Major International Business Headlines Brief::: 11 December 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  11 December 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Lagos Health Workers Begin Three-Day Strike

ü  Nigeria: Your Tax 'Ll Not Be Spent On Frivolities - Sanwo-Olu Assures
Lagosians

ü  Nigeria: Group Urges Tinubu, NASS to Pay 13% Derivation to Oil and Gas
Communities Directly

ü  Ethiopian Aviation University - Hub for African Aviation Excellence

ü  Ethiopia: Nation's Gold Mining to Supercharge Economic Dev't - Premier

ü  Ethiopia: MoWE Increasing Renewable Energy Access to Transform Rural
Communities

ü  Africa: Prosper Africa Closes Investment Deals to Create Jobs and Drive
Economic Growth

ü  Nigeria: PMI Report - Contraction of Economic Activities Persists in
November - CBN

ü  Nigerians Groan As Cash Scarcity Compounds Hardship

ü  Kenya Airports Authority to Build New VIP Section At JKIA

ü  Nigeria: Govt Begins Payment of Delayed November Salaries

ü  Nigeria: We've Digitised Licence Permit Processes to Curb Corruption -
NUPRC

ü  The Onion's purchase of Alex Jones's Infowars rejected by judge

ü  Coffee price surges to highest on record

ü  General Motors pulls plug on robotaxi business

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Lagos Health Workers Begin Three-Day Strike

The coalition of health sector unions in Lagos State on Wednesday began a
three-day warning strike over non-implementation of adjustments to the
Consolidated Health Salary Structure (CONHESS).

 

The unions include the National Association of Nigeria Nurses and Midwives
(NANNM), Nigeria Union of Allied Health Professionals (NUAHP), the Medical
and Health Workers Union of Nigeria (MHWUN), and the Joint Health Sector
Unions (JOHESU).

 

Oloruntoba Odumosu, Secretary of NANNM, in an interview with the News Agency
of Nigeria (NAN), insisted that the strike would hold following the
expiration of an ultimatum issued by the unions.

 

Odumosu disclosed that a meeting of the union leaders with state government
officials on Dec. 9 also ended in an impasse.

 

"The government officials couldn't give us a clear timeline for implementing
our demands, and there's no governor's approval for the payment.

 

"We reported the feedback to the Congress, which was ongoing at our
secretariat, and it unanimously voted 'No,' insisting on proceeding with the
strike," he said.

 

He complained that the matter had lingered for long, despite numerous
attempts by the unions to resolve it amicably.

 

"However, it has become clear that the government does not accord the issue
the seriousness it deserves.

 

"Engagement on Dec. 2 with the Ministry of Establishments and Training
further reinforced our concerns as the meeting failed to provide clarity on
the computation method for the adjustment.

 

"This is particularly concerning given that Lagos State does not operate the
full CONHESS structure, nor did it yield a definite timeline for payment.

 

"This is especially disheartening as adjustments have already been
implemented for doctors since October 2024.

 

"This approach, which prioritises some segments of the health workforce
while neglecting others, is divisive and undermines the collective morale of
health professionals in the state," he said.

 

Odumosu regretted that the government appears 'indifferent' to addressing
their legitimate demands in spite of the critical roles played by members of
the unions in ensuring the delivery of quality healthcare to Lagos
residents.

 

"The handling of this matter has left us with no other choice but to resort
to this warning strike, spanning from Dec. 11 to Dec. 13.

 

"It is aimed at pressing home our demands for the full implementation of the
CONHESS adjustment for all eligible health workers in Lagos state," he said.

 

Similarly, Kamaldeen Kabiawu, State Secretary, NUAHP, decried the delayed
implementation of the 25 per cent CONHESS adjustment, especially after the
government approved a 35 per cent CONMESS adjustment for doctors in October
2024.

 

NAN reports that the strike will affect all state-owned health
facilities--Lagos State University Teaching Hospital (LASUTH), general
hospitals, and primary health centres (PHCs).

 

Members of the unions include nurses, midwives, pharmacists,
physiotherapists, dieticians, medical laboratory scientists, optometrists,
and radiographers.

 

Others are dental therapists, medical physicists, health information
managers, clinical psychologists, and medical social workers. (NAN)

 

Vanguard.

 

 

 

 

Nigeria: Your Tax 'Ll Not Be Spent On Frivolities - Sanwo-Olu Assures
Lagosians

Governor of Lagos State, Mr. Babajide Sanwo-Olu has assured tax payers in
the state that their taxes will not be spent on frivolities, but rather on
profitable ventures that would enhance economic growth of the state and
well- being of the residents.

 

The governor stated this while commissioning the second phase of the
upgraded and rehabilitated network of roads in Eti-Osa Local Government Area
of the state.

 

Sanwo-Olu said his administration is determined to transform the state and
ensure its productivity.

 

He said, "As we all know, transportation infrastructure is the backbone of
any thriving economy. In Lagos State, we recognize that every aspect of our
social and economic life depends on an efficient, reliable, and sustainable
transportation network.

 

"When we envisioned the Greater Lagos dream, we set out to build a state
that is safe, clean, and prosperous--a place where opportunities abound, and
the quality of life continues to improve for all residents.

 

"One of the biggest impediments to realizing this vision was the man-hours
lost in traffic congestion and the persistent challenges of flooding in
certain areas. These were issues we could not ignore.

 

"Our administration's THEMES+ Agenda placed transportation and traffic
management as a critical priority.

 

"We understood that the provision of world-class road infrastructure would
not only enhance mobility but also catalyze economic growth, improve
productivity, and make Lagos more competitive globally."

 

Sanwo-Olu explained that since the inception of his administration, they
have been devoted to rehabilitating, upgrading, and in some cases,
reconstructing roads across all five divisions of the state.

 

According to him, "These efforts are guided by our commitment to creating
seamless access within and between communities, thereby reducing travel time
and enhancing productivity. Ikoyi, renowned as a hub of economic activity
and the property capital of Lagos, has been central to our development
agenda.

 

"Recognizing its strategic importance, we launched the Ikoyi Urban
Regeneration Initiative in July 2020--a comprehensive effort designed to
tackle persistent flooding, streamline traffic flow, and upgrade vital road
networks.

 

"This initiative reflects our commitment to transforming Ikoyi into a model
district that not only enhances the quality of life for its residents but
also strengthens its role as a driver of Lagos' economic prosperity.

 

"These roads are more than just pathways; they are lifelines for economic
activity and community well-being. The improved road infrastructure has
reduced travel times, minimized disruption caused by flooding, and boosted
the property and business value of Ikoyi.

 

"These upgrades also contribute to creating jobs and fostering economic
stability across the state."

 

He urged all residents to take ownership of the projects by refraining from
actions that could undermine their durability, such as indiscriminate
dumping of waste into drainage systems or illegal parking on roadways that
could undermine its durability

 

Earlier, Special Adviser on Infrastructure Engr. Olufemi Daramola, explained
that the network of roads will complement the previously commissioned Phase
1, which included: Milverton, MacDonald, Lateef Jakande Avenue, Thompson
Avenue, Reeve and Onilegbale Roads.

 

He said, "Under the visionary leadership of Mr. Governor, Babajide Sanwo-Olu
the Lagos State government is focused on creating sustainable, modern
infrastructure to improve mobility, reduce travel time, and enhance the
quality of life for Lagosians. The rehabilitation of these roads is a key
step in realizing that vision.

 

"Each road plays a critical role in decongesting traffic and improving
access across Ikoyi, known for its residential, commercial, and governmental
significance. The Road Network has a combined length of 5.90 km with the
under listed scope of work:

 

"The standard of quality assurance and quality control maintained during the
construction of these roads is commendable.

 

"The project is designed to meet the highest international standards,
ensuring durability, safety and efficiency for all users."

 

Vanguard.

 

 

 

 

Nigeria: Group Urges Tinubu, NASS to Pay 13% Derivation to Oil and Gas
Communities Directly

A prominent Itsekiri and Niger Delta group, Association for the Promotion of
Peace and Development in Itsekiri Oil and Gas Communities (APPDIOGCOM) has
called on President Bola Tinubu and the National Assembly to do the needful
by ensuring the payment of13 per cent percent derivation fund directly to
oil and gas producing communities in the respective Niger-Delta states.

 

Leader of the group, Princess Grace Fregene, in a statement pointed to the
recent outburst of a prominent and influential voice for the Itsekiri
nation. The Itsekiri Leaders of Thought (ILOT),in an open letter to the
Governor of Delta State published December 3, 2024 in Vanguard newspaper on
the injustice on the 13 per cent fund for oil and gas producing communities.

 

Fregene further buttressed that the recent outburst of the ILOT justified
the group previous call on past administrations to see to the plight of the
people of oil and gas producing communities as regards the judicious use of
the 13per cent derivation fund.

 

"It is on this note we are calling on President Bola Tinubu and the National
Assembly to listen to the cries and of these communities and pay the 13
percent derivation directly to them for the purpose of their own development
and also to cushion the effects of oil and gas exploration activities in
their communities. Only he that wears the shoe knows where it pinches."

 

"More so, the Constitution of the Federal Republic of Nigeria in Section 162
sub section 2 clearly stated that the 13 per cent derivation should be given
to the host communities directly not to any organ of government.

 

"Besides, the law does not permit state government to legislate on the 13
percent derivation fund since it is in the Exclusive List. So far, President
Tinubu has been operating within the radar of the constitution, hence we
very much believe he will harken to our call and correct this age long
anomaly by paying the 13 percent derivation fund to the host communities
directly."

 

Vanguard.

 

 

 

 

Ethiopian Aviation University - Hub for African Aviation Excellence

Nigerian graduates of the Ethiopian Aviation University have strongly
recommended the institution to fellow Africans, highlighting its exceptional
training programs, state-of-the-art facilities, and highly qualified
instructors.

 

In an exclusive interview with The Ethiopian Herald, recent graduates
emphasized the university's commitment to providing top-tier aviation
education. Over 450 aviation professionals from 12 African countries,
including Ethiopia, recently graduated from the university.

 

Peter Akpan, an aircraft technician graduate, cited Ethiopian Airlines'
position as Africa's leading aviation group as a key factor in his decision
to study in Ethiopia.

 

"The welcoming atmosphere, coupled with excellent teachers and instructors,
made my learning experience truly enriching," Akpan said. "Before arriving,
I had limited aviation knowledge. However, my time here has provided me with
invaluable insights and expertise."

 

He further emphasized the university's strong reputation within the African
aviation industry, stating, "Addis Ababa is a wonderful city to live in, and
the university offers an excellent platform for building a successful career
within Africa and beyond."

 

Etowydo Fydoma, another Nigerian graduate, echoed these sentiments,
highlighting the university's practical approach to learning, which
effectively combined theoretical knowledge with hands-on experience.

 

"The opportunity to connect with individuals from diverse backgrounds has
been invaluable, not only for my current endeavors but also for my future
career," Fydoma stated. "The warm hospitality and rich culture of Ethiopia
have further enriched my experience."

 

Both graduates strongly encouraged aspiring aviation professionals across
Africa to consider the Ethiopian Aviation University as a premier
destination for their aviation education, emphasizing the numerous career
opportunities available to graduates both locally and internationally.

 

BY TSEGAYE TILAHUN

 

THE ETHIOPIAN HERALD WEDNESDAY 11 DECEMBER 2024

 

Ethiopian Herald.

 

 

 

 

Ethiopia: Nation's Gold Mining to Supercharge Economic Dev't - Premier

Ethiopia is making significant strides in gold mining and urban
infrastructure development, positioning itself as a hub for continental and
global investment opportunities, Prime Minister Abiy Ahmed (PhD) announced.

 

On his social media page, Abiy highlighted the transformative potential of
the gold mining industry, which has emerged as a major driver of economic
growth. The Shakiso and Guji areas, known for their abundant gold deposits,
are key to Ethiopia's mining activities. The inauguration of YMG Gold Mining
in Shakiso marks a turning point for the community, introducing
state-of-the-art, environmentally friendly mining technologies that
eliminate harmful chemicals.

 

The Premier also visited the operations of MIDROCGold, one of Ethiopia's
leading mining companies. He commended its significant contribution to the
nation's economy through high production volumes. Additionally, Abiy noted
the commencement of transformative gold mining investments in the Gambella
State, where small-scale and traditional gold mining practices are evolving
into large-scale, high-quality gold extraction projects.

 

In parallel, the Prime Minister lauded the Hawassa Corridor Development
Project, which exemplifies Ethiopia's capacity to modernize cities with
advanced infrastructure in record time. During the inauguration of its first
phase, Abiy noted the inclusion of innovative features such as walkways,
bicycle tracks, and public amenities.

 

"The government's role is to guide and mobilize citizens to execute these
projects," the Premier stated, citing the voluntary initiatives in Jimma
where residents renovated homes to align with the town's beautification
plans. He added that similar projects in Gondar, from Piassa to Azezo, will
enhance the town's appeal and boost tourism.

 

The Hawassa project is a landmark in urban infrastructure, second only to
Addis Ababa, reflecting Ethiopia's commitment to transforming its cities and
fostering sustainable development. With youth and natural resources as key
assets, PM Abiy expressed confidence in Ethiopia's potential to build a
prosperous future while fulfilling the promises made to the public ahead of
the next General Elections.

 

Ethiopia's gold sector is a key part of the economy, contributing to export
earnings, employment, and development. Meanwhile, the corridor development
project aims to address infrastructure needs while promoting a sustainable,
eco-friendly urban environment for residents and visitors.

 

Through its robust gold mining ventures and urban development initiatives,
Ethiopia continues to solidify its position as a leader in economic growth
and innovation on both continental and global stages.

 

BY ASHENAFI ANIMUT & YESUF ENDRIS

 

THE ETHIOPIAN HERALD WEDNESDAY 11 DECEMBER 2024

 

Ethiopian Herald.

 

 

 

Ethiopia: MoWE Increasing Renewable Energy Access to Transform Rural
Communities

The government is expanding renewable energy and mini-grids in rural areas
to ensure sustainable electricity access towards accelerating socio-economic
development, Ministry of Water and Energy (MoWE) announced.

 

MoWE State Minister's Advisor Gossaye Mengiste told the Ethiopian Press
Agency (EPA) that Rural Energy Program and roadmap have been prepared to
generate moreclean energy and expandmodern energy efficient stovesaccess to
the rural community.

 

It not only benefits women's economic and social lives, but also prevents
climate change and deforestation, he said.

 

According to Gossaye, the country's power generation capacity has reached
more than 6000 MW and the Ministry is still working to address electricity
access gaps in rural areas through mini-grid projects.

 

MoWE is not only supplying electricity, but also improving social and
economic advantages as the mini grid helps to enhance the community's
agro-processing, ensures food security and provides drinking water, he
noted.

 

In areas where the mini-grid does not reach, solar energy can play a
significant role in making energy accessible to all, Gossaye stated,
emphasizing that the effort is not just about lighting a light bulb, but
also making energy accessible to change the lives of communities.

 

Along the same vein, works are underway to ensure energy efficiency and
raise awareness among the community.According to the Advisor, access to
energy is still limited due to shortage of financial resources,
infrastructures, technological inputs, and human resources and so on.

 

He also mentioned that efforts are being made to make electricity accessible
to the community, taking into account the ability of the community to pay,
while energy policies are being revised to identify ways to provide
subsidies to those who cannot afford to pay bills.

 

BY ESSEYE MENGISTE

 

THE ETHIOPIAN HERALD WEDNESDAY 11 DECEMBER 2024

 

Ethiopian Herald.

 

 

 

 

Africa: Prosper Africa Closes Investment Deals to Create Jobs and Drive
Economic Growth

Washington, D.C. — Prosper Africa announces its support in facilitating
several healthcare investments and partnerships involving U.S. firms and
investors that are driving growth, innovation, and opportunities across
Africa. These transactions showcase Prosper Africa's critical role in
advancing U.S.-Africa trade and investment.

 

Alta Semper Capital (April 2024): Alta Semper closed a $44 million
transaction to expand high-quality healthcare in Egypt through Allmed, the
country's sole manufacturer of dialysis consumables. Prosper Africa provided
commercial due diligence to facilitate the deal, which the U.S.
International Development Finance Corporation (DFC) also supported. This
transaction benefits the company's U.S.-based investors and generates
profits that flow back into the U.S. economy. Additionally, Allmed's
procurement of advanced medical technologies from U.S. manufacturers boosts
exports and supports U.S. jobs in the healthcare supply chain.

Ilara Health (February 2024): Ilara Health secured $3.9 million in
pre-Series A funding to expand affordable healthcare for low- to
middle-income populations in Africa. Prosper Africa supported the deal with
market-entry analysis, investor introductions, and data-driven expansion
strategies. Ilara Health's American shareholder benefits directly from the
company's growth, while its partnership with U.S.-based Butterfly Network
drives demand for portable ultrasound devices. This boosts U.S. exports,
generates sales revenue, and supports manufacturing and sales jobs in the
U.S. healthcare industry.

 

LaPaire Glasses (January 2024): LaPaire Glasses raised $3.85 million in
funding to expand its affordable eyewear operations across Africa, operating
over 40 locations in seven countries. Prosper Africa contributed by
developing financial and investment models and conducting investor outreach.
The deal strengthens U.S. exports as LaPaire sources frames from FGX
International, an American company, which drives manufacturing and job
creation in the U.S. Additionally, LaPaire's involvement with U.S.-based
EYElliance expands market access for U.S. optical companies into Africa,
creating new business opportunities.

 

Africa Healthcare Network (November 2023): Africa Healthcare Network secured
$20 million to expand lifesaving renal care in East Africa. Prosper Africa
supported the deal through acquisition advisory and advocacy services. The
deal enables AHN to expand its reach and address the urgent needs of over
two million patients requiring renal replacement therapy. U.S.-based
ownership ensures profits flow back to the U.S. economy, benefiting key
stakeholders. AHN's partnership with DFC aligns with U.S. foreign policy
goals, while its procurement of dialysis equipment from U.S.-based Baxter
International supports American manufacturing and job growth. The deal also
boosts U.S. exports of medical equipment to Africa.

These investments, like others in Prosper Africa's portfolio, will create
transformative economic impacts in a key sector. Prosper Africa partnered
with CrossBoundary to support the aforementioned companies and investors,
thereby fulfilling its role in fostering job creation, infrastructure
development, and enhanced trade opportunities between the U.S. and Africa.

 

For further information on these transactions, contact
prospercomms at usaid.gov.

 

About Prosper Africa

 

Prosper Africa is a White House national security initiative dedicated to
increasing two-way trade and investment between African nations and the
United States. By facilitating strategic partnerships and leveraging the
resources of 17 U.S. government agencies, Prosper Africa strengthens
economic resilience, enhances regional stability, and promotes sustainable
development in line with U.S. strategic interests. Prosper Africa brings
together services from across the U.S. Government to help companies and
investors do business in U.S. and African markets. Since June 2019,the U.S.
government, in support of Prosper Africa, has closed 2,498 deals across 49
countries for a total estimated value of $120.3 billion.

 

Prosper Africa.

 

 

 

 

Nigeria: PMI Report - Contraction of Economic Activities Persists in
November - CBN

The Central Bank of Nigeria, CBN yesterday released its Purchasing Managers
Index, PMI Report for November which indicated contraction in economic
activities for the second consecutive month.

 

The report showed that out of the 36 subsectors surveyed during the month,
22 subsectors recoded decline in economic activities while 14 subsectors
recorded growth.

 

The Purchasing Managers' Index (PMI) survey is conducted to gauge the
direction of economic activities in the country. An index above 50.0 points
indicates an expansion in business activities, while below 50.0 points
indicates a contraction in business activities. An index of 50.0 indicates a
no-change situation.

 

According to the CBN, "The composite PMI for November 2024 stood at 48.9
index points, indicating contraction in economic activities for the second
consecutive month."

 

"The Industry Sector index contracted in the review month. The Services
Sector index indicated contraction in economic activities for the month
reviewed. Agriculture Sector index expanded in November 2024.

 

"All indicators of the Composite PMI recorded declines in the review period.
Output, New Orders, Employment, and Stock of Raw Materials stood at 49.6,
48.1 49.0 and 48.8 points, respectively indicating declines in composite
economic indicators.

 

"22 sub-sectors registered decline in economic activities with
Transportation & Warehousing reporting the highest decline. 14 subsectors
reported growth in economic activities with Transportation Equipment
reporting the highest growth during the review month."

 

The PMI report stated that, "The Industry Sector index, at 48.9 points
indicated a decline in industrial activities in November 2024.

 

"The New Orders, Employment and Stock of Raw Materials declined at 47.1,
49.3 and 49.1 index points, respectively, while Output grew at 52.0. The
Suppliers' Delivery Time index was slower at 49.1 index points in November
2024.

 

"Among the 17 subsectors surveyed, 10 recorded contraction, while the
remaining 7 indicated expansion. The subsector with the highest contraction
was Paper Products, whereas Transportation Equipment recorded the highest
expansion. "The Services Sector index, at 47.4 points indicated contraction
of activities in November 2024. The Business Activity (Output), New Orders,
Employment, and Stock of Raw Materials stood at 47.4, 46.8, 48.0 and 47.6
index points, respectively. These indices all indicate decline in the review
month.

 

"Among the 14 subsectors surveyed, 10 recorded contractions, while the
remaining 4 indicated expansion. The subsector with the highest contraction
was Professional, Scientific, & Technical Services, whereas Education
services recorded the highest expansion.

 

"The Agricultural Sector index, at 51.0 points indicated expansion in
agricultural activities in November 2024. Output, New Order, Employment and
Stock of Raw Materials all grew at 51.4, 51.2, 50.6 and 51.0 index points,
respectively in the review month.

 

"Among the 5 subsectors surveyed, 3 recorded expansion, while 2 contracted.
The subsector with the highest expansion was Crop Production, whereas
Fishing/Fish Farming recorded the highest contraction."

 

Vanguard.

 

 

 

 

Nigerians Groan As Cash Scarcity Compounds Hardship

A resurgence of widespread and intense cash rationing by banks have
compounded the severe economic challenges confronting Nigerians driven by
high prices of goods and services.

 

The House of Representatives, however, asked the Central Bank of Nigeria,
CBN, to urgently address the situation which has disrupted economic
activities, causing significant hardship to citizens.

 

Vanguard's investigation revealed cash withdrawal limits ranging from N5,000
to N10,000 in most bank branches for over-the-counter and automated teller
machine (ATM) transactions.

 

Bank customers who spoke to Vanguard across the country narrated bitter
experiences in withdrawing cash from the banks.

 

Bank officials, who spoke to Vanguard, attributed the development to limited
cash supply from the Central Bank of Nigeria, CBN, and a decline in cash
deposits by customers.

 

This development is in spite of a recent warning by the Central Bank of
Nigeria, CBN, which directed banks to ensure efficient cash disbursement to
customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify
its oversight roles to enforce this directive and ensure compliance.

 

Additionally, the CBN, in a circular signed by the CBN's acting Director of
Currency Operations, Solaja Olayemi, and its acting Director of Branch
Operations, Isa-Olatinwo Aisha, urged members of the public who are unable
to obtain cash Over-the-Counter or through ATMs at DMBs, to report such
instances using the designated reporting channels and format provided, the
CBN had also promised.

 

Lagos

 

Many banks visited in Lagos yesterday dispensed limited amounts of cash,
with some ATMs not functioning at all.

 

Vanguard's visit to a new generation bank at Ikotun revealed cash withdrawal
limit of N10,000 from the ATM and N10,000 for across the counter.

 

Other bank customers were allowed a withdrawal limit of N20,000 across the
counter and N20,000 limit for ATM. Non-customers of the bank could access
only N5,000.

 

Customers of a new generation bank were able to withdraw up to N10,000
across the counter and N20,000 from the ATM.

 

Vanguard also observed long queues at the ATM points of some of the bank
reflecting the severe difficulty of accessing cash.

 

At a new generation bank on 2nd Avenue in Festac, customers were only able
to withdraw N10,000 over the counter, while the ATM was not dispensing cash.

 

When Vanguard visited a new generation bank at Festac, only N20,000 was
given to customers over the counter, while the ATM had no cash. The bank was
deserted.

 

Our reporter observed a customer leaving the bank upon hearing he can only
withdraw N20,000.

 

However, for a new generation bank on 200 Road, Festac town, there was no
money available over the counter.

 

Meanwhile, their customers could withdraw N40,000 at N20,000 per withdrawal
from the ATM, while non-customers can withdraw N20,000 at N10,000 per
withdrawal.

 

Another bank on 200 Road had no money in their ATM, while over-the-counter
withdrawals were limited to N20,000.

 

Another new generation bank at 511 Road paid bank customers N100,000 over
the counter, while non-customers could get N25,000 at N5,000 per withdrawal.
However, as at 12:37 pm, the ATM had stopped dispensing.

 

A new generation bank at Mile 12 gave customers N40,000 over the counter,
but limited non-customers to N10,000. Sterling Bank in Ketu offered N20,000
over the counter and N50,000 through ATMs.

 

An old-generation bank limited cash withdrawals to N10,000 over the counter,
but offered up to N50,000 for withdrawals of N1,000 or more. Some customers
in the banking hall who requested between N30,000 and N50,000 in their
withdrawal slips were asked to complete another slip with a lower cash
withdrawal request in line with the limit of the bank which ranges between
N10,000 to N20,000.

 

Most of the banks showed cash limitation of N10,000.

 

Customers of the banks were allowed to withdraw the N10,000 at once but
non-customers withdraw N5,000 twice.

 

Lamenting, Mrs. Yetunde Usman, a bank customer said: "I don't have an ATM
card because the ATM terminals in these banks have swallowed three of my
cards this year. As a result, I stopped applying for cards and I only do
cash withdrawals from my bank."

 

Also expressing her frustrations, Miss Bamgbose Adura said: "You will have
to pay N200 to get N5,000. Before it was N100. This has pushed many people
to visit the banks. But the situation at the bank is worrisome."

 

A bank staff, who spoke to Vanguard on anonymity, said: "The Central Bank of
Nigeria, CBN, has not supplied us with cash. So, we have to give out the
little we have.

 

"Also, you know that many customers don't make deposits during this period.
They give cash to Point of Sales, PoS, and operators instead of bringing it
to the bank."

 

Why there is scarcity-- Bank staff

 

A staff of one of the banks in Festac told our reporter that the CBN is
experiencing cash crunch and as such, banks do not have cash available for
customers.

 

According to him, it keeps getting worse, and as at yesterday, their bank
was one of the financial institutions within the area that paid customers up
to N100,000.

 

Abuja

 

Investigations conducted by Vanguard at various bank branches in Abuja
reveals a grim picture of cash availability, with many banks allowing
customers to withdraw only minimal amounts both at the counter and via ATMs.

 

At a new generation bankcustomers reported being allowed to withdraw a
maximum of N5,000 over the counter, while others stated that the limit had
been increased to N10,000 at certain branches.

 

Similarly, an old generation bank was reportedly disbursing N10,000 per
customer at its counters.

 

Many customers expressed dissatisfaction, noting that the limits were
insufficient to meet their daily needs, especially given the prevailing
inflation and high cost of living.

 

ATM services did not fare any better. At several locations, customers had to
endure long queues, with many ATMs either out of service or dispensing
limited amounts of cash, often in smaller denominations.

 

Bank staff, speaking under anonymity, said: "We don't have enough cash to
meet the demands of our customers."

 

Ondo

 

Vanguard's investigation showed that customers find it difficult to obtain
sufficient cash over the counters and at ATMs across the state

 

The maximum amount dispensed by banks across the counter in Ondo State is
between N10,000 and N50, 000 while few the ATMs dispensed N20,000 to
customers and N50,000 to customers of other banks.

 

Findings, however showed that majority of the ATM terminal don't have cash
to dispense to customers who visited them.

 

Customers were asked by bank officials to collect larger amounts via POS
agents.

 

Speaking on the condition of anonymity, a bank official told Vanguard that
the development was due to the limited cash available in the banks.

 

According to him "The amount given to the banks are not enough to load ATMs.

 

"It was also discovered that many customers don't deposit their cash in the
banks hence the scarcity across the country."

 

Findings also showed that most POS operators have increased their charges
following the scarcity of cash.

 

One of the POS operator told Vanguard that they buy cash from filling
station attendants and BEDC operators to remain in business.

 

Ekiti

 

Despite the Central Bank of Nigeria, CBN's directives to Banks to make cash
available to customers in the country, findings by Vanguard in Ekiti show
that some customers are still experiencing significant difficulty obtaining
sufficient cash over the counters and at ATMs in commercial banks

 

A Point of Sales Operator, operating within Okesa market in Ado-Ekiti,
Rebecca Jinadu, said her bank only dispense N20,000 over the counter, saying
many were advised to use ATMs.

 

She said: "Whenever I get to the bank these days, they only give N20,000
over the counter but do advise us to use ATM which normally dispense between
N30,000 and N50,000".

 

Speaking with a customer at a popular commercial bank in the state, Joseph
Awe said the bank officials complained about limited cash, and customers
were given only N30,000 at the counter and ATM.

 

"I have been to the bank this afternoon, I wanted to withdraw N50,000 but
was given N30,000 instead."

 

One of the bank officials who pleaded anonymity, said the bank is currently
experiencing low availability of cash, with the assurance that customers
will have access to any withdrawal soon.

 

Oyo

 

Vanguard's visit to several banks in Ibadan, the Oyo State capital showed
growing frustration among customers over strict cash withdrawal limits and
lengthy waiting times.

 

Findings conducted by Vanguard yesterday revealed that customers were
allowed to withdraw a maximum of N10,000 over the counter and N20,000 via
ATMs, leading to widespread dissatisfaction among bank customers.

 

Many customers reported enduring long queues, with waiting times often
exceeding an hour.

 

At an old generation bank, Femi Adekunle, a small business owner, shared his
experience: "I arrived here before 9am, and I'm still in line. I just want
to withdraw cash for my business, but the limit is frustrating. I can't
operate effectively with just N10,000."

 

Chijioke, a customer at another bank, echoed the same sentiment, stating,
"N10,000 is hardly enough for anything these days. I don't understand why
the banks can't increase the limit. It feels like they're making it harder
for us to access our own money.'

 

At a new generation bank, a customer named Fatima expressed her
disappointment: "Every time I come here, it's the same story. The queues are
long, and I can't get the amount I need. It's really disappointing. I've
seen people leave without transacting because they just can't wait any
longer."

 

In addition to the withdrawal limits, numerous customers highlighted the
emotional toll of waiting. "It's exhausting," said Temitope, a regular
customer of a bank.

 

When approached for comments, bank staff at a new generation bank provided
insights into the rationale behind the withdrawal limits.

 

The staff, who preferred to remain anonymous, explained, "We understand the
frustrations of our customers, but these limits are in place for security
reasons and to manage liquidity. It's a company policy that we have to
adhere to."

 

Another employee at another bank acknowledged the long wait times, stating,
"We are experiencing higher customer volume than usual, and while we try our
best, staffing during peak hours is a challenge. We are working on
strategies to improve service delivery and reduce waiting time."

 

Ogun

 

Residents of Abeokuta, Ogun State capital are groaning following the
scarcity of cash that has hit banks across the country.

 

Investigations by our correspondent in Abeokuta revealed that bank customers
were disappointed when they could not get the required cash they needed for
their needs

 

Some of the bank customers who spoke with Vanguard said, the amount they got
was far below their expectations.

 

A trader, Mrs Funmi Adelani said she wanted to withdraw N150,000 from the
counter, but all she could get was N50,000.

 

She said: "This is the Christmas season and I need money for my business. My
intention is to get money for my business, but to my surprise, I was given
peanuts.

 

Another customer, who simply identified herself as Mary, said her intention
was to withdraw N100,000, but she ended up getting N50,000.

 

Also speaking, Mr. Adebola, said he was in the bank to collect N50,000, but
was able to collect N20,000.

 

Investigations at the ATM points, revealed that the maximum amount anybody
can collect is N40,000.

 

A visit to a new generation bank, revealed that a customer of the bank can
only receive N40,000 from the ATM per day, while customers from other banks
can only N20,000, as maximum withdrawal.

 

At an old-generation bank ATM point, customers and non-customers can get
N40,000. The only difference is that while customers can withdraw N40,000 at
once, customers from other banks can withdraw N10,000, four times to make up
for N40,000.

 

Officials of some of the banks visited, who spoke with Vanguard under the
condition of anonymity, attributed the situation to scarcity of cash in
banks.

 

They said the amount given to customers depends on the availability of cash
and the number of customers around.

 

They called on bank customers to make use of transfer for their business
transactions.

 

According to Semilore Titilope, a customer who was accosted at Wema Bank,
Mokola branch, the weekly limit that Wema Bank gives across counter is
N500,000 which translates to N100,000 per day while customers are also
allowed to collect N100,000 via ATM per day.

 

A banker confirmed it saying the fault is not from the bank but it is the
directive from the CBN which they must comply with.

 

Abia

 

Bank customers in Abia State also expressed frustration over N5,000 cash
withdrawal limit by some of the banks in the state.

 

One of the bank, customers was, however, allowed to withdraw up to N10,000.

 

One of the banks also allowed its customers to withdraw up to N10,000 but
could collect up to N40,000.

 

The withdrawal limit at the Market branch of an old generation bank at
Umuwaya Road by Okwulehie Street Umuahia is N5,000, but at its main branch
at Good Shed, it allows up to N20, 000.

 

In most of the ATMs, the highest withdrawal limit is N10,000.

 

Anambra

 

Bank customers in Anambra State said they no longer go to the banks to
request for cash withdrawals because that aspect of banking services had
since become a nightmare for them.

 

Most of the ATMs are also not functioning, leaving the customers with no
other choice than to patronize the Point of Sale, POS, operators whenever
they need cash.

 

The development has made banking halls in the state empty, except for those
making one remittance or the other.

 

At one of the banks inside the state secretariat, no customer is allowed to
withdraw more than N20,000 no matter how much is requested.

 

On inquiry, the bank workers simply said that there is no cash and referred
the customer to the ATM which also has not been functioning for some time.

 

Surprisingly, all the POS operators that stay very close to each other have
cash to dispense at exorbitant commission. For instance, most POS operators
in Awka now collect N300 for every N5000.

 

Ebonyi

 

Banks in Ebonyi State have been accused of hoarding cash to maximize profits
during the yuletide season.

 

Vanguard investigations revealed that bank customers who came from
hinterlands to withdraw cash for business and for the festivity met bricks
wall.Some bank customers who were stranded at the banks' premises said they
were told to withdraw only N10, 000 over-the-counter and N5,000 from ATM
depending on the bank while other banks paid N20,000 only from the counter.

 

One of the customers Mrs. Rose Nworie lamented that she deals in food stuff
and go to villages to buy food produce and needed over N500,000 but got
N20,000. Nworie said: "I came to this bank (name withheld) with intention of
withdrawing over N500,000 but the bank workers told me that there was no
money in the bank."

 

The Chairperson of the Ebonyi State Market Women's Association, Mrs. Nneka
Itumo said: "This trend has exacerbated the economic hardship faced by the
masses. The banks have started hoarding available cash, as they did last
year. Meanwhile, POS operators are maximizing profits at their customers'
expense."

 

Bayelsa

 

Vanguard's visit to commercial banks in Yenagoa, the state capital, revealed
that one of the old generation banks allowed cash withdrawal of N50,000
while the limit in other banks ranged from N10,000 to N20,000.

 

Also, many of the ATM kiosks within the banks' premises were not dispensing
cash to the public while the few with cash were dispensing between N10,000
and N20,000.

 

"This is really a disturbing situation," lamented, a customer who simply
identified himself as Gabriel. "I wonder where the Point-Of-Sale operators
are getting their own money from that a customer could get as much as
N100,000 from them whereas the banks are claiming they don't have cash."

 

Samuel Ese said: "Honestly, since the banks began this unprofessional
attitude, I have hardly gone to the banking hall or ATM machines. What I
devised is to rather do transfers whenever I could."

 

Edo

 

In Edo State, many banks customers cannot withdraw more than a certain
amount mostly N10,000 and when they want to use ATM, they can't collect more
than N40,000 in tranches.

 

A customer, who gave his name as Hassan said: "Since the naira redesign it
has been tough withdrawing money from our account. Things improved a bit but
in the last one month, my bank does not give more than N5,000 across the
counter. They say we either do ATM or transfers."

 

A banker told Vanguard that one of the reasons for the cash rationing is to
encourage cashless transactions.

 

"But in areas close to the markets such as Mission Road, Akpakpava, Mission
Road, New Benin, Oba Market areas, our branches there give more to
depositors because there are so many depositors in those market areas and
they pay to the banks.

 

"Another factor responsible for many branches not having enough money is
that many depositors now prefer to sell their cash to POS operators instead
bringing them to the bank as deposits."

 

Rivers

 

Customers in some commercial banks in Port Harcourt, Rivers State capital
complained bitterly over the internal policies of some banks to limit cash
withdrawals over-the-counter to a paltry sum of N10,000 only.

 

They also frowned at the non-availability of cash in some automated teller
machines, ATM, with some of them only dispensing cash between 9am and 12
noon from Monday to Wednesday.

 

In one of the most popular commercial banks located on Port Harcourt/Aba
road in Port Harcourt, a customer who simply identified himself as Craig
said in recent times, "my bank cannot give you more than N10,000 cash across
the counter. Sometimes, the ATM does not dispense cash.

 

"This frustration", he said "is the reason why many people now patronize POS
(point of sale) operators for their cash transactions".

 

Nasarawa

 

Commercial banks operating in Nasarawa State have limited cash withdrawals
for over-the-counter transactions to N10,000.

 

The banks however maintained the existing N20,000 daily withdrawal limit for
Automated Teller Machine, ATM, making it difficult for customers to access
funds.

 

Most of the banks' branches visited by Vanguard in Mararaba, Karu Local
Government Council of the state yesterday pegged withdrawal limits to the
above-mentioned amounts.

 

Bank customers were seen grumbling inside the bank halls following
frustrations occasioned by the withdrawal limit policy of the banks.

 

Some bank staff approached by our correspondent, who posed as a potential
customer in need of cash, attributed the customers' ordeal to inadequate
cash in the banks' vaults.

 

"We don't have cash; you are passing through this because even the banks
don't have cash themselves. We are just giving out what we have in the
banks," he said.

 

The development has led to an increase in the Point of Sale, POS charges,
with operators charging between N200 and N250 for N5,000 withdrawals and
N400 for withdrawals of N10, 000.

 

Similarly, to withdraw N20, 000 from POS, the operators charge N800 and
N1,600 for 40,000 respectively.

 

Akwa Ibom

 

Since mid-November, there has been a lamentation of the scarcity of cash,
especially by business operators in Uyo Akwa Ibom State capital.

 

Some POS operators who spoke on Tuesday lamented that also lamented that
getting cash from the banks has become a challenge in the past few weeks.

 

It was observed that the POS operators last week increased their charges by
N100.

 

One of them, who spoke on condition of anonymity, said: "It has become very
difficult for one to withdraw enough cash from the counter. But in most
cases, you will succeed in withdrawing the amount you need if you know
someone in the bank."

 

Reps to CBN: Address cash crunch

 

Meanwhile, the House of Representatives yesterday expressed concern over the
ongoing cash crunch in commercial banks across the country, calling on the
Central Bank of Nigeria, CBN, to address the situation which has disrupted
economic activities and caused significant hardship to citizens.

 

This followed a motion of urgent public importance moved by Uguru Emmanuel.

 

Moving the motion, Emmanuel highlighted the severe economic and social
implications of the cash scarcity, which has left many Nigerians unable to
access funds even for basic needs.

 

He noted that while economic growth relies heavily on consumer spending and
business investment, the persistent cash shortage has become a major
impediment to these activities.

 

The lawmaker recalled that the CBN in its policy directive of December 21,
2022, set cash withdrawal limits of N500,000 for individuals and N5 million
for corporate entities.

 

However, he observed that commercial banks have largely disregarded this
policy, often limiting cash withdrawals to as little as ¦ 10,000 or nothing
at all.

 

"Entrepreneurs and individuals are subjected to long queues, sometimes
spending days at banks without success. This situation has particularly
affected rural dwellers who rely on cash for transactions and lack access to
digital payment systems," Emmanuel lamented.

 

In its resolution, the House mandated the Committee on Banking Regulations
to investigate the cash crunch in commercial banks and report back within
one week.

 

The House directed the CBN to urgently address the cash scarcity if it was
not responsible for the shortage.

 

"That's why we are now charging N300 for N10,000 instead of N200 that we
have been charging. It is not our fault."

 

A customer of one of the old generation banks who identified himself as Mr.
Etuk said his banks recently limited cash withdrawals to N100,000.

 

"Sometimes they will pay you only N40,000 and ask you to use your ATM to
withdraw the remaining", Etuk added

 

Emmanuel Udoh Effion, a Uyo-based printing press operator, who banks with
one of the old-generation banks said: "This month of December the highest I
have been allowed to collect is N50,000 at the beginning of the month.

 

These days they allow between N10,000 and N20,000 maximum withdrawal over
the counter.

 

They say there is no money and they pressure customers to do transfers over
the counter instead.

 

Arita Essien, who operates POS service in Uyo told our reporter, "Business
has been difficult because at my bank, they won't let you withdraw more than
N20,000. That is on a good day.

 

Most time, they complain that there is no cash. They say they want to
encourage customers to embrace online banking and POS.

 

Some other staff would tell you there is not enough cash in circulation so
people should do their business with transfers.

 

The challenge makes us buy cash from traders and all sorts of people engaged
in daily cash transactions. But we keep wondering where people get all the
fresh mint cash they spray at weekend parties if banks say there is no
cash."

 

Vanguard.

 

 

 

 

Kenya Airports Authority to Build New VIP Section At JKIA

Nairobi — The Kenya Airports Authority (KAA) has issued a tender for the
development and management of a new Commercially Important Persons (CIP)
Terminal at Jomo Kenyatta International Airport (JKIA).

 

KAA in a notice said the move is aimed at enhancing VIP services at the
country's busiest airport.

 

The tender calls for expressions of interest (EOI) from eligible firms
interested in the project.

 

The project is expected to improve the airport's facilities by providing
exclusive, high-end services for dignitaries, business executives, and other
high-profile passengers.

 

A key part of the bidding process includes a mandatory pre-bid/site visit,
which is slotted for December 17.

 

"Request for Expressions of Interest (EOI) for Development and Management of
a Commercially Important Persons Terminal at Jomo Kenyatta Interna- tional
Airport."

 

"There shall be a Pre-Bid/ site visit on 17/12/2024 at Jomo Kenyatta
International Airport Parking Garage (Rooftop) at 10:00 am."

 

Firms looking to participate in the tender must attend the site visit to
familiarize themselves with the project's scope and requirements.

 

This move by the Kenya Airports Authority is seen as part of a broader
effort to modernize Kenya's airport infrastructure, aligning it with
international standards and improving the passenger experience for VIPs
traveling through JKIA.

 

The move comes on the back of cancellation of the Adani deals by president
William Ruto,a move that would have seen the Indian conglomerate construct a
new airport under a Public,Private Partnership (PPP) arrangement.

 

Before the deal's cancellation, Kenya's partnership with the Indian
conglomerate had sparked concerns among some Kenyans, who questioned the
group's credibility due to its past dealings with other countries.

 

Following the cancellation of a previous deal with the Adani Group, Ruto
assured that plans are underway to secure a new partner for the project.

 

Capital FM.

 

 

 

 

Nigeria: Govt Begins Payment of Delayed November Salaries

The federal government has commenced the payment of the delayed November
2024 salaries for civil servants, Daily Trust has learnt.

 

The delay followed a disruption attributed to the ongoing migration from the
Integrated Personnel and Payroll Information System to the Government
Integrated Financial Management Information System.

 

The delay affected ministries, departments, and agencies, which led to the
temporarily lost access to their funds for various programs and projects.

 

The Senior Staff Association of Nigerian Polytechnics voiced concerns in a
letter to its members, highlighting the financial strain caused by the
delayed payments.

 

The National President of SSANIP, Philip Ogunsipe, emphasised that timely
salary payments were critical for workers' survival, especially in the
current economic climate.

 

Confirming the payment, a teacher in a government school said she received
hers yesterday.

 

A civil servant in a parastatal under the Ministry of information said: "I
came to the point where I could no longer go to work and my kids almost
missed out on exams because of this delay.

 

"You can barely survive on the current salary."

 

Daily Trust.

 

 

 

 

Nigeria: We've Digitised Licence Permit Processes to Curb Corruption - NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed
that it has digitised the process of application for license permit by oil
companies in order to curb corruption in the system

 

Commission's Chief Executive, Gbenga Komolafe made the disclosure in Abuja
yesterday during the anti-corruption day celebration and the inauguration of
the Anti Corruption and Transparency Unit of the Commission.

 

According to him, "Permit processes have now been fully digitised to
minimise corruption. We have less human elements interfering in the licence
approval process as it is an open competitive bid that is only given to the
company that merits it.

 

"Also, As we carry out our activities we involve the anti graft agency and
security agencies to also supervise the process . The advantage is that the
Navy for instance will see the vessels coming to load and ensure that it has
been permitted to come into the country." He explained.

 

Komolafe added that the inauguration of the anti-corruption and transparency
unit was part of efforts to strengthen transparency in the commission.

 

In his keynote lecture, Femi Falana, noted that Nigeria has enough laws to
fight corruption but lacks the political will, while calling on the NUPRC to
do everything within its powers to ensure transparency in the upstream
sector.

 

Daily Trust.

 

 

 

 

The Onion's purchase of Alex Jones's Infowars rejected by judge

The sale of right-wing conspiracy theorist Alex Jones's Infowars website to
parody news platform The Onion has been rejected by a US bankruptcy judge.

 

After a two-day hearing, Judge Christopher Lopez ruled that an auction for
Infowars did not result in the best bids possible.

 

However, he rejected Jones' claims that the auction was plagued by
"collusion."

 

The Onion said the bid was secured with the backing of families of victims
of the Sandy Hook Elementary School shooting, who won a $1.5bn (£1.18bn)
defamation lawsuit against Jones for spreading false rumours about the
massacre.

 

 

Judge Lopez said the court-appointed bankruptcy trustee who ran the auction
made "a good-faith error".

 

Instead of quickly asking for final offers in the auction they should have
encouraged more bidding between The Onion and a company affiliated with Mr
Jones' supplement-selling businesses, he said.

 

"This should have been opened back up, and it should have been opened back
up for everybody," Judge Lopez said.

 

Jones was a fringe figure broadcasting in Austin, Texas in the 1990s and
later built an audience of millions with a mix of opinion, speculation and
outright fabrication.

 

The company makes most of its money through an online shop selling vitamins
and other products.

 

The company's – and Jones's – financial difficulties stem from broadcasts
made after the December 2012 attack on Sandy Hook Elementary School in
Newtown, Connecticut.

 

Twenty young children and six school staff were killed in the attack.

 

After the killings, Jones and guests on his broadcasts repeatedly called
into question whether the massacre actually occurred, floating conspiracy
theories about whether the murders were faked or carried out by government
agents.

 

At one point Jones called the attack "a giant hoax" and in 2015 he said:
"Sandy Hook is a synthetic, completely fake with actors, in my view,
manufactured
 I knew they had actors there clearly, but I thought they
killed some real kids, and it just shows how bold they are, that they
clearly used actors."

 

Believers in the web of conspiracy theories that Jones spun harassed the
families of the Sandy Hook victims, in some cases sending them pictures of
their dead children or of gravestones and posting their personal information
online.

 

Some travelled to Newtown to "investigate", and several people have been
arrested in connection with harassment of the victims.

 

Jones later acknowledged that the killings were real and insisted his
statements were covered by US free speech protections.

 

But relatives of the victims won defamation judgements against Jones and his
company over his false statements.

 

He declared bankruptcy in 2022 as the Sandy Hook case made its way to court,
and in June 2024, a judge ordered the liquidation of Jones's personal
assets. This included a multimillion-dollar ranch, other properties, cars,
boats and guns, in all totalling around $8.6m according to a court
filing.-bbc

 

 

 

 

Coffee price surges to highest on record

Coffee drinkers may soon see their morning treat get more expensive, as the
price of coffee on international commodity markets has hit its highest level
on record.

 

On Tuesday, the price for Arabica beans, which account for most global
production, topped $3.44 a pound (0.45kg), having jumped more than 80% this
year. The cost of Robusta beans, meanwhile, hit a fresh high in September.

 

It comes as coffee traders expect crops to shrink after the world's two
largest producers, Brazil and Vietnam, were hit by bad weather and the
drink's popularity continues to grow.

 

One expert told the BBC coffee brands were considering putting prices up in
the new year.

 

 

While in recent years major coffee roasters have been able to absorb price
hikes to keep customers happy and maintain market share, it looks like
that's about to change, according to Vinh Nguyen, the chief executive of
Tuan Loc Commodities.

 

"Brands like JDE Peet (the owner of the Douwe Egberts brand), Nestlé and all
that, have [previously] taken the hit from higher raw material prices to
themselves," he said.

 

"But right now they are almost at a tipping point. A lot of them are mulling
a price increase in supermarkets in [the first quarter] of 2025."

 

Italian coffee giant Lavazza said it had gone to great lengths to protect
its market share and not pass on higher raw material costs to customers, but
soaring coffee prices had eventually forced its hand.

 

"Quality is paramount for us and has always been the cornerstone of our
contract of trust with consumers," the company told BBC News.

 

"For us, this means continuing to tackle very high costs. So, we have been
forced to adjust prices".

 

At an event for investors in November, a top Nestlé executive said the
coffee industry was facing "tough times", admitting his company would have
to adjust its prices and pack sizes.

 

"We are not immune to the price of coffee, far from it," said David Rennie,
Nestlé's head of coffee brands.

 

Drought and heavy rain

The last record high for coffee was set in 1977 after unusual snowfall
devastated plantations in Brazil.

 

"Concerns over the 2025 crop in Brazil are the main driver," said Ole
Hansen, head of commodity strategy at Saxo Bank.

 

"The country experienced its worst drought in 70 years during August and
September, followed by heavy rains in October, raising fears that the
flowering crop could fail."

 

 

Line chart showing coffee futures prices for Arabica coffee in US dollars
per pound, from September 1972 to 10 December 2024. The price starts at
roughly 50 cents per pound and climbs to a high of just over $3.00 in 1977.
It then fluctuates between roughly 50 cents and $2.50, until hitting a
record high of $3.44 on 10 December 2024.

It is not just Brazilian coffee plantations, which mostly produce Arabica
beans, that have been hurt by bad weather.

 

Robusta supplies are also set to shrink after plantations in Vietnam, the
largest producer of that variety, also faced both drought and heavy
rainfall.

 

Coffee is the world's second most traded commodity by volume, after crude
oil, and its popularity is increasing. For example, consumption in China has
more than doubled in the last decade.

 

"Demand for the commodity remains high, while inventories held by producers
and roasters are reported to be at low levels," said Fernanda Okada, a
coffee pricing analyst at S&P Global Commodity Insights.

 

"The upward trend in coffee prices is expected to persist for some time,"
she added.-bbc

 

 

 

 

General Motors pulls plug on robotaxi business

General Motors has announced that it will stop funding the development of
the Cruise self-driving taxi.

 

The company says it will now "refocus autonomous driving development on
personal vehicles".

 

GM also pointed to the increasingly competitive robotaxi market as a reason
for the move.

 

In October, Tesla boss Elon Musk unveiled the electric car giant's
long-awaited robotaxi, the Cybercab, at the Warner Bros Studios in Burbank,
California.

 

 

GM attributed the change of strategy to "the considerable time and resources
that would be needed to scale the business".

 

The company did not say how many Cruise employees could be moved over to GM.

 

GM, which owns about 90% of Cruise, said it has agreements with other
shareholders that will raise its ownership to more than 97%.

 

In December 2023, Cruise said it would cut 900 jobs, about a quarter of its
workforce.

 

Cruise had earlier pulled all of its US vehicles from testing after
California halted its driverless testing permit.

 

In October 2023, one of its vehicles hit a pedestrian and dragged her for
more than 20ft (6m), leaving her seriously injured.

 

Cruise admitted to submitting a false report to the National Highway Traffic
Safety Administration in connection to that crash, resolving a criminal
investigation last month.

 

Federal prosecutors said Cruise employees did not include a description of
the pedestrian being dragged as part of their account on the morning after
the incident.

 

Cruise co-founder Kyle Vogt left the company a few weeks later.

 

On Tuesday, following GM's announcement, Mr Vogt posted on the social media
platform X "In case it was unclear before, it is clear now: GM are a bunch
of dummies."

 

The Detroit-based manufacturer's chief executive Mary Barra has previously
predicted that the Cruise business could generate $50bn (£39bn) in annual
revenue by 2030.

 

Rival motor manufacturing firms have also struggled with projects to build
autonomous vehicles.

 

In 2022, Ford and Volkswagen announced that they would shut down Argo AI,
their self-driving car joint venture.

 

Meanwhile, the emerging robotaxi industry has long attracted major players.

 

As well as Tesla, competitors to create self-driving cabs include Waymo, a
subsidiary of Google's parent company Alphabet - and technology giant
Amazon.-bbc

 

 

 

 

 


 


 


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Companies under Cautionary

 

 

 


 

 

 

 


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report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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