Major International Business Headlines Brief::: 14 June 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  14 June 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Tanzania: Booster Shot for Growth

ü  Kenya: Sharp Division Emerge On the Financing of Sh4tn Budget Presented
By Treasury

ü  Kenya: Agricultural Sector Among Big Winners in New Budget

ü  Africa: Airtel Activates 2africa Submarine Cable, Boosting African
Connectivity

ü  Ethiopia: Tax Collection in Ethiopia Lags Behind Sub-Sahara - AACCSA

ü  Kenya: Hustlers Fund Gets an Additional Sh5bn in 2024/2025 Budget

ü  Uganda: Demand and Prices of Commodities Plummet

ü  Somalia: Somali Minister of Transport and Aviation Discusses Road Safety
With UN Special Envoy

ü  Africa: Petroleum Minister Lists Measures to Improve Gas Sector in
Nigeria, Africa

ü  Nigeria: 90% of Port Processes Automated, Says Shippers' Council Boss

ü  Nigeria: Labour Kicks As 20 States Deny Workers Wage Award

ü  Nigerian Airlines Poor Maintenance Culture Fuels Low Capacity, High Fares

ü  Tesla investors back $56bn Musk pay deal

ü  The battle for Gen Z social shoppers

ü  Telehealth executives accused of $100m Adderall scheme

 


 <mailto:info at bulls.co.zw> 

 


Tanzania: Booster Shot for Growth

President Dr Samia Suluhu Hassan watched live from Chamwino State House in
Dodoma as Finance Minister Dr Mwigulu Nchemba presented a government budget
of 49.35tri/- for the 2024/2025 financial year in the National Assembly on
Thursday.

 

The President's gesture underscored her strong desire to steer the nation to
greater heights. This was President Samia's third budget since assuming the
presidency in March 2021. Sitting on her presidential seat, the Head of
State wore a broad smile as the finance minister mastered the podium,
highlighting tremendous achievements recorded in the implementation of
previous budgets while painting a promising picture for the future.

 

 

Earlier , Minister of State in the President's Office (Planning and
Investment), Professor Kitila Mkumbo, outlined 10 priority areas for the
upcoming financial years.

 

Finance Minister Dr Nchemba reciprocated in the evening by elaborating on
how the government plans to secure the necessary funds to finance the
national development plan and providing a breakdown of expenditures for the
2024/2025 financial year.

 

"For the year 2024/25, the government expects to mobilise and spend a total
of 49.35tri/-, equivalent to an increase of 11.2 per cent compared to the
2023/24 budget," Dr Nchemba told the August House.

 

Domestic revenue is projected to be 34.61tri/-, equivalent to 70.1 per cent
of the total budget and 15.7 per cent of GDP, the minister said, revealing
that out of the projected amount, the Tanzania Revenue Authority (TRA) has
been tasked to collect 29.41tri/- while 3.84tri/- will be non-tax revenue to
be collected by ministries, agencies, and independent departments. Local
Government Authorities (LGAs) have been given the task to collect 1.36tri/-,
whilst the government expects to secure 5.13tri/- from Development Partners
as grants and concessional loans.

 

 

Dr Nchemba told the Parliament that the government estimates to borrow
6.62tri/- from the domestic market, of which 4.02tri/- will be for rolling
over of maturing Government Treasury Bills and Bonds, and 2.60tri/- for
financing development projects.

 

"In addition, the government estimates to borrow 2.99tri/- from external
commercial sources for financing development projects," he added.

 

Key priority areas of the budget include; completing flagship and strategic
projects; strengthening production sectors; enhancing human capital
development particularly in social services; increasing the use of ICT; and
improving the business environment and investment.

 

 

The budget will also finance wage bill, government debt, 2024 Local
Government Election, preparations of the 2025 General Election, the
preparation of the National Development Vision 2050, and preparation of the
2027 Africa Cup of Nations (AFCON 2027), including the construction and
rehabilitation of stadiums.

 

The ongoing projects that will be implemented in the next financial year
are: Julius Nyerere Hydroelectric Power Project 2,115MW; construction of
Standard Gauge Railway (SGR); revamping of ATCL; East African Crude Oil
Pipeline (EACOP) from Hoima (Uganda) to Tanga (Tanzania); construction of
bridges and flyovers including Kigongo-Busisi Bridge; construction of Kilwa
Fishing Harbour and procurement of fishing vessels; and construction of
Mkulazi sugar processing plant.

 

Other projects include: Construction of Ruhudji Hydropower Project - 358 MW;
construction of Rumakali Hydropower Project - 222 MW; construction of
Liquified Natural Gas Plant (LNG) - Lindi; Engaruka Basin Soda-Ash Project-;
and Mchuchuma and Liganga projects.

 

Giving expenditure breakdown, Dr Nchemba said the government will spend
15.74tri/- for servicing public debt and other consolidated fund expenses;
11.77tri/- for salaries, including recruitment and promotion of employees;
and 2.17tri/- for railway, roads, water and REA projects.

 

The government will spend a total of 1.19tri/- to finance higher learning
education and tertiary colleges student loans, and the Fee Free Primary and
Secondary Education Programme.

 

He said the government will continue to implement the Alternative Project
Financing Strategy to widen the scope of funding development projects and
reduce dependence on the government budget.

 

"A notable example of the implementation of this strategy is the successful
issuing of a Green Bond worth 53.1 billion shillings by Tanga Urban Water
Supply and Sanitation Authority (TANGA UWASA)," said Dr Nchemba.

 

The minister warned against misuse of public funds, vowing disciplinary
measures against Accounting Officers who will not comply with the laws
governing the control and management of public funds.

 

Dr Nchemba directed Accounting Officers to ensure the use of the National
e-Procurement System of Tanzania (NeST) in all procurements of goods,
services and contracts while considering market price.

 

"I warn those who misuse public funds, to stop that habit immediately! Those
who will be liable, legal action will be taken against them," swore the
minister.

 

Dr Nchemba revealed that the overall macro-economic targets are to
accelerate growth rate of the Gross Domestic Product (GDP) to 5.4 per cent
in 2024 from 5.1percent in 2023; to control inflation rate and ensure it
remains within the single-digit range of an average of 3.0-5.0 per cent in
the medium term and to increase domestic revenue to 15.8 per cent of GDP in
2024/25 compared to the projection of 15.4 per cent in 2023/24.

 

Other micro-economic targets are to increase tax revenue to 12.9 per cent of
GDP in 2024/25 from the target of 12.6 per cent in 2023/24; to maintain a
budget deficit (including grants) not exceeding 3.0 per cent of GDP; and to
maintain foreign exchange reserves sufficient to cover the importation of
goods and services for a period of no less than four (4) months.

 

- Daily News.

 

 

 

 

Kenya: Sharp Division Emerge On the Financing of Sh4tn Budget Presented By
Treasury

Deep divisions have emerged over the fiscal year 2024/2025 financial budget,
with Opposition MPs vowing to dismantle the funding strategies encapsulated
in the Finance Bill 2024.

 

Minority Leader Opiyo Wandayi sharply criticized the Sh4 trillion budget
presented by National Treasury Cabinet Secretary Njuguna Ndungu, arguing
that it fails to address the persistent budget deficit, resulting in
excessive borrowing and heavy taxation.

 

"The notion of a budget deficit will be our downfall. This administration
has exceeded the previous regime in borrowing and in burdening Kenyans with
taxes. The government should focus on the productive sectors of the economy
instead of taxing everything indiscriminately," Wandayi stated.

 

 

Wandayi insisted that the proposed taxes in the Finance Bill 2024 are
draconian. He vowed that the Opposition Coalition would mobilize MPs to
defeat these harsh measures once they are tabled in the House.

 

Despite the Kenya Kwanza Alliance Coalition holding the majority in
Parliament, Wandayi assured that the Opposition would employ strategic
maneuvers to rally support against the proposed legislation.

 

"This time we are taking a different approach. We have instructed our Azimio
MPs to be physically present. We've advised against unnecessary travel, and
for those who are ill, we will bring them in to vote," Wandayi said.

 

"Several Kenya Kwanza MPs have opposed this finance bill in public
gatherings and religious settings. We challenge them to demonstrate their
convictions by voting with us."

 

 

Homabay Woman Representative Joyce Bensouda denounced the budget, claiming
the government is living beyond its means despite President William Ruto's
rhetoric on austerity measures.

 

"It's an overly ambitious budget. When you scrutinize the allocation
framework, funds have remained unserviced since 2022. Infrastructure,
health, and education are still suffering. One has to question what exactly
is being financed," Bensouda remarked.

 

Public Service Cabinet Secretary Moses Kuria defended the government's
fiscal policy, highlighting a reduction in the budgetary deficit from 7
percent of GDP to 3.3 percent.

 

"We are on the right path. The only way to stop digging when in a hole is to
halt reckless expenditure. We need to generate sufficient local revenue to
fund our budget through fiscal consolidation," Kuria asserted.

 

Manyatta MP John Mukunji acknowledged the public outcry against certain
provisions in the finance bill but emphasized the necessity of securing
resources to fund the budget.

 

"Kenyans need to understand that the finance bill outlines the sources of
funding for the budget. We will consider the provisions of the bill in light
of the public's input, but we cannot discard all the provisions," Mukunji
said.

 

Kasarani MP Ronald Karauri questioned the government's revenue-raising
strategies, criticizing the Kenya Revenue Authority for failing to meet
revenue targets.

 

"I am not confident in the proposed revenue measures because the last
financial bill fell short of raising the required funds. The National
Treasury has failed to broaden the tax base, thereby overburdening the
current taxpayers," Karauri said.

 

"I foresee a revenue shortfall in the upcoming fiscal year because the
proposed measures are simply untenable. This will inevitably result in a
budget deficit," he added.

 

As the debate intensifies, the future of the finance bill hangs in the
balance, with both sides of the political spectrum bracing for a contentious
battle in the National Assembly.

 

- Capital FM.

 

 

 

 

Kenya: Agricultural Sector Among Big Winners in New Budget

Nairobi — Kenyan farmers are among the big winners in the just-released
2024-2025 budget that was read yesterday by the National Treasury.

 

This follows the sector receiving an allocation of Sh54.6 billion, according
to the estimates read by Treasury Cabinet Secretary Njuguna Ndung'u on
Thursday.

 

This will be utilised in various areas aimed at transforming Kenya's
agricultural landscape.

 

Ndung'u, while appearing before parliament, asserted that these initiatives
are set to empower farmers, enhance food security, and drive economic growth
in the sector.

 

 

"These aims to transform farmers from food deficit to surplus producers
through input finance, subsidies, and intensive agricultural extension
support; raise the productivity of key food value chains; reduce dependence
on basic food imports; revamp under-performing export crops and expand to
new high value emerging crops; and boost tea value chain through blending
and branding," he said.

 

Of the amount earmarked for agriculture, the fertiliser subsidy programme is
estimated to receive Sh10 billion.

 

On the other hand, the National Agricultural Value Chain Development Project
will receive sh6.1 billion to enhance value addition and market access for
agricultural products, ensuring better returns for farmers, with another 2.5
billion set aside for combating the locust invasion threat.

 

Likewise, youth and women in agriculture, livestock production, the blue
economy, climate change risks, and enhanced agriculture are also earmarked
for a share of the 54.6 billion.

 

To address climate change risks and enhance agricultural resilience, Sh340
million has been allocated towards the Ending Drought Emergencies project.

 

This initiative targets smallholder farming and pastoral communities,
ensuring they are better equipped to handle climate-induced challenges.

 

- Capital FM.

 

 

 

Africa: Airtel Activates 2africa Submarine Cable, Boosting African
Connectivity

Airtel Telesonic, the wholesale arm of Airtel Africa, has announced the
successful activation of the 2Africa submarine cable system, enhancing
connectivity across the continent.

 

The initial phase links Kenya, Tanzania, and South Africa, ushering in a new
era of high-speed, reliable internet.

 

The 2Africa cable, one of the largest subsea projects globally, aims to
interconnect Africa, Europe, and Asia, bolstering digital transformation
across Africa.

 

Airtel Telesonic partnered with Alcatel Submarine Networks (ASN) to achieve
this milestone. ASN, a key player in optical submarine networks, provided
the latest SLTE platform, PSI-SUB, known for its modular and future-proof
architecture.

 

 

"Activating the 2Africa submarine cable is a monumental step in bridging the
digital divide in Africa," said PD Sarma, CEO of Airtel Telesonic.

 

"This project highlights our commitment to advanced infrastructure and
empowering communities in the digital age."

 

Paul Gabla, Chief Sales & Marketing Officer of ASN said they are pleased to
support Airtel with their cutting-edge SLTE equipment.

 

"This milestone underscores the power of collaboration and innovation in
bringing advanced connectivity solutions to Africa."

 

The 2Africa submarine cable is set to transform Africa's digital landscape,
providing unprecedented connectivity and growth opportunities as Airtel
Africa aims to deliver innovative solutions to meet its customers' evolving
needs.

 

- Business Day Africa.

 

 

 

Ethiopia: Tax Collection in Ethiopia Lags Behind Sub-Sahara - AACCSA

Ethiopia's share of taxes as a percentage of its GDP is lower compared to
other sub-Saharan African countries, Addis Ababa Chamber of Commerce and
Sectorial Association (AACCSA) disclosed.

 

This revelation was made during a panel discussion on "the impact of the tax
system and its implementation on the private sector," held by AACCSA
yesterday.

 

AACCSA President, Mesenbet Shenkute stated in her opening remarks that the
domestic revenue collected through taxes is one of the most important
activities contributing to the national economy, but its share in the GDP is
not more than 10 percent.

 

 

Mesenbet also explained that some issues with the tax system are the main
obstacles to the growth of the private sector in the country.

 

She said that the chamber has set up an advocacy and consultation platform
to receive complaints from its taxpayer members engaged in various
businesses and discuss these issues with the relevant parties to find
solutions.

 

Shibeshi Bettemariam, the Secretary General of AACCSA, emphasized that one
of the chamber's tasks is to ensure that laws and policies favourable to the
private sector are enacted and implemented effectively.

 

He pointed out that the tax issue is one of the most challenging business
concerns that the private sector has raised.

 

Participants in the panel discussion also highlighted the need for tax
reform, strong leadership, and political commitment to make the Ethiopian
tax system more efficient and business-friendly.

 

The discussion also emphasized the significance of tax reform in attracting
foreign direct investment and enhancing Ethiopia's competitiveness. It also
highlighted the importance of the government consulting with taxpayers
before implementing any tax-related policies.

 

The event included the presentation and discussion of various papers related
to taxation in Ethiopia.

 

- Ethiopian Herald.

 

 

 

 

Kenya: Hustlers Fund Gets an Additional Sh5bn in 2024/2025 Budget

Nairobi — The government has announced a significant enhancement to the
'Hustlers' Fund by an additional Sh5 billion in a move anchored on
addressing the accessibility to affordable credit for Kenyans.

 

Treasury Cabinet Secretary Njuguna Ndung'u during the reading of the budget
estimates in parliament asserted that the move is in line with the
government's agenda of ensuring financial inclusion in the country.

 

"Accessibility to affordable credit for most Kenyans at the bottom of the
pyramid remains a challenge. To address this challenge the Government is
proposing an additional allocation of Sh5.0 billion to the Financial
Inclusion 'Hustlers' Fund to scale up access to credit for households and
MSMEs," he said.

 

 

The 'Hustlers' Fund, unveiled in November 2022 to provide affordable credit
to marginalized Kenyans, has been a cornerstone of the government's strategy
to foster economic inclusion and entrepreneurship.

 

In addition to bolstering the 'Hustlers' Fund, the government has also
proposed further investments aimed at enhancing entrepreneurial
opportunities and financial inclusion across various demographics.

 

This includes an additional Sh200 million for the Youth Enterprise
Development Fund, aimed at empowering young entrepreneurs, and Sh162.5
million for the Centre for Entrepreneurship Project, designed to nurture
innovative business ideas and startups.

 

Likewise, it has earmarked Sh1.9 billion for the Rural Kenya Financial
Inclusion Facility.

 

This facility is intended to expand financial services in rural areas,
enabling farmers and small businesses to access the credit necessary for
growth and development.

 

These initiatives form part of a broader economic strategy focused on
fostering inclusive growth and reducing poverty.

 

The Treasury boss averred that by enhancing financial inclusion and
supporting entrepreneurship, the government aims to create a more equitable
economic landscape and drive sustainable development.

 

- Capital FM.

 

 

 

 

Uganda: Demand and Prices of Commodities Plummet

Farmers across different regions in the country are counting losses due to a
drastic loss in demand and drop in prices of commodities like cassava, maize
and matooke.

 

These say they have witnessed a drop in sales in the last three months.

 

In Teso sub-region, Mbarara and at the Busia border farmers are struggling
to find buyers for their produce with some stuck with large tonnes of maize,
cassava and matooke.

 

For the case of Busia, there has been a decline by companies from Kenya that
have been purchasing maize from Uganda opting for Tanzanian maize due to its
low price.

 

 

Desperate faces is what welcomes you at the Busia Border as maize dealers
are stuck with huge tonnes of maize in stores following decline in demand
for Ugandan maize across Kenya leaving them counting losses as the produce
goes bad in the stores.

 

According to the chairperson Busia produce dealers, Richard Wesonga, the
dealers have experienced a reduction in the sale of maize in the last three
months, putting it on the Tanzania maize which is currently sold at between
Shs500 to Shs600 a kilo compared to Ugandan maize that is now at Shs880.

 

"Most of our customers that's were buying our maize in the neighboring Kenya
resorted to buying from Tanzania which they say is cheap, and our produce is
rotting in the stores," Wesonga said.

 

As a result of this, the border town has for the past months received a
decline in the number of trucks coming for maize from Kenya from over 100
trucks per day to now only between 20 to 30 trucks.

 

In Teso and Mbarara the situation has left many farmers in distress, with
their livelihoods threatened by the deteriorating prices.

 

The government and agricultural authorities are urged to intervene and
address the challenges facing the cassava sector in the Teso sub-region.

 

- Nile Post.

 

 

 

 

Somalia: Somali Minister of Transport and Aviation Discusses Road Safety
With UN Special Envoy

Mogadishu, Somalia — The Minister of Transport and Aviation, Fardowsa Osman
Egal, accompanied by the Director General of the Ministry, Bashir Moallim
Ali Hassan, recently held a productive meeting with Jean Todt, the Special
Envoy of the Secretary General of the United Nations for Road Safety.

 

During the meeting, the two parties discussed the importance of cooperation
and close collaboration in implementing preventive activities to reduce road
accidents and enhance road safety in Somalia.

 

They agreed on the need to establish road safety laws to increase the safety
of the Somali people.

 

Minister Egal expressed gratitude to the Special Envoy for his commitment to
improving road safety in Somalia. She emphasized the importance of the close
cooperation between the Federal Government and the United Nations in
achieving this goal.

 

Road safety is a critical issue in Somalia, where road accidents are a
significant cause of death and injury.

 

The establishment of road safety laws and the implementation of preventive
measures are essential steps towards reducing the number of accidents and
ensuring the safety of Somali citizens.

 

The meeting between Minister Osman Egal and the UN Special Envoy represents
a positive step towards improving road safety in Somalia.

 

By working together, the Federal Government and the United Nations can make
a significant impact in reducing road accidents and protecting the lives of
Somali citizens.

 

- Shabelle.

 

 

 

Africa: Petroleum Minister Lists Measures to Improve Gas Sector in Nigeria,
Africa

The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has
listed adoption of gas technology and innovation, shaping effective policy
frameworks, unlocking financing avenues, nurturing capacity building, and
cultivating entrepreneurship as measures that would the future Nigeria's and
Africa's energy landscape.

 

Ekpo who was represented by the Permanent Secretary in the ministry,
Ambassador Nicholas Agbo, at the opening of the 2024 Africa Gas Innovation
Summit, AGIS, in Abuja, noted that as the country embark on this journey, it
should be guided by a shared vision of progress, inclusivity, and
sustainability.

 

 

On his part, the Group CEO, NNPC Limited, Mr. Mele Kyari, said NNPC has in
the past few years ramped up investment in the gas sector to ensure improved
supply and utilization.

 

Represented by the Executive Vice President, Gas, Power and New Energies,
Olalekan Ogunleye, Kyari said that the NNPC has made major investments in
floating LNG and gas pipeline projects.

 

"Indeed, we are currently participating in three mini LNG projects slated
for ground breaking this August. NNPC is also currently leading the federal
government's auto-gas initiative. Aside from the recent commissioning of the
5.2mscf per-day Ilasamaja mother-station CNG plant, the GCEO of NNPC
recently announced plans to take FID (final investment decision) within this
year and roll out six additional CNG mother-station plants with similar
capacity", he added.

 

Also speaking at the event, the Director General, National Office for
Hydrocarbons and Mines, Morocco, Amina Benkhadra, disclosed that there are
currently over $245 billion worth of investment opportunities for the
provision of gas infrastructures across the African continent.

 

 

Benkhadra said the construction of gas pipelines, gas terminals and gas
processing plants presents huge opportunities for investors.

 

The summit has the theme: "Igniting the Future: Driving Sustainability in
Africa's Energy Landscape through Gas Technology and Innovation".

 

She said about $100 billion investments are also needed annually to meet
electricity demand on the continent by 2030, noting that the total
investment required by the year 2050 could reach $3 trillion.

 

"And to unlock Africa's energy future, we will need to develop major
infrastructure projects but also at the level of nations and local projects.
So, we have to raise the ambitions of Africa's energy strategy to increase
the power generation capacity to deepen the reforms of our energy
governance, encourage public partnership, private partnership investment,
mobilize those international investments that we have seen just before and
contribute to development through technology and innovation approaches", she
added.

 

Earlier in his welcome address, the Chairman, SPE Nigeria Council,
Salahudeen Tahir, observed that Africa's energy landscape is at a critical
juncture, with the imperative need for sustainable solutions.

 

Tahir explained that "top most challenges in our industry are financing,
technological and skills gap, high costs of oil and gas production,
infrastructure challenges, global push for transition to cleaner energy as
well as security issues."

 

- Vanguard.

 

 

 

 

Nigeria: 90% of Port Processes Automated, Says Shippers' Council Boss

The Executive Secretary/CEO of the Nigerian Shippers Council, NSC, Pius
Akutah, has said that about 90 per cent of port processes in Nigeria have
now been automated.

 

Disclosing this while playing host to a team from the World Bank and the
Nigerian Trade Facilitation Committee who were on courtesy visit in Lagos,
Akutah said that the Council will continue to advocate automation of port
operations and processes.

 

"The Council advocates automation of port operations and processes and I can
confidently confirm that over 90 per cent of our port operations and
processes are automated by now. This is consistent with the mandate of the
Nigerian Shippers Council of ensuring port efficiency, safety and security
of cargoes, cost reduction and ease of doing business," he stated.

 

Speaking earlier, Minister of Industry, Trade and Investment, Doris Nkiruka
Uzoka, who was represented by Assistant Director, office of the Minister of
Industry, Trade and Investment, Brenda Max-Nduaguibe, said that the aim of
the visit is to enable the World Bank team to fully understand the daily
operations, inspections processes, trade bottlenecks, to identify policies
options, and to make trade seamless for the Nigerian government.

 

- Vanguard.

 

 

 

Nigeria: Labour Kicks As 20 States Deny Workers Wage Award

Eight months after the Federal Government commenced payment of N35,000, a
wage award in addition to N30,000 minimum wage to workers, and urged state
governments to replicate it, 15 states are yet to do so while seven paid
briefly and stopped.

 

The wage award was to lessen the burden of economic hardship on the
citizenry pending the implementation of a new minimum wage.

 

The Nigeria Labour Congress, NLC, described the refusal of some states to
pay the wage award to their workers as the height of insensitivity,
lamenting the suffering workers were going through as a result of the
anti-poor policies of the government.

 

 

Meanwhile, 15 states are paying sums ranging from N10,000 to N40,000 to
their workers as wage awards or salary increments.

 

States that are not paying include one in the South-East, four in the
South-South, three in the North-East, two in the North-Central and five in
the North-West.

 

Meanwhile, states that paid wage awards for one to four months and stopped
include Delta, Niger, Plateau, Kaduna, Bauchi and Nasarawa.

 

On the other hand, states that are paying are Lagos, Edo, Bayelsa, Imo,
Enugu, Anambra, Ebonyi, Ondo, Osun, Ogun, Oyo, Ekiti, Kano, Kwara, Cross
River and Taraba.

 

Tinubu's plea

 

President Bola Tinubu, in March, during a working visit to Minna, Niger
State, urged the 36 state governors to begin payment of wage awards to
workers in their states, saying the move will alleviate hardship in the
country.

 

Governors Hyacinth Alia (Benue), Babajide Sanwo-Olu (Lagos) and AbdulRahman
AbdulRazaq (Kwara) were among the governors at the event.

 

Speaking directly to Abdulrazaq, who is chairman of the Nigerian Governors
Forum, NGF, Tinubu said: "I have been paying wage awards pending
determination of the new minimum wage. Let all the sub-nationals start
paying that. The wage award, with whatever they are taking now, will relieve
the public. I am not giving an order, I am appealing to you sub-nationals.
It's a relief to the people."

 

States not paying

 

Despite the president's plea, many states are yet to commence paying wage
awards to their workers.

 

In Delta State, the Commissioner for Information, Dr. Ifeanyi Osuoza said
the state government will set up a committee to examine wage-related issues.

 

He said: "Governor Sheriff Oborevwori said during Workers Day that a
committee would be set up to look into it so that, at the end of the day, we
can be able to be on the same page with labour and workers; that is the line
we are following."

 

 

On whether the committee will look into wage awards in addition to minimum
wage, Osuoza said: "Anything that has to do with emoluments for workers, the
committee will look at it."

 

Rivers and Akwa Ibom governments said they were waiting for an official
declaration by the Federal Government on the wage increase while the Delta
State government had set up a committee to review workers' wages.

 

Governor Umo Eno of Akwa Ibom State assured that his administration will key
into the new minimum wage for workers when it comes into force.

 

"We have directed the compilation of casual workers in the state. We will
continue to ensure that we support our workers, and we will continue to do
our best to make them happy. We will ensure that we continue to improve our
workers' welfare.

 

"And on the minimum wage, we will wait for the Federal Government and then
we will key into it and come to terms with the minimum wage for Akwa Ibom
civil servants," the governor stated on Workers Day.

 

The Rivers State Government is also awaiting the outcome of the tripartite
negotiations between the Labour, Organised Private Sector, and the Federal
Government on minimum wage to determine its next action.

 

While labour is demanding N250,000 minimum wage, the Federal Government and
OPS have offered N62,000. President Tinubu in his Democracy Day broadcast
said he will send an executive bill to the National Assembly on the issue
soon.

 

Rivers State Commissioner for Information and Communications, Joseph
Johnson, said: "With the robust relationship existing between government and
workers in the state, we are only waiting for the outcome of ongoing
negotiations between Labour and the Federal Government to do the needful. We
will take a position when the parties decide what to pay the workers. We
will look at the size of our portfolio and decide on what to do."

 

President of Rivers State chapter of the Nigeria Union of Local Government
Employees, NULGE, Clifford Paul, told Vanguard that Governor Sim Fubara had
approved the payment of N35,000 to workers

 

He said Fubara announced the approval during a meeting with NULGE leadership
and principal officers of the local government councils at the Government
House, Port Harcourt.

 

"The governor also approved immediate implementation of the N35,000 wage
award approved by the Federal Government to cushion the effect of the
removal of ."

 

The chair of the NLC in the state, Alex Agwanwor, regretted that the
governor had not commenced the implementation because of political
distractions.

 

He said: "The state government has not started the payment but plans have
been concluded. The problem we have now is the political unrest in the
state. The political distraction in the state is much and I think it is
affecting the implementation.

 

"We are not bothered about that now. It is not our priority now. What the
governor is doing for the workers in the state is even more. We cannot
assess his performance based on that because he is taking care of the
welfare of the workers with a good heart," he said.

 

Workers plead with Otti

 

An Abia, Chairman of the NLC, Okoro Ogbonnaya, pleaded with Governor Alex
Otti to approve the payment of the N35, 000 wage awards to mitigate the
plights of workers in the face of the biting economic hardship in the
country.

 

In his response, Governor Otti promised to look into the workers' request
and take action very soon.

 

Kebbi sets up minimum wage committee

 

In Kebbi State, the state government is yet to begin payment of wage award
but the governor on May 1, 2024, set up committee to come up with a
sustainable minimum wage for workers.

 

Borno, Yobe distribute foodstuff, palliatives

 

Although Borno and Yobe states under the leadership of Governors Babagana
Zulum and Mai Buni, were yet to pay wage award to civil servants or
pensioners, the two states have procured and distributed food and non-food
items to the citizenry, including civil servants and pensioners, all aimed
at cushioning the economic hardship.

 

States that paid partially and stopped

 

In Niger State, the government is paying N30,000 minimum wage. Governor
Muhammed Bago paid the sum of N20,000 as a palliative to workers once and
inaugurated a committee under the chairmanship of the state Head of Service,
Alhaji Abubakar Salisu to work out acceptable minimum wage and salary
structure for workers in the state.

 

The Katsina State government is among the states where some level of
compliance had been achieved regarding the payment of some form of
palliatives to workers.

 

Governor Umaru Radda paid N15,000 twice as wage palliative to state and
local government workers in the state. Pensioners also got N10,000 twice.
The first award was paid in February and second was paid as Ramadan/Sallah
package.

 

Nasarawa State government paid workers the sum of N10,000 twice as wage
award.

 

At the same time, retired workers have been paid the sum of N5,000 for four
months.

 

 

In like manner, Bauchi State paid N10,000 to its civil servants during the
Sallah celebration and gave out some food items as palliatives at other
times.

 

The Plateau State Government has paid N12,000 as palliative to each of its
workers for six months.

 

States paying wage awards

 

Edo and Bayelsa states have announced wage increment for civil servants in
the two states.

 

Governor Godwin Obaseki of Edo State, who signaled the surprise package for
workers, gave them a shocker on April 29, two days before Workers Day, when
he announced a new minimum wage of N70,000.

 

He said the new scheme would begin in May, and if the negotiated wage
between the Federal Government and labour were higher, the government would
make necessary adjustments. As he promised, he started paying the 70,000
minimum wage in May. The Bayelsa State government also approved wage awards
for its workers.

 

A breakdown of the wage awards, worked out by a committee headed by the head
of the state's civil service, revealed that workers from Grades 1-14
received N20,000; 15-17 cadre got N30,000 and Permanent Secretaries
N100,000.

 

Confirming the development, chairman of Trade Union Congress, TUC, in
Bayelsa, Julius Laye said: "In Bayelsa State, the payment started last
month, although those at the local government received about five months,
and it stopped."

 

Imo raises wages with N10,000

 

Governor Hope Uzodinma gave Imo workers N10,000, bringing their current
minimum wage to N40, 000.

 

Imo State government also said it has provided free transportation scheme
for workers as part of measures to cushion effect of fuel subsidy removal.

 

Mbah pays N25000, N10,000 in Enugu

 

In Enugu, Governor Peter Mbah has been paying wage award since December
2023, to the employees of the state government, local government workers and
primary school teachers.

 

For the state civil servants, the state government pays N25,000 to each
worker, but pays N10,000 to employees of local governments and primary
school teachers.

 

Speaking on the issue, Chairman of the TUC in the state, Ben Asogwa, said
that workers in the state are happy with the payments, which he described as
evidence that the governor is committed to workers' welfare.

 

Ebonyi workers get N10,000 extra

 

,In Ebonyi, Governor Francis Nwifuru added N10,000 as wage award to the
salaries of civil servants in the State.

 

Ondo pays N35,000 to workers, N10,000 to pensioners

 

In Ondo State, the government is paying N35,000 wage award to workers and
N10,000 to pensioners.

 

Chief Press Secretary to the governor, Mr. Ebenezer Adeniyan, said the
payment started in October last year.

 

Adeniyan added that it was supposed to be for three months but the governor
extended it, adding that shuttle buses have been provided for workers and
schoolchildren across the state by Governor Lucky Aiyedatiwa's
administration.

 

Osun pays N15,000 to workers, N10,000 to pensioners

 

In Osun State, the government is paying N15,000 to workers while retirees
get N10,000 as wage award. The governor had approved payment of wage award
since December 2023, and has been paying the said amount till date.

 

It's N10,000 in Ogun

 

The Ogun State government is paying N10,000 wage award to all categories of
workers in the state.

 

Chairman of the TUC in the state, Mr. Lasisi Akeem, said government has been
paying N10,000 transport allowance to all civil servants for the past nine
months and N10,000 to pensioners

 

Akeem added that the state government has paid 40 per cent of the basic
salary of workers in the state as Peculiar Allowance, to cushion effect of
fuel subsidy removal.

 

Oyo, Kwara, Anambra workers get boost

 

In Oyo, the state government pays N25,000 to its workers and N15,000 to
pensioners. Governor Seyi Makinde started paying the awards in November
2023.

 

In addition, the governor also approved payment of 13th month salary to the
workers, and released buses to major parts of the state at highly subsidized
rates.

 

Before the six months he promised to pay N25,000 lapsed, he extended the
payment of palliatives for another six months making one year.

 

In Kwara State, civil servants are being paid N10,000 wage award by the
state government.

 

"We are being paid monthly N10,000 wage award by Kwara State government
since subsidy removal," Muritala Olayinka, the NLC chairman, told Vanguard.

 

In Anambra, Governor Chukwuma Soludo paid N12, 000 for four months between
September to December 2023.

 

Soludo had earlier announced a 10 per cent salary increase, which the state
has been paying since January 2023 as part of his response to rising cost of
living.

 

The workers, however, expressed disappointment when the wage increase was
stopped at the end of last year. During the last workers' day celebration on
May 1, this year, the state chairman of the Nigeria Labour Congress, NLC,
Humphrey Nwafor pleaded with Governor Soludo to re-introduce the wage
increase in view of the biting inflation in the country, while waiting for
the expected new minimum wage.

 

Lagos pays N35,000 wage award

 

In Lagos, workers have been getting N35,000 wage award since December 2023
in addition to N35,000 minimum wage to its workers.

 

Commissioner for Establishment, Training and Pensions, Afolabi Ayantayo,
said the payment is in line with Governor Babajide Sanwo-Olu's commitment to
welfare of workers.

 

"This is in addition to a three-day work week for Levels 1-13 civil
servants, which was introduced this year. This measure aims to provide
relief and flexibility reflecting the state government commitment to the
workforce's well-being," he added.

 

Kano, Taraba workers get wage awards

 

The Kano State government has been paying workers N20,000 and pensioners
N15,000 as wage awards.

 

In Taraba, the state government is paying the N30,000 minimum wage, and
salary increment of N10,000 to N15,000 to workers.

 

Governors not paying are insensitive -Labour

 

Reacting to the development, an official of NLC, who spoke on condition of
anonymity since he was not authorised to speak, said: "It is a fact that
many state governors are not implementing the wage award which was a product
agreement Organised Labour reached with the Federal Government on October 5,
2023. This was a product of the understanding of the huge negative
consequences government's policies had foisted on Nigerian works across the
nation. This was supposed to be cascaded down to the states by the governors
in a dialogue with NLC and TUC in their respective states.

 

"Governors that are not complying are mainly those who have continued to
demonstrate serious disdain and contempt for the plight of workers who
create wealth in their states. It is insensitive for a governor who has
adjusted upwards the wages of political appointees in their states to
believe that workers do not have the right to have a fair share of the
resources of the state.

 

"It is worthy of note that all the governors are beneficiaries of the
increased revenue from FAAC as a result of the hike in the price of PMS
which created multiples of revenues to the state treasuries. However,
because the welfare of the workers are not prioritized by the governors,
they divert them into other projects which sometimes are wasteful.

 

"It is unfortunate that many Governors have continued to see workers'
salaries as charity which it is not. This has shaped their mindset into
believing that salaries are a waste instead of an investment which it should
be for the state because when workers are paid well, productivity increases
and vice versa."

 

- Vanguard.

 

 

 

 

 

Nigerian Airlines Poor Maintenance Culture Fuels Low Capacity, High Fares

It has emerged that the inability of Nigerian owned airlines to maintain
their aircraft is worsening the prohibitive fares and low capacity

 

As at the last count, over 50 per cent of aircraft owned by Nigerian
airlines are either parked at airports or at maintenance facilities in
Nigeria or overseas, a development that has led to reduction in capacity and
hike in airfares, as airlines continue to scale down their operations.

 

This has fanned the fears that domestic operations may be grounded or may
shrink to skeletal levels that could affect the nation's economic
activities.

 

 

The major cause of the challenge, according to industry observers, is the
inability of airlines to obtain foreign exchange to pay for the maintenance
of the aircraft due to the depreciation of the naira, high cost of foreign
exchange and the fluctuating foreign exchange regime, which leaves much to
uncertainty.

 

THISDAY learnt that airlines have reduced their flight service to many
airports, thus selling fewer seats that do not meet the demand of
travellers, hence relative higher prices at low season.

 

The Managing Director of Asaba International Airport, Chrisopher Penninck,
disclosed that in the past the airport used to receive four flights a day
but now it has reduced to one, saying that load factor has been good in the
past three months.

 

"But unfortunately flights have stopped coming because many of the airlines'
aircraft are on AOG (aircraft on ground). Most of the airlines' aircraft
don't fly for the moment. It is the number of fleet owned by the airlines vs
the ones that are airworthy. Asaba airport has all the facilities to be open
at night. This would help airlines to operate their fleet more efficiently.

 

 

But the extra cost to open later is terrible (charged by aviation agencies).
We are ready but the policies and charges make it impossible. For example,
we had only one flight to Asaba today (Wednesday, June 12, 2024). It was Air
Peace flight. We used to have at least four flights a day, but that has
crumbled," Penninck, said.

 

One of the industry stakeholders confirmed that about 50 per cent of
Nigerian airlines' fleet operating scheduled flights have parked, adding
that his should be a concern to the industry.

 

The Chairman and CEO of Quikio West Africa Limited, Dr Alex Nwuba, said he
has raised the same challenge at different occasions but no attention has
been paid to it despite the threat to ground domestic flight services.

 

 

He pointed out that it is now difficult to get flights to many domestic
destinations due to paucity of operating aircraft.

 

But the member of Airline Operators of Nigeria (AON) and the President of
Topbrass Aviation Limited, Captain Roland Iyayi, told THISDAY in a telephone
interview that the major factor why many aircraft in Nigerian airlines'
fleet are grounded is because of foreign exchange.

 

Iyayi said 13 of Air Peace aircraft are AOG in maintenance facilities
overseas, "and there is no funds to pay and bring them back because early
last year, Air Peace paid naira equivalent of $14 million to the Central
Bank of Nigeria (CBN), which it planned to use and pay for the maintenance
of the aircraft under maintenance but the apex bank failed to pay the money
to the airline."

 

He said with such amount of money owed the airlines, they have to resort to
wet leasing aircraft at huge cost in order to sustain their operation and
revenues earned are used to pay for the lease and the airline may earn very
little profit.

 

"This has led to reduced capacity, flight delays and flight cancellation,
especially at sunset airports. So, the major reason why many aircraft owned
by airlines on schedule service are parked is because of forex, then bird
strike and other reasons. Now, due to reduced capacity, airlines cannot
operate reliably. Airlines have complained severally but were not listened
to. They have decided to face their problems quietly so that they will not
be accused of antagonising government.

 

"But the airlines need government intervention. The same way government has
solved the problem of foreign airlines should be the same way it should also
solve the problem of Nigerian airlines by making dollars available to them.
Government should address the crisis. The airlines are not asking for free
money. Airlines should be enabled to access funds the same way manufacturers
were given dollars at N800/$1. And if government is in doubt it should
direct airlines to bring the names of the maintenance facilities where the
aircraft are and it should pay the maintenance organisations directly,"
Iyayi said.

 

Speaking in the same vein, the Managing Director and CEO of Aero
Contractors, Captain Ado Sanusi, told THISDAY that what happened to the
airlines was a reflection of the country's poor economy, noting that if the
economy is robust, airlines would have more aircraft in their fleet.

 

According to him, the number of aircraft reflects the status of the nation's
economy.

 

Sanusi complained that there is too much taxation in the aviation industry
and this has made airline business unprofitable in Nigeria.

 

"There is the problem of multiple taxation. I brought Boeing 777 for hajj,
the Nigerian Civil Aviation Authority (NCAA) charged me N34 million for
inspection and the aircraft will do two flights so I will not make any
profit from the business. The charges by aviation agencies are the most
expensive in the world; that is why Nigeria is the most expensive place to
do busines. Look at landing and parking they charge $42, 0000. So, what they
have done has eroded the profitability of the business," he said.

 

- This Day.

 

 

 

 

Tesla investors back $56bn Musk pay deal

Tesla shareholders have backed a record-breaking pay package for boss Elon
Musk and approved a plan to move the firm's legal headquarters to Texas.

The deal was blocked earlier this year by a judge in Delaware over concerns
it was unfair to shareholders.

The vote is a victory for the multi-billionaire, who had campaigned fiercely
for the payout, which is worth up to $56bn (£43.9bn). The exact amount
depends on the Tesla share price.

 

"Hot damn, I love you guys," he told a crowd of enthusiastic shareholders
who had gathered in Texas for the firm's annual meeting.

The deal is worth an estimated 300 times what the top-earning boss in the US
made last year.

However, the vote is not binding and legal experts have said it is not clear
if the court that blocked the deal will accept the re-vote and allow the
company to restore the pay package.

 

"The vote changes nothing," said Mathieu Shapiro, a managing partner at law
firm Obermayer Rebmann Maxwell & Hippel.

"It only offers Tesla opportunities to try to use the vote to obtain a
better decision going forward.

“It will be interesting to see if another court is willing to credit a vote
taken after the trial court’s decision.”

The eye-popping sum had sparked criticism and raised concerns that the board
of Tesla was too submissive and close to Mr Musk.

In the January court ruling, Delaware judge Kathaleen McCormick ruled the
sum was "unfair" and the process for determining the package, by a board
dominated by Mr Musk, was "deeply flawed".

 

 

Chancellor McCormick had pointed out that Antonio Gracias, who had been a
board director at Tesla, had "the sort of personal relationship that had him
vacationing with Musk’s family on a regular basis".

She also highlighted Todd Maron, Tesla's former general counsel, "who was
Musk’s former divorce attorney and whose admiration for Musk moved him to
tears during his deposition".

 

 

Mr Musk announced that he wanted to move the firm's legal headquarters to
Texas after the court in Delaware, where it is currently incorporated,
voided his pay package, siding with a small investor who had sued over the
deal.

The fight over the plan had aired concerns about Mr Musk's leadership, at a
time when Tesla's share price has fallen from its height and its position in
the electric car industry is under pressure.

 

 

But Mr Musk rallied his fan base in support of the deal, appealing
particularly to individual investors, who make up an unusually large portion
of the firm's shareholder base.

"It's a pretty ringing endorsement," said car industry analyst Karl Brauer.

Mr Musk got more than enough shareholder support "to justify the package,"
he added.

The company did not immediately disclose the margin of the vote.

 

 

Mr Musk had previewed the results in a post on his social media company, X,
formerly known as Twitter.

Shares in the company closed up nearly 3% after Mr Musk's announcement.

The compensation plan gives Mr Musk rights to roughly 300 million shares -
the equivalent to a 10% stake in the firm - as a reward for Tesla meeting a
number of goals set out in 2018 which are linked to sales, profits and the
share price.

 

 

Tesla pay fight tests power of Elon Musk's mystique

Tesla had said that Mr Musk's goals were challenging. However, the original
lawsuit that led to the Delaware court blocking the pay deal alleged that
the targets were the same as internal growth projections that were being
shared with banks.

"My understanding is that there's been about 1,100% appreciation in Tesla
stock. And that's pretty, pretty impressive. Most chief executives have
never done anything like that," said Mr Brauer.

 

 

On whether Mr Musk deserved such a large pay aware, Georg Ell, former
director of Western Europe at Tesla, told the BBC's Today programme: "If I
was an investor who put a substantial amount of money into this in 2018 and
had held it throughout the period, I’d be very happy because I would have
seen anywhere between... 13 and 16 times my money back.

"That’s a very, very good return," he said.

Mr Ell disclosed that he has a small shareholding in Tesla, worth around
£6,000.

 

 

Tesla's board said Mr Musk deserved the package because the carmaker had
achieved its targets under his leadership and that it was necessary to
ensure he remains dedicated to the company.

Mr Ell said that the result of the vote gives Mr Musk "a very strong
validation"

"At Tesla of course he doesn’t do it all alone but he definitely sets the
agenda, he sets the pace and he is a relentless person to work for, there’s
no doubt about that," he said.

 

 

Tesla executives expressed support for the package in social media posts,
saying that Mr Musk was crucial to the company's success.

Meanwhile, Mr Musk promised a personal tour of Tesla's factory in Texas to
some shareholders who cast votes.

Shareholders also approved the re-election of two board members at the
meeting on Thursday: James Murdoch, the son of media tycoon Rupert Murdoch,
and Mr Musk's brother Kimbal Musk.-BBC

 

 

 

 

The battle for Gen Z social shoppers

Shopping habits have not been the same since the Covid pandemic and
resulting lockdowns.

 

For many, and particularly younger shoppers, it saw the lines blur between
social media and e-commerce.

Unable to shop in person, and with TikTok downloads soaring, a trend began
that would go on to be described as a cultural phenomenon:
#TikTokMadeMeBuyIt.

The hashtag, where users post what they’ve bought thanks to recommendations
about products on the app, has now been posted more than seven billion
times.

For Lilia Souri and AJ Pulvirenti who co-host the marketing podcast "Gen Z
on Gen Z", TikTok is winning with their generation.

 

 

"It’s become one of the biggest because of how advanced the algorithm is,
and because, before TikTok Shop even was created, we were seeing shopping
behaviours happening on TikTok as a whole,” says 27-year-old Lilia Souri.

 

 

“You can purchase a product directly on the platform, and then continue
scrolling, in a cycle of watch, shop, repeat,” her co-host AJ Pulvirenti,
25, adds.

Social shopping is a big market and growing fast. In 2023 globally it was
worth $570bn (£446bn), and is forecast to be worth more than a trillion
dollars by 2028, according to estimates by Statista.

 

 

While TikTok is one of the big players, its position looks vulnerable.
TikTok could be banned in the US unless it is sold by its Chinese parent
company ByteDance.

So where would that leave social shopping?

If you look at the number of buyers, then Facebook is still the biggest
presence in social shopping, according to Jasmine Enberg, chief social media
analyst at E Marketer.

 

 

Most of its transactions take place on Facebook Marketplace, “one of the few
places where Gen-Z and young people still go to on Facebook,” she adds.

But if you're looking at the percentage of users who actually buy something,
then TikTok is ahead, says Ms Enberg.

 

 

Data from US-based E-marketer suggests 40% of TikTok users in the US will
make at least one purchase on the platform this year, in front of both
Facebook and Instagram.

“It’s a very important activity on the app, especially for its users,” says
Ms Enberg.

 

 

Keen not to be left out, Amazon added a Consult-a-Friend feature last year,
allowing customers to ask friends for advice while scrolling through its
app.

Gen Z podcaster AJ Pulvirenti is sceptical about these new features.

“When a platform just tries to replicate something from another platform and
doesn't offer anything very new or intriguing about it, it's not going to
make people feel inclined to switch from something that they're used to,” he
says.

 

 

A recent study by market-research firm Data.ai suggests that Gen Z spend
around two hours a day on TikTok, compared to a little less than 10 minutes
on Amazon.

Evo Sya Streamer, Evo Sya, holding a blue summer dress while filming his
live streamEvo Sya

Livestream seller Evo Syah built a successful business on social shopping

 

Perhaps TikTok's experience in Indonesia might have some useful lessons.

In 2021 it became the first country to pilot the app's e-commerce service,
and became one of the biggest markets for TikTok Shop.

But with local commerce suffering in the wake of the pandemic, the
government introduced rules last October to protect local retailers, which
forced TikTok Shop to close.

 

 

For 26-year-old entrepreneur Evo Syah it was a major blow.

“It’s hard for me, but what I can do?” he says recalling the tough decisions
he had to make.

“I just start my business for one year, and then they shut me down,” he
says.

But two months after the closure, TikTok agreed to invest $1.5bn in
Indonesia’s biggest e-commerce platform Tokopedia, meaning sellers like Evo
Syah and millions of others could return to the app.

 

 

The 26-year-old said he “never felt happier”. But not everything went back
to normal.

"Before the TikTok shop closed I could get sales like 20 million rupiah
(£966) daily. But after it reopened again that’s down to 10 million rupiah
(£483),” he says.

 

Mr Syah sells most of his products on livestreams, a selling method which
has boomed in popularity in Asia, but according to Ms Enberg has failed to
take off in the UK and US.

 

 

“Indonesia is a very different commerce landscape to the US,” she says.

However, in both Indonesia and the US, TikTok Shop has been crucial for a
lot of small and local merchants, she adds.

“Many of them don't really have another place that is as powerful as
TikTok.”

 

 

Getty Images Monica Amadea owner of a TikTok sales channel called Monomolly
and her employees offering merchandise through a TikTok livestream in
Jakarta.

 

Indonesia was a big market for TikTok Shop with livestreamers like Monomolly

Looking ahead to a potential US ban, Ms Enberg says it would send ripples
through the world of social shopping.

 

“Instagram Reels is the most natural fit for a lot of displaced TikTok
users. But we'll probably also see a rise of new apps."

Gen Z podcast hosts AJ Pulvirenti and Lilia Souri agree: “In a world where
maybe TikTok is banned. Those behaviours are still going to exist and
they're still going to thrive,” Lilia says.

 

 

“In a world where this may happen. I think this next big thing has yet to be
created,” adds AJ.-BBC

 

 

 

Telehealth executives accused of $100m Adderall scheme

US investigators have arrested the founder and CEO of a telehealth company
who is accused of a running a $100m (£78m) scheme to fraudulently distribute
over 40m pills of Adderall and other controlled substances.

 

US Attorney General Merrick Garland said that Done CEO Ruthia He conspired
with the company's clinical president, David Brody, "to provide easy access
to Adderall and other stimulants for no legitimate medical purpose".

 

 

America's top law officer said the executives had exploited telemedicine
rules that were loosened during the Covid pandemic.

 

Done Global, a San Francisco-based start-up, became popular during the
pandemic as an online way to obtain Adderall by paying a monthly
subscription fee.

 

Ms He was arrested in Los Angeles and Dr Brody in San Rafael, California,
according to officials.

 

 

They are charged with distribution of controlled substances. They could each
face up to 20 years in prison if found guilty.

 

Adderall is a medication that helps manage symptoms of ADHD - which can
include an inability to focus on a single task.

 

The charges come amid a national shortage of the drug.

 

 

Principal Deputy Assistant Attorney General Nicole Argentieri accused the
pair of "spending millions on deceptive advertisements on social media".

"These charges are the Justice Department’s first criminal drug distribution
prosecutions related to telemedicine prescribing through a digital health
company," Ms Argentieri said in a statement.

 

 

Part of the alleged scheme included increasing the subscription fee, thus
increasing the value of the company to "unlawfully enrich themselves".

The defendants also allegedly limited information available to prescribers,
and instructed them to prescribe medications to patients even when they did
not medically qualify.

 

 

They also allegedly mandated that Done patients complete an initial
screening with the prescriber for no longer than 30 minutes.

Officials say they continued the illegal scheme "even after being made aware
that material was posted on online social networks about how to use Done to
obtain easy access to Adderall and other stimulants, and that Done members
had overdosed and died".

They are also accused of defrauding government healthcare assistance
programmes Medicare and Medicaid, as well as pharmacies, out of at least
$14m and of conspiring to obstruct justice by deleting documents and
emails.-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

 


 

 

 

 


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