Major International Business Headlines Brief::: 21 September 2023
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Major International Business Headlines Brief::: 21 September 2023
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ü Nigeria: National Grid Collapses Again As Govt Promises 20,000mw Generation By 2026
ü Nigerians Abroad Remitted $20.1bn in 2022 - Report
ü South Africa: Employment and Labour Ensuring Labour Compliance Within Taxi Industry
ü South Africa: Taxis Bring Traffic On Busy Umhlanga Road to a Standstill
ü Uganda: Infrastructural Breakdown Forces Management to Abandon Entebbe Grade A Hospital
ü Nigeria: Abuja Light Rail Project to Be Delivered in May 2024 - Shettima
ü Rwanda: FDA Explains Ban on Over 100 Cosmetics
ü Africa: Dangerous Scramble for Renewable Energy Resources
ü Ghana: GSA Outdoors €600,000 New Weigh-Bridge Truck
ü Ghana: Towards Operational Transformation - Lands C'ssion Targets U.S.$85 Million Investment
ü Nigeria: Tinubu Woos ExxonMobil Chief, Says Nigeria Is Ready for Business
ü Japan's Toshiba set to end 74-year stock market history
ü Google accused of directing motorist to drive off collapsed bridge
ü UK interest rate rise bets slashed after inflation fall
ü Fed holds interest rates steady - for now
ü UK inflation: Slowing food prices drive surprise fall
<https://www.cloverleaf.co.zw/> Nigeria: National Grid Collapses Again As Govt Promises 20,000mw Generation By 2026
The national grid collapsed again on Tuesday September 19, 2023, with power generation dropping from a peak of 3,594.60 megawatts (MW) to 42.7MW at midday.
This is as the minister of Power, Adebayo Adelabu, on Tuesday, vowed, on behalf of the federal government, to achieve 20,000 megawatts of power generation in the next three years.
Only the Delta Power plant was active on the grid at noon, with 41MW, while Afam had 1.7MW.
At 11:32am, all of the commercial hub of Lagos lost power supply from the grid. It is now blamed to be a national system collapse, according to Ikeja Electric.
However, as at 9.00 pm yesterday, the grid had recovered to as much as 2,598.90 megawatts generated by 15 generation companies.
This comes barely five days after the grid collapsed twice within a space of more than 12 hours leaving the nation in total darkness
The collapse of the national grid has resulted in a nationwide blackout, with many Nigerians without electricity.
The Transmission Company of Nigeria (TCN) has not yet released a statement on the cause of the collapse. Still, it is likely due to inadequate infrastructure, gas supply problems, and transmission system constraints.
Although the nation is still struggling to sustain a 4,000MW electricity generation, Adelabu insisted that President Bola Tinubu administration will meet the 20,000MW target by 2026.
Adelabu, who spoke at this year's Nigeria Energy Summit in Lagos, said he had diagnosed the issues to a large extent, and found out that the solutions were not as difficult as people believe.
He said: "As a politician, a Minister of Power, I also have a limited amount of time to spend, and I must make impacts. I am determined to make impacts. I have diagnosed the issues to a large extent, and I've found out that the solutions are not as difficult as we all believe.
"In setting targets for ourselves, we also need to set short-term targets. My own vision is for us to increase the stored capacity of our generation to at least 20,000 megawatts in the next three years. And it doesn't stop there.
"We should be able to evacuate and transport this power at the minimum of 80 per cent of the stored capacity to the end users of the exchange system."
Leadership.
Nigerians Abroad Remitted $20.1bn in 2022 - Report
At the current official market rate of N767 per US dollars, the amount is equivalent to N15.3 trillion.
Five years ago, Samira Ishaq left her house in Kano to work in the Kingdom of Saudi Arabia, tracing a route pursued by tens of millions of Nigerian migrants.
She borrowed almost N800,000 from relatives and engaged a local recruitment agent that bought her flight ticket, secured a work visa, and promised her a job.
Separated from her husband a decade ago, she thought the only way to escape the constant pressure of getting married again was to go far away from home. Barely a year after moving to Riyadh, Ms Ishaq repaid the agent and since then, has shared the money she is making in Saudi Arabia with her father and siblings to look after themselves.
Last year, Ms Ishaq and millions of other Nigerians abroad sent home a record $20.1 billion. At the current official market rate of N767 per US dollars, the amount is equivalent to N15.3 trillion.
This is the highest amount sent to any country in Sub-Saharan Africa, according to the World Bank's latest Migration and Development Brief.
The process of sending money to family members or friends in one's home country, otherwise known as remittances, is a lifeline for many migrant workers around the world.
For Ms Ishaq, this has always been a dream: "to be financially comfortable and be able to support her parents," she said, adding, "I also have savings which I am going to use to set up businesses in Nigeria."
Not only do remittances aid in the prosperity of individual households -- helping to pay for things like food, education, and other bills -- they are also vital to the prosperity of many developing economies around the world.
The World Bank report said remittance flows to Sub-Saharan Africa grew to $54 billion in 2022, a 6.1 per cent increase from the preceding year.
The report said regional growth in remittances was largely driven by strong remittance growth in Ghana (11.9 per cent), Kenya (8.5 per cent), Tanzania (25 per cent), Uganda (17.3 per cent), and Rwanda (21.2 per cent).
It added the increase in remittance flows to the region supported the current accounts of several African countries dealing with food insecurity, supply chain disruptions, severe drought (Horn of Africa), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and debt-servicing difficulties.
In 2023, growth in remittances is expected to ease to 1.3 per cent, the World Bank said.
Remittances, usually understood as the money or goods that migrants send back to families and friends in origin countries, are often the most direct and well-known link between migration and development, the World Bank said.
The World Bank provides annual estimates of remittances flows globally (and bilaterally), based on national balance of payment statistics produced by central Banks and compiled by the International Monetary Fund (IMF).
Top Remittance Recipients
Remittances to Nigeria accounted for about 38 per cent ($20.1 billion) of total remittance inflows to the Sub-Saharan Africa region.
Ghana and Kenya are behind, receiving $4.7 and $4.1 billion respectively.
Zimbabwe recorded $3.1 billion, followed by Senegal, $2.5 billion, Democratic Republic of Congo, $1.7 billion; Sudan, $1.5 billion; Uganda, $1.3 billion; Mali, $1.1 billion; and South Africa, $900 million.
Globally, remittance flows to low- and middle-income countries increased by 8 per cent, to reach $647 billion in 2022.
"This is a remarkable increase," the World Bank said, "given that it followed a 10.6 per cent growth rate in 2021 and the economic environment seemed difficult due to slowing economies around the world, inflation, and the war in Ukraine," it said.
"Remittances are estimated to grow by 1.4 per cent to $656 billion in 2023 as economic activity in remittance source countries is set to soften, limiting employment and wage gains for migrants."
In the post-COVID period of slower economic growth and falling foreign direct investments, remittance inflows have become more important to countries and households, given their resilience as a source of external financing.
"Remittances are highly complementary to government cash transfers and essential to households during times of need," said Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.
"The World Bank is leading analytical and operational work on global migration to facilitate remittance flows and reduce costs."
According to the Migration and Development Briefs, last year's remittances were supported by strong oil prices in the Gulf Cooperation Council (GCC) countries, which increased migrants' incomes; large money transfers from the Russian Federation to countries in Central Asia; and the strong labour market in the United States and advanced migrant destination economies.
Globally, the top recipient countries for remittances in 2022 were India (receiving $111 billion), Mexico ($61 billion), China ($51 billion), the Philippines ($38 billion), Pakistan ($30 billion), Egypt ($28.3 billion); Bangladesh ($21.5 billion), and Nigeria ($20.1 billion).
"Remittances have become a financial lifeline in many economies through the pandemic and will become even more so in the foreseeable future," said Dilip Ratha, lead author of the report on migration and remittances.
"We have stepped up collaborations with source and recipient countries to improve data and leverage remittances to mobilise private sector capital through diaspora bonds and improved sovereign ratings."
The Migration and Development Briefs report updates on migration and remittance flows as well as salient policy developments in the area of international migration and development.
Premium Times.
South Africa: Employment and Labour Ensuring Labour Compliance Within Taxi Industry
Taxi Body SANTACO meets with Department of Employment and Labour for support in ensuring labour compliance within the industry
The national leadership of Taxi Body, the South African National Taxi Council (SANTACO) recently met with both the Minister of Employment and Labour T.W Nxesi and his Deputy Boitumelo Moloi. The meeting was converged on the subject of the taxi industry's, efforts to ensure that it complies with all the relevant Labour legislation that regulates the industry.
The organisation's leadership alluded that the harshest lesson they drew from the COVID-19 pandemic, was when majority of their employees couldn't claim available monetary benefits due to their industry's non-compliance.
Whilst the organisation is overseeing a bigger industry formalisation project, the Department of Employment and Labour has committed to support, and empower the taxi industry to fast track compliance with all the related labour legislation.
The urgency of this collaboration is backed by the taxi industry's current contravention of existing legislation which is unprecedented.
Employment and Labour, through its offices across the country will delegate officials to help the taxi industry to fast track the process of compliance with the labour legislation, through their respective cooperatives.
Govt of SA.
South Africa: Taxis Bring Traffic On Busy Umhlanga Road to a Standstill
To restore calm to the area, authorities agreed to temporarily allow taxis to park near Ocean Mall
Traffic outside Ocean Mall in uMhlanga Rocks, Durban was brought to a standstill on Tuesday afternoon as taxi operators blocked the roads with their vehicles and concrete boulders.
The taxi operators are demanding to be given space at the mall for a rank where they can park and collect passengers. Officials at the eThekwini Municipality are expected to meet representatives from the taxi industry this week to find a solution. There are currently no designated public transport spaces near the new mall.
South African National Taxi Council (SANTACO) Greater North Region chairman, Sifiso Mthethwa, explained that their frustration with the municipality reached a boiling point on Tuesday. Taxi operators have been asking for a permanent rank in uMhlanga for a while.
To restore calm and clear the busy roads, authorities agreed to a temporary solution that will allow taxis to park near Ocean Mall.
Ward 35 Councillor Nicole Ballman (DA) said, "I have written to the mayor, City manager, the heads of eThekwini Transport Authority and Catalytic Projects to join the meeting with taxi operators. If they do not participate, I shudder to think of what will happen next."
Ballman said she has been raising the concerns of taxi operators with the eThekwini municipality since 2019. "I have warned against a potential blood bath given the increasing pressure within the precinct."
"UMhlanga has become a cesspit of chaos due to the lack of political will. For years, I have sent countless emails, engaged in discussions and made numerous requests, all aimed at highlighting the dire situation uMhlanga Rocks faces concerning public transport, businesses trading without permits and brandishing of firearms," said Ballman.
Brian Mpono, CEO of uMhlanga development, said: "We have managed to come to a solution between uMhlanga development, Greater North SANTACO and metro police. I am so disappointed that no one from eThekwini Transport Authority was available to address the problems. We have had so many meetings where the municipality did not show up."
EThekwini municipality spokesperson Gugu Sisilana confirmed that 40 taxis blocked the M4 Highway and Lighthouse Road which led to hours of congestion.
"Metro Police and other law enforcement agencies were on scene and attended to the illegal blockading of roads, which the City strongly condemns ... The Municipality is also finalising consultations of a new holding area for taxis and buses. The site has already been identified," said Sisilana.
GroundUp.
Uganda: Infrastructural Breakdown Forces Management to Abandon Entebbe Grade A Hospital
Entebbe Grade A Hospital, which has long grappled with deteriorating conditions, has taken the bold step of relocating its services to the National Isolation Centre in Entebbe.
The move comes as the facility has struggled to provide adequate care for patients suffering from Rabies, Diabetes, HIV, and Tuberculosis (TB).
Richard Tumwesigye, the administrator of Entebbe Grade A Hospital, explained that the decision to close the facility and relocate services was prompted by the deteriorating state of the hospital's buildings and the pressing need for more space.
"The buildings at Grade A, most of them are in a poor state; they need renovation, and there's not enough space," Tumwesigye stated.
"As we recovered from Covid-19, the number of patients increased tremendously, and we couldn't serve them from that unsafe environment. So we needed more space to serve patients." He added.
Entebbe Grade A Hospital, originally constructed by the British colonial government in 1904 to serve the British community, was handed over to the Ugandan government after independence in 1962. Over the years, the facility has faced challenges related to its aging infrastructure.
The services that have been relocated to the National Isolation Centre include the TB clinic, mental health clinic, and the Diabetes Clinic, which has been moved to Entebbe Regional Referral Hospital (Grade B).
Richard emphasized that they are in discussions with the Ministry of Health to secure funding for the renovation and reconstruction of structures at the hospital.
"Most of the inconveniences have been due to a lack of space and, for infection control purposes, we are happy that we have finally relocated," he added.
Some of the hospital's aging structures have roof leaks, which have also affected neighboring buildings.
In an effort to address the space constraints, a structure that formerly served as a male toilet was repurposed into a storage facility for medical equipment and supplies.
The relocation of Entebbe Grade A Hospital underscores the urgent need for investment in healthcare infrastructure and facilities in the region. The move is expected to improve patient care and infection control measures while addressing the long-standing challenges associated with the hospital's aging infrastructure.
Nigeria: Abuja Light Rail Project to Be Delivered in May 2024 - Shettima
Vice President Kashim Shettima, on Wednesday, revealed that the China Civil Engineering Construction Corporation Ltd. (CCECC) has pledged to complete the Abuja light rail project in May 2024.
Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, in a statement, said Shettima extracted the commitment from the management of CCECC when its Chairman, Mr Jason Zhang, paid him a courtesy visit at the presidential villa.
The vice president said the move was in line with the determination of President Tinubu's administration to enhance infrastructural development across the country.
He stated that the Abuja rail project, like others, remains dear to President Bola Tinubu and the Nigerian people.
Shettima described the company as part of Nigeria's history, noting that the Chinese construction giant has played a pivotal role in developing Nigeria's landmark projects.
He added that its commitment to the development of Nigeria and Africa was commendable.
"You have been in this country for 42 years. We have to commend you for all the beautiful initiatives and support over the years.
"We share a lot in common with the people of China, just as you have been with us through thick and thin.
"You have the financial power and the willingness to support Nigeria and other African countries without interfering in our local politics. This we appreciate a lot."
Shettima assured CCECC that the present administration would sustain the existing relationship with it and the people of China.
Earlier, the company's Managing Director, David Waig, reiterated CCECC's commitment to delivering the project within the stipulated period.
Waig stated that CCECC leave no stone unturned in ensuring the delivery of the Abuja light rail line in May 2024.
He called on the Federal Capital Territory Administration (FCTA) to engage an operational company that would quickly see to smooth take-off of the rail project. (NAN)
Daily Trust.
Rwanda: FDA Explains Ban on Over 100 Cosmetics
Rwanda Food and Drugs Authority has explained the reason behind its latest ban on more than 130 body lotions, creams and soaps, which contain ingredients prohibited on the Rwandan market.
The regulator says some of the lotions and creams sold illegally in the country contain skin-whitening agents that could lead to adverse effects like skin cancer, blindness, diabetes and high blood pressure.
In a detailed set of answers to The New Times questions, Rwanda FDA said some of the cosmetics listed recently were already available on the Rwandan market while others are banned by neighbouring countries.
The regulator warned that distributors and importers of such cosmetics could face penalties, including losing their licence. The latest list of prohibited cosmetics products was informed by a 2016 ministerial order.
Categories of cosmetics
Body lotions and creams are categorised into three components; natural, lightening, and whitening. While natural body lotions and creams are safe for use and help soften the skin, lightening body lotions and creams are intended to treat skin problems like acne and pigmentation, the regulator said.
"However, the use of whitening body lotions and creams is prohibited in Rwanda due to the presence of harmful ingredients such as hydroquinone, mercury, corticosteroids, and retinoids," it said.
Despite the ban, skin-whitening creams and lotions, known in Kinyarwanda as 'Mukorogo,' are sometimes sold illegally. These body creams and lotions are made by mixing different types of chemicals, or taking natural skin-friendly creams and lotions and adding some of the above-mentioned ingredients, mostly designed as drugs for use in skin care applications.
Effects of using cosmetics containing hydroquinone, mercury
Rwanda FDA says using cosmetic products containing chemicals like hydroquinone and mercury causes very serious effects:
Skin cancer
Skin whitening creams and lotions often contain ingredients such as hydroquinone, mercury etc. which act on the skin cells (melanocytes), which produce the protective skin-darkening pigment melanin.
When a person uses these products for a long time, it damages the melanocytes cells making them unable to produce melanin, which helps to protect the skin from the harmful rays of the sun.
"If a person uses whitening products for a long time, this may cause side effects such as skin cancer and blindness," Rwanda FDA noted.
If a person stops using whitening creams and lotions after long-time exposure, the skin may not fully return to its original colour. The person displays multi-coloured skin on the face and other parts of the skin.
Diabetes, high blood pressure, kidney diseases
Chronic exposure to whitening body lotions and creams reduces the immunity of the skin, allowing toxic substances to slowly enter the body and get into the bloodstream. When it reaches the bloodstream, it can cause high blood pressure and disorders in glucose metabolism leading to diabetes.
Difficult waste removal, thinner skin
Whitening body lotions and creams make the skin dry and unable to remove waste from the body through the pores that facilitate sweating. This leads to an unhealthy build-up of waste in the body.
Long-term use of the cosmetics containing the banned elements can damage the liver and kidneys, the human body's waste removal organs. It may also weaken bones.
Skin-lightening body lotions and creams reduce the thickness of the skin and expose the muscles, which complicates healing if a person has a skin condition. A thinner skin exposes blood vessels which leads to acne and pimples on the face and other areas of the skin that are often difficult to treat.
Penalties for distributors of banned cosmetics
Rwanda FDA collaborates with law enforcement institutions to enforce the ban and removal of prohibited cosmetics from the Rwandan market.
Distributors of the prohibited body lotions, creams and soaps are sanctioned under the law governing Rwanda FDA.
The sanctions may include recalling the batch that is found with the products, revocation of the license to operate issued by Rwanda FDA, requiring the importer or distributor to dispose of the products at his or her expense and administrative fines.
"These penalties are in place to ensure compliance with the regulations and to protect the health and safety of consumers," the regulator said.
New Times.
Africa: Dangerous Scramble for Renewable Energy Resources
Kuala Lumpur, Malaysia — The growing and changing material requirements for new technologies have triggered natural resource scrambles for strategic minerals, generating dangerous rivalries fought out in the global South.
Scrambles for resources
Jayati Ghosh, Shouvik Chakraborty and Debamanyu Das have analyzed these new scrambles for mineral resources in developing countries triggered by major new innovations since the electronics boom.
Natural resources here refer to naturally occurring solid, liquid or gaseous materials in or on the Earth's crust. When extracted and exported commercially, they are considered primary commodities.
All technologies - both peaceful and military - have specific material requirements. For example, energy transitions need particular minerals for renewable energy generation, transmission and storage.
New technologies, with specific material requirements, are changing the nature of rivalries - among states, corporations and individuals - seeking to control these mineral resources.
Feasible mass use of renewable energy requires extracting needed natural resources, which incurs costs and has adverse consequences. Commercial feasibility implies profitable extraction of desired minerals.
Thus, addressing global warming by generating more energy from renewable sources - while desirable and necessary - in turn generates new problems and challenges which need to be addressed.
Rare earths
Despite their name, rare earth elements (REE) may not actually be scarce. But most REE are difficult and costly to extract as they are usually found together with other minerals. Unsurprisingly, REE demand and supplies have changed greatly in recent years.
For the time being, demand for at least 17 'rare earth' minerals is expected to grow. The inter-governmental International Energy Agency (IEA) projects supplies of some critical minerals will increase at least 30-fold over the next two decades.
Extracting lithium and other such minerals also has very problematic environmental implications. Mined all over the world, REE are usually processed and separated by several stages of often complex and costly extraction and chemical processing, with many harmful to the environment.
China currently leads the world in rare earth production, with over a third of the world's known REE reserves. While Chinese companies dominate some supplies, China's rare earth imports currently exceed its exports.
Nevertheless, China dominates 'downstream' processing of REEs. Chinese companies control over 85 per cent of the costly REE processing processes. Unsurprisingly, China also accounts for over 70% of the world's photovoltaic solar panel production and over 90% of its silicon wafer manufacturing.
Lithium
Lithium is one of the minerals over which control has been hotly contested. Lithium is particularly needed for processes to replace mechanical energy generation using fossil fuels. It is also needed for many industrial, office and household appliances, including rechargeable batteries, electric vehicles and electronic goods.
Batteries - including rechargeable lithium-ion electrical grid storage devices - account for three-quarters of current supply. The IEA's Sustainable Development Scenario expects demand to rise 42-fold in less than two decades!
In 2021, there were almost 89 million tons of known lithium resources, mainly in developing countries. For decades, lithium mining has been very controversial, largely due to increasingly better known adverse environmental impacts.
As pure lithium is very chemically reactive, it is often mined as ore, as in West Australia. It is also obtained from salt flats and brine pools in the southern cone of South America, particularly in Bolivia, Chile and Argentina.
For decades, China has led the world in lithium mining. Australia and the US were second and third by the start of the pandemic, with 12% and 9% respectively. While Australia is the world's largest exporter, lithium is mainly and increasingly mined in developing countries by a relatively few companies.
Undermining communities
REE mining has adversely impacted various ecosystems and communities. Mineral deposits may have to be raised from subterranean sources, or 'concentrated' by evaporation.
Such techniques typically deplete, contaminate and otherwise reduce access to fresh water. Local water systems - used by people, animals, including livestock, and plants, including crops - are often badly compromised as a consequence.
Extractive mining and related operations have worsened such environments. But mining companies can often get their way with impunity, often intimidating communities with the help of local politicians, government officials and police.
Such ecological damage has devastated forest and vegetation cover, caused biodiversity loss, and compromised hydrological systems. Thus, extractive operations often involve abuses, with adverse effects for local communities.
Economic gains to local communities are typically modest compared to mining's adverse consequences. Benefits largely accrue to local 'enablers' while costs vary within communities with circumstances.
The authors also urge majority government ownership of mineral extracting and processing companies. This will reduce foreign reliance and meddling, including by big powers such as the United States and China.
Government transparency and accountability, including independent audits, can help ensure less adverse consequences and fairer compensation for all involved.
This also prevents elite capture, abuse and deployment of mineral rents in their own interest. Avoiding such abuses is necessary to ensure resource rents actually advance sustainable development, as Bolivia is striving to do.
Sustainability undermined?
New frontiers for mineral extraction are emerging, especially as innovation creates new extraction and processing possibilities. This implies a vicious circle as global warming becomes both cause and effect of such mineral extraction.
Mining practices threaten ecological fragility and vulnerability. Similarly, polar and seabed exploration and mining may well trigger disastrous environmental consequences, including mass extinctions of vulnerable polar and marine life. IPS.
Ghana: GSA Outdoors €600,000 New Weigh-Bridge Truck
The Ghana Standard Authority (GSA) has outdoored a new weigh-bridge truck valued at €600,000 as part of its efforts to ensure standards across all sectors in the country.
Funded by the World Bank under Ghana Economic Transformation Project (GETP), the new truck would enable the authority to recalibrate all weighing bridges and ensure standards in terms of axle load weights in the country.
At a short ceremony to hand over the truck to the Authority at its head office at Shiashie in Accra, Monday, the Task Team Leader of GETP, Mr Thomas A. Vis, said GETP formed part of a large economic transformation project geared towards private sector development with a funding of about $200million.
He said as part of the project, there was a sub-component which had been given to the GSA and the provision of the weigh bridge truck formed part of that component.
Mr Vis said the weigh bridge truck would be used for the measurement of weights and other things to bring about standardisation, especially in port and other operation.
He said weights and measurement were critical to standardisation as such it was important that Ghana was turning attention to that area, since it would impact development of goods for both export and internal use.
The Minister of Trade and Industry, Mr Kobina Tahir Hammond, on his part underscored the need to enhance fairness and accuracy in trade through the enforcement of standards in trade and commerce.
He said accurate measurements were fundamental to economic growth as they instill confidence in consumers and also ensured that consumers received what they paid for.
Mr Hammond said pursuant to Section 60 of the GSA Act, 2022 (Act 1078), the Director-General of the Authority, Professor Alexander Nii Oto Dodoo, had been appointed as the 'Custodian of Weights and Measures' in the country with effect September 11, 2023.
He said the appointment was to ensure that Ghana aligned with international standards in metrology, adding that "this is vital for international trade and collaboration, as it establishes Ghana as a reliable and compliant partner on the global stage."
He said the Director-General was expected to appoint and deploy inspectors of weights and measures for the effective administration of weights and measure in the country.
"As provided for under the Ghana Standards Authority Act, the inspectors shall examine every weight, measure or instrument for trade and industry including health, safety and environment devices for the purpose of verification. They will also compare the weight, measure or instrument with the corresponding working standards," he emphasised.
Ghanaian Times.
Ghana: Towards Operational Transformation - Lands C'ssion Targets U.S.$85 Million Investment
The Lands Commission is in the process of securing US$85 million investments from a private firm to enable the roll out of technology and capacity building project for improved land administration services.
The five-year project is expected to commence next year following completion of all agreement and arrangement with PDB Ghana Limited, a Ghanaian-owned land administration firm.
It is expected to focus on digitally mapping the country, resulting in the establishment of a National Spatial Data Infrastructure, digital records processing and keeping, training of land administration staff and provision of new tools and equipment for the operations of the commission.
Deputy Minister of Lands and Natural Resources, Benito Owusu-Bio, interacting with the media during a working visit to the Client Service Unit of the Lands Commission in Accra yesterday, said, the private investment was necessary to enable the commission carry out its operational transformation for enhanced service delivery.
He noted that, the agreement had gone through the legally required procurement process as well as extensive auditing to ensure the government was not shortchanged.
The drafting of the agreement, he stated, followed engagement with PDB Ghana Limited which had been ongoing for more than two years to ensure all areas of partnership were covered.
Mr Owusu-Bio said that, in the absence of the private partnership, the commission would have been compelled to rely on its internally generated funds, which was likely to extend the project completion date by about 10 years.
He explained that the recent report by the United Nations Office of Drugs and Crime (UNODC) which showed that the Lands Commission was the most corrupt institution in Ghana in 2021 was a wake-up call for the commission to undertake both administrative and structural reforms.
"We have to tackle the undying bad image of the Lands Commission. We need to erode that perception from the minds of Ghanaians.
The only means for that to happen is to take advantage of technology to change administrative and operational structures of the commission. This is why we are keen on expediting the transformational change that will meet the needs of clients of the commission," he added.
Acting Executive Secretary of the Lands Commission, Benjamin Arthur, said as part of strategies to address delays in land documentation processing, the commission had deployed technical staff including geomatic engineers to the frontline desks to be able to assist clients go through the processes without hitches.
He urged the public to deal with the commission when in need of land administrative services and not middlemen or individual workers of the Commission, who were likely to demand extra fees and charges.
The Lands Commission, Mr Arthur said, had also established a complaints centre that would receive the concerns and assist in ensuring that clients were given services that meet their needs.
He noted that, the orthophotography that would be generated from the mapping of the country could be assessed and used by different agencies that rely on maps for their operations, thereby saving them cost that would be incurred in developing their individual orthophotography.
He said a new map would replace the old map which was developed in 1974 and enable the commission keep records digitally.
Ghanaian Times.
Nigeria: Tinubu Woos ExxonMobil Chief, Says Nigeria Is Ready for Business
President Bola Tinubu met with a delegation of global energy giant ExxonMobil, in New York, where he said, "Nigeria has never been more ready for business than it is now."
This was disclosed in a statement by Special Adviser to the President on Media & Publicity, Ajuri Ngelale.
He said President Tinubu assured ExxonMobil that he possesses the capability to navigate challenges in Nigeria's oil and gas industry.
He said: "The knotty issues require direct supervision on my part. Despite many contending obligations, I will sit down and oversee the process of removing these encumbrances to job and wealth creation for the Nigerian people.
"We know the industry. We grew up in it. We are positioned to solve the problems, and we are pragmatic, and we will solve the problem."
ExxonMobil's President of Global Upstream Operations, Liam Mallon, expressed awareness of President Tinubu's dedicated commitment to Nigeria's cause.
He pledged a substantial increase in production, committing to delivering nearly 40,000 barrels per day (bpd) as part of a new investment phase in Nigeria.
He said: "What you told us was that your team would collaborate with us, and that has proven true. We have made significant progress since we last met.
"We are growing our production, and we are working hard on expanding the deepwater production. We appreciate your efforts, and we will respond in kind. The time is right. Thank you for your leadership."
Daily Trust.
Japan's Toshiba set to end 74-year stock market history
Toshiba, one of Japan's oldest and biggest firms, is set to end its 74-year stock market history as a group of investors have bought a majority stake.
The company has announced that a consortium led by private equity firm Japan Industrial Partners (JIP) has purchased 78.65% of its shares.
Owning more than two-thirds of the firm allows the group to complete a $14bn (£11.4bn) deal to take it private.
The firm's roots date back to 1875, as a maker of clocks and mechanical dolls.
Under the deal its shares could be taken off the stock market as early as the end of this year.
The company "will now take a major step toward a new future with a new shareholder," Toshiba's president and chief executive officer, Taro Shimada, said in a statement.
Toshiba's shares started trading in May 1949 when the Tokyo Stock Exchange reopened as Japan emerged from the ravages of World War Two (WW2).
Its divisions range from home electronics to nuclear power stations, and for decades after WW2 was a symbol of the country's economic recovery and its technology industry.
In 1985, Toshiba launched what it described as "the world's first mass-market laptop computer".
For decades after World War Two, Toshiba was a symbol of Japan's economic recovery and its high tech industry
However the Tokyo-based company has faced a number of major setbacks in recent years.
"Toshiba's catastrophe is a consequence of inadequate corporate governance at the top," Gerhard Fasol, chief executive of business advisory firm Eurotechnology Japan told the BBC.
In 2015, it admitted to overstating its profits by more than a $1bn over six years and paid a 7.37bn yen ($47m; £38m) fine, which was the biggest in the country's history at the time.
Two years later, it revealed major losses at its US nuclear power business, Westinghouse, taking a 700bn yen writedown.
To avoid bankruptcy it sold its memory chip business in 2018, which was seen as a crown-jewel in the company's portfolio.
Since then Toshiba has received several takeover offers, including one from UK private equity group CVC Capital Partners in 2021, which it rejected.
In the same year, the company was found to have colluded with the Japanese government to suppress the interests of foreign investors.
"Toshiba, in the eyes of many Japanese people and especially government, is a national treasure, which is part of the problem," Mr Fasol said.
The firm then announced plans to break up the company into three separate businesses. Within months the plan was revised, with its board saying it would instead split the company into two units.
Before the new breakup plan was carried out the company's board said it was considering JIP's offer to take the company private.-bbc
Google accused of directing motorist to drive off collapsed bridge
The family of a US man who drowned after driving off a collapsed bridge are claiming that he died because Google failed to update its maps.
Philip Paxson's family are suing the company over his death, alleging that Google negligently failed to show the bridge had fallen nine years earlier.
Mr Paxson died in September 2022 after attempting to drive over the damaged bridge in Hickory, North Carolina.
A spokesperson for Google said the company was reviewing the allegations.
The case was filed in civil court in Wake County on Tuesday.
Mr Paxson, a father of two, was driving home from his daughter's ninth birthday party at a friend's house and was in an unfamiliar neighbourhood at the time of his death, according to the family's lawsuit.
His wife had driven his two daughters home earlier, and he stayed behind to help clean up.
"Unfamiliar with local roads, he relied on Google Maps, expecting it would safely direct him home to his wife and daughters," lawyers for the family said in a statement announcing the lawsuit.
"Tragically, as he drove cautiously in the darkness and rain, he unsuspectingly followed Google's outdated directions to what his family later learned for nearly a decade was called the 'Bridge to Nowhere,' crashing into Snow Creek, where he drowned."
Local residents had repeatedly contacted Google to have them change their online maps after the bridge collapsed in 2013, the suit claims.
Barriers that were normally placed across the bridge entrance were missing due to vandalism, according to the Charlotte Observer.
The lawsuit is also suing three local companies, arguing they had a duty to maintain the bridge.
"Our girls ask how and why their daddy died, and I'm at a loss for words they can understand because, as an adult, I still can't understand how those responsible for the GPS directions and the bridge could have acted with so little regard for human life," his wife, Alicia Paxson, said in a statement.
"We have the deepest sympathies for the Paxson family," a spokesman for Google told AP News.
"Our goal is to provide accurate routing information in Maps and we are reviewing this lawsuit."-bbc
UK interest rate rise bets slashed after inflation fall
Investors are split over whether interest rates will be raised again on Thursday after figures showed a surprise slowdown in price rises.
A 15th rise in a row to 5.5% from 5.25% was widely predicted, but now only half of investors are predicting a rise.
Expectations changed after inflation, which is the rate prices rise at, was revealed to have fallen unexpectedly to 6.7% in the year to August.
The Bank of England, which sets rates, will reveal its decision at midday.
Any rise would mean higher interest rates on some mortgages and loans, but also higher savings rates.
The Bank has been hiking rates since December 2021 in an effort to tackle inflation in the UK, which is much higher than usual and putting households under financial pressure.
By making it more expensive for people to borrow money, it hopes households will cut back and buy fewer things.
It also might mean that firms will raise prices less quickly.
But it's a tricky balancing act as raising rates too aggressively could cause people to cut back on their household spending which could see firms struggle for survival and economic growth slow.
How interest rate rises affect you
Five ways to save money on your mortgage
The US central bank, the Federal Reserve held rates steady on Wednesday at 5.25%-5.5% as it too figures out whether enough has been done to tackle inflation.
Investment bank Goldman Sachs said it now expected interest rates in the UK to remain unchanged on Thursday after inflation was shown to have fallen.
But other economists say because inflation is still 6.7% - much higher than the 2% the Bank of England aims for - another rate rise could be on the cards.
Higher interest rates affect different people in different ways.
Mortgage holders with variable or tracker mortgages, or those who are looking to secure a new fixed-rate deal, will find it costs more to borrow the money for their homes.
A rise from 5.25% to 5.5% would mean those on a typical tracker mortgage will pay about £26 more a month. Those on SVR mortgages would face a £14.50 jump, according to UK Finance.
Even if there is no change, compared with December 2021, those on a tracker mortgage are paying £540 more a month, or £299 more a month on a SVR.
But the majority of mortgage holders, three quarters of homeowners, are on fixed-rate deals, which shields them from the current interest rates rises, though about 800,000 deals will end by the end of this year and 1.6 million more will do so next year.
Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.
Lenders could decide to put prices up, if they expect higher interest rates in the future.
However, people with savings should get better returns on their money.
For the government, a rise in rates has a knock-on effect meaning it has to pay more interest on the country's debt.-bbc
Fed holds interest rates steady - for now
The US central bank has kept its key interest rate unchanged as it debates whether it has done enough to stabilise prices.
The decision left the Federal Reserve's rate target at 5.25%-5.5%, the highest level in more than two decades.
The bank has already raised borrowing costs from near zero in March 2022 in a bid to cool the economy and bring price inflation under control.
Some at the Fed expect further action to be needed.
Forecasts released after the meeting showed a majority of policymakers expect rates to stand above 5.5% by the end of the year, implying at least one further hike. They also saw rates remaining higher next year than previously forecast.
The announcement in the US comes ahead of Thursday's meeting of the Bank of England, which is facing its own inflation fight.
The Bank had been widely expected to announce a rate rise. But data on Wednesday showed UK consumer prices rose at a slower rate than expected last month, raising questions about its course of action. The European Central Bank raised rates earlier this month.
"The Fed is going through the same challenges other central banks are in terms of fine-tuning policy," said Sarah House, senior economist at Wells Fargo.
"Increasingly the risks are shifting from inflation being the one and only focal point, to having to balance the inflation fight to make sure the Fed doesn't do unnecessary damage."
Fed officials appear increasingly optimistic they will be able to bring inflation under control, without triggering a painful economic downturn.
The latest figures show prices in the US rose 3.7% over the 12 months to August, down sharply from more than 9% in June 2022.
The forecasts released on Wednesday show policymakers expect the economy to grow 2.1% this year and 1.5% in 2024 - more than previously estimated. They also see the unemployment rate rising less.
But inflation remains higher than the Fed's 2% target.
Risks that threaten to complicate the Fed's task have also been mounting, including a jump in fuel prices, which could act as a spur to inflation while also weighing on household spending and economic growth.
A three-year pause on student loan payments is also due to expire in coming weeks, while Washington is at an impasse over the budget, which could lead to a government shutdown. A strike by car workers threatens to hurt supplies and push up prices for buyers, while hurting the economy.
Ms House said those challenges would make it harder for the Fed to resolve what its next steps should be - and pull off a so-called soft landing that avoids a painful economic downturn.
"This is getting into a much more delicate phase," she said.
The US central bank has already raised interest rates eleven times since last year.
The moves have hit the public in the form of more expensive loans for business expansions, homes and other purchases, abruptly ending an era of low-cost borrowing that started during the 2008 financial crisis.
In theory, higher rates should reduce borrowing demand and encourage saving, cooling the economy over time and making it harder for firms to raise prices.-bbc
UK inflation: Slowing food prices drive surprise fall
Slowing food prices helped drive a surprise fall in inflation in August, with prices now rising at their slowest rate in a year-and-a-half.
Inflation, which measures how prices change over time, fell to 6.7% in the year to August, down from 6.8% in July, official figures show.
It is the third month in a row that the figure has dropped.
Prices for milk, cheese and vegetables all fell last month, but the price of cereals rose.
Most experts had expected inflation to increase due to a rise in the cost of petrol and diesel last month, driven by higher oil prices.
But a slowdown in rising food prices and a drop in air fares and accommodation costs all helped drive the overall rate of inflation lower.
When the rate of inflation falls, it does not mean prices are coming down, but that they are rising less quickly.
Grant Fitzner, chief economist at the Office for National Statistics, said it remained "a mixed picture", but said food manufacturers were "paying less for food than a year ago," and this was "starting to pass through to consumers."
Why is UK inflation so high?
How much are prices rising for you? Try our calculator
The drop in food prices is potentially good news for consumers who have seen shopping and restaurant bills soar.
Nick Collins runs Lounges, which owns cafes, bars, restaurants and roadside diners. He told the BBC that rising food costs had forced him to put up prices by 8% across the business over the last year.
"In normal years, we'd increase our prices by around 1.5% or 2%," he said.
However, Mr Collins said he had seen "absolutely no shift in customer behaviour" and people were not "tightening their belts".
"If they were you'd see fewer people out at the start of the week. You'd see less spending as you approach payday... We haven't seen any of that."
Food prices went up around the world following Russia's invasion of Ukraine, which was one of the factors pushing up prices at supermarket tills.
The war disrupted supplies from the two countries, which are major exporters of goods such as sunflower oil, wheat, and fertiliser.
The drop in inflation has raised doubts over whether the Bank of England will raise interest rates on Thursday. Ahead of the inflation figure, the 15th rise in a row to 5.5% from 5.25% was widely expected, but now only half of investors expect an increase.
Chart showing biggest contributors to inflation
How does UK compare?
The government has pledged to halve inflation this year and chancellor Jeremy Hunt said the latest figures showed "the plan to deal with inflation is working".
But Labour's shadow chief secretary for the Treasury, Darren Jones, said the surprise fall in inflation was "nowhere near" enough.
At 6.7%, the UK's inflation rate remains high compared to other rich countries.
According to latest figures, inflation is 6.4% in Germany, 5.7% in France, 5.5% in Italy and 2.5% in the US.
On Tuesday, a new forecast from the Organisation for Economic Co-operation and Development suggested prices will rise faster in the UK than any other advanced economy this year.-bbc
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