Major International Business Headlines Brief::: 04 June 2024

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Major International Business Headlines Brief:::  04 June 2024 

 


 


 

	
 


 

 


 

ü  Nigeria: Minimum Wage - Strike May End Today As Nigerian Govt, Labour
Unions Reach Agreement

ü  Africa: COP28 Presidency Calls for Global Effort to Leverage the Rise of
AI, the Energy Transition and the Growth of the Global South to Accelerate
Sustainable Development for All

ü  Ethiopian, KQ Face Delays As FAA Halts 737 Max Production Expansion

ü  Uganda, South Korea Collaborate On Nuclear Power Plant in Buyende

ü  Nigeria: Labour Strike Won't Affect Airlift of Pilgrims - NAHCON

ü  Nigeria: Championing Call for Environmental Protection, Sustainability in
the Niger Delta

ü  Africa: Fuel Importers Discouraging Govts From Building Refineries in
Africa - Dangote

ü  Nigeria: Govt Offers to Pay Above N60,000, Reaches Agreement With Labour

ü  South Africa: Environmental Activists Win Against Shell in Appeal Court

ü  Ethiopia Earns U.S.$ 1 Billion From Coffee Export in Ten Months

ü  Sudan: $12m Grant to Boost Agriculture in Eastern Sudan

ü  Toyota raided as safety testing scandal grows

ü  Epoch Times CFO charged in $67m money laundering plot

ü  Shein to kick off plans for £50bn UK float

ü  GameStop shares jump after investor claims stake

ü  Evan Davis: Successful entrepreneurs don’t worry about being different

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Minimum Wage - Strike May End
Today As Nigerian Govt, Labour Unions Reach Agreement

President Bola Tinubu says he is committed to implementing a National
Minimum Wage that is higher than the N60,000 offered by the government.

 

The indefinite strike by labour unions may soon end after the unions late
Monday reached an agreement with the federal government on a new national
minimum wage.

 

The agreement was reached at a meeting convened by the Secretary to the
Government of the Federation (SGF), George Akume, in Abuja. The meeting was
also attended by the National Security Adviser, Nuhu Ribadu, indicating the
importance the Bola Tinubu administration attached to it.

 

Although no amount was agreed upon as the new minimum wage, the parties
agreed that the federal government would agree to a higher figure than the
N60,000 it currently offers.

 

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) began
an indefinite strike on Monday to force the government to agree on a new
minimum wage for workers as well as review the increase in the price of
electricity for some consumers.

 

 

Monday's agreement was signed by the President of the NLC, Joe Ajaero; his
counterpart in the Trade Union Congress (TUC), Festus Osifo; the Minister of
Information, Mohammed Idris, and the Minister of Labour, Nkiruka Onyejeocha.

 

"The President, Commander-in-Chief of the Armed Forces, Federal Republic of
Nigeria is committed to a National Minimum Wage that is higher than
N60,000," the agreement states.

 

To expedite a final agreement on the new minimum wage, the Tripartite
Committee on National Minimum Wage will meet daily over the next week. The
goal is to arrive at an agreeable minimum wage that meets the expectations
of both the government and the labour unions.

 

"Arising from the above, the Tripartite Committee is to meet every day for
the next one week with a view to arriving at an agreeable National Minimum
Wage;

 

 

"Labour in deference to the high esteem of the President, Commander-in-Chief
of the Armed Forces, Federal Republic of Nigeria's commitment in (ii) above
undertakes to convene a meeting of its organs immediately to consider this
commitment; and A part of the agreement is the assurance that no worker will
be victimised for participating in the industrial action."

 

Following the agreement, the NLC and TUC leaderships are expected to meet
with their unions' executives and those of other affiliated unions on
Tuesday to brief them and seek their approval to suspend the strike. That
approval is likely to be granted and the strike may be suspended thereafter.

 

Background

 

The unions had earlier said, "The current minimum wage, by law, expired on
19 April 2024, necessitating an urgent review."

 

 

They said the recent increase in electricity tariff for a category of
Nigerians is an unsustainable burden for businesses and workers.

 

They condemned the government's proposal of N60,000 as the new minimum wage,
up from the current N30,000 minimum wage, but way below the N495,000
requested by the labour unions.

 

They argued that the government's offer is insufficient and shows a lack of
sensitivity to the financial struggles workers are enduring because of
government policies like the removal of the petrol subsidy, the devaluation
of the naira, and increased electricity tariffs.

 

"Government's counter-offer mocks the excruciating hardship brought on
workers by its insensitive and oppressive economic policies," the unions
said.

 

The labour unions emphasized that their demand for a new national minimum
wage is in line with international standards and legal requirements.

 

The conventions of the International Labour Organisation (ILO), specifically
the Minimum Wage Fixing Machinery Convention 26 of 1928 and the Minimum Wage
Fixing Convention 131, require member nations to establish a minimum wage
that provides workers with a living wage. Nigeria ratified these
conventions, and a national minimum wage has been mandated by law since
1961.

 

Nigeria introduced its first minimum wage in 1981, setting it at N125 (about
$188 at that time), which is equivalent to N282,000 at today's exchange
rate.

 

However, the actual value of wages has significantly decreased, leading many
workers into poverty.

 

PREMIUM TIMES reported that the strike called by the labour unions commenced
on Monday morning. It paralysed activities at public places such as
airports, schools and hospitals while many private businesses such as banks
and electricity companies were also affected.

 

In an earlier statement on Monday, Mr Idris said that President Tinubu is
committed to addressing Nigeria's economic issues through humane and
considerate policies.

 

- Premium Times.

 

 

 

Africa: COP28 Presidency Calls for Global Effort to Leverage the Rise of AI,
the Energy Transition and the Growth of the Global South to Accelerate
Sustainable Development for All

COP28 President Dr. Sultan Al Jaber today told delegates at the opening of
the Baku Energy Week that all stakeholders need to leverage the rise of
Artificial Intelligence (AI), the energy transition and the growth of the
Global South to accelerate climate-positive sustainable development for all.

 

Dr. Al Jaber also called on the energy and technology sectors to work more
closely together on accelerating the adoption of AI to sustainably meet the
world’s growing energy demand and drive decarbonization.

 

“While AI is driving a surge in energy demand, it is also driving
efficiencies that curb emissions. In fact, the growth of AI is one of three
mega-trends that will shape our future, alongside the accelerating energy
transition and the rise of emerging markets and the global south. And the
closer the AI and energy collaborate, the more solutions we can unlock to
drive decarbonized growth everywhere,” Dr. Al Jaber said in a speech on the
opening day of Baku Energy Week, taking place in the Azerbaijan capital
through to 6 June.

 

 

Dr. Al Jaber said that the COP28 Presidency and the UAE would work “very
closely with Azerbaijan’s COP Presidency and we call on all countries to
ensure COP29 is a resounding success that builds on the outcomes of Dubai.”

 

“COP28 made history with the UAE Consensus- delivering the most
comprehensive set of climate breakthroughs since the Paris Agreement,” Dr.
Al Jaber said, “And, against a very difficult geopolitical backdrop, we
proved that multilateralism is alive and well.”

 

 

“We united the world around a practical pathway to keep 1.5°C within reach,
while building resilience and maintaining socio-economic development for
all.”

 

Dr. Al Jaber said. In line with the UAE Consensus commitment to triple
renewable energy capacity by 2030, the UAE and Azerbaijan are today
celebrating the groundbreaking of the Bilasuvar and Neftchala Solar PV
plants and the Absheron Garadagh wind project. Together, they will provide
over 1 GW of clean power for Azerbaijan’s growing energy needs. The
projects, announced last year, are being developed by Masdar, the UAE’s
clean energy powerhouse, and SOCAR, Azerbaijan’s state oil company.

 

“This builds on the UAE’s history of partnership to enhance this country’s
green growth development and promote sustainable development globally.
Practical partnerships like these that will help turn the UAE Consensus into
tangible reality around the world,” Dr. Al Jaber said.

 

 

The COP Presidencies Troika, which was mandated in the UAE Consensus and
unites COP28 with the Azerbaijan and Brazil COP Presidencies, will help
drive ambitious collective climate action, he said.

 

The Troika is building momentum for a new round of strengthened Nationally
Determined Contributions (NDCs) aligned with the UAE Consensus.

 

Industry must also continue to play its role, Dr. Al Jaber said, praising
SOCAR for joining the Oil and Gas Decarbonization Charter launched at COP28.

 

“We now have over 40 percent of the industry committed to zero methane
emissions by 2030 and net zero by or before 2050,” Dr. Al Jaber added, “To
those who have not signed up yet, I urge to you to do so.”

 

“You have the power, the resources and the technology to make a massive
positive impact in a short amount of time,” he told delegates.

 

Al Jaber noted that bold steps must be matched with pragmatism, that the
energy transition will take place in different places at different paces and
that every industry needs tailor-made solutions.

 

The COP28 President noted that the expansion of data centers to power the
growth of AI will require renewable energy be backed up by natural gas.
COP29, which will be held in Baku in November, will “focus like no other
COP” on the issue of climate finance, an essential enabler of the UAE
Consensus. Dr.Al Jaber welcomed the news that $100 billion climate finance
pledge had finally been met, he said: “I am encouraged
But we need much more
finance to be much more available, accessible and affordable.”

 

Dr. Al Jaber said that International Finance Institutions (IFIs) and
Multilateral Development Banks (MDBs) “have a critical role to play in
helping make emerging and developing markets more investable. He also said
that “the private sector must step up to help turn billions into trillions.”

 

These solutions include ALTÉRRA, which was launched at COP28 with a US$30
billion commitment from the UAE, making it the world’s largest private
investment vehicle for climate change action. It will play a critical role
in driving at-scale climate investments to where they are most needed.

 

“The Fund will mobilize $250 billion in additional investments over the next
six years, across emerging markets and the global south and I believe it
provides a model that should be followed to unlock finance at scale,” Dr. Al
Jaber said.

 

Dr. Al Jaber closed his speech by talking about the opportunities offered by
a green transition, he said: “We face unprecedented challenges. Yet, within
these challenges lies an unparalleled opportunity to redefine our future, to
pivot towards a path of sustainability and resilience.

 

“The transition to a sustainable economy is not just about reducing
emissions. It is about creating jobs, enhancing health, and improving the
quality of life for billions of people around the globe.”

 

The transition must deliver a world where every child “whether they are born
in the north or global south, has the chance to thrive. It is a call to
action for every nation, every industry, every community, and every
individual to step up and contribute to a cause that transcends borders and
generations.”

 

Key to this transition is technology, Dr. Al Jaber said: “We must embrace
new technologies, foster collaboration and commit to transformative policies
that safeguard our planet and ensure prosperity for all.”

 

Dr. Al Jaber called on everyone to “rise to this occasion with courage and
conviction, knowing that when we unite for a common purpose, there is no
challenge too great and no goal too ambitious. At COP28, we united, we acted
and we delivered. As we look towards COP29, lets double down on delivery and
follow through with tangible results.”

 

 

 

Ethiopian, KQ Face Delays As FAA Halts 737 Max Production Expansion

Boeing's woes continue as the US Federal Aviation Administration (FAA)
announced it will not allow the plane maker to expand production of its
best-selling 737 MAX aircraft due to ongoing safety issues.

 

This decision comes as a significant setback for the US-based manufacturer.

 

The FAA's decision is likely to exacerbate an existing backlog of orders
from airlines, including significant commitments from African carriers like
Ethiopian Airlines and Kenya Airways.

 

At the Dubai Airshow last year, Ethiopian Airlines ordered 11 787
Dreamliners and 20 737 MAX jets, which may now face delays due to the
production limitations.

 

 

Kenya Airways said March that its effort to secure new capacity had been
hampered by a backlog of orders at Boeing, thwarting the the carrier's plans
to acquire new aircraft.

 

Boeing is currently producing fewer than 38 737 MAXs a month, which is the
number that is permitted under the FAA directive.

 

FAA Administrator Mike Whitaker is quoted by Reuters saying that he does not
expect Boeing to receive approval to increase production "in the next few
months" and that no discussions have taken place regarding this issue.

 

The FAA will monitor Boeing's progress in addressing quality and safety
improvements before reconsidering the production cap.

 

"We want to make sure the system is running as safely as it should,"
Whitaker said.

 

Boeing has faced a series of setbacks, starting in February when the FAA
barred it from increasing 737 MAX production after a door panel blew out
during a January 5 flight on a new 737 MAX 9.

 

 

Earlier in the year, a section of an Alaska Airlines 737 MAX 9 separated
from the aircraft shortly after takeoff.

 

A preliminary federal investigation indicated that Boeing might have failed
to install bolts in the door plug, intended to secure the part and prevent
such incidents.

 

Boeing acknowledged responsibility, stating, "Whatever conclusions are
reached, Boeing is accountable for what happened.

 

An event like this must not happen on an airplane that leaves our factory.
We simply must do better for our customers and their passengers."

 

Safety considerations are crucial for airlines when evaluating new aircraft
to expand their fleets. These ongoing issues could potentially impact
Boeing's business prospects, as airlines prioritise safety and reliability
in their acquisitions.

 

- Business Day Africa.

 

 

 

Uganda, South Korea Collaborate On Nuclear Power Plant in Buyende

In a significant step towards energy diversification and sustainable
development, Uganda and South Korea have initiated plans to construct a
Nuclear Development Plant in Buyende District in eastern Uganda.

 

This announcement was made by Vice President Jessica Alupo, highlighting the
project's primary goal of supplementing the country's electricity supply.

 

Uganda's energy sector has predominantly relied on hydropower resources.
However, with a national target of generating 54,000 megawatts (MW) of
electricity, there is a clear need to explore alternative energy sources.

 

 

VP Alupo noted that achieving this target would require developing nuclear
energy capabilities, specifically aiming to generate 24,000 MW of nuclear
power in a planned and systematic manner.

 

The revelation came during a bilateral meeting between Vice President Alupo
and Han Duck-Soo, the prime minister of Korea, in Seoul.

 

The meeting was part of the preparatory discussions ahead of the
Korea-Africa Summit, scheduled for June 4-5

 

Representing President Museveni, Vice President Alupo said Museveni had
already reached out to the South Korean President, inviting a team to visit
Uganda for further engagement on this nuclear development initiative.

 

Premier Han Duck-Soo underscored the longstanding diplomatic relations
between South Korea and Uganda, which date back to 1963.

 

He expressed optimism that these friendly ties would continue to flourish,
commending President Museveni for his efforts in fostering development not
only in Uganda but across Africa.

 

 

The Prime Minister also emphasised that the upcoming Korea-Africa Summit
would enhance cooperation between the two nations.

 

The meeting was attended by notable figures including the State Minister for
Foreign Affairs Henry Oryem, Ambassador Elly Kamahungye, Deputy Principal
Private Secretary to the Vice President Vincent Musubire, and officials from
the South Korean government.

 

Enhancing Korea-Africa Cooperation

 

The Korea-Africa Summit, under the theme, "The Future We Make Together:
Shared Growth, Sustainability, and Solidarity", marks a pivotal moment for
strengthening Korea-Africa relations.

 

South Korea extended invitations to all African Heads of State and
Government, encouraging them to propose their preferred modes of cooperation
during the summit in Seoul.

 

Officially, the summit reflects President Yoon Suk-Yeol's vision of
fostering a mutually beneficial and strategic long-term partnership with
Africa.

 

 

This initiative aligns with Korea's goal of becoming a Global Pivotal State.

 

However, underlying these diplomatic gestures is a strong focus on business
opportunities and economic collaboration.

 

Chung Byung-won, South Korea's Deputy Minister for Political Affairs in the
Ministry of Foreign Affairs, spoke to African journalists ahead of the
summit, promising a renewed commitment to Africa.

 

He emphasised that Korea aims to enhance both the quantity and quality of
its assistance to the continent, tailoring support to meet the specific
needs and conditions of each African nation.

 

Targeting strategic investments and trade

 

One of South Korea's primary goals is to create a conducive environment for
Korean companies to collaborate seamlessly with their African counterparts.

 

This strategic approach is expected to facilitate greater business
integration and mutual growth.

 

Additionally, South Korea aims to leverage the African Continental Free
Trade Area agreement, addressing trade barriers through technical support.

 

This includes helping rebuild African customs systems by implementing
advanced Korean electronic customs clearance systems.

 

The collaboration on the nuclear plant in Uganda is a testament to the
broader strategic interests shared by both countries.

 

It signifies a step towards not only meeting Uganda's growing energy needs
but also enhancing bilateral relations through sustainable and
technologically advanced projects.

 

As Uganda and South Korea embark on this ambitious nuclear energy project,
the partnership exemplifies how international cooperation can drive
development and innovation.

 

The success of this initiative could serve as a model for other African
nations seeking to diversify their energy sources and achieve sustainable
growth through strategic international alliances.

 

- Nile Post.

 

 

 

 

Nigeria: Labour Strike Won't Affect Airlift of Pilgrims - NAHCON

National Hajj Commission of Nigeria (NAHCON) has allayed the fear of
intending pilgrims for the 2024 Hajj, saying the ongoing strike embarked
upon by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC)
will not affect their airlift to Saudi Arabia for the spiritual exercise.

 

The commission, in a statement issued yesterday in Abuja by the assistant
director of public affairs, Fatima Sanda Usara, said already out of about
65,000 Nigerians registered to perform this year's hajj in Saudi Arabia, it
has transported 37,102 pilgrims to the Holy Land for the religious rituals.

 

 

The statement said the Hajj flights have been departing as planned,
beginning with the initial three flights per day from the day of the
inaugural flight, which gradually increased to a maximum of six flights
daily and assured the intending pilgrims and other concerned Muslims that
the strike action would not affect the Hajj airlift.

 

"While the strike embarked upon by the Nigeria Labour Congress (NLC) is
causing apprehension among some concerned pilgrims, the National Hajj
Commission of Nigeria wishes to assure pilgrims and other concerned Muslims
that the strike action will not affect the Hajj airlift. From NAHCON's
projection, all pilgrims will be transported to Saudi Arabia before 10th of
June 2024," Usara said.

 

She stated, "The Hajj flights have been departing as planned beginning with
the initial three flights per day from the day of the inaugural flight. This
gradually increased to a maximum of six flights daily. Currently, NAHCON
runs a minimum of four flights daily to a maximum of six flights, depending
on the schedule. About 13,176 pilgrims are yet to be airlifted, which would
have reduced before the end of today.

 

"A breakdown of the states yet to conclude the airlift shows one more flight
each remaining from the following locations: Kaduna, Gombe, Borno, Zamfara,
Adamawa, Kebbi, and FCT with 33 pilgrims on the ground.

 

"All South-South states will be airlifted in one flight with seats
remaining. Taraba, with a little over 1,000 pilgrims, is yet to commence
airlift as scheduled, while Kwara, Jigawa, Niger, and Sokoto are continuing
with the airlift of their pilgrims steadily on course.

 

"As approved in the airlift agreement, all carriers deployed the agreed
number of aircraft for the exercise. Max Air has provided two operational
aircraft with one available as standby,"

 

- Leadership.

 

 

 

 

Nigeria: Championing Call for Environmental Protection, Sustainability in
the Niger Delta

Following Shell Nigeria's decision to cease its onshore oil and gas
operations in the country, the Corporate Accountability and Public
Participation Africa (CAPPA) and the Health of Mother Earth Foundation
(HOMEF) are urging the company to take responsibility for the environmental
damage it has caused in the Niger Delta region of Nigeria over the years
before departing the country. Osho Oluwatosin reports

 

The Niger Delta, a region rich in natural resources and biodiversity, faces
severe environmental challenges occasioned by decades of oil exploration and
exploitation, which have led to devastating pollution, deforestation, and
habitat destruction.

 

 

As far back as the 1990s, there have been disputes between the people of the
Niger Delta region and Shell Nigeria on issues regarding oil spillage and
environmental damage.

 

As a result of oil spillage into their rivers, a region that relied solely
on the aquatic for livelihood couldn't thrive any longer because their fish
stopped breathing, human health started degenerating, businesses had to
close down and decades later, the people of Niger Delta are still struggling
for quality livelihood.

 

In 2006, a team of experts in environmental assessments from Nigeria, the
United Kingdom, and the United States were independently organised to
conduct a Natural Resource Damage Assessment in the Niger Delta.

 

They concluded that over the past fifty years, around nine million to
thirteen million barrels of oil had been estimated to have spilt in the
Niger Delta. Shell is responsible for around fifty per cent of the oil
production in the Niger Delta. Between 1998 and 2009, Shell oil was
responsible for 491, 627 barrels of oil spilled, averaging about 41,000
barrels per year.

 

 

As of 2023, a new oil spill at a Shell facility in Nigeria was reported to
have contaminated farmland and a river, upending livelihoods in fishing and
farming communities in the Niger Delta, which has long endured environmental
pollution caused by the oil industry.

 

This was confirmed by The National Oil Spill Detection and Response Agency.
It was described as one of the worst in the last 16 years as it lasted for
over a week, burst into Okulu River, which adjoins other rivers and
ultimately emptied into the Atlantic Ocean affecting several communities and
displacing more than 300 fishers.

 

In response, local communities, activists, and organisations are championing
a call for environmental protection and sustainability in the region. This
urgent appeal seeks to address the ecological damage, promote eco-friendly
practices, and ensure a livable future for future generations.

 

 

CAPPA, HOMEF Call

 

It is on this premise that the Corporate Accountability and Public
Participation Africa (CAPPA) and Health of Mother Earth Foundation (HOMEF)
jointly called on Shell to clean up the mess it has created in the Niger
Delta region before exiting the country during a peaceful protest held
recently at the company's premises in Victoria Island, Lagos.

 

With chants of 'Shell is Hell' renting the air, CAPPA and HOMEF judiciously
pointed out the disastrous state of human lives in the Niger Delta based on
Shell's operations in the region, highlighting the deteriorating health
condition, contaminated substances being ingested despite the huge profit
that would be declared at the company's annual general meeting which was
being held simultaneously in London as the protest was going on.

 

Addressing the media, CAPPA's Policy and Research Analyst, Zikoria Ibeh
described the decision of Shell Nigeria to sell the business to a consortium
of five mostly local companies for $2.4 billion as irresponsible and lacking
empathy.

 

"We are here today in front of Shell's office in Lagos together with
devastated communities from the Niger Delta to call out Shell as it begins
its annual general meeting today.

 

"We are aware that they are in their cosy offices to discuss the profits
they have made off the backs and mystery of the people in the Niger Delta
and we are here to put a notice on them today to say their time is up but
Shell cannot run away without cleaning up its mess in the country.

 

"Without cleaning up years of disaster, dangerous consequences that it has
bestowed on the people of Niger Delta, we are saying today that Shell is
about to diverse, sell its asset to a consortium which the company (shell)
will loan money to buy its assets and we are saying that is a mischievous
plot, a plot to continue to profit and indirectly own Nigerian assets while
still destroying our people.

 

"We can no longer allow it, we are putting a notice today in front of their
office in Lagos to say they cannot run away from their sins and to pay for
their sins, we are calling on the Nigerian government to do what is right,
act responsibly and stand on the side of people to demand that these
companies; Chevron, Shell and all the big oil majors that have profited off
the misery and backs of people in Niger Delta to pay up for their sins.

 

"We demand accountability today and we are going to continue to insist, this
is an ongoing demand."

 

In the same vein, CAPPA's Programme Manager, Olamide Martins, expressed
worries regarding the approach of the government towards the divestment
plans of Shell Nigeria.

 

 

He explained that the government hasn't done enough to cater for the
frontline community and kicked against Shell's plans to leave the country
without proper consummate compensation.

 

According to him, "We are not unaware of the plans of Shell to divest and we
are worried about how the government is approaching this matter. Divestment
plans are underway and the government seems to be at loopholes and not
deciding enough to cater for the needs of those in the frontline community.

 

"We are worried about the plan of government and the porosity of government
policies that allow divestment of Shell without proper commensurate
compensation for the frontline communities.

 

"We are here to express our grievances, to convey the plight of those who
couldn't be here by their expression being denied over and over again by
government oppressiveness and their suppressive nature.

 

"We are here to reinstate the fact that Shell must pay damages that are
commensurate with the plight of those frontline communities. The message
here is before Shell leaves Nigeria, they must pay commensurate
compensation."

 

Conveying a joint statement signed by the Executive Directors of CAPPA,
Akinbode Oluwafemi and HOMEF's ED, and Rev Nnimmo Bassey respectively, a
seven-point demand was made before Shell exits the country.

 

They demanded "an independent and comprehensive assessment of the
environment of the entire Niger Delta. An open and comprehensive health
audit of the people living in extractive communities across the Niger Delta;
A cleanup, remediation, and restoration of all polluted and contaminated
areas linked to Shell's activities, and That Shell and Chevron be held
accountable for the destruction of communities in the Niger Delta.

 

Other demands include, "That divestment and/or expansion plans follow due
process of decommissioning. That the Nigerian Government's environmental and
climate change policies be weaned off unfounded corporate language,
including false solutions such as Net Zero, and that communities are
recognised as major stakeholders that must be afforded expression on matters
that concern their safety and survival."

 

Human-impact

 

Interestingly, over 13,000 residents from the Ogale and Bille communities in
the Niger Delta region filed claims against Shell for devastating oil spills
in 2023.

 

The group said the register confirms that 11,317 people and 17 institutions
(including churches and schools) from Ogale are seeking compensation for
loss of livelihoods and damage against the oil giant. These claims are in
addition to the 2,335 Bille individual claims which were issued at the High
Court in 2015.

 

Government's action

 

Meanwhile, the federal government of Nigeria through the Nigerian Upstream
Petroleum Regulatory Commission (NUPRC) has proposed to expedite the exit of
major oil companies like Shell and Exxon Mobil from the Niger Delta region,
on the condition that they accept responsibility for oil spills and finance
the cleanup efforts.

 

During a meeting in Abuja, the head of NUPRC, Gbenga Komolafe, presented a
quicker approval process as a short-term option for the companies if they
agree to address oil spills by cleaning up and providing compensation to
affected communities.

 

Alternatively, "the second long-term option would require the companies to
wait until the NUPRC identifies and assigns all liabilities, potentially
postponing final approval until August."

 

- This Day.

 

 

 

 

Africa: Fuel Importers Discouraging Govts From Building Refineries in Africa
- Dangote

Africa's richest man and owner of the $20 billion Dangote Refinery, Aliko
Dangote, has stated that individuals who benefit from fuel importation are
deterring African governments from constructing refineries on the continent.

 

Dangote made the statement during a conversation with CNN's reporter, Eleni
Giokos, at his refinery in Lagos, Nigeria.

 

He said: "There are other countries in Africa who have been trying to build
refineries but have been unable to. There has not been a new refinery in
Africa in the last 35 years.

 

"There are so many issues regarding this such as money, political will, and
also people who are benefitting from this whole system of importing
petroleum products into Africa are actually discouraging their governments
from building a refinery.

 

"Also, they won't get loans anyway because they don't have very strong
banks. The international banks will not support anything like this."

 

- Daily Trust.

 

 

 

 

Nigeria: Govt Offers to Pay Above N60,000, Reaches Agreement With Labour

The Organised Labour and Federal Government have reached a tentative
agreement on the new national minimum wage with a resolution to further
engage daily for the next one week at the level of the Tripartite Committee
on National Minimum Wage until a final agreement is reached.

 

This is as the Federal Government assured the Labour leaders that President
Bola Tinubu was committed to paying a new monthly minimum wage above the
initial offer of N60,000.

 

This was disclosed late Monday night at the end of a marathon meeting
convened by the Secretary to the Government of the Federation (SGF), George
Akume, in furtherance to the negotiation by the Tripartite Committee on
National Minimum Wage (NMW) and subsequent withdrawal of the Organised
Labour from the negotiation table.

 

LEADERSHIP reports that members of the Nigeria Labour Congress (NLC) and
Trade Union Congress (TUC) earlier on Monday embarked on an indefinite
nationwide strike to press home their demands for a new national minimum
wage and reversal of the recent electricity tariff hike, a development that
paralysed activities in both public and private sectors across the country.

 

 

In a statement issued at the end of the meeting endorsed by the Ministers of
Information and that of Labour and Employment, Mohammed Idris and Nkiruka
Onyejeocha, respectively, on the part of the Federal Government, and NLC and
TUC Presidents, Joe Ajaero and Festus Osifo, respectively, on the part of
the Organised Labour, the meeting agreed on a four-point resolutions as a
pathway to ending the ongoing industrial dispute.

 

"The President, Commander-in-Chief of the Armed Forces, Federal Republic of
Nigeria is committed to a National Minimum Wage that is higher than N60,000;

 

"Arising from the above, the Tripartite Committee is to meet everyday for
the next one week with a view to arriving at an agreeable National Minimum
Wage;

 

"Labour in deference to the high esteem of the President, Commander-in-Chief
of the Armed Forces, Federal Republic of Nigeria's commitment in (ii) above
undertakes to convene a meeting of its organs immediately to consider this
commitment; and

 

"No worker would be victimised as a result of the industrial action," the
resolutions read.

 

- Leadership.

 

 

 

 

South Africa: Environmental Activists Win Against Shell in Appeal Court

The Supreme Court of Appeal has dismissed an appeal by Shell, Impact Africa
and the Department of Mineral Resources and Energy, to overturn a High Court
ruling that halted an seismic survey off the Wild Coast.

 

Dismissing the application with costs, the court said community
participation had been "illusory".

However, the court has left the door open for Impact Africa and Shell to
proceed with their third and final attempt for a renewal of the 2014
exploration rights.

But proper and meaningful consultation must be done with local communities
who say the seismic survey will impact their livelihoods.

The Supreme Court of Appeal (SCA) has dismissed, with costs, an appeal by
Shell, Impact Africa, and the Department of Mineral Resources and Energy
(DMRE), which sought to overturn a High Court ruling that had halted an
oceanic seismic survey off the Wild Coast.

 

The ruling entrenches the legal rights of communities to proper consultation
under various laws in South Africa.

 

 

However, the court suspended the orders of the Makhanda High Court which had
set aside Shell's exploration right of 2014, and DMRE's decision to renew
the right in 2017 and 2021, pending the outcome of a further application by
Shell submitted in July 2023.

 

This now leaves the door open again for Shell to seek permission to proceed
with its exploration. But in light of the findings by the Makhanda High
Court and the SCA, it will have to be done with proper consultation with the
affected communities, taking into account community rights and environmental
harm.

 

The Amadiba, Cwebe, Hobeni, Port St Johns and Kei Mouth communities, as well
as Sustaining the Wild Coast, Natural Justice and Greenpeace Africa, secured
a victory in the Makhanda High Court in September 2022 when three judges of
that court ruled that the authorisation of the exploration right was
unlawful.

 

 

The DMRE and Shell appealed against that decision in the SCA, arguing that
the the public participation process and the Environmental Management
Programme, both concluded before the 2014 right was granted, were sufficient
for the Minister to make a decision on the subsequent renewals.

 

They also argued that certain factors such as climate change and heritage
rights need not have been considered in making this decision.

 

A cross-appeal was brought by environmental activists, who argued that Shell
must get environmental authorisation and undertake an Environmental Impact
Assessment before being granted a renewal, as the law had changed.

 

Read the SCA judgment here

 

In Monday's unanimous ruling, Judge Nathan Ponnan said the right to
procedurally fair administrative action was entrenched in the Bill of
Rights.

 

 

"When administrative action materially adversely affects the rights of any
person, their right to procedural fairness is triggered. It can hardly be in
dispute that Impact was required to meaningfully consult with the
communities and individuals that would be affected by the seismic blasting."

 

He said the Promotion of Administration of Justice Act set out the
requirement for procedural fairness. This included that affected persons
must be given adequate notice of the action and must be given a reasonable
opportunity to make representations.

 

The Mineral and Petroleum Resources Development Act also imposed obligations
to consult with any affected party.

 

The general principles under that act were that interested and affected
persons had to be informed in sufficient detail of the proposed mining
activities in order for them to make an informed decision over what
representation to make.

 

There also had to be meaningful consultation.

 

The judge said the adequacy of the consultation process had been subjected
to wide-ranging criticism: that the language used was technical and
inaccessible and that geographical location was vague and overbroad.

 

"However, by far the most trenchant criticism - one from which there appears
to be no escape for the appellants (the ministry and Shell/Impact) is that
the notices that were published in four newspapers were inaccessible to many
members of the communities," said Judge Ponnan.

 

"Three of the newspapers were in English and one in Afrikaans. Few people in
the respondent communities read English and virtually no-one speaks
Afrikaans. The majority speak isiXhosa or isiMpondo.

 

"If Impact wanted to meaningfully engage with them, it should have prepared
notices in their language," he said, noting however, that most of the
communities did not read newspapers and relied on radio for news.

 

"The process, which was more illusory than real, was thus manifestly
inadequate," Judge Ponnnan said.

 

The upshot of this was that when the exploration application was considered
by the department, a number of relevant factors were not considered.

 

These included the detrimental impact the survey might have on spiritual and
cultural practices, the livelihoods of communities, in so much as the sea is
a primary and in many cases only source of nutrition and income for them,
and the requirements of the National Environmental Management Integrated
Coastal Management Act, which created specific measures for the protection
of the coastal zone.

 

 

Judge Ponnan said the decision was reviewable but the unlawfulness had to be
dealt with in line with the Constitution.

 

The High Court had "gone so far as to hold that authorising new oil and gas
exploration ... was not consistent with South Africa complying with its
international climate change commitments".

 

"On any reckoning, such a far-reaching finding, which has a sterilising
effect and for which there can be no warrant, cannot be endorsed."

 

He said courts had to be pragmatic in crafting just and equitable remedies.

 

The High Court had erred by not weighing up relevant factors.

 

These included that there had been an almost eight-year delay between the
granting of the exploration right and the review application, and that there
had been significant financial expenditure in the region of R1.1-billion.

 

Two renewals had been granted and there was only one more opportunity to
renew the right, which had been submitted in July 2023. The right remained
in force until the third renewal application had been granted or refused.

 

"It would thus be entirely within the power of this court to direct that as
part and parcel of a proper consideration of the third renewal application,
a further public participation process be conducted to cure the identified
defects in the process already undertaken," Judge Ponnan said.

 

He said the issues and the parties involved were now well established in the
court proceedings.

 

He dismissed the appeal, with costs, but suspended the High Court's previous
orders that set aside the granting of the right and the renewal
applications, pending the outcome of the third renewal application.

 

"Shell respects the court's decision to dismiss the appeal," said its
spokesperson Pam Ntaka. "However, we welcome the court's direction that the
exploration right remains valid, subject to further public consultation and
the renewal application."

 

"We are examining the ruling in detail and considering our next steps".

 

The Legal Resources Centre's Wilmien Wicomb said the judgment had reaffirmed
the importance of recognising and respecting the rights of local and
directly affected communities. However, it was disappointing that the court
had given Shell a further chance to renew the exploration right.

 

"It is not clear how the renewal of a permit, ten years after it was first
(unlawfully) granted, can possibly cure the original sin," she said.

 

Sinegugu Zukulu, of Sustaining the Wild Coast, said the ruling disregarded
the rights of current and future generations to a climate crisis-free life.

 

- GroundUp.

 

 

 

Ethiopia Earns U.S.$ 1 Billion From Coffee Export in Ten Months

Addis Ababa — Ethiopian Coffee and Tea Authority (ECTA) disclosed that
coffee exports have brought 1 Billion USD to the country in revenue in ten
months of the current fiscal year.

 

General Director of the Authority Adugna Debela told ENA Ethiopia's coffee
export is increasing every year.

 

About 210,000 tons of coffee has been exported to the global market over the
past ten months, he added.

 

This shows significant increment compared to the same period of last year,
it was indicated.

 

Noting the nation has exported coffee to more than 50 countries he said,
adding that efforts are being made to expand the destination countries for
Ethiopian coffee.

 

On other hand, coffee promotion work is being done by organizing coffee
fairs and other activities in different countries.

 

"In terms of finding new global markets, we participated in a lot of
exhibitions. We have been encouraging our suppliers and exporters to
participate in exhibitions held in different countries. Currently, China,
South Korea, Sudan, and the United Arab Emirates have started to take high
production of Ethiopian coffee," he said.

 

Moreover, the General Director noted a modern system has been put in place
to avoid illegal activities related to coffee trade and to increase the
foreign trade performance of the sector.

 

U.S, Japan, Belgium, Germany and Saudi Arabia are the countries that import
and consume Ethiopian coffee in large quantities.

 

- ENA.

 

 

 

 

Sudan: $12m Grant to Boost Agriculture in Eastern Sudan

Kampala — The German Federal Ministry for Economic Cooperation and
Development (BMZ) has announced a grant of USD12 million to support
investment companies working in various agricultural fields in the states of
eastern Sudan: Gedaref, Kassala, and Port Sudan.

 

The project, coordinated by Moaz Osman of the African Enterprise Challenge
Fund (AECF), aims to invest in 60 crop farming and livestock farming
projects, as well as renewable energy.

 

Osman spoke to Radio Dabanga following his talk at the Sudan SME Catalyser
event in Kampala, the capital of Uganda, organised by AECF and 249Startups,
where BMZ announced the grant. 50 projects will receive grants ranging from
USD50,000 to USD250,000, while 10 projects will receive between USD250,000
and USD750,000, according to Osman. Applicants must be registered companies
in Sudan with at least two years of investment experience in the
agricultural sector.

 

"The project launched in April, and will continue until July 15. Companies
that apply will undergo screening by economic experts. Those meeting the
criteria will receive funding upon signing a financing agreement, ensuring
support throughout the project's implementation", he explained to Radio
Dabanga.

 

"AECF's partner, 249Startups, is responsible for training, guidance, and
capacity building." Osman added that while the grant is non-refundable, the
donor organisation and its partners will monitor and evaluate the projects
during the first year of implementation. "If a project shows signs of
failing, further grant instalments will be halted."

 

- Dabanga.

 

 

 

Toyota raided as safety testing scandal grows

Japan's transport ministry raided the headquarters of motor giant Toyota on
Tuesday, as a scandal over faulty safety data escalated.

The world's largest carmaker has apologised for providing incorrect or
manipulated data for safety certification tests.

The scandal has shaken up the Japanese car industry, with rivals Honda,
Mazda and Suzuki also admitting to submitting faulty data.

Toyota sold more than 11 million passenger vehicles in 2023.

 

It has said the findings do not affect the safety of vehicles already on the
road.

The company has suspended the production of three car models - the Corolla
Fielder, Corolla Axio and Yaris Cross.

It has also been accused of using modified vehicles during safety collision
tests, for vehicles that are no longer in production.

The raids come a day after Toyota chairman Akio Toyoda apologised to
customers and car enthusiasts.

 

He bowed deeply and held the position for a few seconds, which is customary
in Japan when companies apologise for wrongdoing.

"We neglected the certification process and mass produced our cars without
first taking the proper precautionary steps,” Mr Toyoda said.

EPA-EFE/REX/Shutterstock Toyota chairman Akio Toyoda bows at the start of a
press conference in Tokyo, Japan on 3 June.EPA-EFE/REX/Shutterstock

Toyota chairman Akio Toyoda has apologised for the faulty data

 

Japanese carmakers Honda, Mazda and Suzuki are also due to be inspected by
the authorities over the same issue.

Honda said it found wrongdoing on tests related to noise and engine power,
but it has stressed that its vehicles are safe to drive.

Mazda has halted the shipments of some cars and said it will bear the cost
to its suppliers.

However, the company added that it is not planning on issuing recalls.

 

The findings also apply to one Suzuki car model that is no longer being
produced.

Earlier this year, Toyota urged owners of 50,000 older vehicles in the US to
get immediate repairs as airbag inflators made by Takata could explode and
kill.

The "Do Not Drive" advisory covered some of the world's biggest carmaker's
models from 2003 to 2005.-BBC

 

 

 

 

Epoch Times CFO charged in $67m money laundering plot

The chief financial officer of the Epoch Times news outlet has been arrested
over his alleged involvement in a massive money-laundering scheme.

 

Federal prosecutors allege that Bill Guan, 61, participated in a global plot
to launder at least $67m (£52m) of illegal cash to benefit himself and the
Epoch Times.

According to the indictment, Mr Guan led the outlet's "Make Money Online"
team, which used cryptocurrency to purchase tens of millions worth of crime
proceeds.

Mr Guan has not yet entered a plea. If convicted, he could spend more than
30 years in prison.

 

In a statement on Monday evening, the Epoch Times told the BBC that it
"intends to and will fully cooperate with any investigation dealing with the
allegations against Mr Guan".

"Although Mr Guan is innocent until proven guilty beyond a reasonable doubt,
the company has suspended him until this matter is resolved," the news
outlet said.

It did not respond to specific questions about the Make Money Online team
referenced by prosecutors.

Mr Guan could not be reached by the BBC.

 

In the 12-page indictment, federal prosecutors detailed the alleged plan,
which they say began around 2020.

The plot, prosecutors said, was simple: members of the Make Money Online
(MMO) team would purchase crime proceeds via cryptocurrency at a discount
and transfer those proceeds into bank accounts held by entities affiliated
with newspaper.

 

The illegal proceeds would ultimately be moved back into the Epoch Times
accounts through "tens of thousands of layered transactions", including
through prepaid debit cards and financial accounts opened using stolen
identification information.

 

According to the indictment, for years the scheme worked to enriched the
Epoch Times, pumping tens of millions of dollars into the paper.

Coinciding with the time Mr Guan came up with the alleged scheme, the
outlet's internal accounting showed its annual revenue balloon by some 410%
- from $15m in 2019 to roughly $62m the following year.

 

When banks asked Mr Guan where the surge of money was coming from he lied,
claiming the funds came from "donations", prosecutors said.

Mr Guan has been charged with one count of conspiring to commit money
laundering and two counts of bank fraud.

Prosecutors noted these charges "do not relate to the Media Company [the
Epoch Times'] newsgathering activities".

 

Founded in 2000, the Epoch Times began as a small, low-budget newspaper
handed out for free in New York.

It was started by Chinese-Americans affiliated with a religious group called
Falun Gong.

 

In the years since, it has grown into purportedly one of the US's most
powerful conservative news organisations and a home to conspiracy theories,
right-wing misinformation and sharp opposition to the Chinese Communist
Party.-BBC

 

 

 

Shein to kick off plans for £50bn UK float

Shein, the controversial fast fashion giant whose popularity soared during
Covid, may soon tighten its ties with the UK with plans to sell shares in
the business on the London Stock Exchange.

 

The Chinese firm could file the relevant paperwork as soon as this week,
potentially valuing the company at $66bn (£51.7bn).

Shein's formula of offering a huge range of cheap clothes - backed up by
campaigns with social media influencers - has turned it into one of the
biggest fashion retailers in the world.

 

But it has faced severe criticism over its environmental practices, as well
as allegations around the use of forced labour in its supply chain.

A spokesperson for Shein declined to comment.

In a bid to boost its green credentials, the company launched a resale
platform for shoppers in France on Monday, two years after the option first
popped up for US customers.

 

The platform is set to launch in the UK and Germany later, although no date
has been specified.

The company is looking at the UK as a place to sell its shares after facing
hurdles and intense scrutiny in the US. Shein filed documents in the US last
November.

Some US lawmakers raised concerns about Shein's links to China as tensions
between Washington and Beijing intensified.

 

Shein relies on thousands of third-party suppliers, as well as contract
manufacturers, near its headquarters in Guangzhou, China.

It is able to turn around a new item in a matter of weeks, having sped up
the "test and repeat" model, first used by the likes of Zara owner Inditex,
where companies place small orders of clothing items, see how they perform
with shoppers before ordering more if they are a hit.

 

'Big news... but not without controversy'

If Shein chose the UK over the US, it would be a significant boost for the
City of London.

A UK share listing generates significant business for the wider financial
services industry that still makes up more than 10% of the UK's entire
economy.

After several firms have opted for the US instead, the UK government has
been scrambling to make the country more attractive for companies to set out
their stall.

Shein may choose to file the initial paperwork - known as a prospectus -
with the Financial Conduct Authority this week, sources said, or it could
happen later in June.

 

Filing a prospectus with the FCA is a required first step for any company
that wishes to sell shares on the London Stock Exchange.

“This could be big news for the London stock market," said Colleen McHugh,
chief investment officer at Wealthify, the investment firm, told the BBC’s
Today programme.

But she admitted the company may face some difficulties over claims about
how it conducts business.

 

The filing with the financial watchdog is a necessary first step but doesn't
guarantee that a float will go ahead.

Last year, a group of US lawmakers called for Shein to be investigated over
claims that Uyghur forced labour is used to make some of the clothes it
sells.

"We have zero tolerance for forced labour," Shein told the BBC at the time.

 

Meanwhile in May, a report suggested that workers for some of Shein's
suppliers are still working 75 hours a week, despite the company promising
to improve conditions.

The investigation by Swiss advocacy group Public Eye found that a number of
staff across six sites in the manufacturing hub of Guangzhou were doing
excessive overtime.

According to the group, who interviewed 13 employees from six factories in
China supplying Shein, excessive overtime was common for many workers.

Shein told the BBC it was "working hard" to address the matters raised by
the Public Eye report and had made "significant progress on enhancing
conditions".

On a London listing, Ms McHugh said: "It’ll be down to the regulator as to
whether or not the listing can go ahead here [in the UK] – but it won’t be
without controversy."

 

Shein's executive chairman Donald Tang is an American citizen who was a
former banker for Bear Stearns in Asia.

He has met both Chancellor Jeremy Hunt and Jonathan Reynolds, the shadow
business secretary, in recent months to discuss the possibility of floating
in London after hitting resistance from regulators and lawmakers in the US.

 

A Labour spokesperson said that it had met a range of companies, including
Shein, "that are looking to invest or list in Britain".

"We expect the highest regulatory standards and business practices from any
company operating in the UK. We believe the best way to ensure this is to
have more companies operating from and regulated by UK law," the
spokesperson added.

HM Treasury declined to comment.-BBC

 

 

 

 

GameStop shares jump after investor claims stake

Meme stock favourite GameStop is rising again, after a social media post
seemingly from the investor known as "Roaring Kitty" claimed a sizeable
stake in the video game retailer.

Shares in the firm opened for trade on Monday priced above $40 apiece, up
more than 70% from Friday, before later retreating a bit.

The surge followed a screenshot shared by the Reddit account tied to Keith
Gill, claiming he owned 5 million GameStop shares - nearly 2% of the firm's
stock - a holding worth more than $100m (£78m).

 

The post was one of a series in recent weeks that follow a long period of
silence from the Roaring Kitty accounts.

The veracity of the post could not be confirmed. Neither Mr Gill nor
GameStop responded to emails seeking comment.

Mr Gill became famous in 2021 for inspiring an army of online investors to
back GameStop.

 

It led to an unexpected surge in the struggling firm's shares, creating a
financial squeeze on professional Wall Street firms that had bet against the
retailer.

A post from that year showed Mr Gill held about 200,000 shares, worth
$30.9m.

 

Shares in some other so-called meme stocks - whose rise and fall appears
disconnected from the fundamentals of the business - also headed higher on
Monday, such as AMC and Blackberry.

Analysts had argued the original rise of meme stocks was driven by the surge
in savings and time many households had during the pandemic, thanks to
government support programmes and the shutdown of many in-person activities.

 

With markets rising again this year, trading firms such as Charles Schwab
and Robinhood have reported another uptick in new accounts and activity by
retail investors - people not working for investment houses or other private
firms.

GameStop cashed in on the interest last month, raising $933m in a share
sale.

 

But the activity has been a source of some disquiet in the financial
industry and in Washington, which hosted hearings on the GameStop phenomenon
in 2021.

In an interview last month with business broadcaster CNBC, former financial
regulator Jay Clayton, who led the Securities and Exchange Commission under
former President Donald Trump, compared it to gambling.

 

"It bothers me on many levels," he said. "It's a lot closer to gambling than
it is to trading and it's certainly not investing.

"Is this something we should be tolerating in our markets?" he added.

"Whether it's legal or illegal, I don't think so."-BBC

 

 

 

 

Evan Davis: Successful entrepreneurs don’t worry about being different

You want to step out of the world of wage slavery, and set up a business of
your own? Preferably a business that will be more than a mere lifestyle for
you - one that you can sell and from which you can retire on the proceeds?

 

Well, in thinking about your chances of success, it helps to look at those
who have trodden that path and ended up with a flourishing enterprise to
their name.

In the interview series The Decisions That Made Me a Leader, we spoke to
half a dozen successful entrepreneurs - too small a sample from which to
draw statistically useful generalisations, but large enough to spot some
interesting patterns.

 

I was struck by three intriguing attributes that may not guarantee business
success, but which do seem to help.

First, I noticed the degree of rebelliousness exuded by several of them.
They never quite fitted in - perhaps not into school, or university, or into
the first jobs they tried.

 

Duncan Bannatyne, famous as one of the original big stars of the Dragons Den
TV series, certainly never fitted into the navy, from which he was
court-martialed and dishonourably discharged after getting into a fight with
an officer. “I just thought it was right thing to do - he was poking me and
shouting at me,” recalls Mr Bannatyne.

 

His attitude, he tells me, is that “authority should not be accepted”.

Simon Beckerman, founder of online marketplace Depop, draws a similar
conclusion about himself. “I'm quite a disobedient person in my own right,"
he says. "I think I am unemployable."

 

And it’s true that when you don’t find it easy to work for anyone else,
going it alone is the obvious alternative career route.

Before she created the tea mixology brand Bird & Blend Tea Co, Krisi Smith
had stumbled through many jobs - including cleaning out cat pens in a
cattery (even though she is allergic to cats) and working as a "shot girl"
selling spirits to club-goers.

 

Krisi Smith, founder of Bird & Blend Tea Co.

Krisi Smith says she set up her own business after calling out employers for
their behaviour

"I was always asking questions and wanting to know why we were doing
something and making suggestions,” she recalls. “And I think that that
tended to put people's back up." After seeing her employers treat staff and
customers badly, she decided she wanted to run her own business ethically.

 

The second attribute that I noticed was a kind of impatience hard-wired into
their personalities. It seems there is always an itch. They never stand
still.

But if you thought their success in business came out of some kind of
life-plan upon about which they had reflected and consciously embarked, you
would be missing the point.

 

These entrepreneurs grabbed at opportunities, and indeed grabbed
opportunities to make opportunities for themselves.

Timo Armoo of social media marketing business FanBytes

While still a teenager, Timo Armoo was making his first steps in business

 

Timo Armoo, who set up the social media marketing company FanBytes, says he
started his first venture at school, charging other pupils to help them with
their maths assignments. Then, at the age of 17, he managed to secure
interviews with Sir Richard Branson, Lord Sugar and James Caan after
emailing the organisers of a business summit and offering to set out chairs
in exchange for a press pass.

 

“I sent it and within 20 minutes I get back an email saying, ‘You're crazy
and yes, let's do it'," recalls Mr Armoo.

The impatience that one can observe even extends to the entrepreneurs
leaving the very businesses they created. Self-aware founders understand the
skills they have and do not have, and know that when a business matures, it
often needs a management that can do the painstaking work of delivering
sustainable growth, rather than one with the flair of creation and
discovery.

 

At that point, impatience is exactly the wrong attribute. And anyway, the
entrepreneurs we spoke to, being impatient, are ready to move on once the
business is solid, so their minds wander to selling.

 

Martha Lane Fox

After leaving Lastminute.com, Martha Lane Fox became the House of Lords'
youngest female member and has advised successive governments

Take Martha Lane Fox, co-founder of Lastminute.com at the height of the
dot-com boom during the late 1990s. She was the poster child of a new
youthful entrepreneurial culture that sprung up at that time, as kids showed
the grown-ups exactly what the internet was capable of.

 

But at the age of 31, she made the decision to step down as managing
director of the company. “It was like being in a pop band where you had this
one mega hit, and I didn't want that to be the only thing that defined my
life," she says.

 

So to a third and final entrepreneurial attribute, which follows from the
others: it’s a willingness to actually do things, rather than merely think
about them. Or overthink them.

 

I feel this is what marks out those people - in business or perhaps even in
charities or public service - that are of a genuine entrepreneurial spirit.
They are the people who seem to get things done.

 

Some of it comes down to a kind of optimism. They believe that their own
actions have a good chance of achieving something, so they are less likely
than most of us to descend into a fatalistic stupor. It gets them out of bed
in the morning.

 

Richard Walker comes from a family with a track record in business - his
father was the founder of the supermarket chain Iceland, where Richard is
now executive chairman. But as a young qualified chartered surveyor, Richard
says, "I also had this entrepreneurial itch to do my own thing".

 

He was advised by the legendary property developer Tony Gallagher to move to
Poland. “So I did, because they just joined the EU. They were the size of
Germany, 40 million people, very well-educated. There were no Brits living
out there full-time running a private property company. So I decided I
would."

 

 

Global tourism is booming. These people would rather it wasn’t

Italy’s PM says fascism is ‘consigned to history’. Not everyone is so sure

Jeremy Bowen: Ukraine faces its worst crisis since the war began

 

I’ve met a lot of entrepreneurs, and I sometimes wonder if they are deluded
in their optimism. Many massively overrate their chances of success, and
they often can’t even imagine the many things that may go wrong with the
next idea they are toying with. They have too vivid a picture of what can go
right.

But as delusions go, optimism is a blessing if you refuse to be daunted by
the disappointments.

 

Of course, the far biggest attribute anyone in business needs is good luck.
Things eventually worked out for all our guests and luck surely played a
part in that.

We have not heard from the unknown names who tried to build a business, but
whose efforts foundered. They may have had great judgement, business nous,
all the right characteristics - but just hit the wrong product at the wrong
time. That doesn’t have to have been their own fault. Things sometimes turn
out bad. In business, they mostly turn out bad.

 

Entrepreneurs are not some kind of special breed. We all have our
eccentricities, our impatience and we all get things done. And we don’t want
to be fatalistic in thinking that you are either born with entrepreneurship
or you’re not. The skills of business can be learned and developed to some
extent.

But if you are asking yourself, whether you are cut out to venture into a
life like those of the stars of our series, it is certainly worth examining
the characters they have - the flaws that turn out to be strengths and the
work they have put in.

 

BBC InDepth is the new home on the website and app for the best analysis and
expertise from our top journalists. Under a distinctive new brand, we’ll
bring you fresh perspectives that challenge assumptions, and deep reporting
on the biggest issues to help you make sense of a complex world. And we’ll
be showcasing thought-provoking content from across BBC Sounds and iPlayer
too. We’re starting small but thinking big, and we want to know what you
think - you can send us your feedback by clicking on the button below.-BBC

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

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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.

 


 

 


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