Major International Business Headlines Brief::: 29 April 2024

Mon Apr 29 07:54:14 CAT 2024

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Major International Business Headlines Brief:::  29 April 2024 

ü  Nigeria: Fuel Subsidy Removal Necessary for Nigeria's Economy - Tinubu

ü  Kenya: Leaking Roof Highlights KAA's Inefficiency At JKIA

ü  Nigeria: FG Approves Design of Sokoto-Badagry Road Project

ü  Africa: Transforming Artisanal Mining Can Be Beneficial for People and the Planet

ü  Uganda's 1.1 Trillion Shilling Supplementary Budget Raises Eyebrows

ü  Uganda: Broken Promises and Barren Fields - Serere Farmers Vent Frustration

ü  Nigeria: Industry Summit Debuts to Revive Automotive Sector

ü  Kenya: City Hall Waives Building Renovations Fees in Response to Floods

ü  Mozambique: Ports and Rail Company Handled 26.6 Million Tonnes in 2023

ü  Nigeria: Cost of Preparing Jollof Rice Up 29.3% - Report

ü  Elon Musk in China to discuss enabling full self driving

ü  Hungary opens up to Chinese tech despite protests

ü  Anglo American rejects £31bn mega-deal with rival

ü  The ex-flight attendant who became the first female boss of Japan Airlines

 <https://www.cloverleaf.co.zw/> Nigeria: Fuel Subsidy Removal Necessary for Nigeria's Economy - Tinubu

President Bola Ahmed Tinubu has again defended his administration's decision to remove fuel subsidy in Nigeria, describing it as a necessary action to prevent the country from going bankrupt and to reset the economy on the path to growth.

At the World Economic Forum's Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, yesterday, Tinubu acknowledged that the removal of fuel subsidy was a difficult decision, but one that was essential for the country's long-term interests.

Detailing the steps taken to set Nigeria's economy on the path of expeditious recovery, the president, in a statement by Presidential spokesman, Ajuri Ngelale, yesterday said he had to take tough but essential decisions like removing fuel subsidy and managing the nation's currency, effectively removing a corruption-laden arbitrage.

"Concerning the question of subsidy removal, there is no doubt that it was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.

"That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people.

"But, of course, it was the interest of our people that was the primary focus of the government. Along the line, there was an arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country. We shared the pain across the board. We cannot, but include those who are very vulnerable.

"Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology, good education, and who remain committed to growth. We were able to manage that and partition the economic drawback and the fallout of the subsidy removal equally, engendering transparency, accountability, and fiscal discipline for the country."

Speaking on the action to arrest Naira volatility, he said the currency management was necessary, equally, to remove the artificial element of value in the currency. Hence, our local currency finds its level and competes with the rest of the world's currencies as we remove corrupt arbitrage and opaqueness.

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

"That, we did. At the same time, that is a two-engine problem in a very turbulent situation for the government. But we are able to manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public," the President concluded.

The president also said collaboration and inclusiveness are invaluable to achieving global food security, addressing collective challenges, and driving innovation across a chain of interests for a more stable and prosperous world.

President Tinubu said "collaboration and inclusiveness", especially with regard to Africa, are elements to building a future of hope, peace, and progress for all.

He said capital mobilization, which is needed to spur economic growth and associated advancements in Africa, cannot be overlooked any longer.

The president posited that the continent is richly endowed but that the diversity of its resources must reflect in its wherewithal and economic realities.

The president called on global leaders to pay attention to the developments in the Sahel, emphasizing the need for a studied understanding of the vectors of the current situation, while suggesting collaboration in the pursuit of enduring solutions.

"We are encouraging the entire world to pay attention to the Sahel and the other countries around us. As the chairman of ECOWAS Authority of Heads of State and Government, I have wielded the big influence of Nigeria to discourage all unconstitutional change of government.

"Equally, we have eased the sanctions. We need to trade with one another; not fight each other. It is very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people in West Africa.

"The rest of the world needs to look at the fundamentals of the problem; not just geopolitically, but at the root. Has the world paid attention to the poverty level in the Sahel and the rest of ECOWAS? Have they facilitated the infusion of capital and paid adequate attention to ensuring the exploitation of resources and the creation of opportunities presented by the mineral resources available?"

In her remarks, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva commended President Tinubu for offering insights on how to execute strategic economic reforms.

"President Tinubu has emphasized the right things about what world leaders must consider primarily in the execution of strategic economic reform. He said there is a need to ensure that reforms are accompanied by a human touch. The needs of people must be identified and catered to as governments implement tough but necessary reforms," Georgieva said."

- Leadership.

Kenya: Leaking Roof Highlights KAA's Inefficiency At JKIA

Jomo Kenyatta International Airport (JKIA) in Kenya faces persistent challenges, with recent incidents spotlighting significant inefficiencies at East Africa's major aviation gateway.

With the ongoing rains, JKIA's Terminal 1C revealed vulnerabilities, as its leaking roof disrupted normal operations on Friday last week, underscoring broader structural issues plaguing the airport.

This recurrence echoes previous instances, raising concerns about governmental neglect in tackling the mess.

Kenya Airports Authority (KAA), responsible for JKIA's management, issued an apology on April 26, acknowledging the disruptions caused by the inclement weather.

Henry Ogoye, KAA's managing director, outlined ongoing efforts to address the roof leakages at Terminals 1B and 1C, with repair works initiated in March 2024 and slated for completion within three months.

"Over the last few days, the heavy rainfall in Nairobi has adversely impacted the temporary drainage infrastructure put by the contractor on site, resulting in the current leakages being experienced at the terminal," said Mr Ogoye.

Mr Ogoye reassured stakeholders that mitigation measures are underway, emphasizing adherence to the scheduled repair timeline.

JKIA's operational integrity has faced scrutiny in recent times, evidenced by recurrent power outages last year, plunging the airport into darkness and raising security apprehensions.

Analysts highlight such disruptions as significant security risks, jeopardising the facility's reliability as a Category One airport.

As a critical departure point for passengers traveling to the United States, JKIA's security standards are paramount.

However, recent setbacks have contributed to its descent from its former stature as a premier regional hub, with the latest rankings positioning it two spots behind Kigali.

Skytrax's 2024 assessment, encompassing over 570 airports worldwide, ranked JKIA tenth among Africa's top airports, while Kigali secured the eighth spot, with South Africa dominating the top three positions.

JKIA's historical role as East Africa's transit hub underscores the importance of addressing these challenges promptly.

Skytrax's evaluation criteria, spanning check-in procedures, arrivals, transfers, retail options, security, and immigration processes, emphasise the holistic traveler experience, a facet where JKIA seeks improvement amidst ongoing operational hurdles.

- Business Day Africa.

Nigeria: FG Approves Design of Sokoto-Badagry Road Project

Minister of works, Engr David Umahi, says President Bola Tinubu has approved the design of Sokoto-Badagry Highway project as part of efforts to improve economic diversification in the country.

The minister made the disclosure during the inspection of Lagos-Calabar Coastal Highway project and the federal government gazetted right-of-way in Lagos.

Umahi said the Lagos-Calabar Coastal Road project would be constructed within the "two-term tenure" of President Tinubu administration.

The minister said the government was committed to improving economic diversification of the country through development of road projects to improve economic corridors for business growth.

Umahi said the Sokoto-Badagry Highway is 1,000 kilometres, adding that the project had been designed and approved by the Tinubu's administration as part of the Renewed Hope agenda.

"We have another road project that will connect Enugu to Cameroon, Otukpo to Benue and Nasarawa," he said.

The minister said the federal government was also committed to building coastal roads in the South West, South-South, North West, North Central of the country as part of its legacy project.

Umahi clarified that the coastal highway project would directly impact on the economy, bring in foreign investors, improve ROI, bring in budding investors and attract multinationals into the country's economic hub while improving the GDP.

He warned that those who have strayed into government lands would be properly addressed as the lands, shorelines along the federal government gazetted right-of-way would be reclaimed.

- Leadership.

Africa: Transforming Artisanal Mining Can Be Beneficial for People and the Planet

Artisanal and Small-scale Miners (ASM) are the "orphans" of the mining world. The global mining industry, including some governments, perceives artisanal mining as a "residual sector." Yet over 40 million artisanal miners toil in mines around the world and contribute to local economies. Their labour helps respond to the growing demand for minerals used in everything from smartphones to solar panels and batteries and from roads and buildings.

Eight or nine out of ten people who work in mining are either artisanal or small-scale miners. In many developing countries around the world, particularly in Africa, artisanal mining is the second or third largest employer after agriculture and retail trade. It is estimated that artisanal miners bring home higher incomes compared with subsistence farmers.

Artisanal and small-scale miners play a big role in the mining of Development Minerals such as construction materials, industrial minerals and semi-precious stones - to meet the growing needs of construction and infrastructure. In many African, Caribbean and Pacific countries, they produce upwards of 60 per cent of construction materials. In Uganda, for example, artisanal miners produce over 80 per cent of Development Minerals. So surely this cannot be treated as a "residual sector".

Increasingly, artisanal miners are mining so-called "critical minerals." Their contribution is significant as the world grapples with insufficient exploration and critical mineral shortages. For instance, in Zambia, they are mining cobalt, tungsten, tin, tantalum and copper. Relying on local wisdom, artisanal miners are often the "native geologists" because of their intimate knowledge of the land, and they are often the first to discover valuable minerals.

However, artisanal miners around the world are often exploited and work in unregulated mines in unsafe conditions and are disproportionately exposed to high risks of accidents, health hazards, and diseases. Additionally, negative environmental impacts from mining, resulting in deforestation, loss of biodiversity, pollution, disruption of water bodies, and land degradation, severely harm neighbouring communities.

As the quest for critical minerals required for developing clean energy and infrastructure grows exponentially, the future of mining must integrate artisanal and small-scale mining. There needs to be a commitment to improving lives and protecting the environment.

It is time for a paradigm shift. One where artisanal miners are treated fairly and deliberate actions safeguard the environment are put in place. This shift calls for political goodwill, legal and policy frameworks that elevate the status of artisanal and small-scale miners from marginalised entities to valued industry participants. Countries must adopt strategies to manage artisanal and small-scale mining effectively and sustainably to make tangible improvements in their lives.

Uyanga Gankhuyag Firstly, governments should institute and adequately fund the administration of artisanal miners who are seriously neglected and under-resourced. This would equip mining authorities with tools and capacities to conduct inspections of artisanal mining operations, facilitate their legalisation, and provide technical services to enhance and manage health, safety, and the environment.

For mineral-rich countries, allocating a fraction of fiscal revenues from large-scale mining to fund artisanal and small-scale mining administration would be a good start. The booming demand for critical minerals presents a compelling reason and unique opportunity to reinvest in the sector responsible for employing most of the world's miners.

Secondly, artisanal and small-scale mining are vastly underfunded or neglected. Countries should increase productivity growth and incomes of artisanal miners by improving access to affordable financing and equipment that can improve efficiency. With better access to finance and investment in technology, the livelihoods of many miners will improve. It will address multiple social and human rights problems plaguing artisanal mining such as children working in mines or gender-based violence fuelled by poverty. Today's artisanal miners can grow into the medium-scale mining companies of tomorrow, with responsible business practices.

Thirdly, countries should encourage artisanal miners to move into other decent jobs and diversified activities. If the productivity of artisanal miners increases, this will free them up to work in other parts of mineral value chains - in manufacturing or construction. This possibility is within reach of artisanal and small-scale businesses using Development Minerals. They can graduate from mining to manufacturing of building materials and many other products - the demand for which is burgeoning in many African, Caribbean and Pacific countries. This transition can be the basis for industrialisation, infrastructure building, housing construction and employment generation in growing markets.

James Wakiaga Fourthly, countries should intentionally protect environmentally valuable and sensitive areas. For example, mining and quarrying in rivers is rampant in many countries, leading to irreversible ecosystem changes and undermining the very livelihoods that the artisanal miners strive to improve. Thus, countries should safeguard such sensitive areas and tighten the implementation of environmental protection laws and regulations where necessary.

These changes can shift the model of present-day mining with a handful of large international companies on the one hand, and millions of subsistence miners on the other hand. The rise of the "missing middle" in mining can transform the reputation of the mining sector to one that contributes to shared prosperity and lifts millions out of poverty.

It's time for a future where artisanal miners are seen not as a "residual", but as valued partners in the mining industry. Let us rewrite the narrative around mining, one that recognizes the ingenuity and hard work of men and women in artisanal mines by empowering them. This will make the future of mining an inclusive pathway for sustainable development for countries that provide minerals to the world.

James Wakiaga is the UNDP Resident Representative in Zambia, and Uyanga Gankhuyag is the Programme Manager of African, Caribbean and Pacific States - EU Development Minerals Programme, UNDP.

- Africa Renewal.

Uganda's 1.1 Trillion Shilling Supplementary Budget Raises Eyebrows

The Ugandan government's latest supplementary budget request of 1.1 trillion shillings (approximately $318 million) has sparked controversy among Members of Parliament (MPs) who question both the timing and the allocation of funds. With just one month remaining in the current financial year, the legitimacy of these additional spending requests is under scrutiny.

A Breakdown of the Budget:

The largest chunk of the proposed supplementary budget goes to the State House with a classified recurrent expenditure of 18.6 billion shillings. Other notable allocations include:

Office of the Prime Minister (External Financing for Development Response of Displaced Persons): 9.7 billion shillings

Ministry of Finance, Planning and Economic Development: 37.3 billion shillings

Ministry of Agriculture: 9 billion shillings

Regional referral hospitals (Hoima, Jinja): 115 billion shillings (combined)

However, specific allocations have drawn particular criticism:

DEI Pharmaceuticals bailout: 57.8 billion shillings

Compensation of ranchers (Ministry of Lands and Housing): 6.6 billion shillings

Uganda Martyrs Day celebration: 3 billion shillings

Opposition MPs like Shadow Finance Minister Ibrahim Ssemujju Nganda argue that the government prioritizes projects with questionable returns on investment. He accuses them of "sneaking" previously rejected projects into supplementary budgets, and suggests potential political pressure might influence parliamentary approvals.

Key Questions:

Are these expenditures truly "unforeseen emergencies" justifying a supplementary request this close to the end of the fiscal year?

Could these funds have been better managed within existing budgets?

Do the allocations represent sound financial priorities for the nation?

The Debate:

The approval of this supplementary budget will likely be a contentious issue in Parliament. The government will need to justify the timing and purpose of these additional expenses to quell concerns about potential mismanagement and wasteful spending.

- Nile Post.

Uganda: Broken Promises and Barren Fields - Serere Farmers Vent Frustration

Discontent simmers among farmers in Uganda's Serere region. Their primary targets? The underperformance of the NASA Research Institute (NASA RI) and a long-defunct soil testing machine.

The once-promising soil testing machine, envisioned as a game-changer for crop yields, has sat idle for nearly five decades. Farmers like Julius Otai, a prominent figure in Serere, express their disappointment: "We were hoping it would identify the right fertilizers for our crops, but it's been useless for 49 years."

This lack of soil analysis creates a vicious cycle. Farmers struggle to understand their soil's needs, leading to improper fertilizer use, ultimately hurting yields and their wallets. Asinior, a senior plant breeding technician at NAsari Aru, acknowledges the problem: "The outdated machine doesn't provide useful information. We have to send samples all the way to Kawanda for proper analysis."

Further frustration stems from unmarketable crops introduced by the institute. While diversification and improved practices are commendable, the absence of a reliable market renders these efforts meaningless. Asinior reiterates, "Our role is research and production, not marketing."

Adding insult to injury, a significant portion of the institute's research land is reportedly being used by individuals, not the intended beneficiaries - the farmers. This misuse of resources widens the gap between research and practical application.

The farmers' message is clear: urgent action is needed. The authorities must address these issues that are crippling agricultural development in Serere. Only then can these fertile fields fulfill their true potential.

- Nile Post.

Nigeria: Industry Summit Debuts to Revive Automotive Sector

All is now set for the maiden edition of the Nigeria Auto Industry Summit (NAISU) organized by the Nigeria Auto Journalists Association (NAJA) in partnership with the National Automotive Design and Development Council (NADDC).

Scheduled to be held at Radisson Hotel, Ikeja, Lagos, on Thursday, June 27, 2024, NAISU is envisioned as an annual flagship event of the country's automotive industry to rally all stakeholders to explore the great potential in the automotive sector for national development.

The maiden edition of NAISU, which is expected to be declared open by the Minister of Industries, Trade and Investment, Dr Doris Uzoka-Anite, has as its theme, "Reviving Nigeria's Economy Through the Automotive Sector", and will have the NADDC Director General, Mr Joseph Osannipin, as the Chief Host.

The NADDC boss is expected to be supported at the summit by a delegation of the African Association of Automotive Manufacturers (AAAM) from South Africa, Nigeria Association of Automotive Manufacturers (NAMA) as well as leading industry stakeholders across Nigeria.

Commenting on the importance of the summit for the development of the country's automotive sector, The chairman, the organizing committee of NAISU, Femi Owoeye, said, "Initiating this summit is vital, especially at this moment in history, when Nigeria is struggling to map its way out of the prevailing global economic despair.

"Being one of the drivers of the global economy, the automobile industry, if given the necessary impetus in Nigeria, is capable of transforming the country into an automotive manufacturing hub in Africa.

"To this end, the Nigeria Auto Industry Summit shall annually produce significant information compost that would help the government to make it happen. That is why the maiden event is themed 'Reviving Nigeria's Economy through the Automotive Sector'.

On his part, the chairman of NAJA, Mike Ochonma, said, "Significantly, the summit shall bridge the information and communication gap between the nation's auto industry stakeholders and relevant government agencies.

"Moreover, annually, the summit shall give a single and united voice for the auto industry leaders to set developmental agenda aimed at kick-starting and driving relevant government policies towards a sustainable development of the automotive industry in Nigeria and ultimately position the country as a frontline beneficiary of the African Free Trade Agreement Area."

- Daily Trust.

Kenya: City Hall Waives Building Renovations Fees in Response to Floods

Nairobi — The Nairobi County Government has waived statutory fees for renovations and repair of buildings due flood related destruction as a move to augment flood response.

The directive was issued Friday evening in an internal memo by the Nairobi Governor Johnson Sakaja.

The Governor pointed out that the waiver will only apply to those who will provide evidence of impact by the floods to justify renovations.

"Governor Sakaja has directed that we exempt all statutory fees on all renovation and repair works applied to the county due to the effects of the raging floods experienced in the county," Acting County Secretary Patrick Analo advised.

"Note that those who apply must provide evidence of impact by the floods, which should be attached to the application before processing renovations/repairs permit," he added.

Hundred of properties including residentials buildings and infrastructure have been severely destroyed in the city following the heavy downpour that is currently being experienced, leading to hundreds of families being displaced.

The Kenya Red Cross Friday said it was conducting a needs assessment for the affected families and pledged to provide temporary shelter to the displaced families.

"Additionally, plans are underway to provide temporary shelter to accommodate those affected, further extending our support and care," it stated.

- Capital FM.

Mozambique: Ports and Rail Company Handled 26.6 Million Tonnes in 2023

Maputo — Mozambique's publicly owned Ports and Rail Company (CFM) handled, in 2023, 26.6 million net tonnes.

According to the Chairperson of the CFM Board of Directors, Agostinho Langa Júnior, who was speaking on Thursday, in Maputo, at the opening of a meeting of the company's Council of Directors, this figure represents a growth of about eight per cent compared to the previous year.

"In terms of passenger transport, which, as you know, is our major social contribution, just over seven million passengers were transported, which corresponds to a growth of 25 per cent when compared to the same period in 2022', he said.

According to Langa, the terminals under CFM management handled 12.3 million metric tonnes, compared to 13.2 million metric tonnes handled in 2022, which is a reduction of around seven per cent.

This declines reflects, he said, the fall in coal exports and in imports of liquid fuels through the respective terminals at the central Port of Beira.

Langa pointed out that in 2023, Mozambique's railway-port system faced significant challenges, caused by natural disasters and regional economic difficulties, but despite the obstacles, the company remained committed to its projects in line with the government's Five-Year Plan for 2020-2024.

"For example, CFM investments amounted to around 8.748 billion meticais (136.8 million dollars at the current exchange rate), a figure that corresponds to 90 per cent of what was budgeted, with the highlight being the completion of projects such as the rehabilitation and expansion of the Port of Nacala and the Machipanda line (from Beira to Zimbabwe), the doubling of the Ressano Garcia line (from Maputo to South Africa), the upgrading of Maputo Central Station and the acquisition of locomotives and wagons for the port area', Langa said.

He added that it was also possible to conclude, during the same period, the expansion of the Beira Port Oil Terminal and the acquisition of tugboats and speedboats for the northern Port of Nacala.

Nigeria: Cost of Preparing Jollof Rice Up 29.3% - Report

The SBM Jollof Index tracks how much it costs to make a pot of jollof rice for a family of five

The cost of preparing a pot of jollof rice, a popular delicacy among Nigerians, rose from N13,106 in October to N16,955 in March 2024, a report has said.

SB Morgen (SBM) Intelligence, a geopolitical intelligence platform, disclosed the 29.3 per cent rise in the cost of preparing the delicacy in its latest report titled, "The SBM Jollof Index Q1 2024: Crisis at the table ".

The SBM Jollof Index tracks how much it costs to make a pot of jollof rice across 13 markets in six geopolitical zones for a family of five and uses the figures to measure the inflationary trends in the country.

In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.

The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals.

Nigeria's annual inflation rate rose to 33.20 per cent in March from 31.70 per cent in February, the National Bureau of Statistics (NBS) said in its latest inflation report.

According to the report, the food inflation rate in March 2024 quickened to 40.01 per cent on a year-on-year basis, 15.56 per cent points higher than the rate recorded in March 2023 (24.45 per cent).

SBM Intelligence report said Nigeria experienced one of the worst food crises between October 2023 and March 2024.

"During this period, the cost of making a pot of jollof rice increased by 29.3 per cent, from N13,106 in October to N16,955 in March 2024," it said.

The primary trigger for the increase, according to the report, was the Naira depreciation, which moved from a monthly average of N796 to a dollar in October 2023 to a monthly average of over N1,513 in March 2024.

This, it said, severely affected food affordability, particularly as the country still largely depends on food imports to meet its food demands.

For example, it said the price of a bag of rice increased from about N56,000 in October 2023 to approximately N87,000 in the first week of March 2024.

"These price increases occurred against unresolved long-standing issues driving food prices up, such as conflicts in food-producing regions, reduced arable land, climate variability, and increased energy costs (electricity and fuel).

"During this period, various interventions were implemented to alleviate the pressure faced by Nigerians. However, less than a quarter of the population enjoyed these interventions, thus questioning their effectiveness and sustainability," the report said.

The report further explained that the food crisis shows no signs of ending soon.

It said rising prices are fueling malnutrition, crime, and other social problems.

"Interventions have focused on addressing immediate hardships, but strategic planning is needed to ensure food is both affordable and available."

In Nigeria, the report said resolving ongoing conflicts and transitioning to mechanised agriculture are key steps toward a sustainable solution.

"The price of rice, Nigeria's most common staple, experienced an unprecedented hike during this period, with alternatives like spaghetti also costing more than many can afford.

"This has led to many people skipping meals. For children who miss meals, the impact is significant--they may become restless, struggle to focus in class, and experience weakened brain development.

"Adults also suffer from malnutrition, leading to increased fatigue and a diminished ability to compete with better-fed peers in more developed countries. These harsh realities contribute to a higher crime risk as people become desperate to meet basic needs, emphasising the importance of long-term strategies to combat food insecurity and its far-reaching effects," the report said.

- Premium Times.

Elon Musk in China to discuss enabling full self driving

Elon Musk is visiting Beijing with media reports saying he aims to discuss enabling autonomous driving mode on Tesla cars in China.

Mr Musk wants to enable Full Self Driving (FSD) in China and transfer data collected in the country abroad to train its algorithms.

FSD is available in countries including the US but not in China.

The news came after a US report tied Tesla's autonomous driving modes to at least 13 crashes, involving one death.

During a meeting with Chinese Premier Li Qiang, Mr Musk was quoted by state media as saying Tesla was willing deep cooperation with China to "achieve more win-win results".

In response, Mr Li told Mr Musk the Chinese market would "always be open to foreign-funded firms," according to the reports.

China is Tesla's second-biggest market. Other carmakers such as Xpeng - headquartered in Guangzhou - have been attempting to compete with Tesla by rolling out similar self-driving functions in their cars.

On Sunday, Mr Musk described Chinese car manufacturers as "the most competitive car companies in the world".

Tesla has taken previously taken steps to reassure Chinese authorities about the rollout of FSD in the country, including establishing a data centre in Shanghai to process data about Chinese consumers in accordance with local laws.

The trip comes days after the US's National Highway Traffic Safety Administration (NHTSA) said it was investigating whether a recall successfully addressed safety concerns relating to Tesla's driver assistance system.

The NHTSA said that despite requirements that drivers maintain focus on the road and be prepared to take control at a moment's notice when autonomous driving was enabled, drivers involved in the crashes "were not sufficiently engaged". The regulator's analysis was conducted before a recall Tesla said would fix the issue.

Tesla's software is supposed to make sure that drivers are paying attention and that the feature is only in use in appropriate conditions, such as driving on highways.

Mr Musk has promised that Teslas will be able to act as autonomous "robotaxis" for years. In 2015, he said Teslas would achieve "full autonomy" by 2018. And in 2019, he said the company would have robotaxis operating by the following year.

This month, the Tesla chief executive said he would reveal the company's robotaxi in August.

Critics accuse Mr Musk of consistently hyping up the prospects of full autonomous driving to prop up the company's share price, which has fallen on the back of challenges including falling demand for electric vehicles worldwide and competition from cheaper Chinese manufacturers. Mr Musk denies the accusations.

Tesla has been cutting the prices of its cars in China and other markets to drum up demand.

"Tesla prices must change frequently in order to match production with demand," Mr Musk recently said on X, the microblogging platform previously known as Twitter which the billionaire owns.

Tesla recently reported a 13% fall in automotive sales to $17.3bn (£13.7bn) for the first three months of this year.

Overall sales across Tesla dropped by 9% while its profits fell sharply to $1.13bn compared to $2.51bn for the same period last year.

So far in 2024, its share price has collapsed by 32%.-bbc

Hungary opens up to Chinese tech despite protests

"We do not intend to become the world leader," said Hungary's foreign minister in Beijing last October, about his country's ambitious plans for manufacturing Electric Vehicle batteries, "because the world leader is China".

China has an astonishing 79% share of the lithium-ion global battery manufacturing capacity, ahead of the US on 6%. Hungary is now third with 4% and aims soon to overtake the Americans, explained Peter Szijjarto, during his visit to China.

With 36 factories already built, under construction or planned, his words were no idle boast.

Viktor Orban's Fidesz government has trumpeted its "opening to the East".

When it comes to maintaining strong economic ties with Russia, Budapest draws considerable criticism. More important in economic terms are the growing ties with China and South Korea. Electric vehicles are the cornerstone of that push, and for once Hungary is attracting the envy of fellow EU members, rather than their approbation.

By this summer, there will be 17 flights a week between Budapest and Chinese cities. In 2023, China became the single biggest investor in Hungary with €10.7bn.

Looking south from the tower of the Reformed Great Church in Debrecen, the solid grey building blocks of China's CATL factory stretch into the distance. The world's biggest battery maker has a big foothold in eastern Hungary.

Chinese, Hungarian and EU flags

Hungary is hoping to become the second biggest supplier of lithium-ion global batteries in the world

Until last year sunflowers and oilseed rape painted the landscape green and yellow. Now the Chinese SemCorp separator foil factory and the Chinese EcoPro cathode plant have sprung up too.

Go past the construction site of Debrecen's new, all-electric BMW factory and you will find another Chinese battery maker, Eve Energy.

Meanwhile, bulldozers in southern Hungary are stripping the soil over a 300 hectare-site to prepare it for a Chinese "gigafactory" for BYD electric cars.

South Korean and Japanese factories have already started manufacturing batteries or battery components here.

"Hungary is in the centre of Europe and in close proximity to the biggest industrial players in the automotive industry," says Noemi Sidlo from CATL's Hungarian division.

It was an obvious destination and the local and national governments were keen to help, she explained.

Mr Orban's Fidesz government has bent over backwards to attract Chinese investment, promising CATL €800m in tax incentives and infrastructural support to clinch the deal - more than 10% of the €7.3bn investment.

Add to that Chinese investment in a high-speed railway intended to connect Central Europe to the ports of Thessaloniki and Piraeus and Budapest's enthusiasm for Chinese investment is even clearer.

The feeling appears to be mutual. When Chinese President Xi Jinping comes to Europe in May, he will visit just three countries - France, Serbia, and Hungary.

What could still go wrong for Viktor Orban's plans?

Rather a lot, say his critics. Environmental protests against the swathe of factories are growing, despite near-silence in the Fidesz-controlled media about potential problems.

Getty Images Two women take part in a demonstration against plans to open a battery factory in DebrecenGetty Images

There have been protests in Debrecen about plans to open more factories there

The mayor of Debrecen, Laszlo Papp, has refused to talk to the BBC.

Repeated emails to the foreign ministry and the Hungarian Investment Promotion Agency have gone unanswered.

Opponents complain that there is no way to challenge the projects locally because they have been granted "enhanced national interest" status.

South of Debrecen lies the pretty village of Mikepercs which has become increasingly dwarfed by construction sites.

"None of us mothers are against green cars," says local campaigner Eva Kozma, "but it is incredibly unfair they built such an enormous factory here, without asking the local people."

She points to environmental issues caused by battery factories elsewhere in Hungary: "That's not a green future if everyone here gets cancer, just because in other towns people who are luckier than us can flit around in their nice green cars."

Noemi Sidlo from CATL insists her fears are ungrounded.

Eva Kozma, Mikepercs Mothers

Eva Kozma, a campaigner, says that the local community should have been consulted about the building of factories

Water supply is also a major headache in Debrecen.

Situated on the Great Hungarian plain, rainfall is in decline, underground water supplies are depleted, and government plans have so far come to little to retain more of the waters that flow through the Danube and Tisza rivers.

Hungary risks trading its status as a water superpower, to become an electromobility superpower. Maps from the 19th Century show much of the current surface of the country covered in water.

Another problem is labour, in a country where unemployment is below 5%.

CATL alone will need 9,000 workers, but the Hungarian government rides to power in election after election on a slogan of "keep migrants out".

The right-wing Our Homeland Movement recently highlighted the growing number of Turkish workers in Debrecen, building the BMW plant.

Another concern among critics is that cheap labour, cheap land, and generous government incentives will turn Hungary into a "servant-state" of Chinese and South-East Asian companies.

The government acknowledges there is a risk that wages will be kept low and domestic research and development will be affected.

"We have to convince the investors, not only to bring production here, but also research," Balazs Orban, political director of the Prime Minister's Office told the BBC.

"How we merge their research with the Hungarian companies. This is the biggest challenge for the upcoming 10 years."-bbc

Anglo American rejects £31bn mega-deal with rival

Anglo American has rejected a £31.1bn takeover proposed by rival miner BHP, branding it "highly unattractive" and "opportunistic".

BHP confirmed on Thursday that it had approached Anglo American about a deal which would create the world's largest copper producer.

But Anglo American has rebuffed the approach, in particular the plan to significantly restructure its business.

BHP wants to buy Anglo American for its copper operations.

Copper is used to conduct electricity and demand is growing as some economies shift to renewable energy and electric vehicles.

Anglo American owns two copper mines, in Chile and Peru where BHP also has some operations.

A deal would bring together two of the industry's biggest mining companies and could face significant competition hurdles if it went ahead.

Copper prices rose above $10,000 per tonne for the first time in two years after news of the proposal emerged.

Fawad Razaqzada, analyst at City Index, said: "While there is an increasing demand propelled by the green transition and infrastructure development, concerns have risen regarding supply disruptions stemming from factors such as labour strikes, regulatory alterations, and operational hurdles at mining sites.

"There are some fears that BHP's bid to acquire Anglo American would further limit copper production growth, just as demand is likely to rise given that the metal is vital for the green transition."

BHP has proposed spinning off Anglo's platinum and South African iron ore divisions. But Anglo said that under BHP's plan its business would bear the brunt of any major changes that may needed to get regulatory approval.

“The BHP proposal is opportunistic and fails to value Anglo American’s prospects," said Anglo American's chair Stuart Chambers.

He added: "The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders."

Anglo American's share price edged down on Friday to £25.47, just above the price per share BHP is offering for its smaller rival.-bbc

The ex-flight attendant who became the first female boss of Japan Airlines

When Mitsuko Tottori was named as the new boss of Japan Airlines (JAL) in January, it sent a shockwave across the country's corporate sector.

Not only was Ms Tottori the carrier's first female boss, she had also started her career as a member of cabin crew.

The headlines ranged from "first woman" and "first former flight attendant" to "unusual" and "no way!"

One website even described her as "an alien molecule" or "a mutant", a reference to her having worked at Japan Air System (JAS), a much smaller airline that JAL bought two decades ago.

"I didn't know about an alien mutant," Ms Tottori laughs as she spoke to me from Tokyo.

In short, she was not from the elite group of businessmen that the carrier had customarily appointed to its top job.

Out of the last 10 men who held the post, seven were educated at the country's top university. Ms Tottori is a graduate of a far less prestigious women-only junior college.

With Ms Tottori's appointment, JAL has joined the less than 1% of Japan's top companies led by women.

"I don't think of myself as the first woman or the first former flight attendant. I want to act as an individual so I didn't expect to get this much attention."

"But I realise the public or our employees don't necessarily see me like that," she adds.

Her appointment also came just two weeks after JAL's flight attendants were lauded for the successful evacuation of passengers from a plane that collided with a coast guard aircraft during landing.

Japan Airlines Flight 516 burst into flames after the collision on the runway at Tokyo's Haneda airport.

Five of the six crew on the coastguard plane died and captain was injured. However, within minutes of the collision, all 379 people on board the Airbus A350-900 had safely escaped.

The rigorous training of the carrier's flight attendants was suddenly in the spotlight.

As a former flight attendant herself, Ms Tottori learned the importance of aviation safety first hand.

Four months after she became a flight attendant in 1985, Japan Airlines was involved in the deadliest single aircraft accident in aviation history, which killed 520 people on Mount Osutaka.

"Every member of staff at JAL is given an opportunity to climb Mount Osutaka and speak to those who remember the accident," Ms Tottori says.

"We also exhibit aircraft debris at our safety promotion centre so instead of just reading about it in a book, we look with our own eyes and feel with our own skin to learn about the accident."

While her appointment in the top job came as a surprise, JAL has changed rapidly since it went bankrupt in 2010, in what was the country's biggest ever corporate failure outside the financial sector.

The airline managed to continue flying thanks to major state-backed financial support and the business underwent a sweeping restructuring with a new board and management.

Its saviour was then-77-year-old retiree and ordained Buddhist monk, Kazuo Inamori. Without his transformational influence it is unlikely that someone like Ms Tottori could have become JAL's leader.

I spoke to him in an interview in 2012. He did not mince his words, saying JAL was an arrogant firm that did not care about its customers.

Under Mr Inamori's leadership the company promoted people from frontline operations, like pilots and engineers, rather than from bureaucratic posts.

"I felt very uncomfortable because the company didn't feel like a private firm at all," Mr Inamori, who died in 2022, told me. "Many former government officials used to get golden parachutes into the firm."

JAL has come a long way since then, and the attention its first female president is receiving is not surprising.

The Japanese government has been trying for almost a decade to increase the number of female bosses in the country.

It now wants a third of leadership positions at major businesses to go to women by 2030, after failing to achieve the goal by 2020.

"It is not just about the corporate leaders' mindset, but it is also important for women to have the confidence to become a manager," says Ms Tottori.

"I hope my appointment would encourage other women to try things that they were afraid of trying before."-BBC

 Invest Wisely!

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