Major International Business Headlines Brief::: 15 July 2024
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Major International Business Headlines Brief::: 15 July 2024
<mailto:info at bulls.co.zw>
ü Malawi: Chimbota CDO Constructs K80 Million Hall in Nkhata Bay
ü Nigeria: Navy Claims Credit for Increase in Nigeria's Oil Production
ü Nigeria: NNPC Has Only 7.2% Stake in Our Refinery - Aliko Dangote
ü Nigeria: NNPC Has Only 7.2% Stake in Our Refinery - Aliko Dangote
ü Nigeria: Amid Price Volatility, 10 Banks' Exposure to Oil & Gas Sector
Rise to N12.08tn
ü Nigeria: We've Destroyed 7,500 Illegal Refineries - NNPCL
ü South Africa: The Little Charcoal Business Run By a Group of Young People
in Matatiele
ü Kenya: Ruto Reassures Kenyans On Public Debt Audit Task Force Amid Legal
Hurdles
ü Nigeria: Dangote Refinery Set for Petrol Sales Start After Ending Rift
With Oil Suppliers
ü South Africa: Nuclear Power Build Will Be At a Scale 'We Can Afford' -
Minister Ramokgopa
ü Nigerian Journalist Charged With Cybercrime Spends Three Months in Prison
ü Nigeria, Spain Strengthen Bilateral Ties On Air Surveillance, Security
ü Xi tackles slow growth as economy 'hits the brakes'
ü As Apple headset reaches Europe, will VR ever hit the mainstream?
ü Hackers steal call records of 'nearly all' AT&T customers
ü Pubs look to share in £48m Euro 2024 final beer boom
ü Unilever to slash a third of European workforce
<mailto:info at bulls.co.zw>
Malawi: Chimbota CDO Constructs K80 Million Hall in Nkhata Bay
In a move aimed at boosting education infrastructure in Malawi, Chimbota
Development Organisation (CDO) has constructed a state-of-the-art hall at
Chimbota Secondary School in Nkhatabay district, worth K80 million.
According to Kelvin Troughton, Executive Director of Chimbota CDO, the hall
was built to address the challenges students faced during national
examinations and general assemblies.
"We began thinking of constructing a hall in 2021 after noticing how
students were struggling during exams. We didn't have a dedicated
examination hall, and students were using classrooms, which affected other
classes," Troughton explained.
The hall, funded by a K80 million grant from the Beit Trust, will serve as
an examination hall and a venue for assemblies, fostering social and
economic development in the area.
"We asked for a grant from Beit Trust, and they provided us with K80
million, which has been used for the construction project," Troughton said.
The world-class hall, with an upstairs section, will also be available for
community gatherings, including weddings, prayers, and recreational
activities.
"The facility will benefit not only the secondary school but also nearby
government primary schools. Community members can rent the hall for various
events," Troughton added.
Chimbota CDO, a non-profit organization, aims to support government efforts
in providing quality education.
The organization serves villages around Bwelero and Dindano, and is
expanding to Blantyre, Thyolo, and other districts.
The construction of the hall demonstrates Chimbota CDO's commitment to
enhancing education infrastructure and promoting community development in
Malawi.
The Beit Trust, established in 1906 by Alfred Beit, a British businessman
and philanthropist, has a long history of supporting education, health and
welfare initiatives in Malawi, Zambia, and Zimbabwe.
The trust's funding has made a significant impact on various projects and
initiatives in these countries.
- Nyasa Times.
Nigeria: Navy Claims Credit for Increase in Nigeria's Oil Production
Port Harcourt — The Nigerian Navy has said the collaborative efforts of its
personnel and other security agencies in tackling cases of oil theft in the
Niger Delta region led to the increase in oil production in the country.
The commander of NNS Pathfinder, Commodore Desmond Igbo, made the assertion
while speaking with journalists at the end of the officers' 2nd quarter
route march, held in Port Harcourt, at the weekend.
Speaking on the march, Igbo explained that the essence was to keep the
officers and men of the 'NNS Pathfinder' fit to be able to carry out their
duties, applauding the officers for their commitment to the exercise.
Igbo who disclosed that the march was a quarterly exercise, said: "This
exercise we did it in the first quarter in March this year. It is Nigerian
Navy's quarterly road march. This is the second quarter.
"In the military as you know, fitness is very important. So Nigerian Navy
finds it very essential that our officers and men go on road march which is
a form of exercise.
"Behind me are our men, we went almost 12 kilometres and all of us came back
complete, nobody dropped on the way. That shows you how fit we are to carry
out our duties, especially the anti-bunkering duties".
He noted the need for security officers to always be ready to combat all
forms criminality in the country.
He said: "We must prevent the enemies of Nigeria from stealing our crude oil
and to God be the glory and in pursuance of the Chief of Naval Staff
mandate, Vice Admiral Emmanuel Ogalla, we have reduced the incidences of oil
theft in the Niger Delta.
"We have reduced incidences of oil theft by 90 per cent and we are ready to
reduce the incidences of oil in the Niger Delta to 100 per cent.
"The oil production has increased. When we came in it was about 1.1 million
bpd and now we are talking about close to 1.7 million bpd. This we achieved
in collaboration with other security agencies".
He however, charged officers and men of NNS Pathfinder to continue to keep
fit, stressing that when they are fit they will be able to discharge their
duties effectively.
Igbo added: "My men have not been found wanting in oil theft, because we
have our extant laws, if they do, we will deal with them decidedly and we
have told them and they have refrain from compromise of all forms.
"That is the charge the Chief of Naval Staff gave us, he will not tolerate
compromise and we have pushed it down to the least personnel, especially in
this NNS Pathfinder, Port Harcourt. None of them will involve in all forms
of criminality, they are aware of it and cannot do it under my watch," Igbo
assured.
- This Day.
Nigeria: NNPC Has Only 7.2% Stake in Our Refinery - Aliko Dangote
Contrary to widely held notion that Nigerian National Petroleum Company
Limited (NNPCL) had a 20 per cent stake in Dangote Refinery and
Petrochemicals, President of Dangote Group, Alhaji Aliko Dangote, yesterday,
revealed that the national oil company owned only 7.2 per cent of the asset.
Dangote, Africa's richest man, made the disclosure while responding to
questions from editors and media executives during a tour of the 650, O00
barrels per day (bpd) refinery.
Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, explained
that NNPCL "made a commercial decision to cap our investment at the amount
already paid," which amounted to the 7.2 per cent stake.
Dangote Refinery also has 838 KTPA polypropylene plant, covers an area of
approximately 2,635 hectares, and is located in the Dangote Industries Free
Zone, lbeju-Lekki, Lagos.
Dangote stated, "The agreement we had with the NNPC was actually 20 per
cent, but they didn't pay the balance of the money as at last year. Then we
gave them another extension up till June this year, but they later said they
would remain with what they have already paid, which is 7.2 per cent.
"So, NNPC and the government own only 7.2 per cent of the refinery. For me
that is okay."
He also said Dangote Refinery, which recently added Brazilian crude to its
feedstock, would in the coming days start purchasing crude from African
producers, in a bid to ramp up capacity.
Speaking on the challenges of setting up a refinery, Dangote stressed that
when he ventured into the project, "We didn't know the magnitude of what we
were getting into. That was why I said in a recent interview that if I knew
what I was getting into, I wouldn't have started it at all.
"Right from the beginning, we launched 31 projects concurrently and this one
(the refinery) alone is enough to give somebody grey hair.
"But we are in the middle of the sea, and so no going back. If we stop, that
means we would sink and the only option is just to continue, no matter how
tired you are. I didn't want to write a book, but for the first time I am
going to write a book about my experience with project execution in Africa.
"That is because in Africa, it is totally different from overseas. Here,
there is no infrastructure. As you can see, after we have battled with
fixing our own infrastructure, now we have to go and start building roads.
"But what gives me joy is the self-sufficiency and the jobs we are creating
and also we are creating a circular economy."
Dangote stressed the need for policy consistency by government at all levels
to encourage investors in the country, just as he urged the federal
government to focus more on domestic investors.
He stated, "We have a lot of gas-related projects in the pipeline, but it
depends on the government. I am sure you have seen the challenges that we
faced in terms of crude supply. But crude supply has been sorted out now by
the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
"The NUPRC has actually given out the guidelines and what we expect now is
the operation of the guidelines and I hope the international oil companies
(IOCs) would respect the guidelines because it is in the Petroleum Industry
Act."
According to Dangote, the refinery was designed in a way, "in case people
try to squeeze us, because in the oil market there are too many sharks and
anybody may just want to make money from somebody without working hard."
The billionaire also revealed plans to list Dangote Refinery and
Petrochemicals Limited and the Dangote Fertiliser Plant on the Nigerian
Exchange Limited in the first quarter of 2025.
He said, "We are targeting end of this year and worst case we should be able
to list them by the end of the first quarter of next year, so that we can
sell shares to Nigerians. That is what we are planning."
Earlier, in a presentation, Dangote said Dangote Group expected to grow its
revenues six times to about $30 billion by 2025, from $5.4 billion in 2022.
The group was also targeting that 15 per cent of the revenue would come from
its cement business; 50 per cent of its EBITDA from outside Nigeria
(including exports), and 70 per cent of revenue from foreign exchange.
Dangote said, "Our export strategy is driven by our passion to ameliorate
the foreign exchange pressure in the economy. We have the capacity to export
eight million tons of clinker from our two terminals.
"What we are trying to do is to totally get ourselves out of the demand of
foreign exchange from the Central Bank of Nigeria and be the biggest
supplier of foreign exchange in the foreign exchange market."
He added, "We are ranked consistently as top tax payer in the country
annually. We are committed to complying with all relevant tax laws and
regulations.
"We are known as one of the largest employers of labour. However, we are
also conscious of ensuring our workers enjoy a good living standard. This is
reflected in our inclusion in the list of top paying firms in the country.
The Dangote Petroleum Refinery is an industrial plant that transforms crude
oil into various usable petroleum products, such as diesel, gasoline
(petrol), jet fuel, and kerosene. The refinery produces Euro-V quality
gasoline and 5 diesel, as well as jet fuel and polypropylene.
The refinery is designed to process large variety of crude, including many
of the African crudes, some of the Middle Eastern crudes, and the US Light
Tight 0il.
Dangote Petroleum Refinery is said to have the capacity to meet 100 per cent
of Nigeria's requirements of all liquid petroleum products (gasoline,
diesel, kerosene and aviation jet) and have surplus of each of these
products for export.
The refinery was designed to use the latest technology to comply with
stringent guidelines and regulations to protect the local environment and at
the same time produce the latest environmentally-friendly petroleum products
for worldwide markets
Dangote Refinery has its own dedicated steam and power generation system
with adequate standby units for reliable/uninterrupted utility supply to
operating plants. In addition, it has a 435MW power plant that can meet the
total power requirement of lbadan Distribution Company, covering five
states, including Oyo, Ogun, Osun, Kwara, and Ekiti.
The petrochemical plant was designed to produce 77 different
high-performance grades of polypropylene. It maximises value addition -
extracts maximum value from every barrel of crude and minimises low-value
fuel oil.
The refinery is estimated to generate an annual market value of $21 billion
for Nigerian crude oil; foreign exchange savings/earnings of $9.9 billion,
and ensures over $25 billion addition to the country's Gross Domestic
Product, through massive value addition within the country.
- This Day.
Nigeria: NNPC Has Only 7.2% Stake in Our Refinery - Aliko Dangote
Contrary to widely held notion that Nigerian National Petroleum Company
Limited (NNPCL) had a 20 per cent stake in Dangote Refinery and
Petrochemicals, President of Dangote Group, Alhaji Aliko Dangote, yesterday,
revealed that the national oil company owned only 7.2 per cent of the asset.
Dangote, Africa's richest man, made the disclosure while responding to
questions from editors and media executives during a tour of the 650, O00
barrels per day (bpd) refinery.
Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, explained
that NNPCL "made a commercial decision to cap our investment at the amount
already paid," which amounted to the 7.2 per cent stake.
Dangote Refinery also has 838 KTPA polypropylene plant, covers an area of
approximately 2,635 hectares, and is located in the Dangote Industries Free
Zone, lbeju-Lekki, Lagos.
Dangote stated, "The agreement we had with the NNPC was actually 20 per
cent, but they didn't pay the balance of the money as at last year. Then we
gave them another extension up till June this year, but they later said they
would remain with what they have already paid, which is 7.2 per cent.
"So, NNPC and the government own only 7.2 per cent of the refinery. For me
that is okay."
He also said Dangote Refinery, which recently added Brazilian crude to its
feedstock, would in the coming days start purchasing crude from African
producers, in a bid to ramp up capacity.
Speaking on the challenges of setting up a refinery, Dangote stressed that
when he ventured into the project, "We didn't know the magnitude of what we
were getting into. That was why I said in a recent interview that if I knew
what I was getting into, I wouldn't have started it at all.
"Right from the beginning, we launched 31 projects concurrently and this one
(the refinery) alone is enough to give somebody grey hair.
"But we are in the middle of the sea, and so no going back. If we stop, that
means we would sink and the only option is just to continue, no matter how
tired you are. I didn't want to write a book, but for the first time I am
going to write a book about my experience with project execution in Africa.
"That is because in Africa, it is totally different from overseas. Here,
there is no infrastructure. As you can see, after we have battled with
fixing our own infrastructure, now we have to go and start building roads.
"But what gives me joy is the self-sufficiency and the jobs we are creating
and also we are creating a circular economy."
Dangote stressed the need for policy consistency by government at all levels
to encourage investors in the country, just as he urged the federal
government to focus more on domestic investors.
He stated, "We have a lot of gas-related projects in the pipeline, but it
depends on the government. I am sure you have seen the challenges that we
faced in terms of crude supply. But crude supply has been sorted out now by
the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
"The NUPRC has actually given out the guidelines and what we expect now is
the operation of the guidelines and I hope the international oil companies
(IOCs) would respect the guidelines because it is in the Petroleum Industry
Act."
According to Dangote, the refinery was designed in a way, "in case people
try to squeeze us, because in the oil market there are too many sharks and
anybody may just want to make money from somebody without working hard."
The billionaire also revealed plans to list Dangote Refinery and
Petrochemicals Limited and the Dangote Fertiliser Plant on the Nigerian
Exchange Limited in the first quarter of 2025.
He said, "We are targeting end of this year and worst case we should be able
to list them by the end of the first quarter of next year, so that we can
sell shares to Nigerians. That is what we are planning."
Earlier, in a presentation, Dangote said Dangote Group expected to grow its
revenues six times to about $30 billion by 2025, from $5.4 billion in 2022.
The group was also targeting that 15 per cent of the revenue would come from
its cement business; 50 per cent of its EBITDA from outside Nigeria
(including exports), and 70 per cent of revenue from foreign exchange.
Dangote said, "Our export strategy is driven by our passion to ameliorate
the foreign exchange pressure in the economy. We have the capacity to export
eight million tons of clinker from our two terminals.
"What we are trying to do is to totally get ourselves out of the demand of
foreign exchange from the Central Bank of Nigeria and be the biggest
supplier of foreign exchange in the foreign exchange market."
He added, "We are ranked consistently as top tax payer in the country
annually. We are committed to complying with all relevant tax laws and
regulations.
"We are known as one of the largest employers of labour. However, we are
also conscious of ensuring our workers enjoy a good living standard. This is
reflected in our inclusion in the list of top paying firms in the country.
The Dangote Petroleum Refinery is an industrial plant that transforms crude
oil into various usable petroleum products, such as diesel, gasoline
(petrol), jet fuel, and kerosene. The refinery produces Euro-V quality
gasoline and 5 diesel, as well as jet fuel and polypropylene.
The refinery is designed to process large variety of crude, including many
of the African crudes, some of the Middle Eastern crudes, and the US Light
Tight 0il.
Dangote Petroleum Refinery is said to have the capacity to meet 100 per cent
of Nigeria's requirements of all liquid petroleum products (gasoline,
diesel, kerosene and aviation jet) and have surplus of each of these
products for export.
The refinery was designed to use the latest technology to comply with
stringent guidelines and regulations to protect the local environment and at
the same time produce the latest environmentally-friendly petroleum products
for worldwide markets
Dangote Refinery has its own dedicated steam and power generation system
with adequate standby units for reliable/uninterrupted utility supply to
operating plants. In addition, it has a 435MW power plant that can meet the
total power requirement of lbadan Distribution Company, covering five
states, including Oyo, Ogun, Osun, Kwara, and Ekiti.
The petrochemical plant was designed to produce 77 different
high-performance grades of polypropylene. It maximises value addition -
extracts maximum value from every barrel of crude and minimises low-value
fuel oil.
The refinery is estimated to generate an annual market value of $21 billion
for Nigerian crude oil; foreign exchange savings/earnings of $9.9 billion,
and ensures over $25 billion addition to the country's Gross Domestic
Product, through massive value addition within the country.
- This Day.
Nigeria: Amid Price Volatility, 10 Banks' Exposure to Oil & Gas Sector Rise
to N12.08tn
Despite crude price volatility, a total of 10 banks' exposure to the Oil &
gas sector stood at N12.08 trillion in 2023, representing about 80 per cent
increase from N6.71 trillion reported in 2022.
Conversely, the 10 banks gross credit concentration in Agriculture, real
estate, General Commerce, Information Technology, among others stood at
N64.21 trillion in 2023, about 64.4 per cent increase from N39.06 trillion
in 2022.
Brent crude oil price averaged $83 per barrel in 2023, down from $101 per
barrel in 2022, as global markets adjusted to new trade dynamics, with crude
oil from Russia finding destinations outside the EU, and lower than expected
demand.
The slowdown in the prices of crude oil and sluggish growth in oil
production had a negative impact on Nigeria's foreign exchange reserves.
For the Organization of the Petroleum Exporting Countries (OPEC) basket
price, crude oil price closed 2023 at $78.44 per barrel from $81.29 per
barrel it closed 2022.
The banks investigated by THISDAY are; Access Holdings Plc, Guaranty Trust
Holding Plc (GTCO), United Bank for Africa (UBA) Plc, Zenith Bank Plc and
FBN Holdings Plc.
Others include; Fidelity Bank Plc, Wema Bank Plc, FCMB Group Plc, Stanbic
IBTC Holdings Plc and Sterling Financial Holdings Company Plc.
THISDAY findings revealed that banks operating in the country in 2023
financial year made huge loan provisions for Oil & gas, among other key
sectors as demanded by the Central Bank of Nigeria (CBN) prudential
guidelines.
A breakdown revealed that out of the 10 banks, FBN Holdings, followed by
Zenith Bank and GTCO are the only three Tier-1 banks with lending to oil &
gas sector in 2023 financial year above N2 trillion. Mark.
According to the 2023 audited results, FBN Holdings exposure to Oil & gas
sector stood at N2.19 trillion in 2023, about 79 per cent increase from
N1.22trillion reported in 2022 financial year.
The Holdings loans and advances to customers retail portfolio in the oil &
gas sector stood at N2.53 billion in 2023 from N153.46 billion in 2022,
while loans and advances to customers - Corporate Portfolio in the oil & gas
sector was at N2.18 trillion in 2023 from N1.22 trillion reported in 2022.
Zenith Bank's exposure to the Oil & gas was at N2.1trillion in 2023, a
growth of 127 per cent from N931.05billion reported in 20222.
The sector contributed nearly 30 per cent to Zenith Bank's N7.06 trillion
loans and advances to customers in 2023.
GTCO joined the list of top three banks' lending to oil & gas with an
exposure of N2.29 trillion in 2023, a growth of 57.4 per cent from N1.45
trillion reported in 2022.
GTCO in a presentation to analysts and investors stated that the group
continued to maintain a well-distributed loan book with a specific focus on
asset quality across select business segments.
The Group explained that, "Exchange rate movement from N461.5/$1 in 2022 to
N907.11/$1 in 2023 resulted in an increase in the contribution of the oil &
gas sector to the gross loan portfolio at bank level, from 41 per cent to 49
per cent in-spite of scheduled repayments and conscious effort at reducing
the concentration risk within this sector.
"Exposures to the upstream, midstream, downstream, and natural gas oil & gas
sector increased from 30 per cent, nine per cent, two per cent, and 0per
cent to 31per cent, 14 per cent, three per cent, and three per cent,
respectively between 2022 and 2023.
"Contribution of other sectors aside from manufacturing which increased to
18 per cent from 13per cent either declined or remained flat on account of
the increased contribution of the oil & gas sector to the to the gross loan
portfolio i.e., information, telecoms and transport sector contribution
dropped to six per cent from eight per cent, Individual to nine per cent
from 13 per cent, Government to two per cent from four per cent. 66.6per
cent of the exposures in the oil & gas sector are USD-denominated and are
significantly concentrated in the upstream oil and gas, thus subject to
exchange rate volatility.
"The total restructured loans stood at N386.2billion in 2023 significantly
influenced by Naira devaluation increasing from N280.5billion in 2022 and
constituting 14.8per cent of the gross loan portfolio. 90per cent of the
restructured loans relate to one obligor and all the restructured loans have
been appropriately classified as Stage 2 Facilities."
Analysts expressed that the lingering war between Russia and Ukraine
affected Nigeria's crude oil inflow in the international oil market with a
dip in demand from the once-dependable Asian market like India.
They added that banks' in 2023 exposure to the sector was based on cautious
lending to key operators in the upstream sector.
Despite a recovery in oil prices, Nigeria has struggled to meet its
production targets due to operational challenges and insecurity coming from
pipeline vandalism.
The oil sector expanded for the second consecutive quarter in Q1-2024,
though slower at 5.12 per cent y/y (Q4-2023: 12.11 per cent y/y ! Q1-2023:
-4.21 per cent y/y).
The slowdown was due to a modest improvement in domestic oil production
compared to the corresponding period of the prior year (1.57 mb/d vs Q4-2023
:1.55 mb/d: Q1-2023: 1.51 mb/d). Speaking with THISDAY during the weekend on
banks' lending to Oil & gas sector, the Vice President, Highcap Securities
Limited, Mr. David Adnori stated that banks are meant to lend to key sectors
in the economy, stressing that increasing exposure by banks to the oil & gas
is an indication that the sector remains lucrative amid IOCs leaving the
country.
He added the sector remains a significant sector in Nigeria's economy,
stressing that financial instructions cannot ignore the Oil & gas sector
despite the domestic and foreign risks.
On outlook for 2024, analysts at Cordros securities said "Despite the recent
setbacks in oil production, we remain optimistic that the average output
will surpass last year's production levels. Our positive outlook is driven
by the government's intensified efforts to combat oil theft and pipeline
vandalism.
"However, we anticipate that domestic oil production will remain below
historical level given the confluence of deteriorating onshore
infrastructure, IOCs divestments from onshore assets and limited foreign
Direct Investment (FDI) due to regulatory barriers and a favourable policy
environment in other African regions will subdue oil production in the short
term
- This Day.
Nigeria: We've Destroyed 7,500 Illegal Refineries - NNPCL
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum
Company Limited (NNPCL), Mele Kyari, has said that as part of an effort to
tackle oil theft, the company has destroyed 7,500 illegal refineries and
disconnected about 6,800 illegal pipeline connections in the Niger Delta.
Kyari made the disclosure over the weekend during a fireside chat at the
2024 Future of Work Summit organised by Productive Youth Network (PYN),
which had the theme: "Nigeria of Possibilities: Challenges, Prospects and
Strategies for Future of Work".
Kyari said, "On illegal connections, over 2,000 are yet to be removed, but
we will surely get to the end of it."
Speaking further, he said oil theft had persisted not just because of
failure or absence of technology, but the absence of intelligence and
reaction.
He said, "For instance, a village is 200 metres away from a massive oil
installation, and in that village, there is no electricity and drinking
water, and degradation of the environment is going on whereas residents
can't fish or go to their farms.
"So, when these criminals come to steal our oil, the communities sit and
watch because they have been neglected and they feel there is no need to
report."
He disclosed that the president had directed that the 13 per cent derivative
fund should reach communities, and that NDDC should also ensure communities
were carried along, noting that NNPCL was working to see that the
communities had a stake in oil and gas exploration.
Kyari highlighted that Nigeria was currently battling with access to energy,
and not energy transition, adding that oil and gas demand would not fizzle
out in the near future.
He further said, "No country has developed without access to energy. Even in
the US, every major city is developed through access to energy, which
empowers industries and contributes to their economic prosperity.
"However, in Nigeria, what we are battling with is lack of access to clean
energy. 70 per cent of the country's population doesn't have access to clean
energy, and 56 per cent doesn't have access to cooking fuel. Unless we
resolve this, we can't have economic prosperity."
Earlier in his remarks, the founder of PYN, Engr Mohammed Onotu, said the
summit was organised to bring youths up to speed on what they needed to
succeed in work places, from financial to energy sector, and the need for
collaboration."
- Daily Trust.
South Africa: The Little Charcoal Business Run By a Group of Young People in
Matatiele
Eight young people from a small village in the Eastern Cape are making a
living producing and selling charcoal from invasive trees.
Morumotsho ("Black Forest") Charcoal was started eight years ago by Atang
Ramabele, from Nkasele, 18 kilometres from Matatiele. After an unsuccessful
trip to Johannesburg to look for work, he returned to the village and
invited some friends to help him set up the charcoal business.
The group works Monday to Friday, cutting down silver wattle and black
wattle trees and burning the wood in 350 litre barrels. The charcoal is
packed in 25kg bags and they produce about 400 bags a month, which they sell
from house to house and to supermarkets in Matatiele.
For the last ten months they have been paid R1,800 each by business start-up
company Avocado Vision. Project coordinator Mpho Monyai said the contract
was to have come to an end on 31 May but was extended to the end of June.
"The idea behind the stipend is to assist small businesses to pay the
employees for ten months so that the business can be sustainable," said
Monyai.
The group now hopes to find other supporters and to expand their business.
They have a single chainsaw and say the demand for charcoal is such that
they could sell more if they had more equipment.
Nthabeleng Olifant, the only woman in the team, has been there since last
year. "I am doing almost everything that the male colleagues are doing
beside the chainsaw, which I am unable to operate, and carrying the barrels
because they are too heavy. I am now taking care of my two children," said
Olifant.
Her colleagues Potlako Lepheana and Kamohelo Masoana say they are grateful
to Ramabele for approaching them. "I couldn't say no, because should I say
no, who will give me money at month end? The little I am getting here is
helping a lot," said Lepheana.
Kamohelo Masoana says through this work he can take care of his family of
six. No-one else in the family works and Masoana had to leave school after
grade 11 to work on a farm.
Thabiso Letula, advisor to chief Nkasele Lepheana, says the trees are on the
chief's land and the team has been given permission to use the wood. "We are
always encouraging young people to open job opportunities, especially here
in the rural areas. We have enough land here. We encourage youth to look
into farming as well because not everyone will get a job in the urban
areas," said Letula.
- GroundUp.
Kenya: Ruto Reassures Kenyans On Public Debt Audit Task Force Amid Legal
Hurdles
Nairobi — President William Ruto has reassured Kenyans that the newly
appointed public debt audit task force will uncover the full extent of the
nation's public debt, which has significantly impacted the country's
economy.
Speaking on Sunday during a church service at AIPCA Ndogino in Ndaragwa,
Nyandarua County, Ruto emphasized that the audit will provide clarity on the
national debt and the use of public funds.
This assurance comes despite a recent High Court order suspending his
gazette notice appointing the task force.
Last week, Justice Lawrence Mugambi issued a conservatory order prohibiting
the task force from discharging any duties pending the hearing of the case.
"Pending the hearing and determination of this application, an interim order
is hereby issued prohibiting the respondents, either by themselves or
through anyone else acting at their behest, from discharging any function
pursuant to Executive Order No. 4 establishing the presidential task force
on the forensic audit of public debt," stated Justice Mugambi.
Despite the court order, Ruto reiterated the importance of the task force in
helping the government manage its resources sustainably and prevent
excessive debt burdens that could harm the economy.
"The debt is almost drowning our country, and that is why I have appointed a
special public debt task force to investigate the extent of Kenya's debt and
how the money was used, to prevent this debt from destroying our country,"
urged Ruto.
He highlighted the necessity of a debt-free and stable economy, noting that
a new Cabinet, to be announced soon, will have a national perspective to
support the country's success.
Ruto pointed to the current unrest across the nation as evidence of a
significant shift and stressed the need for stability and decisiveness in
governance.
"I want to assure you that Kenya is firm because we cannot have a country
that is run by chaos and confusion. We must be firm and decisive in making
sure that Kenya goes forward, so we can have a steady, stable, and
prosperous country that carries the aspirations of the people of Kenya," he
said.
Previously, Ruto revealed that the continuous outcry from Kenyans over the
debt burden impacting their daily lives led to the decision to form an
independent debt task force to conduct a forensic audit of Kenya's public
debt. The government aims to manage the ballooning debt effectively.
The task force is expected to report its findings within three months.
- Capital FM.
Nigeria: Dangote Refinery Set for Petrol Sales Start After Ending Rift With
Oil Suppliers
"The IOCs are deliberately and willfully frustrating our efforts to buy the
local crude," Devakumar Edwin, vice president oil & gas at Dangote, said in
June.
Dangote Refinery is upbeat its 650,000 barrel-per-day capacity crude
processing plant will commence sales to fuel marketers in August.
The development follows the intervention of big industry players and the
Nigerian Government in a major dispute with suppliers, helping end a delayed
kick-off of distribution of the fuel.
Production began at Africa's biggest refinery in January, with the refiner
processing diesel and aviation for a start in big relief from construction
delays that caused the project ten years to be completed, shooting initial
costs of $9 billion to $19 billion at delivery.
"Gasoline production to commence in July with sales from August," Aliko
Dangote, Africa's richest man and the president of the Dangote Group, said
on Sunday during a presentation at a media tour of the plant in Lagos.
"Annual revenue is projected to exceed $26 billion," the document further
stated.
Mr Dangote told journalists the conflict with international oil companies in
respect of the supply of feedstock has been laid to rest following the
mediation of state oil company NNPC Limited and the Nigerian Government.
Last week, the Nigerian Upstream Regulatory Commission (NUPRC), which
regulates the segment of the industry that focuses on exploration and
production, announced it had entered an agreement with producers to ease
supply to local refineries.
"We will never allow price strangulation to disincentivise our domestic
refining capacity optimisation," NUPRC's CEO Gbenga Komolafe said after
meeting with the members of the Oil Producers Trade Section, a group of
domestic and international producers.
Mr Komolafe assured that his agency would discourage "crude supply
profiteering."
His remark followed an allegation by Dangote Group that international oil
companies are standing in the way of the smooth running of the plant by
offering crude oil to the refiner at a cost above the market price.
"The IOCs are deliberately and willfully frustrating our efforts to buy the
local crude. They are either asking for ridiculous/humongous premium(s), or
they simply state that crude is unavailable," Devakumar Edwin, vice
president oil & gas at Dangote Industries, said in June.
The refinery has had to rely on crude from the US in recent times to keep
running and is set for a receipt of oil shipment from Brazil soon.
Currently running at a capacity per day, the refinery is expected to wean
Nigeria off reliance on imported fuel, which consumes a big portion of its
scarce foreign exchange, and also supply petroleum products to other parts
of West Africa.
- Premium Times.
South Africa: Nuclear Power Build Will Be At a Scale 'We Can Afford' -
Minister Ramokgopa
Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, says South
Africa will seek to build a nuclear plant for electricity generation at "a
scale and speed that we can afford".
The Minister was speaking to the media on the sidelines of the Cabinet
Lekgotla held in Tshwane at the weekend.
President Cyril Ramaphosa lead the first Lekgotla of the Government of
National Unity (GNU), which set out the programme of action government will
undertake during the seventh administration.
"In the long term, we need to ensure that we anchor the baseload and nuclear
is an important part of that intervention. We are working on the framework
for procurement because we don't want to discredit the process through a
procurement process that is not transparent.
"We will do it at the scale and speed that we can afford as a country," he
said.
Turning to issues of electricity affordability, the Minister raised his
concern that poorer communities are battling to keep up with increasing
costs.
"The poor and those that are located in the townships are finding it
exceptionally difficult to afford the increases in electricity. The pricing
and the tariff is prohibitive and a lot of our people across the length and
breadth of the country are not in a position to afford electricity.
"Those are challenges on the distribution side...and we know that over a
period of time municipalities have underinvested in the maintenance,
replenishment and protection of the distribution grid and of course we are
paying the price now," he said.
Also speaking to media at the lekgotla, Minister of Trade, Industry and
Competition Parks Tau assured South Africans that affirmative action
policies like Broad-Based Black Economic Empowerment will not be scrapped
during the seventh administration.
"These are foundational principles to the establishment of the Government of
National Unity. Included in there are priorities in relation to social
justice, equity and redress. Therefore, these are parties that have come
together on the basis of collectively addressing transformation because we
have committed to redress in the foundational principles.
"The question is what do we do going forward? Of course, we need to look at
the next wave of [BBBEE]...where there are lessons to be learnt, we take
those lessons into account and where there are greater opportunities to be
introduced we need to be able to introduce those.
"We have placed this firmly on the agenda of the programmes that would be
driven by this administration and that is why we always say we are focussing
on industrialisation, but we are equally focussing on transformation," he
said.
The Minister emphasised that the economic growth and development of South
Africa is a key priority.
A key priority for the seventh administration will be to "leverage off the
back of Operation Vulindela as a key programme".
"This would be a focus on network industries amongst others...looking at
energy, looking at logistics in particular, the digital economy and other
areas. The fact that we've made significant progress in that regard enables
us to use that as a springboard to grow the economy focussed on
industrialisation and re-industrialisation.
"But also, a deliberate and conscious focus on transformation because of
course, this will enable us to broaden the base of entrepreneurs in the
country [and] to broaden the base of participants in the economy of this
country and enable us to grow the jobs that this country so much needs," Tau
said.
- SAnews.gov.za.
Nigerian Journalist Charged With Cybercrime Spends Three Months in Prison
The charge against the journalist was later changed from cyberstalking to
defamation of character.
A journalist in Akwa Ibom State, South-south Nigeria, has been remanded in
prison for about three months now after the police arrested him over alleged
cybercrime.
The police arrested the journalist, Koko Robson, in May, along with two
others - Victor Akpan and Okon Ben.
Mr Robson writes for a local newspaper, The Waves, in Uyo, Akwa Ibom.
The three are accused of publishing materials on Facebook, accusing the
village head of Ikot Ebidang in Onna Local Government Area of Akwa Ibom
State, Ukpe Alfred, of embezzling N45 million given to the village by an oil
company, Sterling Global Ltd, according to court documents exclusively
obtained by PREMIUM TIMES.
The prosecution counsel, Japheth Japheth, from the police headquarters in
the state, told the court that the publication was false and intended to
cause "annoyance, inconvenience, danger, obstruction to the peace the
community" and to intimidate and caused "hatred and ill-will" against the
village head.
The prosecution counsel has moved the case through three courtrooms - from a
Magistrate Court in Uyo to a Federal High Court in Calabar, Cross River
State, and then to a State High Court in Awa, Akwa Ibom.
The charge was later changed from cyberstalking to defamation of character,
which the prosecution said is punishable under Section 332 of the Criminal
Code CAP Vol 2 Laws of Akwa Ibom State of Nigeria, 2022.
Messrs Robson, Akpan, and Ben were initially remanded in Uyo prison before
they were moved to Eket prison.
Mr Robson's lawyer, Assam Assam Jnr, could not be reached immediately for
comment as he did not respond to calls from our reporter.
'It's against his fundamental rights.'
Some journalists in Uyo who commented on the matter said Mr Robson and
others were only holding the village leadership to account, not
cyberstalking, as the police claim.
The Chairperson of the Nigeria Union of Journalists in Akwa Ibom, Amos Etuk,
condemned the arrest and detention of the journalist. "It's against his
fundamental rights," Mr Etuk told PREMIUM TIMES on Sunday.
"We had reached out to every party concerned, including the village head,
where we went to make an appeal because, by the time the issue had the
attention of the State Council (of the NUJ), the case had already been ruled
on for him to be remanded in prison. We appealed to the village head, who
assured us that by the time we get to the next hearing, they would seek out
of court settlement," Mr Etuk said.
"Unfortunately, there have been new twists and turns in the case which have
left us bewildering. First, a suit was filed at the Federal High Court,
Calabar. After that, the case was taken to Awa (in Onna). All these to
prolong and frustrate getting him out on bail.
"Now, we have no other option than to draw global attention to this matter,"
he said.
- Premium Times.
Nigeria, Spain Strengthen Bilateral Ties On Air Surveillance, Security
Abuja — The federal government has strengthened bilateral ties with Spain on
air surveillance and security capabilities.
A statement issued yesterday by the Director Press, Ministry of Defence,
Henshaw Ogubike, said the Minister of Defence, Mohammed Badaru Abubakar, and
the Minister of Aviation and Aerospace Development, Festus Keyamo, led a
high-powered Nigerian delegation to Spain, to discuss the contemporary
airspace advancements.
The statement added that the surveillance and security capabilities could be
achieved through cutting-edge dual-use technology, in line with President
Bola Tinubu's directive to enhance air safety and security in Nigeria.
The statement disclosed that the three-day visit to Indra in Spain aimed to
strengthen Nigeria's air surveillance and security capabilities through
cutting-edge dual-use technology.
It said the mission, titled "Air Surveillance for the Sovereignty, Security,
and Safety of the Nigerian Airspace through Dual Use Technology (Civil and
Military)," would further enhance Nigeria's air surveillance capabilities,
and ensure the safety of its airspace and borders.
According to the statement, a world leading technology and consulting
company Indra, is the technological partner for the core business operations
of its customers worldwide.
The delegation, the statement added, also toured Indra's Headquarters,
Simulator Factory and Academy, inspecting the latest security and safety
equipment, including the Indra Defence facility.
The statement noted that there were also detailed presentations on the
latest Air Traffic Control System (ACC APP TWR) Demo, Dual Project Scope
Definition, Voice Communications System Demo, and a demonstration of Radar
and Counter-Unmanned Aircraft Systems (C-UAS).
According to the statement, the strategic visit to Spain demonstrated
Nigeria's commitment to advancing its air surveillance and security
capabilities, aligning with global best practices.
The statement said the collaboration with Indra would yield significant
benefits, including enhanced air safety, improved border security, and
strengthened defence capabilities.
- This Day.
Xi tackles slow growth as economy 'hits the brakes'
China's economy stumbled in the second quarter, official data shows, just as
the country's top leaders gathered for a key meeting to address its sluggish
growth.
It grew 4.7% in the three months to June, falling short of expectations
after a stronger start in the first three months of 2024. The government's
annual growth target is around 5%.
"China’s economy hit the brakes in the June quarter," said Heron Lim at
Moody's Analytics, adding that analysts are hoping for solutions from the
meeting under way in Beijing, also called the Third Plenum.
The world's second-largest economy is facing a prolonged property crisis,
steep local government debt, weak consumption and high unemployment.
Past outcomes of the Plenum have changed the course of history in China - in
1978, then leader Deng Xiaoping began opening China's markets to the world,
and in 2013 President Xi Jinping hinted at loosening the controversial
one-child policy.
And so there are expectations of this year's Plenum, where Mr Xi is
presiding over a closed-door gathering of 370-plus high-ranking Chinese
Communist Party members.
The rhetoric on state-controlled media has certainly been encouraging.
An editorial in The Global Times said a "wide range of reform-focused
polices" are "high on the agenda" and would usher in a "new chapter". Xinhua
referred to "comprehensive" and "unprecedented" reforms. The editorial in
the People's Daily was headlined on a "new era of reform and opening up",
invoking the very phrase Deng coined in 1978.
Observers, however, are unsure of how much room there is for bold ideas or
debate in the Party under Mr Xi's heavily-centralised leadership. Some see
the meeting as a mere rubber-stamping exercise for decisions that have
already been made.
Economists are also sceptical the meeting will deliver a quick fix.
It has "little impact on near-term growth," says Qian Wang, Asia Pacific
chief economist at Vanguard, because its focus will be on longer-term and
more significant reforms to "unleash the long-term growth potential".
Still, analysts will be watching for announcements that signal the Party's
economic priorities.
Getty Images a general view of an under-construction residential housing
complex in Hangzhou in China's eastern Zhejiang provinceGetty Images
China's economy has been reeling from a property crisis, which has led to
construction projects being abandoned midway
Separate data on Monday showed that prices for new homes in June fell at the
fastest pace in nine years.
This is more evidence of the crisis that has engulfed China's property
sector and led to the demise of giants such as Evergrande. The fear is that
it could spread to other parts of the economy.
"There are more than 4,000 banks in China and over 90% are smaller, regional
banks which are highly exposed to the housing market and local government
debt," says Shanghai-based economist Dan Wang.
She believes Party leaders will "push for consolidation of small banks".
Another issue is falling prices - a symptom of weak demand.
Producer prices continued to drop in the last month, while consumer prices
rose by a mere 0.2%, the slowest pace in three months.
Meanwhile, retail sales in June grew by just 2%, which is below expectations
and a sign that consumers are still cautious about spending and uncertain of
the future.
"A major concern is the loss of household, business, and investor confidence
in the government’s ability to navigate the perilous economic environment,"
said Eswar Prasad, former head of the International Monetary Fund's China
division.
Still, questions remain about Beijing's willingness to deliver the sort of
solution that would satisfy observers and the markets.
"The government is reluctant to turn to short-term stimulus plans such as
cash transfer to families," Dan Wang said. "Instead, we expect them to
stress once again on bolstering supply chains and high tech."
That is in line with Beijing's bets on high-tech industries such as
renewable energy, artificial intelligence and chip-making, and exports to
revive the economy. Last month, China reported a record trade surplus -
$99bn (£76.4bn) - as exports soared and imports struggled.
But even that bet faces challenging odds. Major trading partners such as the
European Union and the United States have imposed tariffs and other barriers
on goods made in China, from electric vehicles to advanced chips.-BBC
As Apple headset reaches Europe, will VR ever hit the mainstream?
To get a sense of the public interest in the Vision Pro, Apple's very
high-tech, very expensive virtual reality (VR) headset - finally launched in
the UK and Europe on Friday - where better to head than one of its own
stores?
In the past, people camped outside Apple branches overnight, so desperate
were they to get their hands on the tech giant's latest product.
When I went to its branch in central London on Friday morning, though, there
was just a small group, mainly comprised of men, waiting for the doors to
open.
Partly, that's because people these days prefer the convenience of
pre-orders.
But it also perhaps tells us something about the question that continues to
hang over the VR headset market: will it ever escape the realm of tech
aficionados and go truly mainstream?
Apple's plan to make its product break through is to position it as a
product you use to do the stuff you already do – only better. Home videos
become 3D-like, panoramic photos stretch from floor to ceiling, 360 degrees
around you. Apple keeps reminding me it calls this “spatial content”. Nobody
else does. Plenty suck their teeth at the Vision Pro's price though - a
whopping £3,499.
Facebook owner Meta has been watching Apple’s approach closely. It’s been in
the VR game a long time. At a recent demo for the Meta Quest 3, which has
been available in the UK since 2023, the team was very keen to talk to me
about “multi-tasking” – having multiple screens in action at once. In a demo
I had a web browser, YouTube and Messenger in a line in front of me. “We
always did this, we just didn’t really talk about it,” one Meta worker told
me.
And in its most recent advertisement, a man wears a Quest 3 to watch video
instructions while building a crib. Not the most exciting concept, perhaps,
but it shows just how Meta wants people to see its tech.
Oh - and it costs less than £500.
It is believed Meta's Quest series of headsets have sold more than 20
million units worldwide - though the firm does not release sales figures
Apple and Meta are the two big players but VR is a crowded market - there
are dozens, maybe hundreds, of different headsets already out there.
But what unites them all is none have quite hit the mainstream.
Up until now, the Vision Pro has only been on sale in the US - research firm
IDC predicts it will shift fewer than 500,000 units this year.
Meta, which has been in the market longer, does not release sales data for
the Quest either but it's thought to have sold around 20 million worldwide.
VR headsets are nowhere near as ubiquitous as tablets, let alone mobile
phones.
And it gets worse - George Jijiashvili, analyst at market research firm
Omdia, said of those devices sold, many are abandoned.
“This is largely due to the limited in-flow of compelling content to keep up
engagement,” he said.
But of course lack of content leads to reduced interest - and a reduced
incentive for developers to make that content in the first place.
"It's a chicken and egg situation," Mr Jijiashvili told the BBC.
Alan Boyce, the founder of mixed reality studio DragonfiAR, warned that
early adopters of the Vision Pro would have to “be patient” while more
content arrived.
That's where the Quest 3 wins out for him - it already has a "robust
library" of games, and it can perform virtual desktop tasks just like the
Vision Pro.
And IDC analyst Francisco Jeronimo says we should not be too quick to write
off a slow start for Apple’s new product.
“There’s always the expectation that Apple with every single product will
sell in the millions straight away, there’s always the comparison with the
iPhone,” he said.
But the reality is even the iPhone took time to find its feet - and a huge
number of buyers.
According to Melissa Otto from S&P Global Market Intelligence, the iPhone
only became mainstream when the App Store "started to explode with apps that
added value to our lives".
"When people start to feel their lives are becoming better and more
convenient, that's when they're willing to take the leap," she said.
The VR experience
There is another factor to consider here too though: the physical experience
of using a headset.
Both Apple and Meta use so-called "passthrough" technology to enable what is
known as mixed reality - the blending of the real and computer-generated
worlds.
By utilising cameras on the outside of the headset, users are given a live,
high-definition video feed of their surroundings - meaning they can wear it
while doing things like walking or exercising.
But strapping something to your face weighing half a kilogram is not
something that feels particularly natural. Generally headsets now are
lighter than before, but I still can’t imagine wearing any of them for hours
on end - though a colleague says he often does just this.
A sizeable number of people, myself included, have experienced VR sickness,
which is when being in VR makes you feel queasy. This has significantly
improved as the tech has advanced and is much less of a problem - but any
experience that has you moving around with a controller instead of your feet
will still take some getting used to.
Most VR experiences now include all sorts of settings to avoid this, such as
the ability to "teleport" between locations. Sony's VR game Horizon: Call of
the Mountain solved the problem by letting you move by swinging your arms up
and down - it sounds silly, but it goes some way to trick the brain and
avoid nausea.
Sony says it sold 600,000 PlayStation VR 2 headsets in the first six weeks
after it launched in February 2023. Perhaps unsurprisingly, Sony has focused
on gaming with its headset.
Goggles or implants?
Whatever the experts say, the companies themselves appear bullish about
their products, and their respective strengths
It’s no secret that the long-term ambition from the tech giants here is for
mixed, or augmented, reality to become normal reality. Facebook owner Meta
renamed itself after its grand plan for us all to inhabit a virtual world
called the Metaverse – working, resting and playing there, and presenting
ourselves as digital avatar versions of our ordinary selves. That all seems
to have gone a bit quiet at the moment.
But they are all right in that one day, something will replace our phones
and perhaps that thing is some form of VR headset. Eventually, I expect
these things will start to look more like glasses and less like giant ski
goggles... if they’re not brain implants (I’m not joking).
"The devices that look like what they look like today - I think we know
that's not a mass market device. It's too heavy, it's too awkward," said Mr
Jijiashvili.
That's an area where rivals have focused their efforts, with Viture and
XReal producing sunglasses with high-fidelity screens embedded in them.
Melissa Brown, head of Development Relations at Meta, told us she
“absolutely” thought the Quest 3 could one day replace the smartphone. But
the next day Meta’s PR team got in touch with a more measured response from
Mark Zuckerberg, in which he said "the last generation of computing doesn't
go away... it's not like when we got phones, people stopped using
computers".
Judging by what I saw in the Apple store in London’s Regent Street, the UK
is not about to be flooded with people wandering around in Vision Pros or
Quest 3s.
The very first customer I spoke to had actually just popped in for a charger
and was a bit bemused by Apple staff applause as he walked in.
But in the couple of hours we were there, several people walked out grinning
with big white Apple bags. The question remains: how many more can be
persuaded to do the same.-BBC
Hackers steal call records of 'nearly all' AT&T customers
Hackers stole call and text records data from "nearly all" of 109 million
AT&T Wireless customers, the telecommunications company disclosed on Friday.
The firm said one suspect had been arrested after the records - from May to
October 2022 - were illegally downloaded and copied to a third-party
platform this April.
The stolen data did not contain the content of calls or texts, but did
record the numbers contacted, as well as the number and lengths of
interactions, the company said.
The Justice Department said the delayed announcement of the hack was
justified on national security grounds.
“We sincerely regret this incident occurred and remain committed to
protecting the information in our care,” AT&T said in a statement.
The company said in its filing to the securities and exchange commission it
had secured its systems from further similar hacks and did not believe what
was stolen was publicly available.
It said it first learned of the breach five days after hackers started
stealing data on 14 April. They continued to do so until 25 April, the
company said.
Experts have warned that the information could be used to identify work
places, approximate home locations, as well as potential colleagues and
friends.
The breach comes months after AT&T disclosed that data from 2019 of 73
million former and current customers had been stolen and placed on the "dark
web" by fraudsters.
AT&T said it would alert affected customers. Users could also log into their
account to see if their data was affected, and request a report that would
provide a more "user-friendly" version showing what was compromised.
It warned users to be cautious about email or text requests that ask for
personal information.
Pubs look to share in £48m Euro 2024 final beer boom
Pubs across Greater Manchester are hopeful of a much-needed boost from
England's Euro 2024 final appearance.
Industry experts predict about 10 million extra pints will be sold across
the UK on Sunday when Gareth Southgate's men play Spain in Berlin - an extra
£48m in trade.
The British Beer and Pub Association (BBPA) estimates that in the North
West, a minimum of 1.1 million extra drinks are likely to be sold in the
region's 5,247 pubs.
Andy Tighe, from the BBPA, said: "The other bit of good news for pubs in the
North West is that the vast majority are licenced to stay open until 1am on
Sunday night.
"It will give fans even more time to support their pub.
Some pubs in the region have already seen an uplift in trade from
capitalising on Euro 20204 fever.
The Church Inn, in Swinton, has had record takings during the tournament,
landlady Steph Savage told BBC Radio Manchester.
More than 200 people packed the pub inside and out for England's 2-1
semi-final defeat of the Netherlands.
Steph Savage Church Inn landlady Steph Savage sits on a picnic table outside
her pub along with her husband and son, each of them wearing England
shirtsSteph Savage
Church Inn landlady Steph Savage estimated about 200 people were at her pub
to watch England defeat The Netherlands on Wednesday
Ms Savage said she was surprised by the turnout for a midweek kick-off.
"Because it was an 8pm kick-off on a Wednesday I thought it would be busy,
but not rammed.
"Boy, was I wrong, because I think the whole of Swinton was in the pub.
"From 5pm onwards we were packed, we reached capacity at 6pm, and then I
didn't know what to do with people coming in."
Ms Savage added that she was trying not to think about the clean-up
operation, but added "if it means we win, [people] can throw all their pints
everywhere".
The BBPA said about 500 British pubs closed down in 2023.
Its spokesman Mr Tighe said: "Some of the challenges of the last few years
have started to fade.
"Sky high energy prices have come down, inflation is getting better and
hopefully the pressure on people's pockets will start to ease for a little
bit.
"What the Euros shows us is that big occasions will bring more people out.
"Clearly, the pub owners in Swinton have gone to massive efforts to do just
that during the Euros and really make a point of going the extra mile to
bring people in and create that real sense of community, togetherness and a
real atmosphere that people want to come to."-BBC
Unilever to slash a third of European workforce
Unilever plans to cut a third of its office-based roles in Europe by the end
of 2025, the consumer goods giant has said.
It comes after it announced in March that it would be cutting costs,
affecting about 7,500 roles globally.
The firm said it would begin a consultation process with those affected by
cuts in Europe, with about 3,200 jobs being axed in the region.
"We recognise the significant anxiety that these proposals are causing among
our people," it said in a statement.
The changes are part of efforts to revive growth at the firm under boss Hein
Schumacher who took over as chief executive last year after underperformance
in recent years.
It was not immediately clear where the job cuts would fall.
Unilever has major offices in London and Rotterdam, where the company
maintained dual headquarters for decades before deciding in 2020 to unify
its legal structure in the UK. At the time, it said it would not affect
staffing.
“These measures mean the biggest job cuts in Unilever for decades," Hermann
Soggeberg, the head of Unilever’s European Works Council, said in a letter
to staff.
A Unilever spokesperson said: “In March, we announced the launch of a
comprehensive productivity programme, to drive focus and growth through a
leaner and more accountable organisation."
Those plans also included the decision to split off its ice cream business,
which includes the Wall's, Ben & Jerry's and Magnum brands. Unilever said
the shake-up would help it to "do fewer things better".
In the UK, the company produces ice cream in north-east Gloucestershire,
Marmite and Bovril in Burton-on-Trent and Pot Noodles in Newport, and
employs 6,000 staff in total.
"From a shareholder’s point of view, a turnaround was clearly required at an
underperforming business," said Jack Martin, a portfolio manager at Oberon
Investments.
Unilever is one of the largest consumer goods companies in the word,
including the Dove beauty brand, Persil washing up power and Lynx body
spray.
In May, Unilever apologised after being reported to the UK's Environment
Agency after soapy water was “incorrectly diverted” from its soap powder
factory into an already-polluted river.-BBC
Invest Wisely!
Bulls n Bears
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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:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674
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