Major International Business Headlines Brief::: 30 October 2023
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Major International Business Headlines Brief::: 30 October 2023
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ü Nigeria: Again, Federal Govt, Labour Meet On Palliatives Today
ü Nigeria: 4000 Vessels, 72,000 Seafarers Visit Nigerian Ports Annually - NPA
ü Africa: Kenya to Lift Visa Requirements for All Africans - President
ü Nigeria: High Cost of Seed Worries Katsina Irish Potatoes Farmers
ü Tanzania: Government Vehicles to Switch on Green Fuel
ü Nigeria: Germany's Scholz Looking to Nigeria for Natural Gas - Report
ü Kenya: We Will Cultivate Govt Land to Boost Food Production, Cut Imports - President Ruto
ü Uganda: KCCA Fails On Roads' Promise Again
ü Malawi: Minister Confident About Salima Sugar Company
ü Nigeria: Has Aedc Abandoned Its Responsibility?
ü Nigeria: Cross River Targets 15,000 Hectares Moringa Plantation
ü Court gives Evergrande one last chance to agree debt deal
ü Magic Johnson declared a billionaire by Forbes
ü UAW strike: Stellantis and union agree pay rise in tentative deal
ü FTX: 'Crypto King' admits people got hurt as he speaks out in trial
ü Russia hikes interest rates to 15% as inflation soars
<https://www.cloverleaf.co.zw/> Nigeria: Again, Federal Govt, Labour Meet On Palliatives Today
The organised labour will today meet with representatives of the federal government to discuss the implementation of the Memorandum of Understanding (MoU) signed by both parties in respect of palliatives measures for fuel subsidy removal.
The meeting is expected to evaluate the implementation level of the 12-point MoU signed on October 2, 2023, as the 30-day implementation window given by the organised labour comes to an end this week.
Last week, the Labour Centre threatened a fresh strike after accusing the minister of Labour and Employment, Simon Lalong, of breaching item 6 of the MoU and the ratified agreement by taking sides with a faction in a move to address the crisis rocking the leadership of the National Union of Road Transport Workers (NURTW).
But the minister has since refuted the allegation, describing it as unfounded.
Although today's meeting is at the instance of the chief of staff to the president, Hon Femi Gbajabiamila, NLC national president, Comrade Joe Ajaero, told journalists in Abuja yesterday that the Labour Centre will no longer attend any meeting with the federal government where the minister of Labour and Employment will be in attendance.
The NLC also announced plans to shutdown activities in Imo State with a mass protest to demand resolution of the ongoing impasse with the state government.
The protest which will begin on Wednesday, November 1, 2023, is to demonstrate their outrage and stop the continuing violation of workers' rights and privileges.
The conflict between the NLC and the Imo State government had escalated recently, with issues related to workers' welfare, unpaid salaries and vandalism of the NLC state secretariat at the forefront.
According to Ajaero, some of the most infractions committed by the Imo State government against NLC include refusal to implement previous agreements, outstanding salary arrears, unjust declaration of workers as ghost workers, vandalism of the NLC State Secretariat, implementation of discriminatory pay, unsettled gratuity arrears and non-compliance with the National Minimum Wage,
Other issues of concern are intimidation and harassment of trade union leaders, use of violence and thuggery, misappropriation of union dues, declaration of pensioners as ghosts, systematic harassment and intimidation of the workforce, resistance to social dialogue and collective bargaining, and interference with workers' democratic processes.
He said, "Despite our repeated efforts to engage in constructive dialogue and reach amicable agreements, the Imo State government has become a habitual and serial breaker of these agreements, continuing to trample on the rights of workers in the state.
"As a result, we are left with no choice but to embark on mass protests and industrial actions beginning on the 1st day of November, 2023 to demonstrate our outrage and stop the continuing violation of the rights and privileges of workers in the state.
"We want to warn the government of Imo state that we would hold the governor accountable if anything happens to any worker or trade union leader in the course of these lawful protests. All the threats we have received of violence against our persons are noted but we will not be deterred".
The Labour Centre called on all stakeholders, including civil society organizations, to stand in solidarity with the workers of Imo State in the face of these violations and implores the Imo State Government to honor its obligations and recommit to respecting the rights and privileges of workers.
Leadership.
Nigeria: 4000 Vessels, 72,000 Seafarers Visit Nigerian Ports Annually - NPA
The Nigerian Ports Authority (NPA), has disclosed that 4000 ocean going vessels visit the nation's seaports annually.
Speaking in Lagos, at the commissioning of the Mission to Seafarers (MTS) centre in Lagos, the managing director of NPA, Mohammed Bello-Koko, said a minimum of 6,000 Seafarers visit the country's seaports every month.
LEADERSHIP reports that with 6,000 Seafarers' visiting every month, Nigeria seaports received over 72,000 seafarers annually.
According to Bello-Koko, it has become expedient that the authority intensify collaborations with global institutions like the MTS to encourage Shore Leave and Crew Change and to reap the benefits for coastal tourism.
He said, "the partnership with the Mission to Seafarers and consequent development of this Seafarers Centre, we are gathered here to commission, is a testament of relentless commitment to advancing the fortunes of maritime trade and unleashing fresh opportunities for growth and prosperity inherent in Nigeria's blue economy.
"With an estimated number of 4,000 foreign flagged ships visiting our shores annually, which implies 300 vessels (or a minimum of 6,000 Seafarers) every month, it has become expedient that we intensify our collaborations with global institutions like the MTS to encourage Shore Leave and Crew Change and of course reap the concomitant benefits for coastal tourism and the projection of positive image and reputation for our dear nation."
"Already, we are witnessing improvements of inland traffic to and from our ports. These, coupled with developments in intermodal transportation, as occasioned by our advancing rail system, are bound to encourage and stimulate immense opportunities in the maritime ecosystem."
He, however, stated that being a coastal nation and the sub-regional economic powerhouse as well as the continent's most populous nation, compelled Nigeria to take advantage of every opportunity to deepen its port competitiveness and rating.
Bello-Koko said seafarers are highly treasured assets in whom the Nigerian Ports Authority is well pleased, adding that the intervention was only one of many more to come in a not too distant future.
He, however, assured MTS of unwavering commitment of the authority to improving seafarers' welfare in Nigeria.
"It would be pertinent to mention that the combination of being a coastal nation and the sub-regional economic powerhouse as well as being the continent's most populous nation with a youth population at about 60 percent, compels us to take advantage of every opportunity to deepen our port competitiveness and rating to attract necessary opportunities to cater to this growing demography.
"I have said all of these to establish the irrefutable fact that our seafarers are our highly treasured assets in whom we are well pleased and very proud and this intervention is only one of many more to come in a not too distant future.
"Whilst assuring of the unwavering commitment of the Nigerian Ports Authority under the leadership and guidance of the Honourable of Marine and Blue Economy to the continuous improvement of the welfare of our seafarers."
Leadership.
Africa: Kenya to Lift Visa Requirements for All Africans - President
Brazzaville — Kenyan President William Ruto said on Saturday that Kenya will lift visa requirements for all Africans by the end of 2023 with the aim of boosting trade with African countries.
"By the end of this year, no African will need a visa to enter Kenya. The time has come to understand the importance of doing trade between us," said Ruto, while speaking at the summit of the world's three major forest basins, namely the Amazon, Congo, and Borneo-Mekong Forest Basins, in Brazzaville, the capital of the Republic of the Congo.
Ruto noted the low rate of intra-African trade and urged to reduce customs tariffs within the African continent to accelerate the implementation of the African Continental Free Trade Area.
"It is time we realize the importance of trading among ourselves and allowing goods, services, people and ideas to move freely across the continent," he said, adding that trade among East African Community countries had grown significantly due to the removal of visa requirements and tariffs.
Ruto said that acknowledging and providing incentives to countries in tropical forest basins for forest protection is a smart climate action.
The Amazon basin in South America, the Congo basin in Central Africa, and the Borneo-Mekong basin in Southeast Asia collectively constitute 80 percent of the world's rainforests and contain approximately two-thirds of its biodiversity. These rainforests are not only vital for their local ecosystems but also play a global role in regulating the planet's climate and sustaining life on Earth.
Xinhua
Independent (Kampala).
Nigeria: High Cost of Seed Worries Katsina Irish Potatoes Farmers
Irrigation farmers in Katsina State have decried the high cost of Irish Potato seeds, a development that altered the budget of farmers aiming to plant early.
Early planters, according to the farmers, have the advantage of their crop passing through the cold season of November, December and January for a better yield.
Malam Umar Kanawa, a farmer, said there was a plan by most of the irrigation farmers to take off early this year but the surging cost of seed has slowed them down.
"Lack of capital is our major setback, especially with the current economic hardship in the country. We source our potato seed from Plateau State and this year, the produce seems scarce and costly. By this time last year, we bought a 100kg bag for N50,000 to N55,000 but last week, we paid N70,000. That is why many of us are yet to plant, because we are re-strategising."
Kanawa, however, added that high food demand has made potato farming a promising venture this year, which was why they couldn't change to other crops like tomato.
"High cost of living has made people to look for alternative food items, and the crop requires to be watered only 10 times at an interval of one week in its three months life span; therefore, its production consumes less fuel than tomato," said Malam Kabir Kanawa.
Alhaji Nafi'u Idris, Sarkin Dankali Bakori, said the produce was scarce in Plateau State and sourcing the seeds has become a herculean task.
"Considering the scarcity of the produce in Plateau State, one can say the price of the seed has started on a good note. There are areas we dare not go because of insecurity. The produce is acutely scarce as some farmers in Riyom and Bokkos have withheld the seeds for their use," said Nafi'u Idris.
He advised farmers in Katsina State to make use of what was on ground as there were tendencies of the seeds ceasing from markets.
It was reported in the media last week that potato fungus called blight, unavailability of the pesticide to fight the disease and lack of farmers' access to fertiliser, as well as insecurity that led to loss of lives, destruction of farmlands and properties were the major factors promoting scarcity and high cost of the crop in Plateau State.
Another farmer in the state, Salisu Namairo, said it was not proper for farmers to always be spoon fed with seeds from Plateau State.
"Since we have taken this Irish Potato production as a business, we should device ways of selecting and preserving our seeds to avoid being caught unawares like in a situation as this. Each farmer can select seeds from his output after every harvest and preserve it in a sandy ventilated space before another round of planting."
Namairo added that the high cost of living and the lingering insecurity in the country were enough reasons for farmers to look inwards and come up with solutions to some of their farming challenges.
Daily Trust.
Tanzania: Government Vehicles to Switch on Green Fuel
Morogoro — The Government Procurement Services Agency (GPSA) has initiated the process aimed at making all government vehicles use compressed natural gas (CNG) to cut petroleum products costs.
The GPSA Acting Head of Communication and Marketing, Mr Peter Mayila, said recently in Morogoro that to implement the programme in this fiscal year will start with three pilot CNG filling stations in Dar es Salaam, Morogoro and Dodoma.
"Preparations for the project are progressing well and soon the government vehicles will be turned into using green fuel, the CNG, that will play a key role in slashing down fuel costs," he said during the three-day meeting between heads of communication of the institutions under the ministry of finance and editors from various media.
Mr Mayila said this project is in the GPSA five-year development plan starting from last July.
He said the global trend shows that oil prices are continuing with an upward trend and thus turning to use CNG is the best alternative solution and are working closely with the Tanzania Petroleum Development Corporation (TPDC) in realising this project.
Speaking at an official opening of the meeting, Deputy Permanent Secretary (Treasury Services) in the Ministry of Finance Ms Jenifa Omolo underscored the need for heads of communication of the institutions under her ministry's docket to release information and make the public aware of the things that the government has been doing.
"You have the primary obligation to inform the public of how the government is serving its people," she said.
Daily News.
Nigeria: Germany's Scholz Looking to Nigeria for Natural Gas - Report
The German chancellor told a Nigerian newspaper there was potential for "much more cooperation and investment" with Abuja.
Germany is eyeing the possibility of importing natural gas from Nigeria, according to comments Chancellor Olaf Scholz made in an interview with Nigerian daily newspaper The Punch.
Scholz is set to arrive in the West African state on Sunday for a trip aimed at strengthening bilateral relations with Africa's largest economy, his office said in a statement.
It is the German leader's first visit to Nigeria since the inauguration of the new government under President Bola Tinubu.
What did Scholz say?
"Nigeria has the biggest gas supply in Africa," Scholz was quoted by the Nigerian newspaper as saying. "German companies are interested in gas deliveries from Nigeria and look forward to cooperation with Nigerian gas companies."
Scholz also said that Germany saw Nigeria, the continent's largest economy, as "a key partner for us in Africa, politically and economically."
The German chancellor added that he was "eager to discover the country and strengthen and deepen our partnership," mentioning economic cooperation, investments, global issues, migration and security.
Scholz is expected to hold talks with Tinubu during his trip. He is also scheduled to open a Nigeria-German business conference and meet with civil society representatives and entrepreneurs.
Hydrogen also needed for energy transition
Scholz said Germany was also looking into "joint initiatives to ramp up the hydrogen market," with hydrogen set to play an important role in the future.
Germany currently imports large quantities of crude oil from Nigeria, but no gas.
"Germany has a considerable demand for natural gas and, going forward, hydrogen to fuel its economy and energy transition. Concrete amounts should be agreed on in negotiations between Nigerian gas producers and German gas traders," Scholz was reported to have said.
Scholz also pointed out that Nigeria was Germany's second-largest trading partner in sub-Saharan Africa, with direct German investments in Nigeria amounting to €150 million ($158 million) in 2021.
He said there was potential for greater cooperation and investment in several areas, from "infrastructure and energy to agriculture business, mineral resources, information and communication technologies, transport and logistics, and beyond."
Following the visit to Nigeria, Scholz is to travel on to Ghana.
While you're here: Every Tuesday, DW editors round up what is happening in German politics and society. You can sign up here for the weekly email newsletter Berlin Briefing.
(dpa, Reuters)
Kenya: We Will Cultivate Govt Land to Boost Food Production, Cut Imports - President Ruto
Nairobi — President William Ruto now says the government will use public land to produce food and seeds to curb the rising cost of living in the country.
The President emphasized that his government has already earmarked the National Youth Service (NYS) and Kenya Prisons Service among state-owned properties for agricultural activities.
"We will cultivate all the land belonging to Kenya Prison Service instead of us looking for funds to feed the prisoners; we will farm on their land, feed them and sell the extra produce. We will use all the idle land in the NYS and KDF," President Ruto said.
He was speaking at Anglican Church of Kenya Diocese of Eldoret during its commemoration of the 40th Anniversary where he mentioned that this will reduce the importation of food and cut back expenditure of Sh500 billion.
"Next year will be the last year that we will import maize into the country to factor the gap in the production. We will produce enough maize for our consumption. My plan is to make sure we don't import food into the country," he stated.
The Head of State noted that the agricultural sector remains the backbone of Kenya's economic and industrial development, particularly income generation and provision of raw materials.
The President rallied farmers to increase the amount of fertilizer used in their farms to boost their output.
President Ruto said increased fertilizer use in his farm boosted his harvest and urged farmers to do the same.
"We can double our production with fertilizer and we have reduced it to Sh2,500 and the profit is yours. It's up to you and the difference will be made through increased fertilizer use," the President said.
He said data shows that if one doubles their fertilizer per acre, they will get more yield from between 20 and 25 bags per acre.
The Head of State said many farmers who use one bag per acre get anywhere between 12 and 15 bags.
President Ruto noted that the government has reduced the cost of drying the grain which will assist farmers in reducing post-harvest losses by ensuring their maize is properly dried and stored.
"We don't want to farmers to dry maize on the roads. In the NCPB the drying services which you use to pay Sh300 will now be reduced to Sh70 for 90kg sack. It will be cheaper than drying on the road," he stated.
Capital FM.
Uganda: KCCA Fails On Roads' Promise Again
Kampala Capital City Authority (KCCA) has failed to honour its promise to start the Construction of 69.70km of city roads by February and September 2023 as earlier communicated. According to Kampala city political leaders, most bad roads in question categorized into Lot 1,2,3 and 4 construction works have not commenced whereas those that have already started are not even halfway done.
The under-pressure elected leaders blame the delay on contractors who have signed up for more roads beyond their capacity and also the inflation of middlemen chasing big profits.
In December 2022, the sorrowful state of city roads dominated the conversation in the digital media with pothole alerts and exhibitions, which drew, mixed reactions from the public.
A month later, KCCA issued an ambitious response pledging that in February 2023, the city was to become a construction site with a long list of roads whose construction would start in February and September of the same year.
Nine months down the road, the roaring sounds of caterpillars, and signposts indicating men at work are not seen along most of the city roads, nor have the road construction sites even been opened on most of these roads.
The state of these roads has left elected leaders under pressure from the electorates.
Central Division Mayor Salim Uhuru says the state of the roads has made people turn against him.
"I am the only elected NRM leader in Kampala, people attack me saying you lied to us," he said.
Member of Parliament for Nakawa East, Ronald Balimwezo also claims the situation is the same with the opposition supporters.
"I feel the pressure, People think it's us to make this road."
The 69.70km of roads KACCA promised to start by February and September has 28 roads which among them are; Wamalla Road in Lubaga, Luwafu Road - Lubaga, Sir Apollo Kagwa - Central Division, Queens Way - central, Kyebando Ring road - Kawempe, Kisasi road - Kawempe, Ssuna 2 road - Markindye, Kayemba road - Markindye and others.
The angry leaders are now blaming the delay on contractors who have signed up for more roads beyond their capacity, while others believe the middlemen position skimming for big differences is the problem.
"Some contractors are delaying because they have signed up for many roads above their capacity," Uhuru said.
In the Central Division, only construction of Sir Apollo Kagwa Road, 6th, 7th, and 8th Street has started leaving the rest untouched. The same situation is in other divisions where construction has never commenced regardless of KCCA's promise.
"This road leads to Kasubi and off to Hoima, the Albertine region. traders along it there are several businesses but traders here feel ignored even though they pay taxes."
"You see this pothole, when motorists try to dodge, they end up ramming into traders."
With the slow progress of work, President Museveni directed the UPDF to help in pothole filling and sectional repairs, a view that equally drew mixed reactions.
However, officials on the committee on city roads and infrastructure are threatening to crack a whip on errant contractors.
The poor City roads have hampered businesses and seen motorists incurring huge costs on car repairs, losing a lot of productive time in garages.
Malawi: Minister Confident About Salima Sugar Company
Minister of Agriculture Sam Dalitso Kawale has expressed optimism in the future of the Salima Sugar Company Limited (SSCL).
Kawale was speaking on the sidelines after touring the factory to appreciate some of the work that the company is doing to improve the sugar industry.
According to Kawale, the company's plans to expand its capacity and management reforms that are currently happening at the company foretell a great future in which Malawians will benefit from the company's existence.
"We have seen that there's a great future in Salima Sugar Company Limited, and as a ministry we have committed to do anything in our capacity to assist the company to expand and grow because that is the only way more Malawians are going to benefit from it," he said
Recently the company embarked on an expansion journey which among other things require increase in capital and implementation of reforms in its management for benefits to be realized.
Executive Chairperson for the SSCL, Wester Peter Kosamu said due to the company's reforms, more Malawians have been placed in managerial positions, a thing that will allow the company to work in the interest of the Malawian, unlike the case before.
Kosamu said the company is in the process of trying to obtain a loan that will allow it to expand its production capacity.
"So we are asking government to back us up so that we can obtain this loan and we promise that after the sought expansion we will create more jobs for Malawians, but also we will place ourselves for the reduction of sugar prices in the country," he said.
During the tour, Minister Kawale also appreciated irrigation infrastructure targeted a production of maize at a 1000 hectare land which is expected to start operating during the next irrigation season, implemented with an aim of increasing grain availability in government grain reserves.
Nyasa Times.
Nigeria: Has Aedc Abandoned Its Responsibility?
I want to draw the attention of the headquarters of the Abuja Electricity Distribution Company (AEDC) to the extortions we are facing in the hands of some of your officials in connivance with some individuals.
Our transformer in Ado Phase 3, Karu LGA of Nasarawa State was vandalised on October 22, 2023, throwing the entire community into darkness.
Following the incident, some individuals led by one Eric who claimed to be the acting community chairman, have been moving round to extort N3,000 from every house, saying they have the approval of AEDC officials from Ado office to do so.
He claimed he was asked to collect the money to use it in fixing the vandalised cables.
Why should they be collecting money from us after we were reliably informed that the matter was reported to the police and that those who vandalised the cables have been arrested. Those who vandalised the cables should be made to fix them, otherwise, the AEDC should fix them.
After all, it is their transformer and as a community, we pay our bills to enjoy their services.
We want the AEDC management to investigate the matter and find out the officials who directed the aforementioned persons to extort N3,000 from every house just to fix cables.
The question that is begging for an answer is: Has AEDC abandoned its responsibility to us?
That is why we are calling on the AEDC headquarters to investigate the matter and restore our light. We say no to extortion.
Enoyi Ekeh Odangidi wrote from Ado Phase 3, Karu LGA, Nasarawa State
Daily Trust.
Nigeria: Cross River Targets 15,000 Hectares Moringa Plantation
Fifteen thousand hectares of moringa tree crop farms are to be established in Ogoja, Yala, Boki, Biase and Etung Local Government Areas of Cross River State.
The planting will take effect in the next nine months upon completion of necessary documentation and government protocols.
A 'UK Global Company' which interfaced with the state government last week is to establish the farms.
There's a proposal by the company to additionally establish 7,500 barrels per day (BDP) Biodiesel refinery where they will rely on the Moringa tree crop farms for production.
The "seed cake" from the biodiesel will be used as an alternative fertiliser source for other farm crops according to the project's development Consultant, Prof. Ebigwai Joseph.
He was accompanied by Mr Alsiddiq Ahmed Omer, the company's Project director and funder to the meeting with Governor Bassey Otu.
He disclosed this to journalists at the end of the meeting in Calabar.
He explained that the five LGAs were selected due to the previous test samples carried out to ascertain that the soil can fully support the moringa tree cultivation.
"Funds for compensation processes shall be provided after the enumeration and valuation of the land," he assured.
Governor Bassey Edet Otu commended the group and expressed his enthusiastic endorsement of the proposed initiative.
He assured them of political support to ensure the project's success.
Otu instructed two commissioners, those for lands and justice, Dr Francis Ekpenyong and Ededem Ani respectively to avail the land space to the team, and to steer the legal processes required to allocate the required hectares of land.
He encouraged the team to commence the processes of obtaining the necessary regulatory approvals from the Federal Government.
"However, we shall not hesitate to revoke the land(s) if after nine months you are unable to meet the specified obligations in your proposal," Otu warned them.
Commissioner for Agriculture and Irrigation Development, Johnson Ebokpo, expressed satisfaction with the team's readiness and approach to the intended project.
Ebokpo called for immediate constitution of a technical team to drive the process in order to meet up with the set timeline being nine months to actualise the commencement and kick off period of the said project.
He was optimistic of the economic gaps the project will bridge when fully operational.
Daily Trust.
Court gives Evergrande one last chance to agree debt deal
A Hong Kong High Court judge has given crisis-hit Chinese property giant Evergrande one last chance to come up with a new deal over its huge debts or face liquidation.
A winding-up hearing, initially scheduled for Monday, was adjourned to 4 December.
Justice Linda Chan said it would be the last hearing before a decision is made.
Evergrande is the world's most indebted property developer with more than $325bn (£268.4bn) of total liabilities.
It defaulted on its debts two years ago and has been working on a new repayment plan ever since.
Justice Chan said Evergrande had to come up with a "concrete" proposal otherwise it was likely the company would be wound up. A liquidator would still be able negotiate with creditors, she added.
Evergrande did not immediately respond to a BBC request for comment.
The case was originally brought by Top Shine Global, an investor in Evergrande unit Fangchebao, in June 2022.
It said Evergrande had not honoured an agreement to buy back shares the investor had bought in the business.
Evergrande's plans to rework its agreements with creditors were dealt a major blow last month when it confirmed that its founder Hui Ka Yan and one of its main subsidiaries were under investigation for suspected criminal activities.
The company also said that it was it barred by Chinese regulators from issuing new dollar bonds, which was a key part of its plan to restructure its debts.
It also cancelled planned votes by creditors on its restructuring plan, which were originally scheduled for late last month.
The rise and fall of Evergrande's billionaire founder
Why should I care if Evergrande collapses?
Most of Evergrande's debt is owed to people within China, many of whom are ordinary citizens whose homes have not been finished.
When the firm defaulted on its huge debts in 2021, it sent shockwaves through global financial markets as the property sector contributes to roughly a quarter of China's economy.
Several other of the country's major real estate firms have defaulted over the past year and many are struggling to find the money to complete developments.
Evergrande now has five weeks to come up with a repayment plan that its creditors agree on, which it has failed to do in the last two years.
Until now, the company's survival has largely been down to the fact that most of the money it owes is to lenders in China, who have limited legal avenues to recoup their money.
By contrast, creditors outside mainland China are entitled to bring lawsuits against the company. This is what Top Shine has done and this is what could trigger a court liquidation order.
However, liquidation would not resolve the matter cleanly. Analysts say it would complicate the situation substantially.
"Even if offshore creditors manage to get Evergrande liquidated, the prospects of a recovery are still uncertain for them," said Eveline Danubrata, Asia Managing Editor at REDD Intelligence.
"Most of Evergrande's assets are in China. So the company will have to juggle multiple local stakeholders, including homebuyers, banks and government officials," she added.
Apart from deciding which lenders get priority in a liquidation, there is also question of who will finish the homes that more than a million Chinese people are still waiting for Evergrande to hand over.
Ms Danubrata said it is hard to picture a scenario in which foreign creditors receive their money before Chinese homeowners do. Ultimately, any solution will most likely require major cooperation with the Chinese government.
"It will likely be challenging to pursue an onshore enforcement against Evergrande's assets without some kind of a nod from the relevant authorities," she said.-bbc
Magic Johnson declared a billionaire by Forbes
Former basketball star Magic Johnson has been declared a billionaire by Forbes, making him only the fourth athlete to join the exclusive club.
The business magazine estimates Johnson's wealth at about $1.2bn (£990m).
The other athlete billionaires are NBA players Michael Jordan and Lebron James, and the golfer Tiger Woods.
Johnson has investments in numerous companies including ownership stakes in various sports teams.
But Forbes says his stake in a life insurance company holds most of his wealth.
The 64-year-old had one of the most iconic careers in NBA history before retiring in 1996, but it was outside of sport where he made most of his money.
Forbes states that Johnson made $40m from his NBA career.
Johnson has ownership stakes in three Los Angeles-based sports teams, including MLB's Los Angeles Dodgers.
Outside of sport he has investments in Starbucks, Burger King, 24 Hour Fitness and the life insurance company EquiTrust.
Johnson says he could have become a billionaire sooner had he not turned down shares in Nike when he was entering the NBA in the 1970s. He took a deal with Converse, which offered him $100,000 a year, instead.
"My family didn't come from money, that's one thing that hurt us sometimes. When you don't come from money, you don't know. I didn't even know what stocks [were] at that time," Johnson said on the All The Smoke podcast earlier this year.
"So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today."-bbc
UAW strike: Stellantis and union agree pay rise in tentative deal
Chrysler maker Stellantis has struck a tentative pay deal with the United Auto Workers union to end a six-week strike.
The agreement, which still needs to be approved by union leaders and members, follows a similar deal that was struck with Ford last week.
The UAW began strikes against GM, Ford and Stellantis in September, the first time in the union's history it has targeted all three firms at once.
It has yet to reach a deal with GM and is expanding action against the firm.
The agreement between the UAW and Stellantis will see wages for most workers rise by 25% over the next four-and-a-half-years.
The union also said that the lowest-paid workers at Stellantis would see wages rise by more than 165% over the period of the agreement.
Stellantis workers will return to work while the deal is ratified, the union said.
"Once again, we have achieved what just weeks ago we were told was impossible," said UAW president Shawn Fain.
The union also said that the deal would see Stellantis reopen an assembly plant in Belvidere, Illinois, which closed earlier this year.
In addition, the UAW said the carmaker had also agreed to build a new battery plant next to the existing Belvidere factory.
"Eight months ago, Stellantis idled Belvidere Assembly Plant, putting 1,200 of our members on the street," said UAW vice president Rich Boyer.
"From the strength of our strike, we are bringing back those jobs and more. Stellantis is reopening the plant and the company will also be adding over 1,000 jobs at a new battery plant in Belvidere."
Stellantis North America chief operating officer Mark Stewart said: "I would like to thank all the negotiating teams who have worked tirelessly for many weeks to get to this point.
"We look forward to welcoming our 43,000 employees back to work and resuming operations."
US President Joe Biden welcomed the agreement.
"I applaud the UAW and Stellantis for coming together after hard-fought, good-faith negotiations to reach a historic agreement that will guarantee workers the pay, benefits, dignity and respect they deserve," he said in a statement.
GM action
While the UAW has now reached tentative agreements with Ford and Stellantis to end the strike action, it has yet to reach a deal with General Motors.
On Saturday, the union said it would extend its strike against GM to the company's plant in Spring Hill, Tennessee.
"We are disappointed by GM's unnecessary and irresponsible refusal to come to a fair agreement," said the UAW's Mr Fain.
In a statement, GM said: "We are disappointed by the UAW's action in light of the progress we have made.
"We have continued to bargain in good faith with the UAW, and our goal remains to reach an agreement as quickly as possible."
Last week, GM said the strike action was expected to cost it about $200m (£164m) each week.
The company also withdrew profit forecasts for the year saying it could not predict how quickly the stand-off would conclude, but added it had offered a "record" contract in an effort to help resolve the dispute.-bbc
FTX: 'Crypto King' admits people got hurt as he speaks out in trial
Former crypto boss Sam Bankman-Fried acknowledged "a lot of people got hurt" when the FTX exchange he founded collapsed, in his testimony to the jury at his fraud trial.
The former entrepreneur said he had made many mistakes when running the cryptocurrency exchange.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
He has denied those charges, instead arguing that he acted in good faith.
"We thought we might be able to build the best product on the market," he told his attorneys in his opening questioning. "It turned out basically the opposite of that".
"A lot of people got hurt, customers, employees, and the company ended up in bankruptcy."
Mr Bankman-Fried told the Manhattan federal court he made "a number of small mistakes and a number of larger mistakes" while running the now-bankrupt exchange.
The biggest mistake, he said, was not having a dedicated risk management team.
He said he did not defraud anyone or take customer funds.
One last gamble beckons for Sam Bankman-Fried
'Crypto King' tells judge he acted on legal advice
Mr Bankman-Fried started testifying on Thursday in an unusual hearing after the jury had been sent home.
US District Judge Lewis Kaplan asked him to preview his testimony about the involvement of lawyers in key decisions at the heart of the case so he could decide whether it was admissible as evidence.
Mr Bankman-Fried has argued that he acted on legal advice.
But prosecutors have accused him of using FTX customer funds to prop up his crypto-focused hedge fund, Alameda Research, make speculative venture investments, and donate more than $100m to US political campaigns. He also faces charges of trying to cheat Alameda's lenders and FTX investors.
Judge Kaplan ruled that Mr Bankman-Fried would not be allowed to present testimony about the work lawyers did on various loans made to Mr Bankman-Fried from Alameda and other policies.
The judge said the evidence "would be confusing and highly prejudicial in implying that the lawyers with full knowledge of the facts blessed what the defendant has done".
On Friday, Mr Bankman-Fried's attorneys asked him to recount his time at MIT, when he lived in a group house with Gary Wang and Adam Yedidia - both of whom have testified against him in this case.
Mr Bankman-Fried said it was "nerdy". "Lots of board games, not drinking."
The defence tried to paint a portrait of a boss who was more hands off than earlier testimony had suggested.
For example, he said he discussed the "goals" of the FTX site but didn't read or write the code. "I wasn't much of a programmer."
Mr Bankman-Fried said he "wasn't entirely sure" what happened to the money that FTX customers wired to Alameda when they set up their accounts, trusting staff to handle and track the money.
He said he thought money to repay Alameda's loans came from the company - not FTX customers as the prosecutors have alleged - and that he never directed his friends to make political donations.
Challenging earlier testimony from others, he said he did not become aware that Alameda owed $8bn in customer deposits to FTX until October 2022. "I was very surprised" he said.
He also said he had not been aware of some of the specific features of Alameda's account at FTX, including its ability to borrow virtually unlimited sums from the exchange.
Prosecutors have alleged those features were how Alameda ended up raiding customer funds.
Mr Bankman-Fried suggested that the features were the idea of some of his top lieutenants at FTX - Gary Wang and Nishad Singh - as they tried to address his concerns about ensuring that trading on the exchange ran smoothly.
Mr Wang and Mr Singh, who worked at FTX, have both pleaded guilty to various charges and testified against Mr Bankman Fried at trial along with his ex-girlfriend Caroline Ellison, who became chief executive of Alameda.
Mr Bankman-Fried described working as much as 22 hours per day and getting thousands of emails. He said he aimed to have 60,000 unread messages rather than having nothing in his inbox.
The courtroom and two overflow rooms were packed with dozens of reporters and members of the public.
His appearance in court follows 12 days of prosecution testimony in which close former colleagues gave evidence.
If he is found guilty he could face what is effectively a life sentence in prison.
Defendants in the US are not obliged to testify during trials - and are often advised against doing so, since it opens them up to questioning by prosecutors.
Despite the risks, many analysts following the trial predicted Mr Bankman-Fried would take the stand to offer his own version of events and try to undermine the prosecution case.-bbc
Russia hikes interest rates to 15% as inflation soars
Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.
The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.
Globally the pace of price rises has been high, in part due to Russia's invasion of Ukraine. Inflation in Russia hit 6% in September.
There has also been increased government spending in Russia as it pours resources into its war machine.
The Bank of Russia, the country's central bank, has now raised rates by 7.5 percentage points since July as it seeks to get inflation back down to its 4% target.
This includes an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy.
"Current inflationary pressures have significantly increased to a level above the Bank of Russia's expectations," it said on Friday.
Demand for goods and services was outpacing supply, and it said there was high lending growth.
Supply chain disruption during the coronavirus pandemic helped push up prices, then Russia's invasion of Ukraine in February 2022 disrupted global food supplies and drove up energy costs.
Food and energy price inflation have been major factors in pushing up prices in general across the world.
Pressure has also been mounting on the Russian economy due to imports rising faster than exports and military spending growing for the Ukraine war.
Russia was targeted by Western sanctions in response to its assault on Ukraine.
The rouble plummeted after war first broke out, but was bolstered by capital controls and oil and gas exports.
However, the currency has lost about a quarter of its value overall against the US dollar since the conflict began.
Russian rouble falls to 16-month low
No panic over rouble but fall will hurt Russians
This is not the first time the Bank of Russia has hiked interest rates sharply. When Russia first attacked Ukraine the bank raised rates from 9.5% to 20%, but began cutting them shortly afterwards.
But rate hikes can only go so far in steadying an economy, and analysts have said Russia could struggle to attract investment due to Western sanctions.
A major factor in the rouble weakening has been Russia's trade being hit by the sanctions, economists have said.
Since the outbreak of war, many EU countries which relied on Russian oil and gas have pledged to wean themselves off imports from the country and many have since found alternative suppliers.
EU leaders introduced a price cap plan to limit the amount Russia earns from its oil exports and the country has also been excluded from Swift, an international payment system used by thousands of financial institutions.
The European Commission has said the Russian sanctions are working.
Coal exports have fallen, and oil production in the country is down more than a quarter, it said in a blog post in August.-bbc
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INVESTORS DIARY 2023
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