Major International Business Headlines Brief::: 19 January 2024

Fri Jan 19 10:44:31 CAT 2024

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief:::  19 January 2024 

ü  Nigeria: Access Bank to Acquire Uganda's Finance Trust Bank

ü  Nigeria's Non-Oil Export Declines to $4.5bn in 2023 - Nepc

ü  Nigeria: Airline Executives Rally Support for NCAA Boss

ü  Nigeria - Shell's Divestment Plan Sparks Debate

ü  Nigeria: 700 Buildings Sealed in 2023 for Flouting Laws - Lagos Govt

ü  Angola: Over 17 Billion Kwanzas Collected in Taxes in 2023

ü  Nigeria: 'Illegal Miners' Explosives Caused Ibadan Blast'

ü  Angola: Over 1,000 National Products Already Have the Made in Angola Seal

ü  Africa: The Global Femicide Epidemic

ü  Spotify attacks Apple's 'outrageous' 27% commission

ü  Retail sales fall at sharpest rate since Covid

ü  Birkenstock growth plans fail to impress investors

ü  Chancellor Jeremy Hunt hints at further tax cuts

ü  Tata Steel: Port Talbot blast furnaces to close with 3,000 expected job losses

T

 <https://www.cloverleaf.co.zw/> Nigeria: Access Bank to Acquire Uganda's Finance Trust Bank

Access Bank, a subsidiary of Access Holdings, has agreed to acquire a majority stake in Uganda-based Finance Trust Bank.

Access Holdings disclosed this in a notice to the Nigerian Exchange Limited and the investment public.

In the notice signed by the Company Secretary, Sunday Ekwochi, it noted that the transaction involves Access Bank's acquisition of a majority stake from existing shareholders and a capital injection by Access Bank to increase FTB's capital base, both which are subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda.

It added that following the conclusion of customary conditions precedent and the anticipated closing of the transaction in the first half of 2024, Access Bank would own an estimated 80% shareholding in FTB.

Daily Trust reports that the acquisition is coming at a time commercial banks in Uganda are struggling to meet new minimum capital requirements of $40.7 million by end of December 2024.

Commenting on the transaction, Group Chief Executive of Access Holdings, Dr. Herbet Wigwe, said, "The transaction marks an important milestone for Access Bank as it moves us closer to the achievement of our five-year strategic plan through continued expansion into key markets. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, and advance financial inclusion thereby empowering many to achieve their financial dreams. The expansion to Uganda will support the realization of our aspiration to become Africa's payment gateway to the world."

Managing Director of FTB, Annet Nakawunde Mulindwa, said the alliance will fortify its position in the financial landscape and enable it to offer its customers a broader array of innovative products and services.

- Daily Trust.

Nigeria's Non-Oil Export Declines to $4.5bn in 2023 - Nepc

Nigeria's non-oil export has dropped by over $300 million from $4.8 billion in 2022 to $4.5 billion in 2023, the Nigerian Export Promotion Council (NEPC) has disclosed.

Executive Director of NEPC, Nonye Ayeni disclosed this on Thursday at a press conference to present a non-oil exports progress report for the year 2023.

According to her, "The decline is attributed to the slowdown of economic activities leading to the 2023 general elections as well as other global economic factors."

Speaking on the report, she explained that although the value of exports reduced in the year under review, the volume of exports had appreciated.

"The volume of Nigeria's non-oil export continues to increase over the years and specifically in 2023, we recorded a volume of 6.685 million metric tonnes of exportable products. A total of Two Hundred and Seventy-Three (273) different products were reported to have been exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities. This figure reflects a notable increase of approximately 28.04%, compared to the preceding year.

"Based on information received from Pre-shipment Inspection Agents (PIAs), of the top 20 products exported in the year 2023, Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower were top of the list respectively."

- Daily Trust.

Nigeria: Airline Executives Rally Support for NCAA Boss

Members of the Airline Operators of Nigeria (AON) have expressed their support for the new leadership of the Nigeria Civil Aviation (NCAA), led by Capt. Chris Najomo as the Acting Director General, while also seeking the support of industry stakeholders.

Najomo has been actively engaging with stakeholders from various sectors of the industry, and the AON, representing indigenous airlines in Nigeria, recently met with the DG in Abuja.

During these interactions, he assured stakeholders of his commitment to foster collaboration in addressing the challenges facing the industry.

He also pledged to create a more favourable and conducive operating environment to enhance the operations of domestic carriers.

Based on the positive outcomes of these meetings, the airlines are relieved and optimistic that a new era has dawned in the industry.

They have resolved to support the Najomo-led NCAA in the arduous task of building upon the industry's achievements.

One airline executive narrated an incident where Capt. Najomo swiftly resolved an issue regarding document processing, demonstrating his responsiveness and efficiency.

The executive emphasised the importance of collaboration and synergy among all stakeholders for the industry's growth.

He called on all stakeholders, including airline executives, service providers, ground handlers, and others committed to the industry's development, to rally behind Capt. Najomo.

- Daily Trust.

Nigeria - Shell's Divestment Plan Sparks Debate

A plan by Shell to sell off a Nigerian subsidiary has to be approved by the government in Abuja. The energy multinational says it wants to restructure. Activists see a bid to avoid paying up for decades of pollution.

The British multinational energy giant Shell is under constant scrutiny over its operations in Nigeria and pollution, especially in the oil-rich Niger Delta.

The company this week said it wants to sell off its onshore Nigerian subsidiary, the Shell Petroleum Development Company (SPDC) in a deal worth $2.4 billion (€2.2 billion). It named the buyers as Renaissance, a consortium comprised of four Nigeria-based exploration and production companies and an international energy group.

The deal is still subject to Nigerian government approval.

Shell said it would not completely exit Nigeria.

"This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions," Zoe Yujnovich, Shell's Integrated Gas and Upstream director said in a statement.

How activists regard Shell's onshore exit

Nigeria is Africa's biggest oil producer and churns out nearly 1 million barrels of crude per day.

Some local activists told DW that they regard Shell's onshore divestment plan as a bid to avoid taking responsibility for damage and pollution in Nigeria.

"They are running away from the atrocities and also the damages they have caused the people and the environment and are trying to run away from it in a way of evading to pay a compensation or evading justice from the community," said Kentebe Ebiarado of Environmental Rights Action, a national environmental and human rights advocacy NGO.

Other multinational companies with operations in Nigeria are divesting for similar reasons, Ebiarado added.

Shell pioneered Nigeria's oil and gas business in the 1930s. Oil spills,which the company blames on many factors including theft, sabotage, and operational issues, have occurred ever since.

Oil spills have led to several high-profile lawsuits in which Nigerian communities have fought Shell for compensation. In 2021, a Dutch court ruled that Shell had polluted the southern Niger Delta region and ordered it to pay compensation of $111 million for oil spills in 1970.

'A legacy of pollution problems'

Niger Delta has faced decades of damaging spillages from Shell's oil operations. In 2005, a pipeline leak caused extensive damage to farmland.

"Even though we plant, the oil inside will surely kill the crops that we plant," Chief Ernest Oginaba, a Niger Delta farmer, told DW at the time. "So we feel very bad. All these places are condemned, nobody can use it again."

Bemene Tanem, a resident of Ogoniland in the west of the Niger Delta, told DW that Shell's exit plan was irrelevant to the community.

"Divestment or no divestment, selling of assets or not selling of assets is none of my business. The issue is Shell has a question to answer to the people of Niger Delta," Tanem said. "Shell has the responsibility to restore back our land. Our farmlands have been damaged for over 56 years. Shell has damaged our environment. We are living in abject poverty in the mist of plenty."

Chima Williams, an environmental lawyer based in Nigeria's Edo state, told DW that Shell's divestiture was within its rights as a business operating in Nigeria but questioned its failure to consult communities affected by pollution.

"In this instance, they are not divesting of their entire portfolio of facilities in the country," Williams said. "They are divesting onshore and continue the damage offshore, where they believe or think that Nigerians lack the capacity to monitor their activities and bring them to book."

.

A 'wake-up call' for the government

Last year a report by Nigeria's Bayelsa State Oil and Environmental Commission said Shell and Eni must pay at least $12 billion for the cleanup of oil spills in Bayelsa state.

According to Shell, Renaissance will be expected to take over responsibility for dealing with issues related to oil spills, theft and sabotage.

But Williams, who has been instrumental in instituting court proceedings against Shell in London courts on behalf of communities in the Niger Delta is not convinced the new owners will address public concerns.

Nigerians, he said, must put pressure on the government to reject the Shell deal as they have in the case of US multinational ExxonMobil Corporation over its plan to sell off four oil fields in the Niger Delta.

"The ExxonMobil divestment couldn't happen because [activists], led the media, civil society groups [and] communities to raise the alarm on the real reason why these divestments are happening," Williams told DW.

Bemene Tanem, the Ogoniland resident agrees, "Upon the billions and billions of dollars Shell is making out of Niger Delta on a daily basis, there is nothing to show for it in the Niger Delta communities."

Kentebe Ebiarado of Environmental Rights Action believes that the only reasonable deal for Shell to engage in now is compensation.

"This is a wake-up call for the Nigerian government and also the National Assembly to quickly look into the policies that need to be put in place for companies divesting," he said.

Nigeria: 700 Buildings Sealed in 2023 for Flouting Laws - Lagos Govt

Lagos — THE Lagos State Physical Planning Permit Authority, LASPPPA, yesterday, disclosed that the 700 buildings sealed in 2023 for flouting the relevant state's laws.

General Manager of LASPPPA, Mr. Kehinde Osinaike, said this while leading an enforcement team of the authority across the Ikeja Local Government Area of the state.

Osinaike said the exercise has become necessary for the authority to avert building collapse in 2024.

He said: "In 2023, we sealed more than 700 buildings all over the state.

"A substantial number of them came back to more or less regularise their papers, and when they met the requirements, we unsealed them and regularised their papers.

"Voluntary compliance ensures the safety of lives and investments.

"It also helps to achieve orderliness in the environment and built sectors.

He, however, urged Lagos residents to always approach the closest LASPPPA district offices across the local governments before embarking on either land purchase or property development.

He said: "Obtaining planning permits has been made faster through reforms and innovations put in place by the authority. Approval can be granted within 10 days.

"We are also using this opportunity to inform the good people of Lagos that whenever they wish to acquire any landed property in any part of the state, be it vacant land, or an existing building, it is also important that they contact the nearest town planning office.

"If they do, they will be guided and given information about the landed property."

- Vanguard.

Angola: Over 17 Billion Kwanzas Collected in Taxes in 2023

Talatona — Over 17 billion Kwanzas were collected in taxes, during the 2023 economic year, by the country's municipalities, as part of the transfer of services from central to local bodies.

Municipalities in the province of Luanda top the list, followed by Huíla and Benguela. The municipalities of Dande (Bengo), Sumbe (Cuanza Sul), Saurimo (Lunda-sul), Cuito (Bié) and Malanje had a collection of more than 150 million Kwanzas.

This information was provided on Thursday by the Minister of Territorial Administration (MAT), Dionísio da Fonseca, when he spoke at the launch ceremony of the project to strengthen governance to improve the provision of services in Angola called "Njila".

The government reported that more than 900 services were transferred from central to local bodies, and that, via the citizen portal, they are currently in a position to allocate mining rights for the exploration of aggregates and licenses to provide various services.

The granting of land rights, construction licenses, for advertising, as well as the collection of fines for acts that constitute administrative offenses are part of this range of decentralized services that increase the revenue generation capacity.

Along this path, he said, the management of several irrigated perimeters was recently transferred from the Ministry of Agriculture and Forestry to the provincial governments, as well as the return of the management of infrastructured land to local bodies and several projects in the Integrated Plan portfolio. of Municipal Intervention (PIIM), from central to local bodies.

The MAT intends to observe that the competencies of municipalities are strengthened, with efficient management of public resources.

"In other words, it is not enough to increase revenue, it is not enough to devolve more powers, it is imperative to train, monitor and hold people accountable. It is essential that revenues are managed ethically, sparingly, efficiently and, exclusively, to satisfy the public interest," he said.

To this end, the minister made it known that during 2024 municipal accountability forums will be held, an open and participatory governance mechanism, in order to be closer to the citizen, through the Community Auditing Councils, but also through the citizen's budget and the introduction of new forms of citizen participation in governance, reinforcing democratic dialogue.

Along this path, the MAT, according to its owner, will count on the engagement of the National School of Administration and Public Policies (ENAP), which in the period from January to October last year already trained 8 thousand and 590 public servants and administrative agents in the six 6 regional centers.

For Dionísio da Fonseca, in this training chapter, it is important to highlight that within the scope of the Human Capital Development Plan of Angola 2022 - 2035, the MAT has a sub-program for training the municipal administration that aims to equip local decision-making bodies, with competent and qualified human resources.

The aforementioned sub-program, he pointed out, is expected to cover around 60% of municipal administrations by 2035, a goal that will be achieved with the support of the NJILA Project.

He also indicated that the Executive will universalize the attribution of identity at birth, in maternity hospitals, so that MAT will share the services of the Single Public Service Counters (BUAP), with the Ministry of Justice and Human Rights, either for the collection of data for issuing the Identity Card and for its distribution.

The minister describes that strengthening governance has a territorial dimension, focused on the elaboration and implementation of Territorial Planning Plans, at municipal level, as the fourth and final dimension of the Njila project.

He informed that the country has a general master plan for Luanda, 28 municipal master plans, with emphasis on the provinces of Benguela and Bié, which have master plans in all municipalities.

"The Executive's goal is to reach 60% of municipalities with municipal master plans by 2027, as it is a fundamental instrument for the efficient, harmonious and sustainable management of the territory, and which allows defining and making compatible the various uses of land, ordering the territory, prevent illegal and anarchic occupations and provide quality of life and well-being to the population", he said.

The NJILA Project's vision is to contribute to the implementation of competent, local governance, which promotes citizenship, sustainable management of the territory and efficiency in the management of the State's financial resources.MAG/AC/DOJ

- ANGOP.

Nigeria: 'Illegal Miners' Explosives Caused Ibadan Blast'

Ibadan — Following the explosion that rocked major parts of Ibadan, on Tuesday, one of the survivors, Alhaji Mohammed Musa, who lives close to the epicentre, said it was foreigners, who were engaged in illegal mining activities that caused the blast.

Governor Seyi Makinde of Oyo State also attributed the blast to explosives stored by illegal miners, with President Bola Tinubu directing security agencies to fish out those behind the disaster.

Though the official announcement of the casualty figure is yet to be made available Vanguard gathered that three people were killed in the explosion.

At the scene of the explosion, yesterday, a casualty was brought out of the rubble and put in a body bag.

Earlier, the Oyo State government had announced that two people died in the unfortunate incident.

Also, a survivor who was seriously injured was seen being wheeled into a waiting ambulance.

It will be recalled that at about 7.44 pm, on Tuesday, a loud explosion was heard in different parts of the state capital, leading to panic and confusion.

How explosion occurred -- Witness

Speaking with Vanguard at the scene of the explosion, Alhaji Musa, who said he was rushed to the hospital and discharged yesterday, said he escaped death by the whiskers because he offered to help his neighbour put out the fire that preceded the explosion.

His claims that foreign illegal miners caused the explosion were corroborated by Governor Makinde.

Narrating events that preceded the explosion, he said: "Around 7 pm last night (Tuesday), I was going to pray. As I was standing to start the prayer, I noticed some fire burning in the next house. So, I stopped the prayer and quickly picked up my fire extinguisher. I told my boys that the neighbour's house was on fire, let's go and help.

"I then came downstairs. One guy saw me and said the fire was beyond what an extinguisher can put out. I then picked up my phone to call the fire service. The next thing I heard was a blast.

"It threw me off the ground and landed me on the stairs. Part of the house had cracked. My boys advised that I jump.

"Fire started just a metre away from that house and at the time we came downstairs, there was no one in the premises. The house where the fire started was occupied by Senagalese or Namibians and they engaged in mining activities.

"They had explosives inside the building. The explosion was a result of the explosives kept in the building.

"The foreigners have been living here since 2013. They go in the morning and come back in the evening. I wouldn't know if their immediate neighbours know they were into mining."

The foreigners ran out before explosion

He further clarified that immediately the foreigners saw the raging fire, they knew the implications because of what they kept inside.

His words: "The foreigners, including their children, ran out of the house and they didn't alert us, so we could run away too. They knew the implications when they saw the fire, so they ran out without alerting us.

"Thank God I came down trying to help put out the fire; I would have been dead by now. The whole house would have collapsed on me. That I wanted to save the house of my neighbour from being burnt was what saved me. If anyone had been in the house, the person would have died."

Asked if he knew his neighbours were illegal miners, he simply said: "We have them all over. They are also at Orogun; that's their trade and that's what they come to Nigeria to do and explosives are part of the things they use in blasting. They had kept them in the house."

How I Lost My Brother -- Survivor

A survivor who gave his name as Adeleke, gave an account of how he lost his elder brother to the tragic incident.

Adeleke, who said he and his brother were playing tennis before he left, said: "A sharp object cut him in the stomach."

He further narrated that his late brother, Oladipupo, was rushed to Adeoyo General Hospital immediately but he could not make it.

He said: "He came out to the front of the transformer where the incident happened. His intestines were out after the cut."

Another survivor, Olaitan Okanlawon, said: "I was inside with my husband and kids. We started hearing strange sounds and vibrations; it was not clear until we began to see rubbles outside the window.

Blast shattered our windows, roofs --Bola Ige's son

The residence of the late Attorney-General and Minister of Justice, Chief Bola Ige which is just two streets away from the epicenter, was also not spared.

His son, Mr Muyiwa Ige, in a chat with Vanguard, said he had to rush back home when a friend told him about the explosion, adding that he came to rescue the grandchildren of someone close to him.

He said: "We thank God for life and for those who survived the unfortunate incident. The effect is that lives were lost. It affected my house; we are just a few metres away from the epicentre and the gravity led to the damage we have here. We thank God that no life was lost here. The blast shattered the windows and roofs.

"Structurally, the building is intact. I have gone around to do the analysis. Yes, we are hearing that the explosion was caused by some illegal miners. That would be grossly unfortunate that someone could keep such dangerous things in a residential area.

"I have spoken to the leadership of this residents' association to find out who the persons are. We should not jump the gun, but it is evident because there is a crater at the epicentre. It's unacceptable.

'Glasses were blown out, roofs caved in. If they knew what they had and they kept it in a residential area, then they are suicidal.

"We must identify who they are. If they are still alive and some people have died based on the consequences of what they had done, they should be brought to book.

"There were fears that some unexploded bombs could still be at the place. Security officers were warning thousands of people at the scene to move away, as staying there could be risky."

Schools shut down

The explosion led to the shutdown of two private schools in the area, namely Barakat and Educational Advancement Centre. Their students came to resume only to be sent back home by their teachers.

When Vanguard got to the scene, there was gridlock as a result of the large crowd trooping to the scene of the explosion.

Security agents had a hectic time controlling the crowd bent on having a glimpse of the rubbles created by the blast. At the spot, the rescue team was working to search if there were still victims under the rubble.

Vanguard was reliably informed that several children of a popular school located at Idi Ishin were injured and taken to the hospital. They use the building opposite the epicentre as hostels.

Governor's Office, ministries suffer damage

Similarly, the effect of the explosion was felt by buildings and offices within the State Secretariat at Agodi, Ibadan.

Visits to some of the ministries and parastatals by Vanguard revealed severe damage caused by the explosion.

The affected offices include the office of the governor, the governor's media office, the Water Corporation building that houses other ministries, the State Secretariat Central Mosque, the Secretariat Chapel, the Revenue House, and the newly built and yet-to-be-commissioned Local Government Service House, and the Local Government Staff Training School.

Glasses were shattered, ceilings caved in, and doors forced open and damaged; likewise, Computer Systems were also affected in some offices.

Some members of staff who could not sit in their offices due to the damage caused by the explosion were seen in groups discussing the unfortunate incident.

Explosion caused by illegal miners -- Makinde

Speaking on the explosion after visiting the site, Governor Seyi Makinde attributed the explosion to devices stored by illegal miners.

He also disclosed that two persons died in the explosion, while about 77 persons were injured.

Makinde explained that preliminary investigations revealed that illegal miners stored explosive devices in one of the houses in Bodija.

He said: "We visited the scene of the explosion which occurred at about 7.44 pm yesterday, January 16, 2024, in Bodija, Ibadan. This unfortunate incident resulted in death and injury to residents in the vicinity and also affected properties.

"We have already deployed first responders and all relevant agencies within Oyo State to carry out comprehensive search and rescue operations. These operations will continue throughout the night.

"Earth-moving equipment, ambulances, emergency lights, and security were deployed to the scene of the incident. The wounded and injured are being treated and moved to public and private hospitals within Ibadan.

"Medical personnel are on standby at these hospitals to provide all needed assistance to the injured. We have visited UCH to see some of those injured during the incident.

"In total, we have 77 injured victims so far, most of whom were treated and discharged and two fatalities. May their souls rest in peace and may God give their loved ones the fortitude to bear this irreparable loss.

Foreign names indicted for Ibadan explosion -- Makinde

Governor Makinde said foreign names and a company were indicted for the explosion.

Governor Makinde further disclosed in an interview with Channels Television's Politics Today, that the Corporate Affairs Commission, CAC, certificate of a mining company indicted for the explosion showed some foreign names as owners.

The governor said the death toll in the unfortunate blast had risen to three as one more victim died at a hospital yesterday.

He said: "We are trying to uncover the identities of the people. We've done a few fact-finding on the company involved and yes, there are indeed some foreign names on the CAC documents of the company involved but these are still early days. We don't have anything to cover."

Oyo govt to pay medical bills of victims

"I have directed that the medical bills of all victims be covered by the government. We will also be providing temporary accommodation for those whose houses were affected and ensuring that they are supported to rebuild their lives."

"Preliminary investigations by the security agencies revealed that illegal miners occupying one of the houses in Bodija had stored explosive devices there which caused the blast. The investigations are ongoing. All those found culpable for this will be brought to book.

"I urge all residents to please call 615 for any emergencies they may be experiencing at this time and to remain calm and stay away from the immediate scene of the incident to allow rescue operations to be carried out without interference."

Emergency situation Room set up

Also, Governor Makinde, in a statement by his Chief Press Secretary, Mr Suleiman Olanrewaju, said: "The state government has set up an Emergency Situation Room for the Bodija Incident led by Professor Temitope Alonge, to coordinate the ongoing response to the incident."

NEMA blames explosion on IEDs

Similarly, the South-West Zonal Office of the National Emergency Management Agency, NEMA, in a situation report on the explosion, said it was caused by Improvised Explosive Devices, IEDs.

The Southwest zonal office of the agency stated that a distress alert for the explosion was received at 7:30 p.m. on Tuesday at Bodija GRA behind Ace Mall Ibadan.

The zonal coordinator said the mobilised response agencies were deployed to the scene of the explosion. On arrival at the scene, it was observed by NEMA that it was a suspected explosion of an IED, which affected over 20 houses.

It stated that the casualty figures by the agency could not be ascertained adding that search and rescue operations were still ongoing.

According to the agency, stakeholders present as disclosed in the situation report include the NPF, NSCDC, DSS, SEMA, Nigeria Army, Federal and State Fire Service, Nigerian Red Cross, State Ministry of Environment, and Amotekun Corps.

It added that more resources are being mobilised to support the ongoing operations.

The situation, according to the report, is under control while efforts are ongoing to ensure smooth operation.

Those behind Ibadan explosion must be fished out -- Tinubu

Also yesterday, President Bola Tinubu directed all the relevant authorities to ensure that those behind the incident were fished out, describing the unfortunate explosion as worrisome.

President Tinubu, in a statement by his Special Adviser on Media and Publicity, Mr Ajuri Ngelale, said: "It is worrisome that the cause of the blast is being attributed to the activities of illegal miners. Those behind the inexcusable and reckless behaviour that has created the conditions for the sad incident to occur must be fished out and punished."

He also commiserated with the government and people of Oyo State and called on all concerned agencies of government to unravel the circumstances that led to the tragedy with alacrity.

The President directed the National Emergency Management Agency, NEMA, to work with Oyo State government to offer immediate and comprehensive relief to the victims.

FEC raises c'ttee to review laws on explosives

Meanwhile, the Federal Executive Council, FEC, yesterday, set up a committee to review the laws on control of explosives in a bid to determine whether they might have been violated by illegal miners in Ibadan.

The Minister of Defence, Badaru Abubakar, disclosed this while briefing State House correspondents at the end of the first FEC meeting in 2024, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja.

The minister said: "The first question has to do with the Ibadan explosion where the governor said that preliminary investigation suggested that there are some explosives around the area where it happened that are owned by some illegal miners.

"Well, we have seen that report. There is another report suggesting that it was a gas explosion. So, our team is there trying to find out what the cause is.

"But for the council to be proactive, it has already set up the committee that I told you to look into how the control of explosives law was broken if indeed there were explosives around the area where this incident happened.

"That was why the committee was set up to look at the rules to see where the chain is broken and see how it can be fixed and gather more information if this is happening rampantly around the country.

"You all know that there are strict rules in the storage, movement and ownership of these explosives and the rule is being monitored. If there is any case of breakdown, we will find out and deal with it."

We'll tighten noose around illegal explosives acquisition --Alake condoles with Gov Makinde, Oyo people

Reacting to the explosion, the Minister of Solid Minerals Development, Dr Dele Alake, yesterday, said he has ordered a detailed investigation adding that ministry officials will work and collaborate with the Oyo State government to know the cause of the explosion.

While he condoled with Governor Makinde over the explosions, Alake said steps will be taken to tighen the noose around those acquiring explosives and storing them illegally.

The Minister, in a statement, said: "I am saddened with the news of explosion that occurred yesterday night in Ibadan, Oyo State.

"The tragic incident had devastating effects on lives and property.

"I offer my condolences over lost lives on behalf of the Federal Ministry of Solid Minerals to Governor Seyi Makinde and the good people of Oyo State.

"I also extend my sympathy to the wounded and other victims who suffered one loss or the other especially residents whose house were destroyed. I pray the Almighty God to comfort the family of the deceased and grant succour to those who lost valuables as they begin to rebuild.

"Oyo State Government and Emergency Response Agencies of both the state and federal governments have promised to help as much as possible.

"In the interim, I have directed the ministry's mine officers who are already on site in Ibadan to join ongoing investigations to find out the immediate and remote causes of the explosion. "We have ordered detailed investigation and our officers will work and collaborate with Oyo State Government to know the cause.

"If the explosion was caused by mining explosives devices as earlier reported, the ministry will double its effort to tighten the noose around those acquiring explosives and storing them illegally."

Ibadan explosion, unfortunate--Sanwo-Olu, Abiodun, Adeleke

Meanwhile, Governors of Lagos, Ogun and Osun states, Babajide Sanwo-Olu, Dapo Abiodun and Ademola Adeleke, yesterday, described the Ibadan explosion as unfortunate.

Governor Sanwo-Olu described it as "disheartening and unfortunate", wishing the residents, particularly the victims, peace, comfort and lots of love at this sorrowful time.

Sanwo-Olu, in a condolence message by his Chief Press Secretary, Mr Gboyega Akosile, said: "I am deeply saddened by the news of the Ibadan explosion that led to the destruction of many properties in the vicinity with records of two fatalities and 77 people injured on Tuesday night at Bodija in Ibadan, Oyo State.

"It is painful and worrisome that the explosion was caused allegedly by illegal miners, who stored explosive devices in one of the houses in the Bodija area of the State.

"On behalf of the Government and people of Lagos State, I sympathise with the immediate families of the victims of the explosion, the government and people of Oyo State."

Similarly, Governor Dapo Abiodun of Ogun State has described Tuesday's explosion in Ibadan, Oyo State as a monumental tragedy.

The governor, in a condolence message, said: "I extend my deepest condolences to the government and the people of Oyo State, following the tragic explosion that occurred in Ibadan on Tuesday.

"Our hearts go out to the families who lost their loved ones and those who were injured in this devastating incident. We stand in solidarity with the people of Oyo State during this difficult time and offer our full support in the recovery and rebuilding efforts.

"The quick response by the state government, no doubt, saved more lives, and this is commendable."

On his part, Governor Adeleke of Osun State described the explosion as sad.

The governor, in a statement by his spokesperson, Olawale Rasheed, said: "I commiserate with my Oyo state counterpart, Governor Seyi Makinde, Oyo State Government and the entire people of Oyo state especially those affected by the Ibadan explosion. It is a really sad thing happening at the beginning of the year.

"This incident is not only sad but also a huge economic blow to many families in the affected area.

"I pray for those who have lost their loved ones that God will give them the fortitude to bear the loss and for everyone who has lost one property or the other, God will help them to recover their loss."

Dayo Johnson, Chioma Obinna, Olasunkanmi Akoni, Johnbosco Agbakwuru, Laolu Elijah, Deola Badru, Shina Abubakar, Gabriel Ewepu, James Ogunnaike & Fortune Eromosele

- Vanguard.

Angola: Over 1,000 National Products Already Have the Made in Angola Seal

Luanda — At least 1,299 national products, mainly food, already have the Made in Angola seal, the Chairman of the Board of Directors (PCA) of the National Institute for the Support of Small and Medium Enterprises (INAPEM), João Nkosi, said on Thursday in Luanda.

The label awarded by the Ministry of Economy and Planning (MEP), as part of the Executive's strategies to stimulate national production and reduce imports, already covers 303 companies.

According to João Nkosi, who was speaking at the ceremony that marked the adhesion of Banco Angolano de Investimentos (BAI) to the 'Made in Angola' seal, the manufacturing industry sectors have the highest number of stamps issued with 70 percent of the registration at the national level.

He added that the sectors of agriculture, fisheries, as well as in the field of the digital economy, such as entrepreneurship in startups, are also highlighted.

The agriculture sector, he said, is in a dynamic, in which in the short term, INAPEM has intensified, within the strategy to be developed for 2024, work with operators who are developing activities in the area, for greater adherence to the aforementioned seal.

The PCA recalled that Angolan companies certified at INAPEM level, those that comply with the theme of the classification of economic activity and that develop activities and production at least 30 percent of the national added value, in terms of raw material, can join the seal.

He highlighted, on the other hand, the adhesion of BAI bank, as it is the first Angolan financial institution that will use the 'Made in Angola' seal in its services and goods activities.

"By adhering to the seal, BAI recognizes the importance of promoting and valuing national production and that this is another step towards the development of the economy, through national production and employment in Angola," he said.

In turn, the Executive Director of BAI, Juvelino Domingos, said that the adhesion of the financial institution to the seal is a step towards strengthening the national economy.

The administrator also considered the Made in Angola seal a catalyst for a new era of corporate responsibility and sustainable development in Angola.

"This partnership between BAI and INAPEM shows the value of this strategic alliance, successful between the State and the private sector, for the creation of a robust and sustainable ecosystem for economic growth," he said.

The Made in Angola seal is a government initiative to promote products and services with high National Added Value (VAN), which reinforces the need to comply with strict quality criteria. ASS/AC/DOJ

- ANGOP.

Africa: The Global Femicide Epidemic

Brussels — 'Per Giulia e per tutte' ('For Giulia and for all') echoed through the streets of Italy in mid-November 2023. Thousands of women, activists and supporters gathered to protest and show solidarity with the 22-year-old student Giulia Cecchettin, who was killed by her ex-boyfriend on the night of 11 November 2023.

The outrage over the murder of the young student unleashed a wave of protest that was audible far beyond the country's borders in the weeks after the incident.

Browsing through the page Women for Change on Twitter/X triggers a wave of emotions which constantly sways back and forth between disbelief, grief and anger. The South African NGO is dedicated to women's rights and documents all the cases of murdered women in the country. South Africa's femicide rate is five times higher than the global average; on average, nine women were murdered there every day in 2022.

A quick glance reveals a seemingly never-ending series of posts titled 'In Memory of', each featuring a portrait of a smiling women -- a tribute to all the woman and girls whose lives were abruptly cut short. One of them is Nombulelo Jessica Michael, a social worker who was attending a gender-based violence and femicide (GBVF) case in court on the last day she was seen alive.

The deaths of Nombulelo and Giulia account for a series of murders of women all over the world -- femicides. The term describes the most extreme form of gender-based violence. In 2022, the UN registered 89 000 cases of intentional killings of women and girls worldwide. Fifty-five per cent of these murders are committed by (former) intimate partners or perpetrators from the victim's own environment.

Despite general homicide rates decreasing, femicide cases have been rising continuously in the last two decades. And still, these figures only paint a fragmented picture of a blunt reality: a significant number of femicide victims (around 40 per cent) remain unaccounted for in the UN report, as they are not categorised as gender-related killings due to variations in criminal justice recording and investigation practices across nations.

With the start of the new year, it is high time to highlight the pressing need for continuous advocacy initiatives and policy implications aimed at promoting societal transformation and confronting the fundamental factors contributing to gender-based violence.

But the challenge requires a multifaceted approach that acknowledges the intersection of underlying power dynamics in the form of a patriarchal society, racism and structural inequalities.

Dismantling the roots

Giulia and Nombulelo were two different women, on different continents, who became victims of the same alarming global crisis of gender-based violence, affecting women and girls in diverse cultural, economic and political contexts.

In patriarchal societies, the omnipresent grip of traditional gender norms reinforces a culture where violence against women is normalised. This norm transcends borders and adapts to different cultural contexts while maintaining its oppressive nature.

Those stereotypes and prejudices continuously foster expectations of femininity and masculinity, weaving dangerous narratives of victim blaming. As a result, it is common for the public discourse surrounding gender-based violence and femicides to be marked by the inappropriate behaviour of a young woman who is drinking alcohol and is walking home alone at night, rather than being centred on expressions of grief, condolences and righteous indignation.

In this regard, media portrayals and narratives must shift and tell the stories from the victim's point of view, avoiding stylistic instruments drawing from love tragedies and sensationalism.

But what other causes are there for the rise of femicide cases? The Covid19 pandemic, which forced people to stay locked up at home, intensified the extent of violence against women immensely. It also pushed people into financial uncertainty and economic distress, which became a crucial driving factor for gender-based violence.

Government authorities, women's rights activists and civil society partners worldwide were reporting significantly increased calls for help to domestic violence helplines during that time. Disrupted support systems, the intensification of pre-existing tensions, overwhelmed healthcare systems and restricted mobility made it challenging for victims to seek help and support.

More than this, food insecurity is also intertwined with women's exposure to domestic violence. The economic roles of women, especially as full-time unpaid caregivers, are associated with a higher likelihood of experiencing violence, as highlighted in a UN report.

Additionally, women with income experience a greater sense of safety and reduced perception of violence (except for those who out-earn their partners) -- portraying the harmful power dynamics perpetuating femicides and gender based-violence and their connection to women's economic dependence.

Consequently, we need to prioritise initiatives that enhance financial independence, providing women with the resources and support needed to escape abusive situations, such as shelters and other help centres: in 46 European countries, 3 087 shelters provide 39 130 beds for women and children, but because of capacity and space issues, it is impossible to provide accommodation for all those seeking help.

When looking at the emergence of femicide and gender-based violence, it is also important to acknowledge that racism amplifies the vulnerability of women and girls -- particularly those from marginalised communities. In the context of femicides, racial dynamics intersect with gender-based violence, creating compounded challenges for women of colour.

The Femicide Census, which documents women killed by men in the UK, reveals the ethnicity of only 22 out of 110 victims. This lack of data in the documentation of the victims' ethnicity leads to insufficient conclusions and examinations, which disregard cultural circumstances, influences, as well as intercommunal disparities.

Experts suggest that women from ethnic minorities and indigenous groups may encounter discrimination due to factors like ethnicity, language and religion. This bias puts them at higher risk of various adversities, such as limited access to healthcare or higher risks of experiencing violence by strangers.

Finally, many women of colour fear engaging with the police in the first place due to concerns about discrimination or lack of support, hindering effective strategies to address the vulnerabilities faced by marginalised communities.

It is imperative that these issues extend to law enforcement. Legal and policy responses cannot be blind to structural inequalities that disproportionately affect marginalised communities. It is crucial to ensure that activist groups, NGOs overseeing femicide data processing, along with family members remembering victims and other stakeholders dismantling harmful narratives, gain increased visibility in the debate.

Legal change in progress?

>From Italy to South Africa to America, in recent years there have been major efforts by feminist movements, NGOs and international organisations to put femicides on the political agenda. But how successful have these movements been?

As a study by the European Institute for Gender Equality (EIGE) suggests, the prevention of femicide is closely linked to legal responses to domestic violence. A societal rethink makes up only one part of the equation -- legal consequences and political implications must follow.

When looking at Italy's recent implementations, one strong deficit becomes apparent immediately: the government's spending on countering gender-based violence was more than doubled in the last decade, however, the femicide rate has remained stable. The reason for this is that a large amount of money is put towards the treatment of the victims instead of the prevention of femicides.

In South Africa, the opposite has happened: the South African National Assembly recently passed the Gender-Based Violence and Femicide Bill 2023. The legislation aims to enhance the criminal justice system's response to gender-based violence through improved law enforcement, police training and legal processes.

At first glance, this seems to be a progressive implementation, however, the initial optimism of advocates, supporters and activists was quickly dampened: the South African Social Development Minister Lindiwe Zulu squandered 100 million rands meant to assist survivors of gender-based violence by mismanaging the allocated money and transferring funds to nonfunctional civil society organisations without GBVF mandates -- an example for the gap between legislative intent and effective implementation in reality.

However, one thing is clear: we should never stop telling the stories of Giulia and Nombulelo and all the other women and girls around the globe who were brutally murdered. Their stories should lead to collective action, which demands not just sympathy but systemic change and constantly amplifies the voices of the silenced.

Theresa Beckmann works at the Friedrich-Ebert-Stiftung EU Office in Brussels in the editorial team of International Politics and Society.

IPS UN Bureau

Spotify attacks Apple's 'outrageous' 27% commission

Spotify has launched an outspoken attack on new transaction fees of up to 27% being levied by Apple in the US.

On Wednesday, Apple announced it would permit app developers to sell products in places other than its own store - but only if they still paid commission.

Spotify said that was "outrageous" and accused Apple of "stopping at nothing" to protect its profits. It is urging the British government to prevent similar fees being levied in the UK.

Apple has been approached for comment.

The firm introduced the fees in the US as a result of a long-running legal battle with Fortnite developer Epic Games.

The court found in favour of Apple on multiple issues, but it fell foul of a law by not allowing app developers to tell people about other ways of paying, including through links that bypass Apple's own App Store payment system.

Apple charges the biggest developers a 30% fee to use this system, though smaller developers pay around 15%, and 85% of developers don't pay a fee at all.

As a result of the ruling, Apple has introduced a new set of rules in the US which will allow people to subscribe to services without using its system, but it will charge developers up to a 27% commission to do so.

According to court documents filed by the firm, it said the commission charge was compliant with the court ruling, adding that App Store developers benefit from Apple's services.

"All App Store developers - including those who place buttons or links with calls to action in their apps - benefit from (among other things) Apple's platform integrity," it said in the filings.

It also listed other benefits developers receive, including: "marketing and external advertising, and a safe environment for users to download and purchase apps and in-app content."

Spotify has reacted with fury, saying the policy "flies in the face" of the US court's attempt to enable greater competition.

"Once again, Apple has demonstrated that they will stop at nothing to protect the profits they exact on the backs of developers and consumers under their app store monopoly," it said in a statement.

Spotify has a history of attacking Apple over its fees. In October 2023 it accused it of having an "insane" level of control over the internet.

Now, it says the UK government should intervene.

"The UK's Digital Markets, Competition and Consumer Bill must put an end to this false posturing, which is essentially a recreation of Apple's fees.

"We strongly urge UK lawmakers to pass the bill swiftly to prevent Apple from implementing similar fees, which will help create a more competitive and innovative tech industry for UK consumers and businesses."

The Government put forward its digital markets bill last year aimed at curbing the power of the tech giants.

The bill would empower authorities to "consider targeted measures" regarding app store transactions to maintain open and competitive digital markets, a spokesperson for the Government told the BBC.

However, the spokesperson declined to say if authorities would intervene in Apple's case after the bill passes.

"It is not for us to comment on specific cases," the person said.--bbc

Retail sales fall at sharpest rate since Covid

Retail sales fell by 3.2% in December in the sharpest drop since the UK was in a Covid lockdown.

Official figures revealed a sharp fall in demand for goods, but food sales also declined in the run up to Christmas.

The Office for National Statistics (ONS) said it appeared people did their shopping earlier in November, taking advantage of Black Friday sales.

It meant that retail sales tumbled at the fastest rate since January 2021.

The ONS said the amount of non-food products people bought in December fell by 3.9%. That compares to a 2.7% increase in November.

Food demand was also down at the end of the year, falling 3.1%. In November, food sales rose by 1.1%.

Heather Bovill, deputy director for surveys and economic indicators at the ONS, said December's fall in retail sales "was the largest overall monthly fall since January 2021, when the reintroduction of pandemic restrictions knocked sales heavily".

Shoppers and retailers set for 'challenging' 2024

While she said that discounting in November encouraged people to shop earlier for Christmas, there was also evidence from department stores, clothing retailers and those selling household goods that consumers spent less on gifts.

While the fall was the biggest since January 2021, when further Covid restrictions were enforced, the actual volume of goods that people bought in December was the lowest since May 2020 when the country was in the first Covid lockdown.

The worst-than-expected retail sales also raise the risk that the UK ended 2023 in "the mildest of mild recessions", according to Alex Kerr, assistant economist at Capital Economics.

A recession is defined as two three-month periods - or quarters - in a row of shrinking economic output.

The UK economy shrank by 0.1% between July and September. It contracted again in October but bounced back in November.

He said that even factoring the effect of Black Friday sales on shopping, December's drop was "far bigger" than expected.

"That may have been partly because of consumers bringing forward their Christmas purchases into November," he said. "But it was also because the drags from the cost-of-living crisis and sharp rise in interest rates are still weighing on real incomes and consumer spending."

Inflation, which measures the rate at which prices are rising, has fallen sharply since the highs reached in October 2022.

However, the most recent inflation figures showed that the rate at edged up to 4% in December against widespread expectations that it would continue to fall.

Economists and financial markets had forecast that the Bank of England would cut interest rates this year, possibly in spring.

However, the recent inflation figures suggest that a cut may not be made until June. Interest rates are currently at 5.25%.-bbc

Birkenstock growth plans fail to impress investors

Birkenstock is ramping up spending to open stores and expand production, expecting demand for its sturdy two-strap sandal to hold strong despite the risk of shifting fashion.

The German shoe company expects sales to rise more than 15% in its 2024 financial year, after surging 20% to almost €1.5bn (£1.29bn) in 2023.

But the forecast failed to impress investors, sending shares lower.

The results were the first since the company listed its shares in the US.

It has opened the long-time family firm up to judgement on the public market.

Despite executives' optimism about the outlook, Birkenstock shares dropped more than 8% on the results, which showed profits fell last year and margins are expected to shrink further in 2024 as it continues to invest.

The company is also running into scepticism that the strong consumer spending that has powered its sales can last, as economic growth slows in key markets such as the US and luxury sales weaken.

Boss Oliver Reichert said he was "undeterred" by the wider financial gloom and had seen no significant slowdown in demand.

"It is a bit different from the desire-driven luxury brands," he said on a call with analysts to discuss results.

"They are much heavier under pressure. We are not - we see growth everywhere." 

Once a byword for a kind of nature-loving, granola-eating dorkiness, Birkenstock has seen its reputation shift over the last decade, with designer collaborations and prime billing in films such as Barbie.

But its ride on the share markets has been bumpy, reflecting questions about how to value the firm, which straddles uncertain territory as a maker of "luxury" shoes for the mass market.

Birkenstock: Once-uncool sandal maker now worth billions

Its shares dropped sharply when they started trading in October but have since recovered.

They were trading at around $45 per share in mid-morning trade in New York on Thursday, after the release of the results.

That was similar to the price they fetched in the firm's public offering, giving it a market value of about $9bn.

"We are aware that it is not easy to compare Birkenstock to any other listed company," Mr Reichert acknowledged in a call for investors to discuss the results. "We are neither luxury nor fashion nor footwear."

In the three months to 30 September, the firm posted a loss of €28m (£24m; $30m), reflecting a jump in administrative expenses ahead of the listing.

That disappointed analysts expecting a small profit, after a summer sales surge sparked by the Barbie film, in which the title character ditches her heels for a pastel pink pair of the firm's sandals.

But Birkenstock said it had used money from the share sale to pay down debt and saw growth opportunity as shoppers increasingly head directly to the brand to buy, bypassing stores.

Mr Reichert said that so far, the brand had seen no significant slowdown since the 22% sales growth in the three months ending in September.

He said it was opting for a conservative full-year forecast because of risks from inflation and because executives were "rookies" in navigating the shifting sentiments of financial markets.

It is forecasting sales growth of 17-18% in its 2024 financial year.

"We want to make sure that we are on the right side," he said.-bbc

Chancellor Jeremy Hunt hints at further tax cuts

The Chancellor, Jeremy Hunt, has given strong hints that he wants to cut taxes in the spring Budget.

Mr Hunt said that countries with lower taxes have more "dynamic, faster growing economies".

In the Autumn Statement, the chancellor cut national insurance for workers by 2% and announced tax relief for businesses.

If inflation falls this year, followed by lower interest rates, Mr Hunt may have headroom for further tax cuts.

Mr Hunt was speaking during his visit to the World Economic Forum, in Davos, Switzerland, where he is hoping to lure more investment to Britain.

He said the "direction of travel" indicates that economies growing faster than the UK, in North America and Asia tend to have lower taxes.

"I believe fundamentally that low-tax economies are more dynamic, more competitive and generate more money for public services like the NHS," he added.

Mr Hunt did not offer any further detail on the scale of potential future tax cuts, as the government awaits a forecast from the Office for Budget Responsibility.

However, it is widely expected that the chancellor will focus on income tax in the Budget on 6 March.

Currently, the overall tax burden is on course to rise to the highest level for decades as households are pushed into higher income tax brackets as a result of tax thresholds remaining the same levels for more than two years.

Usually tax thresholds rise in line with inflation, the rate at which prices increase, but they have been kept the same since 2021 and will remain frozen until 2028.

Tax cuts hinge on inflation

While it is hoped that inflation will fall as the year goes on, it unexpectedly ticked up to 4% in December from 3.9% in November.

The chancellor said he was "confident" that inflation will continue to fall and that prices were "heading in the right direction".

He told reporters on Thursday: "I think it's coming down. I think it will continue to fall."

Lower inflation could help to pave the way for faster interest rate cuts by the Bank of England, as well as reducing the government's huge debt interest bill.

In a bid to curb inflation, the Bank of England has held interest rates at 5.25% at its last three meetings, but it is expected to cut this later this year.

Lower debt interest payments alone could strengthen the chancellor's hand in cutting taxes to the tune of almost £15bn.

However, the UK still remains at risk of recession, after official growth figures showed the UK economy shrank between July and September. A recession is usually defined as when GDP falls for two three-month periods - or quarters - in a row.

While Mr Hunt insisted that it was "too early to know the extent to which we'll be able to cut taxes", he said the rapid fall in inflation was a sign that Britain's economic prospects are improving.-bbc

Tata Steel: Port Talbot blast furnaces to close with 3,000 expected job losses

Tata Steel is to push ahead with plans to close both its blast furnaces in Port Talbot with the expected loss of 3,000 jobs UK-wide, the BBC has been told.

Most are expected to go by September, with the majority in Port Talbot where the steelworks will be transitioned to a greener electric arc furnace.

Unions called it a "crushing blow" and the "worst-case scenario".

The UK government said it will support employees and the local economy.

Tata Steel currently employs 8,000 people, with about 4,000 based at the UK's largest steelworks in Port Talbot, which has two coal powered blast furnaces.

The BBC has been told the first job losses are likely to begin in April, with more in September.

Tata Steel's decision - set to be formally announced at 11:30 GMT Friday - follows a meeting between company executives and the Community, GMB and Unite unions.

Sources said Tata rejected the unions' proposal to avoid redundancies by keeping one blast furnace going during the transition.

The Indian-owned firm will instead spend £1.25bn - including a £500m UK government subsidy - on its move to a method of steelmaking that will cut carbon emissions and stem financial losses on its UK operations of £1m a day.

It will be more environmentally friendly to operate, but require a smaller workforce.

Media caption,

Hollywood actor Michael Sheen says the steelworks are Port Talbot's North Star

It will be most difficult for "technical people like the electricians, the fitters," explained Shaun Spencer, a 38-year-old electrical engineer at the site.

"There's going to be a lot of high-quality jobs gone, and I don't know where they're going to be replaced," he added.

Casey Jones, 24, from Sandfields in Port Talbot said: "It's very sad, we've got a lot of people we know at Tata and the steelworks, this town, everything is going to die, because we rely on the steel."

Casey Jones, 24, says she has a "love-hate relationship" with the steelworks, torn by the jobs it creates versus the environmental damage it causes

"Personally it's like a love-hate relationship," she said of the steelworks.

"It's really bad for the environment but again it generates so many jobs, therefore everyone is going to be impacted."

Former steelworker Nigel Thomas Hunt, who lost his job in a round of cuts in 2016, said the town is difficult to imagine without the blast furnaces.

"We smell them and we hear them… that's the sound of home," he said.

A UK government spokesperson said: "We are determined to secure a sustainable and competitive future for the UK steel sector."

They added support for staff included £80m in funding from the UK government and £20m from Tata Steel.

But Stephen Kinnock, Labour MP for Aberavon, urged Tata Steel and the UK government to rethink their approach.

"By pursuing a narrow electric arc furnace-only model, Tata Steel will be unable to seize the commercial opportunities of the future, while at the same time leaving Britain more dependent on imported steel from countries whose governments won't always have Britain's best interests at heart," he said.

Wales' Economy Minister, Vaughan Gething said: "This is not just an issue for Wales, steel is a sovereign asset and should be treated as such by the UK government."

But the Welsh Secretary David TC Davies said: "Tata were always very clear - that they were either going to close the plant completely and that would've cost 8,000 jobs, or that they might be able to save jobs through an arc furnace.

"That's why we've done everything we can to protect as many jobs as we can through putting up the money for the arc furnace."

Media caption,

BBC Wales Business Correspondent has been in Port Talbot where thousands of steel workers face redundancy

Presentational grey line

Huw Thomas, business correspondent in Port Talbot 

It's a bright winter's day in Port Talbot but the mood here is incredibly dark.

The news emerging from the meeting in London has shocked people, some of whom have stopped to ask journalists outside the steelworks for the latest information. 

The rejection of the union's plan, and a decision to press ahead with the sudden closure of the blast furnaces, represents the worst-case scenario for the workforce and the community which depends on Tata Steel.

How quickly the plan is implemented, and how much support can be offered to the workforce, are just some of the questions that people here want answered.

Presentational grey line

Unions will consult their members on how to respond to job losses, with industrial action not being ruled out.

Sources said Tata accepted a union plea to keep the hot strip mill open over a transition period, supporting hundreds more jobs.

But Sharon Graham, general secretary of Unite, accused Tata Steel of "playing games with people's livelihoods".

"Whatever and however they announce their plans for Port Talbot, Unite will fight tooth and nail to defend steel workers and our steel industry," she said.

She added the UK government "now needs to step in and step up".

Alan Coombs, a Community union representative, said it will be "disastrous" if the plans go ahead.

"It's a difficult situation," he said.

"The worry's turning to anger, there's a lot of anger."

"Large scale job losses would be a crushing blow to Port Talbot and UK manufacturing in general," said GMB boss Charlotte Brumpton-Childs.

The site is a significant contributor to the Welsh economy - Tata said that in 2020-21 it contributed 3% of the total economic output and paid average salaries that were 36% higher than the UK average.

Unions produced their own alternative plan which recommended at least one blast furnace remained in Port Talbot until the new electric arc furnace was ready to come online.

Its plan suggested around 700 jobs would go, but two of the unions were confident that this figure could be achieved through voluntary redundancies.

-bbc

- IPS.

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 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> 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

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 359722 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 433502 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0006.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 40268 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0007.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65560 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240119/9bf6db0c/attachment-0001.obj>