (MINAGRI) and the Food and Agriculture Organization of the United Nations (FAO) have initiated the first training session of the PSTA 5 "Rwanda Agriculture and Food Systems - Policy Learning Programme" (PLP). This groundbreaking 10-month program aims to integrate food system development into actions, policies, and investments.

Building on the recent Knowledge Seminar of the 5th Rwanda Strategic Plan for Agriculture Transformation (PSTA 5), officiated by the Minister of agriculture, Dr Ildephonse Musafiri, the PLP will delve into six thematic areas. These encompass Food Systems, Nutrition and Healthy Diet, Trade, Political Economy Approaches to Governance, Climate-Resilient Food Systems, and Public-Private Partnerships for Research and Innovation.

The Policy Learning Programme, slated to run from for 10 months, will consist of one-week sessions for each thematic area. The inaugural session, focusing on Food Systems, kicked off on November 27 in Musanze. This collaborative effort includes the Institute for Innovation and Public Policy, University College of London, leveraging their expertise in innovative policy design using systems approaches.

Speaking at the opening session, Dr Chantal Ingabire, Director General of Planning for the Ministry of Agriculture and Animal Resources, emphasized the PLP's objective to ensure that policies create conducive conditions for impactful investments in agriculture and food systems, contributing to the nation's economy.

She said; "The PSTA 5 Policy Learning Programme aims at ensuring that policies set the right conditions for investments in agriculture and food systems to have a real impact on our economy."

She added that "There is no single actor, technology or discipline that can provide all the solutions that we seek. This is why a more joined-up systemic approach is needed with innovations in policymaking, governance, research, multistakeholder collaboration and investments in agriculture and technologies are urgently needed."

With a cohort of 30 senior and technical experts from various government departments, the PLP aims to equip participants with skills in systems thinking, fostering improved policy development and governance arrangements.

This diverse group includes representatives from MINAGRI, Rwanda Agriculture and Animal Resource Board (RAB), National Agricultural Export Development Board (NAEB), Ministries of Trade and Industries, Environment, Youth, Finances, as well as the National Bank of Rwanda (BNR).

Coumba Sow, FAO Country Representative in Rwanda, said; said "This long week session on "Systems approach for food and agriculture in Rwanda", an applied learning programme by FAO and UCL Institute of Innovation and Public Purpose will ensure the adequacy of the capacities of the policy makers and help public sector staff from various sectors better understand the concept of agriculture linked to food systems and complex challenges, and guidance on how the policies and strategies are developed in a way that facilitates the design, financing and implementation in a food system approach."

Rwanda has made progress through huge reconstruction efforts and significant economic growth, along with the development of several policies, strategies, and programmes.

Rwanda has made remarkable progress in its agricultural sector, aligning with sustainable development goals. Recognizing the agrifood system as crucial for achieving the 2030 Agenda, the government's bottom-up approach has played a pivotal role in transformation efforts.

However, challenges persist, ranging from climate change to food loss and waste, malnutrition, and food insecurity. Coumba Sow emphasized the urgency of a paradigm shift, stating that traditional approaches to agriculture are no longer sufficient. The collaboration should extend beyond conventional boundaries, involving sectors such as energy, health, family, youth, women, environment, local government, finances, statistics, academia, trade, and industries.

As Rwanda navigates post-COVID conditions, economic factors, and global conflicts, the Policy Learning Programme signals a proactive step towards a resilient and sustainable future for the nation's agrifood systems.

- New Times.

Ethiopia: Economic Growth, Peace - Highly Attached Entities

Unarguably, peace is life. All people across the globe have been feeling the taste of peace and are heard of saying that it is the backbone of all sorts of activities since nothing can be safely carried out without it. Yes, peace is priceless human capital that knows no boundary because everything in the world can't be dealt with in human life without the presence of peaceful atmosphere and persistent security.

When it comes to the onward motion tied with economic growth, the scenario that attracts different versions as economy; the basis of livelihood and the secret behind staying alive; economy or source of food product; one of the most fundamental or basic necessities of life, of course, the role of peace is untold.

Cognizant of the fact that every activity in relation to social, political or economic progress is highly annexed or firmly intertwined with peace and serenity, The Ethiopian Herald had recently a stay with Mohammed Feisel, who was graduated in Agro Economics from Haramaya University, to have professional outlook regarding the peace and economic growth or affluent life style.

He said, "In the first place, no one can limit the significant of peace as it is equaled by none on the planet earth for it was, is being, has been, even will in a limitless fashion be the source of all the good, inside calmness and social repose. Truly speaking, no one can provide peace with a clear cut explanation or purpose since it is tantamount to assuming all the things found in the land in aggregate.

In simple terms, health is peace, life in the absence of scarcity is peace, harmonious living is peace, clean and mesmerizing environment is peace, showing progress in life is peace, love is peace, wealth or income is peace."

As far as the latter is concerned, wealth or economic aspect which is the basis for every life, all activities from which economy is secured need peace and peaceful trend more than anything else as every fruit can be successfully collected in the presence or peace. Needless to state, peace is life in short as every aspect of life demands it equally with what living things deserve to stay alive, equally with air, food, shelter and other related necessities for life. True, peace is the lifeblood of human existence, and its absence entirely disrupts life let alone leaving rooms for production and productivity and recording growth in economic spheres.

As to Mohammed, the relationship between the economic performances of Ethiopia, for instance, its levels of peace could hardly be expressed in words as peace acts as a reliable predictor of a country's future performance for a number of macro-economic indicators. In the prevalence of peace and peaceful atmosphere, a number of insights can be better assessed and the potential source of economic advancement and investment perspectives of the country are going to be well expedited.

Mohamed further explained that, apart from sorting out the potential means that enable the nation to promote production and productivity in Ethiopia, taking the presence of peace and serenity for granted, properly hunting financial investment products that are likely to yield higher returns has to be well capitalized on.

Besides, it is quite important for the country to develop more comprehensively competent companies, which can decide where to invest and determine better future economic outcomes. Clearly, all the available sources of economic progress had better be exploited well thereby helping the nation come up with gratifying economic growth bedecked with peaceful environment. The role of peace especially in due course of running activities in relation to economic factors is by far invaluable since such a travel-oriented step requires peace, security, amicable social communication and peaceful coexistence.

Mohammed further elucidated, "We all need to capitalize on what peace can offer businesses instead of saying what businesses can do for peace. All economic actors and business doers have to be granted with peace and security. In order for the private sector to engage with peace building, investors' thus first need to see the benefits of peace to their investment decisions as economic performance can be predicted by movements in the same socioeconomic developmental factors that impact peacefulness."

Without a shadow of doubt, greater peacefulness is extraordinarily connected with higher levels of economic firmness of purpose, business and technological innovation, higher worker productivity and less administrative red tape, he added. Mohammed further said that the presence of peace has long been the main factor used to forecast superior economic performance by the nation since the country can set a number of economy-oriented plans, macroeconomic trajectories and national development schemes taking its unwavering peace for granted. Otherwise, it is difficult to back home out for work and conducting a range of societal associations let alone thinking about how can solicit income generating means, which in turn helps the nation garner huge economic return at the end of the day.

Hence, embarking on peace is an incomparable step to be taken in Ethiopia if the country wants to become an affluent one. Interestingly, the country has been in a position to register remarkable economic growth, win tourists' confidence, create continental market linkage and contribute a lot to the nation's economic growth though there are challenges, he added.

He said, "Peace first and all other aspects are its subordinates in life. Peacefulness is the backbone of economic progress, social connection, political interaction and even a means to drive bilateral or multilateral ties wheel well. Therefore, nothing is much more important and rewarding than working for peace in the history of human race. Come to our point, we can absolutely say that peace and economic growth are two sides of a coin. "

Mohammed said, "If the issue of peace is entirely solved in Ethiopia, the high cost of living, peculiarly witnessed in urban areas, would undoubtedly sharply fall for agricultural products are transported from place to place without restriction and reservation. If this is so, the long heaped social, political, cultural and even economic challenges from which every Ethiopian is now suffering are going to be queued in their proper pattern and provide citizens with a sigh of relief."

Yes, peace and its invaluable elements attract higher rates of foreign direct investment, promote low inflation, lift citizens' purchasing power, and ensure equitable distribution of resources thereby recording superior economic and investment performance across the nation. The reason for such superior returns lies in the relationship between the factors that create peace and those that create a robust transaction, economic bolstering and conducive economic environment, is the prevalence of lasting peace, he added.

Progress in peace indeed helps the government exercise low level of corruption and improve the everyday lives of citizens via reducing the cost of regulatory compliance for businesses, and contributing a lot to peace that targets at improving systems of doing business and making profits out of all economic activities, and this is practically being done so, Mohammed opined.

Ethiopia's progress in the peace and security framework is highly associated with increased production and productivity with superior financial returns, outcomes on safe biodiversity and a viable social well-being. As peace is a very good forecaster of future environmental, social and governance performance, all citizens have to join force and move in unison to come up with economically, socially and even politically stable nation under the auspicious of peaceful scenario. That is why it is recurrently heralded that better economic performance assists in building peace and vice-versa.

Peace and economic growth together can form a virtuous cycle. Similarly, a worsening performance in peace hinders economic growth and contributes to the process of forming a vicious cycle. The economy and peace can therefore be thought of as a system that can move in either a beneficial or destructive direction. In simple terms, the systemic relationships between peace and favorable economic environments have to be well handled and well nurtured for a delightful return.

In a nutshell, since the nation has registered commendable economic growth and appealing tourism amid some sorts of challenges, everyone has to focus on ensuring peace and security. The best scheme for successfully addressing such a daunting challenge, which has highly compromised the smooth flow of activities in one way or another due to lack of peace and security, must be well aborted to help the nation record remarkable economic growth for attaining the intended prosperity.

Such a bold move unquestionably helps make money and do business individually or collectively out of every sector and this in turn would enable the nation bring about a better economic growth. As stated from the outset, economic growth without peace is definitely unthinkable!

- Ethiopian Herald.

South Africa: Energy Equipment Donation to Be Received By Electricity Minister

The first consignment of energy equipment donated by the People's Republic of China is expected to be received by Minister in the Presidency for Electricity, Dr Kgosientso Ramokgopa.

The consignment handover is expected to be held in Pietermaritzburg on Thursday.

"The donation forms part of the Technical Assistance Programme that was entered into in August 2023 during China's Head of State Visit to South Africa. The first consignment which has arrived in South Africa consists of 450 gasoline generators which will be distributed to public service facilities across the country.

"The generators will be used as backup to alleviate the impacts of load shedding in the delivery of services in clinics, schools and courts whilst government continues to implement the Energy Action Plan to ultimately end load shedding and create sustainable energy security," the Presidency said in a statement.

Earlier this year during an Official State Visit to South Africa, led by Chinese President Xi Jinping, President Cyril Ramaphosa thanked the Asian nation for its support.

"South Africa deeply appreciates China's support in addressing our current energy challenges. This includes the donation of emergency power equipment worth R167 million and availing a grant of approximately R500 million as development assistance.

"Energy cooperation with China is a recent development that we look to deepen, particularly in line with our respective commitments to low-carbon, climate-resilient development," the President said.

- SAnews.gov.za.

Saudi investment fund to buy 10% stake in Heathrow airport

Saudi Arabia's Public Investment Fund (PIF) has agreed to buy a 10% stake in Heathrow airport from Spanish infrastructure giant Ferrovial.

Another 15% in its parent company, FGP Topco, will be sold to French-based private equity fund Ardian.

Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).

The transaction is still subject to regulatory conditions, according to the firm.

If approved, the deal would end Ferrovial's investment in the UK airports' operator which started at 56% but was reduced to 25% by 2013.

Other stakeholders in FGP Topco include Qatar Investment Authority, Caisse de dépôt et placement du Québec, Singapore's GIC, Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme.

The airport has been losing money this year because of its significant debt which is affected by aggressive hikes in the cost of borrowing.

The Civil Aviation Authority has also decided to lower passenger charges which go towards costs for terminals runways, baggage systems and security.

The average charge per passenger at Heathrow for 2023 is £31.57 but the regulator said this would fall to £25.43 in 2024 and "remain broadly flat" until the end of 2026.

It is understood bosses at Heathrow wanted charges to actually increase to more than £40, while airlines proposed they should be no more than around £18.50.

Saudi's PIF is one of the world's most active sovereign wealth funds with more than $700bn in assets thanks to its oil wealth, which has recently been investing in sport such as football and golf.

But the fund is controlled by Saudi Arabia's prince Mohammed bin Salman Al Saud whose government has been accused of numerous human rights violations.

US intelligence has said it believes Prince Mohammed ordered the 2018 killing of a US-based journalist, Jamal Khashoggi, though the prince has been given immunity in the US and he has also been invited to visit the UK according to the Saudi Arabian embassy.-bbc

Barclays to cut 900 UK jobs, says Unite union

Barclays is cutting 900 UK jobs as it looks to reduce costs, the trade union Unite has said.

The union said the "disgraceful" move in the lead-up to Christmas would boost the bank's "massive profits".

Jobs will go across several back-office divisions, including compliance, finance, legal, policy, IT and risk, according to Unite.

Barclays has not confirmed numbers, but said it was taking action to "simplify the business".

Affected staff were told at lunchtime on Tuesday, Unite said.

It said it was pressing Barclays to avoid all compulsory redundancies and redeploy staff in the impacted areas of the business.

The union said it had secured improved payments and support for affected workers, including those with less than two years' service.

But a spokesperson for Barclays said the cuts had been outlined in its third-quarter results in October.

Barclays chief executive CS Venkatakrishnan said at the time that the bank saw "further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the group".

Speaking on Tuesday, a bank spokesperson confirmed it was making changes to its headcount, "as management layers are reduced and the group improves its technology and automation capabilities.

"We are committed to supporting impacted colleagues through these changes."

But Unite general secretary Sharon Graham said: "Barclays is disgracefully cutting jobs to further boost its massive profits. This is a mega-rich bank that is already on course to make eye-watering profits this year."

The bank reported pre-tax profits for the three months to September of £1.9bn, slightly better than analysts' forecasts, but down from £2bn a year ago.

Barclays has cut costs in the last few years, and has already seen jobs go across its retail and investment banking businesses.

It has also announced nearly 200 branch closures in recent years, saying only 10% of transactions were now taking place face-to-face.

The group had around 22,300 staff in total at the end of last year.

The cuts come as reports suggest up to 2,500 jobs are at risk at another High Street bank, Lloyds.

According to the Guardian, the bank is ready to start a consultation with staff in several roles, including analysts and product managers, as part of a shake-up.-bbc

'Covid and criminals ruined my Airbnb for cars idea'

Prime Minister Rishi Sunak said recently he wants to make the UK more like Silicon Valley, so "people are unafraid to give up the security of a regular pay cheque to start [a business] - and be comfortable with failure".

London-based entrepreneur Andy Hibbert did just that in 2016 when he set up Karshare, which he describes as "like Airbnb, but for car sharing". The business failed this year.

Like so many, it was hit by the double impact of Covid followed by the Ukraine war - but it also came up against a more unusual and unsavoury problem.

Firms going bust on track for worse year since 2009

'We failed - why our dream eco-business collapsed'

Karshare was Mr Hibbert's first start-up. Prior to that he had a successful career in the travel industry, working for British Airways, EasyJet and corporate travel agency Reed & Mackay.

The idea for Karshare was inspired by a trip to the US, where he had a bad car-hire experience and noticed the impact of Airbnb.

What if you could rent out your car to tourists visiting your country when you left it at the airport? he wondered.

He raised money from angel investors and persuaded Gatwick to sign up in Karshare's first year. The airport added a third option on its website, so after Short Stay and Long Stay, came "Rent and Earn".

This freed up space in their car parks, giving them extra capacity.

Karshare sorted out an insurance policy, the valeting of cars and key transfer.

Other companies like Turo in the US and Hiyacars in the UK were trying the Airbnb model with car sharing too, so the airport partnership was Karshare's unique selling point.

One in 50 people were selecting "Rent and Earn" on Gatwick's website by early 2020, says Mr Hibbert, and the business was growing. He was in talks with other major airports to roll out the idea.

Then Covid struck and the whole travel industry stalled, breaking Karshare's business model.

The company pivoted in 2021 to allow people to rent their cars from their homes instead. It also installed a special keyless system for cars, so that people wouldn't have to wait around for someone to hand over the key.

Following this new business model, Karshare made 1,600 rentals in July 2022 and was in a "high growth phase", according to Mr Hibbert.

However, the war in Ukraine was the second hammer blow.

The start-up required investment to run at a loss, so the idea could spread, but investors (just like consumers) became less willing to part with their money, explains Mr Hibbert, especially for consumer-facing businesses.

Criminal intent

Another surprising problem plagued the business.

"We found that certain unsavoury characters abused the system," says Mr Hibbert.

Criminals had realised they could hire cars more easily and cheaply this way (including flashy ones), as opposed to going to car rental offices in person. They wanted to use vehicles for illicit activity, such as drug dealing, and they often didn't have a licence or had driving convictions.

They found ways to get around Karshare's online checks - paying people to sign up for a car on their behalf, then using still photographs to trick the facial-recognition system.

For users, obviously the thought that criminals might use your car is off-putting. But it raised very practical and costly issues for the business too.

If a criminal took a car out under someone else's name, then crashed it during a police chase, the insurance company would not pay out, because the person driving was not the one named in Karshare's policy.

Or a car might disappear and the criminal claim that it was stolen. Karshare ended up footing the bill. It tried introducing video recognition and random ID checks in response.

There were only about 30 incidents like this out of 19,000 rentals and a user base of 40,000, says Mr Hibbert, but dealing with this issue cost time and money.

What happened to Karshare has parallels with people hacking e-bikes to use them for free, hosting raucous parties on Airbnb, or muggers using e-scooters.

"One lesson learned for any sharing economy business is that you have to ask yourself: how could this system be broken?" says Mr Hibbert. "Once criminals learn a weakness, it's pretty viral in the underworld."

What next?

Just over half of start-ups fold within five years, according to the Entrepreneurs Network.

However, in the UK there has traditionally been a stigma around discussing business failure. Entrepreneurs like Mr Hibbert are starting to challenge that.

Even though he had to close Karshare this summer after the investment money dried up, he has not lost the entrepreneurial bug.

His next move may be from cars to cows, he says. He has been investigating the world of sustainable farming tech, looking at ways to use algae as a fertiliser, and more efficient ways to feed cattle.-bbc

Eurostar Amsterdam-to-London services to be suspended for six months

Eurostar services from the Netherlands to London will be suspended for six months from June next year.

Renovation work in Amsterdam means officials will be unable to process cross-Channel passengers until 2025.

Passengers from Amsterdam and Rotterdam to London will be required to change trains in Brussels.

Outbound travel from London to the Netherlands will continue, according to Eurostar.

Negotiations between the Dutch government, the local railways operator and Eurostar over renovations at Amsterdam's central station failed to reach an agreement which would allow services to continue.

Works at the station will mean there will not be not enough space to process London-bound passengers, who must go through more extensive security and passport checks than passengers to the Netherlands and neighbouring countries.

Contacted for comment, Eurostar did not clarify why works in Amsterdam would prevent passengers boarding in Rotterdam.

Four trains operate daily between London and Amsterdam, stopping at Brussels and Rotterdam on the way.

The London-Amsterdam connection launched in full in October 2020.

The period of disruption is shorter than initially expected, at six months instead of 12, Eurostar said in a statement.

The link between the Netherlands and the UK is the latest Eurostar connection to be suspended as the company grapples with growing challenges, including post-Brexit border checks and staff shortages.

Direct services to Disneyland Paris ended this summer, while connections between London and Marseille via Lyon were axed during the pandemic.

Trains linking the UK to continental Europe have not stopped at two stations in Kent since 2020 - Ashford and Ebbsfleet.

In January, chief executive Gwendoline Cazenave said the company was carrying a third fewer passengers on its flagship London to Paris route.-bbc

Bank boss concerned over UK growth outlook

The governor of the Bank of England has raised concerns over economic growth as he warned again that interest rates will not be cut in the "foreseeable future".

Andrew Bailey said he was concerned over the UK economy's potential to grow, adding "there's no doubt it's lower than it has been in much of my working life".

It comes after the government's forecaster slashed its growth outlook for the UK, in part due to high inflation and interest rates.

Inflation, which is the rate consumer prices rise at, has dropped sharply in recent months, falling to 4.6% in the year to October largely as a result of lower energy prices.

However, it is still more than double the Bank of England's 2% target and Mr Bailey warned lowering inflation further would be "hard work".

His comments, in an interview with local news website Chronicle Live, external during a visit to the North East of England, came as a House of Lords committee report said that reforms were needed to improve the Bank of England's performance and accountability.

The Bank has raised interest rates in recent times in its attempt to tackle rising prices, which have soared largely due to energy and food costs increasing in the aftermath of the Covid pandemic and Russia's invasion of Ukraine.

Interest rates are currently at 5.25%, a 15-year high, which has pushed up mortgage costs but also led to higher savings rates.

Despite a recent fall in the inflation rate Mr Bailey has repeatedly warned against suggestions that interest rate cuts will follow.

"I'm very conscious of the position of the less well-off," he told Chronicle Live.

"But we do have to get [inflation] down to 2% and that's why I have pushed back of late against assumptions that we're talking about cutting interest rates."

The Bank first started to raise rates in December 2021 in an attempt to control inflation - but it is a balancing act. If rates go up too fast, consumers and businesses may spend and invest less which tends to drag on the economy.

The UK is not currently in recession but there have been concerns over weak economic growth.

In his Autumn Statement last week, Chancellor Jeremy Hunt announced some tax cuts for workers and businesses as the government attempted to boost growth, but the UK's overall tax burden is still on course to hit a record high.

Mr Bailey said the slowing down of the economy's productivity "does concern me a lot".

"If you look at what I call the potential growth rates of the economy, there's no doubt it's lower than it has been in much of my working life," he said.

Last week, the independent Office for Budget Responsibility (OBR) said that while it expected the UK economy to grow by 0.6% this year, the outlook for the next couple of years was not as good as previously predicted.

It cut its growth outlook to 0.7% in 2024 and 1.4% in 2025 - down from previous forecasts of 1.8% and 2.5%.

Meanwhile, a report by the House of Lords Economic Affairs Committee released on Monday said the framework for the Bank's independence had been tested by the rise in inflation and "the resulting loss of public confidence in the Bank".

It said "all central banks, including the Bank of England" had made errors in recent years, including forecasting inflation incorrectly.

"While we are of the strong view that independence should be preserved, reforms are needed to improve the Bank’s performance and to strengthen its accountability to Parliament," said Lord Bridges of Headley, chair of the committee.

The report said that a "democratic deficit" had emerged with "critically important" economic decisions being "delegated to unelected officials".

It suggested the Bank's remit be "pruned", in order to "ensure that the Bank is focused on its primary objectives of tackling inflation and ensuring financial stability".

"The Bank must do more to foster a diversity of views and strengthen a culture that encourages challenge," the report added.-bbc

Invest Wisely!

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INVESTORS DIARY 2023

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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.

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