Major International Business Headlines Brief::: 17 June 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  17 June 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Minimum Wage - Consider Economic Realities, Tripartite Committee
Tells Organised Labour

ü  Nigeria: Labour, Tripartite Committee Chair Trade Words Over Minimum Wage

ü  Nigeria: Harsh Environment - Tax Revenue From Manufacturers Plunges By
70%

ü  Kenya: Parliament Directs National Treasury to Appoint Debt Accounting
Officer

ü  Nigeria: $4.3bn NLNG Train-7 Project Reaches 67% Completion, Over 9,000
Nigerians Employed

ü  Nigeria Must Join International Mining Bodies to Attract FDI to Its Over
44 Solid Minerals - KPMG

ü  Nigeria: Tinubu Asked to Decentralise Lagos-Calabar Highway Contract

ü  Nigeria: Investment On Scientific Research Will Boost Nigeria's Economic
Growth - Minister

ü  Kenya Airways to Lead IATA's SAF Registry

ü  Ghana's Economic Crisis Was Caused By Government Borrowing - the Central
Bank Did the Best It Could - Economist

ü  Boeing plane investigated after 'Dutch roll'

ü  Alex Jones assets liquidated to pay Sandy Hook debt

ü  Lifting the lid on the world of political betting

ü  Is Elon Musk worth his $56bn Tesla pay package?

ü  Barclays suspends festival funding after protests

 


 <mailto:info at bulls.co.zw> 

 


Nigeria: Minimum Wage - Consider Economic Realities, Tripartite Committee
Tells Organised Labour

The Tripartite Committee on National Minimum Wage said at the weekend that
organised labour should reconsider the amount it was demanding as national
minimum wage, based on current realities.

 

Chairman of the committee, Goni Aji, told the News Agency of Nigeria (NAN)
in Abuja that labour should exercise more flexibility in its negotiation,
based on current economic considerations and non-monetary incentives, which
the federal government had so far provided for workers.

 

However, a chieftain of Peoples Democratic Party (PDP), Chief Sunny
Onuesoke, berated labour, claiming Nigeria Labour Congress (NLC) and Trade
Union Congress (TUC) have been selfish in their negotiation for minimum wage
for workers.

 

Onuesoke said at the weekend in Asaba that the labour unions had ignored the
effect of their wage demand on private sector workers and people in the
informal sector, who he said formed the largest workforce in the country.

 

 

Aji listed government's recent incentives for workers to include N35,000
wage award for all treasury-paid federal workers, N100 billion for the
procurement of gas-fuelled busses, and conversion to gas kits.

 

He stated that the others were N125 billion conditional grant, financial
inclusion to small and medium scale enterprises, and N25,000 each to be
shared to 15 million households for three months.

 

According to him, the N185 billion palliative loans to states to cushion the
effects of fuel subsidy removal and the N200 billion to support the
cultivation of hectares of land to boost food production, should also be
taken into consideration by organised labour.

 

The tripartite committee chairman said there was another N75 billion to
strengthen the manufacturing sector and N1 trillion student loans for higher
education. He also cited the release of 42,000 metric tonnes of grains from
strategic reserves and the purchase and distribution of 60,000 metric tonnes
of rice to the millers' association.

 

 

Aji urged organised labour to consider the recent salary increase of 25 per
cent and 35 per cent on all consolidated salary structures for federal
workers and the 90 per cent subsidy on health costs for federal civil
servants registered on the health insurance programme and accept the N62,000
being offered by the federal government.

 

He maintained that the light rail commissioned in Abuja was to relieve
transportation costs until the end of the year, stating that it is a
landmark achievement that would cushion the effect of the removal of fuel
subsidy.

 

Aji said in addition to "the freedom of civil servants to engage in
agriculture, the federal government has approved the inclusion of ICT
services for alternate sources of income".

 

He said the committee agreed that where major and small businesses were
closing down with the consequent loss of jobs, the outcome of a new minimum
wage should be such that it would not trigger further massive job losses.

 

 

He further said linking the strike due to electricity hikes with the wage
determination was not fair to the negotiating parties.

 

Organised labour had demanded N250,000 as minimum wage per month. However,
the federal government and Organised Private Sector (OPS) offered N62,000
per month.

 

Labour also faulted a recent statement by President Bola Tinubu during a
meeting with some governors and members of the National Assembly on the
occasion of the country's 25th Democracy Day anniversary. Tinubu had said
the government would only be able to pay its workers what the country could
afford.

 

The president said, "Senate President, Deputy Senate President, you will get
a notice from me if I have changed my mind on minimum wage. We are going to
do it -- what Nigeria can afford, what you can afford, what I can afford.
They ask you to cut your coat according to your size if you have size at
all."

 

Organised labour began the minimum wage negotiation with a demand for over
N615,000, which it later slashed to N250,000. But the federal government
initially said it could only pay N48,000, an amount that was increased to
N62,000, and now awaiting presidential decision.

 

Onuesoke accused labour of selfishness in their negotiation for minimum wage
for workers.

 

The former Delta State governorship aspirant told journalists that organised
labour had engaged in reckless agitation by trying to force the federal
government to succumb to their terms.

 

He alleged that organised labour acted like politicians, stressing that
their obnoxious demand would hurt the common man, who does not earn a salary
or wage, and those in the private sector, including traders, artisans, and
those in the rural areas, which constitute the largest labour force in the
country.

 

Onuesoke stated that labour should review their demand by considering the
plight of the larger percentage of Nigerians who were not on the payroll of
government. He said this percentage constituted the largest population of
the workforce in Nigeria compared to those working for the government, who
were less than one per cent of the entire Nigerian population.

 

The PDP chieftain stated that organised labour should have focused their
agitation on how the federal government could reduce inflation and the
prices of goods and services.

 

Onuesoke stated, "TUC and NLC are selfish. They are the same thing with the
political leadership. They are agitating for the increment of their wage.
What happens to the private sector, the traders, artisans and even the
unemployed Nigerians roaming our streets? Who is going to increase their
wages? They forget that once there is wage increase there will be
hyperinflation.

 

"Why are they agitating for themselves salary increment, like the way our
lawmakers are agitating for their own salaries and allowances increase? How
many salary increases did they agitate for traders, private sector, artisans
and the unemployed among others?

 

"I expected them to agitate on how the federal government can reduce
inflation or how the prices of goods and services should be reduced, instead
of agitating for wage increment for themselves alone at the expense of the
larger population of Nigerians."

 

- This Day.

 

 

 

 

Nigeria: Labour, Tripartite Committee Chair Trade Words Over Minimum Wage

Lagos — Chairman of the Tripartite Committee on National Minimum Wage, Bukar
Goni Aji, has asked Labour to reconsider the amount it demanded as minimum
wage, citing the prevailing economic situation in the country.

 

He listed such incentives as the N35,000 wage award for all treasury-paid
federal workers, N100 billion for procurement of gas-fuelled buses and
conversion to gas kits, the N125 billion conditional grant, financial
inclusion to small and medium scale enterprises and the N25,000 each to be
shared to 15 million households for three months as reasons Labour should
accept the N62,000 offered by the government, against its demand of
N250,000.

 

 

But Labour in a swift reaction, accused the Tripartite Committee chairman of
lacking knowledge of the hardship and suffering workers and other Nigerians
were going through.

 

Recall that organised labour is a member of the tripartite committee of a
new minimum wage.

 

Labour's reaction came as Minister of Budget and Economic Planning, Atiku
Bagudu, said lean resources were responsible for governors' rejection of
N62,000 minimum wage.

 

This is even as the Anglican Communion yesterday asked the federal and state
governments to pay workers a living wage, charging them to maintain fiscal
prudence and accountability.

 

However, the Tripartite Committee chairman also cited the N185 billion
palliatives loans to states to cushion the effects of fuel subsidy removal
and N200 billion to support the cultivation of hectares of land to boost
food production.

 

 

He said there is another N75 billion to strengthen the manufacturing sector
and N1 trillion for student loans for higher education.

 

He cited the release of 42,000 metric tonnes of grains from strategic
reserves and purchase and onward distribution of 60,000 metric tonnes of
rice to the millers' association.

 

Goni urged Labour to consider the recent salary increase of 25 per cent and
35 per cent on all consolidated salary structures for federal workers and
the 90 per cent subsidy on health costs for federal civil servants
registered on the health insurance programme and accept the N62,000 being
offered by the Federal Government.

 

He said the light rail commissioned in Abuja is to relieve transportation
costs until end of the year, describing it as a landmark achievement that
will cushion the effect of the removal of fuel subsidy.

 

He said in addition to "the freedom of civil servants to engage in
agriculture, the Federal Government has approved the inclusion of ICT
services for alternate sources of income".

 

 

He said the committee agreed that where major and small businesses were
closing down with the consequent loss of jobs, the outcome of a new minimum
wage should be such that it would not trigger further massive job losses.

 

He further said that linking the strike to electricity tariff hikes with the
wage determination was not fair to the negotiating parties.

 

You're ignorant of hardship in Nigeria, Labour tells c'mittee chairman

 

Replying to the Tripartite Committee chairman yesterday, Labour insisted
that its demand was based on the nationwide survey which delineated the
stark economic realities for the average Nigerian family.

 

Speaking on behalf of Labour, one of Labour's negotiators in the Tripartite
Committee tasked the chairman to urge the government to make its offer
reflect the economic conditions and the cost of living faced by workers

 

He said: "We have carefully considered the chairman's appeal for organised
labour as represented by Nigeria Labour Congress, NLC, and Trade Union
Congress of Nigeria, TUC, to take into account the prevailing economic
realities in the ongoing national minimum wage negotiations with the federal
government and the organised private sector.

 

"We understand the complexity of the economic situation. However, it is
imperative to address several critical points that underpin our stance.

 

"The call for NLC and TUC to consider economic realities is, at best, a
reflection of a limited understanding of the actual hardships faced by
Nigerian workers. The nationwide survey we conducted clearly delineates the
stark economic realities for the average Nigerian family.

 

"The cost of living has escalated dramatically, driven by governmental
policies that have led to increased prices of petrol, higher electricity
tariffs, and a significant devaluation of the naira.

 

These policies have created a situation where basic needs of workers are
increasingly unaffordable.

 

"Our demand for a national minimum wage of N250,000 is not arbitrary but
firmly grounded in the economic realities dictated by the current market
prices of essential goods and services.

 

"The prices of basic commodities have skyrocketed, and the purchasing power
of the average Nigerian worker has been severely eroded. It is crucial to
recognize that Labour's demand is based on comprehensive data reflecting the
true cost of living in Nigeria today.

 

 

"We may wish to remind the chairman that a bag of 50kg Rice is about
N80,000, a decent tuber of yam is about N7, 000; garri is N3,500 for half
paint bucket, bread is N2,000 per loaf, meat is about N6,000/kg, oil is
about N2,000/75L, electricity is about N50,000/month, while transport is
about N3,000 daily to and from Gwagwalada to Berger in Abuja and N4, 000
from Ipaja to Lagos Island daily etc.

 

"The chairman should know that our wages are supposed to meet these basic
needs and others and these are some of the realities that he asked us to
base our demands on which we have done since the beginning of the
negotiation exercise.

 

"It is rather disappointing that government's offer appears disconnected
from these market realities. When we requested a breakdown of what
constitutes the government's offer, the response was not forthcoming.

 

"This lack of transparency suggests that the government is perhaps aware
that its offer does not meet the basic economic needs of Nigerian workers,
thereby undermining its credibility. Perhaps, government may be ashamed of
the paltriness of the offer it is making to Nigerian workers, thus it is too
heavy for them to mention.

 

"We urge you to redirect your advice towards the government to be realistic
in its approach to this negotiation. The government's offer should reflect
the actual economic conditions and the cost of living faced by workers.

 

"It is not the NLC that is being unrealistic; rather, it is the government's
offer that fails to align with the economic dictates of the marketplace. A
realistic and fair minimum wage must be grounded in the current economic
realities, which our demand of N250,000 though falls short of what we had
intended but accurately represents realities at this time. As it is, we have
considered more than enough.

 

"We wish the government will at least show the kind of willingness to
sacrifice that we have exhibited and reciprocate. Good leaders make
sacrifice for the citizenry. They must give up on some of their security
votes, their luxury yacht, convoys, private jets and other creatures of
comfort so that Nigerian workers and people can benefit.

 

"We plead with the chairman to urge the government to be realistic and
refuse the temptation to seek to pay a starvation wage to Nigerian workers.
Our nation must not be destroyed so that the few individuals in government
will continue to live in opulence while workers and citizens suffer.

 

"We reiterate that the NLC's position is driven by a deep understanding of
the economic hardships faced by Nigerian workers, as substantiated by our
nationwide survey.

 

"We stand firm in our demand for N250,000 as the national minimum wage and
urge the government to present a realistic offer that genuinely reflects the
cost of living and the dignity of Nigerian workers. "We call upon the
Tripartite National Minimum Wage Negotiation Committee Chairman to advocate
fairness and transparency in this critical wage setting exercise. The
resources of our nation need to be equitably and fairly distributed for
national development."

 

Lean resources responsible for govs rejection of N62,000 minimum wage --
Budget minister

 

Speaking on the issue in Birnin-Kebbi, Kebbi State, weekend, the Minister of
Budget and Economic Planning, Senator Atiku Bagudu, said lean resources were
responsible for governors' rejection of N62,000 minimum wage offered by the
federal government.

 

Speaking against the background of new minimum wage for Nigerian workers,
Senator Bagudu explained that the N62000 arrived at was reluctantly accepted
by states and local governments due to limited resources accruing to them.

 

He said: "The constitution has made provision to guide the President to send
legislation to the National Assembly periodically on issues of minimum wage
for the best outcome.

 

"The Tinubu administration wants all Nigerians to be skilled as its first
priority under a skill based economy where the people, including workers,
can earn millions of naira

 

"The President intends to make Nigerians more prosperous with cheap housing,
cheap food, cheap transport and availability of structures for national
growth and development.

 

"President Tinubu and Governor Nasir Idris of Kebbi State are doing the very
best to improve the living condition of the people in all sectors of life, I
commend and congratulate them on the occasion of the Eid-el Kabir."

 

Anglican Church demands living wages for workers

 

Meanwhile, the Orthodox Anglican Communion has charged the federal and state
governments on the need to maintain fiscal prudence and accountability,
saying it would be good if the government gave Nigerian workers a living
wage.

 

The church made the demands in a communique issued at the end of the First
Session of the First Synod of its Diocese on the Confluence which held at
the Cathedral Church of the Enlightened Christian in Ajaokuta, Kogi state.

 

The communique, jointly signed by the Diocesan, Most Rev Dr. Moses Suberu
and the Clerical Synod Secretary, Rev Canon Abraham Ornyor, read: "The synod
calls the governments to come to terms and logical conclusion with the
organized labour as regard the national minimum wage.

 

"The synod calls on the present dispensation to give Nigerians a living wage
and something worth going home with. Nigerians should not be slaves in their
homeland

 

"The Synod, therefore, calls on the government at all levels to ensure
discipline, prudence and accountability in the use and disbursement of
government resources. Also, production at a levels should be encouraged
while all aspects of agriculture should be developed to enhance our national
economic fortunes."

 

It, however, appreciated efforts of both the federal and state governments
in tackling the menace of kidnapping and banditry in all parts of the
nation.

 

"The Synod calls on the citizens of Nigeria to abide by all security
measures put in place to safeguard the nation. When you see something, say
something

 

"The increasing rate of poverty in Nigeria which has turned Nigeria into the
poverty capital of the world is unacceptable. The Synod, therefore, calls on
both the federal and state governments, including the local governments, to
put schemes in place to empower Nigerians.

 

"The Synod views with concern the deplorable conditions and state of our
basic infrastructure such as our highways, electricity, medical institutions
and facilities and our educational institutions.

 

"The Synod, therefore, calls on the federal and state governments to hasten
the completion of all on-going road projects and ensure the rehabilitation
of existing roads. The need for steady supply of power should also be looked
into by the regulatory bodies to ensure that the private power distribution
companies abide with the regulations to guide their operations and
relationship with consumers.

 

"While appreciating the federal government for the efforts made so far in
the resuscitation of the Ajaokuta Steel Company and Itakpe Iron Ore, the
Synod calls on the federal government to expedite action for the immediate
take off of these two giants of our economic and technological base.

 

"The Synod calls on the federal government to reinforce the strategy of
federal security and also devolve powers to the state for the establishment
of supportive security outfits at the local level to compliment the efforts
of the federal security agencies to stem this tide of insecurity.

 

"The Synod views with grave concern the unending and systematic persecution
of Christians in the northern part of the nation and calls on the federal
government to halt this evil," the communique added.

 

Minimum wage: Accept whatever FG offers you above N60,000, Senate leader
tells NLC, TUC

 

Also, the Senate Leader, Sen. Opeyemi Bamidele, APC, Ekiti Central,
yesterday pleaded with the Nigeria Labour Congress, NLC and the Trade Union
Congress, TUC, to accept whatever the federal government offered them above
N60,000 as the new minimum wage.

 

Bamidele urged the NLC and TUC to toe the path of dialogue and peace in the
negotiation for a new minimum wage, for which the President had promised to
send a bill to the National Assembly.

 

He reiterated the need for Nigerians to demonstrate more patriotic spirit
and oneness in their daily activities as the nation journeys through its
socio-political trajectory towards the promised land.

 

Bamidele, who made the call in his Eid-el-Kabir message yesterday, said: "
The federal government has conceded to N60,000, which translates to a 100
per cent increase. But both NLC and TUC turned down this offer, leading to a
two-day industrial action.

 

"The federal government has promised to make more concessions in this
respect. As the federal government reveals its new offer, I plead with
organised labour to accept it in the national interest.

 

"The economy will remain in this condition. Collectively, we are taking
multi-pronged measures to reverse disturbing economic indicators."has
conceded to N60,000, which translates to a 100 percent increase. But both
NLC and TUC turned down this offer, leading to a two-day industrial action."

 

- Vanguard.

 

 

 

 

Nigeria: Harsh Environment - Tax Revenue From Manufacturers Plunges By 70%

In apparent reflection of the harsh operating environment for the
manufacturing sector in Nigeria over the past year, accentuated by fuel
subsidy removal, naira devaluation and increase in electricity tariff, tax
revenue from manufacturers dropped drastically by 70.24 percent,
quarter-on-quarter (QoQ), to N43.2 billion in the first quarter of 2024
(Q1'24) from N145.1 billion recorded in the previous quarter (Q4'23).

 

This is contained in the Company Income Tax (CIT) Q1 2024 report by the
National Bureau of Statistics (NBS) on the tax revenue from both local and
foreign manufacturing companies.

 

The report also indicated a decline of 31.4 percent year-on-year (YoY) in
tax payments by manufacturers compared with N62.9 billion recorded in Q1'23.

 

 

CIT, also known as corporate tax, is a levy imposed by the government on the
income of a company. The rate is hinged on zero percent for companies with
gross turnover of N25 million or less, 20 percent for companies with gross
turnover greater than N25 million and less than N100 million, and 30 per
cent for large companies above N100 million.

 

A breakdown of the NBS report revealed that out of 21 sectors, manufacturing
activities which used to be one of the highest contributors to tax revenue
recorded the lowest growth rate.

 

Analysis of the CIT payments shows that the tax payments by manufacturers in
Q1'24 represented 11.2 percent of the local CIT of N386.5 billion in the
quarter, compared to 27.2 percent of local CIT of N533.9 billion in Q4'23,
and 20.9 percent of local CIT of N300.8 billion recorded in Q1'23.

 

 

The NBS report stated: "On the aggregate, CIT for Q1 2024 was reported at
N984.61 billion, indicating a growth rate of -12.87 percent on a QoQ basis
from 1.13 trillion in Q4 2023. Local payments received were N386.49 billion,
while Foreign CIT payments contributed N598.13 billion in Q1 2024.

 

"On a QoQ basis, the activities of Manufacturing had the lowest growth rate
with -70.24 percent, followed by Electricity, gas, steam and air
conditioning supply with -69.14 percent."

 

Adducing reasons for this development, Dr. Muda Yusuf, Chief Executive
Officer of the Centre for the Promotion of Private Enterprise (CPPE), said
that the economy has not been favourable to manufacturers that normally
contribute a lot to tax revenue, especially those in production.

 

"CIT is mostly paid by the major players like the multinationals and
conglomerates. But many of them suffered very serious losses from the
foreign exchange reform," he noted.

 

Recall that Director General of the Manufacturers Association of Nigeria
(MAN), Segun Ajayi-Kadir, had raised the alarm that 767 manufacturing
companies shut down in 2023, while 335 others became distressed due to
multidimensional challenges besetting the sector.

 

Many multinationals announced their exit from the country over the past
year, citing unfavourable business environment. They include Kimberly-Clark
(KC), Procter & Gamble (P&G), GlaxoSmithKline Consumer (GSK) Nigeria, PZ
Cussons, Equinor, Sanofi, Bolt Food, and lately, Diageo which announced its
divestment from Guinness Nigeria Plc.

 

Also, some listed consumer goods manufacturing companies reported big
operational losses in the first quarter as borrowing costs swelled on the
back of rising interest rates and a further devaluation of the naira.

 

- Vanguard.

 

 

 

 

Kenya: Parliament Directs National Treasury to Appoint Debt Accounting
Officer

Nairobi — The National Treasury is soon set to appoint a debt accounting
officer in order to improve the efficiency of the office in the management
of public debt servicing expenditures.

 

Since January this year, the National Treasury has been looking to hire a
new Public Debt Management Director General (DG) through the Public Service
Commission.

 

"Arising from these consultative engagements, the Committee has made the
following recommendation that, subject to Section 64(1) of the PFM Act,
2012, the National Treasury should within sixty (30) days, appoint the Head
of the Public Debt Management Office," a Parliamentary Committee wrote.

 

The new Public Debt Management Director General will take over from Haron
Sirima, who began his career at the Central Bank of Kenya (CBK) as a
graduate trainee in 1986 before rising through the ranks to become CBK
Deputy Governor as well as Vice Chair of the Monetary Policy Committee.

 

Sirima is credited with designing and implementing public debt management
reforms, including the preparation of the legal framework for public finance
management at the Treasury.

 

His replacement comes at a time when Kenya is battling a high debt burden,
which stands at Sh 10.3 trillion as of March 2024, as the government focuses
on implementing various tax measures to raise more revenue to service the
debt as well as development projects.

 

- Capital FM.

 

 

 

Nigeria: $4.3bn NLNG Train-7 Project Reaches 67% Completion, Over 9,000
Nigerians Employed

The Nigeria Liquefied Natural Gas Limited (NLNG), yesterday, confirmed that
its ongoing $4.3 billion Train-7 project had reached 67 per cent completion,
and employed over 9,000 Nigerians.

 

NLNG stated that the plant expansion project, aimed at ramping up its
production capacity to 30 million metric tons per annum (mtpa) from the
current 22mtpa, had achieved a significant construction milestone of over 45
million man-hours without any Lost Time Injury (LTI).

 

In a statement signed by its General Manager, External Relations and
Sustainable Development, Mr. Andy Odeh, the company reaffirmed its
commitment to delivering economic benefits to Nigerians through the project.

 

 

The multi-billion-dollar project at Bonny Island, the company's production
location in Rivers State, was awarded to a consortium of three international
Engineering, Procurement and Construction (EPC) firms, including Saipem,
Chyodda and Daewoo, otherwise called the SCD consortium, led by Saipem.

 

NLNG said its officials, who spoke at a reconvened session of the Senate and
House of Representatives Joint Committee on Gas, provided necessary
information and clarifications to address issues raised by the committee.

 

According to the statement, "NLNG confirmed that the project, with a total
contract sum of $4.3 billion, has reached an overall progress of 67 per cent
completion, achieving significant construction milestone of over 45 million
man-hours without any Lost Time Injury (LTI)."

 

The statement said, "The project was already delivering on one of its
benefits with over 9,000 Nigerians working in the project on Bonny Island,
and numerous indirect jobs and businesses emerging and booming as a result
of the construction."

 

 

NLNG equally emphasised that the Train-7 project was a strategic initiative
that would support the diversification of the country's revenue sources and
revenue generation during the energy transition, and aid the country in
achieving a net-zero future.

 

It stated that the project was crucial for monetising Nigeria's vast gas
resources, estimated at over 200 Trillion Cubic Feet (tcf) of proven
reserves, and it remained an inspiration to other gas development
initiatives aimed at enhancing gas monetisation and utilisation in the
country.

 

The company stressed the significance of the project to the federal
government's "Decade of Gas" initiative.

 

It emphasised that the project was aligned with Nigeria's gas development
aspirations, as the outlined initiative was both timely and essential to
secure the country's future, particularly as the global movement towards a
net-zero future accelerated.

 

The liquefaction firm further expressed its respect for the National
Assembly and committed to collaborate with the legislature to transform
Nigeria's energy landscape.

 

It called on all stakeholders, including the federal government and all
well-meaning Nigerians, to support the preservation of an enabling
environment for successful completion and attraction of more
transformational projects to Nigeria.

 

The joint National Assembly panel had urged NLNG to ensure the completion of
the project on schedule.

 

- This Day.

 

 

 

 

Nigeria Must Join International Mining Bodies to Attract FDI to Its Over 44
Solid Minerals - KPMG

Global audit, tax, and business advisory firm, KPMG, has stated that to
fully attract Foreign Direct Investment (FDI) into Nigeria's over 44 solid
minerals scattered in over 500 locations nationwide, the country, through
its agencies, must sign up for relevant international mining organisations.

 

In its June report on the country's solid minerals sector, KPMG stated that
based on its mineral wealth, Nigeria should naturally be a preferred mining
destination for many multinationals.

 

The firm listed Nigeria's mineral deposits to include, but not limited to,
gold, barite, bentonite, limestone, coal, bitumen, iron ore,
tantalite/columbite, lead/zinc, gemstones, granite, marble, gypsum, talc,
iron ore, lead, lithium, nickel, and silver.

 

 

It stated, however, that a myriad of challenges had plagued the sector,
hindering its ability to attract and retain the much-needed foreign
participation and investments.

 

The report stated, "Therefore, in addition to its continuing efforts to
mitigate the identified domestic challenges and to improve the ease of doing
business in Nigeria, the federal government (through the relevant ministries
or key mining associations) should consider becoming a member of renowned
international mining organisations.

 

"They include: The Committee for Mineral Reserves International Reporting
Standards (CRIRSCO), the Intergovernmental Forum on Mining, Minerals, Metals
and Sustainable Development (IGF), and the International Council of Mining
and Metals (ICMM), amongst others."

 

KPMG stated that membership and affiliations with such globally renowned
mining organisations would confer several benefits to Nigeria and mining
stakeholders, and had the potential to put the country in pole position to
attract FDIs.

 

 

It said, "Some of the other benefits include the following: validating the
veracity and existence of acclaimed mineral deposits, especially of critical
metals, earning and maintaining global trust by promoting high standards of
reporting of identified mineral estimates and strengthening the social and
environmental performance of the mining sector, in view of the increasing
ESG-investment considerations."

 

It identified other benefits as, "Building recognition of the mining sector
contribution to local communities and society at large and strengthening
laws and policies to achieve short and long-term sustainable development
goals."

 

Given what it described as the recent strides and advancements recorded in
the Nigerian mining sector, KPMG said the country could maximise its
potential by sending positive signals of readiness for business to the
global community.

 

 

It said such signals would be energised by certifications obtained from
membership of the appropriate organisations, which could strengthen investor
confidence and make the country the preferred investment destination for
mining majors.

 

As of May 2024, KPMG stated that a total of 7,182 companies and individuals
were licensed to operate in the upstream subsector, including exploration,
mining lease, quarrying lease and small scale mining licence.

 

It listed some of the challenges in the sector to include the lack of
critical infrastructure, particularly adequate electricity supply and access
roads to sites of mineral deposits, as well as limited geoscience data and
information.

 

KPMG stated, "A major issue facing the sector is the apparent lack of
adequate, accessible and reliable geological data on available mineral
resources and their locations which affects the sector's ability to attract
investors.

 

"Every investor requires access to credible data to facilitate investment
decision making. Most of the available geological/geoscience data are dated.
This raises questions about the credibility of the resource information and
impacts the bankability of mining projects."

 

However, it said the federal government, in May 2024, through the office of
the Nigerian Geological Survey Agency, introduced the Nigerian Mineral
Resources Decision Support System (NMRDSS), a web-based application that
provides read-only access to geo-scientific and geo-economic data of
Nigeria.

 

KPMG said another issue hobbling the growth of the minerals sector in
Nigeria was insecurity. It stressed that although a number of the mineral
rich communities in the northern region of Nigeria had now been liberated
from the occupation of terrorist groups, communal and religious conflicts
occurred intermittently in the Middle Belt region, an area known to be rich
in minerals and metals.

 

It said the recent operations of the Mines Surveillance Task Team to tackle
the challenges of illegal mining and the recent inauguration of the
Transport and Mining Marshals were a step in the right direction, as it
could help to foster a more secure climate for operators.

 

The firm said, "Illegal mining activities in some of the regions pose
attendant Health Safety & Environment (HSE) risks and community challenges.
However, it is expected that with the strengthening of the nation's security
apparatus, it will help to contain and curtail the nefarious activities of
illegal miners."

 

KPMG identified project funding as a major challenge. It said Nigeria had
continued to struggle to attract the necessary investments into the minerals
sector due to a combination of factors, including insufficient bankable
projects because of limited geoscience data about reserves, policy
uncertainty, security concerns and global economic dynamics.

 

According to KPMG, the existing fiscal framework for investors in the mining
sector is not attractive enough and does not consider the peculiar nature of
the sector, particularly, its long gestation period.

 

"In addition, incentives for miners appear to be scattered in pieces of
different and independent fiscal legislations, which urgently calls for
harmonisation, to provide clarity to operators as to which should prevail,"
the firm added.

 

- This Day.

 

 

 

Nigeria: Tinubu Asked to Decentralise Lagos-Calabar Highway Contract

An activist and coordinator of the Ijaw Monitoring Group, Comrade Joseph
Evah, has called on President Bola Tinubu to decentralise the ongoing
Lagos-Calabar superhighway project by accommodating more contractors.

 

Speaking with Daily Trust in Lagos, Eva said the Calabar section of the
project should be handed over to another set of contractors to enhance
speedy delivery.

 

The Lagos-Calabar coastal highway project, designed to stretch on 700
kilometres and pass through 9 states, was awarded to Hitech Construction
Company Limited on an engineering, procurement, construction and financing
(EPC+F) arrangement, where the bulk of the risk falls on the contractor and
the federal government provides counterpart funding.

 

 

The federal government commenced the construction in March 2024, beginning
with the first phase of the project, which stretches on 47.47 kilometres
from Lagos.

 

The project has earned the federal government criticism from major
opposition leaders like the presidential candidate of the Peoples Democratic
Party (PDP) in last year's election, Atiku Abubakar, and his Labour Party
counterpart, Peter Obi.

 

Speaking with our correspondent in Lagos, Evah said there was need to hasten
up the pace of work on the highway by bringing more contractors on board.

 

He asked Tinubu to take a clue from how the Babangida administration
deployed multiple contractors to handle the Third Mainland bridge project in
the 1990s.

 

"That area is swampy, apart from the danger of using a single contractor,
and any other fear. We are not dealing with rocky ground or whatever; we are
talking of sand-filling and all that. If Babangida, who was a military
ruler, decided to adopt that, just within Lagos, it would be difficult for
one contractor to move from one end straight to the other. He did it in
1991. He decided to give the contract to two or three contractors.

 

"If that is not done, we will not be happy with the president; and we are
going to confront the situation. We will say "there is a hidden agenda in
the project." If not, we expect contractors from the Calabar side to move
down to Lagos while the Lagos axis will move to Calabar and they will meet
at the middle. That's how to show we have been carried along," Evah said.

 

- Daily Trust.

 

 

 

 

Nigeria: Investment On Scientific Research Will Boost Nigeria's Economic
Growth - Minister

The Minister of Innovation, Science and Technology, Chief Uche Geoffrey
Nnaji, has said that investment in scientific research and development is
vital for the economic growth of Nigeria.

 

Nnaji stated that the federal government was committed to creating a
conducive environment for investment in the sector which would foster
economic advancement of the nation.

 

He said the ministry was willing to focus on building capacity, enhancing
research infrastructure and fostering collaborations with European research
institutions by leveraging on "our strength in renewable energy,
biotechnology, space research, among others.

 

 

The minister made the observation when the European Union (EU) Ambassador to
Nigeria, Samuela Isopi, paid him a courtesy visit in Abuja, according to a
statement.

 

He further said that innovation and research were key to progress, and that
the ministry was ready to foster joint centres in areas such as renewable
energy and climate smart agriculture by leveraging on the expertise and
resources of European partners.

 

The minister also said that the aim of collaborating with the European
partners was to drive technological advancement and shared regional
challenges of the country.

 

Also speaking, the Permanent Secretary in the ministry, Mrs Esuabana Nko
Asanye, appealed to Isopi to assist the ministry in training research and
scientific officers of the ministry so as to enhance their capacity and
transform them into world class scientific officers.

 

Earlier, Isopi said that the purpose of her visit was to collaborate with
the ministry in the innovation, science and technology sector and to
maintain cordial relationships which would boost research and development in
the country.

 

- Daily Trust.

 

 

 

Kenya Airways to Lead IATA's SAF Registry

Kenya Airways has been selected as the sole African airline to lead the
International Air Transport Association's (IATA) Sustainable Aviation Fuel
(SAF) Registry, a key milestone for Nairobi based carrier.

 

The move follows Kenya Airways' earlier trials in October where it used SAF
on a long-haul flight from Nairobi to Amsterdam.

 

This pilot flight was the first in Africa to test SAF, generating crucial
data to inform policies, regulations, and industry best practices.

 

By playing a crucial role in the development of the registry, KQ
significantly boosts confidence in SAF as a viable solution for reducing
aviation's environmental impact," said Kenya Airways Group managing director
Allan Kilavuka.

 

 

SAF is projected to provide up to 65 percent of the carbon mitigation needed
for the aviation industry to reach net-zero emissions by 2050.

 

The SAF registry, set to launch in the first quarter of 2025, will allow
airlines globally to purchase SAF and claim its environmental benefits for
regulatory compliance, regardless of production location.

 

"SAF is key to aviation's decarbonisation," said IATA Director General
Willie Walsh. "Airlines are eager to use SAF, and the SAF Registry will meet
the critical needs of all stakeholders, aiding the global effort to scale up
SAF production."

 

Governments require a trusted system to track SAF quality and quantities.
"Producers need to account for deliveries accurately, corporate customers
must transparently report their Scope 3 emissions, and airlines need
assurance they can claim SAF's environmental benefits," Walsh added.

 

The registry's pilot phase is supported by 17 national airlines, including
IAG, six national authorities, OEMs like Airbus, Boeing, and GE Aerospace,
and fuel producer World Energy.

 

These collaborations ensure compliance with civil aviation regulations such
as ICAO's CORSIA scheme and the EU ETS, and transparency in emissions
reductions.

 

Focused on compliance, transparency, and collaboration, the SAF registry
aims to accelerate SAF adoption and pave the way for a more sustainable
aviation industry.

 

- Business Day Africa.

 

 

 

 

Ghana's Economic Crisis Was Caused By Government Borrowing - the Central
Bank Did the Best It Could - Economist

Ghana is going through its worst economic crisis in a generation. The past
two years have seen record high inflation in the country. Ghana's central
bank (the Bank of Ghana) has been criticised in some quarters for its role
in the country's economic malaise, which has hit the profitability of
Ghanaian banks. The Conversation Africa's Godfred Akoto Boafo speaks to
economist Emmanuel Ameyaw about monetary policy decisions made by the
central bank during this period.

 

What was the Bank of Ghana's role in the inflation rate crisis?

 

In 2002, Ghana's parliament enacted the Bank of Ghana Act 612, Section
33(2), granting the central bank flexibility and autonomy in the use of
monetary policy to tame inflation and promote economic growth. At the time,
Ghana was struggling with high inflation and low economic growth. The
inflation rate averaged 28% in the decade before 2002, and real GDP growth
per capita hovered around 1.45%.

 

The bank unofficially targeted inflation from 2002 until 2007. Inflation
fell from about 30% in 2003 to about 10% by 2007. Ghana's real GDP per
capita also rose to about 2.71%. The bank adopted inflation targeting as its
official monetary policy framework in 2007.

 

 

But as I show in my recent paper, the decline in the inflation rate from
2002 to 2007 was largely due to fiscal policy - that is, the government's
use of taxation and expenditure to influence the economy - rather than
monetary policy which is about adjusting interest rates to affect the
economy. The period 2002-2007 coincided with Ghana's term under the joint
IMF-World Bank debt relief programme (also called the Heavily Indebted Poor
Countries initiative). During this period, Ghana's public debt (as a share
of GDP) declined from 58% in 2002 to 22.5% in 2007.

 

I argue that it is this reduction in government debt that underlies the
decrease in Ghana's inflation rate during this period. The central bank
during this period maintained a passive monetary policy as it did not need
to control the inflation rate.

 

 

Government debt began to climb again in 2008 after the end of the debt
relief programme. It rose from 24.6% in 2008 to about 79.2% in 2021. This
drove up the inflation rate because when the government borrows heavily, it
increases demand for goods and services, and without a corresponding
increase in the supply of goods and services, prices increase, driving up
inflation.

 

Ghana's public debt reached its limit in 2022, leading to a downgrade of
Ghana's credit rating from Bs to Cs for the first time since 2003,
triggering the 2022 crisis.

 

What could the central bank have done differently?

 

Similar to other central banks that target inflation, Ghana's central bank
also has a dual mandate. That is to achieve higher economic growth while
keeping a low and stable inflation rate. When these two objectives align
perfectly, a central bank is deemed to have achieved "divine coincidence".

 

 

Achieving that, however, is difficult. If the central bank, for example,
raises the interest rate to lower the inflation rate, the cost of borrowing
also rises, leading to a fall in investment, consumption, and economic
output.

 

The 2022 credit downgrade limited Ghana's government's ability to borrow
internationally, and also reduced Ghana's international reserves, resulting
in a significant depreciation of the cedi and triggering the 2022 inflation
crisis. Similar to achieving a divine coincidence, Ghana's central bank had
two options. It could have stood idle, or it could have stepped in by
lending to the government.

 

The bank lent about 37.9bn cedis (US$3.2 billion) to the government, arguing
that this kept the economy going. For example, interest payments on
government debt and the salaries of public sector workers were paid on time,
and there were no shortages of essential items.

 

What could the government have done differently to avoid the crisis? Well,
the answer is obvious: the government should not have borrowed excessively,
leading to the downgrade - the triggers of the crisis.

 

There is not much the central bank could have done differently in terms of
monetary policy, except raising the interest rate even more to control the
inflation rate, which has its own costs. This might have reduced the capital
outflows and the worsening of the exchange rate. However, it would have also
hurt private investment and consumption, which would have lowered economic
output. The central bank had limited scope to effectively address the crisis
via monetary policy.

 

Given that economic management is complex and full of trade-offs, I would
argue that the Bank of Ghana's actions during the crisis (that is, lending
to the government) were appropriate if a collapse of the economy was indeed
imminent. From the perspective of the central bank, it was facing a
trade-off between avoiding a fiscal crisis (and hence lower economic growth)
and avoiding a higher inflation rate. It chose the former, that is, avoiding
a fiscal crisis.

 

What can the bank do better in future?

 

The Bank of Ghana appears to have fulfilled its role as a lender of last
resort to the government, and prevented a situation where the government
might have been unable to meet its financial obligations. On the other hand,
lending to the government also worsened the inflation crisis.

 

As a lender of last resort, the central bank cannot be completely
independent from the government. Currently, there are no laws that prohibit
fiscal financing. As a result, the central bank has the discretion to not
commit to zero fiscal financing, especially when a fiscal crisis is
imminent.

 

In the future, the Ghanaian government could consider legislation
prohibiting direct lending by the central bank to the government. There's a
similar policy in place at the European Central Bank. Under such
legislation, the government could borrow only through bond sales from the
public, but not directly from the central bank. Knowing that it won't be
able to turn to the central bank for funding, the government would likely
exercise prudence in its spending to prevent the accumulation of public debt
in the first place.

 

 

 

 

Boeing plane investigated after 'Dutch roll'

US regulators are investigating after a Boeing 737 Max 8 flown by Southwest
Airlines rocked side to side while in air, a potentially dangerous movement
known as a Dutch roll.

 

It is one of two new inquiries involving Boeing planes that the Federal
Aviation Administration (FAA) has recently confirmed.

The agency is also involved after Boeing reported learning of potentially
falsified documents used to certify titanium in its planes.

The issues have emerged at a time when the safety record of Boeing planes is
under intense scrutiny.

Boeing referred questions about the Southwest flight to the airline, which
said it was co-operating with the investigation.

Boeing also said that the titanium issue was "industry-wide", involving
shipments from a limited set of suppliers.

It said tests performed so far indicate that the correct alloy was used,
despite the false documentation.

The company said it sourced the metal separately from its supplier and it
believed a small number of parts had been affected.

"To ensure compliance, we are removing any affected parts on airplanes prior
to delivery. Our analysis shows the in-service fleet can continue to fly
safely,” the company said.

The New York Times, which first reported the issue, said a supplier to
Spirit AeroSystems, which makes parts for Boeing and European plane-maker
Airbus, started looking into the issue after noticing holes from corrosion.

Spirit, which had alerted the two manufacturers to the problem earlier this
year, said more than 1,000 tests had been completed on the suspect parts,
which had been removed from production.

"It is the documents that were counterfeit, not the titanium," spokesman Joe
Buccino said. "The problem is we've lost traceability."

The FAA said Boeing had issued a bulletin to suppliers to be on the alert
for counterfeit records and that it was probing the scope of the issue.

Canadian transportation safety officials said in a separate statement that
they were working with foreign regulators to determine a co-ordinated
approach to the titanium issue, and that officials "will not hesitate to
take action".

The so-called Dutch roll, said to have been named after an ice-skating
technique attributed to the Netherlands, occurred on a 25 May flight from
Phoenix, Arizona, to Oakland, California.

The FAA said the aircraft regained control and no-one on board was injured,
but the plane suffered "substantial" damage.

A post-flight inspection of the two-year-old plane revealed significant
damage to a unit that provides backup power to the rudder.

"Dutch roll can be unpleasant but the 737 exhibits relatively benign
characteristics. The time elapsed since the incident, and the absence of
airworthiness action on the fleet, suggest that this is a one-off, not
another widespread problem for Boeing," said Tim Atkinson, a former UK
accident investigator-turned-consultant.

Safety campaigners have raised alarm about the quality of recent planes
produced by Boeing.

An incident in which a panel broke off a plane in mid-air in January
reignited concerns, sparking lawsuits and increased oversight of Boeing.

Boeing has slowed its production and last month presented the FAA with an
action plan aimed at resolving the issues.-BBC

 

 

 

 

Alex Jones assets liquidated to pay Sandy Hook debt

A judge ordered the liquidation of Infowars host Alex Jones' personal
assets, clearing the way for potential payouts to families of the victims of
the 2012 Sandy Hook mass shooting.

 

However, US Bankruptcy Judge Christopher Lopez ruled against a liquidation
of Mr Jones’ company Free Speech Systems, which owns the Infowars brand.

Relatives of the victims have won a total of $1.5bn (£1.2bn) in defamation
judgements against Mr Jones and his company over his false statements about
the attack.

The liquidation will force the sale of Mr Jones's assets - including a
multimillion-dollar ranch, other properties, cars, boats and guns.

According to recent court filings, Mr Jones has around $8.6m in personal
assets.

The ruling on Friday in Houston, Texas, means that for now, Free Speech
Systems and Infowars will continue to operate.

According to court filings, Free Speech Systems employs 44 people and made
nearly $3.2m in revenue in one recent month, mostly from selling dietary
supplements and other items.

Families of the victims were divided on whether the corporate bankruptcy
should be thrown out or also changed to a liquidation procedure.

The decision does not remove Free Speech Systems' liability, and the
plaintiffs in the defamation cases will be able to pursue the damages they
are owed in state courts or through further bankruptcy hearings.

"There's no easy or right answer here," Judge Lopez said, at times sounding
deeply emotional as he delivered his decision. “I think creditors are better
served in pursuing their state court rights."

One of the attorneys for the families said they would move quickly to
collect damages.

“The court authorized us to move immediately to collect against all Infowars
assets, and we intend to do exactly that,” Christopher Mattei said in a
statement Friday. "Alex Jones is neither a martyr nor a victim. He is the
perpetrator of the worst defamation in American history."

The ex-conspiracy theorist fighting misinformation

Alex Jones and Infowars: How Sandy Hook families fought back

Following the December 2012 attack on Sandy Hook Elementary School in
Newtown, Connecticut, Mr Jones and guests on his broadcasts repeatedly
called into question whether the massacre actually occurred, floating
conspiracy theories about whether the murders were faked or carried out by
government agents.

Twenty young children and six school staff were killed in the attack.

At one point Mr Jones called the attack “a giant hoax” and in 2015 he said:
"Sandy Hook is a synthetic, completely fake with actors, in my view,
manufactured
 I knew they had actors there clearly, but I thought they
killed some real kids, and it just shows how bold they are, that they
clearly used actors."

Mr Jones has since acknowledged that the Sandy Hook killings occurred.

Following the broadcasts, victims of the families were harassed online and
in person by Infowars viewers. The families filed defamation lawsuits in
Connecticut and Texas, and their legal victories resulted in Mr Jones and
Free Speech Systems declaring bankruptcy.

Friday’s hearing was over whether those bankruptcy cases would be converted
from Chapter 11 to Chapter 7, a portion of US bankruptcy law that allows
straightforward liquidation rather than more complicated financial
restructuring.

On recent broadcasts and on his social media accounts, Mr Jones has
continued to rail against the US justice system and claim that there is a
government plot to silence him.

He has repeatedly warned that he is about to be taken off the airwaves,
although US free speech laws mean he would be free to set up a new company
and continue broadcasting even if his company were to be liquidated.

“We just dodged a bullet, praise Jesus,” Mr Jones said while broadcasting on
Infowars after the hearing. “I would have been off the air today if the
judge hadn’t done the right thing. We live to fight another day.”

During the hearing, lawyers for the families claimed that the conspiracy
theorist was attempting to reduce the value of his company – for instance by
urging listeners to buy products from a company owned by his father rather
than directly from Infowars.

But Mr Jones’ lawyers countered by arguing that in recent weeks, the company
had seen record sales.-BBC

 

 

 

Lifting the lid on the world of political betting

An investigation into Rishi Sunak's parliamentary aide Craig Williams
placing a £100 "flutter" on the general election has thrown a spotlight on
the world of political betting.

 

 

Gambling on sporting events is now very big business in the UK. Millions
will be wagered this summer on the Euros and the Paris Olympics, most of it
online rather than the traditional way of entering a bookmaker's.

 

 

But betting has long been part of the political world too.

>From the outside, betting on an obscure by-election or a party leadership
contest may seem strange - but for some political obsessives it combines the
unpredictability and excitement of sport with the intrigue of a dramatic
narrative.

One of the proudest moments in the life of political betting guru Mike
Smithson was correctly predicting the result of the 2021 Chesham and
Amersham by-election.

 

"I got the Lib Dems to win at 20-to-1, and I got it right," he said.

Mr Smithson, who runs the politicalbetting.com website after years as a BBC
political journalist, said: "I love politics and there's nothing like
predicting winner and losers.

 

 

"People love to look at things and think they know the answer - when you go
for a drink in the pub people always end up saying 'I think it's going this
way, or that'".

Political betting is often used by betting companies as a gateway to entice
new punters to more lucrative - for the firms - betting platforms.

"Most bookies get into political betting because they like signing up new
customers who will then be attracted in other areas," said Mr Smithson.

But some remarkable amounts of money have been wagered over the years.

 

 

In 2017, an anonymous student placed a series of wagers amounting to £10,000
on Jeremy Corbyn's Labour winning the general election. They lost their
money.

Mike Smithson estimates "between £10m and £20m will be bet on the election
this year".

EPA Houses of Parliament in December 2023 EPA

Gambling firms say betting on political events is on the rise

 

Online betting exchange Betfair suggests more than £8m has been staked on
the outcome of the general election. But these figures do not include bets
with the larger betting firms.

This makes it a miniscule slice of the £15.1bn UK gambling market.

But according to William Kedjanyi, head of political content at Star Sports,
political betting has been "growing steadily over the last ten years".

"It has been helped by the fact we’ve had particularly volatile events - the
'yes' and 'no' Brexit referendum was perfect for betting.

"People like to bet on very tight events."

 

 

Over the years, the types of political bets have diversified.

Traditional bets on election outcomes remain popular, but novelty bets, such
as predicting specific political events or decisions, are gaining traction.

"Elections by themselves are perfect betting events – there are lots of
options across the 650 constituencies, betting on each one or overall
victory," says Mr Kedjanyi.

 

Betting on politics has a surprisingly long history in the UK.

Charles James Fox, the 18th-century Whig prime minister, was known to bet
"frequently, largely, and judiciously, on the social and political
occurrences of the time" according to his biographer.

During the Victorian and Edwardian periods, gambling laws became stricter,
impacting political betting.

But in 1963 Ladbrokes began openly accepting bets on political events and by
the following year's general election, William Hill had joined in.

But people who work at Westminster - like those who work at horse racing
stables or football clubs - need to be careful.

 

 

Using confidential information to gain an advantage could amount to cheating
under the Gambling Act - which is a criminal offence.

The Gambling Commission is making inquires into Craig Williams, a
Conservative Party election candidate and former aide to Rishi Sunak, amid
claims he placed a £100 bet on the date of the election days before the PM
announced it.

 

 

Mr Williams has apologised and said he made a "huge error of judgement" but
has not confirmed the details of his bet.

Mr Sunak has described his actions as "very disappointing" and the
opposition parties are calling for him to be suspended as a candidate or
face a Cabinet Office investigation.

 

 

It is understood the watchdog wrote to all licensed bookmakers this week
requesting information on anyone who stood to gain more than £199 by betting
on a July election in the UK.-BBC

 

 

Is Elon Musk worth his $56bn Tesla pay package?

His Tesla pay deal - worth up to $56bn (£44bn) depending on the firm's share
price - which has now been backed by shareholders is 75% of the entire
spending for schools in England in 2024-25 (£60bn) and around a quarter of
the budget for the NHS (£192bn).

 

 

To his many admirers, Mr Musk is worth every single cent which comes his way
- and shareholders agreed, with around 72% of the voting shares backing the
deal.

His businesses include Tesla, SpaceX, X (formerly Twitter), Starlink,
Neuralink and X.ai, his latest AI project.

 

 

You could argue Tesla opened up the US market for electric vehicles, SpaceX
has just sent the world’s most powerful rocket into space, and a man who
volunteered to be the first human to be implanted with a Neuralink microchip
into his brain can now control a computer using his thoughts.

Today, the $56bn question is: would this portfolio have been as successful
without him?

 

 

Tesla's growth

You could say Mr Musk's pay deal was really about getting him to stay put at
Tesla.

Prior to 2018, when it was agreed by the company’s board, there had been
speculation about his future at the electric car maker.

The deal was structured in such a way that if Mr Musk didn’t hit certain
milestones – such as Tesla’s market value, sales and underlying profit – he
wouldn’t get paid at all.

 

 

Though, at that stage, he was hardly digging down the back of the sofa for
loose change given he was worth nearly $20bn, according to Forbes magazine’s
rich list of 2018.

 

 

But if he did hit certain goals, the potential payday was astronomical.

In fairness, Mr Musk has achieved the targets laid out for him. For example,
Tesla’s market value had grown from $54bn to the $650bn goal set out in the
original deal.

It has since slid back down to $570bn.

‘Why I voted no on Musk pay hike’

Musk's profile

When Tesla wobbled in 2022, it was said to be because Mr Musk had taken his
eye off the ball to concentrate on X – so it was his absence rather than his
presence which caused a problem.

 

 

Yet his profile clearly adds massive value to these firms.

Mr Musk doesn’t believe in communications teams, preferring instead to
broadcast prolifically to his 187m followers directly on his social network.

If you’ve got Mr Musk in your corner, your PR does itself, with mixed, but
always high profile, results.

He generates endless global news headlines from behind his keyboard, and you
could argue that very, very few people have that power - publicity that
money can’t buy.

 

 

Tesla investors back $56bn Musk pay deal

Musk opposes US tariffs on Chinese electric cars

Elon Musk sees $56bn Tesla pay deal cancelled in Delaware court

 

He also has enormous political clout: he’s met with several world leaders,
including China’s President Xi Jinping. He claims to have spoken to Russian
President Vladimir Putin on the phone, and he once livestreamed a
conversation with Israeli Prime Minister Benjamin Netanyahu.

He is a fierce and demanding boss, a workaholic who doesn’t take no for an
answer. Former employees say even the most dedicated among them burn out,
while he does not.

Dolly Singh, who worked at SpaceX for Mr Musk between 2008 and 2013,
 previously told BBC News he was an "incredible leader".

"If that wasn't the case, he wouldn't be accomplishing the things that he
is," she said in 2022.

But she also conceded that working for him was “exhausting”.

 

 

Risky business

Though shareholders backed Mr Musk's pay package, legal experts say it is
not clear if the court that blocked the deal will accept the re-vote and
allow the company to restore his pay.

But former Tesla backer Steve Westly told the BBC earlier this year keeping
Musk is not a necessity.

“Elon is a unique visionary 
but I don’t know if that means he’s essential
to be running any or all of those companies today,” he said.

"No one stays on top forever, especially when you’re trying to lead seven
companies at once.”

And for all the successes under Mr Musk, there have also been failures.

For years Tesla didn’t make a profit at all, then a tweet about the company
becoming private caused financial chaos, ending in an investigation by
regulators resulting in him standing down as CEO.

 

 

I’ve spoken to two former employees who claim that speaking out about safety
concerns at Tesla cost them both their jobs and their professional
reputations.

Tesla nearly went bankrupt. Not all SpaceX rocket launches work and each
failure costs the company millions of dollars. The Neuralink chip started to
malfunction shortly after it was implanted, though this has since been
fixed.

Mr Musk recently claimed that Starlink has now broken even financially - but
Bloomberg published a report suggesting that he had underplayed the huge
cost of launching its satellite network infrastructure.

 

 

But the US has a different view about risky businesses.

"The US market is not only huge, but also more predisposed to taking big
shots," Mustafa Suleyman, who co-founded Google DeepMind and has just joined
Microsoft, told the BBC.

 

 

The UK could do with being “more tolerant and more celebratory of failures,”
he added.

If Mr Musk has been bruised by failure, he doesn’t show it. He is outwardly
loud, dominant and defiant.

He says today that he has sent a cake to Delaware, which tried to block his
$56bn Tesla pay deal.

It is emblazoned with his favourite phrase “vox populei, vox dei” – the
voice of the people is the voice of God.-BBC

 

 

 

Barclays suspends festival funding after protests

Barclays has suspended its sponsorship of all music festivals staged by
promoter Live Nation in 2024, including Download, Latitude and the Isle of
Wight.

The move comes after several acts pulled out of the events in protest at the
bank's investment links to arms companies that trade with Israel.

Artists including country singer CMAT, metal band Ithaca and comedian Joanne
McNally all withdrew from planned slots this summer.

 

 

A spokesperson for Live Nation said: "Following discussion with artists, we
have agreed with Barclays that they will step back from sponsorship of our
festivals."

The bank signed a five-year sponsorship deal with Live Nation in 2023. It is
understood that the suspension does not apply to the full term of the
contract.

Mercury-nominated band Lankum, who are on the line-up for Suffolk's Latitude
festival in July, were among the first to respond to the announcement.

"We welcome the news," they said on Instagram.

 

 

"Since the beginning of the campaign there has been great collective effort
from a number of bands, artists and fans to get to this point.

"Standing together is the best foot forward."

 

 

Ticketholders unaffected

The development comes after more than 100 artists boycotted Brighton's Great
Escape Festival in May over the event's ties to Barclays.

Campaigners have accused the bank of increasing its investment in arms
companies that trade with Israel, amid the ongoing war in Gaza.

 

 

A spokesperson for Barclays told the BBC: "Barclays was asked and has agreed
to suspend participation in the remaining Live Nation festivals in 2024.

"Barclays customers who hold tickets to these festivals are not affected and
their tickets remain valid. The protesters’ agenda is to have Barclays
debank defence companies which is a sector we remain committed to as an
essential part of keeping this country and our allies safe."

They added that the protests had led to intimidation of staff and vandalism
of their branches.

"The only thing that this small group of activists will achieve is to weaken
essential support for cultural events enjoyed by millions," they added.

"It is time that leaders across politics, business, academia and the arts
stand united against this."

 

A number of bands pulled out of this weekend's Download festival at
Donington Park in Leicestershire.

"We cannot sacrifice the principles held by this band and by the scene we
come from and represent, just for personal gain," thrash metal band Pest
Control posted on Instagram.

 

The bands Speed, Scowl, Zulu and Ithaca also joined the boycott.

The latter said: "Once we were made aware of Barclays’ involvement in
Download we knew we could no longer participate. This moment of solidarity
is an opportunity for festival organisers to reflect carefully on who they
take money from and see that the younger generation of bands will no longer
be silent."

Irish singer CMAT also pulled out of Latitude, saying she would "not allow
my precious work, my music, which I love so much, to get into bed with
violence".

Taskmaster star Joanne McNally cancelled her headline set in the festival's
comedy tent. British comedian and writer Sophie Duker also confirmed she
would be boycotting the event, saying on social media she was "committed to
minimising my complicity in what I consider to be a pattern of abhorrent,
unlawful violence".

Fellow comedian Grace Campbell, the daughter of Sir Tony Blair's former
spokesperson Alastair Campbell, also pulled out of the festival, as did
Alexandra Haddow, who wrote on Instagram: "I can't in good conscience take
the fee."

 

'We have been heard'

Barclays has previously said it recognises "the profound human suffering"
caused by the "complex and long-running conflict" in Gaza.

However, it insisted it does not make its own investments, but provides
financial services to businesses "including those in the defence sector".

That includes companies "that supply defence products to Nato and other
allies including Ukraine".

It added that "Barclays does not directly invest in these companies" and
that "decisions on the implementation of arms embargoes to other nations"
should be taken by governments.

 

 

Protest group Bands Boycott Barclays called the bank's decision to suspend
its ties with the festivals a "victory".

"As musicians, we were horrified that our music festivals were partnered
with Barclays, who are complicit in the genocide in Gaza through investment,
loans and underwriting of arms companies supplying the Israeli military,"
they said.

"Hundreds of artists have taken action this summer to make it clear that
this is morally reprehensible, and we are glad we have been heard."-BBC

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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