Major International Business Headlines Brief::: 22 November 2024

Fri Nov 22 01:13:45 CAT 2024

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Major International Business Headlines Brief:::  22 November 2024 

 <mailto:info at bulls.co.zw> 

ü  Nigeria: Senate Approves Tinubu's Request to Borrow $2.2bn

ü  Africa: Coffee Prices Ease On EU Law Delay, Brazil Rains

ü  South Africa: Agriculture to Conduct Inspections of Terbufos Manufacturers

ü  South Africa: Government Establishing Joint Fund to Support Township, Rural Businesses

ü  South Africa: Citizens Urged to Allow Spaza Shop Owners to Register for Permits

ü  Africa: It's a Deal - Wealthy Nations Pledge Not to Build New Unabated Coal-Power Plants

ü  Nigeria: Reps Recommend N500m Recapitalisation for Discos

ü  Liberia: Findley Rejects Port Autonomy Bill, Calls for Privatization

ü  Kenya: MPs Reject Energy Levy Hikes, Endorse Strict Penalties for Vandalism

ü  Nigeria: UK Govt Backs Stakeholder Roundtable to Address Cybersecurity Challenges in Nigeria

ü  Gary Gensler to leave role as SEC chairman

ü  Sell Chrome to end search monopoly, Google told

ü  Thousands of PayPal customers report brief outage

ü  Is nuclear power gaining new energy?

 <mailto:info at bulls.co.zw> 

Nigeria: Senate Approves Tinubu's Request to Borrow $2.2bn

The Senate said obtaining the loan will strengthen the nation's foreign reserve.

The Senate on Thursday granted President Bola Tinubu permission to obtain a $2.209bn external loan.

The loan was approved after considering the report of the Senate Committee on Local and Foreign Debts, presented by its Chairman, Aliyu Wamakko, during plenary.

The loan, which is equivalent to N1.767 trillion, would be part of the funds that will be used to finance the N28.7 trillion 2024 budget as incorporated in the Appropriation Act.

It will be sourced from the country's Eurobonds in international capital markets and gains from financial laws of the country.

A Eurobond is a debt instrument that is denominated in a currency other than the home currency of the country or market in which it is issued. Eurobonds are important because they help countries or organisations raise capital while having the flexibility to issue them in another currency.

President Tinubu requested the approval on Tuesday in accordance with the provisions of Sections 21 (1) and 27 (1) of the Debt Management Office and the approval of the Federal Executive Council.

While presenting the report, Mr Wamakko (APC, Sokoto North) said if the external borrowing request is approved, it will strengthen the nation's foreign reserve.

He said members of the National Assembly will collaborate with the Federal Ministry of Finance to ensure that the fund is appropriately utilised when it is finally sourced.

He, therefore, recommended approval of the president's request.

The request was not debated by senators before the Deputy Senate President, Barau Jibrin, who presided over the plenary, approved it.

Mr Jibrin explained that the president's request is straightforward and that there is no need for an extensive debate.

He also said the external borrowing request was in the interest of the country.

Me Jibrin then appreciated the committee members for the recommendations.

Premium Times.

Africa: Coffee Prices Ease On EU Law Delay, Brazil Rains

Global coffee prices eased this week following the extension of the European Union's deforestation law and favourable rainfall in Brazil.

Arabica prices retreated from a 13-year high in December futures trading, while robusta declined from last week's one-month peak.

Improved precipitation in Brazil and the delayed implementation of the EU's Deforestation Regulation (EUDR) alleviated immediate supply concerns and reduced demand pressures in the market.

The EUDR, initially set to take effect next month, broadens its reach to commodities such as coffee, palm oil, and cocoa, heightening worries among traders over compliance challenges.

The regulation mandates that companies map their supply chains digitally, linking raw materials to specific plots, a requirement that poses significant obstacles for smaller, remote farms.

The EU Parliament's decision to postpone the regulation's enforcement provides more time for compliance, temporarily easing market anxieties.

Earlier, coffee prices had surged to record levels as buyers moved to stockpile ahead of the impending regulation, which could restrict supply.

December Arabica futures had hit a 13-year high, while robusta saw its highest price in a month amid concerns over possible supply disruptions driven by the EU's deforestation policies.

In Brazil, weather data from Somar Meteorologia indicated that the primary Arabica coffee region, Minas Gerais, recorded 60.9 mm of rainfall last week, 127 percent above the historical average, boosting expectations for improved supply.

Brazil's key coffee-growing regions are facing their driest conditions since 1981, severely reducing output and driving up global coffee prices.

Between May and August, Brazil's agricultural hub endured its driest period in over 40 years, according to Cemaden, the country's natural disaster monitoring agency.

Traders had expressed apprehension that coffee procured now could face penalties if included in products sold in the EU after 2025 without meeting EUDR compliance standards.

The European market remains vital for Kenyan coffee, significantly contributing to farmers' income and foreign exchange earnings.

Business Day Africa.

South Africa: Agriculture to Conduct Inspections of Terbufos Manufacturers

The Department of Agriculture will, in the next few days, conduct inspections at all five registered manufacturers of Terbufos to ascertain controls, and to determine if markers are put into locally produced products to distinguish between illegally imported and locally produced chemicals.

This follows the death of at least 22 people, including children, with many others hospitalised due to chemical poisoning from food.

Ministers leading the multidisciplinary teams in government, who are responsible for the national response to instances of foodborne illnesses, held a media briefing on Thursday to outline government's action plan to manage foodborne illnesses.

Speaking at the briefing, Agriculture Minister John Steenhuisen said there are only five manufacturers of the pesticide Terbufos in South Africa, and the department intends to engage with them on the measures they have in place to protect the supply chain, and to make sure that the end use is legitimate.

Steenhuisen said the department is also waiting for independent laboratory results of samples taken during the inspection of spaza shops in Gauteng to see if there is a potential match in South African products.

"It is the department's view that the Terbufos found in Gauteng does not emanate from one of the five South African producers but comes instead from across South Africa's borders. Another substance was found in spaza shops that was banned for production and sale in South Africa in 2016.

"These discoveries indicate that there is a supply chain coming from [outside the country]. However, the department is waiting for the independent laboratory results and the interactions with the five manufactures to understand exactly where these substances are coming from and how the department can stop them coming into South Africa, if this proves to be the case," Steenhuisen said.

The Minister said the department will also strengthen the work of the biosecurity efforts to support the control of the entry of products, organisms and other harmful biological products at the ports of entry.

"Biosecurity is something which is being declared a major priority of the department and it is one of the 70 priorities we identified in our annual performance plan, and we hope to invest the support of all South Africans, as we make biosecurity everybody's responsibility," the Minister said.

The inspections by the Department of Agriculture will be complemented by the nationwide cleanup campaigns, which have already kicked off in Gauteng and will be rolled out to other hotspot areas and the entire country.

SAnews.gov.za.

South Africa: Government Establishing Joint Fund to Support Township, Rural Businesses

Work to establish a R500 million joint fund to support township and rural businesses - including local convenience shops - is underway.

This is according to Minister of Justice and Constitutional Development Thembi Simelane who briefed the media on interventions to mitigate the uptick in foodborne illnesses in South Africa.

She said the departments tasked with overseeing the joint fund are already hard at work drafting standard operating procedures and guidelines on the use and accountability of the fund.

This work is expected to be completed within the next two weeks.

"In the short term, approved rural and township businesses will be supported through this fund to improve their infrastructure, regulatory compliance and capacity building.

"The operational fund application and disbursement process will commence as soon as the registration process is completed and will be subjected to ongoing auditing processes as an early warning system against potential anomalies and fraudulent activities," she said.

The Minister explained that to qualify for the fund, a business owner must, among others, be "a South African citizen operating within the borders of the country and serving local communities".

"The business must be registered with local municipality in accordance with the relevant by-laws and have valid registration with SARS. Funding will prioritise entrepreneurs between the ages of 18 and 35 years old with much emphasis on female-owned businesses.

"The Department of Small Business Development has started a process to create a nerve centre with geo-mapping capacity to centralise data on the township and rural economy.

"A national database of registered small businesses and spaza shops will strengthen our capacity to regulate the sector and to ensure effective compliance to avoid the recurrence of future outbreaks," she said.

Delving further into the issue of the registration of small businesses and spaza shops, Simelane emphasised that lawfully, "every shop owner who is a legitimate trader and meets the legal requirements" is allowed to conduct business.

"In processing these applications for registration, the government will make every effort to ensure that account is taken of every legal prescript that allows people to do business in the country," she said.

Since the announcement by President Cyril Ramaphosa that all spaza shops must be registered within 21 days, reports have surfaced of South Africans registering these localised shops on behalf of illegal foreign nationals.

This, Simelane said, is a concern.

"This is clear fronting, and we would like to warn everyone who is involved in this illegal activity to stop. The Immigration Act prohibits any person from aiding, abetting, assisting or enabling an illegal foreigner to obtain a licence on his or her behalf, to conduct any business or carry on any profession or occupation.

"Landlords are obliged by law to ensure that those who rent their premises to conduct businesses, comply with the provisions of the Immigration Act and the standard by-laws regulating local business in the municipalities in which they operate," she said.

Turning to allegations that civil servants are also involved in the fraudulent processing of registrations, Simelane warned that the law would take its course.

South Africans are urged not to interfere with spaza shop registrations.

"The law enforcement agencies will clamp down heavily on extortionists who want to use this process to enrich themselves. Members of the public are urged to report any suspected corrupt activities through the National Anti-Corruption Hotline 0800 701 701.

"We want to appeal to the members of the public not to disturb the process of registration by blocking certain shop owners from participating in the process. This includes conducting unlawful inspections by members of the public, and other unauthorised bodies," she said.

SAnews.gov.za.

South Africa: Citizens Urged to Allow Spaza Shop Owners to Register for Permits

Government has appealed to South Africans not to block those people who want to register their spaza shops.

This follows President Cyril Ramaphosa's call for all spaza shops and food-handling facilities to register with their respective municipalities as part of decisive measures to address the recurring foodborne illnesses that have claimed the lives of children across the country.

The interventions, the President explained, include getting hazardous pesticides off the street, protecting children from exposure to these substances, and the prevention of future outbreaks.

To ensure compliance, the President ordered that all spaza shops and food-handling facilities must register with their respective municipalities within 21 days.

Speaking during a media briefing hosted by Ministers leading the multidisciplinary teams in government responsible for the national response to instances of foodborne illnesses, Cooperative Governance and Traditional Affairs (COGTA) Minister, Velenkosini Hlabisa, appealed to the people of South Africa not to take the law into their own hands.

"We know some of them might have seen something wrong being done by South Africans assisting foreign nationals to register the spaza shops, but our call and our request [is] let us not take the law into our hands," Hlabisa said.

Hlabisa assured that the system was not going to allow a spaza shop to be operated by a foreign national, even if the spaza shop is registered by a South African and given to a foreign national to operate.

"A person whom we registered as the owner of a spaza shop, is the one who must operate the spaza shop. If a person opts to allow another person to operate his or her spaza shop, [they] will have to go back to the municipality and get the approval.

"That is why we are appealing to the law enforcement agencies to assist in dealing with those who want to take the law into their hands...but that must be the last thing to do," Hlabisa said.

READ I Government simplifies the process to apply for spaza shop permits

Hlabisa maintained that the 21 days given to the owners to register their businesses is sufficient.

"It takes only one day to register a business [and] people must not wait until the last day to register. If you want to do it on day 21, you might have some outstanding documents and cannot register.

"Twenty-one days is enough, but the call is go and register your business today, not tomorrow, then you won't have a problem in terms of 21 days...it will be done," the Minister assured.

The government has introduced a new standard draft by-law for township economies, which offers a simplified permitting and registration process.

The move is aimed at creating an enabling environment for small businesses in townships and supports conomic inclusion, job creation and community empowerment.

The by-law was issued in accordance with the Local Government: Municipal Systems Act of 2000 by the Minister of Cooperative Governance and Traditional Affairs on 7 November 2024.

SAnews.gov.za.

Africa: It's a Deal - Wealthy Nations Pledge Not to Build New Unabated Coal-Power Plants

Baku — Of all fossil fuels, coal has had the most serious and long-term effects on global warming. When burnt, coal releases more carbon dioxide than oil and gas, producing an estimated 39 percent of the global carbon dioxide emissions. Yet, coal is still the number one energy source, providing nearly 40 percent of the world's electricity.

A COP29 deal struck on Wednesday November 21 now holds the promise to change the fossil fuel landscape and climate change trajectory, placing the world back on track to net zero. Twenty-five countries and the EU have now pledged not to build any new unabated coal-power plants in their next round of national climate plans in bid to scale up ambitions in the next phase of climate action.

Fossil fuels are highly polluting. The 'no new unabated coal power' COP29 initiative was signed by EU climate envoy Wopke Hoekstra to pledge that when the 25 nations submit their national climate plans by February 2025 along with all other nations party to the Paris Agreement, theirs will reflect no new unabated coal in their respective energy systems to accelerate phasing out of fossil fuels.

In reference to fossil fuels, 'unabated' means taking no measures to reduce the carbon dioxide and other greenhouse gases released from the burning of coal, oil, and natural gas. Abated refers to attempts to decrease release of polluting substances to an acceptable level.

"I'm often asked what gives me confidence that we can get this job done. The answer is lots of things. Quiet acts of solidarity, from people who get knocked down, but who refuse to stay down. But there are also big things - the macro trends that aren't up for debate. And there's none bigger than the global clean energy boom - set to hit two trillion dollars this year alone. And it's just getting started," Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change, stressed.

"Money talks, and as we enter the second quarter of this century, it is saying loud and clear: there is no stopping the clean energy juggernaut, and the vast benefits it brings: stronger growth, more jobs, less pollution and inflation, cheaper and cleaner energy. The list of benefits goes on."

The coalition of nations backing the diplomatic campaign to encourage all countries to end new coal power is constituted of mostly wealthy nations such as Germany, France, Canada, the United Kingdom and notably Australia - a major coal producer. This is the latest pledge towards curbing use of the fuel and phasing out fossil fuels in line with the COP28 deal.

The pledge is incredibly critical for despite coal being extremely dangerous to the global climate goals, a coal boom is unfolding. Data in the Global Coal Plant Tracker show that "69.5 GW of coal power capacity was commissioned while 21.1 GW was retired in 2023, resulting in a net annual increase of 48.4 GW for the year and a global total capacity of 2,130 GW. This is the highest net increase in operating coal capacity since 2016."

COP29 has been centered around a new deal for climate financing to support the third Nationally Determined Contributions in the developing world, but delegates have not lost sight of the COP28 landmark deal when nearly 200 nations--for the first time--called on all nations to transition away from fossil fuels.

Activists want a net-zero world and they want it now, calling for ambitious climate actions to save the planet. Credit: Joyce Chimbi/IPS

Teresa Anderson, the Global Lead on Climate Justice at ActionAid International, told IPS, "Just transitions and climate finance have to go hand in hand. Last year's agreement to transition away from fossils was an important step. But without finance to make the just transition a reality, developing countries are in a bind."

Stressing that climate-hit countries want to "leapfrog the fossil fuel era and scale up renewables, but can't do so when they are being pushed deeper into debt by the climate crisis. To finally unlock the climate action the planet needs, COP29 needs to agree on an ambitious finance goal worth trillions of dollars in grants each year. Ensuring a just transition in energy is about much more than encouraging corporate investment and can't just be left up to the private sector.

"When shifting away from fossil fuels, governments have a responsibility to actively involve communities in planning, training, social protection and ensuring energy access and secure livelihoods. Public services can join the dots, and have a key role in the just transition. The new climate finance goal has to provide trillions of dollars in grants, not loans or corporate investment targets," Anderson observed.

Hailed as a major progressive step in the journey towards phasing out fossil fuels, the initiative is nonetheless not the silver bullet to end coal. The new commitment does not compel nations to stop mining or exporting coal. Notably, the world's greatest coal-power generators, such as the United Nations and India, are not part of the initiative. Nonetheless, despite coal power growing in the past years despite the COP28 deal on fossil fuels, Hoekstra expressed optimism that this call to action will set the ball rolling towards a much-needed fossil fuel phasing out.  IPS.

Nigeria: Reps Recommend N500m Recapitalisation for Discos

The lawmakers noted that the activities of DISCOS in the country were posing a threat to the economic stability and welfare of Nigerians.

The House of Representatives has recommended a recapitalisation programme of not less than N500 million for all Electricity Distribution Companies (DISCOS) in the country to remain operational.

The recommendation followed the adoption of a motion by Ibrahim Isiaka (APC-Ogun) at plenary on Wednesday in Abuja.

Moving the motion earlier, Mr Isiaka said the activities of DISCOS in the country were posing a threat to the economic stability and welfare of Nigerians.

He said that consumers are being coerced into paying for meters that they have earlier financed, causing financial strain on households and businesses already facing economic challenges.

The lawmaker said that when essential services are used against citizens who were intended to be served, it stifles growth and development, amounting to economic sabotage.

"Despite constant regulatory oversight and demand for accountability by the Committee on Power from these companies, DISCOS remained recalcitrant in operating with impunity and disregard for consumer rights.

"The DISCOS' actions pose a significant threat to Nigeria's economic stability and welfare of the citizens. There is a need to stand against injustices and prioritise constituents' needs and rights," he said

The House urged the Federal Ministry of Power to declare DISCOS as non-state actors and take immediate measures to address their reckless actions, threatening the nation's economy.

The lawmakers said that they should activate public awareness campaigns and initiatives to educate consumers about their rights and the proper channels for addressing grievances related to electricity services

In his ruling, the Speaker of the House, Abbas Tajudeen, mandated the Committee on Power to investigate the activities of DISCOS with the intent to hold them accountable and safeguard consumer rights.

He said the committee should examine the implementation of the strict regulations governing the operations of DISCOS to ensure transparency and fairness in dealings with consumers.

The Speaker directed the committee to report back to the House within four weeks for further legislative actions.

(NAN)

Premium Times.

Liberia: Findley Rejects Port Autonomy Bill, Calls for Privatization

Buchanan — Grand Bassa County Senator Gbehzohngar Findley has come out strongly against the Senate's recently passed Autonomy Bill, arguing that the proposed legislation fails to address Liberia's port management challenges and advocating instead for privatization. The controversial bill, which seeks to grant autonomy to the Buchanan, Greenville, and Harper seaports, now heads to the House of Representatives for concurrence.

In an exclusive interview with Ablee-Jay Media, Findley dismissed the autonomy plan as ineffective, asserting that privatization would bring the reforms necessary to revitalize the nation's critical seaport infrastructure.

"I don't support the autonomy; I support privatization of the ports," said Findley. "Privatization would allow individuals to purchase shares and take control, as opposed to having it remain under government control."

Findley took aim at the bill's central feature--decentralized management--arguing that it falls short of meaningful change. While the legislation shifts operational control of the ports from the National Port Authority (NPA) to local management, the Senator contended that its retention of presidential appointment powers negates its purported benefits.

"The current Senate bill is no different from what we have now," Findley said. "The President still has the appointing power, which brings no difference to Bassa or the way the ports are managed."

Privatization vs. Autonomy: A National Debate

Findley's opposition shows the growing divide among lawmakers and stakeholders on the future of Liberia's seaport operations. While proponents of autonomy, led by Senate Pro Tempore Nyonblee Karnga-Lawrence, argue that decentralization will spur regional development and reduce Monrovia's dominance, Findley sees privatization as the key to unlocking investment and boosting efficiency.

"Privatization is the best way forward," Findley insisted. "It attracts investment, brings in expertise, and takes the burden off the government to manage these critical infrastructures."

The Autonomy Bill, alongside a companion bill establishing an Independent Seaport and Inland Ports Regulatory Authority, represents a sweeping overhaul of port governance in Liberia. If both are passed, they will strip the NPA of its centralized authority, giving seaports operational independence while a new regulatory body oversees compliance and transparency.

The push for port decentralization comes after years of complaints that the NPA has neglected ports outside Monrovia. Proponents argue that decentralization would give ports like Buchanan, Greenville, and Harper the tools to manage their operations, attract investment, and address local economic needs.

Under the proposed legislation, autonomous ports would have greater control over financial decisions, potentially leading to increased revenue and local development. However, critics like Findley worry that the plan retains too much central government influence and fails to address underlying inefficiencies.

The companion bill establishing the regulatory authority aims to streamline oversight, promote equity in port development, and enhance transparency across Liberia's seaports and inland ports.

Liberian Investigator.

Kenya: MPs Reject Energy Levy Hikes, Endorse Strict Penalties for Vandalism

Lawmakers have rejected a proposed amendment to the Energy Act, 2019, which sought to increase levies on electricity and petroleum.

The amendment, included in the Statute Law (Miscellaneous Amendments) Bill, would have doubled the levies collected by the Energy and Petroleum Regulatory Authority (EPRA) from 0.5% to 1%.

The National Assembly Energy Committee Chair, Vincent Musau, led the opposition to the proposal, citing concerns over its potential impact on already high energy costs.

"I propose deleting the amendment to Section 20(1), which sought to increase EPRA's levies on electricity and petroleum. Doubling these charges would directly burden consumers at a time when we are working to reduce energy costs," Musau stated.

Legislators supported the move on the floor of the House, saying Kenyans are currently overburdened by increased taxes.

"Kenyans are already struggling with electricity bills. Increasing EPRA's levy from 0.5% to 1% is inappropriate, and I fully support the deletion of this amendment. Our focus should be on reducing energy costs," Marakwet West MP Kangongo Bowen said.

Mathare MP Anthony Oluoch highlighted the broader economic implications, warning that high electricity costs discourage investment and drive investors to neighboring countries with cheaper energy.

Regulating Crude Oil Production

Similarly, Funyula MP Wilberforce Oundo lauded the move to reject the amendment, citing the harsh economic times.

"Kenya is among the countries with the highest electricity costs. I fully support the committee's position on rejecting this amendment," Oundo said.

The lawmakers, however, approved an amendment granting EPRA the authority to regulate crude oil.

This development aligns with Kenya's growing petroleum exploration and production activities, particularly in Turkana County.

"We are preparing for the regulation of crude oil, not necessarily for domestic use but to manage transit and pipeline operations for potential customers," Musau explained.

Tougher Penalties for vandalism

In addition to rejecting the levy hike, MPs passed amendments imposing stricter penalties for energy infrastructure theft. These include the forfeiture of vehicles used to transport stolen equipment.

"We must send a strong message to those who steal energy infrastructure," said Hon. Mary Emaase. "This is a serious offense that leaves entire communities in darkness. Thieves must face severe consequences."

The MPs also rejected EPRA's proposal to exempt all levies collected from the Consolidated Fund, arguing that such a move would diminish parliamentary oversight of the agency's finances.

The Statute Law (Miscellaneous Amendments) Bill, as passed, aims to balance regulatory reforms with consumer protection, ensuring affordable energy and curbing infrastructure theft.

Capital FM.

Nigeria: UK Govt Backs Stakeholder Roundtable to Address Cybersecurity Challenges in Nigeria

Abuja — Key stakeholders from government and the private sector have converged in Abuja and Lagos at the Nigeria Cybersecurity Stakeholder Roundtable organised with support from the UK's Department for Business and Trade (DBT) to discuss practical steps to address the country's cybersecurity challenges.

The roundtable had in attendance, top cybersecurity and tech experts from diverse sectors to engage in critical deliberations on current and emerging digital security issues.

It emphasised the critical role of collaboration in addressing Nigeria's cybersecurity challenges.

The roundtable emphasised the critical role of collaboration and information sharing in addressing Nigeria's cybersecurity challenges including to: Foster a synergized approach to addressing Nigeria's cybersecurity challenges, leveraging the collective expertise of participants; and establish a platform for continuous collaboration and knowledge exchange among stakeholders from various sectors to enhance cybersecurity practices.

Others include: Identify and assess cross-cutting needs and challenges across regulatory, supply, and demand sides, to inform future cybersecurity strategies and policies; Create a platform that enables demand and supply side actors to have visibility and access to state-of-the-art cybersecurity solutions that benefit all.

Key takeaways from the roundtable, according to a statement signed on Wednesday by the Senior Press & Public Affairs Officer, Comms Lead, Prosperity and Economic Development, Foreign Commonwealth and Development Office, British Deputy High Commission, Ndidiamaka Eze, include the importance of public-private partnerships in combating cyber threats, the need for continuous education and training for cybersecurity professionals, the development of effective strategies to combat cybercrime and the promotion of cybersecurity awareness among individuals and organisations.

Commenting, Country Director for the UK's Department for Business and Trade (DBT) in Nigeria, Mark Smithson said: "As a recognised global leader in cyber security innovation across a range of applications, the UK is uniquely placed to partner Nigeria to raise awareness and tackle emerging threats and cybersecurity challenges affecting our two countries."

Speaking at the event, Director General the National Information Technology Development Agency NITDA, Kashifu Inuwa Abdullahi stated:"Cybersecurity is a shared responsibility that requires coordinated action at every level. Together, we must take proactive steps to safeguard our digital sovereignty, protect our critical information assets, and build a resilient, secure future for all."

Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri, emphasised: "As we all know, cyber threats are becoming more sophisticated, diverse, and pervasive. Here in Nigeria, businesses face an alarming volume of attacks, with financial services being particularly vulnerable.

"Addressing these emerging threats demands a security culture rooted in continuous education and awareness. Cybersecurity is not a challenge any organization can tackle in isolation; it requires coordinated efforts, cross-industry partnerships, and a collective commitment to protecting our digital future."

He also commended the event organisers, saying, " I extend my gratitude to the UK Department for Business and Trade, the Office of the National Security Adviser, NITDA, NGX, the National Data Protection Commission, and Tech4Dev for organizing this roundtable outside of Cybersecurity Awareness Month. This setting offers a unique and invaluable opportunity to deepen our discussions on pivotal areas in cybersecurity."

Also speaking on the need for robust cybersecurity frameworks in Lagos, Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka stressed that such measures are essential to unlock growth potential and restore investor confidence in Nigeria's digital future.

He said: "Cybersecurity threats present a serious economic risk that could undermine Nigeria's vision as Africa's digital powerhouse," he said, highlighting the concerning impact on Nigerian banks, which lost ₦14.65 billion ($33 million) to electronic fraud in 2021 - a 187% increase from the previous year."

According to the statement, the Nigeria Cybersecurity Stakeholder Roundtable marks a crucial step towards a more secure digital future for the nation.

It was supported by the UK's Department for Business and Trade (DBT), and implemented by the Technology for Social Change and Development Initiative (Tech4Dev), in partnership with the Office of the National Security Adviser (ONSA), the National Information Technology Development Agency (NITDA), the Nigeria Exchange Limited (NGX), National Data Protection Commission (NDPC), and the Central Securities Clearing System Plc (CSCS).

This Day.

Gary Gensler to leave role as SEC chairman

The head of the US financial regulator, Gary Gensler, will resign from his role on the day of President-elect Donald Trump’s inauguration.

Mr Gensler confirmed the news on social media platform X after the Securities and Exchange Commission (SEC) said its 33rd chairman would step down on 20 January next year.

“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor," Mr Gensler said.

Trump revealed plans to sack Mr Gensler on "day one" of his new administration after the chairman took legal action against crypto firms, sparking controversy in some quarters.

Appointed SEC chair in 2021, Mr Gensler's term is technically supposed to run until 2026, but it is normal for agency leaders to depart their positions when a new administration begins.

The president-elect and Mr Gensler have very different views on cryptocurrencies, which has sparked tension between them.

Values of different cryptocurrencies have been rising since Trump won the election, with Bitcoin reaching a record high value of $98,000 on Thursday.

At a Bitcoin conference in July, Trump said he would make the US "the crypto capital of the planet".

He also launched his family’s cryptocurrency venture, World Liberty Financial, in the middle of his campaign but there have been very few details released about it so far.

In contrast Mr Gensler told the BBC in September that it was an industry “rife with fraud and hucksters and grifters”.

Under the Biden administration, SEC has led a crackdown on the industry, which resulted in a record high of 46 enforcement actions last year.

Those cases led to the founders of two of the world’s biggest crypto platforms, FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao, being sentenced to jail.

It's thought the new Trump administration will put far less resources into policing the industry.

The SEC has also clashed with tech billionaire Elon Musk - who has become a strong ally of Trump's.

It has been investigating Mr Musk for potential fraud involving his purchase of social media platform X in 2022 - Mr Musk has accused the SEC of harassment and has refused to continue cooperating with its investigation.-bbc

Sell Chrome to end search monopoly, Google told

The US Department of Justice (DOJ) has demanded Google sells Chrome, the world's most popular web browser.

It is one of a series of remedies proposed by the DOJ in a court filing late on Wednesday aimed at stopping the tech giant from maintaining its monopoly in online search.

Government lawyers also recommended that District Judge Amit Mehta force the firm to stop entering into contracts with companies - including Apple and Samsung - that make its search engine the default on many smartphones and browsers.

The proposed remedies stem from a landmark anti-competition ruling in August, in which Judge Mehta found Google illegally crushed its competition in online search.

The Department of Justice was joined in the filing by a group of US states that argued the changes will help to open up a monopolised market.

"Restoring competition to the markets for general search and search text advertising as they exist today will require reactivating the competitive process that Google has long stifled," the government lawyers wrote.

In response, Google said that with its proposals, the DOJ "chose to push a radical interventionist agenda that would harm Americans and America’s global technology leadership."

"[The] DOJ’s wildly overbroad proposal goes miles beyond the Court’s decision," said Kent Walker, president of global affairs at Google.

"It would break a range of Google products — even beyond Search — that people love and find helpful in their everyday lives."

Google is expected to counter with its own proposed remedies by 20 December.

Judge Mehta is set to issue a decision by the summer of 2025.

Google's search engine accounts for about 90% of all online searches globally, according to web traffic analysis platform Statcounter.

Government attorneys also said that Google's ownership and control of the Chrome browser - along with the Android operating system - have allowed it to funnel users to its search engine.

Part of the proposal included barring Google from re-entering the browser market for five years.

The DOJ also proposed court oversight of Android to ensure the company refrains from using its ecosystem to "favour its general search services and search text ad monopolies."

A new administration

The DOJ case against Google was filed in the closing months of the first administration of Donald Trump.

With the President-elect set to return to the White House on 20 January, questions have been raised about whether his new administration would take a different approach to the case.

"It would be odd for the second Trump administration to back off a lawsuit that they filed themselves," said Rebecca Allensworth, associate dean for research and anti-trust professor at Vanderbilt Law School.

Even if Trump sought to stop the case from proceeding, which Prof Allensworth said is unlikely, the states listed as plaintiffs could proceed on their own.

"So, given that, they can't make it go away," she said. "I think that the federal government will stay on it but just how hard they'll push and what they'll ask for, I think, is really uncertain."

The proposed changes could play an important role in restoring competition to the online search market, according to Professor Laura Phillips-Sawyer of the University of Georgia School of Law.

The user data that Google secured because of its dominance in search helped "refine Google's search algorithm and sell text ads," Professor Phillips-Sawyer said.

"But, those contracts also make it impossible for any newcomer in search to secure a distribution channel, and without any real possibility of reaching consumers, no one will invest in such innovation."

She says if Mehta accepts the governments proposals, competitors to Google - including new entrants - may have the chance to thrive.-bbc

Thousands of PayPal customers report brief outage

Payment app PayPal experienced a brief outage worldwide on Thursday, it confirmed.

It said in a post on its service status page it was experiencing "a system issue" that affecting multiple PayPal Products - including account withdrawal and express checkout.

The company said the technical issue was swiftly resolved.

However, even a brief outage was enough to cause problems for customers, who reported being unable to log in to their accounts or said they were having problems making payments.

Platform outage monitor Downdetector had received more than seven thousand reports from users as of 12:12 GMT.

According to the company's service status dashboard, the incident began at 10:53 UTC.

It said its cryptocurrency services and peer-to-peer payment app, Venmo, were among its services affected by the outage.

Customers took to social media to post about not being able to access their accounts.

Several users on X, formerly Twitter, posted screenshots of an alert telling them "please check your entries and try again" when attempting to log in.

Founded in 1998, PayPal has grown to become a major, global financial institution.

It told investors in October that its total number of active accounts across its operations had soared to 432 million in the period ending 30 September.-bbc

Is nuclear power gaining new energy?

A decade ago, it seemed as though the global nuclear industry was in an irreversible decline.

Concerns over safety, cost, and what to do with radioactive waste had sapped enthusiasm for a technology once seen as a revolutionary source of abundant cheap energy.

Yet now there is widespread talk of a revival, fuelled by tech giants Microsoft, Google and Amazon all announcing investments in the sector, as well as the growing pressures on wealthy nations to curb their carbon emissions.

But how real is the comeback?

When commercial nuclear power was first developed in the 1950s and 1960s, governments were seduced by its seemingly unlimited potential.

Nuclear reactors could harness and control the same awesome forces released by atomic bombs - to provide electricity for millions of homes. With a single kilogram of uranium yielding some 20,000 times as much energy as a kilogram of coal, it seemed like the future.

But the technology also inspired public fear. And that fear seemed to be justified by the Chernobyl disaster, which spread radioactive contamination across Europe in early 1986.

It fuelled widespread public and political opposition – and slowed the growth of the industry.

Another accident, at the Fukushima Daichi plant in Japan in 2011, re-energised concerns about nuclear safety. Japan itself shut down all of its reactors in the immediate aftermath, and only 12 have since restarted.

Germany decided to phase out nuclear power altogether. Other countries scaled back plans to invest in new power plants, or extend the lives of ageing facilities.

According to the International Atomic Energy Agency, this led to the loss of 48GW of electric power generation globally between 2011 and 2020.

Getty Images A worker measuring radiation levels at the Fukushima Daichi nuclear power station in 2014Getty Images

The Fukushima nuclear accident in 2011 raised new fears about the safety of the global industry

But nuclear development did not stop. In China, for example, there were 13 nuclear reactors in 2011. There are now 55, with another 23 under construction.

For Beijing, scrambling to meet rapidly growing electricity demand, nuclear had, and still has, a vital role to play.

Now interest in the sector seems to be growing elsewhere once again. This is partly because developed countries are hunting for ways to meet energy demand, while striving to meet emissions reduction targets under the Paris Agreement.

With 2024 projected to be the warmest year on record, the pressure to cut carbon emissions is mounting. A renewed focus on energy security, in the wake of Russia’s invasion of Ukraine, has also been a factor.

South Korea, for example, recently scrapped plans to phase out its large fleet of nuclear power stations over the next four decades – and will build more instead.

And France has reversed plans to reduce its own reliance on nuclear energy, which provides 70% of its electricity. Instead, it wants to build up to eight new reactors.

In addition, last week the US government reaffirmed at the United Nations Climate Change Conference, or Cop29, held in Azerbaijan, that it intends to triple nuclear power generation by 2050.

The White House had originally pledged to do this on the side lines of last year's conference, Cop28. A total of 31 countries have now agreed to try to triple their use of nuclear power by 2050, including the UK, France and Japan.

Also at Cop29, which ends on Friday, 22 November, the US and UK announced that they would collaborate to speed up the development of new nuclear power technology.

This came after it was agreed in the final statement or “stocktake” of last year's Cop28 that nuclear power should be one of the zero or low emission technologies to be “accelerated” to help combat climate change.

A simple guide to climate change

Why does keeping global warming to 1.5C matter?

What is COP29 and how will Trump’s election affect the climate talks?

But hunger for clean power is not just coming from governments. Technology giants are striving to develop more and more applications that use artificial intelligence.

Yet AI relies on data – and data centres need constant, reliable electricity. According to Barclays Research, data centres account for 3.5% of electricity consumption in the US today, but that figure could rise to more than 9% by the end of the decade.

In September, Microsoft signed a 20-year deal to buy power from Constellation Energy, which will lead to the reopening of the infamous Three Mile Island power station in Pennsylvania – the site of the worst nuclear accident in US history, where a reactor suffered a partial meltdown in 1979.

Despite its tainted public image, another reactor at the plant continued to generate electricity until 2019. Constellation’s chief executive Joe Dominguez described the deal to reopen it as a "powerful symbol of the rebirth of nuclear power as a clean and reliable energy resource".

Other tech giants have taken a different approach. Google plans to buy energy produced from a handful of so-called Small Modular Reactors or SMRs – a nascent technology intended to make nuclear energy easier and cheaper to deploy. Amazon is also supporting SMR development and construction.

SMRs themselves are being promoted, in part, as a solution to one of the biggest drawbacks facing nuclear power today. In western nations, new power stations have to be built to exacting modern safety standards. This, cobined with their sheer scale, makes them prohibitively expensive and complicated to build.

Hinkley Point C is a good example. Britain’s first new nuclear power station since the mid-1990s is being built on a stretch of remote coastline in southwest England.

It is meant to be the first of a batch of new plants to replace the country’s ageing reactor fleet. But the project is running some five years behind schedule and will cost up to £9bn ($11.5bn) more than planned.

It is not an isolated case. The US’s newest reactors at Plant Vogtle in Georgia opened seven years late, and cost more than $35bn – well over double their original budget.

SMRs are designed to solve this problem. They will be smaller than traditional reactors, using standardised parts that can be assembled quickly, at sites close to where the power is needed.

But while there are some 80 different designs under development globally, according to the International Atomic Energy Agency, the concept has yet to be proven commercially.

Getty Images The Three Mile Island nuclear power stationGetty Images

Microsoft's need for electricity will see the Three Mile Island nuclear power station, pictured, restart

Opinions about nuclear power remain highly polarised. Supporters claim the technology is indispensable if climate targets are to be reached. Among them is Rod Adams, whose Nucleation Capital fund promotes investment in nuclear technology.

“Nuclear fission has a seven-decade history showing it is one of the safest power sources available," he explains.

“It is a durable, reliable source of power with low ongoing costs already, but capital costs have been too high in Western countries."

Opponents though, insist nuclear power is not the answer.

According to Professor M.V. Ramana of the University of British Columbia, it is “a folly to consider nuclear energy as clean”. It is, he says, "one of the most expensive ways to generate electricity. Investing in cheaper low-carbon sources of energy will provide more emissions reductions per dollar."

If current trends do herald a new nuclear age, one old problem remains. After 70 years of atomic power, there is still disagreement over what to do with the accumulated radioactive waste - some of which will remain hazardous for hundreds of thousands of years.

The answer being pursued by many governments is geological disposal - burying the waste in sealed tunnels deep underground. But only one country, Finland, has actually built such a facility, while environmentalists and anti-nuclear campaigners argue that dumping waste out of sight and out of mind is simply too risky.

Solving that conundrum may be a key factor in dictating whether there really will be a new age of nuclear power.

Thin, green banner promoting the Future Earth newsletter with text saying, “Get the latest climate news from the UK and around the world every week, straight to your inbox”. There is also a graphic of an iceberg overlaid with a green circular pattern.-bbc

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