Major International Business Headlines Brief::: 07 February 2024

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Major International Business Headlines Brief:::  07 February 2024 

 


 

 

	
 


 

 


 

ü  Tanzania: Imported Sugar Supply Begin to Ease Shortage, Cool Prices

ü  Sudan: RSF Denies Being Behind Communication Blackout in Sudan

ü  Nigeria: Bonga Oil Spill - Niger Delta Communities Protest in Abuja Over
$3.6bn Shell Award

ü  Namibia: Unemployment Crisis Needs Urgent Action

ü  Ghana: Ex-President Mahama Promises to Bring Economy Back On Track

ü  Nigeria: Increase in School, Medical Tourism Putting Pressure On Naira -
CBN Governor

ü  Ghana: Puma Energy Ghana Reiterates Commitment to Enabling Access to
Energy

ü  Ghana: Mofa Ordered to Disburse Gh¢1.4m Compensation to Poultry Farmers

ü  Nigeria: Cardoso, CBN and the Nigerian Economy

ü  Ghana: Protect Financial Data From Cyber-Attack - Veep

ü  Boeing: Bolts missing from door, says blowout report

ü  DBS: Singapore's biggest bank cuts executive pay after outages

ü  ESPN, Fox and Warner in US sports streaming tie-up

ü  WeWork's ousted boss plots buyback of bankrupt firm

ü  Facebook and Instagram to label all fake AI images

 


 

 


 <https://www.cloverleaf.co.zw/> Tanzania: Imported Sugar Supply Begin to
Ease Shortage, Cool Prices

THE sugar shortage that drove prices to record highs is finally poised to
ease as distribution of imported sweeteners began on Monday to fill in the
supply gap.

 

The Minister for Agriculture, Hussein Bashe said on his X account that a
consignment of imported sugar had begun to be distributed in various areas
in the country at the indicative prices.

 

"I am pleased to inform you that the imported sugar has started to be
supplied in the market today (yesterday), said the minister on his X account
on Monday.

 

He said sugar supply would return to normal after local producers acted
swiftly to import part of 100,000 tonnes as approved by the government early
this year.

 

He said the consignment imported by Kilombero Sugar Company, one of the
sugar producers in the country has started to be distributed.

 

"I know the challenge of price still exists and there are places where
traders do not follow the indicative price. We have arrested some of the
traders and we have started the process of revoking their licenses," he
stated.

 

 

Mr Bashe said that the government would review the law and the entire system
of trading the sweetener from its production in the factories to the
consumer, to make sure the benefit remains mutual to both consumer and
producer.

 

Either, the government asked the producers to make sure they open depots in
regions and remove the monopoly of a few distributors who hoard the product
and create an artificial shortage.

 

"We will review the sugar production law to create the best and friendly
environment to protect consumers and producers together with fair
competition for all.

 

"We are responsible to protect the producer and also to protect the
consumer. I have asked the regional authorities to monitor this and I have
instructed each company to advertise its agents in the media outlets so that
the public can get to know them.

 

 

Moreover, Mr Bashe urged Tanzanians to be calm as the government is taking
action as well as the Sugar Board of Tanzania (SBT) continues to manage the
process to control and take to task those who are taking advantage of the
shortage.

 

He said the sugar industry legally has a monopoly system, which the
government will review without affecting the Tanzanian's jobs.

 

On his part, the Kilombero Sugar Company Business Director, Mr Fimbo Butalla
explained to the minister that the sugar that was imported was sold at
2,530/- per kilogramme.

 

"We have sold the imported sugar at the recommended price of 2,530/- a kilo.
We have sold it to our big agents and we do not expect them to sell at a
higher price to benefit themselves.

 

"We make sure and monitor the whole trend and we have every reason to follow
up with our agents until we finally see the price they are selling," said Mr
Butalla, adding that the company management will not hesitate to revoke any
who will be implicated charging illegal price hike.

 

Furthermore, Mr Butalla recommended to the government to remove taxes that
caused the higher price of sugar.

 

"We are thankful that the government has been able to remove the taxes that
were causing the price of sugar to be high. This shows how the government
loves its citizens," said Butalla.

 

"I would like to assure the people that this is a transitional situation
because our factory (Kilombero) is in the process of having a large factory
that will be able to add more production than 100, 000 tonnes.

 

Early January this year, Mr Bashe on his X account stated that "Although
rain is still pouring affecting production areas, factories are continuing
with production. We will continue watching closely at the production and I
assure you that within 30-60 days, stability will return and sugar prices
will be stable because we will have reached a better place".-Daily News.

 

 

 

 

Sudan: RSF Denies Being Behind Communication Blackout in Sudan

Port Sudan / Khartoum — Zain's telecommunications and Internet service
returned for a short while to Port Sudan yesterday evening after a day-long
outage, while Sudani and MTN continued to be cut across the country for the
third day.

 

A listener reported to Radio Dabanga from the Red Sea state capital Port
Sudan this morning that he managed to pay for a ticket online within the
short time Zain services returned yesterday evening. "This morning, Zain had
disappeared again."

 

A source in Rabak, capital of White Nile state, reported that the Zain
network "has been far from stable in the past couple of days".

 

The Sudanese Telecommunications and Postal Regulatory Authority (TPRA)
yesterday accused the Rapid Support Forces (RSF) of shutting down work at
the data centres of the El Sudani and MTN providers since Saturday.

 

In a press statement, the TPRA also accused the RSF of forcing Zain
technicians to stop its services in River Nile State and the Red Sea state
capital of Port Sudan, where the de facto government and most organisations
moved to after the war between the Sudanese army and the RSF erupted in
April last year. The RSF allegedly threatened to stop the Zain services in
the entire country.

 

 

The data centres of communications providers Zain, El Sudani, and MTN are
located in central Khartoum that came under control of the RSF on the first
day of the war, April 15.

 

The authority stated that the disruption of the Zain communications and
Internet network in Port Sudan caused "a complete paralysis in the issuance
of passports and banking transactions".

 

It further noted the suspension of a communication blackout for months in
the western parts of the country. "Communications there have been suspended
in several Darfuri cities and towns because of burned wireless towers, fibre
vandalism, power cuts and fuel shortages."

 

The Sudanese Fikra organisation on Sunday noted the "disastrous
consequences" of the "complete mobile and internet blackout in multiple
areas" in the country, as the Internet forms "a lifeline for millions of
Sudanese civilians both in and out of the country who depend on it for
humanitarian relief and money transfers as a means of survival".

 

 

Denied

 

Many Sudanese accuse the RSF of being behind the current interruption of the
El Sudani and MTN services.

 

Mohamed El Mukhtar, legal adviser to RSF Commander Mohamed "Hemedti' Dagalo,
denied the accusations, saying that the El Sudani and MTN companies
announced this weekend that the services were stopped as a result of
technical failures and that they are working to address it.

 

In an interview with Radio Dabanga, El Mukhtar accused the Sudanese Air
Force of bombing vital sites and infrastructure, including
telecommunications companies' headquarters and towers, in Khartoum state and
surroundings. "They bombed the El Jeili oil refinery four times."

 

The months-long blackout in large parts of Darfur and Kordofan is also a
result of the Sudan Armed Forces (SAF) destroying wireless towers while
bombing RSF positions, he said.

 

Politics

 

Regarding the accusations by the TPRA, the RSF advisor reacted by saying
that the authority is affiliated with the army. "The accusations are
politically motivated because the SAF commanders are linked with members of
the former Al Bashir regime" he stated. "Moreover, we wonder about the
reasons why the TPRA did not issue statements about the blackout in Darfur
and Kordofan."

 

He ridiculed the accusation of the RSF of forcing technicians to cut off the
services to Port Sudan and River Nile state. "We do not target our people.
The RSF controls the areas of the telecommunication companies since the
outbreak of the war. If we had wanted to cut of telecommunications and
Internet services, we would have done it from day one."

 

Communications and internet networks in large parts of Darfur have been cut
off for months by the ongoing war, and parts of Kordofan, especially
southern and western Kordofan, have been cut off for more than a month.

 

People in large parts of Darfur and Kordofan are now using the Starlink
satellite service, though the connection costs for one hour range from
SDG1,000* to SDG3,000.

 

* The middle rate of the US Dollar at the Faisal Islamic Bank in Sudan today
stands at SDG1,104, while the greenback yesterday traded on the parallel
market for SDG1,170 to SDG1,200.

 

-Dabanga.

 

 

 

 

Nigeria: Bonga Oil Spill - Niger Delta Communities Protest in Abuja Over
$3.6bn Shell Award

Some members of the Niger Delta communities affected by the 2011 Bonga oil
spill staged a protest at the Federal Ministry of Justice in Abuja,
demanding the enforcement of the award against oil giant, Shell.

 

Some Nigerians from Niger Delta on Monday called on President Bola Tinubu to
compel Shell Nigeria Exploration and Production Company Limited (SNEPCo) to
pay $3.6 billion awarded to them as compensation for the 2011 Bonga oil
spill.

 

The group staged a protest at the Federal Ministry of Justice in Abuja,
demanding the enforcement of the award.

 

The protesters led by Federal Johnson implored the government to intervene
and ensure Shell was made to fulfil financial obligations before leaving the
country.

 

The Bonga oil spill occurred on 20 December 2011, during Shell's exploration
activities in OML 118, located 120 kilometres off Nigeria's coast in the
Gulf of Guinea.

 

 

The rupture of Shell's export line connected to the Float Production Storage
and Offloading (FPSO) vessel led to the release of approximately 40,000
barrels (6.4 million litres) of crude oil into the sea, as reported by the
National Oil Spill Detection and Response Agency (NOSDRA).

 

Over communities across Niger Delta states, particularly, Akwa Ibom, Bayelsa
and Delta were said to be affected by the oil spill.

 

In response to the spill, NOSDRA imposed a $1.8 billion compensation for
environmental damages and loss of income on affected communities, and
another $1.8 million as a punitive penalty. The liability totalled $3.6
billion.

 

Shell contested the award at the Federal High Court in Lagos, arguing that
NOSDRA's enforcement encroached on judicial and legislative powers.

 

But despite Shell's objection, the court in its judgement, delivered on 24
May 2018, upheld NOSDRA's authority to impose fines, rejecting the company's
claims of constitutional violations.

 

 

The judge, Mojisola Olatoregun, said in the judgement that Shell's
preference for litigation over compliance with court orders was evident.

 

The judgement affirmed NOSDRA's duty to assess damages and enforce
penalties.

 

"The Federal High Court in Lagos directed SNEPCo to pay, but they prefer
litigation as this strategy would enable them to utilise the money they
collected from the insurance company and subject us to perpetual abject
poverty," Mr Johnson, the leader of the protesters, said on Monday.

 

Protest

 

The protesters, during their peaceful procession at the Federal Ministry of
Justice in Abuja on Monday, carried placards with messages urging Shell to
respect the court's decision and compensate them before exiting Nigeria.

 

 

"We believe that either the government agencies purporting to deal on our
behalf have been compromised or they are deliberately conniving with SNEPCo
to frustrate payment of our compensation to us.

 

"We therefore call on policy and decision makers and in particular our dear
president, Chief Bola Tinubu to come to our aid for a quick resolution of
this matter which has lingered since 2011," Mr Johnson said.

 

The Attorney-General of the Federation and Minister of Justice, Lateef
Fagbemi, was not available to address the protesters. But a woman,
presumably an official of the ministry who refused to identify herself,
received a signed protest letter from the protesters on behalf of the
minister.

 

Health risks, destruction of livelihood

 

Mr Johnson later, in a telephone call with our reporter, expressed
frustration over the lack of communication from the EFCC on the outcome of
its investigation.

 

According to him, the oil spill has devastated their livelihoods, rendering
fishing impossible due to environmental damage and exposing them to various
forms of health risks.

 

"The oil spill has destroyed many livelihoods. We can't go fishing, even
though we do use the water a times to bath, but the oil spill has destroyed
everything. So we can't fish because fishes can't survive the oil spill.

 

"Spill occurrences do bring different diseases like cough, catarrh and
malaria which are affecting our people. We have been fighting them to pay
compensation since 2012 but nothing has been done even after the judgement
of the federal high court," he said.

 

EFCC accused of cover-up

 

Among their grievances, they said the refusal of the Economic and Financial
Crimes Commission (EFCC) to disclose the findings of its investigation into
the insurance funds released to SNEPCo for compensation.

 

"The EFCC invited the valuer and some other people as they investigated the
payment, but since then, we have not heard anything from them. The valuer is
from the government

 

"We are now begging the government to use their office to call them to order
so that they can pay the money to us, because is the authority of the
country."

 

"Now SNEPCo are planning to leave the country, but before they leave, they
should pay us our money," Mr Johnson said.

 

When contacted by PREMIUM TIMES, EFCC spokesperson, Dele Oyewale, declined
to speak on the issue raised by the protesters.

 

But another top official of the agency who asked not to be named to speak on
the issue without authorisation said there is a limit to what EFCC can do
concerning the issue because it is a civil matter.

 

The source recalled that the Supreme Court of the United Kingdom had in May
2023 delivered a ruling in favour of Shell concerning the matter. However,
the substantive claim of the affected communities is said to still be
pending in a UK court.

 

"The matter brought to EFCC by the host communities does not involve
allegations of financial crime," the source stated. "It is a civil matter
that should ideally be resolved directly between the parties involved."

 

The source reiterated that the commission's mandate primarily encompasses
matters related to financial crimes. "The matter they brought to EFCC is a
civil matter, which respectfully, should be resolved between the host
communities and the affected oil company. They never brought up any issue of
financial crime. It's not everything you bring to the EFCC."

 

-Premium Times.

 

 

 

 

Namibia: Unemployment Crisis Needs Urgent Action

Namibia is facing a severe unemployment crisis that demands immediate
attention from all sectors of society. The high rate of unemployment is not
only a significant concern for individuals and families, but also poses a
threat to the peace, stability and economic prosperity of the entire nation.
There is an urgent need for comprehensive strategies to combat unemployment
before the situation worsens.

 

Current landscape

 

Namibia's existing initiatives to address unemployment require scrutiny. It
is crucial to assess whether these initiatives are yielding the desired
results, and to implement proper monitoring and evaluation mechanisms. One
glaring issue is the mismatch between the courses offered by universities,
and the actual needs of the labour market. For instance, the oversupply of
primary education teachers is creating a surplus in the workforce, leading
to a scarcity of job opportunities in this field.

 

 

Alignment

 

Universities must collaborate closely with the labour market to identify the
skills needed in specific areas. A unified understanding between educational
institutions and industries can prevent the overproduction of graduates in
fields with limited job opportunities.

 

New industries

 

Urgent efforts are needed to identify and invest in emerging industries
which can absorb a significant portion of the unemployed workforce.
Government support, incentives, and collaboration with the private sector
are essential in fostering the growth of these industries.

 

 

Youth Entrepreneurship and Empowerment: Create a conducive environment for
youth to engage in entrepreneurial activities by providing mentorship
programmes, funding and resources. Encourage a shift in mindset among the
youth towards productive ventures, steering them away from unproductive
activities.

 

Research

 

Conduct in-depth research to uncover all factors contributing to
unemployment, including those that may not have been identified yet.
Encourage collaboration between government agencies, academia, private
enterprises and civil society to pool resources and expertise.

 

Public awareness

 

Raise public awareness about the urgency

 

of the unemployment crisis, and the potential consequences if left
unaddressed. Promote a sense of unity and shared responsibility, emphasising
that solving unemployment

 

is a collective effort involving all sectors of society.

 

Namibia stands at a critical juncture where decisive action is imperative to
prevent the unemployment crisis from worsening. It is essential to recognise
that unemployment is not solely a government problem; it requires the
concerted efforts of all stakeholders to bring about positive change.

 

The time to act is now, as addressing unemployment is not only a matter of
economic importance, but also a prerequisite for maintaining peace and
stability in the country.

 

*Mwaala Shaanika has a Master's degree in public policy and management, a
post-graduate diploma in procurement management, Honours degree in Business
Administration and an Economics degree. This article is written in his
personal capacity.

 

-New Era.

 

 

 

 

Ghana: Ex-President Mahama Promises to Bring Economy Back On Track

Former President, Mr John Dramani Mahama has pledged to initiate innovative
policies to revive Ghana's ailing economy for growth when elected as
President in this year's general election.

 

He said the recent crisis being confronted by the country was attributed to
lack of political will and leadership to undertake measures to forestall the
worsening economic situation here in Ghana.

 

The Ex-Ghanaian leader who is also the flagbearer of the National Democratic
Congress (NDC) was addressing chiefs and traditional leaders at the Upper
East Regional House of Chiefs in Bolgatanga at the weekend, said the next
NDC government would relieve Ghanaians from the nuisance taxes imposed on
them by the governing New Patriotic Party (NPP).

 

 

The former President's visit to the region forms part of his Building Ghana
tour.

 

According to him, his proposal to implement a 24-hour economy to rejuvenate
the economy and make life bearable to the ordinary citizen was as a result
of broader consultations he had with pre-eminent stakeholders, and he would
redeem his pledge in that direction to salvage the insurmountable economic
woes, if voted into power at this year's general elections.

 

"We in the NDC always take the trouble to go round the country and interact
with the people of all walks of life to find out what they want the NDC to
do if they win political power. And we have adopted that practice, and the
people themselves tell us their challenges so we capture them in our
manifesto," former President Mahama indicated.

 

 

Mr Mahama criticised the government for mismanaging the economy, alleging
that the country was going through tougher times because of the excessive
borrowing "and let no one tells you otherwise."

 

He said the country's economic crisis was self-inflicted because government
in the last seven years had borrowed top the tune of $13.5 billion, saying
all the monies went into consumption rather than production.

 

Former President Mahama said the economy was already incapacitated, and
could not thrive under monstrous debts.

 

According to him, the government had turned deaf ears to calls from
independent-minded personalities to cut expenditure to reduce the growing
public debt.

 

"Government has decided to impose heavy taxes on the people to pay off its
debts, and when you impose so many taxes on the people, the economy stops
growing," he explained, and urged Ghanaians to vote out the NPP during the
upcoming general elections to save the economy from collapse.

 

The President for the Regional House of Chiefs and Paramount Chief for the
Chiana Traditional Area, Pe Detundini Adiali Ayagitam III, appealed to the
NDC flagbearer to intervene to bring peace to Bawku, as two factions had
been locked up in a chieftaincy dispute since November 2021.

 

The disturbances, he stated, had claimed hundreds of lives, adding that the
crisis there had erupted into proportions beyond human imaginations.

 

In a related development, MrMahama paid a courtesy call on the Paramount
Chief of Bawku, Zug-Ran Naba Asigri Abugrago Azoka II, and made a clarion
call to the two factions to allow peace prevail.

 

-Ghanaian Times.

 

 

 

 

Nigeria: Increase in School, Medical Tourism Putting Pressure On Naira - CBN
Governor

The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has
said that the increase in exchange rate between the naira and dollar is due
to the increase in Nigerian students who study abroad and medical trips
embarked on by Nigerians.

 

Cardoso stated this during the ongoing sectoral debate put together by the
House of Representatives on Tuesday in Abuja.

 

According to him, the high cost of living still remains a concern adding
that the CBN is working to bring lasting solutions and to bring down the
inflation to 21.4 percent through improved agricultural productivity.

 

 

"Volume on transactions on our market was over 800 million dollars. The cost
of living still remains a concern. The urgency of the matter is not lost on
us. We are working to bring lasting solutions. CBN working at bringing down
Inflation to 21.4 percent aided by improved agricultural productivity.

 

"To address exchange rate volatility we will improve liquidity. These come
with economic costs, which are temporary.

 

Exchange rate

 

"There's increasing demand for dollars with an increase in Nigerian students
studying abroad, projected to have exceeded 100,000 by 2022. Given this
data, 28.6bn dollars. Education and medical tourism also leading to
increasing demand for dollars.

 

The Executive Chairman of Federal Inland Revenue Service (FIRS), Zacch
Adedeji while also speaking at the sectorial debate, said that the federal
government has no plans to increase tax but to re-strategise in ways that
will yield positive and more results.

 

 

'We plan to collect N19.2trn'

 

We are not going to increase any tax but to re-strategise to bring more
people into the tax net and that has led to restructuring. The focus of Mr.
President is not to tax but to tax return on investment.

 

The Minister of Budget and National Planning, Atiku Bagudu also speaking on
the state of the economy said that the current economic challenges faced
have been looked into with a strategic plan to resolve the challenge.

 

"We will overcome the challenges of the moment. People will be
inconvenienced, but things will get better as the government implements the
reforms.

 

Minister of Finance, Wale Edun while speaking said that the country is where
it is at the moment due to a series of economic policies over the years,
adding that the cost of living has spiked as a result of inflation.

 

"We are where we are today as a result of a series of economic policies over
the years.

 

He however said, the president has promised to take measures that will
address major stumbling blocks to the nation's economic growth.

 

He further stated that oil production has steadily increased as a result of
improved security in oil-producing areas and the fight against oil bunkering
and other criminalities in the area.

 

According to him, the measures have increased investor confidence in the
sector while the nation improves its crude oil output.

 

He said inflation, exchange rate fluctuations, and other factors are also
being addressed while agriculture is being strengthened for maximum
production and non-oil sector economic diversification.

 

He added that, as things improve, many sectors will pick up and drive the
economy.

 

He therefore called on Nigerians to be calm, confident and have faith in the
ability of the government to turn around the economy for the citizens to
prosper.

 

-Vanguard.

 

 

 

Ghana: Puma Energy Ghana Reiterates Commitment to Enabling Access to Energy

Puma Energy Ghana, a leading energy company, has reiterated its commitment
to enabling access to energy and specifically, clean cooking solutions.

 

Mr Zwelithini Mlotshwa, General Manager, Puma Energy Ghana, who disclosed
this when the U.S. Environmental Protection Agency (EPA) Administrator,
Michael S. Regan, visited the company's affiliate Liquefied Petroleum Gas
(LPG) bottling facility in Tema said "LPG is a safe, convenient and
cost-effective way to energise our communities; to enable cleaner cooking,
and reduce the negative impacts of burning traditional cooking fuels."

 

 

Puma Energy's LPG bottling plant located in Tema is a US$6 million
state-of-the-art facility with the capacity to deliver 1200 cylinders of
various sizes per hour.

 

The plant will enable the rollout of the Cylinder Recirculation Model (CRM)
initiative in line with the Ghanaian government's agenda to encourage the
use of LPG in order to attain a penetration target of 50 per cent by 2030,
ensure safety, and accessibility, and improve energy efficiency.

 

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He said "Beyond domestic use, LPG is a vital energy source for commercial
and industrial applications, including hotels, restaurants, hospitals
schools, and shopping malls."

 

The visit, attended by Mr Michael S. Regan, the Second Lady, Mrs Samira
Bawumia, and U.S. Ambassador to Ghana, Virginia Palmer, was aimed at
familiarising them with Puma Energy Ghana's LPG operations and the important
role it plays in enabling access to LPG in Ghana.

 

 

Mr Regan acknowledged the importance of enabling access to sustainable
energy saying "Access to clean and affordable energy is essential for
economic development, reducing poverty, and mitigating the effects of
climate change."

 

The U.S. Ambassador emphasised the importance of public-private partnerships
to achieve the UN Sustainable Development Goals.

 

"It's essential to invest in clean cooking solutions. Working together with
government entities and stakeholders, we can create positive change and
improve the lives and health of the Ghanaian people," she said.

 

In sub-Saharan Africa, where an estimated 970 million people lack access to
clean cooking fuels and technologies according to the International Energy
Agency (IEA), LPG plays a vital role in the energy mix.

 

Many households rely on solid fuels such as wood and charcoal, or kerosene,
which leads to environmental and health hazards.

 

Household air pollution, predominantly from cooking smoke, is linked to 2.5
million premature deaths globally, while the use of wood also contributes to
deforestation.

 

-Ghanaian Times.

 

 

 

 

Ghana: Mofa Ordered to Disburse Gh¢1.4m Compensation to Poultry Farmers

The Ministry of Food and Agriculture (MoFA) has been given a month ultimatum
to disburse compensation totaling GH¢1.4 million to farmers, who had their
poultry birds destroyed due to the outbreak of Highly Pathogenic Avian
Influenza disease, between 2015 and 2018.

 

Out of the 41 farmers, only 16 have been paid compensation so far, although
the money had been released to the MoFA for onward payment to beneficiaries,
since 2022.

 

The Public Accounts Committee (PAC) of Parliament issued the ultimatum in
Accra yesterday, when officials of the MoFA appeared before the committee,
to provide responses to audit infractions captured in the 2022 Auditor
General's report.

 

 

The report found that following the release of GH¢1,999,768.10 by the
Ministry of Finance for the payment of compensation to farmers affected by
the outbreak of disease from 2015 to 2018, only GH¢191,730.00 was paid to 10
farmers, leaving GH¢1,808,038.10 unaccounted for.

 

In response, Abdul Rashid Tahiru, Financial Controller, MoFA, noted that
following the audit, an additional GH¢345,000 had been paid to some affected
farmers, who presented the birds' destruction certificate.

 

He explained that the farmers, who were yet to receive compensation, failed
to submit the relevant documentation, including the destruction certificate
and personal bank details for onward processing for payment.

 

 

Mr Tahiru said the release from the Ministry of Finance covered birds
destroyed from 2015 to 2018 and 2021 due to the outbreak of the disease.

 

He added that "currently, we have paid compensation to all the farmers who
had their birds destroyed in 2021. Those yet to be paid were affected in
2015 to 2018 and we are expecting them to submit the necessary documentation
to MoFA for onward payment."

 

Queried on whether the farmers were aware of the release of the money, Mr
Tahiru, said all regional veterinary officers were directed to inform the
farmers of the availability of the compensation for them to contact the MoFA
for payment.

 

Deputy Minister of MoFA, Yaw Frimpong Addo, said although the ministry took
inventory of all the farmers, the presentation of the document was a
requirement before payment could be effected.

 

He gave the assurance that the MoFA was prepared to transfer the
compensation (money) to the affected farmers.

 

Not satisfied by the responses, Chairman of PAC, Dr James Klutse Avedzi,
directed that the MoFA complete the payment of compensation within a month
to the farmers who were going through various challenges.

 

He asked MoFA to intensify efforts and pay affected farmers their
compensation, to avoid the impression that government was not doing anything
after destroying the birds.

 

"We are giving you one month to complete the disbursements to these affected
farmers. The money is idling in the ministry's account with the value going
down while at the same time, our farmers suffer," Dr Avedzi stated.

 

Member of Parliament (MP) of Bole Bamboi, and member of the committee, Mr
Yusif Sulemana, said delays in the payment of compensation to the farmers
was a contributing factor in some poultry farms being out of business.

 

He therefore, tasked the MoFA to identify the affected farmers and help
address their challenges.

 

Mr Kofi Adams, MP for Buem, and member of the committee, cautioned
Ministries, Departments and Agencies (MDAs) against misuse of funds, saying
that the misapplication of funds and lackadaisical attitude by officials in
using state funds was detrimental to the realisation of project targets.

 

-Ghanaian Times.

 

 

 

 

Nigeria: Cardoso, CBN and the Nigerian Economy

It is not just the menace of insecurity in the land that has been in the
news in Nigeria, the economy too, and indeed the latter for obvious reasons
as well, with the national currency, the Naira in a very bad shape,
inflation at 28.92%, widespread systemic distortions in the economy, a
foreign exchange regime gone askew, resulting in a problematic business
environment for investors, high unemployment rate, further misalignments
between the monetary and fiscal spaces, and gross anxiety among the people
for whom the Naira no longer holds as much value as it used to.

 

In November 2023, the National Security Adviser (NSA), Nuhu Ribadu speaking
at the Defence Intelligence Annual Conference reported that the Tinubu
administration inherited "a bankrupt economy which had resulted in budgetary
constraints... it is important for you to know that we have inherited a very
difficult situation..." Before then, the Minister of Finance and
Coordinating Minister of the Economy, Wale Edun and Atiku Bagudu, Minister
of Budget and National Planning had both said just as much. Fresh concerns
have now been raised about the Nigerian economy following the exclusive
interview granted to Arise News, by the Governor of the Central Bank of
Nigeria (CBN), Mr. Olayemi Cardoso. The interview was conducted by seasoned
Business Correspondent, Boafson Omofaye. It has been reported widely.

 

 

The timing of the interview could not have been more auspicious. The
monetary space had become so busy recently, everything was becoming
confusing. The Cardoso interview offered needed clarifications on a number
of issues. He was emphatic as he had been since November 2023, that the
purpose of the reforms being introduced by the CBN under him is to stabilise
the foreign exchange regime and the economy through proper alignments to
foster economic growth. Over the weekend, there had in fact been a panicky
announcement that the FG was planning to convert people's domiciliary
accounts in Deposit Money Banks (DMBs) to Naira at a government-determined
rate. Cardoso promptly dismissed that as untrue. I think the source of that
rumour should be traced. It was a potentially disruptive and provocative
piece of fake news, to even suggest that government would take the
unthinkable step of stealing people's money! People who make up such stories
that can potentially cause social and economic crises should be made to pay
for their folly. The interview raised quite a number of questions.

 

 

First, what happened to all the promises made by Mr. Cardoso in his first
major outing as CBN Governor when he delivered a keynote address, and an
economic roadmap at the 58th Annual Dinner and 6oth Anniversary of the
Chartered Institute of Bankers of Nigeria (CIBN)? On that occasion, Mr.
Cardoso outlined the CBN's priorities as (i) achieving monetary and price
stability given the real-life implications of same for the well-being of
Nigerians; (ii) targeted policies, transparent market operations and
coordination between monetary and fiscal authorities, to ensure a more
stable exchange rate, control inflation, and create an enabling environment
for businesses and individuals to thrive; (iii) adopt measures to tackle
institutional deficiencies, restore corporate governance, strengthen
regulations and implement prudent policies, and overall (iv) promote
sustainable and inclusive economic growth. He also announced these targets:
(a) banks will be directed to recapitalize (b) the extant ban on 43 items in
the official foreign exchange market will be lifted to enable market forces
to determine exchange rates; (c) the adoption of a floating exchange rate
among other policies; (d) emphasis on technology in financial services with
strict regulatory compliance and (e ) achieving a one-trillion-dollar
economy in the next seven years, with the CBN strictly focused on its core
mandate. Good ideas, so they seem on paper. It may also be argued that the
CBN has not had enough time for its ideas to be fairly assessed, but so far,
there have been more anxieties about the Nigerian economy, rather than
confidence. Of that, we are certain.

 

 

There may have been a slew of reforms, guidelines, directives and measures
by the CBN, still, the economy has taken a dive for the worse, with the
floating foreign exchange regime or managed float as they call it, resulting
in massive depreciation of the Naira, at a point, the naira was losing its
value every 48 hours - an absolutely chaotic situation even to
non-economists. A Nigerian Professor who delivered his exaugural lecture
recently, disclosed that whereas in 2011, his monthly salary was worth
$2,698.40, in 2024, with 20 years of service as a Professor - his salary had
reduced to $291.88, both figures calculated on the basis of Nigeria's
foreign exchange rate. He is not alone. Ordinary people have more to
complain about. Persons who could walk about a year or two ago and still
claim that they belonged to the Nigerian middle class have found themselves
at such a pitiable level that they can no longer feed themselves. Families
have had to withdraw their children from schools abroad and from private
schools at home, and send them to Nigeria's terrible public schools. Many
employers of labour are just putting up appearances. They can't pay staff.
They can't buy diesel. The staff themselves have nowhere to go, because
there are no easy alternatives. Many families have broken up because
so-called breadwinners cannot win anything again. Last month, the
International Monetary Fund (IMF) reviewed Nigeria's economic growth
projection downwards from 3.1% in October 2023, to 3.0% in 2024. The
Nigerian government is meanwhile optimistic that it would record a GDP
growth of 3.76%. How? When one policy appears to be failing, another policy
is quickly introduced, or a measure or guideline is thrown into the mix, in
typical Nigerian fashion: if this does not work, may be that one would work.
Many Nigerians have since fled the country in the hope that life would be
better elsewhere. It is called "Japa" in local parlance.

 

To be fair, we have seen the CBN embarking on a make or mar move to save the
Naira which the CBN Governor said was undervalued. But what is the Naira's
real value? Nobody knows, not even the CBN Governor - at least he could not
make any revelations in that regard in his Arise News interview. What has
happened to the Naira is not strange, it is alarming. In December 2023, the
exchange rate was N907.1/$1. By the end of January, the Naira had been
devalued to about N1,455.59 - a 37.7% depreciation in one month! In days of
yore, the Naira used to be as strong as the dollar and the pounds sterling.
Today, many - citizens and investors alike -have lost faith in the country's
national currency, having failed in its original function as a store of
value. This has resulted in the continuing dollarization of the Nigerian
economy, a misfortune which Femi Falana SAN is currently challenging at the
Federal High Court, Lagos seeking the enforcement of relevant sections of
the CBN Act, 2007.Unfortunately, the courts can read out the law, but the
Naira's value is beyond the pronouncements of the judex; its real value is
in the market-place of productivity and consumption.

 

Cardoso's CBN has since moved in with policies, measures and guidelines in a
classical fire brigade fashion: On January 29, it issued a circular on
"Financial Markets Price Transparency". On January 31, it issued another
circular on "the Harmonization of Reporting Requirements on Foreign Currency
Exposure of Banks," the effect of which was that banks should bring their
excess forex stocks to the market unfailingly by the deadline of February 1,
2024. Also on January 31, the CBN further issued a circular on International
Money Transfer Organisations (IMTOs). Before now, there had been a +/- 2.5%
on the NAFEX rate for IMTOs. That has now been removed. Specific guidelines
were further issued on International Money Transfer Services with regard to
minimum capital share ($1million), non-refundable application fees (N10
million), and all exporters are required to provide details of their
domiciliary accounts and NXP numbers, with export proceeds to be promptly
repatriated within 90 days for oil exports and 180 days for non-oil exports.
In another move, the CBN reviewed the Cash Reserve Ratio (CRR) framework. It
also reviewed the exchange rate for the calculation of import duty upwards
from N952 to N1, 357, with immediate effect. If policy pronouncements and
circulars alone could save an economy, the CBN has put up more than enough
drama in that regard in recent times. At no other time in the last decade
has there been so much frantic effort to assert regulatory control, adopt
measures to increase forex liquidity and insist on transparency and ensure
correction. Mr. Cardoso defends these policy measures and assures the public
that they would eventually stabilise the monetary space. We will see. We
will see.

 

 

What is interesting in that Cardoso interview is the disclosure by him that
about $2.7 billion out of the reported $7 billion outstanding foreign
exchange liabilities of the Federal Government are not valid for settlement.
An audit process commissioned by the CBN and conducted by Deloitte showed
that those claims are fraudulent, and having been exposed as such, those who
were making the claims have chosen to be quiet. However, the CBN has settled
$2.3 billion valid requests, with current outstanding FX obligations
standing at about $2.2 billion. The CBN Governor left much unsaid. Who are
those persons or non-entities who made fraudulent claims? They need to be
named, and if they had escaped with such "419 tactics" (obtaining money by
false pretence) in the past, now that they have been uncovered, they should
be sanctioned accordingly. It is not enough to say that their claims were
rejected. What do they produce? What do they consume?

 

Mr. Cardoso also said clearly that whereas he is not against direct
interventions by the CBN in the economy provided such interventions were
well thought-out but that under him the CBN would rather focus on its core
mandate. He pointed out that the CBN had intervened before him through loans
and advances, up to N10 trillion, the volume and mismanagement of which
resulted in the same distortions and inflation now troubling the economy.
Indeed, before Cardoso, the CBN was in the business of Ways and Means beyond
the allowable thresholds, and the CBN even became so overstretched, it
intervened in virtually every sector of the economy from agriculture to
fashion and soon began to dictate fiscal policies. The caveat is that those
in charge of those other sectors of the economy at the time practically had
no clue. The Central Bank of Nigeria actually had a more up-to-date register
of Nigerian farmers than the Federal Ministry of Agriculture! But what are
the specific distortions? Who mismanaged those interventions? Cardoso has
cleverly offered a veiled criticism of the CBN that he inherited. He should
be more specific. He would have to go beyond innuendoes, more so as some of
the measures that the CBN has now introduced amount to a complete
repudiation of what existed hitherto. Who exactly did what that has brought
Nigeria to this sorry economic situation?

 

It is also important that while trying to return the CBN to its core
mandate, the CBN under Cardoso does not repeat the same errors that it seeks
to correct. Take for example the decision to return the excluded 43 items to
the official foreign exchange market. How has that helped? Take also the
increase in exchange rate for the computation of import duty. Is import duty
not a fiscal matter? Take the new Implementation Guidelines on Cash Reserve
Requirement Framework - here the attempt is to correct the arbitrary
practices of old, and correct bad behaviour but what exactly went wrong? The
banks were also asked to offload their excess forex stock, and just like
that, the improvement in forex liquidity was traced to that directive, the
long-term effect of which is yet to be seen. Wait a moment, you mean the
banks were sitting on $7 billion and yet they always said they had no forex
to sell? To get the banks to sell Forex was an ordeal, in fact, they became
so comfortable, they even told customers that there was no Naira in their
vaults. Every year, the banks declared trillions of profits at the people's
expense. They were using our money to make profit at our expense! Where was
the same CBN? What happened to its oversight, regulatory role? The banks can
of course claim that they have not committed any crime. They also do not
trust the Naira, so it was better for them to stockpile value in dollars.
The banks and the CBN can shift blame from now till the end of the year,
that would not make any difference. But then who pays for the bad behaviour
all around within the system? I am not too sure that the CBN Governor was in
any position to shed light on that. And are there mechanisms in place to
sustain the regulatory control that the CBN is trying to assert?

 

When CBN Governors speak in other jurisdictions, they base their positions
on hard core data or evidence. Nigeria's apex bank Governor did not have
much data to speak with, which was why he could not make definite statements
on inflation or other macroeconomic issues, or the proposed Monetary Policy
Committee Meeting (MPC) now scheduled for February 26-27.

 

For whatever it is worth, however, it was good to hear him speak with so
much confidence and optimism even if we all know that it would take more
than promises, social media posts, or the movement of departments from Abuja
to Lagos, to rebuild this economy. It is either Nigeria goes to the World
Bank or the IMF to secure a lifeline to rescue the Naira, or we find ways in
the long run to return to those old days when the Nigerian economy used to
work. The CBN cannot also do it alone.

 

The long-term solution lies in making this economy productive again. The
country is too import-dependent. It can't even refine its own crude oil, it
has to import finished products from elsewhere. The economy is too narrow,
it has to be expanded to generate better activities and opportunities beyond
oil. Up till the eighties, Nigeria boasted of so many industrial estates
that produced textiles and foods and beverages. We produced our own tyres
and vehicles and food.

 

Along the Ikeja area, the sweet smell of wheat and barley, and confectionery
and beverages wafted into the air; today those old industrial units have
been taken over by heavy noise pollution from the Alleluia-shouting
choruses! In the Niger Delta, there is too much oil theft and pipeline
vandalism. Insecurity stalks the land. The people will not eat hope or
policies. We squandered the riches. We are now harvesting poverty. Sad, but
true.

 

-This Day.

 

 

 

Ghana: Protect Financial Data From Cyber-Attack - Veep

The Vice President, Dr Mahamudu Bawumia, has stressed the importance of
incorporating cyber-security measures by the Controller and Accountant
General Department (CAGD) to protect financial data in the country.

 

According to the Vice President, it was a key area that needed special
attention, especially with the increasing prevalence of cyber threats to
safeguard sensitive financial information to maintain the trust of clients
and stakeholders.

 

Accountants, he said, "Must adapt to evolving technologies and regulations
through continuous professional development to stay abreast of industry
changes to ensure that they remain valuable contributors to economic
growth".

 

 

He said these in a speech read on his behalf by the Ashanti Regional
Minister, Simon Osei Mensah, at the opening ceremony of the 2024 annual
conference of the CAGD.

 

On the theme, 'Enhancing Economic Growth Through Innovation and Adaptation,'
the two-day conference welcome about 700 delegates comprising heads of
account from various ministries, departments, agencies, regional
coordinating councils and other pertinent officers.

 

The conference hovered around the pivotal role of public sector accountants
in revenue generation and the effective control of reduction of
expenditures.

 

 

While the opening ceremony coincided with the inauguration of six brand new
4x4 vehicles by the Regional Minister for some of the regional offices, the
closing ceremony witnessed the unveiling of the International Public Sector
Accounting Standards (IPSAS) manuals, by the Paramount Chief of Toase, Nana
Yim Awere Ababio, who represented the Asantehene, Otumfuo Osei Tutu II.

 

Dr Bawumia mentioned that by embracing innovation, accountants could go
beyond traditional roles by becoming partners for businesses.

 

"Your ability to leverage technology, analyse data and navigate regulatory
landscapes, positions you to enhance economic growth by contributing to the
financial health and success of the organisations you serve," he underlined.

 

He poited out that in today's rapidly changing global landscape, "the
pursuit of economic growth has become inseparable from the twin pillars of
innovation and adaptation."

 

 

Innovation and adaptation, he said "were not mere buzzwords, they are the
cornerstones of sustainable economic growth in the 21st century...by
fostering a culture that embraces change, investing in cutting-edge
technologies and promoting collaboration nations can position themselves at
the forefront of the global economy."

 

Controller and Accountant General, Mr Kwasi Kwaning-Bosompem, during the
opening, highlighted some achievements of the department such as the
e-travel card portal which replaced the manual processes in managing
official travels in the public service by delivering personalised and
corporate cards to every government employee and office embarking on an
official travel on behalf of government.

 

He also mentioned the Ghana Integrated Financial Management System (GIFMIS),
a computerised system in budget preparation.

 

The Third Party Reference System (TPRS), an online system that allowed third
party institutions to deduct at source loan payments, insurance premiums,
welfare and credit union contributions as well as hire purchase repayment
from salaries of government employees.

 

Mr Kwaning-Bosompem also mentioned the importance of innovation which he
said was the driving force behind their progress stressing by saying "we
must constantly seek new and creative way to improve our system and
service."

 

On the launch of the IPSAS manuals, the Controller and Accountant-General
said it encompassed crucial components essential for effectively managing
public finances in the country.

 

Confident of the manuals would serve as indispensable resources in the
pursuit of excellence in public financial management, he said "the manuals
reflect our commitment to fostering a culture of transparency,
accountability, efficiency within our financial operations. They will not
only elevate our internal processes but also contribute significantly to the
overall economic."

 

-Ghanaian Times.

 

 

 

 

Boeing: Bolts missing from door, says blowout report

A door that blew away from a Boeing 737 Max shortly after take-off may not
have been properly secured, a new report says.

 

The US National Transportation Safety Board has released initial findings
from its probe into the incident on an Alaska Airlines plane in January.

 

It says four key bolts that were meant to lock the unused door to the
fuselage appeared to be missing.

 

Replying to the report, Boeing said it was accountable for what happened.

 

In a statement, Boeing's president Dave Calhoun said: "An event like this
must not happen on an airplane that leaves our factory. We simply must do
better for our customers and their passengers."

 

"We are implementing a comprehensive plan to strengthen quality and the
confidence of our stakeholders," he added.

 

The incident happened minutes after Alaska Airlines Flight 1282 took off,
and involved a panel covering an unused emergency exit - known as a door
plug. This suddenly blew out, leaving a gaping hole in the side of the main
body of the aircraft, the fuselage.

 

The missing bolts appeared to have allowed the door panel to move out of
position and break away from the aircraft, the report says.

 

It happened just moments after the flight took off from Portland
International Airport.

 

The plane then suffered a rapid loss of cabin pressure, as air rushed out
and the atmosphere within the plane equalised with the thinner air outside.

 

The view of the ruptured fuselage taken two days after the incident

IMAGE SOURCE,NATIONAL TRANSPORTATION SAFETY BOARD

The door plug was manufactured by Boeing's supplier Spirit AeroSystems, and
originally installed in the fuselage before being delivered to the aerospace
giant.

 

According to the preliminary report, this door plug was later removed in the
factory due to damage that had occurred during the production process.

 

Photographic evidence suggests that when the plug was reinstalled, at least
three of the four locking bolts were not put back in place.

 

Damage to the door plug and its hinges, as well as a lack of damage to the
areas where the bolts should have been, suggests that the bolts were missing
before the door moved out of its normal position, the report said.

 

Spirit AeroSystems said it remain focused on working closely with Boeing and
regulators "on continuous improvement in our processes and meeting the
highest standards of safety, quality and reliability".

 

The findings are likely to make uncomfortable reading for Boeing, which has
already faced harsh criticism over its corporate culture and quality control
processes.

 

Inspections have already revealed loose bolts and fixings on other planes of
the same specification, raising questions about the way they were built.

 

In his response, Boeing's president and chief executive said its improvement
plan would "take significant, demonstrated action and transparency at every
turn".

 

Mr Calhoun said the airline manufacturer would implement new inspections of
door plug assembly and fully document when the plug is removed.

 

Additional inspections into the supply chain and an independent assessment
would also be included in the plans.

 

"This added scrutiny - from ourselves, from our regulator and from our
customers - will make us better. It's that simple," Mr Calhoun said.

 

A history of problems

Prior to the Alaska Airlines incident, there had been other serious problems
on the 737 Max production line, including the discovery of manufacturing
defects affecting key parts of the planes, as well as a part protecting the
central fuel tank against lightning strikes.

 

The scrutiny is all the more intense because of the history of the 737 Max
itself.

 

The plane - a new version of Boeing's decades old workhorse - was involved
in two major accidents in late 2018 and early 2019, in which 346 people were
killed.

 

Boeing 737 Max: What went wrong?

Passenger plane crashes in sea off Jakarta

Those crashes were attributed to badly-designed flight control software,
which forced both aircraft into catastrophic dives that the pilots were
powerless to prevent.

 

In the aftermath, Boeing faced accusations from lawmakers and safety
campaigners that it had put profits above the safety of passengers.

 

Testifying before US lawmakers today, the head of the Federal Aviation
Administration (FAA), Mike Whitaker said inspections of 737 Max aircraft had
shown that "the quality system issues at Boeing were unacceptable and
require further scrutiny".

 

He promised to put more "boots on the ground" in Boeing's factories in order
to increase scrutiny of the manufacturer.

 

Boeing would be held accountable for any future failure or refusal to comply
with the FAA, he added.

 

Last month, Boeing's chief executive Dave Calhoun told staff at the company
it would co-operate with investigators and regulators "to ensure all the
procedures are put into place, inspections, all the readiness actions that
are required to ensure every next airplane that moves into the sky is in
fact safe and that this event can never happen again".-bbc

 

 

 

DBS: Singapore's biggest bank cuts executive pay after outages

Singapore's biggest bank DBS has slashed its CEO's bonus by 30% after
disruptions to its digital services, despite it posting a record profit.

 

The company said the cut to Piyush Gupta's variable pay amounts to S$4.14m
($3.1m; £2.4m) and that his full salary for 2023 will be disclosed in March.

 

In 2022 Mr Gupta was paid S$15.4m.

 

After several glitches last year, the country's central bank banned DBS from
buying new businesses or making non-essential IT changes for six months.

 

The outages saw digital payment services and cash machines go offline across
the city-state.

 

At the time, DBS apologised and announced plans to improve the resiliency of
its systems.

 

In its latest statement, the bank said other members of its management team
will have their variable pay cut by 21%, while more junior employees will
get a one-off bonus to help them with higher living costs.

 

DBS' variable pay is made of both a cash bonus and deferred shares. It comes
on top of base pay and is usually based on an employee's performance.

 

The cuts to the pay of senior DBS executives comes despite the bank posting
annual record earnings, with its 2023 net profit rising by 26% to S$10.3bn.

 

Like many other banks around the world, DBS has benefited from higher
interest rates as central banks have kept the cost of borrowing up as they
tried to curb rising prices.

 

The company's shares were trading around 2.7% higher after the earnings
announcement on Wednesday morning.

 

Mr Gupta has been the chief executive of DBS since November 2009.

 

Under his leadership the firm has grown its businesses in India, Taiwan, and
mainland China.

 

It has also expanded its wealth management business, which is now one of the
biggest in Asia.

 

-bbc

 

 

 

 

ESPN, Fox and Warner in US sports streaming tie-up

Three US media giants have announced a new sports streaming platform to be
launched in autumn.

 

Walt Disney's ESPN, Fox Corp and Warner Bros. Discovery own a wide range of
portfolios of sports rights including those for the FIFA World Cup, Formula
1, NFL, NBA and Major League Baseball.

 

They hope to capture younger audiences and save costs.

 

The service would have "a new brand with an independent management team"
which would be available via a new app.

 

Its pricing will be announced at a later date, according to their statement.

 

The firms say each company will own one-third of the joint venture and have
equal board representation.

 

The announcement comes as sports leagues charge more for broadcasting
rights.

 

Instead of just linear TV operators, the fees are increasingly split between
multiple media distributors.

 

The product will bring sports linear networks and Disney's
direct-to-consumer ESPN+ together, according to their statement.

 

They added that the new joint venture aims "to serve sports fans,
particularly those outside of the traditional pay TV bundle".

 

Subscribers would also have the ability to bundle the product with the
companies' streaming platforms Disney+, Hulu and Max.

 

Bob Iger, the chief executive officer of Walt Disney called the launch "a
major win for sports fans, and an important step forward for the media
business".

 

The boss of Fox, Lachlan Murdoch, said the service would make "an array of
amazing sports content all in one place" while David Zaslav, the CEO of
Warner Bros. Discovery said it "exemplifies our ability as an industry to
drive innovation and provide consumers with more choice, enjoyment".

 

The popularity of streaming services has increased in recent years, and
traditional media companies have had to invest quickly to compete with the
likes of Netflix, Amazon Video and Apple TV.-bbc

 

 

 

WeWork's ousted boss plots buyback of bankrupt firm

WeWork's former boss, Adam Neumann, wants to buy back the bankrupt shared
office company, according to a letter made public on Tuesday.

 

He approached the firm in December about a potential deal, the message from
his lawyer to WeWork said.

 

It accused WeWork of resisting the idea, despite its bleak financial
situation.

 

WeWork said it received offers on a "regular basis" and was focused on "the
best interests" of the firm.

 

"We continue to believe that the work we are currently doing - addressing
our unsustainable rent expenses and restructuring our business - will ensure
WeWork is best positioned as an independent, valuable, financially strong
and sustainable company long into the future," it said.

 

Mr Neumann was ousted from WeWork in 2019 after a disastrous - and
ultimately fruitless - attempt to list the company on the stock exchange
exposed its financial weaknesses and raised questions about his leadership.

 

WeWork was hit by the shutdown of offices during the pandemic a few months
later and never fully recovered. Mr Neumann's time at WeWork was later
portrayed by the actor Jared Leto in an Apple TV series called WeCrashed.

 

The company filed for bankruptcy last November when it sought court
protection as it tried to renegotiate leases with its landlords.

 

How WeWork's founder sailed too close to the Sun

WeWork: What went wrong for the much-hyped firm?

Mr Neumann, who now leads a new property firm called Flow, approached WeWork
in December about a possible deal.

 

WeWork initially "resisted" the overtures, according to the letter from Mr
Neumann's lawyers, worried that it would hurt talks with landlords.

 

Eventually WeWork said it would consider a financing proposal, but the
letter said Mr Neumann has yet to receive information to help inform its
offer.

 

It also claimed WeWork cancelled a meeting in 2022 to discuss a proposed
$1bn (£790m) in financing from Mr Neumann while he was en route in the air.

 

"We write to express our dismay with WeWork's lack of engagement even to
provide information to my clients in what is intended to be a
value-maximizing transaction for all stakeholders," wrote lawyer Alex Spiro
of Quinn Emanuel, who confirmed the authenticity of the letter, which was
first reported by the New York Times.

 

Mr Spiro wrote that Mr Neumann offered "management expertise" and a takeover
could boost the value of the firm.

 

"WeWork should at least educate itself about that potential and not preclude
itself from maximizing value," he said.

 

According to the letter, Mr Neumann is "partnering" with investors,
including the hedge fund Third Point.

 

In a statement, the New York based firm said it had only had "preliminary
conversations with Flow and Adam Neumann about their ideas for WeWork, and
has not made a commitment to participate in any transaction".

 

WeWork, founded in 2010, was once hailed as the future of the office,
expanding to more than 800 locations around the world.

 

But the growth proved too costly to sustain, leaving the firm with
multi-billion dollar losses.-bbc

 

 

 

 

Facebook and Instagram to label all fake AI images

Meta says it will introduce technology that can detect and label images
generated by other companies' artificial intelligence (AI) tools.

 

It will be deployed on its platforms Facebook, Instagram and Threads.

 

Meta already labels AI images generated by its own systems. It says it hopes
the new tech, which it is still building, will create "momentum" for the
industry to tackle AI fakery.

 

But an AI expert told the BBC such tools are "easily evadable".

 

In a blog written by senior executive Sir Nick Clegg, Meta says it intends
to expand its labelling of AI fakes "in the coming months".

 

In an interview with the Reuters news agency, he conceded the technology was
"not yet fully mature" but said the company wanted to "create a sense of
momentum and incentive for the rest of the industry to follow".

 

'Easy to evade'

But Prof Soheil Feizi, director of the Reliable AI Lab at the University of
Maryland, suggested such a system could be easy to get around.

 

"They may be able to train their detector to be able to flag some images
specifically generated by some specific models," he told the BBC.

 

"But those detectors can be easily evaded by some lightweight processing on
top of the images, and they also can have a high rate of false positives.

 

"So I don't think that it's possible for a broad range of applications."

 

Meta has acknowledged its tool will not work for audio and video - despite
these being the media that much of the concern about AI fakes is focused on.

 

The firm says it is instead asking users to label their own audio and video
posts, and it "may apply penalties if they fail to do so".

 

Sir Nick Clegg also admitted it would be impossible to test for text that
has been generated by tools such as ChatGPT.

 

"That ship has sailed," he told Reuters.

 

'Incoherent' media policy

On Monday, Meta's Oversight Board criticised the company for its policy on
manipulated media, calling it "incoherent, lacking in persuasive
justification and inappropriately focused on how content has been created".

 

The Oversight Board is funded by Meta but independent of the company.

 

The criticism was in response to a ruling on a video of US President Joe
Biden. The video in question edited existing footage of the president with
his granddaughter to make it appear as though he was touching her
inappropriately.

 

Because it was not manipulated using artificial intelligence, and depicted
Mr Biden behaving in a way he did not, rather than saying something he did
not, it did not violate Meta's manipulated media policy - and was not
removed.

 

The Board agreed that the video did not break Meta's current rules on fake
media, but said that the rules should be updated.

 

Sir Nick told Reuters that he broadly agreed with the ruling.

 

He admitted that Meta's existing policy "is just simply not fit for purpose
in an environment where you're going to have way more synthetic content and
hybrid content than before."

 

>From January, the company has had a policy in place which says political
adverts have to signal when they are using digitally altered images or
video.-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
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www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2024 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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