Major International Business Headlines Brief::: 19 October 2023

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Major International Business Headlines Brief:::  19 October 2023 

 


 

 


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

 


 

 


 

ü  Ghana: Govt to Sanction Businesses Over Violation of Human Rights

ü  Nigeria: Ex-Minister of Power Reveals Cabal Sabotaging Stable Power Supply in Nigeria

ü  Kenya: Bolt Hikes Fares to Cushion Drivers From Soaring Fuel Prices

ü  Nigeria: After $1bn Drop, Nigeria May Suffer Further Decline in Forex Inflows - Report

ü  Nigeria: Ibom Air Begins Flight to Accra

ü  East Africa: Standard Bank Still 'Comfortable' About $120m Investment in East African Crude Oil Pipeline While Awaiting Clarifications

ü  Nigeria: Special Report - Rural Farmers in Nigeria's Capital Count Losses Amid Poor Mobile Telephony

ü  Botswana: More Than 1000 Public Facilities Offer Free Internet

ü  Nigeria Aims to Tap Into the Global Lithium Market

ü  West Africa: Liberia Wins Ecowas Youth Cyber Security Competition

ü  Nokia to axe up to 14,000 jobs to cut costs'US mortgage rates have hit a two decade high of 8%

ü  Nvidia and iPhone maker Foxconn to build 'AI factories'

ü  BYD: The top electric car maker that is not Tesla

ü  Netflix raises UK prices despite password crackdown success

 


 

 


 <https://www.cloverleaf.co.zw/> Ghana: Govt to Sanction Businesses Over Violation of Human Rights

THE government is developing a national action plan on business and human rights to provide swift sanctions against businesses that violate people rights in the country.

 

The action plan which is being put together by the collaborative work between the Commission on Human Rights and Administrative Justice (CHRAJ), the Office of the Attorney General, the Ministry of Justice and other relevant agencies, is expected to protect, promote, respect, and address human right abuses in the trade industry.

 

The Vice President, Dr Mahamudu Bawumia, disclosed this yesterday in Accra, at the opening ceremony of the 14thBiennial Conference of the Network of African National Human Rights Institutions (NANHRI).

 

 

Under the theme: "Nurturing responsible business conduct and respect for human rights in Africa -The role of African national human rights institutions in centering human and people's rights in the context of business operations and the African Continental Free Trade Area Agreement" the conference brought together 46 National Human Rights institutions on the continent.

 

The Vice President said CHRAJ in the year 2020 conducted a national baseline assessment on the voluntary principles of security and human right in the extractive sector in the country.

 

He said in 2021, the Commission concluded national baseline assessment of business and human rights, in collaboration with the Ghana Institute of Management and Public Administration (GIMPA), as a prelude to the processes towards the development and adoption of the national action plan on business and human right.

 

 

"As a government, we will support CHRAJ to always deliver on its mandate, and urged all African leaders to do same for their national human rights institutions.

 

"The continent needs very strong and independent and result oriented national human rights institutions, to provide the necessary guidance in improving on human rights records of our respective countries and continent as a whole," Dr Bawumia said.

 

He said the national action plan on businesses and human rights was necessitated by the unanimous endorsement of the United Nations principles on business and human rights, by the Human Rights Council in June 2011, in its resolution 17(4).

 

The resolutions, he said, was supported by governments all over the world, with the aim of advancing the protection, respect, and as well provides solutions on human rights violation.

 

The Vice President said the resolution called on government to adopt a national action plan on businesses and human right, and highlight sanctions that needs to be applied when people's rights were abuse in business transactions.

 

The outgoing chairperson of the NANHRI, Dr Hilarious Mugwadi, said environment pollution was among the many challenges that come as a result of business operations in the continent, especially in extractives industry.

 

He explained that, it was because the extractives sector contributes to air and water pollution that negatively contributes to the challenges facing some communities in having access to potable water, hence, such development violates on people rights.

 

The Chairperson of NANHRI, Mr Joseph Whittal, said he was optimistic that the national action plan on business and human rights would help address challenges facing individuals and communities in regards to business operations

 

-Ghanaian Times.

 

 

 

Nigeria: Ex-Minister of Power Reveals Cabal Sabotaging Stable Power Supply in Nigeria

Diesel and petrol suppliers and generator dealers continue to make brim businesses as power supply remains epileptic in Nigeria.

 

A former Minister of Power, Barth Nnaji, has alleged that diesel suppliers and generator dealers are sabotaging efforts for Nigerians to enjoy regular power supply.

 

Mr Nnaji, a professor, made this known while featuring on a radio programme, captioned: "The South East Political Roundtable" by Flo FM, Umuahia on Wednesday.

 

The former minister said the endless breakdown of the national grid had remained a significant concern among Nigerians.

 

 

According to him, this is despite the Federal Government's claim of spending N7 trillion as direct interventions in the power sector, even after privatising the electricity generation and distribution arms of the industry since November 2013.

 

Mr Nnaji, who is the chairperson of Geometric Power, Aba, identified diesel suppliers and generator sellers as other obstacles for those who are into power generation business.

 

He said the power sector needed professionals, who understood the Nigeria Electricity Supply Industry to manage it.

 

"There are two areas when you talk of cabal in the sector - the diesel suppliers and generator users.

 

"Nigeria is a big user ofgeneratorsr because of our enormous power need and those who are in the business would not want any interruption.

 

"The diesel suppliers feel that stable power supply would destroy their business," he said.

 

 

Mr Nnaji further alleged that the power sector, just like others, had some cabal, who make gains from the problems of poor power supply.

 

He said: "A graphic picture of how dangerous the diesel suppliers can be was experienced when we were in government, somewhere in this country, some men cut down 30KVA line to stop electricity supply to thousands of users.

 

"Unfortunately, the diesel supplying company sponsored the operation.

 

"Incidentally the power cable fell on one of them, who later confessed to the crime."

 

 

Nigeria has struggled with poor power supply for decades, a challenge that is estimated to cost businesses about $29 billion yearly, according to the World Bank.

 

The country has the lowest access to electricity globally, with about 92 million persons out of the country's 200 million population lacking access to power, according to the Energy Progress Report 2022 released by Tracking SDG 7.

 

A World Bank report in 2021 also explained that 74 per cent of power users in the country are dissatisfied with the supply of electricity across the country. While 93 per cent of metered power users paid their bills regularly, 78 per cent of electricity consumers in the country received less than 12 hours of power supply daily.

 

Also, the lack of power supply has increased production costs for many businesses who are then forced to provide their electricity, mostly using diesel-run generators as alternative sources of electricity.

 

In June 2015, Nigerian manufacturers said they spent as much as N3.5 trillion annually to generate alternative power for their production operations due to the collapse of the public electricity supply.

 

In 2018, former President Muhammadu Buhari claimed Nigerians depend less on generators in their homes and businesses. However, analysts disagreed with the position as many Nigerians continue to suffer from the ripple effect of poor power supply.

 

In March, the Abuja Electricity Distribution Company (AEDC) said insufficient power allocation to the company by generation stations was responsible for the unstable electricity supply in the region.

 

In June, the Manufacturers Association of Nigeria (MAN) said it loses N10.1 trillion annually to power crisis, just as the World Bank said that Nigeria will need about $100 billion in the next 10 years to tackle the challenges in its energy sector.

 

-Premium Times.

 

 

 

Kenya: Bolt Hikes Fares to Cushion Drivers From Soaring Fuel Prices

Nairobi — Ride-hailing platform Bolt has increased fares to cushion drivers from high fuel prices.

 

In the review, the Estonian-based firm has increased fares by between Sh70 and Sh100 across its driver platforms of Economy, Base, Boda, and XL.

 

It has also hiked the minimum fare, with a range of Sh200 and Sh250.

 

Pricing per kilometer has increased since the introduction of a long-distance rate.

 

The increment comes after the Energy and Petroleum Regulatory Authority (EPRA) a few days ago hiked fuel prices by Sh5.72, diesel by Sh4.48, and kerosene by Sh2.45.

 

 

This pushed fuel prices in Nairobi to Sh217.36 for petrol, Sh205.47 for diesel, and Sh204.46 for kerosene.

 

"At Bolt, the interests of our driver community remain at the heart of our business and we truly believe that happy drivers provide better quality service for customers," Bolt Kenya Country Manager Linda Ndungu said.

 

"As such, we have adjusted our pricing to mitigate the rising fuel costs," Ndungu added.

 

"This adjustment reaffirms our commitment to offering top earnings for drivers on our platform, and to remain the preferred, cost-effective choice for our customers."

 

Price changes, Bolt says, will be implemented across all categories in the Mombasa, Kisumu, Kakamega, Nakuru, Naivasha, and Mount Kenya regions.

 

-Capital FM.

 

 

 

 

Nigeria: After $1bn Drop, Nigeria May Suffer Further Decline in Forex Inflows - Report

Nigeria still has a long way to go in recovering from the slump in foreign exchange inflows into the economy as the country is projected to suffer further decline.

 

A new report by PWC said the decline in global trade growth may also adversely affect Nigeria's trade balance in addition to FX inflows.

 

Nigeria currently battles to meet forex obligations despite the floating of naira, which has further widened disparity between the official and the parallel market.

 

The exchange rate between the naira and dollar further devalued on Tuesday at the Investors & Exporters (I&E FX Window) selling at N848/$ according to data from FMDQ website before closing at N775 yesterday.

 

 

At the parallel market, the dollar exchanged for N1,100, according to checks by our correspondent at a popular parallel market in Lagos.

 

Amidst this worsening dollar crisis, there are fears the worst is yet to come as the PWC report suggests.

 

It would be recalled that the National Bureau of Statistics (NBS) report last week indicated that importation of foreign currencies into Nigeria dropped to $1bn in the second quarter of 2023.

 

The NBS in the report titled, Nigeria Capital Importation Q2 2023, said the figure was a 32.9 per cent lower when compared to the $1.535bn paid into the Nigerian economy during the same period in the second quarter of 2022 and down by 9.04 percent from the 1.13bn in Q1 2023.

 

But PWC in its Nigerian Economic Outlook for the month of October stated that decline in global trade growth may adversely affect Nigeria's trade balance and FX inflows.

 

 

According to the report, remittance flows to low and middle-income countries are expected to remain resilient but slow to $656 billion (2022: $647 billion), which represents growth of 1.4% by 2023 compared to 8% growth in 2022.

 

The slow growth is due to the softening of economic activity in remittance source countries, limiting employment and wage gains for migrants. Remittance flows to Sub-Saharan Africa in 2022 was largely driven by strong remittance growth in Tanzania (25%), Rwanda (21%), Uganda (17%), Ghana (12%), and Kenya (8.5%).

 

"Though remittances to Nigeria accounted for 38% of the total flows to the region, it increased by only 3.3% to $20.1billion.

 

The report further observed that there has been a rise in the inflows of FX from autonomous or non-CBN sources, which has led to the widening divergence between the official and parallel market rates.

 

 

It said, "Since 2007, the FX inflows from autonomous sources exceeded inflows from the CBN. The implication of official interventions may not accurately reflect the market demand and supply dynamics as annual inflows are skewed towards unofficial sources."

 

The report further pointed out that the sustained rise in public debt may negatively affect the country's credit ratings, subsequently increasing the cost of borrowing.

 

"The rise in Nigeria's public debt to N87.4 trillion in Q2 2023 could be attributed to the impact of securitisation of ways & means, and the naira devaluation.

 

"Foreign suppliers may not accept letters of credit amid unsettled $7 billion FX obligations to domestic lenders. This may lead to less imports of the much-needed inputs and goods for manufacturing and retail/wholesale trade, which may heighten inflationary pressures and negatively impact GDP growth.

 

"Nigeria debt service to revenue ratio increased to 96% in 2022 raising concerns about its widening fiscal deficit, high debt servicing to revenue and rising debt to GDP ratios."

 

The report highlighted five suggestions, which include Boosting of Investors' Confidence - Clear Nigeria FX Management Story; Manage for flexibility and shocks - withstand external shocks with a pocket of sequenced policy execution; Short-term fix to enhance foreign exchange liquidity; Deepening of financial markets and Longer term sectoral policy to maximise exports or deepen domestic consumption.

 

Director/CEO, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf in a chat with our correspondent yesterday said it will take time before Nigeria recovers from the drop in capital importation.

 

He said, "You know a lot of things have gone wrong and some of those things that have gone wrong are very fundamental and they have badly affected the confidence of investors and you know when confidence is broken, it takes time to regain it back.

 

"The way out is what the government has been trying to do, first to clear the backlog of foreign exchange obligations and the maturing obligations, the outstanding letters of credits and the currency swaps. Because if you don't clear those backlogs, it would be sending very bad signals to other investors across the world and they would not bring their money no matter what you do."

 

He said Nigeria must scale up efforts to earn foreign exchange, adding that Nigeria must also reduce importation of petroleum products, which he said is putting a lot of pressure on the nation's foreign exchange.

 

-Daily Trust.

 

 

 

Nigeria: Ibom Air Begins Flight to Accra

Ibom Air has started its regional flight with operations from Lagos, Nigeria to Accra in Ghana.

 

The Akwa Ibom State-owned airline said the first regional flight is in line with its vision "to be a world-class African regional airline" by offering passengers an industry-leading travel experience that encompasses schedule reliability, on-time departures, and excellent service.

 

The flight departed Murtala Mohammed International Airport, Lagos, Nigeria at 7. 45am on Tuesday.

 

General Manager, Marketing and Communication, Ibom Air, Mrs Aniekan Essienette, said the Managing Director, Ghana Airports Company Limited, Mrs. Pamela Djamson-Tettey, received the airline when it touched down in Accra.

 

 

Djamson-Tettey who was represented by Mr Kwame Baffour Awuah said the move is a demonstration of the confidence reposed in the Ghana aviation industry.

 

Executive Director and Chief Operating Officer of Ibom Air, Mr George Uriesi, said, "This is a significant step for Ibom Air as we expand our network out of Nigeria and into the African continent. With this new route, we aim to enhance connectivity between Nigeria and Ghana, fostering tourism, trade, and tighter economic and cultural ties.

 

"Ibom Air remains committed to delivering exceptional services to our passengers, and we invite travellers between Nigeria and Ghana to choose Ibom Air and experience the best of our service offering".

 

Akwa Ibom State Commissioner for Culture and Tourism, Mr Charles Udoh said the inaugural flight marks a significant milestone in the history of Akwa Ibom, owners of the airline.

 

-Daily Trust.

 

 

 

East Africa: Standard Bank Still 'Comfortable' About $120m Investment in East African Crude Oil Pipeline While Awaiting Clarifications

Standard Bank, one of Africa's biggest banks, has been under fire for its potential involvement in the controversial East African Crude Oil Pipeline project. The bank says the project will not continue the destructive legacy of fossil fuel projects across the continent but will instead be a progressive development.

 

Standard Bank is waiting for further environmental and financial clarifications about the East African Crude Oil Pipeline, expected in about two months, before it decides whether it will invest up to $120-million in the controversial project, Kenny Fihla, Standard Bank's CEO of corporate and investment banking, told Daily Maverick at its Climate Summit on Wednesday.

 

 

"What we've been asked to do is to consider a possible participation of anything between $100-million and $120-million, which would be just under 10% of the debt funding," Fihla said.

 

"We have evaluated the project, we have looked at the financials and we think it is financially viable and hugely profitable. We have looked at the economic impact; how many jobs have been created and whether it is net positive for both the economies -- we are comfortable with that," Fihla said.

 

The East African Crude Oil Pipeline will run for nearly 1,500km from Uganda's Lake Albert oilfields to the port of Tanga in Tanzania. The project is already in development and the development of airports, road infrastructure and the drilling of oil has commenced. The insulated pipeline will run underground along with six pumping stations, two in Uganda and four in Tanzania.

 

Controversy...

 

-Daily Maverick.

 

 

 

 

Nigeria: Special Report - Rural Farmers in Nigeria's Capital Count Losses Amid Poor Mobile Telephony

Many rural dwellers including farmers on the fringes of Nigeria's capital city, Abuja, are paying steep prices as Nigeria's booming digital economy leaves them behind.

 

Farmer Musa Yakubu rushed home with his climbing rope slung across his shoulders and an axe in his hand, to attend to an emergency on a wet Saturday afternoon in September.

 

Mr Yakubu, a 34-year-old farmer at Saimami, a village in Kuje area council of Nigeria's capital city Abuja, had to cut short his farm work for that day, after his wife, Mariam, suddenly appeared on the farmland with a message of a relapse of his mother's condition at the General Hospital in Rubochi, a neighbouring village.

 

"I wished I could send money through online banking to my sister at Rubochi General Hospital. They only needed some money for my mother's treatment. But since there were no mobile telephone network services here, I had to be physically present to provide cash," Mr Yakubu told PREMIUM TIMES in his native Gbagyi dialect after returning from his farm.

 

 

In February, the family was thrown into penury following Nigeria's currency redesign policy which led to the mopping up of the highest denomination of naira notes from circulation. The government gave various reasons for the policy including the shift towards a cashless policy.

 

"We could not sell our palm fruits and perishable produce like tomatoes and spinach, because buyers only had electronic means of payment," Mr Yakubu recalled how the cash crunch impacted his community.

 

Compelled by the crisis, Mr Yakubu embraced an e-payment method through a third party's bank account at Rubochi but it was a disaster.

 

"After the online transfer was made to a Point of Sale (POS) vendor at Rubochi, he claimed the transaction was unsuccessful but the buyer of my palm fruits had left," Mr Yakubu lamented.

 

His story highlights how many rural dwellers including farmers living in the outskirts of Nigeria's seat of power are paying steep prices for being left behind by Nigeria's booming digital economy due to poor mobile telephony services.

 

 

Saimami lies inwards from Abaji on the Abuja-Lokoja Expressway; a three-hour journey from the Aso Rock Villa, the official residence of Nigeria's President.

 

Saimami's mountainous topography offers a breathtaking scenery of an ideal rural setting for agricultural enterprises to thrive, but the absence of social amenities - electricity, potable water and motorable roads - compounds the deficit in digital public infrastructure like mobile telephone network services.

 

As a result of the cash crunch, Mr Yakubu's wife lost her firewood business which was a source of major support for the family.

 

"Buyers used to come to Saimami from neighbouring towns in Kogi State to purchase firewood from me with cash, but when the naira problem started, they stopped coming," Mariam said as she recalled how her N50,000 ($50) worth business crumbled.

 

 

Rural communities, enclaves of victims of Nigeria's cashless economy drive

 

While the Nigeria government rode on the back of the cash crunch to push its shift to a cashless economy, the Yakubus, a family of five, are a symbol of many rural dwellers whose means of livelihood were upended by it.

 

Nigeria's quest to redesign high-denomination currency in Africa's largest economy and reduce money supply helped remove N2.3 trillion from circulation between October 2022 and February 2023, according to figures from the Central Bank of Nigeria (CBN).

 

Quantifying the monetary loss occasioned by the cash crunch, a Lagos-based organisation, Centre for the Promotion of Private Enterprise, estimated that the Nigerian economy lost around N20 trillion, a development that underscores the plight of Saimami residents.

 

In a report issued in March, Muda Yusuf, the head of the organisation, noted that "Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy."

 

Unarguably, the scarcity in cash pushed many Nigerians into signing up to mobile banking transactions which accelerated to their highest level ever in March, jumping year on year by more than five times to 183.7 million, according to statistics from the Nigerian Interbank Settlement System (NIBSS). That compares to the 108.1 million transactions reported for January.

 

The NIBSS is owned by all licensed deposit money banks in Nigeria and the CBN.

 

However, the lack of mobile telephony servicesin many rural communittes meant thousands of people could not conduct mobile banking.

 

At Munu, another rural community in Abuja, Lazarus Yunana, a 26-year-old farmer, bears the brunt of non-availability of mobile network services that are needed for mobile banking transactions.

 

Although the cash crunch has since ended after the Supreme Court ordered its reversal in March, Mr Yunana said many buyers of his farm produce now prefer electronic bank transfer channels like the POS, which is rampant in many rural settlements due to absence of banks

 

"One needs a mobile telephone network to be able to engage in (electronic) money transfers, but we don't have network connectivity in Munu," he said.

 

According to the central bank, electronic banking transactions more than doubled between October 2022, the month the CBN first announced its currency redesign plan, and the end of February 2023.

 

In concrete terms, mobile banking transactions increased from N1.1 trillion to N2.6trillion in just one year. The volume and value of transactions executed through POS terminals reached their peak in February, just as the number of POS terminals deployed across the country was at its record high during the month.

 

"The cash crisis would definitely reaffirm the need for everyone to register on a digital platform and increase financial inclusion in the rural areas," Babatunde Obrimah, the CEO, FinTech Association of Nigeria, told PREMIUM TIMES in an earlier report.

 

The traffic rate on the platforms of organisations under FinTech Association of Nigeria swelled more than fourfold between the start of the cash crunch and the third week of February, 2023.

 

But many Nigerians in the hinterlands are not benefitting from e-banking due to inadequate broadband penetration.

 

Deprived opportunities

 

Riding on a motorcycle from Abaji to the hilly Saimami community for an hour revealed its untarred road dotted, on one side, with electric poles and sagging cables which have not provided electricity for close to a decade.

 

Apart from their poor access to social amenities, Mr Yakubu said, "Saimami inhabitants are deprived of government opportunities in terms of agricultural loans and financial inclusion."

 

Referencing the Anchor Borrowers Programme (ABP), a Nigerian government initiative aimed at achieving self-sufficiency in production of rice and some other major food items, Mr Yakubu said he could not enroll for the N55 billion scheme.

 

"Registering for the ABP required a bank account. But we don't have bank accounts because there is no bank in our locality, so we could not benefit from any of such opportunities."

 

A previous investigation by tis newspaper detailed how the farmers programme faltered owing to disbursement of loans to some "farmers" outside the financial system.

 

Mr Yakubu further said the community was trapped during the naira redesign policy of the government which occasioned hardships for many Nigerians.

 

"Produce buyers who used to pay in cash for goods such as maize, guinea corn and cassava, were only able to make electronic bank transfers. That was not possible at Saimami and other adjoining communities like Gyana, Fazza and Gbamfa, because of poor mobile network," he said.

 

Although the currency redesign policy brought a high number of unbanked Nigerians into the digital banking system, many rural dwellers were still left out due to a lack mobile network services.

 

Poor mobile services frustrate distress calls

 

Aside from the challenges of poor mobile telephony services militating against financial inclusion for rural communities, insecurity renders another dimension to the issue.

 

At sunset on 5 August at Munu in Abuja, gunmen snatched Moses Yakubu from among a trio of farmers who were returning from the market.

 

 

Mr Yakubu, 75, could not run fast owing to old age but his co-travellers - Danjuma Saidu, 23; and Lazarus Yunana, 26 - clambered up the steep hill where the hoodlums had waylaid them, before vanishing through shrubs into the surrounding forests.

 

"After I hid myself in the woods, I tried to phone our vigilante leader about Moses Yakubu's kidnap but there was no mobile network on my phone," Mr Yunana narrated the challenges with mobile telephony in Munu and surrounding communities.

 

Munu's beautiful scenery with lush vegetation attracts herders and their cattle, a factor that has contributed to the insecurity in the area.

 

The residents' plights concerning infrastructural deficit is compounded by worsening insecurity. Kidnapping and banditry have ravaged rural communities and satellite towns in Abuja.

 

"Aside from kidnappers who regularly strike in the community, when herders and their cows destroy our crops, it's impossible to phone the police for intervention due to lack of mobile network," Mr Yunana said.

 

The vigilante leader at Munu, Paul Commander, a farmer, corroborated Mr Yunana's concerns.

 

"We can't make distress calls to the police whenever we are faced with problems like kidnapping of our community members and herdsman invasion," Mr Commander said.

 

"It took us 48 hours of combing the bushes before we rescued Moses Yakubu from his abductors," the vigilante leader said in his native Gbagi dialect.

 

Daniel Jesse, a 28-year-old farmer, said mobile telephony services is now an integral part of a digitalised world economy, therefore their absence deprives Munu residents of modernism.

 

"A large herd of cattle was unleashed on my cassava farm in August, but I could not get the herders arrested because I was alone and there was no mobile telephone network to phone the vigilante for help," Mr Jesse who works as a local pastor said.

 

Broader issues of broadband penetration in rural Nigeria

 

Residents of Munu, Saimami, Gwargwada and Yebu communities in Kuje and Kwali local council areas of Abuja, are among the 30 million Nigerians without Internet connectivity as of October, 2022, according to data from the Nigerian Communications Commission (NCC), which regulates the sector.

 

Umar Danbatta, the former Executive Vice Chairman of the NCC, blamed lack of Internet access on infrastructure deficits.

 

According to data from the NCC, as of July 2022, broadband penetration in Nigeria only reached 44.5 per cent - less than half of the country's 200 million population. But voice calls and data connectivity remain abysmally poor in rural Abuja communities as a result of the inadequacies in spectrum expansion.

 

In September, PREMIUM TIMES reported how the National Rural Telephony Project (NRTP), started in 2002 and designed to ensure that rural communities were not left out of the telecommunication development, was abandoned.In Abuja, telecommunications companies are having a hard time siting Base Transceiver Stations (BTS) that would have boosted mobile network services in rural areas like Munu, Saimami Yebu, and satellite towns.

 

The Association of Licensed Telecom Operators of Nigeria (ALTON) said the deficit in mobile telephony infrastructure deployment in some parts of Abuja is caused by the refusal of development control regulators to grant approvals to mobile network service providers to site Base Transceiver Stations (BTS).

 

Gbolahan Awonuga, who leads ALTON, told PREMIUM TIMES that the Federal Capital Territory Administration (FCTA) in Abuja refuses to grant approvals to telecoms service providers for siting of BTS.

 

Saddled with the responsibility of running the Nigerian capital, the FCTA has the mandate to "build and administer Abuja in compliance with its master plan."

 

But FCTA's refusal to issue approvals for the siting of BTS to telecoms firms is at variance with government's avowal to "respond to the needs of all residents..." of Abuja.

 

The spokesperson for NCC, Reuben Muoka, corroborated Mr Awonuga's concerns in an interview with this newspaper.

 

Mr Muoka said the FCTA believes erecting BTS would deface Abuja's master plan.

 

"Siting of Base Transceiver Stations in Abuja has been an issue, because the city does not have high-rise buildings where telecom operators could mount their equipment," Mr Muoka explained.

 

Experts said not even co-location of telecommunications facilities has been able to resolve the digital infrastructure issues regarding mounting of physical assets in Abuja.

 

"What telecoms operators are doing is to optimise whatever digital infrastructure they have by renting BTS that are mounted on a particular physical asset, a development called 'co-location," Mr Muoka explained how the issue is being tackled.

 

"In terms of the concept of co-location, a company builds infrastructure which all the telecom companies rent. It was even tougher when MTN Nigeria, Airtel Nigeria and Glo Nigeria had to look for their individual sites," Mr Muoka noted.

 

He further explained that Abuja's growing human population estimated at 2.5 million puts constraints on BTS.

 

Bordered by four states - Niger, Kogi, Kaduna and Nasarawa - the FCT as Nigeria's seat of power continues to witness influx of people partly due to the insecurity in many northern states.

 

"Abuja is still not free like other locations. As the population is increasing, that is how the constraints of more base stations will be felt," the NCC spokesperson said of the need to expand mobile telecoms services in the city.

 

Despite the challenges, the regulatory authorities boast that Nigeria's active mobile subscriptions has reached 220.7 million as of August 2023.

 

This is up by about 200,000 subscriptions from the 220.5 million recorded in the preceding month of July, as announced by the NCC.

 

But Mr Awonuga was optimistic that the new Minister of FCT, Nyesom Wike, would address the issues.

 

Anthony Ogunleye, the director of press at Mr Wike's office, promised to offer an explanation for the continued deprivation of telecoms operators approvals to mount BTS and other digital assets.

 

But after a week of repeated calls and text messages to his phone for comments, Mr Ogunleye has yet to get back to this reporter.

 

This story was produced with the support of the Media Foundation for West Africa (MFWA) in collaboration with co-devop.

 

-Premium Times.

 

 

 

 

Botswana: More Than 1000 Public Facilities Offer Free Internet

Maun — The village connectivity project is a major milestone in the development of the country, says Minister for State President, Mr Kabo Morwaeng.

 

Speaking during a panel discussion at the launch of the SmartsBots project in Maun on Tuesday, Mr Morwaeng said the project was part of the public transformation to a knowledge based economy.

 

He said the SmartBots project would impact people's lives and bring services to citizens.

 

He noted that 144 villages had already been connected and that 1 200 public facilities across the country had free, fast and reliable Internet, adding that they included health facilities, dikgotla, schools and libraries. He said next year another 300 villages would be connected.

 

 

Mr Morwaeng noted that the project had improved peoples lives as they could now access necessities such as education, healthcare and agriculture at the click of a button.

 

The country, he said, could not attain the knowledge based economy or transformation without Internet connectivity and that government was on the right path to develop the country.

 

He said the project left no one behind as some people could not afford to buy data bundles and could now enjoy free Internet due to President Dr Mokgweetsi Masisi's initiative.

 

He also noted that experts had testified on the benefits of the SmartBots project to facilitate the digital economy.

 

Minister of Health, Dr Edwin Dikoloti said the project would help strengthen the health system, noting that 288 health facilities had been connected and that 21 of them were in Maun.

 

 

He also noted that they had introduced a patient management system at Moeti Clinic through the project in an effort to improve health care services.

 

He added that they would be able to interact with patients through the project and track their records as well as to administer telemedicine services.

 

Dr Dikoloti also noted that through Internet access over 400 health officers had graduated from Washington University.

 

Another panelist, Member of Parliament for Maun West, Mr Dumelang Saleshando appreciated the project, saying it would make their work as MPs easier to connect with their constituents.

 

He said they had taken the decision to construct technology laboratory classrooms in schools through the Community Constituency Fund in an effort to enhance effective learning and teaching.

 

He expressed the wish that connectivity could also address some of the challenges faced by communities. He said some constituents were not happy with service delivery at some government departments such as land board. With the launch of the project, he said they hoped they would be able to lodge their complaints and be given feedback online.

 

The managing director of Abari Communications, Mr Neo Ngwako also appreciated Internet connectivity, saying it would bring benefits to those in business.

 

He also said the connectivity project would give Batswana the opportunity to have virtual stores and have access to lucrative markets, as they would be able to display and sell their products online. "We will be able to penetrate the international market and compete with our counterparts globally," he said.

 

Maun youth leader, Mr Thatayotlhe Seithumolo thanked government for the project, saying it was a game changer as many could learn online.

 

The project, he said, would also benefit those idling due to limited employment opportunities as they would be able to research and venture into income generating projects.

 

"Internet connectivity makes everything possible as it connects us locally even outside borders. I encourage fellow youth to embrace it and improve their lives," he said.

 

BOPA

 

-Botswana Daily News.

 

 

 

 

Nigeria Aims to Tap Into the Global Lithium Market

For years, Africa's largest economy relied mainly on oil, but now wants to boost its mining industry. Nigeria wants to bank on the booming global lithium market.

 

Nigeria is tightening rules around mining its lithium minerals countrywide following the rush for it by foreign mining companies.

 

The government said no company would be allowed to mine and export rawlithium unless they set up processing and refining plants in Nigeria.

 

Dele Alake, Nigeria's Minister of Solid Materials, told DW the government would "do everything possible to discourage the carting away of our solid minerals without value addition."

 

The much-coveted mineral is used in the production of rechargeable batteries and electric vehicles. With discoveries of large lithium deposits in Nigeria, Africa's largest economy wants to profit from the billion-dollar global lithium market.

 

Lithium is currently mined in Nassarawa, Kogi, Kwara, Ekiti, and Cross River States.

 

 

The mineral is also being mined extensively in Zimbabwe, Africa's largest producer, as well as in Namibia, the Democratic Republic of the Congo, Mali, and Ghana.

 

Reaping locally from the raw mineral

 

"I want to emphasize the fact that the era of exporting raw solid minerals from Nigeria is over. Any company wishing to come and invest in the solid minerals industrial sector in Nigeria henceforth must add local value," Alake said.

 

With new licensing requirements, mining companies must show business plans that benefit local communities before being granted licenses.

 

Alake said that the move is critical to help create jobs. "I am glad to mention that such an initiative is already on stream as some companies have already commenced operations in Nigeria."

 

Ganfeng Lithium Industry Ltd., a Chinese company, is building a lithium processing plant in the central Nasarawa state.

 

 

The plant is to process about 18,000 tons of lithium ore per day to manufacture batteries for electric vehicles. The government said this as an example of the desired type of investment.

 

Nigeria, Africa's top oil producer, is also rich in gold, limestone, and zinc, but its mining industry is underdeveloped. It contributes less than 1% to the country's gross domestic product.

 

Shifting away from oil

 

The government wants to diversify the country's economy, shifting away from its massive reliance on oil.

 

But it is not only the revenue from lithium that is a focus for Nigerian authorities. They say they also want to ensure that the mineral isn't mined to the detriment of the environment.

 

They have already warned foreign nationals like the Chinese to avoid engaging in the illegal mining of lithium.

 

 

Still, the government has previously been blamed for disregarding the impact of illegal mining of some other minerals across Nigeria.

 

The country's mining association said the federal government must crack down on illegal mining activities that destroy the environment.

 

Dele Anyoleke, president of the Miners Association of Nigeria, told DW that health and safety issues involved in mining newly discovered materials are not always addressed. In addition, "whenever there is a discovery of a new mineral, all these artisanal miners would swing into such a place. They don't need to dig. They don't need to blast."

 

He said governmental agencies often fail to end such activities.

 

Protecting the environment

 

According to some environmental experts, uncontrolled mining leads to environmental degradation with dire consequences for the population.

 

"When mining, you need to protect the environment. How do we protect the environment? There are five ways to make mining more sustainable: lower impact mining techniques, reusing mining waste, eco-friendly equipment, rehabilitating the mining site, and shutting down the illegal mining site," Nafisatu Mohammed Sani, a geological consultant in Abuja, told DW.

 

Minister of Solid Materials Alake said the mining industry is being modernized and that the government is investing more than $19.6 million (€18.6) over seven years to generate data on the mining sector through the National Integrated Mineral Exploration Project (NIMEP).

 

"The preliminary reports from this project have unraveled massive discoveries which have literally put Nigeria on the world map of lithium-rich countries," Alake told the gathering at the Nigeria Mining Week event this week.

 

The Nigerian government said that controlling mining and not having a repeat of events in the oil-rich Niger region -- where oil activities destroyed the environment -- is critical.

 

Edited by: Louisa Schaefer

 

 

 

 

West Africa: Liberia Wins Ecowas Youth Cyber Security Competition

Liberia has emerged as one of the grand winners in the Economic Community of West African States (ECOWAS) Youth Engaged in Cybersecurity threat competition held in Lome, Togo.

 

The ECOWAS Youth Engaged in Cybersecurity Competition serves as a platform to encourage and motivate the younger generation to pursue careers in this critical field.

 

It emphasizes the importance of cybersecurity in today's digital age, with an eye towards securing the digital future.

 

Recently, four brilliant Liberian Information Technology specialists (ICT) headed by Victor K. Jarlwood, Jr., departed Liberia for Lome, Togo to represent Liberia in the grand final of the ECOWAS Youth Engaged Cyberthreat competition.

 

 

The group under the banner "Cyber Warriors" left the country late Friday evening through the Roberts International Airport (RIA) to participate in the practical grand final of the ECOWAS.

 

The ECOWAS Cybersecurity (CTF) competition took place from 16 to 18 October 2023 in Lome, Togo with all eyes on Liberia's talented cyber team, "Liberia Cyber Warriors."

 

The competition brought together all the young, talented cyber security champions from all ECOWAS member states to compete for the grand price of being the best in ECOWAS youth ranking.

 

[bsa_pro_ad_space id=1]

 

Liberia's Cyber Warriors Team headed by young ICT specialist Victor Jarlwoods helped secure victory and further solidified Liberia's reputation as cybersecurity frontrunners within the ECOWAS community.

 

 

Speaking in an exclusive interview with this paper Wednesday, 18 October 2023 via WhatsApp, Mr. Jarlwood described the process as very tough and intensive.

 

"We are thrilled to share exciting news about Liberia's outstanding team Liberia "Cyber Warriors"' performance in the recent ECOWAS Youth Cybersecurity Competition," he said.

 

"Liberia Cyber Warriors has emerged as one of the many winners in this prestigious event, showcasing the country's growing prowess in the field of cybersecurity," he stated.

 

Jarlwoods said in a display of talent and dedication, young cybersecurity enthusiasts from Liberia competed alongside their counterparts from across the ECOWAS region.

 

He indicated that the competition brought together the brightest minds in the field, challenging them with complex scenarios and real-world challenges to test their cybersecurity skills.

 

"We demonstrated exceptional technical proficiency and innovative problem-solving abilities, solidifying our place among the winners of the competition."

 

According to him, their outstanding performance did not only reflect their commitment, but also highlighted the investment and support provided by local institutions and the government in nurturing and empowering the cybersecurity community.

 

Mr. Jarlwoods said they are proud and excited of Liberia's accomplishment in this competition, saying that it's a testament to the country's commitment to building a robust and skilled cybersecurity workforce.

 

He added that as technology continues to evolve and play an increasingly significant role in the lives, the cybersecurity community in Liberia is well-positioned to tackle the challenges of the digital world.

 

"This achievement is a moment of pride for Liberia and underscores the potential of its youth in shaping a secure digital environment."

 

"We look forward to seeing these talented individuals continue to contribute to the cybersecurity landscape and wish them success in their future endeavors," he concluded.

 

-New Dawn.

 

 

 

 

Nokia to axe up to 14,000 jobs to cut costs

Finnish telecoms giant Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs.

 

The announcement was made as the company reported a 20% drop in sales between July and September.

 

The company blamed slowing demand for 5G equipment in markets such as North America.

 

It currently has 86,000 employees around the world, and has axed thousands of jobs since 2015.

 

Nokia wants to cut costs by between €800m and €1.2bn (£695m-£1bn) by 2026, it said.

 

Advances in cloud computing and AI will need "significant investments in networks that have vastly improved capabilities", said chief executive Pekka Lundmark.

 

"However, given the uncertain timing of the market recovery, we are now taking decisive action," he said.

 

It said it wanted to "act quickly" by cutting costs by €400m in 2024, and €300m in 2025.

 

Mr Lundmark added that despite "ongoing uncertainty", Nokia expected to "an improvement in our network businesses" in the current quarter.

 

Stalling 5G

Nokia was once the biggest handset manufacturer in the world, but it failed to anticipate the popularity of internet-enabled touchscreen phones such as Apple's iPhone and Samsung's Galaxy and was knocked from its perch by rivals.

 

After selling its handset business to Microsoft, which the software giant later wrote off, Nokia concentrated on telecoms equipment.

 

In 2020, Nokia became a major beneficiary of Huawei being blocked from the UK's 5G networks after striking a deal to become the largest equipment provider to BT.

 

But 5G equipment makers have been struggling as operators in the US and the EU cut spending.

 

Nokia and Swedish rival, Ericsson, have been trying to offset some of the weakness with higher sales to India, but 5G rollout has also been slowing down there.

 

Earlier this week Ericsson reported a fall in sales.

 

The firm has also laid off thousands of employees this year, and said on Tuesday the uncertainty affecting its business would persist into 2024.-bbc

 

 

 

 

US mortgage rates have hit a two decade high of 8%

Americans hoping to borrow money to buy a house or apartment are facing mortgage rates at the highest levels in more than 20 years.

 

The average interest rate on the typical 30-year, fixed rate home loan rose to 8% for the first time since 2000, according to Mortgage News Daily, which tracks rates.

 

The US central bank, the Federal Reserve, has been raising interest rates to try to bring down inflation.

 

That has pushed up borrowing costs.

 

Rates are up by nearly half a percentage point in just the last two weeks.

 

The last two years has seen a ratcheting up of interest rates, the most common strategy from central banks to curb how fast prices rise.

 

Higher fuel costs keep driving US inflation

High US jobs growth fuels rate rise expectations

'I'm not selling. Am I part of the housing problem?'

But in recent weeks, mortgage rates have also been affected by big swings in demand for US government debt, which is sold to investors in the form of US Treasuries.

 

Political chaos in Washington and rising US debt levels raised doubts about investors' ongoing appetite for buying US debt. That prompted prices of Treasuries to fall, boosting yields - moves that have hit mortgage rates as well.

 

Matthew Graham of Mortgage News Daily said markets were "increasingly willing to react" to events that were likely to have implications for government borrowing.

 

He said that the latest jump in mortgage rates may have been sparked by President Joe Biden's speech in Israel calling for "big spending on overseas war efforts".

 

"In a rising rate environment where long term boundaries have recently been broken, it doesn't necessarily take big news in order to say things like 'highest mortgage rates in 23 years'," he said.

 

The housing market in the US has already been hit hard by the rise in mortgage rates, which hovered around 3% just two years ago.

 

Sales of existing homes in August were down 15% compared with a year earlier, as buyers dropped out of the market and homeowners enjoying low rates stayed put, according to the National Association of Realtors.

 

But house prices have yet to fall. They were up nearly 4% that month, as demand outpaced supply.

 

Many analysts have said they do not expect the US central bank to raise interest rates much higher, pointing to price increases that have slowed significantly since last year.

 

The inflation rate, which measures the pace of price increases, dropped to 3.7% in September.

 

But investors have been unnerved in recent days by unexpectedly strong economic data.

 

That has raised fears the Fed could have more work to do to bring inflation back to its 2% target and could keep rates higher for longer than expected next year.

 

The Federal Reserve's target for its key rate - which helps set borrowing costs for mortgages, credit card debt and other loans - now stands at a range of 5.25%-5.5%, up from near zero in March 2022.-bbc

 

 

 

 

Nvidia and iPhone maker Foxconn to build 'AI factories'

The world's most valuable chip company Nvidia and iPhone maker Foxconn are joining forces to build so-called "AI factories".

 

The firms say it is a new kind of data centre that uses Nvidia chips to power a "wide range" of applications.

 

They include training autonomous vehicles, robotics platforms and large language models.

 

It comes as the US announced plans to cut off more exports of advanced chips to China, in a blow to Nvidia.

 

The latest export restrictions announced by Washington this week will block sales of two high-end artificial intelligence chips Nvidia created for the Chinese market - A800 and H800, according to the company.

 

The Taiwan-born Nvidia chief executive Jensen Huang and Foxconn chairman Young Liu shared a stage at Foxconn's annual tech showcase in Taipei on Wednesday.

 

"A new type of manufacturing has emerged - the production of intelligence and the data centres that produce it are AI factories," Mr Huang said, according to Reuters, adding that Foxconn had the expertise and scale to build these factories globally.

 

Mr Liu also said Foxconn is trying to "convert itself from a manufacturing service company to a platform solution company," citing smart cities and smart manufacturing as other applications for AI factories.

 

Thanks to the use of the company's advanced chips in AI applications, Nvidia's stock market value has jumped to over $1 trillion as its shares more than tripled in value this year.

 

That made it the fifth publicly traded US company to join the so-called "Trillion dollar club", along with Apple, Microsoft, Alphabet and Amazon.

 

Meanwhile, Foxconn, which makes over half of the world's Apple products, has been trying to diversify its business and replicate its success in assembling personal computers and smartphones.

 

In an exclusive interview in June, Mr Liu told the BBC that electric vehicles (EVs) are what will drive its growth in the coming decades.

 

In January, Foxconn and Nvidia announced a partnership to develop autonomous vehicle platforms, in which Foxconn would manufacture electronic control units for cars based on Nvidia's chips.-bbc

 

 

 

 

BYD: The top electric car maker that is not Tesla

Electric car maker Tesla has a Chinese rival in its rear-view mirror.

 

Shares in BYD, or Build Your Dreams, jumped this week after it said it expected third-quarter profits to more than double compared with last year.

 

BYD is now ahead of Tesla in quarterly production - and second to the US car maker in global sales.

 

Its success is also a sign of just how much China's auto industry is growing - China overtook Japan this year to become the world's biggest exporter.

 

It's a bright spot in a sluggish Chinese economy that is reeling from a severe property crisis and record unemployment.

 

But, on the less bright side, Beijing's tensions are also growing with many of the countries - not least the US and European Union nations - that are export markets for its electric vehicles or EVs. As the world shifts to new, cleaner technologies, this is yet another example of how tough it will be for Western countries to move away from their reliance on Chinese goods.

 

How BYD built its dreams

It had an advantage from the start: unlike car makers who expanded to build electric models, BYD was originally a battery company that later started making cars.

 

Its chief executive Wang Chuanfu, now reportedly worth $18.7bn, was born in Wuwei County to a family of farmers in one of China's poorest provinces in 1966. Mr Wang was orphaned as a teenager and raised by his older brother and sister.

 

After earning degrees in engineering and the physical chemistry of metallurgy, he co-founded BYD along with his cousin in Shenzhen in 1995. The duo made a name for themselves as manufacturers of rechargeable batteries - used in smartphones, laptops and other electronics - that competed with pricier Japanese imports.

 

It became a publicly traded company in 2002. And it soon diversified by purchasing a struggling state-owned car manufacturer, Qinchuan Automobile Company.

 

EVs were still in their infancy then but Beijing officials were looking for a gap in the market that China could fill. In the early 2000s, they introduced subsidies and tax breaks as the government prioritised renewable energy production.

 

For BYD, it was the perfect timing. The batteries it had been making were effectively the engines that would power EVs.

 

In 2008, US billionaire investor Warren Buffet bought a 10% stake in BYD Auto, saying that it would one day become "the largest player in a global automobile market that was inevitably going electric".

 

And he was right. Today, China dominates global EV production largely because of BYD. And Beijing is keen to retain that lead - last June, it offered EVs $72.3bn worth of tax breaks over four years - the biggest incentive at a time when sales have slowed.

 

Analysts say BYD owes its growth to its original business - batteries. They are among the most expensive parts of an EV and making them in-house saves BYD a lot of money. Competitors, including Tesla, rely on third-party manufacturers for batteries.

 

"The BYD Seal has a 15% advantage over Tesla's Chinese-made base Model 3 sedan," according to a UBS report.

 

BYD's entry level EV - Seagull - sells at $11,000. Tesla recently unveiled a Model 3 sedan, whose starting price in China was almost $36,000.

 

And the Chinese company seems to be a hit beyond the EV market too - it beat Germany's Volkswagen as China's top-selling car brand earlier this year.

 

BYD versus Tesla

 

Elon Musk laughed during a 2011 television interview when asked about BYD and Chinese competitors. At the time, Tesla was still a young publicly-traded company and had just unveiled a prototype of the first car they would launch - Model S.

 

Today, Mr Musk is probably regretting his response. Tesla sold 74,073 Chinese-made EVs in September, almost an 11% decrease compared to the previous year, according to recent data from the China Passenger Car Association.

 

Britain's impossible dilemma over China's electric cars

China's electric car market is booming but can it last?

This is a stark contrast to BYD, which sold 286,903 cars during the same time period. That's an almost 43% jump in sales of EVs and petrol-electric hybrid models.

 

The ironic twist is that Tesla is credited with the growing popularity of EVs in China. Green incentives did not entice customers to buy EVs until Tesla arrived.

 

Even now, it is "one of the favourite EV brands in China," said auto analyst Ivan Lam from Counterpoint Research, adding that it is still popular among younger buyers.

 

When China, the world's largest car market, wanted to bring more EVs to the country, it loosened the rules to allow foreign firms to fully own manufacturing and sales operations in the country. Before that, companies such as General Motors and Toyota needed a local partner even to build a factory in China.

 

When that changed, Tesla jumped at the opportunity. Even today, Tesla is the largest exporter of China-made EVs and the second-biggest seller of EVs in China.

 

Mr Musk has ambitious plans to expand his footprint in China and build enormous, battery warehouses that would act as an EV grid of sorts, powering charging stations.

 

But as tensions between Washington and Beijing grow, he has also turned his attention to India, which is selling itself as an alternative competitor to the Chinese market. Mr Musk has said Tesla will be in India "as soon as humanly possible," after a meeting last June with Indian Prime Minister Narendra Modi.

 

Will Chinese EVs win the race?

The lane is quickly narrowing for legacy carmakers, whose business is still powered by fuel engines. Analysts predict a seismic shift by 2030 as green incentives to combat climate change expand.

 

Car manufacturers from Europe and the UK are struggling to compete. But wariness of China might prompt regulation that will make Europe's market less accessible to competitive Chinese car makers.

 

The European Commission has launched an investigation into whether to set tariffs to protect EU manufacturers from a "flood" of imported, cheaper Chinese EVs, which it says benefit from Beijing's subsidies. Its president Ursula von der Leyen said the EU had not forgotten how its solar industry was hit by China's "unfair trade practices".

 

But for now, BYD's affordable, green cars are a hit in Europe, which is grappling with inflation and energy costs.

 

The home of Mercedes Benz, BMW and Volkswagen is struggling to keep up its production of EVs to the global market and the evidence was on display at Europe's biggest car show in Munich in September - Chinese EVs were the hot topic.

 

"There's demand everywhere in the world for affordability. And that's a universal value proposition," Mr Russo says.

 

And the place that can offer that to the world right now, he adds, is China.-bbc

 

 

 

 

Netflix raises UK prices despite password crackdown success

Netflix is raising prices for some of its subscription plans, despite the success of its recent crackdown on password sharing.

 

The streaming giant said monthly charges for some of its advert-free options would increase in the US, UK and France by up to $3.

 

The move reflects the company's growing confidence, after it added 8.8 million subscribers from July to September.

 

That was the most in more than two years, sending Netflix shares surging.

 

Netflix increased the US price of its premium ad-free plan by $3 per month to $22.99. The cost for premium rose by £2 to £17.99 ($21.84) in the UK and by 2 euros to €19.99 ($21.06) in France.

 

It has been facing doubts about whether it can continue to draw in new members, as competition rises, prices climb and a Hollywood strike delays new releases.

 

In the first half of last year, it lost about one million subscribers, sending alarm bells ringing.

 

Much of the subscriber growth in the most recent quarter was driven by its move to start charging an extra fee - which amounts to a little less than half the £10.99 cost of its "standard" advert-free plan - to have more than one household on the same account.

 

The launch of a cheaper plan, with adverts, accounted for about 30% of sign-ups in countries where it was available, Netflix said.

 

"All-in-all, management's working hard to squeeze every last drop of cash possible from the available subscriber base," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

 

"As that cup begins to run dry, it will be a lot more important to understand exactly how successful the next phase of growth can be."

 

Netflix said it believed it had the right mix of original hits and licensed fan favourites in its library to keep audiences coming, spotlighting Suits, the legal drama now known for starring Meghan Markle.

 

First released in 2011 on an American network, the series spent several weeks among the top 10 of Netflix's most-watched English television shows over the summer, racking up more than a billion viewing hours globally.

 

Netflix, which has been emphasising its own productions in recent years, said in its quarterly update to investors that licensing had always been important and it saw potential opportunities to license more hits "as the competitive environment evolves".

 

Analysts said licensed material was likely to prove increasingly important, as audiences feel the hit of the Hollywood strikes that have shut down new productions for several months.

 

Writers recently reached a deal, but the actors guild and the major studios, including Netflix, are still fighting over issues of compensation and artificial intelligence.

 

Studios are facing pressure from investors, who have grown increasingly sceptical of the big losses posted by some of Netflix's rivals in the streaming business, such as Disney.

 

>From that perspective, Netflix is in a strong position.

 

It reported quarterly revenue up 7.8% year-on-year at $8.5bn, while profits hit $1.67bn.

 

The company has been trying to nudge customers onto the advertising-funded plan, which it sees as having big potential to drive profits. That is one reason for the price hike to its "basic" advert-free plan, which is no longer widely promoted on its website.

 

Paolo Pescatore, analyst at PP Foresight, said he thought customers should expect to see even higher prices in the years ahead as the company looks to protect its profits and reckons with costs from licensing and new initiatives.

 

The company recently revealed plans to start opening a select number of bricks-and-mortar destinations for shopping, dining and Netflix "experiences" something like a Netflix version of Disney world.

 

"Price rises are inevitable and we can expect this most likely on an annual basis; akin to traditional pay TV and other services," he said.

 

Netflix shares jumped more than 10% in after-hours trade.-bbc

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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