Major International Business Headlines Brief::: 25 June 2024

Tue Jun 25 10:47:55 CAT 2024

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Major International Business Headlines Brief:::  25 June 2024 

 <mailto:info at bulls.co.zw> 

ü  Africa: Aviation Emission Reduction Efforts Face High Costs, Production Hurdles

ü  Nigeria: Minimum Wage - Approve N250,000 Demand to Match Inflationary Trend, Labour Tells Tinubu

ü  Nigeria: Foreign Loans Drive Up Capital Importation By 19% to $330m

ü  Nigeria: Oil Companies Flared Record Gas Volume in 2023 - World Bank

ü  Liberia: Finance Official Challenges Public Servants to Embrace Fear

ü  East Africa: Uganda Tops East Africa for Foreign Direct Investment

ü  Nigeria: Shoprite to Close Abuja Branch June 30

ü  Nigeria: APM Terminals Apapa Recycles Discarded Tyres Into Flipflops

ü  Bankruptcy trustee plans to shut down Alex Jones' Infowars

ü  Criminal charges recommended against Boeing

ü  World's biggest music labels sue over AI copyright

ü  Apple in breach of law on App Store, says EU

ü  Germany's new visa programme makes it easier for skilled workers to immigrate

 <mailto:info at bulls.co.zw> 

Africa: Aviation Emission Reduction Efforts Face High Costs, Production Hurdles

Efforts to cut carbon dioxide emissions in the aviation industry by using sustainable fuel face significant challenges, primarily due to high costs and market uncertainties deterring producers.

In the European Union, producers of sustainable aviation fuel (SAF) are struggling to increase output swiftly enough to meet mandated quotas, according to the CEO of Frankfurt airport operator Fraport.

One major obstacle is the price disparity: biofuel-based SAF is currently three to five times more expensive than traditional jet fuel.

Reports indicate that SAF producers are grappling with uncertainty regarding production levels, fearing potential oversupply in the coming years.

Despite these concerns, the International Air Transport Association (IATA), which represents global airlines, recently asserted that sufficient SAF would be available to meet airline demands.

"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."

This comes at a time when Nairobi-based carrier Kenya Airways has been selected as the only African airline to initiate the use of SAF.

This follows Kenya Airways' successful trials in October, where it utilised SAF on a long-haul flight from Nairobi to Amsterdam. This pilot flight, the first in Africa to test SAF, generated essential data to inform policies, regulations, and industry best practices.

Projections suggest that SAF could provide up to 65 percent of the carbon mitigation required for the aviation industry to achieve net-zero emissions by 2050.

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

The European Commission has adopted rules mandating progressively increasing amounts of SAF for flights departing from EU airports.

These quotas will rise to 70 percent by 2050, beginning with two percent of total fuel in 2025, compared to the current 0.2 percent of global jet fuel use.

- Business Day Africa.

Nigeria: Minimum Wage - Approve N250,000 Demand to Match Inflationary Trend, Labour Tells Tinubu

Organised Labour has pleaded with President Bola Tinubu to prove his love for Nigerian workers and approve its demand of N250,000 minimum wage to reflect the present inflationary trend in the country.

Speaking to Vanguard, a member of the organised labour negotiating team in the Tripartite Committee of the New National Minimum Wage and President-General of the Maritime Workers Union of Nigeria, MWUN, Prince Adewale Adeyanju, accused state governors of stalling efforts at achieving a reasonable wage for public workers.

He said: "If you are an employer of labour and you do not have the love of your workers in your heart, how do you call yourself an employer of labour? We have problems with OPS and the state governors that believe they cannot afford to pay N30, 000 talk less of the figure that labour is demanding.

"We started having that issue at the negotiating table where they were dragging from N30, 000 to N48, 000 and to N60, 000. They were pricing as if it were tomatoes and onions before they now finally came out and said N62,000.

"Even before they arrived at N62, 000 the Organised Labour was still coming down so that we could be on the same page. Yes, the country is not smiling.

"We all know what the harsh economy situation is and the workers have not been happy with the economic downturn. At the close of negotiations, we had two position papers; one from government and OPS sides that recommended N62, 000 and N250, 000 from the Labour side which includes TUC and NLC.

"The ball now lies on the table of Mr President who I believe that this is an opportunity to show empathy to the whole workers. This minimum wage comes every five year. Between now and five years, what is going to be the impact of the figure of a new minimum wage on the lives of the workers in their various working places.

"That is why we are appealing to him as a friend of workers who persistently promised to give workers a living wage to approve the N250, 000. "Nothing stops him from approving it, but we heard that he said he would only approve what is what the economy can afford.

"As organised labour, we all are citizens of this country and we know the economy can afford our demand. We plead that he should not listen to those greedy governors who want to pay slave wage to continue to maintain their outrageous and ostentatious lifestyle.

"The security vote that they are getting is enough to pay that minimum wage. What are they doing with their security votes? Which security are they providing to the citizens? Some of the governors, the likes of Edo State, have been paying 70,000."

- Vanguard.

Nigeria: Foreign Loans Drive Up Capital Importation By 19% to $330m

Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023.

The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for January 2024.

CBN said: "Higher inflow of loans boosted foreign capital inflow in the review month."

Giving further details on the capital importation during the period, the CBN report stated: "New investments to the economy increased by 17.9 per cent to $0.33 billion, from $0.28 billion December 2023.

"Portfolio investment inflow increased by 9.1 per cent to $0.12 billion, from $0.11 billion, due, largely, to higher purchase of money market instruments.

"Similarly, foreign direct investment inflow increased to $0.03 billion, from the level in the preceding month.

"Other investment capital, mainly in the form of loans, also rose by 12.5 per cent to $0.18 billion, from $0.16 billion in the preceding period.

"In terms of share, inflow of other investment capital (mainly loans) constituted 55.1per cent, while foreign portfolio investment and foreign direct investment accounted for 34.8 and 10.1per cent, respectively."

The apex bank also said that investment in production/manufacturing accounted for the highest contribution to capital importation by 28.2 per cent followed by telecommunication (23.4 percent) and banking (22.6 percent).

The apex bank also said that capital inflow by originating country showed the United Kingdom as the major source of capital, contributing 26.6percent during the period followed by Singapore with 16.1 per cent.

Lagos State and the Federal Capital Territory were the highest recipients of capital with shares of 67.0 and 33.0 per cent, respectively.

Conversely, capital outflow fell by 8.8 percent to $310 million due to a decline in loan repayment and repatriation of dividend.

The report stated: "Capital outflow from the domestic economy moderated, due to lower loan repayment and repatriation of dividends.

"Capital outflow fell by 8.8per cent to $0.31billion in January 2024, from $0.34 billion in the preceding month.

"Repatriation of dividends decreased by 50 per cent to $0.01billion, while loan repayment fell by 10 percent to $0.18billion.

"Similarly, capital reversals decreased by 23 percent to $0.10 billion.

"In terms of share in total outflow, loans constituted 66.2 per cent, followed by capital reversal and dividends at 31.6 and 2.0 per cent, respectively.

"Other forms of outflow accounted for the balance," CBN said.

- Vanguard.

Nigeria: Oil Companies Flared Record Gas Volume in 2023 - World Bank

Abuja — Oil companies around the world last year burned off the most natural gas in five years while also increasing the intensity of the highly polluting practice, a World Bank report has found.

With only six years left to meet a World Bank goal of stopping routine flaring, the companies burned off an estimated 148 billion cubic meters of gas in 2023, up 7 per cent from 2022 even as crude oil production rose only 1 per cent over the same time.

Drilling for oil often yields natural gas as well, and some companies opt to flare, or burn this gas instead of capturing and storing it, usually arguing that building the infrastructure needed is not commercially viable, Reuters reported.

The growth in flaring more than reversed reductions made in 2021 and 2022, the report from the World Bank's Global Gas Flaring Tracker said, adding that "global efforts to reduce gas flaring have not been sustainable and urgent action is needed."

Eliminating the practice would cut at least 381 million tonnes of carbon dioxide equivalent in environmentally harmful emissions released into the atmosphere.

"Substantial reductions in gas flaring and flaring intensity are achievable through effective partnerships and the creation of solutions to monetize associated gas," the report added.

Nine major oil-producing countries account for 75 per cent of flaring and 46 per cent of oil output. They are Russia, Iran, Iraq, the United States, Venezuela, Algeria, Libya, Nigeria and Mexico, in order of volumes of gas burned off.

The report said Algeria and Venezuela had reduced flaring, but those gains were eroded by Iran, Russia, the United States and Libya, among others.

Flaring intensity, or the volume of gas flared per barrel of oil produced, is the highest in countries affected by instability, conflict or violence.

- This Day.

Liberia: Finance Official Challenges Public Servants to Embrace Fear

Madam Brunson has challenged public servants to rely on their ability while exploring new things that are key to their growth in public service.

Deputy Finance Minister for Budget and Development Planning, Mrs. Tanneh G. Brunson, has challenged public servants here to embrace fears and take on a new role.

While being given Liberia's "Best Public Servant" award for 2024 on Monday, June 24, Madam Brunson admonished public servants to be strong and supreme in their communication as they take on chances of venturing into new roles.

She cautioned public servants to rely on their ability while exploring new things, suggesting that this is key to their growth.

She also shared her experience as a Public Servant and how she navigated her way from a junior budget analyst to a Deputy Minister for Budget and Planning at the Ministry of Finance and Development Planning (MFDP).

She reflected on her journey as a cadet, an opportunity for many youths in those days to venture into the larger society.

"I started way down the line, cadet. Plenty of you don't know what cadet is, but back in the day, it was an opportunity for people to get their foot into the cue of governance," she explained.

"So when I was at the University of Liberia I had the opportunity to enroll in the cadet program by the late Frank Tweh, and when I graduated from the University. I became a Junior Budget Analyst at the Ministry of Finance," Minister Bruson, recalled.

Delivering the keynote address at the occasion, Senate- Pro-Tempore Nyonblee Karnga-Lawrence said the essence of public service lies in its ability to respond to the needs of the people.

She noted that it is intended to ensure that every citizen and resident can rely on effective and efficient services that enhance their quality of life.

Pro-Tempore Lawrence acknowledged that public services remain the backbone of the nation's progress, despite the numerous challenges the country faces, ranging from infrastructure, limited resources, and inadequate complex landscape, among others which often hinder public servants from navigating their ability to perform optimally.

"One of the primary challenges we face is the persistent issue of limited resources. Our public institutions frequently operate under financial constraints that restrict their capacity to deliver essential services," said Madam Lawrence.

This lack of funding affects everything from healthcare and education to transportation and security, making it difficult for public servants to meet the growing demands of the population, she added.

The Grand Bassa County Senator highlighted the need to address these challenges, which she described as crucial to enhancing the efficiency of public services in this county.

"I stand here today to pledge that the administration will endeavor to change this narrative," she vowed.

Also Speaking briefly, House Speaker Jonathan Fonati Koffa described public servants as the bedrock of Liberia's governance system.

He commended them for the role they play in the society. The observance of World Public Service Day aims to honor the value and virtue of community public service.

It emphasizes the role of public service in the development process, recognizes the efforts of public servants, and inspires youth to pursue careers in the public sector.

This year's World Public Service Day Celebration is being held under the National Theme: Championing Resilience in the Public Service through Innovation and Nationalism, while the Global theme is "Fostering Innovation amid Global Challenges: a Public Sector Perspective."

President Joseph Nyuma Boakai, by proclamation, declared Monday, June 24, 2024, as the National Public Service Day.

The Civil Service Agency (CSA) also named him the longest public servant for his role in government and service to the nation over the years.

- New Dawn.

East Africa: Uganda Tops East Africa for Foreign Direct Investment

Uganda has emerged as the premier destination for Foreign Direct Investments (FDI) within the East African Community, according to the 2024 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD).

The report highlights that Uganda attracted an impressive Shs10 trillion in foreign investments in 2023, significantly outpacing Kenya, which garnered Ksh193 billion (about Shs5 trillion).

UNCTAD attributed Uganda's attractiveness to its investor-friendly environment, particularly the ease of establishing businesses.

A standout feature is Uganda's adoption of the digital single window model, which simplifies business registration, clearances, and tax payments.

This seamless integration facilitates a more efficient and appealing investment process.

In contrast, while Kenya has implemented similar technology, it falls short in its coverage.

The Kenyan system does not extend to county governments, where investors must also apply for licenses.

This gap creates additional hurdles for investors, as highlighted by UNCTAD.

"Although some applications can be completed online, the lack of integration among systems adds significant barriers for investors and entrepreneurs," the report noted.

"There is a pressing need for enhanced facilitation to elevate investment levels sufficiently to address interconnected economic, health, security, and climate challenges."

Kenya Investment Authority does offer valuable one-stop, in-person services, including assistance with foreign taxpayer registration, electrical grid connections, and work permits.

However, its services do not cover essential permits and licenses at the county, sectoral, or environmental levels, further complicating the investment process.

Uganda's streamlined, investor-friendly approach starkly contrasts with the fragmented system in Kenya, underscoring why it has become a more attractive destination for FDI.

This trend reflects the broader economic strategies and infrastructural efficiencies that different countries within the East African Community are adopting to attract global investors.

As Uganda continues to leverage its digital single window model and other investor-friendly policies, it sets a benchmark for the region, demonstrating how streamlined processes can significantly enhance a country's investment appeal.

In doing so, Uganda not only boosts its economic growth but also positions itself as a key player in attracting international business within East Africa.

Kenya, while still a significant player, faces the challenge of addressing these bureaucratic inefficiencies to remain competitive.

By integrating systems at all levels of government and simplifying the licensing process, Kenya could potentially reclaim its standing as a leading destination for FDI in the region.

Uganda's rise as the top destination for foreign investments in East Africa highlights the critical importance of efficient, integrated systems and investor-friendly policies.

It serves as a potent reminder for neighboring countries to streamline their processes and reduce barriers to attract and retain global investors.

- Nile Post.

Nigeria: Shoprite to Close Abuja Branch June 30

Shoprite Mall has announced its intention to cease operation in one of its Abuja branches, Novare Central Mall in Wuse Zone 5 from June 30, 2024.

This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket and obtained by our correspondent on Monday.

A staff at the store who pleaded anonymity also confirmed the report, saying "Yes, it is true, we just heard it here too."

The popular mall attributed its decision to a thorough evaluation of the store's financial situation and the current business climate.

It additionally notified vendors that their services would no longer be needed at the store.

The circular further clarify that the company would be reviewing its accounting records in the next 60 days to settle outstanding balances.

- Daily Trust.

Nigeria: APM Terminals Apapa Recycles Discarded Tyres Into Flipflops

APM Terminals Apapa has begun the recycling of its discarded tyres into flipflops. The terminal made this known in a statement to the press on Thursday.

The terminal had recently celebrated Go Green, global APM Terminals Awareness campaign which aims to draw light on sustainable business practices with regards to the environment and how to minimise the impact of its operations on the environment. The campaign had the theme, "Nothing Goes to Waste."

Terminal Manager, Steen Knudsen said, "We are all about continuous improvement and always on the lookout for ways we can sustainably repurpose our waste into other useful materials. We are in partnership with various environmental organisations licensed by the government.

"Over the years, we have taken calculated steps to not only reduce our plastic footprint on the environment but also reduce other forms of waste such discarded boilersuits and lubricants. Recently, we have, in collaboration with one of our environmental partners, begun the production of flipflops from discarded tyres. Each eco-friendly pair of flip-flops is crafted from 70% recycled tyres sourced from our truck and crane equipment used to handle cargo operations at our terminal."

HSE Manager, APM Terminals Apapa, Felix Chinwe Ugwuagbo, said it was important for the terminal to take its employees along on this journey, taking the message of sustainability and waste recycling to their homes and communities.

He said, "There are so many things the terminal is already doing to reduce waste. However, we want to encourage our employees to not only come up with ideas on what we can do to reduce waste, but to also think of what they can do as individuals to reduce waste."

Head of Environmental Management System (EMS) Consultancy & Services, Kevron Consulting, Dare Ayodele, described waste management as not just good for the environment but also good for business and our communities.

"Going green isn't just about protecting our environment; it's also about efficient resource usage. Traditional waste management strains resources and pollutes our oceans. Innovative waste management solutions ensure that nothing goes to waste," he said.

- This Day.

Bankruptcy trustee plans to shut down Alex Jones' Infowars

A court-appointed bankruptcy trustee has indicated plans to sell off right-wing conspiracy theorist Alex Jones' Infowars media empire to pay some of the $1.5b (£1.18b) he owes to families of the Sandy Hook school shooting victims.

In a court filing filed on Sunday, the trustee, Christopher Murray, said he was planning to close operations of Infowars' owner Free Speech Systems and "liquidate its inventory".

The news comes a week after a bankruptcy judge decided Mr Jones' personal assets would be liquidated to pay back the victims for spreading misinformation about the deadly 2012 shooting at a suburban Connecticut school.

The judge appointed Mr Murray to oversee the liquidation of Mr Jones' assets.

The conspiracy theorist and his company, Free Speech Systems, filed for bankruptcy in 2022 after Mr Jones was ordered to pay the $1.5b in multiple defamation cases over false claims about the Sandy Hook shooting, in which 20 children and six adults were killed.

A judge ruled last year that Mr Jones would not be released from paying the settlement despite the bankruptcy filings.

But the Sandy Hook families have yet to collect any money from Mr Jones as the bankruptcy process has played out.

'Moment of reckoning' for conspiracist Alex Jones

Conspiracy theorist Alex Jones files for bankruptcy

Alex Jones concedes Sandy Hook shooting '100% real'

In his filing, Mr Murray asked a judge to put a pause on Sandy Hook families' efforts to collect their payments from Mr Jones, as he argued that would interfere with the process to sell off his Infowars' parent company, Free Speech Systems.

He did so after Sandy Hook parents sought to seize money from Free Speech Systems, a move that Mr Murray said would "throw the business into chaos".

"The Trustee seeks this Court's intervention to prevent a value-destructive money grab and allow an orderly process to take its course," he wrote in the filing.

The BBC has contacted Mr Jones and a lawyer for the Sandy Hook families for comment.

Mr Jones has previously said Infowars would only continue its broadcasts for a few months.

“I’m going to try to move forward and maximize the amount of money we can make at Infowars to then have a wind-down,” Mr Jones said outside the courthouse after a previous bankruptcy hearing, according to CNN.

For years, Mr Jones, 50, falsely claimed the Sandy Hook attack was "staged" in an elaborate conspiracy to limit gun rights.

The false theories led to harassment and death threats for victims' families.-BBC

Criminal charges recommended against Boeing

US prosecutors have recommended that the Department of Justice (DoJ) brings criminal charges against Boeing.

It follows a claim by the DoJ that the plane maker had violated a settlement related to two fatal crashes involving its 737 Max aircraft which killed 346 people.

Boeing declined to comment when contacted by the BBC but previously it has denied violating the deferred prosecution agreement.

The DoJ has until 7 July to make a final decision on whether to prosecute the company. The DoJ has declined to comment.

The recommendation is not a final decision and the details of any potential criminal action are not known, according to CBS, the BBC's US partner.

"This is a really critical decision that is coming up,” said Ed Pierson, who is the executive director of the Foundation for Aviation Safety and a former senior manager at Boeing.

He told the BBC's Radio 4 Today programme: "There are issues with these aeroplanes. We’re seeing problems with these planes and I’m talking about 737 Max, 787 and it is reflective of the leadership."

The plane crashes - both involving Boeing's 737 Max aircraft - occurred within six months of each other.

The crash involving Indonesia's Lion Air occurred in October 2018, following by an Ethiopian Airlines flight in March 2019.

Last week, relatives of the victims urged prosecutors to seek a fine against Boeing of $25bn (£14.6bn) and to pursue a criminal prosecution.

Under a deal reached in 2021, Boeing said it would pay a $2.5bn settlement and prosecutors agreed to ask the court to drop a criminal charge after three years if the company abided by certain stipulations set out in the deferred prosecution agreement.

But last month, the DoJ said Boeing was in breach of the deal, stating that it had failed to "design, implement, and enforce a compliance and ethics program to prevent and detect violations of the US fraud laws throughout its operations".

Boeing crash families demand record $25bn fine

Boeing may face criminal prosecution over 737 Max crashes, US says

Last week, Boeing's outgoing chief executive Dave Calhoun faced a grilling from US senators.

Mr Calhoun testified that the company had "learned" from past mistakes and that the process for employee whistleblowers "works" - but lawmakers still accused him of not doing enough to rectify a culture of retaliation.

As part of an ongoing investigation, Boeing whistleblowers told the Senate in April that the 737 Max, the 787 Dreamliner and the 777 models had serious production issues.

The company was most recently put in the spotlight when a door panel fell off a new 737 Max plane during an Alaska Airlines flight in January, leaving a gaping hole.

Mr Calhoun is stepping down as chief executive at the end of 2024 after less than five years in the role with a pay package worth $33m. He will also remain on Boeing's board.

Mr Calhoun took over the job from Dennis Muilenburg who was fired after the two crashes.

Mr Pearson said the changes at the top of Boeing were "superficial" and even when Mr Calhoun was named as chief executive in 2019, he had already been at the company for a decade.

"They are making those decisions that are affecting millions and millions of people for many, many years," he said.-BBC

World's biggest music labels sue over AI copyright

The world's biggest record labels are suing two artificial intelligence (AI) start-ups over alleged copyright violation in a potentially landmark case.

Firms including Sony Music, Universal Music Group and Warner Records say Suno and Udio have committed copyright infringement on an "almost unimaginable scale".

They claim the pair's software steals music to "spit out" similar work and ask for compensation of $150,000 (£118,200) per work.

Suno and Udio did not immediately respond to a request for comment.

The lawsuits, announced on Monday by the Recording Industry Association of America, are part of a wave of lawsuits from authors, news organisations and other groups that are challenging the rights of AI firms to use their work.

Suno, which is based in Massachusetts, released its first product last year and claims more than 10 million people have used its tool to make music.

The company, which has a partnership with Microsoft, charges a monthly fee for its service and recently announced it had raised $125m from investors.

New York-based Udio, known as Uncharted Labs, is backed by high profile venture capital investors such as Andreessen Horowitz.

It released its app to the public in April, achieving near-instant fame for being the tool used to create "BBL Drizzy" - a parody track related to feud between the artists Kendrick Lamar and Drake.

Billie Eilish and Nicki Minaj want stop to 'predatory' AI

Sheryl Crow: 'Resurrecting Tupac with AI is hateful'

In the past, AI firms have argued that their use of the material is legitimate under the fair use doctrine, which allows copyrighted works to be used without a license under certain conditions, such as for satire and news.

Supporters have compared machine learning by AI tools to the way humans learn by reading, hearing and seeing previous works.

But in the complaints, which were filed in federal court in Massachusetts and New York, the record labels say the AI firms are simply making money from having copied the songs.

"The use here is far from transformative, as there is no functional purpose for... [the] AI model to ingest the Copyrighted Recordings other than to spit out new, competing music files," according to the complaints.

The complaints say Suno and Udio produce works like "Prancing Queen" that even devoted ABBA fans would struggle to distinguish from an authentic recording from the band.

Songs cited in the Udio lawsuit include Mariah Carey's "All I Want for Christmas is You" and "My Girl" by The Temptations.

The "motive is brazenly commercial and threatens to displace the genuine human artistry that is at the heart of copyright protection", the record labels said in the lawsuits.

They said there was nothing about AI that excused the firms from "playing by the rules" and warned that the "wholesale theft" of the recordings threatened "the entire music ecosystem".

The lawsuits come just months after roughly 200 artists including Billie Eilish and Nicki Minaj signed a letter calling for the "predatory" use of artificial intelligence (AI) in the music industry to be stopped.-BBC

Apple in breach of law on App Store, says EU

European Union regulators have accused Apple of being in breach of new laws designed to rein in big tech companies.

The European Commission, which regulates competition in the EU, said Apple's App Store squeezes out rival marketplaces, marking the first time it has found a company in breach of the Digital Markets Act (DMA).

The firm faces a potential fine of up to 10% of its global revenue if it fails to comply with the rules.

Apple said it is "confident our plan complies with the law".

The tech giant has been given the opportunity to review the investigation's preliminary findings, and it can avoid a monster fine if it comes back with a proposal which is satisfactory to the EU.

The European Commission says that developers should be able to freely tell customers when there are cheaper app stores available beyond the one run by Apple.

The firm charges developers an average of 30% commission on its App Store.

Previously, it was told to allow alternatives in the EU in March.

"We have reason to believe that the App Store rules not allowing app developers to communicate freely with their own users is in breach of the DMA," said EU Commissioner Thierry Breton.

The Commission also alleges that Apple's fees "go beyond what is strictly necessary".

In response, Apple said it has made changes in the past few months to ensure it complies with the DMA.

"We estimate more than 99% of developers would pay the same or less in fees to Apple under the new business terms we created," it said in a statement.

"All developers doing business in the EU on the App Store have the opportunity to utilize the capabilities that we have introduced, including the ability to direct app users to the web to complete purchases at a very competitive rate."

Another of Apple's main arguments is that users benefit from strong security measures by sticking to the official App Store.

In response, the Commission says it will happily discuss security issues.

New terms

Separately, the European Commission has opened another investigation into Apple regarding new contractual terms for developers.

This focuses on three main areas:

A fee of €0.50 (£0.42) which Apple charges developers for every app downloaded outside of Apple's App Store

The number of steps which Apple puts in place for users who want to download apps from alternative stores

Whether Apple's eligibility criteria for alternative app store developers breaches the DMA

Apple says it changed its eligibility criteria in March to make it easier for developers to set up app stores.

It also says it removed the €0.50 fee for apps which make no money - such as those designed by students - in May.\

Germany's new visa programme makes it easier for skilled workers to immigrate

If you've ever longed to live in Germany, now might be the perfect time to try. The country recently announced a new work visa, the Chancenkarte, or "Opportunity Card", which offers non-EU nationals a new opportunity to immigrate to Germany.

The Chancenkarte, which opened for applications on 1 June, offers a new points-based system that rates applicants by specific criteria, including academic qualifications, language skills and past professional experience.

"[The Opportunity Card] will make it easier and quicker for people with experience and potential to find a suitable job and get started," Nancy Faeser, Germany's Federal Minister of the Interior and Community, said in a statement to the BBC.         

Those granted the Opportunity Card can live in Germany for up to one year while looking for work, rather than requiring an employer to sponsor them beforehand. The card also allows people to legally work part-time while searching for something more permanent. It represents a major shift in the way the country is addressing its growing labour shortage and is intended to help increase the number of professional workers in fields like medicine, education, manufacturing and engineering. Much more than just a digital nomad visa, the new card offers non-EU citizens the opportunity to streamline the German immigration process and search for work on the ground in the country, a move that has been hotly debated by conservatives, who argue that it could allow for already-rejected asylum seekers to find work in Germany.

Successful applicants will either have a professional qualification or academic degree that is fully recognised in Germany, or a combination of criteria such as years of professional experience, a certain age and language skills, each of which are worth a certain number of points. Applicants must have a rating of six or more points to qualify for the visa. They must also show proof of ability to cover living expenses during their job search, at least €1,027 per month.

Because EU citizens can already live and work in Germany, the new opportunity visa is geared towards those currently living outside the EU and in Switzerland, as Swiss citizens also do not require a visa for entry or a permit to work in Germany. The Chancenkarte is set up to favour non-EU citizens with connections to the country, as extra points are available for those who have German language skills or have studied in a German school.

Alex Masurovsky, a former Master's student at the Berlin School of Mind and Brain, who now lives in New York, is intrigued by the opportunity the new visa affords to return to live and work in Berlin.

"For me, [Germany] had just enough of those European sensibilities, like sitting down for coffee and staying out late, to enjoy without it feeling pretentious," he reflected. "It also has a great appreciation for music, mostly electronic, but small and sincere pockets of jazz, blues and punk rock, too. I'd recommend it to anyone."

Though it's true that the country's culture and nightlife can be a draw, ultimately the new visa aims to provide a long term solution to address the nation's labour shortages, which is one of the major factors contributing to Germany's ongoing financial issues. "We are making sure that we can attract the skilled workers our economy has urgently needed for years," Fraser said. "This is vital for our country's future."

Those interested in learning more can visit the Make It In Germany website for more information. The site has a "self-check" that allows visitors to check their eligibility status for the Chancenkarte. Official applications for the visa can be made at either a German Diplomatic Mission or on the Chancenkarte website.  

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INVESTORS DIARY 2024

Company

Event

Venue

Date & Time

Companies under Cautionary

CBZH

GetBucks

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Padenga

Econet

RTG

Fidelity

TSL

FMHL

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