Major International Business Headlines Brief::: 13 May 2024

Mon May 13 09:30:30 CAT 2024

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Major International Business Headlines Brief:::  13 May 2024 

ü  Nigeria: Senate Panel Defends 0.5 Percent Cybercrime Levy

ü  Liberia: Stand Intervenes in Keh-Keh, Pem-Pem No-Go Zones

ü  Nigeria: Employment Not Govt's Priority Now, Says Abia Gov

ü  East Africa: Safaricom Projected Earnings Weighed Down By Ethiopian Loss

ü  Kenya: Mizani Grades Miano As Most Improved Cabinet Secretary

ü  Uganda: Sorry State of Road to Lake Bunyonyi Worries Authorities

ü  Africa: End the Negative Narrative, Africa is Thriving - AfDB Chief

ü  Nigeria: Watt a Mess - How the Power Sector Spent Billions to Generate Darkness

ü  Africa: French Catering Company Gives Refugee Women a Recipe for Success

ü  Ghana: Inflation Drops Marginally to 25.0 Percent in April

ü  Shein suppliers still work 75-hour weeks - report

ü  Internet access linked to higher wellbeing, study finds

ü  Is social media worth paying for?

ü  UK exits recession with fastest growth in two years

 <https://www.cloverleaf.co.zw/> Nigeria: Senate Panel Defends 0.5 Percent Cybercrime Levy

The Senate Committee on National Security and Intelligence said the levy is not meant to punish Nigerians but to protect the national security and the economy.

Chairman of the Senate Committee on National Security and Intelligence, Shehu Buba, has said the implementation of 0.5 per cent cyber crime fee on transactions was not meant to punish Nigerians but to protect the national security and the economy.

Mr Buba, the senator representing Bauchi South Senatorial District, stated this in a statement on Thursday.

The Central Bank of Nigeria (CBN), on Monday, directed banks operating in the country to start charging a cybersecurity levy on transactions.

The payment of the levy is a provision in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act is to be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser shall administer.

Many Nigerians have criticised the levy on the ground that the CBN is attempting to impose another tax on Nigerians.

The House of Representatives on Thursday directed the Central Bank of Nigeria to halt the implementation.

The resolution was a sequel to a motion of urgent public importance moved by the Minority Leader of the House, Kingsley Chinda.

In his statement, Mr Buba said the cybersecurity transaction levy is put in place to protect and relieve ordinary citizens, particularly the poor.

The senator said the amendment of cybercrime bill was considered by the two chambers of the National Assembly before it was passed and subsequently to assented by the president.

"The committee also underwent a transparent public hearing process, receiving contributions from various stakeholders. Both Houses of the National Assembly unanimously passed it before President Bola Ahmed Tinubu signed it into law" he said in the statement.

He explained that the provisions for the cybersecurity levy ought to have been implemented since 2015 but it was delayed due to unclear interpretations and applications.

"The Cybercrimes Act of 2015 has provisions for imposing a cybersecurity levy since its enactment, but the vagueness of Section 44 led to different interpretations until the 2024 amendments. The levy is 0.5%, equivalent to half a per cent of the value of all electronic transactions by businesses specified in the Second Schedule to the Act.

"The amendments addressed crucial gaps in the Act and empowered the nation to implement the National Cybersecurity Programme effectively. They also seek to realign and empower the country to combat the inadequate funding and disruptive effects of cyber threats on national security and critical economic infrastructures," he added.

Mr Buba commended the office of the National Security Adviser and the Central Bank of Nigeria (CBN) for initiating the implementation of the Act providing the levy.

- Premium Times.

Liberia: Stand Intervenes in Keh-Keh, Pem-Pem No-Go Zones

The Liberia National Police has temporarily suspended restrictions on the No-Go Zone for Bike and keh-keh riders, influenced by the intervention of Solidarity and Trust for A New Day (STAND), the civil society group.

According to a release from STAND, the group had earlier on Thursday, May 9, planned a meeting with the leaders of bike and keh-keh riders at STAND's headquarters in Congo Town. As representatives of the bike and keh-keh community gathered, the release said, "a squad of officers from the Liberia National Police, under the command of Inspector General Gregory Coleman, arrived on the scene" in what Morlu described as a hostile manner, "attempting to disrupt the meeting, which nearly erupted into chaos, save for the swift peaceful intervention of STAND's Advocate General, Mulbah K. Morlu."

According to the release, Morlu's timely intervention prevented escalation and he expressed gratitude to bike and keh-keh riders for their cooperation in maintaining peace and harmony.

Despite the Liberia National Police announcing a three-month suspension of the No-Go zone, STAND proceeded with its scheduled meeting with biker and keh-keh riders as was planned.

However, STAND maintains its stance that the government's imposition of a No-Go zone policy, which restricts bike and keh-keh riders, is unconstitutional and deprives tens of thousands of Liberians of their fundamental right to freedom of movement.

STAND recommended that instead of enforcing an arbitrary no-go zone, which infringes on the rights of Liberians, the police should establish a system of accountability for bike and keh-keh riders, which will ensure violators be prosecuted in accordance with the rule of law.

- Liberian Observer.

Nigeria: Employment Not Govt's Priority Now, Says Abia Gov

Gov. Alex Otti of Abia says it is not on the front burner of his administration to employ new people in the state's civil service.

The governor made this known during the monthly interactive session with the media on Thursday in Umuahia.

He said that the issue of employment would arise when the government finished dealing with what it met in the civil service.

According to him, there is an embargo that I made, and that embargo is still in place.

He complained that the number of persons in the civil service was still very high, even after verification.

Otti decried the huge wage bill of about four billion naira for both local government and state monthly.

The governor, however, assured that the government was working assiduously on improving and enhancing the pay for civil servants.

He said that the government was aware that there were quite a lot of people in the service who might not be contributing at optimal levels and would need to do something about it.

He said, "So, it may not be a priority at this time to open up the doors to bring in new people, except if we have a way of exiting a few people.

"But you know, with the civil service rules, it is not going to be very easy to exit people.

"What we are trying to do with the establishment of the Civil Service Commission and resumption of the new Head of Service and new Permanent Secretaries is to ensure that our people are adequately trained.

"This is to enable them to operate their skills and perform better."

The News Agency of Nigeria (NAN) reports that the governor spoke on a range of issues concerning his developmental stride in areas of infrastructure, agriculture, education, health, and others. (NAN)

- Vanguard.

East Africa: Safaricom Projected Earnings Weighed Down By Ethiopian Loss

Safaricom, Kenya's leading telecommunications company, reported a slight uptick in profits, albeit dampened by the underperformance of its Ethiopian arm.

The firm disclosed a profit of Ksh62.99 billion for the review period, marking a modest increase from Ksh62.26 billion the previous year.

However, Safaricom's Ethiopian subsidiary, in which it holds a 51 percent stake, incurred a hefty loss of Ksh21.7 billion, exerting downward pressure on the group's overall financial performance.

Of particular note is Safaricom's resurgence into profitability following three consecutive years of losses, with earnings surpassing the billion-dollar threshold.

"We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line," said Safaricom in a statement.

Anticipating a major shift, the company foresees Ethiopia emerging as a significant growth driver from 2025, contributing substantially to both the top and bottom lines.

M-Pesa, Safaricom's flagship mobile money service, emerged as the primary revenue generator, surpassing the 40 percent milestone in service revenue contribution.

Earnings surged to Sh139.9 billion, constituting 42 percent of Safaricom's total service revenue, a notable increase from 19.36 percent in the preceding year.

The M-Pesa ecosystem witnessed further expansion, with transaction values and volumes climbing by 9.6 percent and 33.9 percent year-on-year, culminating in Sh40.2 trillion and 28.3 billion transactions, respectively.

- Business Day Africa.

Kenya: Mizani Grades Miano As Most Improved Cabinet Secretary

Nairobi — A recent survey has graded Trade and investment Cabinet Secretary Rebecca Miano as the most improved Cabinet Secretary in the past seven months.

According to the report by Mizani Africa the CS has recorded a significant improvement from 54 percent to 73 percent during that period.

According to the pollster, the CS has managed to sign Memorandums Of Understanding (MOU) with 18 County governments, held meetings with over 18 high-powered bilateral meetings with American-based companies during the AmCham summit, and also led the launch of 90 MVA Naivasha Special Economic zone substations, among others, steps that justified her improvement.

"The Most Improved Cabinet Secretary 2024 is Hon.Rebecca Miano CS Trade after posting a stellar performance within a short period of 7 months in the Ministry of Trade," it stated.

Miano was closely followed by the Interior Cabinet Secretary Kithure Kindiki who had an overall improvement of 68.4 percent and Information Cabinet Secretary Eliud Owalo, who had a score of 63.4 percent.

The CS further led the race as the most transformative CS in the current regime followed by ICT CS Owalo CS Information with 18% and the Co-operatives CS Simon Chelugui with 13%.

Furthermore, According to Mizani, Miano emerged as the most committed CS in delivering on her mandate at 42%, followed also by the Interior CS Kindiki, and ICT CS Owalo.

"Hon. Rebecca Miano CS Trade takes the lead as the most Committed CS in delivering on her mandate at 42%, followed from a distance by Interior CS Prof. Kindiki at 22% and CS Owalo comes 3rd at 13%," it stated

- Capital FM.

Uganda: Sorry State of Road to Lake Bunyonyi Worries Authorities

Leaders and tourism stakeholders with in the Kigezi sub-region have decried the state of Lake Bunyonyi road.

About 8.4 kilometers, Lake Bunyonyi road connects the town of Kabale to Lake Bunyonyi.

Lake Bunyonyi is known for its green and lush terraced hills that are punctuated with a plethora of over 200 bird species. T

he place combines the art of water birds and some migratory birds but unfortunately, over the years, Lake Bunyonyi Road has been in a sole state especially when it rains.

President Museveni a few years ago pledged to have the road tarmacked.

Over the years, several politicians have come out to make empty promises of government plans to have the road tarmacked especially during campaigns but all this has not seen the light of the day.

Located in south western Uganda, Lake Bunyonyi generates revenue to Kabale district and Uganda at large since it is a tourist attraction.

Steven Kasyaba LC5 Rubanda district highlighted that on several occasions, government has been budgeting for tourism roads but Bunyonyi has always been ignored.

"The government of Uganda has several times been budgeting for tourism roads. The tourism roads are not under the mandate but UNRA. We have most of the time requested government to come to have such roads tarmacked because they generate a lot of money."

Abel Bizimana LC5 Kisoro district stated that the tourism roads with in Kigezi sub-region have themselves become tourist attractions, noting that these challenges stem from poor planning.

"Ugandans we are poor planners and poor implementers but we are also poor in terms of competing yet we want money," Bizimana said.

According to Ivan Batuma the chairman of Kigezi tourism cluster, business around Lake Bunyonyi has greatly been affected due to the poor state of the road adding that its not only Lake Bunyonyi road but all the tourism roads with the region are in bad state.

He adds that over 50% of the revenue they have been collecting has greatly reduced.

In a phone interview with Allan Ssempebwa, the spokesperson of the says that they are in the process of upgrading Lake Bunyonyi-Kabale Road as well as Kisoro-Mughahinga stating that these are two roads serve critical tourism zones.

"Before the end of this financial as UNRA, we shall be fully on ground to have works kick start," Ssempebwa said.

Ssempebwa further says that they have already secured a contractor adding that the teams are on ground to have people around lake Bunyonyi compensated before the construction works kicks off.

"There is already government program to up grade Lake Bunyonyi-Kabale Road and Kisoro-Mughahinga Road because these are two critical tourism roads in tourism zones."

Most of the tourism roads that include Kisoro-Mgahinga Road and Rubanda-Ruhinja roads have not been worked on for many yrears.

- Nile Post.

Africa: End the Negative Narrative, Africa is Thriving - AfDB Chief

Nairobi, Kenya — The highly-anticipated AllAfrica Media Leaders' Summit (AMLS) is convening in Nairobi, Kenya, to address the urgent need for a thriving and independent media landscape across Africa. The summit brings together top media leaders, owners, operators, key players, and government officials from 48 countries to mark the long-awaited return of the AMLS after a ten-year hiatus. The theme of the summit Re-engineering African Media in Times of Critical Transformation tackles pressing issues facing the industry in an era of rapid technological change.

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), delivered a keynote address stressing the need for a new narrative about Africa. He acknowledged the importance of a free and independent media for democracy and development in Africa. He highlighted the challenges that the media industry has faced due to the COVID-19 pandemic and the rise of social media. Dr. Adesina emphasized the need for critical thinking and discernment in the face of a constantly changing information landscape.

Adesina said the world of information is undergoing a dramatic transformation. The rise of the Internet, social media, and mobile phones has led people to rely less on traditional media sources like radio, TV, and newspapers. This shift means that more and more people are getting their news and entertainment online, with billions expected to have smartphones by 2030, especially in Africa. However, this new online world also presents challenges, as the ease of creating and sharing content, including potentially false information, can make it difficult to tell what's true and what's not.

"An independent, professional, responsible, and private media is critical to the freedom of speech, the development of democracy, and the strengthening of inclusive societies," he said. "The unprecedented pandemic disrupted business models, altered audience relationships, squeezed revenues, and tested professional values and moral trust."

"The rise of the Internet, digital and social media platforms has shifted the focus of audiences on reliance on radio, TV and print publications.

"It is a whole new world where the lines between fact and fiction can become blurred," he added. "Subsequently, positive and good news on Africa goes missing, unmarred, or even simply missing."

Africa needs a new narrative 

Dr. Adesina underscored the critical role of information in Africa's development, emphasizing how it's produced, used, interpreted, and its ultimate impact. He expressed his pride in the African Development Bank's achievement of maintaining the continent's only AAA credit rating.

"We have been the only AAA-rated financial institution on the continent," he said. Adesina attributed this success to the tireless efforts of his staff, the board, and the bank's chair. He highlighted the importance of this rating, explaining, "Only then can we provide our 54 regional member countries in Africa with concessional financing that they need to accelerate development."

This strong rating allows the bank to access global capital markets and secure affordable, long-term financing for African economies.

"This is critical for us to access global capital markets and to source cheap and long-term financing for Africa's economy," he explained. As an example of the bank's success, he cited a recent $750 million bond issuance.

"Just a month ago, the Bank launched a landmark hiring act of $750 million, which was rated AAA by all five global credit rating agencies and was oversubscribed eight times by investors from around the world". Dr. Adesina highlighted the significance of this achievement, going beyond just finances. "This marks the first time that any multilateral development bank will do that globally," he said.

He explained why this matters: "Because it was done by an African institution. It changes perceptions. It shows leadership and innovation. And adds to the positive news narrative coming out of Africa". He further bolstered his point by mentioning other accolades the bank has received, showcasing Africa's positive development efforts.

"Two years ago, Global Finance ranked the African Development Bank as the best multilateral development bank in the world. It was also ranked as the most transparent financial institution in the world by Publish What You Pay (PWPY). Even the African Development Fund, the bank's concessional financing arm, "was ranked by the Washington-based Center for Global Development as the second best in the world, above all 49 concessional financing institutions in all OECD countries," he said. "These and other positive developments are not the kind of news Africa is known for"

However, Dr. Adesina criticizes the lack of reporting on these positive developments. "The question is, how many news organizations know of or reported this?". He argues that positive news from Africa is often overshadowed by negativity. "The news of Africa, either from within or shared from outside, is often full of stereotypes, negativity, and old and tired jokes, misconceptions, or greatly entrenched biases".

A 2021 survey by Africa No Filter Report on 'How African Media Covers Africa' found that while over 80% indicated that African news is important to them, 50% accepted that their news and articles on Africa conformed to stereotypes. It further showed that 37% of surveyed editors indicated a lack of interest in advertisers on African news.  This focus on negativity, he argues, discourages advertiser interest.

But they should have an interest in Africa!

"Despite the negative media narrative, Africa's economy is showing resilience. Africa's growth rate in 2022 was 3.2%, exceeding the global average. Eleven of the world's 20 fastest-growing economies are in Africa," he added.

Dr. Adesina also addressed the issue of young Africans leaving the continent because of a "lack of opportunity, not because they want to." He argues that Africa needs to develop its economy to create a better future for its youth. A key part of this is changing the narrative about Africa. The negative media portrayal discourages investment and makes it more expensive for African countries to borrow money. Dr. Adesina says that Africa must develop "with pride."

"African news, except negative, is not prioritized. How can positive news on Africa compare to the preponderance of reports on crime conflicts, crises, and challenges? Africa No Filter Report calls this "if it bleeds, it leads." Others in the business cynically say, "If it doesn't smell it doesn't sell."

Negative media portrayal hurts Africa

"Africa gets a bad rap for being risky," Dr. Adesina said, "but is that perception reality?" He emphasized, "Perception is not reality, perception is not reality."

Dr. Adesina pointed to a revealing statistic. "A 14-year survey by Moody's analysis showed that the default rate on infrastructure projects in Africa was only 1.9%," he said. In contrast, he continued, "default rates were significantly higher in North America (6.6%), Latin America (10%), and even East Asia (12%)." "So, is Africa the risky one?" Dr. Adesina questioned.

Yet look at the yields on bonds issued by African countries and countries in Latin America: for the same credit rating of similar BB-rated countries in the two regions, the one in Africa pays 1.1% interest rate higher than those in Latin America.

"Look at the ease of borrowing for African countries compared to Latin America," he urged. "For countries with the same credit rating, African nations pay significantly higher interest rates," he explained. "An African country with a BB rating pays 1.1% more interest than a similar rated country in Latin America," Dr. Adesina said, citing specific figures. This translates to a hefty price tag, according to Dr. Adesina. "This year alone, Africa will pay an extra $74 billion in loan service payments compared to 2010," he said.

Dr. Adesina then presented a solution to reduce these unfair costs. "The United Nations Development Program found that greater transparency in credit rating could save African countries a whopping $75 billion in interest payments," he revealed.

"So, this year, Africa will pay $74 billion in loan service payments, a rise from $17 billion in 2010. The United Nations Development Program (UNDP) found that if African countries were transparently and fairly treated in ratings by credit risk agencies, they would save at least $75 billion in interest payments."

"Do you see the high cost of bias?" he asked.

The rise of misinformation is a threat

Dr. Adesina then shifted his focus to the growing problem of misinformation.

"As media business models radically shift away from conventional advertisement and subscription-driven models, the potential for even more negative and stereotypical biases will increase.  The dominance of Facebook, Instagram, Twitter (now "X"), and YouTube; the rise of bots, trolls, and the use of artificial intelligence to shape and influence content, challenges the notions of media independence, transparency, and editorial control. While the fragmentation of the media ecosystem has expanded space for self-expression, it has also created a new slew of problems, including foreign interference in shaping the African narrative."

"There's a flood of misinformation about Africa, and it's getting worse," he lamented.   He attributed this to the rise of social media and the decline of traditional media outlets. "As business models change and rely less on advertising, the potential for negativity and stereotypes will only increase," Dr. Adesina warned.

"The growth of bots, trolls, and the use of what some might call 'African intelligence' to manipulate social media content threaten media independence, transparency, and editorial control," he explained.

"While the fragmentation of the media landscape has created more space for people to express themselves, which is a good thing," Dr. Adesina continued, "it's also become a breeding ground for problems like foreign interference in shaping the narrative about Africa."

He cited a recent study to support his point. "A March 2024 report by the Africa Center for Strategic Studies titled 'Mapping a Sword of Disinformation in Africa' found that disinformation campaigns targeting African information systems have nearly quadrupled since 2020," he said. "This is having destabilizing and anti-democratic consequences."

Dr. Adesina explained the negative impacts of disinformation. "The rise of disinformation is fueling efforts to manipulate political discourse within governments, sow distrust between citizens and their leaders, and exacerbate ethnic, religious, and economic divisions," he said. "This ultimately undermines the stability of African countries."

The critical role of African media

Adesina argues that African media is often overshadowed by foreign outlets, which can perpetuate negative stereotypes. He proposes creating a well-funded, independent African media organization to counter this bias and project a more accurate image of the continent.

According to a survey by Africa NoFilter, foreign media houses do not devote adequate time and resources to building networks of correspondents on the ground level, relying instead on Western agencies. This biased reporting often overlooks progress and improvement in Africa, with the bulk of stories reported from a Western perspective.

"African media has a critically important role by being fair, objective, inquisitive, investigating, yes, but also by being a catalyst for development and promoting positive news about Africa's accomplishments and achievements." He added, "Unfortunately, due to a lack of resources and opportunities, African journalists walk in as correspondents for foreign news organizations, many times for the repositories that feed the stereotypes that are against the world."

"To address these challenges," he said. "I would therefore like to propose that the African Development Bank, Africa Import-Export Bank, and all regional financial institutions pull resources to support the emergence of a globally respected African media company that will position the news of Africa to the world."

"Africa must shape its own narrative, and not depend on what others think about it or the perspectives they prefer to share about it, its achievements, and opportunities.

Third, the development institutions in Africa should set up a joint repository of verified and standardized stories, videos, and content that will make it easier to aggregate and write stories on what's being achieved in Africa. This will lower the search costs of news houses for stories on what is working in Africa.

Fourth, to recognize and profile African journalists, correspondents, and media houses that promote Africa with unbiased stories, the African Development Bank will work with the All Africa Media and African corporates to establish the Annual Africa Media Prize."

Fifth, the African Development Bank, working with partners and the African corporates will also help establish the African Journalists' and Correspondents' Fellowships to help build and strengthen the capacities of journalists and correspondents working on Africa."

"As the renowned Africanist writer Chinua Achebe wrote "Until the lions have their own historians, the history of the hunt will always glorify the hunter," he said.  "Now is the time for Africans to tell their own stories and shape the narrative of the continent,"

"But the stories of us, as Africans, written by Africans, about Africa, and confidently projected to the world,"  he concluded.

Nigeria: Watt a Mess - How the Power Sector Spent Billions to Generate Darkness

Why a government will opt to liberalise its key economic sector, jeopardise the security of the nation, and push its economy to the brink beats my imagination!

When the substantial funds that the Nigerian government have expended since it submissively handed over our national treasures to private individual, alongside the significant loans provided by Nigerian banks to the electricity sector thus far, is juxtaposed against the revenue from the sale of these national monuments and the darkness generated, it begs the question: which parties have profited or incurred losses from these transactions?

Setting the Stage

In the sprawling and narrow streets of Nigeria, despair hangs heavy in the air, while in the labyrinth of the country's power sector, a tale of rapaciousness, savagery, and betrayal is unfolding, revealing the stark realities faced by 200 million Nigerians. Once a land of promise, Nigeria has become a landscape of broken dreams, where the hopes of millions are dashed against the rocks of corruption, incompetence, greed, neglect, and lack of patriotism. Nigeria's narrative is one of woes of SADISM, as those who 'foist' themselves on the country, with the constitution entrusting the nation's well-being in their hands, have instead driven it to the brink of collapse.

At the heart of this tragedy lies the contentious issue in the power sector - the unbundling of the former National Electric Power Authority (NEPA), and its subsequent pilfering - decisions made by short-sighted and naive leaders. Nigerians were sold a dummy - the dream of reliable electricity, with proclamations of improvement and advancement that would fuel economic growth and prosperity. Yet, this dream remains a mirage and painfully out of reach, as power outages, grid collapse, exorbitant tariffs, and thousands of excuses from power companies and government continue to plague the nation.

But the woes don't end there. The recent removal of fuel subsidies has sent 'electric waves' through an already fragile economy, leaving 200 million shocked and incapacitated Nigerians struggling to make ends meet. Inflation has run amuck, the naira/dollar exchange is on the yo-yo, and the cost of living is becoming a crushing burden on the average citizen. While, on the other hand, promises of relief have fallen flat in the face of reality, as palliatives meant to ease the burden of hardship are unstructured, withheld or siphoned off to cronies and beleaguered political allies. The much-touted salary increases offer little solace to those who remain employed, underemployed, or trapped in the precarious grip of the informal sector, not to talk of the lot of pensioners, the elderly and vulnerable. Yet, all the while, those astride the executive, legislative or judicial corridors of power are ensconced in hard-to-believe luxury, seemingly oblivious of the suffering of Nigerians.

Wired for Failure

The Nigeria Dams Authority (NDA) and Electricity Corporation of Nigeria (ECN) came into being in 1950 to generate and distribute electricity in the country. However, to promote efficiency, NDA and ECN became the National Electric Power Authority (NEPA) in 1972. This national assets/monuments took the country 46 years to set up (from the 1960s to 2007).

The National Council on Privatisation (NCP), led by the vice president, which handles the privatisation and commercialisation of public enterprises, with the Bureau of Public Enterprises (BPE) being its secretariat, undertook the process of unbundling NEPA in March 2005, when the Electric Power Sector Reform Act (EPSR) was signed into law, providing a legal framework for the 'auctioning of NEPA's assets' and to 'obliterate the footprints', leading to the formation of the Power Holding Company of Nigeria (PHCN).

A look at the TCN website shows the emergence of 18 companies, which include six power generation companies (GenCos): Egbin Electricity, with a 1,320 MW capacity; Kainji Hydro (with Kainji having 760 MW and Jebba, 578 MW); Shiroro Hydro - 600 MW; Delta/Ughelli Power - 972MW; Afam Power - 650 MW, Geregu Power - 435 MW; alongside the Transmission Company of Nigeria (TCN) and 11 power distribution companies (DisCos). These are: Abuja DisCo, Benin DisCo, Eko DisCo, Enugu DisCo, Ibadan DisCo, Ikeja DisCo, Jos DisCo, Kaduna DisCo, Kano DisCo, Port Harcourt DisCo, and Yola DisCo.

The BPE, tasked with the privatisation and commercialisation exercise, in a strategy akin to 'crony capitalism' and the 'pilfering' of our national assets and common patrimony, came into being during the era of the hurriedly packaged, thus clueless and tattered red umbrella civilian administration.

Nigerians were told that the unbundling of NEPA was due to:

Nigeria's population, which was growing, hence the need to increase energy supply;

The need for smaller units to improve the efficiency of electricity generation, transmission, and distribution;

The necessity of modernising the power sector;

The introduction of private sector participation and competition, which would lead to better service;

The need to make the power sector financially sustainable.

A report by Business Day newspaper, captured the Chairman of the NCP, Technical Committee, at a special forum on financing the power sector reform for economic development, sponsored by Nigerian banks and supported by the CBN, saying that approximately the sum of $3.3 billion was expected to accrue to the Federal Government from the sale of the unbundled entities.

The foregoing are commendable but they actually constitute the pathway to the balkanisation of our national treasures.

Why a government will opt to liberalise its key economic sector, jeopardise the security of the nation, and push its economy to the brink beats my imagination!

The Power Cabal

The cost of building NEPA, which became the Power Holding Company of Nigeria (PHCN), is not explicitly documented in the available resources.

A report by Business Day newspaper, captured the Chairman of the NCP, Technical Committee, at a special forum on financing the power sector reform for economic development, sponsored by Nigerian banks and supported by the CBN, saying that approximately the sum of $3.3 billion was expected to accrue to the Federal Government from the sale of the unbundled entities.

How this figure was arrived at is a discourse for another day.

After all the partying, as you will imagine, the sum of $2.137 billion to $2.53 billion was received from the preferred bidders/core investors, with $1.27 billion for five GenCos and $1.26 billion for ten DisCos. Two core investors where to pay their fees at a later stage.

>From the special forum organised by Nigerian banks, it can be gleaned that funding for the purchase actually came from local investors through short-tenored and costly facilities, thus highlighting the cold feet of foreign investors, who refused to participate in the privatisation exercise due to the country's history of inefficiency and endemic corruption.

Lest we forget, part of the reason for the unbundling was to attract foreign investors. But then, why collect payment in dollars while financiers are Nigerian banks? And, what happened to the proceeds?

In 2022, a report in Independent newspapers shows the several interventions of the Central Bank of Nigeria (CBN), which include the N300 billion Power and Aviation Intervention Fund (PAIF); the N213 billion Nigerian Electricity Market Stabilisation Facility (NEMSF); The N140 billion Solar Connection Intervention Facility; over N600 billion tariff shortfall interventions; as well as a recent N120 billion intervention designed for mass metering, among others.

After the pilfering of our national asset, Nigerians, through various clueless administrations, have funnelled fantastic sums in the name of subsidy, bailout, interventions, etc., to the inefficient electricity sector several times:

i. In a draft report, the Centre for the Study of the Economies of Africa (CSEA), Abuja, Nigeria, dated October, 2017 stated that CBN had extended a N213 billion facility to both GenCos, DisCos, gas suppliers and all service providers within the power value chain, through its Nigerian Electricity Market Stabilisation Facility (NEMSF), which is to be repaid through a first-line charge on their revenues over a 10-year period.

ii. In 2017, a The PUNCH news clip shows the Federal Government saying that it would commit about N702 billion through the Nigerian Bulk Electricity Trading to guarantee the payment of electricity generated and supplied by power generation and distribution companies.

iii. In 2021, it was reported that government had spent N1.7 trillion so far in the form of interventions in the power sector, as stated by the African Development Bank President, while quoting an IMF report.

iv. In 2022, a report in Independent newspapers shows the several interventions of the Central Bank of Nigeria (CBN), which include the N300 billion Power and Aviation Intervention Fund (PAIF); the N213 billion Nigerian Electricity Market Stabilisation Facility (NEMSF); The N140 billion Solar Connection Intervention Facility; over N600 billion tariff shortfall interventions; as well as a recent N120 billion intervention designed for mass metering, among others. To sum it, in March 2022, the CBN through its governor, at a Bankers Committee Meeting, said it had disbursed over N1.3 trillion to support power supply to Nigerians.

v. In August 2022, a report from the CBN shows that GenCos and DisCos owe banks N836 billion.

vi. In July 2023, the Nigeria Gas Association disclosed that gas debts to producers who provide the gas required for power plants had hit over $1 billion.

In the "Electricity Report" released by the National Bureau of Statistics (NBS), revenue generation by electricity distribution companies in Nigeria has surged to N1.1 trillion within 12 months of 2023.

Amid all these huge sums of money Nigeria is still in darkness. This is so absurd!

When the substantial funds that the Nigerian government have expended since it submissively handed over our national treasures to private individual, alongside the significant loans provided by Nigerian banks to the electricity sector thus far, is juxtaposed against the revenue from the sale of these national monuments and the darkness generated, it begs the question: which parties have profited or incurred losses from these transactions?

Adamu Rabiu writes from Kaduna.

- Premium Times.

Africa: French Catering Company Gives Refugee Women a Recipe for Success

French catering company Bande de Cheffes employs women displaced from their own countries to cook food from around the world. The goal is to make the most of refugees' talents while allowing them to earn their own living.

"I deliberately set up Bande de Cheffes as a company and not a non-profit organisation because I wanted to have a concrete social impact on the lives of a few female refugees," said Charlotte Leluc, who founded the social enterprise in September 2021.

It started out working with two refugees and now employs eight, as well as between seven and 12 other staff.

Samah, 32, was among the first to join. She came to France from Sudan in 2017 and joined Bande de Cheffes two months after the company was created.

"I am so proud of what I have been able to accomplish here," she told RFI. "I have learned so much; I can run a kitchen, prepare menus, develop new recipes."

Samah, who has a degree in management information systems from Sudan's University of Science and Technology, has new ambitions for her life in France.

"I want to become a successful businesswoman who helps people in need, like I was in the past," she said.

"I want to be in a position where I can now give back."

>From Iganga to Paris

Gift came to Bande de Cheffes through, Emmaüs Solidarité, a French homelessness charity in June 2022, after a year and a half of struggling to make it in a country where she did not speak the language.

"I did not even know how to say 'bonjour' when I came here in 2019. I found the grammar so difficult, the 'tu', the 'vous'. But I quickly took lessons and I was fearless in trying to survive: finding jobs as a nanny, looking for a place to sleep each night," the 28-year old Ugandan told RFI.

Gift, who holds a certificate in hotel management and catering certificate from Uganda, went on to pass proficiency tests in French. She recently hosted a culinary workshop teaching a dozen French women how to make her signature cake recipe.

"Ultimately, my dream is to have my own pastry shop," she said. The first step is to get into a two-year professional training programme in patisserie.

She also hopes to be reunited with her two children, who remain with her mother in her hometown of Iganga.

"I think of them everyday and I hope to be able to bring them over one day," Gift said.

Brunch with a mission

"These women are not feeding off the system - they work, they earn an income, they contribute to the economy and pay taxes," Leluc insists.

After having spent some 20 years working in the humanitarian sector, from the French Red Cross to the Social Economy ministry, Leluc felt that as a social entrepreneur, she could create jobs for exiled women who would otherwise find it difficult, if not impossible, to find work in France.

As the small company grows, she wants to use the profits to raise salaries and fund training for employees.

Most of its business comes from catering corporate and public events for clients including the Organisation for Economic Co-operation and Development (OECD), L'Oréal and the Paris Philharmonic.

Three times a month, it also serves a Sunday brunch at the stately Art-Deco Chaillot Theatre, overlooking the Eiffel Tower.

Sunday #brunch at @TheatreChaillot, in #Paris, with #BandeDeCheffes' delicious home made food prepared by female #refugees pic.twitter.com/g9m4raK0pL-- zeenat hansrod (@zxnt) May 7, 2024

"The view is splendid and the food very good," said Francesca, an Italian tourist visiting from Venice.

Her sister Corinne said they were also drawn by Bande de Cheffe's social mission. "We liked the idea of supporting the women refugees who work here."

At the next table, young French couple Kim and Mathieu agreed.

"We'd rather our money goes to a cause like this one," Mathieu said. "And the view is an added bonus."

Tastes of the world

Ana's bacalhau gratin is a firm favourite with the brunchers.

The 33-year-old from Angola came to France in 2019 and has been working at Bande de Cheffes since February 2022. A secretary in Luanda, she now specialises in cooking savoury dishes.

Her salt cod gratin is just one of the recipes that the refugee chefs have contributed to the menu, which also includes Samah's sweet coconut basbossas and Nataliia's derounis, Ukrainian potato pancakes.

Nataliia was a midwife in Ukraine for 30 years. She fled to France in March 2022 because of the war with Russia and joined Bande de Cheffes in the following year thanks to an advert posted on Instagram.

"This is very different from my work back home in Kiev. It's a new challenge, along with learning a new language," the 57-year-old told RFI.

She can't look for work as a midwife until she has passed the necessary language tests. But until then, she says, "I like working in this place with women from so many different countries".

Georgette, from Côte d'Ivoire, agrees. "As a typical Ivoirian, I enjoy teasing and I love how we, all the girls, get along for a good laugh," she told RFI.

Part of the team since April 2023, she makes an addictive red chilli sauce and is working on a recipe for abolo, a West African steamed rice cake.

It's a far cry from when she first arrived in France in 2018.

"I thought that France was this Garden of Eden. Then when you come here, you see beggars, people living in the streets," she told RFI. "I just could not understand how this place works."

Now, in addition to her job at Bande de Cheffes, Georgette also volunteers at the Palais de la Femme, a women's shelter in Paris.

Sisterhood

Running the kitchen is former personal chef Laure, one of the company's French staff members who work alongside the refugees.

Recruited in April as the kitchen manager, the 52-year old believes her Cameroonian roots help her relate to her colleagues.

"I think that as a black woman, the refugees from Africa can more easily relate to me, as if I'm their big sister," Laure told RFI. "And my ambition is to make them shine."

Coraline, a 20-year old student at France's Sciences Po university, has been temping as a waitress at Bande de Cheffes for a year now. She's also impressed by her co-workers.

She told RFI: "Food has a language of its own and it is great to see these women, who would otherwise have been left in the shadows, able to share their passion."

-RFI website.

Ghana: Inflation Drops Marginally to 25.0 Percent in April

The country's year-on-year inflation rate fell to 25.0 per cent in April from 25.8 in March, the Ghana Statistical Service (GSS) has announced.

Month-on-month inflation between March and April this year stood at 1.8 per cent.

Data made available to the Ghanaian Times in Accra on Wednesday on the Ghana April 2024 Consumer Price Index and Inflation by the GSS attributed the marginal fall in the April inflation rate to the drop in food inflation rate.

Food inflation rate, the data said, fell by 2.1 per cent to 26.8 per cent in April from 29.6 per cent in March.

Vegetables, tubers, plantains, cooking bananas and pulses, ready-made food and other food products, fish and other sea foods, fruits and nuts, sugar, confectionery and desserts recorded inflation rates of 39.5 per cent and 27.2 per cent, 29.6 per cent, 27.7 per cent, 27.1 per cent respectively, which were above the national average of 26.8 per cent.

Also, fruits and vegetable juices, coffee and coffee substitutes, tea and related products and cocoa drinks also recorded inflation rates of 33.1 per cent, 39.5 per cent, 59.3 per cent and 63.4 per cent respectively.

Cereals and cereal products, milk and other dairy products and eggs, oil and fats, water and soft drinks recorded inflation rates of 15.4 per cent, 19.7 per cent, 18.4 per cent, 8.9 per cent, 25.5 per cent respectively below the national average of 26.8 per cent.

Non-food inflation, the data revealed, increased by 1.5 per cent to 23.5 per cent in April from 22.6 per cent in March.

Under the non-food inflation, the data said restaurants and accommodation, personal care, social protection and miscellaneous goods and services, health, recreation, sport and culture recorded inflation rates of 33.9 per cent, 31.9 per cent, 31.2 per cent, 28.7 per cent respectively above the national average of 23.5 per cent.

Information and Communication, transport, insurance and financial services, on the other hand, recorded inflation rates of 14.7 per cent, 10.3 per cent and 9.6 per cent respectively, below the national average of 23.5 per cent.

The data said inflation for locally produced items fell to 25.7 per cent in April from 26.6 per cent in March, while inflation rate for imported items also fell to 23.5 per cent in April from 23.8 per cent in March.

- Ghanaian Times.

Shein suppliers still work 75-hour weeks - report

Workers for some suppliers of Chinese fast fashion giant Shein are still working 75 hours a week, despite the company promising to improve conditions, a report suggests.

A new investigation by Swiss advocacy group Public Eye has followed up on its 2021 report, which found a number of staff across six sites in Guangzhou were doing excessive overtime.

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

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

Shein has grown rapidly since it was founded in 2008, and was one of many online businesses to boom during the Covid pandemic lockdowns.

Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world.

It relies on thousands of third-party suppliers, as well as contract manufacturers, near its headquarters in Guangzhou, and is able to turn around a new item in a matter of weeks, rather than months.

However, an employee who has worked at sewing machines for 20 years told Public Eye: “I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can’t afford any more days off because it costs too much."

The 13 factory employees were interviewed in the summer of 2023.

Interviewees worked at production sites west of Nancun Village in the Guangzhou area in southern China.

Public Eye did not return to Nancun itself, which was the location of the original interviews, claiming "the atmosphere was too risky" due to media attention from its initial report.

Getty Images Models present creations during Shein 'Endless Summer' fashion show in Paris on June 8, 2023Getty Images

Interviewees, aged between 23 and 60, said they worked 12-hour days on average, which did not include breaks for lunch and dinner.

They said they usually work six to seven days a week.

Shein's Code of Conduct for its suppliers states that workers should not work longer than 60 hours a week, including overtime.

The brand acknowledged this was a long-term issue when Public Eye first raised it in 2021.

In its response to the latest report, Shein said long working hours in the sector were a "common challenge that brands, manufacturers, and other ecosystem players must work together to address".

It added that this was not a problem unique to Shein, but said it was "committed to playing our part to improve the situation in our own supply chain".

Workers also claimed their wages had hardly changed since the first investigation and fluctuate between 6,000 to 10,000 yuan per month (£663 to £1,104 a month).

Public Eye says the basic wage for workers after deducting overtime pay is 2,400 yuan (£265).

According to the Asia Floor Wage Alliance, a living wage in China is around 6,512 yuan (£719).

Interviewees claimed if they made a mistake, they would have to make any alterations to the clothes unpaid.

“Whoever makes the mistake is responsible for putting it right. You have to fix the problem in your own working time," a 50-year-old supervisor told the investigation.

Workers also claimed to have noticed a rise in surveillance cameras in the factories, and said they believed the footage was sent to Shein in real time so regulations could be enforced.

Public Eye also said it observed toddlers being babysat in the factories, teenagers packaging items and a smoking ban not being enforced.

In a statement to the BBC, Shein said it was investing tens of millions of dollars "in strengthening governance and compliance across our supply chain".

"We are actively working to improve our suppliers’ practices, including ensuring that hours worked are voluntary and that workers are compensated fairly for what they do, and also recognise the importance of industry collaboration to ensure continuous improvement and progress in this area," it said.

"As a result of our efforts, research we have conducted with our third party auditors has found that workers at Shein supplier facilities in China earn basic salaries that are significantly higher than the average local minimum wage. ”

Shein told Public Eye that suppliers were required to ensure they met local laws and regulations governing wages and working hours.

"Where violations [of our governance policies] are found, we take firm action... [including] termination of the business relationship."

With regards to surveillance cameras, Shein told Public Eye that suppliers made their own decisions to install cameras in their facilities, and the company did not have access to suppliers’ security camera feeds or footage.

Regarding children in factories, the company told Public Eye: "We strictly do not tolerate child labour. We treat any violations with utmost severity."

It acknowledged that some factory staff faced a challenge of balancing work and childcare, which "can result in workers bringing their children to their workplace".

"Being aware of this, we provide financial support for suppliers to create childcare centres within or near their premises."-BBC

Internet access linked to higher wellbeing, study finds

Internet access and use is consistently associated with positive wellbeing, a new study of data from 168 countries by the Oxford Internet Institute (OII) suggests.

In many parts of the world, including the EU and UK, concerns about online harms have prompted new laws.

The OII says some of its findings are "consistent" with reported links between social media use and depressive symptoms among young women.

But it concludes the overall benefits of being online show regulators contemplating tougher laws should rely on data and not be "guided by anecdote."

"I anticipate that this work will be in some ways seen in contrast to the kind of the current social conversation surrounding tech," said professor Andrew Przybylski, of Oxford University, who led the research.

"If we’re going to make the online world safe for young people, we can’t just go in guns blazing with strong beliefs and a one size fits all solution - we really need to make sure that we’re sensitive to having our minds changed by data," he said.

The study did not look specifically at social media - which is what much of the most heated debate around online safety is focussed on - but took a broader approach to assessing access to the internet.

Researchers analysed data gathered between 2006 and 2021 from two million individuals aged 15 to 99 worldwide, including from countries in Latin America, Asia, and Africa

They found that people who had internet access or actively used the internet reported greater levels of life satisfaction and social wellbeing.

Statistician professor Kevin McConway said it was very "broad brush" research, but useful nonetheless.

"It’s a starting point, and if nothing else it casts very serious doubt on the view, held by some people, that the Internet is bad for us all," he wrote.

Young women

The researchers studied eight indicators of wellbeing including life satisfaction, daily negative and positive experiences and community wellbeing.

They looked at a "multiverse" of nearly 34,000 different statistical models and subsets of data.

In 85% of cases these showed associations between internet connectivity and wellbeing that were positive and statistically significant.

But 5% of associations linking internet use and community wellbeing were negative, with most of those observed among young women aged 15 to 24.

While this does not prove that internet access causes them unhappiness, the paper notes that it is "consistent with previous reports of increased cyberbullying and more negative associations between social media use and depressive symptoms among young women".

Dr Ruth Plackett, Senior Research Fellow at University College London, said it was important to understand the limitations in what the research could reveal - for example the fact it looked at the "average" person about in a given country.

"For instance it doesn't isolate social media use", she told the BBC.

"We do know young people can be exposed to harmful content on these platforms which may give more negative associations with internet use".

However, she told the BBC she welcomed calls for a more nuanced discussion about the use of the internet.

Simone Vibert, head of policy and research at Internet Matters, which offers online safety advice, said their research similarly showed that being online came with many benefits but there were also negatives.

"There is a clear need for an evidence-based approach, making evidence such as this and further research vital."

'Letting families down'

The researchers also acknowledge the study has limits, notably not being able to prove cause and effect.

For example, the authors could not entirely discount the possibility that increases in incomes, which were also linked to rises in internet access, were behind people feeling better.

But it had clear lessons for policy makers looking at increasing protections for young people online, Prof Przybylski said.

He pointed to a lack of peer-reviewed studies on the subject, and the fact the majority of the research that had been carried out focussed on English-speaking, wealthier nations.

“We really do want the best for our kids," he explained, but said that meant following the data.

"If our policy and if our resources are guided by anecdote we’re going to be letting a lot of families down”.

Previous OII work carried out by Prof Przybylski found there was no evidence that the global spread of Facebook was linked to widespread psychological harm.

Like Prof Przybylsk's earlier research, this work, carried out with co-author Professor Matti Vuorre, is based on information from the Gallup World Poll, a survey of millions of people around the world.

The study will be published in the peer-reviewed journal Technology, Mind and Behavior.-BBC

Is social media worth paying for?

OK, it's time to confess - I have subscribed to Elon Musk's social network X (formerly Twitter).

"Why are you giving money to the world's richest man?" shouted my friend.

Admittedly, she had a point, but I did it for two reasons. Firstly, because I was aware of a few fake profiles of me floating around, and subscribing offers verification of sorts.

And secondly, because I wanted access to X's AI chatbot, Grok, and this was the simplest way to get it. I paid for it myself - it wasn't a BBC expense.

The reputation of subscribers is so mixed on X that there is an option to hide the "blue tick" that appears by your name once you subscribe.

There's a profound sense of distaste among some established users about "buying your way in" - gaining extra visibility and profile by paying for it, rather than getting it on merit by posting good content.

I didn't really expect much to change in terms of my own experience of using the platform. But there are improvements.

The obvious perks are being able to write longer posts and edit them - and I've appreciated the reduction in ads. On the other hand, now I'm paying for the service with cold hard cash, I get even more annoyed about the spam and the bots which blight it.

Johnny Ryan, a former advertising executive who now challenges the industry as a senior fellow at the Irish Council for Civil Liberties, says that in some ways advertisers are easier pay lords to please than subscribers.

"The advertiser in general doesn't give a damn about what the content is," he says. "Every now and then there's a scandal, but in general they're not that political."

There is an old adage "if you're not paying for the product, you ARE the product" - meaning, if you are using something for free, then the company which owns it is taking the data you put on it and charging firms to advertise at you instead.

It's an established and lucrative business model. "Data is the new oil!" was a bold catchphrase I heard a lot in the tech industry, a few years ago.

But perhaps that oil well is running a little low on reserves, because tech firms are increasingly looking at subscriptions as an alternative offer.

Six months ago, Meta introduced an ad-free subscription model for Facebook and Instagram in Europe. It is €13 ($14; £11) per month on mobile devices, which is about average for an online service fee. The tech giant declined to tell me how many people have signed up so far.

Now, this was ostensibly in order to conform with new EU legislation about consumer choice. However it's backfired: Meta now finds itself under investigation because the EU Commission says that the binary decision of either handing over money OR data may not be good enough.

Snapchat Plus, which includes an ad-free option that's still rolling out, hit one million subscribers within just a few weeks of its launch in June 2022. And in 2023 YouTube's premium service, which offers ad-free streaming, reached 100 million users.

"The hassle-free experience of simply being able to enjoy content, without the fear of 'when will the adverts come' is something that I need in my life," says James Hacking, founder of the media agency Socially Powerful, and a long-term YouTube subscriber.

Netflix, on the other hand, launched a cheaper subscription deal that includes ads, and Amazon Prime introduced adverts to its video platform, and now charges users (who are already subscribers) an extra fee to remove them again.

Johnny Ryan argues that this hybrid model represents the worst of both worlds. It's a "weird thing", he says, to be both seeing ads and paying a fee.

Subscriptions in general are "part of the move from a market that's new and growing into a market that is saturated," says Azeem Azhar, founder of the tech-themed subscription newsletter Exponential View. "There are no new customers to get, so you need to figure out how you add revenue to your business.

"There is a segment of internet users who are willing to pay, just as there's a segment of airline users who are willing to pay to board more quickly."

But, he cautions, social networks in particular need to tread carefully.

Azeem Azhar Azeem AzharAzeem Azhar

Azeem Azhar warns that if a social media site goes all subscription, then user numbers can fall

"If everyone is having to pay, you'll have far fewer people using it - so there will be less engagement, and it will therefore become less desirable," he adds. "There's a balance between needing free users to do the re-sharing and create the content, as well as the people who want to pay more for a slightly better experience."

Perhaps this is a lesson X has already learned - within days of launching its subscription model, it gave free premium account status to all accounts with more than a million followers, and more recently it widened that out to include anyone with more than 2,500 premium followers.

This comes as many news platforms have successfully navigated a move to subscription funding. There are plenty of them sitting comfortably behind paywalls. It's been particularly successful in Scandinavia - last year the Reuters Institute reported that 33% of Swedes paid for online news.

Mr Azhar has around 100,000 subscribers on Substack - a platform that connects creators with an audience. It's free to publish on, and Substack takes 10% commission on paid subscriptions, plus there's an extra 3% transaction fee for the payment system Stripe.

Getty Images Substack log on a screenGetty Images

Substack currently doesn't have any advertising

Substack claims more than three million people have subscribed to the numerous publications it hosts. Substack creators are not allowed to incorporate ads.

"You have to be consistent - you have to keep showing up - creating a habit in your readers' minds is important," says SubStack founder Hamish McKenzie of the secret to a successful account.

"They will develop a relationship with you, and then you have to hold their trust which means respecting their attention - the opposite of the ad game - you have to be honest, don't abuse their attention by snowballing them with a bunch of stuff that distracts them from their day."

Mr McKenzie thinks that one day there will be "grand rivalry" between social networks that take one overall subscription for all the content on them, and individual creator models such as Substack.

"It's a much better world when the audience is the customer rather than the product," he says.-BBC

UK exits recession with fastest growth in two years

Stronger than expected growth at the start of the year saw the UK emerge from recession.

The economy grew by 0.6% between January and March, the fastest rate for two years, official figures showed.

The UK fell into recession at the end of last year after shrinking for two three-month periods in a row.

Prime Minister Rishi Sunak said the economy had "turned a corner", but Labour said this was no time for a "victory lap".

On Thursday, the governor of the Bank of England, Andrew Bailey, told the BBC that the UK was seeing a recovery, although it was not a strong one.

Interest rates are currently at their highest for 16 years, meaning people are paying more to borrow money for things such as mortgages and loans, but savers have also received better returns.

Mortgage rates have been creeping up in recent weeks, after forecasts for when the Bank of England would cut borrowing costs were pushed back.

On Thursday, the Bank said that inflation, which measures the rate prices rise at, would fall close to its target level in the next couple of months. That had boosted expectations of a rate cut in June. However, the stronger than expected growth figures have dampened those expectations.

Ruth Gregory, deputy chief UK economist at Capital Economics, said it showed "the Bank of England doesn't need to rush to cut interest rates".

She said the first rate cut would ultimately be determined by upcoming employment and inflation figures.

Faisal Islam: Economy is getting better but people may not notice

What is GDP and how does it affect me?

Growth in the early part of the year was led by services - which includes sectors such as hospitality, arts and entertainment - and was likely to have been helped by an early Easter in March, the Office for National Statistics (ONS) said. Last year, Easter was in April.

There was anecdotal evidence from looking at credit and debit card transactions that consumers have been treating themselves to clothing and home furnishings.

Car manufacturers also had a good quarter, the ONS said, although the construction sector remained "weak".

However, while the overall economy is growing again, many people might not be feeling any better off. When the impact of inflation - the pace of price rises - and population growth are stripped out, growth per head is still 0.7% lower than a year ago.

'It feels like things are picking up again'

Ed Beardwell

Bike shop owner Ed Beardwell says business seems to have turned a corner

Ed Beardwell, who has owned the RollQuick cycle shop in Bristol for the past 11 months, said his business now "just about breaks even".

He cited the cost of living as an issue. "People are pretty cost-sensitive in Bristol. An awful lot of bikes get stolen and that keeps down the price that anyone is willing to pay."

Poor sales during the recession led to a focus on bike servicing, which now accounts for 70% of his turnover.

Mr Beardwell told the BBC that while the winter had been disappointing, business seems to have turned a corner.

"It does feel like things are picking up again. When you look at the sales statistics we are down on this point last year but tracking better than at the end of last year."

Graphic showing quarterly GDP growth

While the economy contracted during the second half of last year, the recession was the mildest in recent records.

The recession was partly caused by people spending less as they faced higher prices in shops and higher interest rates pushing up mortgage costs.

Yael  Selfin, chief economist at KPMG UK, said "the worst is behind the UK economy".

"We expect to see continued growth for the rest of this year," she added, with falling inflation and rising wages helping "to repair some of the damage to household incomes and support households' consumption".

Election issue

The size of the economy is measured by gross domestic product (GDP), which looks at all the economic activity of companies, governments and people in a country.

Most economists, politicians and businesses want to see GDP rising steadily, because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises.

The debate about the strength of the economic recovery is set to be a central battleground in the general election campaign.

Chancellor Jeremy Hunt said that while it had been a difficult few years, "today's growth figures are proof that the economy is returning to full health for the first time since the pandemic".

Speaking to the BBC's Today programme, he said: "For families who have been having a really tough time, I think they can see that the very difficult decisions that we've taken in order to get the economy back on its feet after the pandemic, after the energy shock, are beginning to pay off and we need to see them through."

Labour's shadow chancellor, Rachel Reeves, who earlier this week had accused the government of being delusional about the state of the economy, said this was "no time for Conservative ministers to be doing a victory lap".

"After 14 years of economic chaos, working people are still worse off," Ms Reeves added.

Liberal Democrat Treasury spokesperson Sarah Olney said the figures were little cause for celebration.-BBC

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

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