Major International Business Headlines Brief::: 27 May 2024

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Major International Business Headlines Brief:::  27 May 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Nigeria Needs $10bn Yearly Investment to Fund Energy Transition Till 2060 - Shettima

ü  West Africa: Govt Urges South-East Businesses to Embrace Ecowas Trade Liberalisation Scheme

ü  Nigeria: Govt Targets 50,000 Housing Units Annually, Says Construction of 6,612 Ongoing Nationwide

ü  South Africa: A Tricky Tax Dilemma for South Africans Living Overseas

ü  Nigeria: e-Gates Ready for Take-Off At Lagos Airport - Govt

ü  Nigeria: Train Services Continue On Kaduna-Abuja Route - NRC

ü  Gambia: First Quarter Remittance in 2024 Stands At Usd203.7m

ü  Gambia: Magistrate Krubally Fines Two Liberians D1 Million

ü  Liberia: Over 6000 Households to Benefit From Solar Energy

ü  Tanzania: Why Tanzania Hosts Key Africa Fisheries Summit

ü  Nigeria: Foundation Provides Electricity to 12 Nigerian PHCs

ü  Singapore Air CEO thanks staff after turbulent flight

ü  Uvalde families sue Meta, video game creator and gunmaker

ü  Fighting for votes in 'the world's biggest data mine'

ü  Finances a 'dark cloud' over election campaign, says IFS

ü  Glue pizza and eat rocks: Google AI search errors go viral

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria Needs $10bn Yearly Investment to Fund Energy Transition Till 2060 - Shettima

Abuja — Vice President Kashim Shettima has revealed that funding the energy transition in the country requires investments of over $10 billion per year from now to 2060.

 

Shettima said majority of the money would necessarily come from the private sector, including through initiatives to access high -integrity carbon markets.

 

The vice president who stated this at a 'Symposium on Energy Transition in an Oil- dependent Economy', organised by Development Agenda Magazine in Abuja, weekend, however said Nigeria was up to the challenge.

 

He said the administration of President Bola Tinubu was willing to take the difficult decisions while the rich resource base and depth of human capital in the country will ensure Nigeria's success in that regard.

 

 

Represented by his Special Adviser

 

on Power and Infrastructure, Sadiq Wanka, Shettima said, the energy transition plan in Nigeria balanced the need for the country to rapidly industrialise, develop and address critical environmental challenges that are not just a distant concept, but an immediate reality.

 

The Vice President said the energy transition plan is very clear on the need for Nigeria to become a net-zero economy by 2060 but it does so with the critical realisation that the country must maximise her petroleum resources in the short term to provide the base load energy which would turbocharge the economy.

 

"In particular, there is a strong government drive to push hydrocarbon investments up to 2030 before a gradual phase-out post 2030. In 2021, Nigeria declared the 2020s the Decade of Gas.

 

 

"At the heart of the decade of gas, is improving fiscal terms and targeted incentives that would unlock up to 10 billion sef day of gas supply by 2030 to be channelled to serve the power sector, commercial sector and gas-based industries. Critical to this unlock is a focus on non-associated gas which constitutes the lion- share of the over 200 trillion cubic feet of proven gas reserves in the country.

 

"There have been successful collaborations with multilateral development banks on electrification. The Nigeria Electrification Project supported by the World Bank and African Development Bank connected over 7.5 million Nigerians to electricity through mini-grids and solar home systems and the successor programme, the $750 million Distributed Access through Renewable Energy Scale-up targeting an additional 19.5 million Nigerians is already underway," he noted.

 

In his goodwill message, Governor Uba Sani of Kaduna State, said Nigeria required for its growth and development, the delivery of affordable, reliable, and sustainable energy for homes and businesses

 

Represented by the Managing Director, Kaduna Power Supply Company, Idris Aminu Idris, Governor Sani said subnational governments have a key role to play in achieving that with a three-way collaboration between the Federal Government, the State Governments, and the private sector in the attaining a sustainable energy practice.

 

In his welcome address, the Publisher of Development Agenda Magazine, Paddy Ezeala, said as the world sought to pivot away from fossil fuels towards less polluting cleaner energy sources, countries of the global south and their citizens are palpably disadvantaged - either as inheritors of the burden of extraction or of lack of resources and technology to compete

 

"This symposium will therefore explore factors and opportunities for mitigating the expected negative effects of government's energy transition programmes on Nigerians, including how to ensure that impacted communities are helped and how to secure justice for residents of those communities," he added.

 

- This Day.

 

 

 

West Africa: Govt Urges South-East Businesses to Embrace Ecowas Trade Liberalisation Scheme

Awka — The federal government has called on businesses in the South-east region to take advantage of opportunities offered by the ECOWAS Free Trade Liberation Scheme (ETLS) to boost their businesses

 

Minister of the Foreign Affairs, Ambassador Yusuf Tuggar, made the call yesterday, during a workshop on ECOWAS Trade Liberalisation Scheme (ETLS) in Awka, Anambra State capital.

 

The workshop with the theme: "Exploring the Benefit of ECOWAS Trade Liberalisation Scheme in the Region," was organised by the Economic Community of West African States(ECOWAS) for manufacturers, importers, exporters, and, small, medium enterprises (SMEs) in the five states of the South-east region.

 

 

The minister who was represented by the Director, Department of International Organisation in the ministry, Ambassador Obinna Onowu, enumerated some of the benefits of gains and opportunities offered by the ETLS.

 

He said: "The primary goal is to establish a customs union among all member states (ECOWAS) with the ultimate objective of completely eliminating customs duties and implementing a unified customs policy.

 

"The ETLS represents an ideal opportunity to foster greater economic integration, and unlock the immense potential of intra-regional trade," he explained.

 

He stated that the ministry had already organised similar sensitisation in Kano in 2020, and, in Lagos in 2023 for manufacturers, importers and exporters in the North-west and South-west zones, respectively.

 

The minister emphasised that the ministry viewed holding the programme in the South-east as very critical because of the huge number of the stakeholders in the region.

 

Another official of the ministry and Head of ECOWAS Unit, Trade, Mr. Yohanna Zacks, stated that ETLS synergises with the African Continent Free Trade Area (AFCTA), and that the relationship creates seamless gateway for free customs duties trade for bonafide manufacturers, and traders under ETLS.

 

Earlier, Anambra State governor, Professor Chukwuma Soludo, represented by his Chief of Staff, Mr. Ernest Ezeajughi commended the ministry of foreign affairs for the sensitisation workshop.

 

He stated that the awareness being created among manufacturers and traders would help them improve their income and contribute to the boosting of the economy of the region.

 

- This Day.

 

 

 

 

Nigeria: Govt Targets 50,000 Housing Units Annually, Says Construction of 6,612 Ongoing Nationwide

Abuja — The federal government at the weekend disclosed that it was targeting the construction of about 50,000 housing units annually, stressing that it currently has 6,612 units being developed nationwide.

 

Speaking at a ministerial briefing held in Abuja, the Minister of Housing and Urban Development, Ahmed Dangiwa, said the projects were ongoing in states where their governors had offered land to the ministry to build affordable houses for Nigerians.

 

"Our target since we assumed duty is to increase the availability of affordable housing units across different income segments by an additional 50,000 per year, initiate urban and slum upgrading programmes aimed at improving living conditions, infrastructure and basic services in informal settlements.

 

 

"It will also lead to implementation of policies that promote inclusivity and address the needs of vulnerable and marginalised groups, including persons with disabilities, women, and the elderly," he stated.

 

He noted that the ministry's broad strategy was centred around three core pillars of President Bola Tinubu's agenda, including growing the economy, lifting 100 million Nigerians out of poverty, and creating an enabling environment for investments to thrive.

 

The minister added that the ministry has achieved significant success in the areas of affordable housing provision, slum upgrade, and the implementation of sector-wide reforms to position the housing and urban sector as a critical enabler of social and economic prosperity for Nigerians.

 

>From the 50,000 planned housing units, under the president's agenda, he stated that it will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and Abuja, while the estates will have 500 housing units per site in the remaining 30 states.

 

 

Speaking on affordability and convenience, Dangiwa stressed the focus on integration and inclusivity in the ministry's approach to redefining the concept of cities.

 

"We have designed the Renewed Hope Cities as integrated living communities targeting all income brackets. They comprise one-bedroom blocks of flats, two-bedroom blocks of flats and three-bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes.

 

"On the other hand, we have conceptualised the Renewed Hope Estates to cater for low- and medium-income earners. They comprise one, two, and three-bedroom semi-detached bungalows.

 

"To enhance affordability and ease of offtake, we used organic designs where one bedroom can be expanded to two-bedrooms and three-bedrooms as the income of beneficiaries increase over time," he explained.

 

The sum of N126.5 billion, he said, was approved by the federal government from the 2023 supplementary and the 2024 budget to implement the projects as well as carry out slum upgrade and urban renewal.

 

- This Day.

 

 

 

 

South Africa: A Tricky Tax Dilemma for South Africans Living Overseas

Leaving South Africa without formally emigrating can lead to tax issues with SARS, even after 10 years.

 

Question: We left South Africa 10 years ago and eventually ended up in Canada, where we now live. We never officially emigrated. Will this cause problems in years to come?

 

Answer: Many people leave SA to work abroad. What was originally an adventure to get some offshore experience often becomes a permanent arrangement. As they did not intend formally emigrating when they initially left the country, they are still registered with the South African Revenue Service (SARS).

 

If you didn't inform the authorities of your intention to live elsewhere, SARS will still regard you as a South African taxpayer, even though you have been in Canada for 10 years.

 

If you are a South African taxpayer, you will be taxed on your worldwide income, regardless of where you live. This is important to bear in mind, especially if there is no double taxation agreement in place between South Africa and the country you are currently residing in.

 

In the past there was a formal process called financial emigration. This was replaced a couple of years ago with a new concept of being "ordinarily resident". SARS takes various factors into account when it comes to determining if you are ordinarily resident...

 

-Daily Maverick.

 

 

 

 

Nigeria: e-Gates Ready for Take-Off At Lagos Airport - Govt

The federal government has concluded plans to deploy electronic gates at three more international airports in Nigeria.

 

Already, the e-gates have been deployed at the Nnamdi Azikiwe International Airport while that of the Murtala Muhammed International Airport has also been completed and is ready for commissioning.

 

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this on Friday night while inspecting the User Acceptance Test (UAT) of the E-gate already installed at Terminal 2.

 

He was joined by the Comptroller-General of the Nigeria Immigration Service (NIS), Kemi Nandap.

 

The minister stated that given the number of gates at the MMIA, the e-gates would be 100 per cent completed and ready to be installed in the next few weeks.

 

He stated that the e-gates would boost passengers' experience at the airports and ease facilitation.

 

- Daily Trust.

 

 

 

 

Nigeria: Train Services Continue On Kaduna-Abuja Route - NRC

The management of the Nigerian Railway Corporation (NRC) has assured passengers that normal train services between Kaduna-Rigasa, Idu Abuja would continue in spite of a derailment on Sunday morning.

 

Mr Yakub Mahmood, the NRC Deputy Director Public Relations, who made this known in a statement in Abuja, said the derailment of its coach at Jere station would not hinder operations.

 

"All the passengers on board the Kaduna-Rigasa to Idu-Abuja arrived at their respective destinations safely.

 

"Meanwhile, a team of NRC engineers are already at the site to restore the affected locations.

 

"The NRC management regrets any inconveniences to our affected valued passengers. NRC wishes to assure our passengers of our efforts toward ensuring their safety and comfort always," he said.

 

Meanwhile, the Nigerian Safety Investigation Bureau (NSIB) said it had deployed a team to the site where the Abuja-bound train from Kaduna derailed.

 

This is contained in a statement signed by Mrs Bimbo Oladeji, the NSIB Director of Consumer Public Affairs and Consumer Protection on Instagram (nsibofficial) on Sunday.

 

"NSIB is aware of the derailment of an Abuja-bound train from Kaduna which occurred halfway into the journey at Jere.

 

"A go team has been deployed to the site of the incident," she said. (NAN)

 

- Daily Trust.

 

 

 

Gambia: First Quarter Remittance in 2024 Stands At Usd203.7m

The Monetary Policy Committee (MPC) of The Central Bank of The Gambia on Thursday disclosed that the diaspora remittance inflows amounted to US$203.7 million in the first quarter of 2024 representing a 12.4% percent increase from the previous year.

 

The Governor of the Central Bank of The Gambia, Buah Saidy, updated the media on the latest remittance inflow at the Bank's quarterly press conference to give their findings on the current review of domestic and global economic conditions and trends.

 

He said one of the benefits of remittance is that it serves as a source of foreign currency in The Gambia, adding that private remittances remain the largest source of foreign currency supply.

 

 

"The foreign exchange market continues to function smoothly. Total volumes of transactions in the domestic foreign exchange market stood at US$600.9 million in the first quarter of 2024, slightly lower than the US$644.1 million in the same period in 2023," the Bank Governor said.

 

He further disclosed that the exchange rate of the dalasis "continues to be relatively stable".

 

"From December 2023 to March 2024, it depreciated against the US dollar by 6.9 percent, the Euro by 5.9 percent, Great Britain pound by 7.5 percent, and CFA franc by 5.1 percent," he said. "CBG continues to hold comfortable levels of international reserves amounting to US$479.8 million in April 2024, which is sufficient to finance over 4.9 months of prospective imports of goods and services."

 

He highlighted that the outlook for the global economy is showing signs of improvement, although there remain significant headwinds.

 

"Economic growth is expected to strengthen in many countries this year, accompanied by a steady decline in inflation. In its latest assessment of the world economy in April 2024, the International Monetary Fund (IMF) upgraded the economic growth forecast for 2024 by 0.1 percentage point compared to its January 2024 projections, while maintaining the growth forecast for 2025 unchanged,"

 

Governor Buah Saidy added: "This slight upward revision reflects the continued robustness in economic activities and the easing of some supply chain constraints that had previously hampered global trade.

 

"However, the IMF has also highlighted persistent risks, including geopolitical tensions and policy uncertainties, which could derail this growth trajectory."

 

- The Point.

 

 

 

 

Gambia: Magistrate Krubally Fines Two Liberians D1 Million

Principal Magistrate Muhammed Kurubally of the Banjul Magistrate's Court has convicted two (2) nationals of Liberia - Jonathan Papafloma and Wilfred Sayee - for forging the Dalasi notes.

 

The charges were Purchasing Forged Notes and Obtaining Money by False Pretense.

 

On the charge of the forged notes, the two were each fined One Hundred and Fifty Thousand Dalasi (D150,000) in default to serve a two-year jail term with hard labor. On the charge of obtaining money by false pretense, he fined the two Fifty Thousand Dalasi (D50,000) each or serve a jail term of one year with hard labor. Additionally, he fined the two convicts to pay Three Hundred and Nineteen Thousand Dalasi (D319,000) as compensation or serve a jail term of five (5) years.

 

The total sum the two convicts are supposed to pay is One Million and Thirty-Eight Thousand Dalasi (D1,038,000). This means each is supposed to pay Five Hundred and Nineteen Thousand Dalasi (D519,000) or serve the jail terms.

 

- Foroyaa.

 

 

 

Liberia: Over 6000 Households to Benefit From Solar Energy

After signing a grant agreement between the two institutions, over six thousand households in rural communities are expected to benefit from solar energy power from two firms: Rural and Renewable Energy Agency and Rural Solar Incorporated.

 

The initiative will connect 6,900 households in all fifteen counties of Liberia, enhancing the quality of life and economic prospects of thousands of citizens.

 

Speaking on Wednesday, May 22, 2024, at the signing ceremony in Monrovia, Mr. Samuel Nagbe, executive director, explained that the grant agreement signifies a major step toward Rural Solar Incorporated's mission to illuminate Liberia's rural landscapes and drive socio-economic development through sustainable energy.

 

 

The grant agreement is part of the Liberia Solar Home System result-based financing project funded by the World Bank and implemented by RREA in collaboration with Energizing Development or EnDev.

 

Mr. Nagbe, the Executive Director of the Rural and Renewable Energy Agency, noted that the project aims to stimulate the off-grid solar market in Liberia through strategic subsidies and is expected to ultimately provide electricity to over 200,000 residents nationwide.

 

He explained that upon completion, the initiative will deliver the following connections across the counties: Grand Cape Mount, 2,200 connections; Gbarpolu, 1,300 connections; River Gee, 805 connections; Grand Kru, 400 connections; Sinoe, 305 connections; Maryland, 405 connections; Margibi, 255 connections; Grand Gedeh, 355 connections; and Montserrado, 150 connections.

 

Other counties are: Nimba, 200 connections; Lofa, 155 connections; Grand Bassa, 105 connections; Rivercess, 100 connections; and Bong, 105.

 

Mr. Nagbe disclosed that Rural Solar Incorporated will deploy various solar home systems from tier 1 to tier 3, including solar lighting, charging systems, fans, and TVs, to ensure that households receive tailored solutions that meet their specific energy needs.

 

Earlier this year, Rural Solar Incorporated secured a grant agreement with EnDev to connect an additional 2,200 households in Grand Cape Mount County and 1,300 in Gbarpolu County respectively.

 

In remarks, the Chief Executive Officer of Rural Solar Incorporated, Mr. Lee W. Walker, expressed gratitude for the opportunity to serve rural communities with solar home systems.

 

"We want to express our gratitude for the opportunity to enter into a contract with RREA, World Bank, for the indirect subsidy components of the project. We are indeed grateful", he expressed.

 

He said they accept the terms and conditions on behalf of the board of directors, management, staff, and all customers but promised to work in the best interest of all parties.

 

Mr. Walker added that the company looks forward to honoring the requirements outlined in the contract by putting in its best efforts to ensure the success and positive implementation of the project.

 

He assured his partners that his company would be an example for others to follow in solar energy systems.

 

Rural Solar Incorporated is a leading off-grid solar firm in Liberia specializing in solar home systems. Its focus is on serving remote and underserved communities through a wide array of solar home system products from renowned brands such as Amped Innovation and BioLite.

 

A lack of capacity and weak distribution seriously challenges Liberia's energy sector.

 

- New Dawn.

 

 

 

 

Tanzania: Why Tanzania Hosts Key Africa Fisheries Summit

Key reforms made by the country in the fisheries sector have attracted stakeholders to choose Tanzania as the host of the Africa Small Scale Fisheries (SSF) Summit for the first time.

 

According to the Ministry of Livestock and Fisheries, President Samia Suluhu Hassan is expected to grace the summit.

 

The summit, scheduled from June 5th to 7th this year in Dar es Salaam, will bring together fishermen from within and outside the country to discuss successes, challenges, and the way forward for the industry.

 

In addition to shedding light on the opportunities available in the blue economy, the summit will also amplify the African voice for sustainable fisheries and shape policies for fisheries management.

 

 

Addressing journalists about the summit on Thursday in Dar es Salaam, Minister for Livestock and Fisheries, Mr Abdallah Ulega disclosed the reasons that prompted the country to host this historical summit, including President Samia's efforts to bolster economic diplomacy.

 

"The main reason Tanzania got this opportunity is the stable leadership of President Samia, who facilitated the ministry to excel in the implementation of the small-scale fisheries guidelines and being the first country in the world to prepare a strategic plan to execute the guidelines, a feat that made the country shine internationally," the minister asserted.

 

Mr Ulega noted that the summit will bring together fishermen from within and outside the country to discuss successes, challenges and the way forward in the industry.

 

 

He also highlighted that, in addition to shedding light on the opportunities available in the blue economy, the summit will include the 10th anniversary of the implementation of small-scale fisheries guidelines and the policy framework for managing Aquaculture in Africa.

 

Minister Ulega shared that in March last year, he was invited by the Director-General for the Food and Agriculture Organisation of the United Nations (FAO) as an official guest to deliver a speech at the International Fisheries Conference in Italy. During his time in Italy, the minister shared the country's experience in preparing and implementing a strategic plan for SSF guidelines and announced Tanzania's intention to host the summit in 2024.

 

"President Dr Samia has been working tirelessly to ensure that the country develops its economy through water resources, the 'blue economy'... thus, this summit will be crucial for delegates to exchange ideas, unearth opportunities and explore various technologies to ensure that the country takes significant steps towards the execution of the concepts of 'Building a Better Tomorrow' for our youth (BBT) and the blue economy," he said.

 

Mr Ulega revealed that there are a number of benefits that the country will receive through the summit, including expanding the scope of the global market for the country's fisheries products and opening up investment opportunities for the sector.

 

ALSO READ: Zanzibar to establish an institute of Maritime Studies, fisheries

 

"The summit will also provide a wide range of our fishermen with the opportunity to learn how to run their activities using modern technologies to increase productivity," he added.

 

The summit, coordinated by the government in collaboration with various international organisations led by the African Union-Interafrican Bureau for Animal Resources (AU-IBAR), FAO, World Wide Fund for Nature (WWF), and other stakeholders, will include leaders and experts in the fishing industry from Africa, investors and traders, researchers, among others.

 

- Daily News.

 

 

 

Nigeria: Foundation Provides Electricity to 12 Nigerian PHCs

The PIND's Executive Director, Tunji Idowu, disclosed this at the lunch of its 2023.

 

As part of its efforts to propel economic growth in the Niger Delta, the Foundation for Partnership Initiatives in the Niger Delta, otherwise known as PIND Foundation, has said it provided electricity to some primary healthcare centres (PHC) in Bayelsa, Ondo and Delta states.

 

The nonprofit organisation, through its partnership with the United States Agency for International Development-led Health Electrification and Telecommunication Alliance (HETA), facilitated the electrification of 12 PHC in the three states.

 

 

PIND's Executive Director, Tunji Idowu, disclosed this at the lunch of its 2023 annual report titled: "Advancing New Frontiers for Greater Impact".

 

The initiative through the project seeks to improve access to power supply for PHCs in this region.

 

Mr Idowu said despite the harsh economic realities in the county, the initiative continued to pursue its goals and has exceeded expectations in the last year.

 

According to him, the foundation has a mission to facilitate peace and equitable economic growth in the Niger Delta and "has so far done exceedingly great in achieving this mission."

 

He said: "The previous year saw us exceeding expectations and achieving several milestones as we consolidated our previous work and successes while exploring new opportunities.

 

"Together with our partners, PIND continued to find creative, people-centred ways to carry out our mission to facilitate peace and equitable economic growth in the Niger Delta."

 

 

PIND 2023 annual report

 

According to the recent report, the foundation has achieved the goal it set out for itself and has begun exploring new opportunities for improving livelihoods and ensuring lasting peace in a once conflict-ridden region.

 

The report noted that through robust programmes focused on community-driven, research-backed needs, PIND improved growth and peacebuilding in communities across the region.

 

The organisation said it has supported more than 49,000 farmers comprising 46.35 per cent of women through its numerous service providers in its Market Systems Development project.

 

It said the cumulative investments by PIND-supported farmers and members of other projects yielded over ₦ 10 billion.

 

The report said the initiative advocated "increased access to arable lands for smallholder farmers in Delta, Edo, and Ondo states by working with representatives of these state governments and their land review committees to undertake Geographic Information System (GIS) mapping of reserved lands and delineating substantial amounts for agricultural purposes."

 

It noted that the PIND Foundation also created peace clubs in secondary schools and universities across the region to foster changed attitudes and behaviours and promote peace through education.

 

The report further states in part: "Also, in 2023, PIND undertook an impact evaluation of its work over the previous seven years to demonstrate the value of its interventions in the Niger Delta and learn lessons for improvement.

 

"In 2024, one of PIND's key activities is the launch of the Niger Delta Regional Peacebuilding Strategy (NDRPS) document in partnership with the Ministry of Niger Delta Development.

 

"The NDRPS will apply a multi-stakeholder approach to tackling conflicts in the Niger Delta, with all stakeholders focused on peacebuilding and conflict management and resolution in the Niger Delta, joining resources to ensure the effective prevention, management, and resolution of conflicts in the region".

 

- Premium Times.

 

 

Singapore Air CEO thanks staff after turbulent flight

The boss of Singapore Airlines, Goh Choon Pong, has thanked the carrier's staff for their hard work in the aftermath of a severe turbulence incident in which a British man died and tens more people were injured.

"The last five days have been immensely challenging for everyone at Singapore Airlines," Mr Goh wrote in a memo seen by the BBC.

 

The message comes after flight SQ321 from London to Singapore diverted to Bangkok, Thailand after an incident over the Indian Ocean on 21 May.

 

The Boeing B777-ER was flown back to Singapore on Sunday.

"Our agility, dedication, and team spirit were evident during this period," Mr Goh's memo said.

"On behalf of the [Singapore Airlines] Board and the entire management team, I would like to thank you from the bottom of my heart," he added.

 

Flight SQ321diverted to Bangkok last Tuesday due to a medical emergency, with 211 passengers and 18 crew members aboard.

 

Geoff Kitchen, a 73-year-old from Gloucestershire, died from a suspected heart attack after the plane was hit by turbulence, while more than 100 other people were treated at a hospital in the Thai capital.

Passengers and crew who were not seriously injured in the incident were flown to Singapore early the following day.

 

The memo also said the airline is continuing to support injured passengers and staff and that Mr Goh had personally visited the hospital last week.

In a video address the day after the incident, Mr Goh offered his deepest condolences to Mr Kitchen's family and apologised to everyone affected.

 

Singapore Prime Minister Lawrence Wong also sent his condolences to the family and loved ones of the deceased, adding that his country was "working closely with Thai authorities".

He said Singapore's Transport Safety Investigation Bureau would conduct a thorough investigation into the incident.

 

Accidents involving Singapore Airlines are rare, with the carrier consistently ranking among the world's safest carriers.

 

The last fatal accident occurred in 2000, when a Boeing 747 crashed while attempting to take off from the wrong runway at a Taiwan airport.

Some 83 people of the 179 people onboard were killed.-BBC

 

 

 

 

Uvalde families sue Meta, video game creator and gunmaker

Families of the victims of the Uvalde school shooting are suing the manufacturer of the gun used in the attack, the maker of a video game and Instagram parent company Meta.

 

In two new lawsuits, they claim the companies helped promote dangerous weapons to a generation of “socially vulnerable” young men, including the 18-year old gunman.

 

Nineteen children and two teachers were killed in the attack at Robb Elementary School.

Friday marked the second anniversary of the Texas school shooting.

 

The dual lawsuits - filed in Texas and California - are against Activision, the developer of the military video game series “Call of Duty”; Daniel Defense, the gun manufacturer known for its high-end rifles; and Meta.

The companies are accused of being responsible for “grooming” a generation of young people who live out violent video game fantasies in the real world, with easily accessible weapons of war.

 

The gunman, Salvador Ramos, used an AR-15 style rifle in the attack.

The lawsuits contend that Meta and Activision "knowingly exposed" him to the gun he used at Uvalde and conditioned him to see it as the solution to his problems.

 

The lawsuits claim that Instagram, Activision and Daniel Defense have been "partnering…in a scheme that preys upon insecure, adolescent boys", attorneys said in a news release.

“There is a direct line between the conduct of these companies and the Uvalde shooting,” the statement said.

“This three-headed monster knowingly exposed him to the weapon, conditioned him to see it as a tool to solve his problems and trained him to use it.”

 

According to lawsuits, the gunman had been playing Call of Duty, a war-based video game with a rifle similar to the one used in the shooting, since he was 15 years old.

 

The lawsuit says the gunman was "simultaneously" the subject of "aggressive marketing" by Daniel Defense, which targeted the teen with ads on Instagram.

 

"Instagram creates a connection between …an adolescent …and the gun and a gun company," Josh Koskoff, the plaintiffs' attorney, told the BBC's US media partner CBS, on Friday.

 

"And nobody exploited Instagram for this purpose more than Daniel Defense."

An Activision spokesperson told CBS that the "Uvalde shooting was horrendous and heartbreaking in every way", adding that the company expresses its "deepest sympathies" to victims and their families.

"Millions of people around the world enjoy video games without turning to horrific acts", the spokesman said.

The BBC has reached out to Meta, Daniel Defense and Activision for comment.

 

Daniel Defense, which is facing other lawsuits filed by some victims' families, said in a 2022 statement that such litigation was “frivolous” and “politically motivated”.

 

On Wednesday, families of the victims reached a $2m (£1.5m) settlement with the city of Uvalde.

More than 370 officers from various local, state and federal departments were at Robb Elementary during the attack.

 

It took police more than an hour to stop the gunman, who was barricaded inside adjoining classrooms.

Additionally, the families announced that they will be taking new legal action against 92 individual officers from the state's Department of Public Safety for "shocking and extensive failures" during the shooting response.-BBC

 

 

 

Fighting for votes in 'the world's biggest data mine'

India’s combination of high smartphone take-up and lax regulations mean that most political parties have gathered "the data to do everything"

 

They are the apps every Indian has on their phone - the one where you order your taxi, your food, find your next date. Innocuous, everyday, unremarkable to billions around the world.

In India, these are also potentially the apps telling politicians everything they could possibly want to know about you - whether you want them to or not.

 

A person's religion, mother tongue, "the way you draft a message to your friend on social media" have all become points of data politicians are keen to get their hands on, according to political strategist Rutwik Joshi, who is working with at least a dozen unnamed lawmakers on their re-election campaigns this election.

And India’s combination of high smartphone take-up and lax regulations allowing private companies to sell data mean that most political parties have gathered "the data to do everything" - even down to knowing “what you are eating today", he claims.

 

The question is, why do they care?

Put simply, says Mr Joshi, this level of information can predict the vote - "and these predictions usually never go wrong".

 

But perhaps the bigger question is: why should you care?

Microtargeting - described by Privacy International as the use of personal data “to target you with information and adverts to an unprecedented degree of personalisation” - is not new when it comes to elections.

But it was in the wake of former US President Donald Trump’s 2016 win that it really hit the headlines.

Back then, political consultancy Cambridge Analytica was credited with helping him to victory using data sold by Facebook to profile people and send them pro-Trump content. The firm denied these allegations but suspended its CEO, Alexander Nix.

 

In 2022, Meta agreed to pay $725m (£600m) to settle a class action lawsuit over a data breach linked to Cambridge Analytica.

Getty Images Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill April 10, 2018 

 

Cambridge Analytica was credited with helping Trump to victory  using data sold by Facebook

It left people questioning whether the adverts they had seen had swayed their votes. Countries around the world were concerned enough about the impact on democracy that they swung into action.

In India, a Cambridge Analytica affiliate said the ruling Bharatiya Janata Party and the opposition Congress party were its clients - which both denied.

The country's then IT minister Ravi Shankar Prasad also warned of action against the company and Facebook if it misused data of Indian citizens.

 

AI and deepfakes blur reality in India elections

But there has since been little to stop micro-targeting of voters, data and security researcher Srinivas Kodali says.

 

"Every other election commission - like in the UK and Singapore - they all tried to understand the role of data and micro targeting in elections, they created certain forms of checks and balances, which is what normally an election commission should be doing, but we are not seeing that happen in India," he says.

In India, the problem is compounded because it's "a data society that was planned and built by the government without any safeguards", Mr Kodali says.

Indeed, there are some 650m smartphones users in the country - all boasting apps which could potentially share their data with a third party.

 

But you don't necessarily need a smartphone to be vulnerable: one of the biggest holders of personal data is the government itself – and even it has been selling personal information to private companies.

“The government built large databases of citizens, shared it with the private sector,” Mr Kodali says.

This has all left citizens vulnerable to increased surveillance with little control over what information remains private, warns Prateek Waghre, executive director at the digital rights organisation Internet Freedom Foundation.

Getty Images An women scanning her eyes during an Aadhaar registration process in Guwahati, Assam, India on October 8, 2018

 

India has built the world's largest biometric ID database - the Aadhaar scheme

Meanwhile, a data protection law passed by the government last year is yet to be implemented, experts say. The lack of rules is an issue, says Mr Kodali.

 

"It's like the wild, wild west - except on the internet."

And the result of all of this available data? As Mr Joshi puts it, India entered the election year as "the biggest possible data mine in the world right now".

 

The thing is, no one is doing anything illegal, says Mr Joshi.

" I am not asking [the app], 'Give me mobile numbers of how many users you have and all the contact numbers of those users as well'. But I can ask, 'Are people eating veg or non-veg in your area?'" he explains.

And the apps are able to hand over that data – because the user gave them permission.

 

"For example, there are 10 different Indian apps in your mobile phone - you have given access to your contacts, to your gallery, to your mic, to your speakers, to your location, including the live location," Mr Joshi, whose company, Neeti I, has been using data to understand voter behaviour patterns in particular constituencies, says.

 

And it is this data – along with data collected by party workers - which is then used to help decide who the candidate should be, where the candidate's wife should go to do a puja or aarti (offer prayers), what kind of speeches they should give - even what to wear.

 

But does this level of targeting really work to change people’s mind? That remains unclear.

 

Getty Images Indian Prime minister Narendra Modi (C) waves after offering prayers on the banks of the Ganges River in Varanasi on May 14, 2024, during the country's ongoing general electionGetty Images

Data collected helps strategists decide where candidates should go, what kind of speeches they should give - even what to wear

But campaigners say on a basic level, it is a violation of people’s privacy. Extrapolating it further, having this level of detail could be used against people in the future.

 

"Just the fact that it is happening is problematic." says Pratik Waghre, executive director at the digital rights organisation Internet Freedom Foundation.

 

"What we've seen is that there often doesn't seem to be a clear distinction between how data is being handled when someone is beneficiary of a government scheme and how that information is then being used by that particular political party which happens to be in power in a particular state or at a national level to then use that to micro target people with campaign messages."

 

The law also allows the government and government bodies to exempt themselves from vast sections on its discretion. It also has the powers to process, use or share this personal data with third parties.

Mr Waghre fears future administrations could take it a step further.

"It can also be: ‘Let's collectively see who's supporting us and only give them the benefits’.”

 

 

India’s combination of high smartphone take up and lax regulations mean that most political parties have gathered "the data to do everything"

 

The use of such data also comes against the backdrop of India's larger misinformation problem, Mr Kodali says. And when combined with the amount of data on offer, it is a real problem.

 

"When you talk about artificial intelligence, targeted advertisements, micro targeting of voters - a lot of this falls under the idea of computational propaganda," he explains. "Questions of this were raised heavily during the 2016 Trump election, where this election is considered as something that was influenced by foreign actors."

Mr Kodali says use of data and technology in election campaigns must be regulated just like money and ad spending currently is in order to keep elections fair.

 

“If you have one or few set of political parties or groups with access to these technologies gaming elections, they may be free but they will stop looking fair,” he warns.-BBC

 

 

 

Finances a 'dark cloud' over election campaign, says IFS

A leading think tank has issued a stark warning about the financial challenges awaiting the next government.

The Institute for Fiscal Studies (IFS) says the state of public finances hangs over the election campaign "like a dark cloud".

 

It warns more tax rises or cuts to public services could lie ahead.

It calls for an "open and robust" discussion about how all the parties will tackle these.

Both Labour and the Conservatives have committed to get debt falling as a share of national income. All the major parties would likely have a similar form of self-imposed rules in order to keep the government’s cost of borrowing from financial markets down.

 

But the independent IFS claims that high interest payments on existing debt and low expected economic growth could make reducing future debt more difficult to achieve, whoever is in government, than in any Parliament since at least the 1950s, without further measures.

 

To meet existing rules, the current chancellor had already pencilled in what could amount to potential cuts in funding for some public services – such as justice or higher education - of more than 10% in coming years, once population growth and inflation is taken into account.

 

Taxes are also on track to absorb a larger share of the nation’s income, up from 36.5% in the current tax year to 37.1% in 2028–29, in particular as the thresholds at which different rates of taxes on income apply are frozen, instead of rising with inflation as they have traditionally done.

 

As such, the IFS says that barring a dramatic improvement in growth, the next government could face three broad choices: to go forward with the spending squeeze for services, raise taxes further or increase annual borrowing, which could risk preventing total debt from falling.

'Tough choices ahead'

 

Paul Johnson, director of the IFS, said: "Money is tight. We could get miraculously lucky with growth and escape having to make these tough choices. But we might not.

 

"Just because thousands of English and Scottish football fans are crossing their fingers and hoping for the best this summer doesn’t mean that the next cabinet should do the same."

He added that the next government should not wait until it enters office to "open the books", adding that they are published and available for anyone to inspect.

 

"We should use them as the basis for an open and robust discussion during the election campaign," he added.

The IFS’s warning echoes one it made after the Budget in March, when it spoke of a "conspiracy of silence" that meant major parties were failing to acknowledge potential challenges, or spell out how it would tackle those.

All parties will be putting forward policies they say will make voters better off in coming weeks.

 

But with most economists coming to a similar conclusion as the IFS, such pledges will be made against a backdrop of constrained public finances - which may mean tough choices ahead that may ultimately impact voters' fortunes.

 

Responding to the findings of the IFS, Darren Jones, shadow chief secretary to the Treasury, said that the Labour party was under no illusions about the scale of the challenge it may face.

 

"The country will only see the full scale of the challenge if we win the election. We have promised to deliver an immediate injection of cash into our public services and will then get to work to turn the country around," he said.

The BBC has also approached the Conservatives for comment.-BBC

 

 

Glue pizza and eat rocks: Google AI search errors go viral

Google's new artificial intelligence (AI) search feature is facing criticism for providing erratic, inaccurate answers.

 

Its experimental "AI Overviews" tool has told some users searching for how to make cheese stick to pizza better that they could use "non-toxic glue".

 

The search engine's AI-generated responses have also said geologists recommend humans eat one rock per day.

 

A Google spokesperson told the BBC they were "isolated examples".

Some of the answers appeared to be based on Reddit comments or articles written by satirical site, The Onion.

They have been widely mocked on social media.

 

But Google insisted the feature was generally working well.

"The examples we've seen are generally very uncommon queries, and aren’t representative of most people’s experiences," it said in a statement.

 

"The vast majority of AI overviews provide high quality information, with links to dig deeper on the web."

It said it had taken action where "policy violations" were identified and was using them to refine its systems.

It is not the first time the company has run into problems with its AI-powered products.

 

In February, it was forced to pause its chatbot Gemini which was criticised for its "woke" responses.

Gemini's forerunner, Bard, also got off to a disastrous start.

Google's new AI can find lost specs

 

What is AI and how does it work?

Google began trialling AI overviews in search results for a small number of logged-in UK users in April, but launched the feature to all US users at its annual developer showcase in mid-May.

It works by using AI to provide a summary of search results, so users do not have to scroll through a long list of websites to find the information they are seeking.

 

It is billed as a product that "can take the legwork out of searching" though users are warned it is experimental.

 

However, it is likely to be widely used - and trusted - because Google search remains the go-to search engine for many.

According to web traffic tracker, Statcounter, Google's search engine accounts for more than 90% of the global market.

 

It is still fundamental to the way in which Google makes its money, and a service the firm needs to both protect and future-proof.

Many industry experts agree that more focused AI-driven search is the way forward - despite the power-hungry tech's environmental price tag.

 

Why wade through pages of search engine results and adverts to find information if a chatbot can give you a single, definitive answer?

But this only works if you can trust it.

So-called hallucinations by generative AI tools are not just a problem for Google, but as the world's largest search engine it gets more scrutiny.

 

In one baffling example, a reporter Googling whether they could use gasoline to cook spaghetti faster was told "no... but you can use gasoline to make a spicy spaghetti dish" and given a recipe.

We don’t know how many searches it got right (because they’re less funny to share on social media), but AI search clearly needs to be able to handle anything thrown at it, including the more leftfield.

Rival firms are facing a similar backlash over their attempts to cram more AI tools into their consumer-facing products.

 

The UK's data watchdog is looking into Microsoft after it announced a feature coming to its new range of AI-focused PCs that would take continuous screenshots of their online activity.

And ChatGPT-maker OpenAI was called out by Hollywood actress Scarlett Johansson for using a voice likened to her own, saying she turned down its request to voice the popular chatbot._BBC

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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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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