Major International Business Headlines Brief::: 24 October 2023

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Major International Business Headlines Brief:::  24 October 2023 

 


 

 


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

 


 

 


 

ü  Nigeria: Despite Petrol Subsidy Removal, Crises Linger in Nigeria's Downstream Sector

ü  Tanzania Remains Steadfast in Management of Seabed Mineral Resources

ü  Nigeria: Marketers Blame Terminal Operators for Rising Price of Cooking Gas

ü  Nigeria: Tinubu Promises to Address Challenges in Financial Markets

ü  Ethiopia Streamlining Coal Mining With Due Caution for Safety of Ecosystem

ü  Ethiopia: Insa Prioritizes Youth Dev't, Private Sector Involvement to Cyber Resilience

ü  Cameroon: 'Ghost Town' Days in Cameroon - Booze, Schmooze and Lose

ü  Nigeria Wins As UK Court Dismisses $11 Billion P&ID Suit

ü  Kenya: President Ruto Pushes for Locally-Made Clothing

ü  South Africa: New Push for Coal Mine On Kruger National Park Boundary Raises Alarm

ü  Manchester University claims huge drone record

ü  Job figures show signs of labour market weakening

ü  Short selling: Don’t be the 'Dumb Money'

ü  World shift to clean energy is unstoppable, IEA report says

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Despite Petrol Subsidy Removal, Crises Linger in Nigeria's Downstream Sector

The crises hampering operations in the oil sector linger as Nigerians continue to lament the ripple effect of high pump prices.

 

Five months after the Bola Tinubu administration removed subsidy on petrol, major crises bedeviling the petroleum sector continue with ripple effects on the livelihood of Nigerians.

 

President Tinubu had, in his inaugural address on 29 May, announced the removal of the subsidy, to lift a major financial burden off the back of the government.

 

The Nigerian government had for decades subsidised and fixed retail prices of petroleum products.

 

The payment, however, threatened the nation's fiscal position and affected the government's ability to fund developmental projects.

 

Last year, over N4 trillion was used to subsidise petrol, more than the government spent on education and healthcare combined.

 

Speaking during his inauguration, Mr Tinubu said the petrol subsidy regime was not sustainable.

 

 

He also stated that funds for the subsidy will be diverted to other things like public infrastructure, education, health care and jobs.

 

Apart from helping to save public funds, the removal of the subsidy was also expected to allow for more private-sector operators in the petrol sector including in the importation of the product.

 

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200, leading to a significant increase in transportation fares and prices of goods and services.

 

The pronouncement was trailed by panic buying and gridlock across filling stations in many parts of the country, even as regulatory bodies called for calm amid the chaos.

 

Again in July, petrol pump prices rose to about N617 per litre at various outlets of the NNPCL in Abuja and many parts of the country.

 

 

At the time, the NNPCL attributed the rise in prices to 'market forces'.

 

The NNPCL Group Chief Executive Officer, Mele Kyari, explained that with the deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.

 

NNPCL has since 2016 been the sole importer of PMS in Nigeria. But on 15 June, the company announced it was no longer the sole supplier of petroleum products in the country.

 

The development came months after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it was fast-tracking the process of issuing oil marketers licenses to import petroleum products in its bid to break the monopoly of the NNPCL in compliance with the Petroleum Industry Act (PIA) 2021.

 

On 19 July, Emadeb Energy Services Limited imported the first batch of petrol of about 27 million litres into the country.

 

 

According to the company, the product came into the country in a cargo valued at over $17 million with huge foreign exchange components.

 

Speaking in Lagos at an event to mark the inaugural importation of petrol into the country by Emadeb Energy, the Chief Executive Officer of the company, Adebowale Olujimi, said the company had proven its capacity and readiness to actively play its part in ensuring steady product supply in the country.

 

He noted that despite the removal of petroleum subsidy, local refining remained the best option for the country to guarantee energy security, considering the huge foreign exchange implication of the imported products.

 

"The value of this cargo here, you cannot find it in the market just like that. It is over $17 million, and you can't, in any way, with what the FX is today. Today, we have imported 27 million litres of PMS, but local refining is the way forward for us in this country.

 

"We want to be one of the early comers into this game. In conjunction with some of our trading partners, we decided to source for the licences and that is what has brought us here today," Arise TV quoted Mr Olujimi as saying.

 

But contrary to public expectations, in recent days, there have been speculations that the government had partly reintroduced petrol subsidy, unannounced, to keep the pump price at N617 given the continued fall in the value of naira against the dollar and the price of crude oil in the international market.

 

Since Nigeria depends on imported refined products, the exchange rate is a key determiner of the prices they are sold to consumers.

 

In August, Mr Tinubu assured Nigerians that there would be no further increase in the pump price of petrol, despite the deregulation of the product.

 

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this while briefing journalists in Abuja after a closed-door meeting with the president.

 

"The president wishes to assure Nigerians, following the announcements by the Nigerian National Petroleum Company Limited (NNPC) just yesterday, that there will be no increase in the pump price of petroleum motor spirit anywhere in the country," the spokesperson said. "We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit."

 

Mr Tinubu also acknowledged that there are inefficiencies within the downstream sector that are contributing to the fuel price controversy. He assured that all loopholes associated with the smooth delivery of petroleum products in the country will be addressed immediately.

 

Meanwhile, on 6 October, the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, insisted that the Nigerian government had restored the subsidy on petrol, despite the official government policy of ending the subsidy regime.

 

Mr Osifo, who is also the president of the Trade Union Congress (TUC), one of Nigeria's two largest workers union coalitions, while featuring on a Channels Television programme, Politics Today, said due to the cost of crude oil in the international market and the exchange rate, the government still pays subsidies on petrol.

 

"The government has to come clean. In reality today, there is a subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around less than $80 to a barrel. But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price (of petrol) also needed to move," Mr Osifo said.

 

In its reaction, NNPCL however said the Nigerian government has not resumed payment of subsidy on petrol.

 

"No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market and we understand why the marketers are unable to import," Mr Kyari told State House correspondents after a meeting with the president at the Presidential Villa, Abuja.

 

"We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy."

 

In the midst of the uncertainties, many of the crises hampering smooth operations in the oil sector linger as Nigerians continue to lament the ripple effect of skyrocketed pump prices.

 

Forex crisis

 

Over the past four months, the naira has depreciated by over 50 per cent at both the authorised and unauthorised market segments, after the Central Bank of Nigeria (CBN) announced in June that it had collapsed all forex windows into the Investors and Exporters (I&E) window.

 

The move, according to the central bank, is part of the Nigerian government's efforts to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.Although the policy was widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on domestic prices.

 

Oil marketers that had allocations to import and supply petroleum products are unable to do so due to scarcity of foreign exchange.

 

Some fuel marketers said they are hardly able to access dollars and open letters of credit for their imports.

 

Speaking at the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) in October, Benneth Korie, the national president of the association, said many petroleum products depots are currently deserted due to a lack of products caused by foreign exchange rate volatility.

 

"Depot owners are so terribly affected by the increasing cost of crude oil and exchange rate, to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high-interest rates.

 

"Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the dollar. Many depots are presently dried up or out of stock, and this is no gainsaying as it is evidently verifiable.

 

"Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets. Both the independent and major marketers are so terribly affected," Mr Korie said at the time.

 

NNPCL recently confirmed it has returned to being the sole importer of petrol in the country.

 

Mr Kyari who disclosed this during the Energy Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja said licensed private oil companies are unable to obtain foreign exchange for importation.

 

"We are the only company importing premium motor spirit (PMS) into the country.

 

"None of them (oil companies) can do it today. For them, access to foreign exchange is difficult. We create foreign exchange (FX), therefore we have access to FX, while their access to FX is limited," Mr Kyari said.

 

Crude oil

 

Crude oil and refined petroleum products are subject to the volatility in the international oil market, and a spike in crude oil price directly impacts retail prices of refined petroleum products at filling stations.

 

Recently, due to global economic uncertainties, crude oil prices have fluctuated, with direct impacts on the retail petroleum product prices.

 

On 3rd October, the prices of crude oil fell more than two per cent.

 

Brent crude oil futures were down $2.02, or 2.22 per cent, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35 per cent, to $87.13 per barrel, Reuters reported.

 

In many cases when the global oil price falls, Nigerians do not usually benefit.

 

The fall raises more concerns for Nigeria at a time when the country faces severe revenue problems, pipeline vandalism and crude oil theft in its oil-producing region.

 

Earlier in September, the Speaker of the House of Representatives, Tajudeen Abbas, said Nigeria lost N16.25 trillion to crude oil theft between 2009 and 2020.

 

He said crude oil theft had hampered the growth of the country's oil production, with between five and 30 per cent of crude oil production lost daily.

 

Distribution Challenges

 

In recent weeks, this newspaper noticed that many petrol stations in the Federal Capital Territory, Abuja were shut, resulting in long queues at the few outlets that were selling.

 

Petrol marketers attributed it to the inability to secure funds to run their businesses.

 

"As of today, filling stations are shutting down in great numbers on a daily basis and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations," Mr Korie said earlier in October.

 

The NMDPRA and other relevant organisations in the oil sector had recently announced moves to resolve the major challenges faced in the importation and distribution of petroleum products across the country.

 

Speaking to journalists in Abuja after a meeting at the headquarters of the NMDPRA, the operators said they seamlessly discussed the issues hampering the distribution of petroleum products in the country and came out with results.

 

According to the operators, the meeting was convened to address the major challenges faced by the oil marketers which include foreign exchange scarcity for the importation of petroleum products, non-functional refineries, banks' refusal to provide loans, and bad roads across Nigerian cities.

 

On the foreign exchange challenges faced by marketers, Mr Ahmed explained that engagement had been ongoing with the CBN in that direction to make the dollar available.

 

"We have been discussing with the government and if you must have observed that a lot of work is going on within the CBN in terms of their internal restructuring which will make available the dollar as soon as everything stabilises," he said.

 

"We are also working towards improvement in crude oil production, which will bring more revenue into the country and then, of course, boost our foreign reserves. These are all part of the factors that we are all working on towards stabilising the naira."

 

- Premium Times.

 

 

 

 

Tanzania Remains Steadfast in Management of Seabed Mineral Resources

DAR ES SALAAM: MINERALS Deputy Minister, Dr Steven Kiruswa has said achievements in the mining sector are highly attributed to President Samia Suluhu Hassan's efforts to create a conducive investment environment for both local and foreign investors.

 

He made the remarks over the weekend when opening the 6th session of the 2023 Annual Contractors' Meeting of the International Seabed Authority (ISA) in Dar es Salaam.

 

Tanzania was selected by the ISA secretariat and general secretary to host this three- day annual meeting, which is being held in Africa for the first time.

 

 

"The conducive investment environment created by the government has attracted a significant amount of FDIs (Foreign Direct Investments) in mining and other key sectors of our country's economy. May I, therefore, take this opportunity to commend President Samia Suluhu Hassan for her exceptional leadership and guidance," he said.

 

Highlighting some of the increased contribution of the mining sector to social economic development in Tanzania, he said, currently, the sector contributes 9.1 per cent of the national Gross Domestic Product (GDP), and it is one of the fastest-growing sectors at a rate of 10 per cent per year.

 

In addition, he said that in the financial year 2022-2023, the mining sector contributed 56 per cent of the national total exports.

 

Detailing the aim of the meeting, Dr Kiruswa noted that it aims at strengthening partnerships for responsible management of seabed mineral resources in 'the area'.

 

 

However, he said that as these seabed resources are the common heritage of mankind and Tanzania remains steadfast in its commitment to the principles and objectives enshrined in the United Nations Convention on the Law of the Sea (UNCLOS).

 

Elaborating, he said Tanzania believes that exploration in the covered areas should be carried out in the context of the UN Sustainable Development Goals by addressing issues of peace, security, equity, transparency, and environmental compliance.

 

Speaking about the meeting expectations, Representative General of the ISA, Dr Marie Bourrel-McKinnon, noted that participants amongst other things will have an opportunity to discuss the status of the ongoing work of the Council to develop the draft Exploitation Regulations.

 

She said that as the process is reaching a critical phase, exploration contractors were key to the process, and their views needed to be considered and appropriately incorporated into the exploitation regulations and associated standards and guidelines.

 

"Of course, with so many diverse viewpoints, it will take time, patience, and reflection to ensure the regulations are robust, practical, and provide an adequate balance between all interests," she said.

 

She added that, according to the agenda of the meeting, a wide range of topics will be discussed in the next three days.

 

She added that the meeting offers the possibility to meet in person, exchange views on the respective obligations, and explore how to further strengthen cooperation.

 

The ISA was established as an autonomous institution under the 1982 UNCLOS to organise and control activities in the Area, particularly with a view to administering the resources of the Area.

 

"The Area" is defined as the seabed and subsoil beyond the limits of national jurisdiction and its "resources" as all solid, liquid, or gaseous mineral resources in situations in the Area at or beneath the seabed.

 

Among other things, the ISA is mandated to provide for the necessary measures to ensure the effective protection for the marine environment from harmful effects, which may arise from mining activities in the Area.

 

- Daily News.

 

 

 

 

Nigeria: Marketers Blame Terminal Operators for Rising Price of Cooking Gas

"As of today, gas is sold by these terminal owners for N16.8 million for 20 metric tonnes whereas NNLG sells to them for a little bit less than N9 million."

 

Gas marketers under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) have blamed the Liquefied Petroleum Gas (LPG) terminal owners for the current high price of cooking gas.

 

President of the NALPGAM, Oladapo Olatunbosun, said this when he led members of the association on a solidarity meeting with the Senate Committee on Gas on Monday.

 

The price of liquefied petroleum gas, popularly called cooking gas, has risen to at least N1,200 per kilogramme cylinder of the gas.

 

 

Mr Olatunbosun said the price of cooking gas should not have skyrocketed to that amount because the gas terminal owners are getting the product at a cheaper price from the Nigeria LNG plant.

 

He told the committee that the gas terminal owners are getting the product from the NLNG plant at the rate of N9 million for 20 metric tonnes, whereas the terminal owners sell to the marketers at the rate of N16.8 million.

 

"As of today, gas is sold by these terminal owners for N16.8m for 20 metric tonnes whereas NNLG sells to them for a little bit less than N9m.

 

"When people go to fill their gas today, the least they get is N1,200 per kg. Imagine the pain of Nigerians. In Nigeria today, can a student or menial worker afford to cook a cup of beans with a N1,200 cost of gas?

 

"You buy gas for N9m from NLNG and pay in naira, then you sell the same gas for N16m and blackmail the government. When people get to our plants and we tell them the price, they start weeping and cursing the government whereas, the government has done their best to make life bearable to the people," he said.

 

Responding, the Chairman of the committee, Jarigbe Jarigbe, assured that the Senate would look into the issue and come up with a lasting solution.

 

Mr Jarigbe also promised that the upper house will address the effect of climate change and greenhouse gas emissions.

 

- Premium Times.

 

 

 

Nigeria: Tinubu Promises to Address Challenges in Financial Markets

"My government is not blind to the challenges several of you are facing in the financial markets", Mr Tinubu said.

 

President Bola Tinubu said Monday that his government is not blind to the challenges several Nigerians are facing in the financial markets.

 

Mr Tinubu disclosed this while speaking at the 29th National Economic Summit on Monday.

 

"My government is not blind to the challenges several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight for the additional foreign exchange liquidity that is required to restore market confidence," Mr Tinubu said.

 

 

Over the past four months, the naira has depreciated by over 50 per cent at both the authorised and unauthorised market segments, after the Central Bank of Nigeria (CBN) announced in June that it had collapsed all forex windows into the Investors and exporters (I&E) window.

 

The move, according to the apex bank, is part of the Nigerian government's efforts to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.

 

Although the policy was widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on domestic prices.

 

Speaking on Monday, Mr Tinubu said to mobilise finance for sustainable development, his government has commenced an aggressive domestic and external mobilisation of financial resources.

 

"We have simultaneously commenced an aggressive domestic and external mobilisation of financial resources and capital from a wide range of partners. Amongst several initiatives, we are progressing forward with the development of wide-ranging reforms to our fiscal and tax policies to ensure an efficient, fair and growth-friendly fiscal environment.

 

 

"To harness our human Capital, we must protect the socio-economically vulnerable and vanquish forever the crippling multidimensional poverty affecting our land as we move aggressively to end hunger and protect all Nigerian children.

 

"Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract," Mr Tinubu said.

 

Specifically, the president said as it relates to foreign exchange obligations of the government, all forward contracts that the government has entered will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

 

"Further details elaborating on the specifics of these far-ranging initiatives to deepen foreign exchange liquidity and improve confidence across all stakeholders would be shared by the Coordinating Minister of the Economy and the Governor, Central Bank of Nigeria," he said.

 

Mr Tinubu noted that a one trillion dollar Nigerian economy is possible by 2026, and a three trillion dollar economy is possible within this decade.

 

"We can do it with double-digit, inclusive, sustainable and competitive growth. This is our agenda, and I would like to charge you, the captains of industry here present, to commit and redouble your commitment to our vision of a Renewed and more prosperous Nigeria, a better Nigeria for all.

 

"For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnerships in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.

 

"Today, I urge you, as Nigeria's foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, bring your leadership, bring your capital, and bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you ready?," he added.

 

- Premium Times.

 

 

 

 

Ethiopia Streamlining Coal Mining With Due Caution for Safety of Ecosystem

Coal has recently joing the list of Ethiopias diverse energy sources. Dawuro Zone in the South Western Ethiopia State has emerged as a focal point for a groundbreaking coal project that promises to revolutionize the local economy and bring about a wave of positive change.

 

Coal, a fossil fuel renowned for its potential to generate large amounts of energy, has long been a vital resource for industrialization and power generation around the globe. Ethiopia, recognizing the untapped potential of its coal reserves, has embarked on an ambitious initiative to harness this energy source for the benefit of its people.

 

Dawuro Zone is home to significant coal deposits that have attracted the attention of both local and international investors. These coal reserves, estimated to be of considerable magnitude, hold the promise of driving economic growth and infrastructure development in that area.

 

 

Due to the fact that domestic coal output is mostly utilized for cement factories and contributes significantly to the country's foreign exchange earnings, efforts are being made to enable potential investors to participate in the sector on a large scale.

 

Gebremariam Setegn, Director General of South West Ethiopia Region's Mining and Energy Development Agency, told to The Ethiopian Herald that permission has been granted for the use of coal, building minerals, and specific small gold producer association, and the industry is actively working on it.

 

He mentioned that in the Dawuro Zone, 74 organizations have requested coal exploration permits, with 33 of them located in the Dauro zone and approximately starting their processes. Currently, 13 associations hold production licenses, but only seven of them have recently begun production.

 

 

In addition to Dawuro, coal exploration and development have also started in Konta, Kafa, Maji, and West Omo, with future surveys planned for the Shekana and Bench Sheko areas. These efforts are intended to use the potential resources in several sections of the region, not just in one area, he mentioned.

 

This project offers enormous potential for economic development and social progress. With responsible management and a commitment to sustainable practices, this venture has the power to uplift communities, creates employment opportunities, and provides the energy infrastructure needed to drive long-term growth. As the project unfolds, it will be crucial to strike a delicate balance between harnessing the benefits of coal and preserving the natural beauty and biodiversity of the Dawuro Zone.

 

 

The mining and use of coal is expected to bring in a wide range of job opportunities, ranging from mining operations to support services and subsidiary industries. These are the socioeconomic significance of the Dawuro Zon coal project. It is essential for reducing unemployment rates and promoting economic empowerment, especially for youthful individuals in the area.

 

In spite of the fact that the region contains minerals other than coal, he stated that to address some issues, efforts are being made to invite individuals with the necessary capacity to engage in the sector based on the associations' needs.

 

He noted that despite the fact that there are 34 associations operating as gold miners in the area and 18 of them are set up as special small businesses, some of them have had their licenses suspended due to some issues with the miners. There are currently 21 associations operating in the gold industry, he added.

 

He mentioned that 4,500 employment opportunities in the industry were generated in the previous fiscal year, and more than 6,800 additional employment opportunities are expected to be added in this fiscal year. Moreover, 333 individuals have so far been successful in finding new employment in the mining sector in the region.

 

He said that more than 39 million birr was generated in the previous fiscal year from the whole mining in the region, and that 40 million birr is the goal for this year from the sector.

 

In addition to supplying the region's increasing energy needs, the construction of coal-related infrastructure, such as power plants and transportation networks, will boost the economy in other areas. Better access to economical and dependable energy is expected to fuel substantial growth in sectors like manufacturing, agriculture, and tourism.

 

However, it is essential to strike a balance between economic prosperity and environmental concerns. The Dawuro Zone Coal Project must be implemented with a strong focus on sustainable practices, ensuring that the exploitation of coal resources does not compromise the ecological integrity of the region.

 

Fossil fuels such as coal have long been linked to greenhouse gas emissions and environmental harm. The extraction and burning of coal can lead to contamination of the air and water, hinder the preservation of biodiversity, degrade soil, and generate hazardous pollutants such as carbon dioxide and other greenhouse gases. Both the local ecosystem and global climate change may be significantly impacted by these environmental effects.

 

Furthermore, the Dawuro Zone is home to diverse and delicate ecosystems, including unique flora and fauna. The coal project must navigate the potential disruption and loss of biodiversity that could arise from mining activities and associated infrastructure development. Preserving the region's natural heritage and ensuring the long-term sustainability of its ecosystems must be a priority throughout the project's development.

 

Ethiopian governments are committed to environmental sustainability, and renewable energy is faced with the challenge of ensuring that the Dawuro Zone Coal Project stands by stringent environmental standards and biodiversity conservation practices. It is crucial to implement robust environmental impact assessments and mitigation strategies to minimize the ecological impact.

 

He remarked that ensuring the preservation of the Dawuro Zone's natural heritage requires not only the regional government and other private companies to do thorough environmental impact assessments, but also the implementation of clean technology and strong mitigation techniques. The goal of the effort is to minimize its ecological impact while optimizing the revenue generated for the local community by utilizing advanced technologies and best practices, he added.

 

One of the main challenges, according to him, is striking a careful balance between fostering economic expansion and resolving environmental issues related to the extraction and use of coal. Additionally, the Dawuro Zone Coal Project can actually reach its potential while preserving the area's natural resources for future generations by using strict planning and intelligent decision-making, he said.

 

Handling the effects of the local economy and society on the local communities provides another challenge. Ensuring that the rights and welfare of local populations are preserved, as well as that the benefits are divided fairly, is crucial, even when the coal project presents prospects for employment and economic expansion. For these issues to be resolved, adequate pay, ethical work approaches, and significant community involvement are essential, he added.

 

Besides, Ethiopia has led the world in the use of renewable energy, especially with its solar, wind, and hydropower initiatives. As the country strives to achieve its renewable energy targets, there is a need to carefully assess the role of coal in the overall energy mix and consider the potential for clean energy alternatives.

 

- Ethiopian Herald.

 

 

 

 

Ethiopia: Insa Prioritizes Youth Dev't, Private Sector Involvement to Cyber Resilience

ADDIS ABABA- The Information Network Security Administration (INSA) disclosed that nurturing young technology innovators and encouraging the participation of the private sector in cyber security remain its priorities.

 

As part of the 4th National Cyber Security Program being marked under the theme 'Resilient Cyber Security Capability for National Sovereignty,' Information Network Security Administration (INSA) hosted a conference and exhibition here yesterday.

 

Opening the conference, INSA Director-General Solomon Soka mentioned the center's priority to nurture young professionals and streamline the involvement of the private sector in cyber security. "If a nation fails to build a strong cyber security system, its sovereignty and national interest would be put at risk. Thus, enhancing the cyber literacy of the society, securing information infrastructure developments, and promoting technology innovators should be given top priority."

 

 

Mentioning cyber illiteracy and poor usage of technologies are the major source of cyber-attacks, Solomon said INSA has carried out several awareness creation activities using various mediums.

 

In line with this, the government is undertaking several activities through Digital Ethiopia 2025 vision to ensure holistic digital transformation and has garnered promising results thus far. Hence, the country managed to thwart attempts of cyber-attacks that could incur it 23.2 billion-Birr damage last fiscal year. "Despite these achievements, there is a lot to do to ensure the country's cyber resilience."

 

For Defense Minister Abraham Belay (PhD), cyber security requires not only capacity but talent and encouraging youth innovators is so crucial. "Other institutions must follow INSA's suit in encouraging youth entrepreneurs and innovators."

 

 

The Minister further highlighted that ensuring cyber security would not be realized without engaging the society, thus, activities must be carried out to enhance the public's cyber literacy. Media houses, education sector, cyber institutions as well as private and government institutions must take the leading role. Also, cyber diplomacy is another area that Ethiopia has given due priority.

 

In order to materialize Ethiopia's digital transformation plan, due attention must go to engage the private sector. In doing so, the government needs to support studies, and technology innovations, Abraham emphasized.

 

Youth innovators displayed their technological innovations at the exhibition, which are believed to serve the nation in years to come.

 

It was learned that the 4th national cyber security month is being held from 12 October to November 10, 2023.

 

- Ethiopian Herald.

 

 

 

Cameroon: 'Ghost Town' Days in Cameroon - Booze, Schmooze and Lose

Separatists in Cameroon's English-speaking regions have for years enforced a Monday general strike to protest the government. Residents who have had to lived with these lockdowns are finding new ways to network.

 

It's 10 am on a Monday in the Mile 2 Nkwen locality of Bamenda, a city in northeastern Cameroon. The streets are empty.

 

Mondays are "ghost town" days in the English-speaking regions of Cameroon that became engulfed in a separatist crisis some seven years ago.

 

In many communities, everyone is expected to stay home. Markets are closed, offices locked, and the streets deserted.

 

The separatists who took up arms against the government in Yaounde make sure enforce the Monday lockdowns. Residents risk being attacked, kidnapped, or shot if they disobey.

 

The seperatists hope to mount pressure on central government to make concessions for the Anglophone community in the country - by stopping all economic activity once a week.

 

 

Cameroon has been plagued by fighting since English-speaking separatists launched a rebellion against the government in 2017. The dissidents say they want the region to secede from the area dominated by the French-speaking majority, and aim to create an independent, English-speaking state.

 

As a way out of the isolation and boredom of "ghost towns," residents are finding new ways to network and support each other.

 

There are social and sports clubs, credit and thrift schemes, choirs or salons to stay active.

 

Economic social network gatherings

 

In Bamenda, one economic network benefits all members: financial contributions are saved, pooled and payed out on a rotational basis to individual members.

 

The "Prosperous Neighbors" social network president, Ambechi Louis, says that despite the difficult security situation, members are finding ways to remain hopeful.

 

 

"We use Mondays for our meeting days because we used to hold them on Sundays and people often had other commitments. Since Mondays are a free day in the region, more people can participate," Louis told DW.

 

Carine belongs to a social network group for women only; Mondays are her chance to get to know her neighbors better since everyone is busy throughout the rest of the week, she says.

 

"We are into neighbor solidarity and many others like veteran sporting clubs. Monday is a day to be home, so we want to use that to exercise, participate in online groups, wash clothes, meet friends and socialize," Carine told DW.

 

Thriving drinking spots

 

Pubs in several communities are cashing in in on the 'ghost town' days. On Mondays, some pubs even apply a members-only policy and decline to serve drinks to anyone outside of their communities.

 

 

One pub owner, known as "Spice Boy," says strangers aren't allowed entry for security reasons. Any resident of the community will, however, be served.

 

"The days that the sales are [good] are Mondays," he told DW. "The reason is simple: we have meetings that have all been moved from Sundays to Monday and after these meetings, [people] come to drink and socialize."

 

"Spice Boy" says a normal day can bring in about €50-70 ($53-73) but a "ghost town" day can net double.

 

"Mondays can be very boring and to end the boredom people come to drink," he said.

 

A local economy 'on its knees'

 

But some analysts are worried about the prevailing situation of the ghost towns and the implications for the economic activities in the region.

 

"You see, ghost towns are very bad to the economy. For seven years, Bamenda, for example has lost its place as the fastest growing city in the sub-region," Stephen Nsum, an economist and a Bameda-based university lecturer, told DW.

 

He believes that if the phenomenon isn't eliminated. it could plunge more people into poverty.

 

"Thousands have been laid off from their jobs because salaries can't be paid. Investors have pulled out of the two Anglophone regions and even the biggest state employer after the public service, the CDC, is on its knees," Nsum said.

 

"If ghost towns are ended there is hope the region shall gradually return to its part to economic recovery," he added.

 

The English-speaking regions of Cameroon remain conflct zones with lives lost, properties destroyed, and the humanitarian crisis worsening.

 

 

 

 

Nigeria Wins As UK Court Dismisses $11 Billion P&ID Suit

The UK court upheld Nigeria's prayer on the ground that the ill-fated gas processing contract was obtained by fraud.

 

Nigeria has won its bid to overturn an $11 billion damages bill involving the controversial Process & Industrial Developments (P&ID) deal.

 

Nigeria claims that the collapsed gas processing project was procured by a campaign of bribery and fraud.

 

The West African country on succeeded in halting the enforcement of the $11 billion arbitration award in favour of P&ID.

 

In a judgment on Monday, a UK court upheld Nigeria's prayer on the ground that the ill-fated gas processing contract was obtained by fraud.

 

Process & Industrial Developments (P&ID) was awarded a 20-year contract in 2010 to construct and operate a gas processing plant.

 

Upon the failure of the deal, the little-known British Virgin Islands-based company took Nigeria to arbitration.

 

 

Background

 

The P&ID controversy dates back to January 2010 when the company signed a gas supply and processing agreement with the Ministry of Petroleum Resources on behalf of the Nigerian government.

 

Under the terms of the agreement, P&ID was to build and operate an Accelerated Gas Development project to be located at Adiabo in the Odukpani Local Government Area of Cross River State. The Nigerian government was to source natural gas from oil mining leases (OMLs) 123 and 67 operated by Addax Petroleum and supply to P&ID to refine into fuel suitable for power generation in the country.

 

However, P&ID alleged that after signing the agreement, the Nigerian government reneged on its obligation after negotiations were opened with the Cross River State government for the allocation of land for the project.

 

It added that attempts to settle out-of-court with the Nigerian government failed and thereafter instituted legal actions.

 

 

Legal Tussle

 

In March, the Nigerian government had asked a London High Court to deliver judgement in its favour in the controversial deal.

 

The government in closing arguments at a trial in March urged the court to overturn an arbitration award in favour of P&ID which has now accrued interest worth $11 billion.

 

The company claimed it entered into an agreement with Nigeria to build a gas processing plant but the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

 

But Nigeria's lawyer, Mark Howard, told the court that P&ID obtained its contract "by telling repeated lies and paying bribes to officials."

 

Mr Howard alleged that the company financially induced top Nigerian government officials including those who chaired the government technical committee that reviewed the gas plant contract and several others.

 

 

He alleged also that lawyers in the Nigerian team during the arbitration proceedings were bribed.

 

Judgment

 

On Monday, in a judgment delivered by Justice Robert Knowles, it was held that the process through which P&ID secured the contract was fraudulent.

 

"In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria's allegations," a copy of the judgement, seen by PREMIUM TIMES, reads.

 

"But the Awards were obtained by fraud and the Awards were and the way in which they were procured was contrary to public policy.

 

"What happened in this case is very serious indeed, and it is important that section 68 has been available to maintain the rule of law. Section 68 (3) provides:"(3) If there is shown to be serious irregularity affecting the tribunal, the proceedings or the award, the court may (a) remit the award to the tribunal, in whole or in part, for reconsideration, (b) set the award aside in whole or in part, or (c) declare the award to be of no effect, in whole or in part."

 

The court also healed that it shall not exercise its power to set aside or to declare an award to be of no effect, in whole or in part, unless it is satisfied that it would be inappropriate to remit the matters in question to the tribunal for reconsideration.

 

"I was asked by Lord Wolfson KC in closing that should my judgment conclude in favour of Nigeria, as it does, to leave over the question of the order the Court should make so that the parties have the opportunity to present argument once they have considered the judgment. I respect that request and will hear that argument as soon as that can be arranged," the judge said.

 

- Premium Times.

 

 

 

 

Kenya: President Ruto Pushes for Locally-Made Clothing

Stakeholders say President William Ruto's bid to revitalize the textile industry could boost both local demand and exports. But can the struggling sector rise to the occasion?

 

President William Ruto has announced plans to spearhead an initiative that would ensure all military and police uniforms, as well as other clothing items, are exclusively produced within Kenya.

 

"I have already issued instructions going forward: All uniforms, shoes, and other pieces and items of clothing that are required by all our security services must be manufactured locally by our companies and made by our Kenyan young people," Ruto said at the recent passing-out parade of 2,664 forest rangers.

 

 

Kenya's textile companies, cotton farmers, garment workers, small businesses and the public reacted with excitement and optimism. Many expect the initiative to revitalize the country's struggling textile industry and have positive ripple effects on the overall economy.

 

Nairobi-based fashion designer Amos Mwangi sees the move as an opportunity as fashion in Kenya is changing: "People are starting to embrace what we call signature. So, it's a good thing," Mwangi said.

 

Boost for local production

 

Kenya currently relies on textile imports, with over 90% coming from countries such as China, India, Pakistan, Tanzania, and Turkey. But investment and finance expert Caroline Karugu believes there's no need to import fabrics when Kenya can produce them.

 

"What I am wearing is made here in Kenya -- my jacket is made in Kawangware. These fabrics need not be imported," Karugu told DW.

 

 

Tejal Dodhia, the CEO of Thika Cloth Mills, has invested in advanced machinery to meet growing demand. She, too, can now envision a future without such a high rate of imports.

 

"Everyone knows how important this is ... I hope the country will treasure this [initiative]. Let's all push to buy Kenya, build Kenya," Dodhia told DW.

 

Potential drawbacks

 

However, the president's new directive raises questions over whether Kenya can meet most of the local demand for textile products. Beyond army boots and police uniforms, most staples, like elsewhere in the world, come from textile manufacturers, mainly in Southeast Asia.

 

"As much as we would like to buy products made in Kenya, they are not all available here. So, some of the products will have to maybe come from China or India," consumer Anne Mutiso Mwikali told DW.

 

Dodhia hopes her business, which is already running at full capacity, can become a catalyst in furthering Kenyan brands in textile sectors dominated by imports. She is confident her investment will pay off.

 

"If we don't put in the new machines now, we will not be able to cater to the market demands."

 

Pre-loved clothing

 

Kenya's booming used clothing sector poses another challenge to these changes. Each year, the country imports close to 200,000 tons of second-hand items.

 

But Phyllis Wakaiga of the Kenya Association of Manufacturers sees opportunities for growth and development, suggesting that used clothing traders could shift their focus to locally-made clothing.

 

"We have an opportunity where we're able to sell these goods in our local market. So, they would replace the product [used clothes] and sell the locally manufactured goods," Wakaiga told DW.

 

 

 

 

South Africa: New Push for Coal Mine On Kruger National Park Boundary Raises Alarm

An obscure mining company has revived a rejected proposal under a new name - and Kruger management says it has been kept in the dark about an environmental impact assessment that omits the park.

 

The impacts on the Kruger National Park are not discussed at all... The locality maps in the draft report do not indicate the proximity of the mine to [the park]... It is highly questionable as to whether the omission has been done on purpose. - Oscar Mthimkhulu, managing executive, Kruger National Park

 

A controversial plan to mine coal on the southern boundary of the Kruger National Park has been revived, raising concern about what this means for the country's best-known wildlife sanctuary - as well as for surrounding ecotourism lodges, the agricultural economy and scarce water resources.

 

The initial plan was launched in 2018 by a relatively unknown mining company, Manzolwandle Investments, based in Emalahleni (Witbank). It involved both opencast and underground mines over a massive 18,000ha swathe of land bordering the park.

 

That first proposal was rejected by the Department of Mineral Resources and Energy in 2020 after vociferous objections. Now it has been revived by the same mining group using a different name and different environmental consultants.

 

The latest venture, under the name of Tenbosch Mining, has been scaled down considerably and now involves a smaller 6,500ha parcel of land east of the Komatipoort border post.

 

Nevertheless, Tenbosch...

 

- Daily Maverick.

 

 

 

 

World shift to clean energy is unstoppable, IEA report says

The world is on an "unstoppable" shift towards renewable energy but the phase down of fossil fuels is not happening quickly enough, a new report says.

 

The International Energy Agency, the global energy watchdog, predicted renewables would provide half of the world's electricity by 2030.

 

But it warned that emissions were still too high to prevent temperatures rising above a key threshold of 1.5C.

 

And the report said investment in fossil fuels needed to be cut in half.

 

What is net zero and how are the UK and other countries doing?

Record surge in days over key 1.5C warming limit

The Paris-based energy agency's report, released on Tuesday, was not all doom and gloom. It praised the significant progress countries had made in expanding renewable energy and supporting consumers with the shift to electric vehicles and heat pumps instead of gas boilers.

 

The report said the growth in clean energy and technologies was "impressive". In 2020, one in 25 cars sold was electric. Just three years later this number has risen to one in five.

 

"The transition to clean energy is happening worldwide and it's unstoppable. It's not a question of 'if', it's just a matter of 'how soon' - and the sooner the better for all of us," said International Energy Agency (IEA) Executive Director Fatih Birol.

 

The report recognised that oil and gas would continue to play a role in the world's economy and that maintaining investment was "essential". But it said at the moment, current levels of funding were double what they should be.

 

"Governments, companies and investors need to get behind clean energy transitions rather than hindering them," Mr Birol said.

 

In what appeared to be a criticism of the UK and other governments' decisions to open new oil fields, Mr Birol added: "claims that oil and gas represent safe or secure choices for the world's energy and climate future look weaker than ever."

 

Earlier this year Rosebank oil field off the coast of Scotland was given the go-ahead amidst much controversy. Environmental campaigners argued the decision was not compliant with the UK's climate change plans. But Claire Coutinho, the government's minister for energy, said at the time: "[The government] will continue to back the UK's oil and gas industry to underpin our energy security".

 

A spokesperson for the Department of Energy Security and Net Zero said in response to the IEA report that the independent Climate Change Committee recognised oil and gas would continue to be part of the UK's energy mix on the path to net zero.

 

The world's reliance on fossil fuels means that we are still on track to be facing a global average temperature rise of 2.4C by 2100.

 

That compares with the pledge made in 2015 when political leaders agreed on limiting temperature rises to "well below" 2C and to make every effort to keep it under 1.5C, to avoid the most dangerous impacts of climate change.

 

Record surge in days over key 1.5C warming limit

World leaders will meet in Dubai at the end of November for COP28 - the UN climate summit - where it is hoped further commitments to tackling climate change will be made, including potentially agreeing to phase out "unabated" fossil fuels. Abatement refers to technologies, which are not yet available at scale, that could capture the emissions released when fossil fuels are burned.

 

The IEA report also reflected concerns about the Middle East. The agency said it was not yet clear what impact rising tensions would have on world energy markets. But the IEA warned that it meant further uncertainty compounding an already unsettled global economy - Middle Eastern countries, such as Iran and Saudi Arabia - account for 67% of world oil reserves.

 

The report drew parallels with the 1973 oil crisis when Arab oil producers imposed an embargo in response to Western support for Israel in the Yom Kippur war against Arab states led by Egypt and Syria. As a result petrol prices skyrocketed, with knock-on effects on inflation and high unemployment.

 

The IEA said that this time around the world is also facing the impact of volatile gas prices. The UK increased its imports of LNG following the invasion of Ukraine to reduce its reliance on Russian gas and 14% of the UK's gas is now supplied as LNG from Qatar.

 

But the agency hoped the establishment and expansion of solar and wind energy will provide a long term solution to energy volatility.-bbc

 

 

 

 

 

Short selling: Don’t be the 'Dumb Money'

Peter Roscoe has been trading in the financial markets for 18 years.

 

Originally from Teesside, he started out in the finance industry, but for the past eight years trading has been a sideline to his full-time job running a shooting range in Bulgaria.

 

Mr Roscoe shares his experience on a YouTube channel, where he talks about his trading wins and losses.

 

In recent years, he has seen the rise of online trading apps bringing new financial tools to ordinary people. Tools like short selling.

 

Shorting a stock is the opposite of most normal trades. It's where you borrow a stock and immediately sell it. What you're hoping is that its value goes down. If it does, you buy it back cheaper and pocket the difference.

 

Business Daily: The reality of short selling

Defenders of short selling say it can play an important part in the markets, by helping find the true value of an asset, and sometimes rooting out fraudulent behaviour.

 

But it's a very high-risk form of trading, and until recently, something that only professionals could do. However, with the emergence of online trading platforms, amateur investors can now do it in seconds.

 

That's not something that Mr Roscoe necessarily recommends.

 

"I get messages all the time. 'Hey, I want to try this day trading shorting thing.' In the comment section, emails - minimum one a day. And I always say, 'look, are you employed? Don't do it'."

 

"Unless you can commit four to five hours a day, Monday through Friday, and watch the market, just watch these tickers go up and down for six months, you've got no chance. And by the way, after that, there's a good probability you'll still fail."

 

Despite such warnings many have plunged into short selling.

 

"The rise has been phenomenal," says Dan Moczulski, UK managing director of E-Toro, which has seen shorting on its platform rise dramatically over the past three years.

 

He says the Covid pandemic played a key part. "A lot of people were working from home, and so it allowed them to look at different ways of making money."

 

He also thinks the culture around money has changed in the UK since the pandemic.

 

"People didn't talk about their finances - maybe it was just house prices that people would talk about at a dinner party. Now people are very happy to share their own stock portfolio, they're happy to share their wins and their losses, which is something that just didn't happen five years ago."

 

Social media is now full of big-name short sellers and amateur traders loudly pointing out what stocks they think are destined to fall.

 

One kind of trader has won newfound prominence. That's the activist short seller: a trader who doesn't just bet against companies hoping their share price will fall, but who does so by publishing detailed research with brash headlines.

 

One of the most prominent is Carson Block from the firm Muddy Waters. Many times, firms like his will accuse companies of outright dishonesty, betting that their stock will fall when they outline their concerns.

 

"The gap in the market that we fill is to say, hey, this management has been bamboozling you investors or misleading you," says Mr Block. "And here's what's really going on. And this is why we're short. So from that perspective, what we are, as activist short sellers, are providers of transparency to the market."

 

Activist short sellers are divisive. By talking down companies, some accuse them of distorting the market.

 

"A lot of people think that the day that we publish and something goes down a lot that we're high fiving each other and standing on desks," says Mr Block. "No. The more something drops on day one, the more I think 'ok - they're going to come after me, I haven't heard the last of this'. So there's really very little celebration on the days where it's going well."

 

Even for activist investors who have more support than the individual trader, it's a stressful way to make money.

 

"It's a profession that has burned most of its practitioners out within a few years, and I've been doing it 13 years, and it's definitely putting miles on me," says Mr Block.

 

"If we would go on my first 100 shorts, I'd probably say I won 30% of them and lost 70%. You are going to be wrong quite a lot of times."

 

Dan Moczulski from E-Toro points out that there are protections in place for amateurs attempting short selling on his company's platform, but that the high risk is fundamental to the trade.

 

Shorting is done on E-Toro using something called a CFD - a contract for difference. Part of that means users must complete a suitability test.

 

If a trade has racked up losses more than 50% of the capital on an account, then E-Toro will start closing the position. Also, on CFDs a customer can never owe the broker more than they originally put down on the account.

 

"These things separate retail shorting from institutional shorting that, as you say, has unlimited risk," Mr Moczulski says.

 

Investors who trade with their own money, and don't have a history of working for banks or investment firms, are know as retail investors and sometimes, disparagingly as Dumb Money.

 

There's now a movie of the same name that follows the GameStop shorting saga, and how many online amateurs got swept up in trading its stock, with many losing money.

 

Even for an experienced trader like Mr Roscoe, short selling only accounts for 5% of what he does - and he makes the most of any wins.

 

"I have rules," he says. "If I make $1,000 (£823) from one trade on a short, we have to go out for lunch the next day for a steak dinner with the family, right? If I make 5k, I'll go and spend $1,000 on an investment bottle of whiskey."--bbc

 

 

 

 

Job figures show signs of labour market weakening

The UK's job market is showing signs of weakening, suggesting businesses are feeling the impact of rising prices and high interest rates.

 

The unemployment rate was 4.2% between June and August, up from 4% in the March-to-May quarter but unchanged from last month.

 

UK economic growth has proved sluggish in recent months.

 

The current economic picture has fuelled expectations that interest rates will be left unchanged.

 

The Bank of England, which sets UK rates, will decide in November whether to increase, decrease, or keep rates at 5.25%.

 

It decided to leave its benchmark rate unchanged at its previous meeting after 14 consecutive rises, with governor Andrew Bailey saying there were "increasing signs" that higher rates were starting to hurt the economy.

 

The Bank first started to increase interest rates in December 2021 to slow the rate consumer prices were rising - which is known as inflation.

 

But it is a balancing act as raising rates too high can lead to businesses to halt investment plans or make cutbacks and stifle economic growth, which can lead to a recession.

 

Latest figures for the UK economy showed it returned to growth in August, following a sharp fall in July, but economists have painted a picture of the economy "only just grinding forward".

 

Following the jobs numbers, analysts reaffirmed their predictions that the Bank would hold off on further interest rate rises in November.

 

"The Bank will probably continue to believe that interest rates are gradually doing their job and, in our view, it is unlikely to raise interest rates again," said Ashley Webb, UK economist at forecaster Capital Economics.

 

Gabriella Dickens, senior UK economist at Pantheon Macroeconomics, said the figures added "to the evidence the committee will keep Bank Rate at 5.25% at next month's meeting".

 

High rates hurting low paid, says Bank member

The UK is not currently in recession but there have been concerns over weak growth, with the economy set to be a key area in the election which is widely expected next year.

 

Sarah Coles, head of personal finance at investment firm Hargreaves Lansdown, said while there was "no clear overall shift in job losses just yet", the UK needed to prepare "for more difficult times ahead".

 

"This isn't the agony of a collapsing jobs market: it's the chronic malaise of an economy growing gradually weaker," she said.

 

"With employment falling slightly, unemployment rising, economic inactivity up and vacancies dropping again, optimism is ebbing slowly away."

 

The Office for National Statistics (ONS) estimated employment in the UK slightly decreased to 75.7% between June and August. It added the economic activity rate, which measures people not actively looking for work, or available to start a job, had also edged up to 20.9%.

 

However, Neil Carberry, chief executive of the Recruitment and Employment Confederation, said unemployment remained low by historic standards and that the jobs market had been "normalising after the post-pandemic boom".

 

"While vacancies are dropping, they remain above their levels of 2019," he added. "But sector demand is varying widely and workers are facing having to make more transitions to new areas to find new roles. This transition is a primary driver of rising unemployment."

 

Mel Stride, Secretary of State for Work and Pensions, said growing the economy was a "priority" and that the government was "bringing in the next generation of welfare reforms to drive down inactivity and help more people into work".

 

He said there were now "more than one million more people on company payrolls compared to 2019, a near record high, and today's statistics also show inactivity has fallen by over a quarter of a million since the pandemic peak".

 

But Liz Kendall, Labour's shadow work and pensions secretary, said the statistics confirmed "once again that the Tories' dismal mismanagement of our economy is failing Britain".

 

Compared to the job numbers released last month, the figures released on Tuesday have been calculated slightly differently by the Office for National Statistics (ONS) in an attempt to try to make the data on jobs as reflective of the world of work as possible.

 

The ONS has taken the jobs figures published in July and updated them by the fall in the number of people employed by companies.

 

This misses self-employed people, but the ONS says the changes for both types of employment track together in the short term. It has also used Universal Credit claimants to update the unemployment figures.-bbc

 

 

 

 

Manchester University claims huge drone record

Engineers at the University of Manchester have flown what they claim may be the biggest unmanned quadcopter drone yet built.

 

The university says it is unaware of a bigger unmanned quadcopter, but there is no independent verification of the record.

 

As the name suggests, quadcopters are drones with four propellers.

 

The drone is made from foamboard, giving it a cardboard-like appearance, and spans 6.4m (21ft) corner to corner.

 

The first flight of the Giant Foamboard Quadcopter (GFQ) took place in July inside a hangar at the Snowdonia Aerospace Centre.

 

The GFQ's pilot, Kieran Wood, a lecturer in Aerospace Systems at the University said: "The first moments of flight are the make-or-break point for these types of multi-copter drones. There are many hundreds of things that you must get right."

 

Fortunately the flight proceeded without a "rapid unscheduled disassembly", as he put it.

 

The drone, which can also be flown autonomously, weighs 24.5kg - 0.5kg less than a weight limit set for drones of this type by the Civil Aviation Authority.

 

The quadcopter was built using sheets of foamboard - a core of foam sandwiched between paper - which is often used for modelling and mounting artwork. It started life as a project for students exploring the use of low-cost materials for lightweight aircraft structures that are more environmentally friendly than the usual carbon fibre.

 

Professor Bill Crowther, from the university, said: "Ultimately, with this design you are holding up 25kg of aircraft with just a few strategically placed pieces of paper - that's the art of the possible."

 

The team will now try to make the craft even bigger.

 

While the use of cardboard-like materials in drone manufacture may seem more like child's play than cutting edge aviation, cardboard drones are a serious business.

 

Fixed-wing cardboard drones made by Australian firm SYPAQ have been supplied to Ukraine. In March the company revealed hundreds of the flat-packed drones were being shipped to the country each month.

 

Among their advantages, the drones can easily be assembled by soldiers in the field and their cardboard construction makes them less visible to radar.

 

While the drones are designed to carry payloads such a blood supplies, some have reportedly been modified in the field to carry munitions and have taken part in attacks.-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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