Major International Business Headlines Brief::: 20 September 2023

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Major International Business Headlines Brief::: 20 September 2023 

 


 

 


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ü  Nigeria: Power Grid Collapses Again

ü  Kenya: Govt Unveils Toll Free Hotline for Reporting Illegal Logging

ü  Nigeria: Dangote Refinery to Begin Operation in October - Report

ü  Nigeria: Stabilise Naira, End Corruption to Unlock Nigeria's Success -
U.S. Treasury's Adeyemo Tells Tinubu

ü  Nigeria: Amid NASS Probe - Neiti Uncovers U.S.$9.85 Billion Debts Owed
Govt By Oil Firms, Others

ü  Nigeria: SDG Summit - Despite Apparent Failure, World Leaders Express
Hope

ü  South Africa: National Transmission Company Can Now Get 'Down to
Business' - Gordhan

ü  Nigerian Petroleum Agency Signs CNG Agreement With Energy Firm

ü  Fukushima: China's seafood imports from Japan down 67% in August

ü  Elon Musk woos world leaders, courting controversy

ü  FTX: 'King of Crypto' parents sued over missing millions

ü  Braverman and Facebook clash over private message plans

ü  Online Safety Bill: Crackdown on harmful social media content agreed

ü  UK inflation forecast to be highest of advanced economies

ü  H&M starts charging shoppers for online returns

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Power Grid Collapses Again

The Minister for Power, Adebayo Adelabu, has expressed readiness to increase
power generation in the country to 20,000 Megawatt of electricity in the
next three years.

 

Daily Trust reports that the country currently generates an average of
4,000MW even though it has an estimated 13,000MW generation capacity.

 

This is coming on the heels of another power grid collapse yesterday that
led to power generation dropping to 42.7MW.

 

The collapse was the third in the last five days.

 

But Adelabu during an address at the ongoing Nigeria Energy conference said
85% of the generated power needs to be distributed to electricity consumers
to achieve liquidity in the sector.

 

While acknowledging energy as a critical aspect of Nigeria's economy, he
said no meaningful economic growth can be achieved without energy.

 

"If we cannot transmit 80 to 85% of the generated power to customers, then
we are wasting investments. We must invest in metering technology, if we can
eliminate the 8 million metering gap in Nigeria and come up with technology
to ensure that collections are monitored, and we can collect up to 90% of
power distributed, of course, liquidity is assured in this country.

 

He vowed to change the narratives in the power sector which has been beset
with several challenges.

 

-Daily Trust.

 

 

 

 

Kenya: Govt Unveils Toll Free Hotline for Reporting Illegal Logging

Nairobi Kenya — The Ministry of Environment, Climate Change and Forestry has
unveiled '0800724570' as the 24-hour toll free telephone number for
reporting illegal forest activities including logging and charcoal burning
in the country.

 

Speaking on Monday at Kanyonga in Kyeni South, Embu County during
celebrations to mark this year's World Bamboo Day, Forestry Principal
Secretary Gitonga Mugambi said the hotline is managed by a dedicated office
in his department.

 

"We have set up a new office that is dealing with cases of illegal logging
in our public forests, and as Government, we will not hesitate in taking
action against those caught violating the law," Mugambi said while rallying
wananchi to report suspected illegal forest activities through the hotline.

 

At the same time, the PS decried escalating illegal logging in parts of the
country saying it was regrettable that while Kenyans were accelerating
efforts to raise the country's forest cover to 30 percent by the year 2032
through the 15 billion tree growing programme, unscrupulous timber traders
were engaged in illegal logging of public forests.

 

 

"We will not tolerate continued destruction of our public forests while at
the same time encouraging Kenyans to grow 15 billion trees as directed by
His Excellency the President," Mugambi cautioned as he named Narok, Nakuru,
Nyeri, Meru, Nyandarua, Uasin Gishu and Baringo as some of the counties that
are highly affected by illegal logging.

 

On cultivation of bamboo, PS Mugambi said the species had been identified as
a key enabler of the 30 percent national tree cover programme because of its
fast growth and immense socioeconomic as well as environmental and climate
action benefits including high carbon sequestration capabilities.

 

"My Ministry has identified bamboo as key intervention towards achieving the
30% tree cover strategy by 2032 and is also a key driver towards green
growth and climate resilience.

 

 

"We are therefore working towards promoting investments in commercial bamboo
production, institutional strengthening, value chain promotion and
development, publicity, awareness and education so that stakeholders fully
understand the full value of bamboo as an investment.

 

"In this regard, my Ministry targets to establish 150,000 hectares of bamboo
in the country," Mr Mugambi said in a speech read on behalf of Environment,
Climate Change and Forestry Cabinet Secretary Hon Soipan Tuya at the
celebration attended by top Embu County leadership led by Governor Cecily
Mbarire.

 

The PS said bamboo, which was classified as a cash crop by parliament in
September 2020, "forms an integral part of the forest sector in Kenya
because of its vital ecosystem benefits to communities surrounding water
catchment areas, wetlands, forested and agricultural landscapes".

 

Occuring in over 1,600 species, bamboo mostly grows in Africa, Asia and
Latin America. The grass was introduced in Kenya by Kenya Forestry Research
Institute (KEFRI) in 1984. Its uptake has however been slow largely due to
lack of adequate seedlings and gaps in its value chain.

 

"Bamboo propagation has been tedious and mostly through cuttings and also
through importing seeds from Asia which has made it impossible to grow
bamboo commercially.

 

"We are proud to inform you that KEFRI has made breakthroughs in propagating
bamboo through tissue culture which will greatly enhance mass propagation of
bamboo and reduce seedling costs," PS Mugambi announced.

 

"While bamboo uptake has been slow across the country, its cultivation by
the private sector is encouraging. The enthusiasm shown by farmers,
extension workers and the scientific community has attracted investors who
are keen to the commercialize bamboo," he added.

 

In her address, Governor Mbarire assured PS Mugambi of her County's active
involvement in sustained tree growing activities in support of the Kenya
Kwanza administration's 15bn national tree growing flagship project.

 

The Governor said Embu County will continue collaborating with the national
government and partners in the tree growing initiative by among other
interventions, propagating adequate seedlings to enable it meet its target
of planting 14 million trees annually over the next 10 years.

 

Other speakers at event included Embu Deputy Governor Kinyua Mugo, Mbeere
South MP Eng Nebart Muriuki and acting KEFRI Director General Dr Jane
Njuguna.

 

-Capital FM.

 

 

 

 

Nigeria: Dangote Refinery to Begin Operation in October - Report

"The company is also widening the road connecting the refinery to the
expressway. That job is 70 per cent complete," an official added.

 

The 650,000 barrels per day Dangote Refinery will receive its first cargo of
crude next month, a report has said.

 

The refinery will begin producing up to 370,000 barrels per day of diesel
and jet fuel from October, S&P Global Platts, which provides benchmark
prices for commodity markets around the world, reported Tuesday, quoting an
official of the company.

 

In May, former President Muhammadu Buhari commissioned the refinery amid
high expectations that it will impact the nation's oil and gas sector and
the larger economy.

 

 

The pipeline infrastructure at the refinery is said to be the largest in the
world, with 1,100 kilometres and will handle three billion standard cubic
feet of gas per day.

 

Speaking during the official commissioning of the refinery, the President of
Dangote Group, Aliko Dangote, promised that the first refined petroleum
products from the refinery would hit the market before the end of July.

 

In an exclusive interview with S&P Global Platts, the Executive Director of
the Dangote Group, Devakumar Edwin, said the refinery will be launched in
phases, beginning with 350,000 - 370,000 barrels per day of diesel and jet
fuel by October.

 

"Right now I'm ready to receive crude. We are just waiting for the first
vessel. And so as soon as it comes in we can start," Mr Edwin was quoted by
S&P Global Platts as saying.

 

 

He explained that the refinery will launch in phases, beginning with 350,000
- 370,000 barrels per day of diesel and jet fuel by October, when the crude
distillation unit, sulfur block and hydrogen plant should be online.

 

On 30 November, Mr Edwin said, the refinery will start the phased ramp-up to
650,000 barrels per day, around half of it gasoline, the key area of
Nigerian fuel demand.

 

Mr Edwin noted that the Nigerian National Petroleum Company (NNPCL), which
is a shareholder in the project, cannot supply the refinery until November.

 

So, he said Dangote is buying oil from trading houses. Vitol and Trafigura
recently carried out inspections of the plant.

 

"At the last minute (NNPC) said, 'We have actually committed our crude on
forward basis to someone else', so immediately they don't have the crude.
This is a temporary issue, and the refinery should run on exclusively
Nigerian crude by November," he said.

 

He said Nigerian oil will be purchased in US dollars, not naira as some
reports had suggested, because it is located in a free zone on the outskirts
of Lagos.

 

However, he said NNPC will supply some crude at knockdown prices due to its
equity stake.

 

Mr Edwin added that the scale of the refinery being "solely dependent on
Nigerian crude would not be advisable."

 

He said the refinery can process most African crudes apart from heavy
Angolan grades as well as Middle Eastern Arab Light and even US light tight
oil.

 

"We can even take some of the Russian grades if the global system opens up
to allow us to receive (them)," he said.

 

He explained that the company's refined products are not only targeting the
Nigerian market.

 

"Basically if you look at our production profile, 50 per cent of my
production will meet 100 per cent of the requirements of the country. Excess
gasoline which will be 10 ppm sulfur Euro 5 quality will be exported to
other African markets as well as the US and South America, although the
volumes will be relatively small," he said.

 

Meanwhile, he said jet fuel will be exported to Europe and diesel will be
sold in sub-Saharan Africa.

 

He said refined products can be evacuated from the refinery by road or by
sea, with the two routes able to handle 80 per cent and 75 per cent of
production respectively.

 

"The company is also widening the road connecting the refinery to the
expressway. That job is 70 per cent complete," he added.

 

-Premium Times.

 

 

 

 

 

Nigeria: Stabilise Naira, End Corruption to Unlock Nigeria's Success - U.S.
Treasury's Adeyemo Tells Tinubu

U.S. Deputy Treasury Secretary, Wally Adeyemo on Monday advised President
Bola Tinubu-led government to stabilize Naira and fight corruption to unlock
Nigeria's potential.

 

Adeyemo who is in Lagos to improve US-Nigeria economic ties praised Tinubu
for pursuing difficult and bold reforms and listed steps needed for the type
of growth that Nigeria needs to create economic opportunity for the Nigerian
people.

 

"Your economic success is not only important to the approximately 200
million people who call Nigeria home, it is important to the region, the
continent and the global economy," Adeyemo said in a speech at Lagos
Business School.

 

The visit by Adeyemo, the highest-ranking member of the African diaspora in
the Biden administration, comes after visits to the continent by other top
officials, including Treasury Secretary Janet Yellen and Vice President
Kamala Harris.

 

 

"First, Nigeria needs a stable naira. Unifying Nigeria's foreign exchange
rate will also create the kind of macroeconomic stability that is essential
to attracting foreign investment," he said.

 

"We commend the difficult steps your government has already taken to
accomplish this goal. The path to unification is not an easy one as everyone
is experiencing, but going backwards would be even worse.

 

"Second, the government needs to articulate and implement a credible fiscal
strategy that will provide the resources to make critical investments.

 

"I recognise the decision to end fuel subsidies is hard for many Nigerian
households. But it was an important early step to create resources that the
government can use to invest in physical and digital infrastructure,
education, and a strong small business environment.

 

"There is nowhere this need is greater than the agricultural industry,
which, despite the digital revolution going on in Nigeria, remains Nigeria's
top employer.

 

"Its full potential, of course, is held back by issues like access to
fertilisers, limited use of new technology, access to water and land and the
availability of credit and high market entry costs."

 

Adeyemo also called for steps to shore up the integrity of the Nigeria's
banks and reduce the ability of "criminals, terrorists and others" to
launder money through the Nigerian financial system. Washington stands ready
to help Tinubu's government tackle challenges in this area, he added.

 

"The opportunity has never been greater," he said. "Your government is
pursuing difficult and bold reforms. The United States looks forward to
being a partner as you build an economy that works for all Nigerians."

 

-Vanguard.

 

 

 

 

Nigeria: Amid NASS Probe - Neiti Uncovers U.S.$9.85 Billion Debts Owed Govt
By Oil Firms, Others

The House of Representatives ad-hoc committee investigating crude oil theft
and loss of revenues from oil and gas companies has again insisted that
agencies and other stakeholders in the industry evading the ongoing
investigation appear before it unfailingly.

 

This is as the total unremitted revenues to the Federation by some relevant
government agencies and companies in the oil and gas sector in the year 2021
have risen to over $9.85 billion.

 

The figure and other vital pieces of information and data about Nigeria's
petroleum sector were revealed in the 2021 Oil and Gas Industry Report
unveiled by the Nigeria Extractive Industries Transparency Initiative
(NEITI), in Abuja, yesterday.

 

 

LEADERSHIP reports that the investigative panel has insisted that the heads
of the Nigeria National Petroleum Ltd, (NNPCL), Nigeria Maritime
Administration and Safety Agency (NIMASA) and the Nigeria Inland Waterways
Authority (NIWA), amongst others, must appear physically for the
investigation.

 

This is even as the committee has continued to unearth stunning revelations
of massive oil theft, suggesting grave collusion of regulatory agencies and
their collaborators in the oil and gas sector.

 

A compilation of the outstanding financial liabilities due to the Federation
by the NEITI report indicated that a total of $13.591 million revenues was
payable to the Federal Inland Revenue Service (FIRS) as of July 31, 2023,
while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had
outstanding tax collectible revenues of $8.251 billion as at December 31,
2022.

 

 

The report also showed that over 80 per cent of these outstanding financial
liabilities are owed by NNPCL

 

Executive secretary of NEITI, Dr. Orji Ogbonnaya Orji, who presented the
highlights of the report, stated that the information and data contained in
NEITI's latest report paid special attention to helping the government at
all levels to shore up revenue, support national development and poverty
reduction through resource mobilisation. The report therefore provided an
update on the financial liabilities of the NNPCL and some companies to the
federation.

 

He lamented that despite the concerted efforts made last year to recover
some of the revenues through the Ad Hoc Committee set up by the National
Assembly, the 2021 figures showed an increase.

 

The secretary to the government of the Federation, Senator George Akume, who
was represented by the permanent secretary, Political and Economic Affairs,
Mrs. Esuabana Nko, while unveiling the report, reaffirmed the federal
government's commitment to support and deepen the implementation of EITI in
Nigeria.

 

 

The SGF said, "President Bola Tinubu's administration is fully committed to
the fight against corruption in the extractive industry in particular, and
in other sectors of the economy. As an Administration, we are convinced that
the revival of our economy and the eight-point agenda that we recently
unfolded cannot yield the desired result if we do not support and strengthen
anti-corruption and reform-oriented agencies like NEITI.

 

"The NEITI 2021 Industry Report being unveiled is quite timely, coming when
the present administration is fully committed to shoring up revenues through
priority attention to attracting investments to the key sectors of our
economy, the oil and gas sector being one of them".

 

On his part, the chairman, Senate Committee on Oil and Gas Host Communities,
Sen. Benson Agadaga, reaffirmed the government's commitment to implementing
the recommendations of the NEITI oil and gas report.

 

"Be assured that the federal government will carefully study this important
report and adopt it as a valuable working document as part of our overall
reform programme for the oil and gas sector", he stated.

 

Also, chairman, Senate Committee on Petroleum Upstream Sen. Eteng Williams
commended the vital role NEITI is playing and urged NEITI to continue to
ensure revenue mobilisation for the country now that subsidy is gone.

 

The chairman, House Committee on Petroleum Resources (Downstream) Hon.
Ikeagwuonu Ugochinyere pledged to lay the report on the floor of the House
for it to be debated extensively to ensure the implementation of the
recommendations as enshrined in Sections 3 and 4 of the NEITI Act.

 

"Working together, we will ensure the realisation of the government's desire
to diversify the economy for the attainment of alternative source(s) of
revenue and clean energy; that will bring about the realisation of the
projected one trillion-dollar revenue for Nigeria in the next eight years.".

 

The minister of budget and national economic planning, Sen. Abubakar Atiku
Bagudu, represented by the permanent secretary, Nebeolisa Anako, said the
data generated by NEITI would help the ministry in its planning mandate for
the country.

 

"The budget outlay for the country for the current national development plan
for five years is N348 trillion. A majority of this inflow is going to be
from the private sector and the oil and gas sector is key to the realisation
of this goal," he said.

 

The NEITI 2021 Oil and Gas report published yesterday in Abuja, with the
theme: "NEITI Oil & Gas Industry Report 2021: Relevance Built On Revenue
Growth And Impact", also made several vital disclosures in line with the
NEITI Act 2007 and the EITI 2019 Standard.

 

 

The report showed that Nigeria earned a total revenue of $23.046 billion
from the sector in 2021, which is about 13 per cent higher than the
corresponding total of $20.43 billion realised in 2020.

 

A breakdown of the earnings showed that about $8.67 billion, or 37.6 per
cent of the revenue, was realised from the sale of crude oil and gas; $13.37
billion, or 58.02 per cent, from taxes and other specific revenue flows, and
$1.01 billion, or 4.38 percent, went into payments to sub-national entities.

 

An analysis of the total revenue realised, the report stated, showed
unremitted revenues and quasi-fiscal expenditure by the NNPCL of $1.95bn
(8.47 per cent) and $6.93 billion (30.08 per cent) respectively.

 

Transfers to the Federation amounted to $13.2bn (57.27 per cent), while
sub-national payments totalled $963.63 million, or 4.18 per cent. Available
revenue for sharing by the federating units after the deductions, and in
accordance with the revenue allocation formula, was $13.2billion which
represented 57.27 per cent of the total revenue collected. This is lower
than the 71.7 per cent shared in 2020.

 

The quasi-fiscal expenditure of $6.931 billion (equivalent of N2.651
trillion) was deducted from the Federation's revenue before remittance
without appropriation by the National Assembly. A breakdown of the $6.93
billion deductions showed payments of $3.52 billion or 15 per cent for Joint
Venture Cost Recovery and $3.031 billion (about N1.16 trillion) or 13.15 per
cent for products subsidy/value loss.

 

Other deductions are $258.43 million for government priority projects;
$75.51mn for pipeline maintenance and holding costs and $42.40 million for
crude oil and products losses.

 

The NEITI report also observed that none of the refineries was operational
in 2021 despite spending about N200 billion between 2020 and 2021 on
refinery rehabilitation which was deducted from the federation sales
proceeds. These deductions, the report reiterated, remains a heavy cost to
Federation Revenue remittances.

 

In addition, the report said about $1.95 billion, or 8.47 per cent of the
total revenue, was not transferred to the Federation Account by the NNPCL
during the year under review.

 

A breakdown of the withheld revenue included $722.6million for NLNG
dividend; $871.15 million from domestic crude sales, $859,583 miscellaneous
revenue and $286.42 million from export crude sales. $24.332 million and
$45.76 million were withheld from transportation revenue and domestic gas
proceeds.

 

A 10-year trend analysis of financial flows from the oil and gas sector from
2012 to 2021 showed earnings of $348.63 billion.

 

On crude oil production and exports, the NEITI report indicated that total
metered crude oil production was 634.60 million barrels, out of which the
nation lost 68.47 million barrels to production adjustment, measurement
error, theft and sabotage. The figure showed a 13 per cent reduction from
the production volumes of 2020.

 

The report pointed out that a total 29 companies suffered crude losses from
theft and sabotage, amounting to 37.57 million barrels. The decline in crude
oil losses due to theft and sabotage from 39.08million barrels in 2020 to
37.57million barrels in 2021 was generally due to the decline in crude oil
production during this period.

 

On gas production and utilisation, the NEITI report said a total of
2.74million standard cubic feet of gas was produced during the year, with
the volume about 8.96 percent lower than the 3,013,634mmscf produced in
2020. Total gas utilised in 2021 stood at 98 per cent, while 2% could not be
accounted for by the companies based on the templates submitted.

 

With the nation's gross domestic products put at about $434.17 billion, the
report said the oil and gas sector contributed about 7.24 per cent to the
GDP and $ 36.55 billion (N14.40 trillion) to total exports of $ 47.31
billion (N18.91 trillion). This represented 76.22 per cent of the total
exports in 2021, 0.8 per cent higher than in 2020. 19,171 employees were
said to be working in the sector in 2021.

 

Similarly, the total government revenue generated in 2021 was N10.75
trillion to which the oil and gas sector contributed N4.358 trillion. This
represents about 40.55 per cent of the total revenue compared to 51 per cent
in 2020. The higher export value in 2021 compared to 2020 was due to the
increase in crude oil price in 2021 from $41.65 per barrel to $66.97 per
barrel, the NEITI report disclosed.

 

Also, NEITI in the 2021 report observed that the majority of the oil and gas
companies in Nigeria exhibit complex structures that shield the real
identities of their owners, thereby limiting the impacts of efforts at
beneficial ownership disclosures. It called on the NUPRC to implement fully
the relevant sections of the PIA on Beneficial Ownership reporting.

 

...Seeks audit of PMS subsidy payments, crude swap

 

Other copious recommendations made by NEITI in its 2021 report are that NNPC
should transparently disclose details of the subsidy and the beneficiaries
of the payments, render accounts on project eagle loans transaction and
review and investigate all pre-export financing arrangements and other loan
arrangements done in exchange for the nation's crude oil and gas. NEITI also
recommended that government should commission a comprehensive audit of the
PMS subsidy-related financial transactions between NNPC and the Federation,
determine all liabilities and ensure accurate and verified data.

 

NEITI also drew attention to the practice of computing 13% derivation on the
balance of revenue after deductions from the total collections which it
advised should be discontinued. Rather, the 13% derivation should be based
on total collections for the relevant period in accordance with Section
162(2) of the constitution of the Federal Republic of Nigeria.

 

 

The report, which was reconciled on behalf of NEITI by an Independent
Administrator, Messrs Taju Audu & Co., had a total of 69 companies and 13
government agencies, the NNPCL, the Nigeria LNG and Nigeria Sao Tome Joint
Development Authority, with 23 revenue streams covered. One company, Lekoil
Limited, did not submit any information for reconciliation, but was captured
to have paid over $7.76million.

 

Dr. Orji urged policy makers to take seriously the findings and
recommendations of the NEITI oil and gas report and use the data for
economic planning and reforms of the sector. To the civil society, he stated
that the information was to support their advocacy and public debates as
well as tracking of reforms in the sector with a view to holding government
at all levels and companies accountable, ensuring that the revenues from the
sector is utilised for the benefit of the citizens.

 

LEADERSHIP reports that Speaker Abbas Tajudeen had set up the Adhoc
Committee at the wake of the 10th House of Representatives following a
motion sponsored by Rep. Philip Agbese (APC, Benue).

 

However, the Committee, which is headed by Hon. Kabiru Alhassan Usman Rurum
(NNPP, Kano), was only inaugurated on September 7, 2023, due to alleged
frustrations by some critical stakeholders in the oil sector.

 

Invitations were sent to the Ministry of Petroleum Resources NNPCL), Nigeria
Upstream Petroleum Regulatory Commission (NUPRC), NIMASA, NIWA and other
stakeholders several times but they failed to turn up.

 

At the inauguration of the Ad-hoc committee, Speaker Abbas, who was
represented by former House Leader, Hon. Alhassan Ado Doguwa, decried that
Nigeria had lost over N16tr to oil theft in 11 years.

 

It was alleged, during the Committee's sitting last week, that most of the
marginal field operators are aiding oil theft in order to compliment
shortfalls in their productions.

 

LEADERSHIP gathered that the Committee has held extensive interactions with
security agencies like the Nigeria Navy, Nigeria Security and Civil Defence
Corps, Nigeria Police Intelligence Unit and others responsible for the
security of oil and gas infrastructure.

 

The Committee has also extended invitations to the operators of the marginal
fields, 14 production sharing contract operators and 57 joint venture
operators for appearance.

 

...NNPCL suspected of collusion

 

One of the stunning revelations during the sitting of the Adhoc Committee
was the seeming massive corruption and collusion of regulatory agencies at
the export loading terminals.

 

Most of these thefts occur offshore and most of Nigeria's export loading
platforms are offshore.

 

The Committee is also investigating the allegation that many senior serving
and retired officers of the Nigerian Upstream Petroleum Regulatory Agency
(formerly DPR) may also be complicit as it is alleged that some of them may
have vested interests in the marginal fields and the abandoned oil wells
which litter the entire Niger Delta.

 

Submissions at the Committee also show that most of the abandoned and
non-decommissioned oil wells and pipelines had escalated incidences of oil
theft.

 

Circumstances surrounding the release of arrested and complicit vessels by
prosecuting agencies are also being looked into by the Committee.

 

Although the chairman of the Ad-hoc committee, in his remarks at the
continued investigative hearing last Friday, stated that his Committee would
not jump into conclusion on any allegation as anyone or agency alleged to be
involved in anything would have an opportunity to make their submission to
the committee; it does appear the Committee would be short-lived, as
indications abound that the House would soon disband the Adhoc Committee.

 

It was authoritatively gathered that there is general information that all
Adhoc Committees should fold up and submit reports as the House reconvenes
from its long vacation this week.

 

While this is a common tradition with the National Assembly to unwind Adhoc
Committees when standing committees are inaugurated, there are, however,
exceptional cases where Adhoc Committees, especially those with sensitive
mandates and which scope are beyond the configuration of standing
committees, are allowed to outlive others until their aims are achieved.

 

Already, there are rumours and unsubstantiated reports of serious and
intense moves by critical stakeholders, who are already being exposed at the
investigations, to thwart the efforts of Speaker Abbas and cause the
miscarriage of the Adhoc Committee.

 

A source hinted to this newspaper that some complicit industry operators
have boasted that nothing would come out of this House investigation, like
the previous ones before it.

 

However, interactions with some members of the Committee at the weekend show
that the committee enjoys the full support of the leadership of the 10th
House of Representatives.

 

"I am telling you, in good confidence, that the Committee has made
appreciable progress and there are more grounds to be covered. I know it is
not easy finding corruption in this country, but I tell you, God will help
us.

 

"By the time this Committee finishes and submits its reports, heads will
roll and Nigerians will salute the chairman and the leadership of the House
for finding a solution to this age-long corruption in the oil and gas
sector", one of the members told LEADERSHIP.

 

-Leadership.

 

 

 

 

Nigeria: SDG Summit - Despite Apparent Failure, World Leaders Express Hope

"Renewed faith in us by the people who depend on us will help us earn
credibility, trust and a sense of confidence that UN-led multilateralism
delivers."

 

The common thread woven across the dozens of speeches at the United Nations
by world leaders at the opening of the two-day Sustainable Development Goals
Summit was a call for faster progress toward achieving the goals by the
deadline of 2030. National leaders and UN Secretary-General Antonio Guterres
all expressed hope amid minimal progress on the SDGs.

 

"Renewed faith in us by the people who depend on us will help us earn
credibility, trust and a sense of confidence that UN-led multilateralism
delivers," said Dennis Francis, president of the 78th session of the General
Assembly, in his opening speech, on Monday, the first day of the summit.
"Our eight billion constituents are looking to us for a signal that we will
keep our promises and that we are alive to the reality that we have only
seven years left before 2030. They want and deserve full reassurance that we
all together recognize the circumstantial setbacks that so many have
experienced and continue to endure."

 

 

The 17 goals and accompanying 169 targets were created in 2015 to accelerate
global development - and thereby more equal, just and healthy societies -
but most of the goals have experienced retrogression or stagnation. Only 15
per cent of them have been met. They cover everything from ensuring safe
sanitation for everyone to gender equality for women and girls to quality
education for all to "life below water" to preserve the oceans.

 

A combination of factors in the last seven years, since the goals'
inception, have contributed to the poor progress so far, Mr Francis, a
career diplomat from Trinidad and Tobago, said. The factors include the
COVID-19 pandemic that ground the world to a halt for almost two years, the
effects of global warming around the globe, especially in the Horn of Africa
and most of the global South, such as Iraq, and Russia's war in Ukraine.

 

 

However, Leo Varadkar, Taoiseach (leader) of Ireland, said that though these
crises have further pushed the SDGs off track, world heads of state must
acknowledge that the goals were stalled before the pandemic was officially
declared by the World Health Organization on 11 March 2020.

 

"As leaders, our drive to achieve the goals has not been as strong or
focused as they ought to be," Mr Varadkar said, noting that though crucial
time has been lost, there is hope. (The UN ambassadors of Ireland and Qatar
negotiated the political declaration with their fellow member states to kick
off the next seven years of SDG achievements.)

 

Mayada Adil, a young Sudanese activist and SDG leader, who also addressed
the General Assembly, said there was no way to describe the current state of
the SDGs than as a "failure." Young people, who make up half of the world's
population, have been left behind in the goals' implementation, Adil said.

 

"What have you done to include young people in decision-making space?" she
asked the people gathered in the vast Assembly Hall on Monday.

 

Adil questioned why the UN has dropped the number of young people who were
given an opportunity to address the Assembly during the SDG Summit. Last
year, young representatives from Afghanistan, Ukraine, Uganda, Pakistan,
Nigeria and Argentina, spoke at the summit, she said, noting that only she
was invited this year.

 

Progress has been minimal, the world leaders acknowledged, but the effects
are significant in different corners of the world. About 800,000 more people
now have access to electricity, 146 countries are on track for reducing
child mortality rates, improvements have been made with HIV treatment and
more people have access to the Internet.

 

"We need young people in all our diversity to be seen and heard in policy
and decision-making," Adil said.

 

As he must do at a summit of these proportions, Mr Guterres, the UN
secretary-general, was optimistic about the adoption of the political
declaration, though the formal process occurs after this week by the General
Assembly. The secretary-general said the document could be a game-changer in
speeding up the SDG progress in only seven years.

 

"I am deeply encouraged by the detailed and wide-ranging draft political
declaration under discussion here today -- especially its commitment to
improving developing countries' access to the fuel required for SDG
progress: finance," Mr Guterres said. "This includes clear support for an
SDG Stimulus of at least $500 billion a year, as well as an effective
debt-relief mechanism that supports payment suspensions, longer lending
terms, and lower rates."

 

-Premium Times.

 

 

 

 

South Africa: National Transmission Company Can Now Get 'Down to Business' -
Gordhan

Public Enterprises Minister Pravin Gordhan has welcomed the National Energy
Regulator of South Africa's (NERSA) decision to approve the trading and
import/export license applications by the National Transmission Company of
South Africa (NTCSA).

 

The NTCSA is wholly owned by Eskom as the state-owned company is being
restructured into the generation, transmission and distribution
subsidiaries.

 

"This is great news for the people of South Africa. We now have in place all
the critical elements for creating a more dynamic, a more responsive and a
competitive electricity industry.

 

 

"The granting of these licences means that the National Transmission Company
of South Africa is ready to get down to business and bring a much-needed
overhaul of our electricity industry. This is a significant milestone as it
also paves the way for the procurement of power from across the region,"
Gordhan said.

 

The department explained that NTCSA applied for trading license in order to
be able to to buy and sell electricity from power stations and independent
power producers.

 

"The terms of the NTCSA's trading licence will be five years as a
transitional arrangement to allow for transition from the exclusive trading
arrangement and incorporation of changes that may emanate from the ERA
amendment and price review processes.

 

"The licence gives it authorisation to conduct import and export of
electricity activities throughout the Southern African Development Community
(SADC) using the NTCSA transmission network and the transmission systems of
other SADC member countries.

 

"The NTCSA will operate the transmission system and perform the following
key integrated roles to ensure the integrity of the interconnected power
system (IPS): Transmission Network Service Provider (TNSP); System Operator
(SO); Transmission System Planner (TSP) and Grid Code Secretariat," the
department said.

 

-SAnews.gov.za.

 

 

 

Nigerian Petroleum Agency Signs CNG Agreement With Energy Firm

The agency disclosed this in a series of tweets via its verified official X
handle on Tuesday.

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority
(NMDPRA) on Tuesday said it has signed an agreement with Femadec Energy on
the provision of Compressed Natural Gas (CNG).

 

The agency disclosed this in a series of tweets via its verified official X
handle on Tuesday.

 

"The Midstream & Downstream Gas Infrastructure Fund (MDGIF) of the Authority
signed a Memorandum of Understanding (MoU) with Femadec Energy on the
provision of Compressed Natural Gas (CNG).

 

 

"The Presidential Initiative on Compressed Natural Gas (PICNG) which is the
driver for the Federal Government's "Decade of Gas" initiative was also
present at the event.

 

"The NMDPRA grants approval to construct (ATC) 500MT LPG Depot in the
Federal Capital Territory to Novertek Energy Limited," the agency said.

 

In August, President Bola Tinubu approved the establishment of the
Presidential Compressed Natural Gas Initiative (PCNGI).

 

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale,
in a statement said the establishment of the initiative was in furtherance
of his commitment to easing the impact of fuel subsidy removal on Nigerians
by reducing energy costs.

 

This transformative initiative, according to Mr Ngelale, is poised to
revolutionise the transportation landscape in the country, targeting over
11,500 new Compressed Natural Gas (CNG)-enabled vehicles and 55,000 CNG
conversion kits for existing Premium Motor Spirit (PMS)-dependent vehicles.

 

"While simultaneously bolstering in-country manufacturing, local assembly
and expansive job creation in line with the presidential directive," the
spokesperson noted.

 

"The landmark initiative, which comprises of a Comprehensive Adoption
Strategy, will include the following: Empowering Workshops Programme w/
Nationwide Network of Workshops, Local Assembly and Job Creation as key
points of emphasis with an initial focus on mass transit systems and student
hubs in order to significantly reduce transit costs for the general populace
in the immediate term."

 

-Premium Times.

 

 

 

 

Fukushima: China's seafood imports from Japan down 67% in August

China's imports of seafood from Japan slumped last month as Tokyo started to
release treated waste water from the damaged Fukushima nuclear power plant.

 

Imports of Japanese seafood fell 67.6% in August from the same month last
year, China's customs authority said.

 

Japan's ministry of agriculture and fisheries says China was the world's top
importer of the country's seafood.

 

Last year, Asia's largest economy imported 84.4 billion yen ($571m; £461m)
of seafood from its neighbour.

 

The sharp fall came as Japan prepared to start releasing the waste water and
in the aftermath of the release.

 

Since the 2011 tsunami which severely damaged the Fukushima nuclear plant,
more than a million tonnes of treated waste water has accumulated there.

 

Japan began discharging it on 24 August, in a process that will take 30
years to complete. The same day China said it would ban all Japanese seafood
imports.

 

Fishing industry groups in Japan and the wider region also expressed
concerns at the time about the impact of the release on their livelihoods.

 

The Chinese import ban came despite Japan saying the water was safe, and
many scientists agreeing. The United Nations' nuclear watchdog also approved
the plan.

 

Tokyo has also stressed that similar releases of waste water are common from
other nuclear power plants in China and France.

 

Japan makes regular reports to show that the seawater near Fukushima is
showing no detectable levels of radioactivity.

 

China strongly protested the release, while disinformation prompted
incidents such as rocks being thrown at Japanese schools in China and
reports of hundreds of hostile phone calls to local businesses in Fukushima.

 

Tokyo has also warned its citizens visiting China to take precautions and
avoid speaking Japanese loudly in public.

 

The Japanese government has promised financial help for the fishing
industry, while the company running the Fukushima plant, Tepco, said it was
prepared to compensate local businesses affected by the release.

 

The country's politicians have also been promoting the safety of Fukushima
seafood and water.

 

In a video released by the Japanese government, Prime Minister Fumio Kishida
ate sashimi from Fukushima while former Environment Minister Shinjiro
Koizumi surfed in the area.

 

Economists have said that the fall in seafood exports is unlikely to have a
major impact on Japan's overall economy as its total exports to China are
dominated by cars and machinery.-bbc

 

 

 

Elon Musk woos world leaders, courting controversy

He is "very impressed" with Emmanuel Macron. Narendra Modi can count him as
"a fan". And Benjamin Netanyahu just dropped in to see him.

 

A parade of foreign leaders on recent US trips, including on official state
visits at the White House's invitation, have added sit-downs with Elon Musk
to their schedules.

 

This year, the world's richest man has met with, to name a few, the heads of
France, Italy, India, South Korea - and, in just the past two days, Turkey
and Israel.

 

Yet while the mercurial billionaire is more highly sought after than ever,
there is no love lost between him and the Biden administration.

 

And as the outspoken contrarian's political reach expands, including by
wading into sensitive geopolitical issues, there is growing unease for some
over Mr Musk's power and access.

 

Musk's face time with world leaders

Some foreign leaders are seeking an economic and electric vehicle industry
boost from a new Tesla factory or an infrastructure investment from SpaceX's
Starlink satellite internet services.

 

Others have discussed X, the Musk-owned platform formerly known as Twitter,
and the future of artificial intelligence.

 

French President Macron has courted the tech mogul thrice since December, a
charm offensive driven by the desire for a new Tesla gigafactory in his
country.

 

Similar entreaties have come from Italian Prime Minister Giorgia Meloni in
June and Turkish President Recep Tayyip Erdogan this past Sunday in New
York.

 

And though Mr Musk had just been in New York ahead of this week's United
Nations General Assembly, Israeli PM Netanyahu flew to California for an AI
conversation with him on Monday.

 

The latter discussion took place against the backdrop of Mr Musk's simmering
feud with the Anti-Defamation League, the Jewish civil rights organisation.

 

The ADL and other groups have released findings that suggest hate speech has
grown dramatically on X since he bought the site last year and changed its
moderation rules.

 

Mr Netanyahu - who has previously tweeted admiration for Mr Musk's "genius &
impact on humanity" - encouraged him in their live-streamed conversation on
Monday to "find the balance" between protecting free speech and punishing
hate speech.

 

Musk suggests Twitter, now X, could go behind paywall

Twitter and hate speech: What's the evidence?

It was not the first time he has had to answer for concerns with X since he
took over.

 

His sit-down with Indian PM Modi in June came on the heels of ex-Twitter CEO
Jack Dorsey's allegation that the Indian government had threatened to shut
down the site if it did not comply with orders to take down content.

 

Those in the pre-Musk era of the company had largely pushed back against
such demands, but Mr Musk said he could not do so.

 

"If we don't obey local government laws, we will get shut down so the best
we can do is to hew close to the law in any given country, but it is
impossible for us to do more than that or we'll be blocked and our people
will be arrested," he told reporters after the Modi meeting.

 

While many of these meetings have ostensibly focused on Mr Musk's
significant business interests, they come as he wields - and increasingly
asserts - influence over global geopolitics.

 

Recent statements from the South African-born US citizen have been
interpreted in some corners as an affront to US interests, as well as those
of the broader global West.

 

Last week, he left Taiwanese officials fuming with apparently offhand
comments on Beijing's 'One-China' policy, suggesting the self-governed
island is "analogous to like Hawaii or something like that, an integral part
of China that is arbitrarily not part of China".

 

Taiwan's Foreign Minister Joseph Wu shot back on X: "Listen up, Taiwan is
not part of the PRC & certainly not for sale!"

 

Taiwan tells Elon Musk it is 'not for sale'

The spat gave fuel to claims by Musk critics that he is quick to acquiesce
to the demands of other countries, even when they are US adversaries.

 

"Hope Elon Musk can also ask the CCP to open X to its people," Mr Wu wrote.
"Perhaps he thinks banning it is a good policy, like turning off Starlink to
thwart Ukraine's counterstrike against Russia."

 

The Starlink claim - that the entrepreneur "secretly told his engineers to
turn off coverage" to prevent a Ukrainian sneak attack on the Russian naval
fleet in Crimea - concerned US allies.

 

But amid strong pushback from Mr Musk, author Walter Isaacson began walking
back the claim as his book was hitting shelves, writing on X that Starlink
coverage up to Crimea was never in fact enabled.

 

Neither Mr Isaacson nor Mr Musk responded to requests for comment from the
BBC.

 

The Isaacson book, however, claims elsewhere that, before Mr Musk made his
decision, Russia's ambassador to the US "explicitly told him that a
Ukrainian attack on Crimea would lead to a nuclear response".

 

And after he tweeted out a peace proposal last year that led one Ukrainian
official to question whether he had "been hacked by Russians", political
scientist Ian Bremmer dropped a bombshell on X.

 

"elon musk told me he had spoken with putin and the kremlin directly about
ukraine. he also told me what the kremlin's red lines were," he wrote.

 

Mr Musk denied the allegation, but Mr Bremmer doubled down: "i've long
admired musk as a unique and world-changing entrepreneur, which i've said
publicly. he's not a geopolitics expert."

 

The next month, when asked if Mr Musk was a threat to US national security,
President Biden replied that his "cooperation and/or technical relationships
with other countries is worthy of being looked at".

 

Tesla boss Musk on first China trip in three years

That is the tip of the iceberg in a frosty relationship - the White House
tends to avoid mention of Tesla in its public comments on the electric
vehicle industry, talking instead about unionised car-makers, while Mr Musk
tangles online with top Democrats, says he can "no longer support" the party
and flirts with Republican presidential challengers.

 

Ashlee Vance, a Musk biographer who has covered him for more than a decade,
argues that Mr Musk has been feeling frustrated and under-appreciated.

 

"This is a guy who likes to get a lot of [expletive] done, he thinks he's
right, and he never likes things getting in his way," Mr Vance told the BBC.

 

"He was already this material wildcard, [the Biden administration] poured
gasoline on the fire and they now have zero goodwill with which to try to
rein him in."

 

Musk's changing public image

The runaway success of Tesla and SpaceX have helped transform Mr Musk from
genius innovator to celebrity icon.

 

"In the span of about 25 years, you could argue he has accomplished more
than any other human being," said Mr Vance.

 

"He stands out in history of doing this across different industries on an
unparalleled scale."

 

 

But Mr Musk's growing wealth and political evolution over the past few years
has also dovetailed with a more divisive and polarising public image, driven
in part by his always-online, troll-happy persona on X.

 

"He's always been this guy who was very sure of his opinions on things and
not afraid to express them," Mr Vance said.

 

"He used to play both sides to benefit his companies. He was pretty
methodical, didn't talk about politics too much and, anytime he was talking
about politics, it was around an issue like climate change."

 

Since 2017 or 2018, however, the billionaire has begun to caricature his
public persona, he says.

 

"He says whatever comes to his mind. He's alienating people for no reason.
He's sort of undermining himself at a time when his companies are actually
doing really well."

 

I interviewed Elon Musk – this is how it went

"In person, he's actually not the Twitter character at all," Mr Vance
continued. "Over time, he's become more sociable, he's extremely rational
and interesting, and he's a very different person."

 

Noam Cohen, a former New York Times tech columnist and author of The
Know-It-Alls: The Rise of Silicon Valley as a Political Powerhouse and
Social Wrecking Ball, takes a slightly different view.

 

He believes that Mr Musk's singular ambition and vision have made him an
over-achiever in business as well as a "quasi-governmental" force.

 

In his telling, Mr Musk has combined "the physical" - large factories, lots
of employees and valuable products - with "the digital" - control over how
information spreads.

 

And no other tech titan, whether like Mark Zuckerberg or Jeff Bezos, has
matched that, according to Mr Cohen.

 

 

Media caption,

Watch: 'Overwhelming consensus' to regulate AI, says Elon Musk

 

"If he didn't buy Twitter, would we be talking about him? If he was just a
multinational corporation, it would be normal that, if he wants factories in
China, he meets with China."

 

And yet, he adds, Mr Musk has fallen into many of the same pitfalls as his
Silicon Valley peers.

 

"They basically see the world the same way: you're out for yourself, there's
no social safety net, you've got to work hard and the best rise to the top,"
Mr Cohen said.

 

"It's a combination of greed, and a basic mindset that sees intelligence as
being the most important factor and the smartest people should run the
world."

 

Mr Cohen says the fact that Mr Musk and other unelected moguls can make
unilateral decisions with significant geopolitical consequences is a warning
about wealth concentration and waning democracy.

 

"Is it acceptable for him to be in a position where he can decide whether
the satellites go on or not? Is it acceptable for him to lay the public
square?" he asked.

 

"Just because you're good at programming or business, why would that mean
you're good at making rules for how the world should work?" -bbc

 

 

 

 

FTX: 'King of Crypto' parents sued over missing millions

The parents of FTX founder Sam Bankman-Fried are being sued for money they
allegedly received improperly from the crypto firm ahead of its collapse.

 

In a filing, managers at the bankrupt firm accuse the couple of holding
millions of "fraudulently transferred" dollars and of turning a blind eye to
misconduct at the company.

 

The action was filed on behalf of those owed money after the firm's failure.

 

The fall of the company led to the arrest of Mr Bankman-Fried last year.

 

US prosecutors have accused the former billionaire, once dubbed the "King of
Crypto", of illegally transferring millions from the exchange to plug losses
at his trading firm, make political donations and buy property.

 

He has denied the charges and is in jail awaiting trial next month.

 

Attorneys for his parents said the claims against them were "completely
false" and designed to hurt their son's chances at trial.

 

The legal action, filed as part of a wider bankruptcy suit, says Mr
Bankman-Fried's parents - then both professors at Stanford University -
exploited their "access and influence within the FTX enterprise to enrich
themselves, directly and indirectly, by millions of dollars".

 

They received a $10m (£8m) gift in cash from funds that belonged to Alameda,
an FTX partner company, while FTX also gave them a $16.4m property in the
Bahamas, according to the filing.

 

FTX was once one of the biggest cryptocurrency trading firms in the world,
holding assets worth an estimated $15bn in 2021. It filed for bankruptcy
last year, after a sudden rush by customers to withdraw funds revealed a
huge gap in the company's finances reportedly worth up to $8bn.

 

Managers for the bankrupt firm say it was used by Mr Bankman-Fried and other
"insiders" as a "piggy bank" and his parents "helped perpetuate or benefited
from this fraudulent largesse".

 

The filing claims his father, Allan Joseph Bankman, an expert on US tax law,
served as an adviser to FTX and "played a key role in perpetuating this
culture of misrepresentations and gross mismanagement and helped cover up
allegations that would have exposed the fraud".

 

He also helped to quash an internal complaint alleging price manipulation
made in 2019, it adds.

 

Mr Bankman was allegedly treated to stays at hotels charging $1,200 a night,
while the lawsuit cites messages in which he complains about receiving a
$200,000 salary, claiming it is supposed to be $1m.

 

Meanwhile Mr Bankman-Fried's mother, Barbara Fried, helped direct her son's
political donations, encouraging him to obscure their source, according to
the filing.

 

Managers for FTX are seeking to recover money from the couple.

 

The downfall of Mr Bankman-Fried, one of the most high-profile players in
the industry, sent shudders through the sector and helped to galvanise
regulatory scrutiny.-bbc

 

 

 

 

Braverman and Facebook clash over private message plans

Facebook's owner Meta has hit back at a government campaign strongly
critical of its plans to encrypt messages.

 

Protecting messages with end-to-end-encryption would mean that they could
only be read by sender and recipient.

 

Home Secretary Suella Braverman said encryption could not come at the cost
of children's safety, amid fears it can be used to conceal child abuse.

 

Meta argues that encryption protects users from invasion of privacy.

 

"We don't think people want us reading their private messages", the firm
said.

 

"The overwhelming majority of Brits already rely on apps that use encryption
to keep them safe from hackers, fraudsters and criminals", it added.

 

Ms Braverman set out her concerns to Meta in a letter co-signed by
technology experts, law enforcement, survivors and leading child safety
charities in July.

 

But on Wednesday she said: "Meta has failed to provide assurances that they
will keep their platforms safe from sickening abusers. They must develop
appropriate safeguards to sit alongside their plans for end-to-end
encryption."

 

This is something Meta disputes. The BBC understands that the tech firm
maintains it supplied that information in July. Much of the information it
has is now published online.

 

Meta said that it had spent the last five years developing robust safety
measures to prevent, detect and combat abuse while maintaining online
security.

 

"As we roll out end-to-end encryption, we expect to continue providing more
reports to law enforcement than our peers due to our industry leading work
on keeping people safe", it said.

 

But the plans mean hundreds of child abusers could escape punishment,
according to the home secretary.

 

The National Crime Agency's (NCA) director of general threats, James
Babbage, said if the platform introduces end-to-end encryption it will
"massively reduce our collective ability" to protect children.

 

"We are not asking for new or additional law enforcement access, we simply
ask that Meta retains the ability to keep working with us to identify and
help prevent abuse," he said.

 

The new campaign was trailed in a speech by security minister Tom Tugendhat
in May.

 

At the time he blamed Mark Zuckerberg for the plan - criticising what he
called the "extraordinary moral choice" to expand encryption.

 

Meta - the American company of which Mr Zuckerberg is chief executive - has
announced it will add end-to-end encryption, also known as E2EE, to all
Facebook messenger chats, by default, by the end of the year.

 

The company already owns encrypted messaging app WhatsApp. Other platforms
such as Signal and Apple's iMessage also use encryption. All these platforms
have criticised measures in the recently passed Online Safety Bill that
might undermine the privacy of encrypted messages.

 

Meta writes: "When E2EE is default, we will also use a variety of tools,
including artificial intelligence, subject to applicable law, to proactively
detect accounts engaged in malicious patterns of behaviour instead of
scanning private messages".

 

It also sets measures the firm takes to protect children, such as
restricting people over 19 from messaging teens who don't follow them.

 

As part of its campaign against the move, the Home Office has joined the
Internet Watch Foundation (IWF) to provide a guide for parents to "advise
them how best to keep their children safe if Meta does implement end-to-end
encryption".

 

It has also supported the production of a film against Meta's plans, which
includes testimony from a survivor of child sexual exploitation online.

 

The IWF says its data shows prevalence of the most severe forms of online
child sexual abuse have more than doubled since 2020.

 

'Magical thinking'

Powers in the Online Safety Bill which was passed on Tuesday enable the
regulator Ofcom to compel companies to deploy approved technology that would
enable them to identify child sexual abuse material in encrypted messages.

 

Government experts say there is technology available which would allow
end-to-end encryption to take place, whilst still alerting authorities to
child sexual exploitation.

 

However many other experts argue this is "magical thinking", and that
allowing scanning for child abuse content would necessarily involve
weakening the privacy of encrypted messages.

 

Ciaran Martin, the former head of the National Cyber Security Centre, has
previously told the BBC that scanning for child abuse content in encrypted
messaging apps would involve processes that could undermine privacy for all
users.

 

"Essentially it's building a door that doesn't currently exist, not into the
encrypted messaging app but into devices, which could be used or misused by
people who aren't interested in protecting children for more nefarious
purposes", he said.-bbc

 

 

 

 

Online Safety Bill: Crackdown on harmful social media content agreed

Peers have passed a controversial new law aimed at making social media firms
more responsible for users' safety on their platforms.

 

The Online Safety Bill has taken years to agree and will force firms to
remove illegal content and protect children from some legal but harmful
material.

 

Children's charity the NSPCC said the law would mean a safer online world.

 

But critics argued it would allow a regulator, and tech firms to dictate
what may or may not be said online.

 

The nearly 300-page bill will also introduce new rules such as requiring
pornography sites to stop children viewing content by checking the ages of
users.

 

While the act is often spoken about as a tool for reining in Big Tech,
government figures have suggested more than 20,000 small businesses will
also have to comply.

 

Platforms will also need to show they are committed to removing illegal
content including:

 

child sexual abuse

controlling or coercive behaviour

extreme sexual violence

illegal immigration and people smuggling

promoting or facilitating suicide

promoting self-harm

animal cruelty

selling illegal drugs or weapons

terrorism

New offences have also been included in the bill, including cyber-flashing
and the sharing of "deepfake" pornography.

 

And the bill includes measures to make it easier for bereaved parents to
obtain information about their children from tech firms.

 

The technology secretary Michelle Donelan told the BBC the bill was
"extremely comprehensive".

 

Asked when there would be evidence of tech firms changing their behaviour
she said: "We've already started to see that change in behaviour happening.

 

"As soon as this bill gains Royal Assent, the regulator will be working even
more hand in hand with those social media platforms and you'll see them
changing the way that they're operating", she added.

 

Long journey

The bill has had a lengthy and contentious journey to becoming law,
beginning six years ago when the government committed to the idea of
improving internet safety.

 

The idea that inspired the bill was relatively simple, scribbled down on the
back of a sandwich packet by two experts, Prof Lorna Woods of the University
of Essex and William Perrin of the charitable foundation Carnegie UK.

 

Prof Woods told the BBC that finally seeing it pass was "slightly unreal".

 

"I think when you're waiting for anything for a long time, there's always
that sense of, 'Oh, it's here,'" she said.

 

But the complexity of the act does cause her concerns that big tech
companies will challenge parts of it in court.

 

"I think maybe the complexity leads itself to that sort of challenge and
that could delay the full coming into force of the regime."

 

Driving the bill have been the stories of those who have suffered losses and
harm which they attribute to content posted on social media.

 

Online safety campaigner Ian Russell has told the BBC the test of the bill
will be whether it prevents the kind of images his daughter Molly saw before
she took her own life after viewing suicide and self-harm content online on
sites such as Instagram and Pinterest.

 

Imran Ahmed of the Center for Countering Digital Hate welcomed the passage
of the bill saying "too much tragedy has already befallen people in this
country because of tech companies' moral failures".

 

But digitalrights campaigners the Open Rights Group said the bill posed "a
huge threat to freedom of expression with tech companies expected to decide
what is and isn't legal, and then censor content before it's even been
published".

 

Lawyer Graham Smith, author of a book on internet law, said the bill had
well-meaning aims, but in the end it contained much that was problematic.

 

"If the road to hell is paved with good intentions, this is a motorway," he
told the BBC.

 

He said it was "a deeply misconceived piece of legislation", and the threat
it posed to legitimate speech was likely to be "exposed in the courts".

 

And popular messaging services such as WhatsApp and Signal have threatened
to refuse to comply with powers in the bill that could be used to force them
to examine the contents of encrypted messages for child abuse material.

 

However following statements made the government about these powers in the
Lords, Meredith Whittaker, the president of Signal, said that they were
"more optimistic than we were when we began engaging with the UK government"

 

But she added it was imperative that campaigners press for a public
commitment that the "unchecked and unprecedented power" in the bill to
undermine private communications would not be used.

 

Wikipedia has also said it can't comply with some of the requirements of the
bill.

 

After royal assent the baton will pass to the communications regulator,
Ofcom, who will be largely responsible for enforcing the bill.

 

It will draw up codes of conduct that will provide guidance on how to comply
with the new rules.

 

Those who fail can face large fines of up to £18m, or in some cases
executives could face imprisonment.

 

Dame Melanie Dawes, chief executive of Ofcom, called the bill's passage
through parliament "a major milestone in the mission to create a safer life
online for children and adults in the UK." "Very soon after the Bill
receives Royal Assent, we'll consult on the first set of standards that
we'll expect tech firms to meet in tackling illegal online harms, including
child sexual exploitation, fraud and terrorism," she added.

 

There is a lot staked on the success of the bill - not only the safety of
children and adults, but also the UK's ambitions as a tech hub and possibly,
if things go wrong, continued access to popular online services.

 

For Prof Woods the bill will be a success if social media companies and
others are more responsive to user concerns.

 

"And maybe we won't have to see quite so much of the stuff we don't want to
see in the first place. But I don't think we should expect perfection.
Life's not perfect," she said.--bbc

 

 

 

 

UK inflation forecast to be highest of advanced economies

Prices will rise faster in the UK than any other advanced economy this year,
a forecast suggests.

 

The Organisation for Economic Co-operation and Development said UK inflation
would average 7.2% in 2023.

 

The think tank said this would be the highest rate in the G7 group, which
includes the US, Germany, France, Japan, Canada and Italy.

 

The government said it was confident it was "on the right track to halve
inflation" by the end of 2023.

 

It added that the OECD's forecast "illustrates yet again why we need to
stick to the plan that we have set out".

 

What is the G7?

Why is UK inflation so high?

How much are prices rising for you? Try our calculator

The OECD, a globally recognised think tank, raised its forecast for UK
inflation by 0.3 percentage points from its previous estimate for 2023.

 

At 7.2% it will be higher than in Germany and Italy, which are forecast to
have rates of 6.1%, France (5.8%), the US (3.8%), Canada (3.6%) and Japan
(3.1%).

 

The think tank predicts UK inflation will fall to 2.9% in 2024.

 

'Bank right to raise interest rates'

The UK's latest inflation data for August will be released on Wednesday and
is predicted to rise from 6.8% to 7%, after falling steadily in recent
months.

 

Clare Lombardelli, chief economist at the OECD, said the UK had "seen
slightly higher inflation than previously expected" and that the Bank of
England was "taking the right action in raising rates" to tackle it.

 

The Bank of England has put up rates 14 times since December 2021 and is
expected to increase them again on Thursday, from 5.25% to 5.5%.

 

The economic theory behind this is that it makes it more expensive for
people to borrow money, meaning they will have less excess cash to spend,
households will buy fewer things and price rises will ease.

 

But it's a balancing act as raising rates too aggressively could cause a
recession.

 

The OECD's economists also reduced their economic growth forecast for the UK
for next year, due to pressure on households and businesses from higher
interest rates.

 

The think tank added that economic activity had "already weakened" in the UK
due to the "lagged effect on incomes from the large energy price shock in
2022".

 

It predicts growth of 0.3% in 2023, the second-weakest among the G7, and
growth of 0.8% next year.

 

Darren Jones, Labour's shadow chief secretary to the Treasury said the
OECD's economic forecasts "show that the Tories are delivering more of the
same".

 

The prime minister's official spokesman added that the government was
"making significant progress" to slow prices but was "not complacent".

 

He added that the OECD's predictions on economic growth did not take into
account recent revisions elsewhere suggesting Britain's economy had
recovered quicker than others from the Covid pandemic.

 

Forecasts aim to give a guide to what is most likely to happen in the
future, but can be incorrect and do change. They are used by businesses to
help plan investments, and by governments to guide policy decisions.-bbc

 

 

 

 

H&M starts charging shoppers for online returns

Fashion giant H&M has become the latest retailer to charge shoppers who
return items bought online.

 

Customers now must pay £1.99 to return parcels either in store or online,
with the cost taken from their refund. However, returns are still free for
H&M members.

 

Rival retailers such as Zara, Boohoo, Uniqlo and Next already charge for
online returns.

 

An H&M spokesperson told the BBC the move was introduced in the summer.

 

Online shopping rose strongly during the pandemic, but this has also meant a
big increase in the number of items being sent back because they do not fit,
or are not as expected.

 

Returns can be a headache for retailers, because not only do they often
cover the costs of online returns as a way of winning customers from rivals,
but it also takes longer for warehouse staff to process returned stock.

 

Zara starts charging shoppers for online returns

'I’ll buy five items and only keep one of them'

The people who return most of what they buy

Analysts said other retailers were likely to follow H&M in charging for
returns.

 

"It's interesting that companies seem to be doing it by stealth, but it's a
sensible thing to be doing," said retail expert Jonathan De Mello.

 

"It makes economic sense, as it discourages shoppers from bulk buying online
products and then returning the majority of them. That's been a real problem
for companies."

 

He said that while some customers might react negatively, most would
understand the need for companies to make this decision.

 

Many shoppers are also becoming more aware of the environmental impact of
deliveries and returns. Fewer postal returns means fewer delivery vehicles
travelling up and down with parcels.

 

But Mr De Mello warned that it might spark a backlash among some groups of
people, such as those with disabilities, who rely on online shopping.

 

Cost of living: Tackling it together

Your consumer rights

You are entitled to a refund within 30 days of the sale if goods are faulty
and bought from a UK-based retailer

Shops are not forced to exchange goods if you have simply changed your mind,
unless you bought them online in which case you have the right to return
them within 14 days

In most cases, goods bought online have extra protection, under the Distance
Selling Regulations

You can find more information on your consumer rights here.

.

On H&M's website, it tells shoppers they will not be charged the £1.99 fee
if items are determined to be faulty or incorrect. It urged customers to
make sure to note that information when registering their returns.

 

It also says its members can continue to make returns for free.

 

Mr De Mello said that reflects a wider trend in retailing towards loyalty
schemes.

 

"Particularly in the cost of living crisis, retailers need to work harder to
retain customers, as people are keen to shop around for the best deals," he
said.

 

"Loyalty is fickle, but if you can provide clear incentives, such as free
returns, then you're more likely to retain your customers."-bbc

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

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Skype:         Bulls.Bears 



 

 

 


 

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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