Major International Business Headlines Brief::: 10 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 September 2024 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: SSS Releases NLC President, Ajaero

ü  Nigeria: Why We Propose VAT Hike On Non-Essential Items - Oyedele

ü  Nigeria: Maiduguri Flooded As Alau Dam Breaks Down

ü  Africa: China's New Strategy in Africa - Is the Continent Getting a Fair Deal?

ü  Liberia: Chinese Firm to Construct Real Estate in Liberia

ü  Zambia: Chitchat, Mastercard Launch Debit Card for Cross-Border Payments

ü  Africa: VC Funding for Climate Startups Grows Despite Overall Decline

ü  Nigeria - Protecting the Vulnerable On the Path to Progress

ü  Liberia: China Secures U.S.$3.1b in Projects for Liberia

ü  Nigeria: Release Joe Ajaero Immediately, NLC, Amnesty International Say

ü  Kenya: Ruto Says 40,000 Housing Units to Be Built for People Relocated From Riparian Land in Nairobi

ü  Kenya: NCBA Invests Sh644mn in Cyber Security Amid Spiraling Cases

ü  South Africa: Small West Coast Town Is the World Capital of This Delicacy

ü  Nigeria: EFCC Arraigns Suspected NNPCL Director Impersonator for N100 Million Fraud

ü  Apple banks on AI to boost sales of new iPhone 16

ü  Online overtakes TV in survey of news habits

ü  Asos shoppers hit out at new £3.95 returns charge

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: SSS Releases NLC President, Ajaero

SSS arrested Mr Ajaero at the airport in Abuja on Monday while trying to catch a flight to the United Kingdom to attend an event of the World Trade Union Congress (WTUC).

 

The State Security Service (SSS) has released the president of the Nigerian Labour Congress (NLC), Joe Ajaero, after detaining him for about 15 hours on Monday.

 

The SSS released him at about 11 p.m. on Monday but seized his passport.

 

He was released to his lawyer, Abubakar Marshall, from Falana and Falana Chambers after 15 hours of detention since his arrest at about 7 a.m. on Monday at the Nnamdi Azikiwe International Airport, Abuja.

 

 

Confirming Mr Ajaero's release, Mr Abubakar told PREMIUM TIMES Monday night that the labour leader was released to him as his lawyer. He said the secret police tasked him with presenting him for further interrogation whenever the need arose.

 

"The NLC President, Joel Ajaero, has returned to his home," he said.

 

PREMIUM TIMES reported that Mr Ajaero was arrested at the airport in Abuja on Monday while trying to catch a flight to the United Kingdom to attend an event of the World Trade Union Congress (WTUC).

 

Mr Ajaero's detention sparked widespread criticism of President Bola Tinubu's administration, including from Amnesty International, which demanded an unconditional release of the labour leader on Monday.

 

The NLC, in a statement by its spokesperson, Benson Upah, also said Mr Ajaero's "arbitrary arrest" depicted "an escalating crackdown on human rights and restrictions on civic space by the government of President Bola Tinubu."

 

 

Another of Mr Ajaero's lawyers, Maxwell Opara, condemned the arrest in an interview with PREMIUM TIMES on Monday.

 

He said the labour leader had informed the SSS about his trip to the United Kingdom for an official engagement.

 

The lawyer said the SSS had invited Mr Ajaero a couple of days ago via telephone call but that he told the secret police that he would honour the invitation on Monday, September 16, upon his return from the UK to Nigeria.

 

"They (SSS) invited him on the phone. He told them that he was engaged with the World Trade Union Congress. He had committed to meeting with the SSS on Monday when he returned from the UK," Mr Opara told PREMIUM TIMES in a telephone interview on Monday.

 

Mr Opara accused the Nigerian government of attempting to undermine Mr Ajaero's advocacy and leadership of the NLC by arresting him.

 

According to the lawyer, the arrest is part of a broader strategy to disrupt the NLC president's efforts on behalf of Nigerian workers.

 

Mr Opara accused the government of plotting to remove the labour leader from office and replace him with somebody more aligned with its interests.

 

"The government wants to push him out," Mr Opara said. "The SSS claimed Mr Ajaero was invited, despite his clear communication about his availability. This is a deliberate attempt to disrupt his work.

 

"The timing and nature of this arrest suggest an effort to weaken Mr Ajaero's influence and consolidate control over the labour movement," he added.

 

The NLC and Mr Ajaero have been having a running battle with the Nigerian government.

 

The police have invited him on two occasions, one of which involved the 70-year-old British socialist Andrew Wynee, who runs a bookstore in the Labour House building, where the NLC headquarters is located.

 

Citing Mr Wynnee's connection with the organisers of the #EndBadGovernance protests held across many states in August, the Nigerian government declared him wanted last week over an alleged attempt to topple President Bola Tinubu's government.

 

Mr Wynne has dismissed the allegation, maintaining that protests are not treason as alleged by the government.

 

on Premium Times.

 

 

 

Nigeria: Why We Propose VAT Hike On Non-Essential Items - Oyedele

This move, he said, will significantly reduce the tax pressure on households.

 

Nigeria's Presidential Fiscal Policy and Tax Reforms Committee has proposed an increase in Value Added Tax (VAT) on non-essential goods to offset VAT reduction on essential items like food, healthcare, and education.

 

The committee chair, Taiwo Oyedele, said this in a repeat post via his X handle on Monday.

 

Mr Oyedele said the committee is also proposing to reduce the VAT rate to zero per cent (0%) on food, health, education, with exemption for rent, transportation, and small businesses.

 

 

"The upward rate adjustment is on non-essential items to partly offset the impact of the reduction in rate and exemption for essential items ensuring that the masses are protected and providing some cushion for states who earn 85% of VAT revenue.

 

"Businesses will also get full credit for the VAT they pay on their assets and services, thereby lowering their overall costs and moderating inflation," he said.

 

Under the proposal, he said essential goods and services such as food, rent, transport, healthcare, and education will either be exempted from VAT or attract a zero per cent rate.

 

This move, he said, will significantly reduce the tax pressure on households, especially as the National Bureau of Statistics (NBS) data indicates that Nigerians spend most of their income on these basic needs.

 

 

The proposed VAT reforms also aim to streamline Nigeria's tax system by discontinuing other consumption taxes and focusing solely on VAT where applicable.

 

A key benefit of the reforms is that all businesses will be able to recover VAT on their assets and services, lowering operational costs and reducing inflationary pressures. Additionally, more than 97 per cent of small- and medium-sized enterprises (SMEs) will be exempt from charging VAT on their sales, offering further relief to smaller businesses.

 

Also, the reforms promise quicker VAT refunds, without the need for extensive tax audits, which often cause delays under the current system.

 

The committee also proposed a more equitable distribution of VAT revenues among states, while export of services and intellectual property will attract zero per cent VAT.

 

The committee's proposal had earlier generated ripples as some media outlets reported that there was an imminent increase in VAT from 7.5 per cent to 10 per cent.

 

In his reaction to the reports, a former Nigerian Vice President, Atiku Abubakar, said that President Bola Tinubu's government had concluded plans to add to Nigerians' burden by raising VAT to 10 per cent.

 

In a statement he circulated on Sunday, Atiku also said that President Bola Tinubu, alongside his coterie of advisers, resolved to raise the VAT rate even as the NNPC has announced a soaring PMS price increase at the pump.

 

"The increase in VAT is set to become the blazing inferno that will consume the very essence of our people," Atiku said.

 

But the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also on Monday said the VAT rate as contained in relevant tax laws and chargeable on goods and services remained 7.5 per cent.

 

"The current VAT rate is 7.5 per cent and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate," the minister said.

 

on Premium Times.

 

 

 

 

Nigeria: Maiduguri Flooded As Alau Dam Breaks Down

The Borno State Government asks affected residents to follow evacuation routes.

 

Residents of Maiduguri, the Borno State capital, are on high alert as flood has submerged many homes following the alleged breakdown of Alau Dam that has been filled to capacity for the past one week.

 

A statement in the early hours of Tuesday by Usman Tar, the Commissioner for Information and Internal Security, titled "Flooding Alert for River Bank Residents ", called for immediate evacuation.

 

Mr Tar,aprofessor, said, "Due to the unusually high volume of water this year, we urge all the residents living along the river bank to take immediate action to protect themselves and their properties.

 

"The Alau Dam water has broken down another channel that is currently destroying farms and the water is heading toward the river bank."

 

Mr Tar also urged the residents of the affected areas to follow evacuation routes to ensure safe passage.

 

The News Agency of Nigeria (NAN) reports that the last time the dam had such a problem was in 1994, resulting in unprecedented flooding in Maiduguri when almost half of the town was flooded.-Premium Times.

 

 

 

 

Africa: China's New Strategy in Africa - Is the Continent Getting a Fair Deal?

China has unveiled a bold new strategy to deepen its influence in Africa - with mixed reactions over whether the continent will truly benefit. At the close of the latest China-Africa cooperation forum, Beijing presented an elaborate proposal to boost African development while securing its own strategic foothold.

 

The Beijing Action Plan is China's blueprint for the next three years, committing a staggering €46 billion in aid, investments and credit lines.

 

Building on the Dakar Action Plan - signed in the Senegalese capital in 2021 to strengthen cooperation in trade, infrastructure and development - the new deal promises African countries €27 billion in credit, €10 billion in assistance and €9 billion in direct investment from Chinese companies.

 

 

Its unveiling, made during the ninth Forum on China-Africa Cooperation (Focac) held last week in Beijing, marks a key moment in the strengthening relationship between the two regions.

 

But while the numbers sound promising, questions linger about the true impact on Africa.

 

"Monitoring these commitments is difficult, and it is not certain whether or when these targets will be met," says Ibrahima Xalil Niang, an economist at Cheikh Anta Diop University in Dakar.

 

He warns that a lack of clear oversight and evaluation is one of Focac's biggest weaknesses.

 

Politics and security

 

Beyond financial aid, China's strategy this time extends into new territory: political and security cooperation.

 

 

The plan also includes promises of training African military forces, participating in peacekeeping efforts and combatting terrorism.

 

Beijing has also expressed a desire to foster "exchanges between political parties", generating concern that China may be encouraging African governments to adopt elements of its own authoritarian model.

 

At the same time, China's so-called Global Security Initiative promotes an alternative to the US-backed "rules-based order" by emphasising territorial sovereignty and noninterference.

 

This initiative, which advocates for less external influence in African countries, resonates particularly in regions frustrated by Western interference.

 

The Beijing Declaration issued at the end of the forum went even further - tapping into anti-colonial sentiments across the continent.

 

It referenced a February 2024 African Union statement on reparations, demanding that the US and other Western nations end sanctions on countries like Zimbabwe, Eritrea and Sudan.

 

 

These nations, the declaration said, "have the right to decide the future of their own country".

 

'Historical injustices'

 

In a keynote address, China's President Xi Jinping spoke of what he described as the shared struggle of China and Africa against colonialism.

 

"Modernisation is an inalienable right of all countries," Xi said, adding that the Western approach to development had caused "immense suffering" to nations in the Global South.

 

"Since the end of World War II, developing nations, represented by China and African countries, have achieved independence ... and have been endeavouring to redress historical injustices..."

 

Although China was not colonised like many African nations, it faced significant foreign influence in the 19th and early 20th centuries.

 

Following the Opium Wars with Britain, China endured a "century of humiliation" marked by unequal treaties that granted foreign powers like Britain, France, Japan and Russia substantial control over its land and trade.

 

Shift in strategy

 

The Focac process is part of a longer trend that began during the Cold War with the non-aligned movement of the 1950s, when Beijing emerged as a leader of a bloc independent from both the US and the USSR.

 

Today China is seeking to position itself as the leader of the Global South, a catchphrase for the developing world - a group of nations often at odds with the US and its allies.

 

Its message of rewriting the international, US-dominated, order resonates with African nations that often feel abandoned by their traditional Western partners.

 

By presenting itself as an alternative, China has gained considerable influence on the continent says the economist Niang - pointing out that this partnership is all about strategy.

 

"States don't have friends, they only have interests," he said, adding that China's engagement is as much about securing its own strategic goals as it is about helping Africa.

 

African expectations

 

For African nations, China offers much-needed access to finance, infrastructure and technology.

 

"African countries stand to gain from China in terms of easier access to finance and technology, and in terms of narrowing the infrastructure gap," says Niang.

 

"That's why China is becoming indispensable. China has the money and the technology, and Africans need that money and technology. This is why any other discourse that does not meet the expectations of Africans will not be heard."

 

But, as living costs and inequality continue to rise across the continent, African governments will need to tread carefully.

 

"Today, the traumas of colonisation and post-colonial exploitation have developed anti-French sentiment in West Africa," he adds.

 

"African streets are abuzz with demonstrations hostile to government decisions."

 

Anti-Western sentiment is growing, particularly toward countries like France, and this dynamic could affect how Africa engages with global powers, including China.

 

How the Beijing Action Plan plays out will shape the future of Africa-China relations - and reveal whether this evolving partnership will truly benefit both sides.-RFI website.

 

 

 

 

Liberia: Chinese Firm to Construct Real Estate in Liberia

The Government of Liberia, through the Ministry of Information, Cultural Affairs, and Tourism, has signed a non-binding Memorandum of Understanding with a multimillion-dollar real estate developer in the People's Republic of China for the construction of hotels, housing estates, and amusement parks in Liberia to boost the country's tourism sector.

 

Accommodation facilities--hotels and housing--play important roles in enhancing tourism in Liberia, a sector that has been a priority in the country's national development plan since January 2024.

 

The MOU was signed at the China-Liberia Trade Forum organized in Shenzhen City. Liberia's Minister of Information, Cultural Affairs, and Tourism, Jerolinmek Matthew Piah, signed on behalf of the Government of Liberia. In contrast, Mr. Zheng Xudong signed for Shanghai Black Rock Lake Enterprise Development Co., Ltd. (China) signed for the firm.

 

 

The firm, Shanghai Black Rock Lake Enterprise Development Co., Ltd. (China), has extensive experience in real estate development, project management, financing, and sustainable construction. It plans to develop projects such as serviced apartments, high-end shopping centers, and luxury residences in Monrovia and its surrounding areas.

 

According to the MOU, the firm "plans to develop an international community in the southern coastal area of Monrovia, covering approximately 60 acres, including hotels, apartments, residences, and entertainment areas such as amusement parks.

 

The project is expected to create over 200 jobs and require a total investment of approximately $20 million. "

 

The firm is committed to developing similar projects in the Monrovia area, further enhancing the city's aesthetics, increasing local employment, and promoting economic growth.

 

The signing of the MOU is indicative of China's confidence in investment in Liberia, which will enhance and accelerate economic growth.

 

on New Dawn.

 

 

 

 

Zambia: Chitchat, Mastercard Launch Debit Card for Cross-Border Payments

ChitChat partners with Mastercard for virtual debit cards, enabling cross-border payments and in-app transactions.

Users can store funds in multiple currencies to protect against local currency fluctuations.

ChitChat app facilitates subscriptions payment, online shopping, and money transfers within and outside Africa.

ChitChat, a Zambian social commerce platform, has partnered with Mastercard to launch virtual debit cards for cross-border payments. This follows ChitChat's March 2024 debut by Union54, after the latter paused its services due to a $1.2 billion fraud attempt.

 

 

The virtual card allows users to bypass bank visits, paperwork, and fees with instant in-app transactions. Funds can be stored in multiple currencies, providing a buffer against local currency fluctuations.

 

ChitChat users can now pay for subscriptions, shop online, and transfer money across Africa through the app. Countries serviced include Zambia, Ghana, Tanzania, and Angola. The platform plans to expand remittances to China, India, and South Africa by year-end.

 

Key Takeaways

 

Africa's economic landscape is shifting, with more consumers turning to these digital platforms for quick, efficient, and accessible cross-border payments. The E-commerce sector is projected to hit $75 billion by 2025, with social commerce playing a key role. Platforms like ChitChat, along with Kenya's Chpter and Sukhiba Connect, are leveraging the boom. ChitChat's partnership with Mastercard reflects the rising demand for seamless digital payment solutions. Meanwhile, Union54's earlier halt due to chargeback fraud reshaped its business model, leading to ChitChat's debut. The platform's growing footprint in Africa and plans to expand remittances aim to boost financial inclusion across the continent. Social commerce offers a direct link between conversations and commerce, simplifying transactions while broadening access to global markets.

 

on Daba Finance.

 

 

 

Africa: VC Funding for Climate Startups Grows Despite Overall Decline

Climate tech startups in Africa are attracting significant investment, with funding growing from $340 million in 2019 to $1.1 billion in 2023.

African climate tech firms received 45% of the $325 million raised by startups, with a focus on water and sanitation, renewable energy, carbon removal, and land restoration.

 

VCs in Africa are increasingly interested in climate innovation, with a special focus on food production and disaster management.

While global venture capital (VC) funding for startups has been slowing, investment in climate mitigation and adaptation startups continues to rise.

 

Funding for climate startups grew from $340 million in 2019 to $1.1 billion in 2023, with the sector drawing over $3.5 billion in the last five years.

 

In the first half of the year, climate tech firms received 45% of the $325 million raised by African startups, per TechCabal data.

 

Key Takeaways

 

VCs in Africa see continued potential, with expanding interest in food production and disaster management. Since 2022, the Kenya Climate Innovation Centre has raised over $150 million to support small enterprises in the space. These firms focus on areas like water and sanitation, renewable energy, carbon removal, and land restoration. on Daba Finance.

 

 

 

Nigeria - Protecting the Vulnerable On the Path to Progress

Abuja, Nigeria — Returning to Nigeria after five years, I was struck by the changes - both the challenges and the opportunities. To better understand these dynamics, I have been undertaking visits to states across Nigeria.

 

In Lagos, I saw young people using technology to drive innovation and address social issues. In Enugu and Anambra, I witnessed the transformative power of innovation in education and healthcare, and the critical role of traditional leaders in promoting sustainable development. In the Northwest, I met with seven state governors eager to collaborate with the UN on issues ranging from insecurity to climate change.

 

The economic landscape has shifted dramatically, with the currency depreciation impacting everyone, but especially the most vulnerable. The new government, just over one year in office, has initiated needed economic reforms intended to improve the macro-economic space and the governance of the country's resources.

 

 

As the reforms are yet to produce results, we are observing unintended consequences such as high cost of goods and services, mostly food, fuel and transport, resulting in hardship for the people, especially the poorest - as the cost of living has skyrocketed.

 

The UN needs to engage differently to make an impact in Nigeria and adapt our work to align with the development aspirations of the country. As I took on the role of the Resident Coordinator (RC), five months ago, I prioritized high-level engagement with government partners to demonstrate our support and offer the UN's convening power and resources.

 

We are committed to helping Nigeria build a new narrative, with the leaders of Nigeria in the driver's seat, one focused on opportunities and hope for the future, particularly for its young people.

 

Economic reforms with a human face

 

While the government's economic reforms are essential, they must also protect the most vulnerable. The UN in Nigeria is supporting the implementation of a robust social safety net, and the Resident Coordinator's Office (RCO) plays a critical role in streamlining these efforts. For instance, while UN Children'd Fund (UNICEF) and World Food Programme (WFP) might both be working on aspects of implementing social transfers, the RCO brings them together to ensure coordination, avoid duplication, and maximize the use of resources.

 

The RCO also fosters vital partnerships, such as with the Ministry of Budget and Economic Planning; the Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs); Ministry of Foreign Affairs; Federal Ministry of Youth Development; National Human Rights Commission (NHRC); and the Institute for Peace and Conflict Resolution (IPCR), among others; to leverage national capacities and ensure the sustainability of our initiatives.

 

 

In the current resource-constrained environment of international development, it is imperative that we harness the collective strengths of UN agencies. By working together, we can more effectively address the multifaceted challenges facing Nigeria and ensure that the most vulnerable are protected during this period of economic transition.

 

The UN in Nigeria continues to offer assistance with vulnerability assessments, building a strong beneficiary registry system, and reinforcing the distribution of cash transfers to millions of households, particularly targeting women, youth, and persons with disabilities. The RCO plays a vital role in ensuring these efforts are well-coordinated and impactful.

 

We bring together the expertise of various UN agencies, leveraging UNICEF's, WFP's and International Labour Organization's (ILO) experience in areas such as improving policy, data collection, social registry, vulnerability assessments, communication, and monitoring - this collaboration guarantees effectiveness and efficiency. We also work with external partners like the World Bank and the European Union through the Social Protection Development Partners' Group to leverage their knowledge and resources.

 

Additionally, we hope to support urgent acceleration in social transfers and more systemic improvement, drawing on the technical capabilities of agencies like UNICEF, WFP, United Nations Development Programme (UNDP), UN Food and Agriculture Organization (FAO), ILO, and International Organization for Migration (IOM) to better target the poorest populations.

 

The RCO also facilitates partnerships with government agencies such as the Federal Ministry of Finance, Federal Ministry of Humanitarian Affairs and Poverty Alleviation, National Bureau of Statistics, to build a strong registry system using innovations like biometric technology, enhancing effective monitoring, and ensuring all vulnerable groups are reached.

 

Given the importance of building trust around the current economic reforms, the UN Information Centre, under the guidance of the RC, has offered a country-wide and robust communication and advocacy strategy hinged on a multi-channel approach to reach everyone. The effort has included important partnerships with telecommunications companies, media, private sector, community service organizations, among others.

 

Dealing with displacement

 

The Northeast, grappling with a protracted humanitarian crisis, has understandably the strongest UN presence in Nigeria. Here, the RCO plays a critical role in coordinating the diverse efforts of UN agencies, NGOs, and the government to address the complex needs of internally displaced people (IDPs) and find lasting solutions.

 

Under the leadership of the RC, the UN Country Team in Nigeria has actively championed the Secretary-General's Action Agenda on Internal Displacement. Nigeria, out of the 15 countries with the highest number of displaced people globally, is the most advanced in planning for durable solutions.

 

 

This led to the recent launch, of government plans placing over 4 million IDPs and returnees on pathways to solutions. By fostering collaboration and strategic planning, the RCO has been instrumental in supporting this government effort.

 

Collaboration to accelerate the SDGs

 

The Secretary-General's recent SDG Report underscores the global shortfall in progress. Nigeria, currently ranked 146th out of 167 countries, needs urgent action to accelerate progress towards the Goals.

 

While there are improvements in health (SDG 3) and water and sanitation (SDG 6), progress is insufficient to achieve the targets on time. Given its demographic size and influence in Africa, success in Nigeria can have a ripple effect across the continent.

 

Therefore, it is time for an end to business as usual. We must embrace a new era of collaboration, one that harnesses the power of innovation, optimizes scarce resources, and fosters stronger partnerships. Through intensified advocacy and coordinated efforts with the international community, civil society, the private sector, and government, we can unlock Nigeria's vast potential and accelerate progress towards the SDGs.

 

The time for transformative change is now, and together, we can build a more sustainable, equitable, and prosperous future for Nigeria.

 

This blog was written by Mohamed M. Malick Fall, United Nations Resident Coordinator in Nigeria. To learn more about the work of the UN in Nigeria visit nigeria.un.org Source: UN Development Coordination Office, New York.- on IPS.

 

 

 

 

Liberia: China Secures U.S.$3.1b in Projects for Liberia

China-Africa relations are growing deeper and more rapidly than ever before and, as both sides endeavor to keep the torch of the connection burning, new development initiatives keep springing up, with China leading the way.

 

One of the latest announcements made by President Xi Jinping at the just-ended Forum on China-Africa Cooperation (FOCAC) was about his country's decision to grant 33 African countries zero tariffs on business transactions. It can be recalled that at the Forum, China announced US$50 billion for the continent's development initiatives and Liberia, also being a good friend of China for nearly 50 years, secured US$3 billion for the construction of an oil refinery in the Port City of Buchanan as well as US$100 million for road construction.

 

 

In addition to these major wins, Liberia also signed a memorandum of understanding (MoU) with a multimillion-dollar Chinese company to invest in the construction of hotels and housing as well as sports and playgrounds to boost the tourism sector of Liberia.

 

The MOU was signed, according to the Information Ministry of Liberia, at the China-Liberia Trade Forum organized in Shenzhen City. Liberia's Minister of Information, Cultural Affairs and Tourism, Jerolinmek Matthew Piah, signed on behalf of the Government of Liberia while Mr. Zheng Xudong signed for Shanghai Black Rock Lake Enterprise Development Co., Ltd. (China) signed for the firm.

 

The FOCAC was initiated in the year 2000 and, within 24 years of its existence as a mechanism for deep reflections, strengthening bilateral and multilateral relations as well as advancing development and economic ties, the Forum has seen probably its most productive edition.

 

"China will voluntarily and unilaterally open its market wider. We have decided to give all Least Developing Countries having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines," Xi told his visiting counterparts.

 

The Chinese leader added: "This has made China the first major developing country and the first major economy to take such a step. It will help turn China's big market into Africa's big opportunity."

 

President Xi continued: "China will expand market access for African agricultural products, deepen cooperation with Africa in e-commerce and other areas, and launch a "China-Africa quality enhancement program."

 

He said his country (The People's Republic of China) is prepared to enter into framework agreements on economic partnership for shared development with African countries to provide long-term, stable, and predictable institutional guarantees for trade and investment between the two sides.

 

 

Although the 33 African countries to benefit from the zero-tariff arrangement were not named in his speech, the point was the second of ten partnership actions for modernization to deepen China-Africa cooperation and spearhead the Global South modernization. Also, 70 other countries from Asia, South America, Europe, and the Caribbean that are among the least developing countries are expected to benefit from the same zero tariffs.

 

His first action plan in the next three years is to work with African countries to Partner with Africa for Mutual Learning among Civilizations. "China is ready to work with Africa to build a platform for governance experience sharing, a China-Africa knowledge network for development, and 25 centers on China and Africa studies. We will make better use of Africa's leadership academies to cultivate talents for governance, and invite 1,000 members of African political parties to China to deepen exchanges of experience in party and state governance."

 

Thirdly, Xi disclosed that China is ready to foster industrial cooperation with Africa push forward the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation, and launch an "African Small-Medium Enterprises empowerment program.

 

"We will build with Africa a digital technology cooperation center and initiate 20 digital demonstration projects so as to embrace together the latest round of technological revolution and industrial transformation," he said as he addressed his colleagues at the opening of FOCAC.

 

Another action plan for the cooperation is to ensure there is Connectivity. Xi said his country is prepared to carry out 30 infrastructure connectivity projects in Africa, promote high-quality Belt and Road cooperation, and put in place a China-Africa network featuring land-sea links and coordinated development. "We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa."

 

China is the largest and fastest developing country in the world with its economy being only second to the United States, even though it began realizing self-rule through independence in 1949, about 173 years After the American nation declared independence.

 

Quite a few industrialized nations have wooed African countries through their respective forums, including the US-Africa Business Summit, South Korea and Africa Summit, Indonesia and Africa Summit, as well as Japan's Tokyo International Conference on African Development (TICAD), among others, China is stealing the show with the tangibles that continue to come from its engagements with Africa, especially in its use of technology and construction engineering capacity to help build and improve infrastructures.

 

While China also seeks Africa's resources as it spends its billions on the continent, the country is looking forward to a moderately prosperous Africa compared to others who have, over the centuries exploited the continent and refused to help rebuild the broken structures, lest mention modernization.

 

 

"Fifth, the Partnership Action for Development Cooperation. China is ready to release the Joint Statement on Deepening Cooperation within the Framework of the Global Development Initiative with Africa, and implement 1,000 'small and beautiful' livelihood projects," Xi said. "We will replenish the China-World Bank Group Partnership Facility to boost Africa's development. We support Africa in hosting the 2026 Youth Olympic Games and the 2027 Africa Cup of Nations. We will work together with Africa to deliver more fruits of development to the two peoples."

 

President Xi added that China's sixth plan of action for the next three years is to work with Africa on boosting healthcare delivery and making it more accessible and affordable.

 

"China is ready to establish with Africa a hospital alliance and joint medical centers. We will send 2,000 medical personnel to Africa and launch 20 programs of health facilities and malaria treatment. We will encourage Chinese companies to invest in Africa's pharmaceutical production, and continue to do what we can to help Africa with epidemic response. We support the development of the Africa Centers for Disease Control and Prevention to strengthen public health capacity in all African countries."

 

He continued that China will also partner with Africa on agriculture and livelihood for job creation and the well-being of people.

 

"China will provide Africa with RMB1 billion yuan in emergency food assistance, build 100,000 mu (about 6,670 hectares) of standardized agriculture demonstration areas in Africa, send 500 agricultural experts, and establish a China-Africa agricultural science and technology innovation alliance. We will implement 500 programs in Africa to promote community welfare. We will also encourage two-way investment for new business operations by Chinese and African companies, enable Africa to retain added value, and create at least one million jobs for Africa."

 

To solidify and enhance productivity, the Chinese leader committed his country to more productive people-to-people exchanges, with education and capacity building being the hallmark.

 

"Eighth, the Partnership Action for People-to-People Exchanges. China will implement with Africa more solidly the Future of Africa--Vocational Education Cooperation Plan, establish together an engineering technology academy, and build ten Luban Workshops. We will provide 60,000 training opportunities to Africa, mainly for women and youths. We will launch with Africa a Cultural Silk Road program as well as an initiative of cooperation on innovation in radio, TV, and audio and visual programs. The two sides have agreed to designate 2026 as the China-Africa Year of People-to-People Exchanges."

 

For green energy development, the Chinese Government has assured Africa that it will invest in projects that will help mitigate climate change challenges caused by environmental pollution.

 

"China is ready to launch 30 clean energy projects in Africa, put in place meteorological early warning systems, and carry out cooperation in disaster prevention, mitigation, and relief as well as biodiversity conservation. We will create a China-Africa forum on the peaceful use of nuclear technology, establish together 30 joint laboratories, and collaborate on satellite remote sensing and lunar and deep-space exploration. All this is designed to help with green development in Africa," President Xi said.

 

He concluded the ten action plan by disclosing that his country will work with Africa in achieving the Global Security Initiative (GSI).

 

He said China is ready to build a partnership with Africa to implement the Global Security Initiative (GSI) and make it a fine example of GSI cooperation.

 

"We will give Africa RMB1 billion yuan in military assistance, provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa, and invite 500 young African military officers to visit China. The two sides will conduct joint exercises, training, and patrol, carry out an "action for a mine-free Africa," and jointly ensure the safety of personnel and projects."

 

To implement the ten-count action plan, President Xi said the Chinese government will provide RMB360 billion yuan of financial support over the next three years. This breaks down into RMB210 billion yuan of credit lines, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuanof investment in Africa by Chinese companies.

 

He expressed that China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.

 

on Liberian Observer.

 

 

 

 

Nigeria: Release Joe Ajaero Immediately, NLC, Amnesty International Say

"President Bola Tinubu's government persistently attacks and undermines the operations of the NLC, through fabricated allegations..."

 

The Nigeria Labour Congress and Amnesty International have demanded the immediate and unconditional release of NLC President Joe Ajaero by security agencies.

 

The NLC, in a statement by its spokesperson, Benson Upah, said it "will not stand idly by while the rights of its leaders and members are trampled upon."

 

In its statement, Amnesty International said it "strongly condemns the unlawful arrest of the President of Nigeria Labour Congress (NLC) Joe Ajaero by the Department of State Services (DSS) today. The labour union leader must be immediately and unconditionally released."

 

 

PREMIUM TIMES reported the arrest of Mr Ajaero on Monday morning.

 

The NLC said the labour leader was arrested at the Abuja airport while trying to board a flight to the UK for a Trade Union Congress gathering.

 

"The arbitrary arrest of Joe Ajaero shows an escalating crackdown on human rights and restrictions on civic space by the government of President Bola Tinubu."

 

"President Bola Tinubu's government persistently attacks and undermines the operations of the NLC, through fabricated allegations, raids on NLC headquarters and other forms of harassment and intimidation. This growing culture of impunity and disdain for workers' rights to organize and seek better welfare must stop.

 

"President Tinubu is setting a new record of utter disregard for the rule of law," Isa Sanusi, head of Amnesty International in Nigeria, wrote in a statement.

 

on Premium Times.

 

 

 

Kenya: Ruto Says 40,000 Housing Units to Be Built for People Relocated >From Riparian Land in Nairobi

Nairobi — The construction of Nairobi's Kibera Affordable Housing Project is progressing well.

 

President William Ruto, who inspected the construction of the more than 4,054-unit Kibra Soweto East Affordable Housing Project, on Monday said he was impressed by the work going on.

 

Construction for Phase II of the project, comprising 15,000 units, will commence before the end of the year, while Phase III, for 20,000 units, will start in January next year.

 

Addressing wananchi at the construction site, the President said affordable housing will transform Kenya.

 

 

He pointed out that the housing programme is the path towards a better quality of life for Kenyans.

 

He said the programme will provide tens of thousands of families with an opportunity to own a home and jobs for young people.

 

"It's through affordable housing that we can transform Kenya," said President Ruto.

 

He announced that the government is committed to transforming Kibera from "a slum to a real estate".

 

President Ruto said the completion of the first phase of the housing project will enable the residents of Kibera to achieve the dream of decent homes in a clean environment.

 

Nationally, he noted that more than 110,000 units were under construction across the country.

 

"We are determined to eliminate slums in our cities and towns to ensure Kenyans live in decent and dignified homes with guaranteed social amenities. This will be achieved through this programme," he said.

 

In Nairobi County, the President said the government will build 40,000 units along the riparian reserves to accommodate families that were moved during the recent El Nino rains.

 

Present at the event were Lands and Housing Cabinet Secretary Alice Wahome, Nairobi Governor Sakaja Johnson and Langata MP Hon Phelix Odiwuor (Jalan'go).  on Capital FM.

 

 

 

 

Kenya: NCBA Invests Sh644mn in Cyber Security Amid Spiraling Cases

Nairobi — NCBA Bank invested $5 million dollars (Sh644.5 million) in cyber security as cyber-attack threats over the last year.

 

The lender says the amount was primarily used in fortifying its fire walls amid spiraling cases of cyberthreat in the country.

 

Its managing director, John Gachora, said that the lender is keen on putting in the necessary infrastructure to combat such cases.

 

"We see this issue as a real problem across the banking industry, and because of that, it is important that, as a company, we put in the necessary infrastructure to deter such vulnerabilities," he said.

 

Cybersecurity threats have been on the rise in the country, with the latest data from the Communications Authority of Kenya (CA) capping the figures between March and June 2024 at 1.1 billion, representing a 16.5 percent growth from 971.4 million during a similar period last year.

 

According to CA, the most targeted systems included operating systems, database servers, web applications, remote access systems, as well as network devices.

 

"Majority of the attacks were targeted at organisations within the ICT sector. Attackers targeted database servers and operating systems belonging to Internet Service Providers (ISPs) and cloud-based services," said CA in a report released earlier.

 

on Capital FM.

 

 

 

 

South Africa: Small West Coast Town Is the World Capital of This Delicacy

Known as the "bokkom capital" of the world, Velddrif is a small fishing town on the West Coast where a type of fish biltong called "bokkoms" (a salted and dried harder fish) is sold from Bokkomlaan, next to the road, outside shops, and from people's homes.

 

After a severe winter, the historic Bokkomlaan, a road in Velddrif on the banks of the Berg River is again selling bokkoms, a West Coast delicacy, by the thousands.

 

Several fish houses drying and selling bokkoms operate from Bokkomlaan. Thousands of bokkom bunches (called "bossies") are dried here each week if the weather permits it.

 

"We hope for about 1,000 bossies a week," said Amos Jantjies of Ubuntu Visserye, who has been working on Bokkomlaan for over 30 years.

 

The small silver fish is soaked in salt water mixture for days before it is strung up and hangs outside for a day. Then it is taken inside the fish house to dry.

 

"This time of year it takes a month to dry," said Jantjies. In summer, it will take only one week. Jantjies bokkom used to be a staple food in the area but wasn't anymore.

 

There were once about 22 fish houses on Bokkomlaan, but the number has dropped to about four, according to Felicity Strohfeldt, a curator at the local SA Fisheries Museum.

 

But despite the shrinking industry, Velddrif resident Velancia Dampies and her husband Jowinel Dampies have created a thriving business delivering hundreds of bokkom bossies in towns outside of the town, with clients from Paarl, Porterville, Tulbagh, Gouda, and Wellington.

 

Dampies said she took on her uncle's business about two years ago. "It's very hard work. But you enjoy it. If you do it with love, then why not?" said Dampies. She said that it is rewarding when their clients receive their orders with joy and gratitude.

 

They buy the fish from local fishers, hang them and dry them at their house, with the help of about six people. Every Sunday they deliver orders. The Sunday she is delivering about 130 bossies and her husband about 200 to 300.

 

When GroundUp visited, workers were busy emptying the bokkoms out of the salt water pit and three women were busy stringing the fish through their eyes onto thread. They also have space for hanging their fish in Bokkomlaan when they have too much fish for the beams already set up at their home, which can take at most 1,300 bossies.

 

Dampies said that the fishers who go out to catch harders can sometimes come back empty-handed. The bokkom fishers who go out to catch the harders "don't go far out", said Strohfeldt. "They have to spend the night out and hope they catch something. They come back at more or less 5AM in the morning," she said.

 

Strohfeldt said that the bokkom industry and the Oceana factory in Velddrif has been good for employment in the fishing town.

 

This is confirmed by a recent Western Cape government report which states that the primary source of jobs in Velddrif is fishing and aquaculture.

 

The Dampies are looking forward to summer when business will be very good. But for now, "if the weather allows, our guys will go out. They know the time and the wind," she said.

 

on GroundUp.

 

 

 

 

Nigeria: EFCC Arraigns Suspected NNPCL Director Impersonator for N100 Million Fraud

The suspect allegedly presented himself to his victim as NNPCL's Group Executive Director and promised to assist him procure over 2,000 litres of petroleum products.

 

The Economic and Financial Crimes Commission (EFCC) has arraigned a suspect accused of swindling N100 million out a victim by falsely claiming to be a director of the Nigerian National Petroleum Company Limited (NNPCL).

 

A statement from the commission on Monday said Ibrahim Shuaibu was arraigned on seven counts of fraud before the Kaduna State High Court in Kaduna.

 

The seven counts centred on criminal breach of trust, impersonation and obtaining as much as N100 million from victims by false pretence.

 

According to the EFCC, in 2017, Mr Shuaibu presented himself to his victim as NNPCL's Group Executive Director and promised to assist him procure over 2,000 litres of petroleum products.

 

The victim, Faisal Safiyanu, was said to have transferred the agreed cost to Mr Shuaibu's bank accounts in tranches.

 

The commission said Mr Shuaibu failed to fulfil his own part of the bargain after receiving payment and failed to refund the victim's money.

 

The defendant pleaded "not guilty" to all the seven charges when they were read to him.

 

The judge, Darius Khobo, remanded him in prison.

 

Read EFCC's full statement below.

 

EFCC Arraigns Fake NNPCL Director for N100m Fraud

 

The Kaduna Zonal Directorate of the Economic and Financial Crimes Commission, EFCC has arraigned one Ibrahim Nuhu Shuaibu before Justice Darius Khobo of the Kaduna State High Court, sitting in Kaduna State for fraud.

 

Shuaibu is being prosecuted on a seven-count charge bordering on criminal breach of trust, impersonation and obtaining by false pretence to the tune of N100 million.

 

Count one of his charge reads: "That you, Nuhu Ibrahim Shuaibu (a.k.a Ishaku Abdulrazak) (M) and lIya Garba (now deceased) sometime in 2017 in Kaduna within the judicial division of this honourable court did conspire between yourselves to do an illegal act, to wit: obtaining money under false pretence and thereby committed an offence contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act."

 

Another reads: "That you, Nuhu Ibrahim Shuaibu (a.k.a Ishaku Abdulrazak) (M) sometime in 2018 at Kaduna within the judicial division of this honorable court, with intent to defraud, obtained the total sum of N47,050,000.00 (Forty Seven Million and Fifty Thousand Naira) from one Faisal Safiyanu, when you claimed to supply him petroleum products, which pretence you knew to be false and thereby committed an offence contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offenses Act 2006 and punishable under Section 1(3) of the same Act."

 

He pleaded "not guilty" to all the charges when they were read to him, prompting the prosecution counsel, M. Lawal to urge the court to fix a trial date. His counsel, AbdulKareem Audu failed to file a bail application.

 

Justice Khobo afterwards ordered the defendant to be remanded in the custody of the EFCC.

 

Shuaibu's journey to prosecution started sometime in 2017 when he presented himself to his victim as NNPCL's Group Executive Director and promised to assist him procure over 2000 litres of petroleum products for which the victim transferred the agreed cost to his bank accounts in tranches. Shuaibu failed to fulfil his own part of the bargain after receiving payment and failed to refund his victim his money.

 

 

 

 

Apple banks on AI to boost sales of new iPhone 16

With business slumping, Apple has been under pressure to show what it will offer buyers to jumpstart a new wave of iPhone sales.

On Monday, the technology giant revealed its hand - the iPhone 16 which has a camera button on the outside of the handset.

 

The button is an external clue to the changes Apple said it had made inside its latest smartphone, aimed at harnessing the latest in artificial intelligence (AI).

Apple's chief executive Tim Cook said the upgrades would "push the boundaries of what a smartphone can do" but the firm has tough competition, as other brands have already integrated generative AI features into their handsets.

 

Apple's share price fell during its "Glowtime" event, where it unveiled the iPhone 16 as well as other products, and ended the day flat. The company, worth $3 trillion, is facing concern that it is losing its edge in the burgeoning area of artificial intelligence.

 

Sales of the iPhone - Apple's most important product which accounts for around half of its total sales - have stalled in recent months. They slipped by 1% over the nine months ended 29 June compared with a year earlier.

 

Apple said its new phones, which come with longer lasting batteries, more powerful chips and enhanced privacy features, were its first built specifically to handle AI and its new "Apple Intelligence" tools, many of which were announced in June.

 

Those include new tools for writing and creating new emojis as well incorporating OpenAI's chatbot ChatGPT into Siri to help users with some queries and text generation requests.

 

On Monday, Apple also announced updates to its Apple Watch and its AirPod headphones, which will allow them to automatically drop the volume when users start in-person conversations and to decline calls with the shake of a head.

It said the Pro version of its AirPods would be able to be used as a "clinical grade" personal hearing aid for people with mild or moderate hearing loss.

The company said it was expecting marketing approval from regulators for the device "soon" and the feature would be available this autumn in more than 100 countries, including the US, Germany and Japan.

 

Previously, the company had a feature that allowed people to pair hearing aids with iPhones and other devices.

The products were rolled out at a glossy event where protestors gathered in a designated free speech area across the street, urging executives to ramp up efforts to protect children from dangerous content in the company’s App Store.

The protest featured a life-sized blow-up made to resemble Mr Cook.

 

What is AI and how does it work?

Phone companies asked to help tackle rise in thefts

 

Sales of the new range start in September, with prices for the iPhone16 starting at $799.

But the Apple Intelligence features are not set to be available on operating systems until October, starting in the US and heading to other countries in the following months. They will be available in the UK in December.

 

Ben Wood, chief analyst at the market research firm CCS Insight, said it was likely that many people would dismiss the company's new camera control as a "glorified shutter button".

 

But he said it offered "very significant" upgrades, including visual, AI-powered search and he came away from the presentation persuaded that Apple would win over customers.

 

"The combination of Apple Intelligence and new camera features on the iPhone 16 will help spur upgrades from loyal Apple customers," he said. "Particularly as Apple is positioning this latest update as being a future-proof purchase for customers wanting to get Apple Intelligence features as they roll out over the next few years."

EPA Apple's new AirPodsEPA

 

People will be able to decline phone calls with a shake of the head with Apple's new AirPods

 

Apple has been slower than rivals Samsung and Google to bake generative AI features for photo editing, translation and web browsing into its devices.

Competitors are now building them into folding, flipping and even tri-folding smartphones.

Pre-orders for Huawei's new tri-fold phone, the Mate XT, reportedly hit more than three million on Monday.

Gartner analyst Annette Zimmermann said because Apple was rolling out AI-ready smartphones later than rivals, it was "critical" they deliver.

She warned that rolling the features out before they were ready could risk their reputation or prompt sales losses.-BBC

 

 

 

Online overtakes TV in survey of news habits

Reeta Chakrabarti presenting the BBC News at 6 on BBC One - the channel is still the number one news source according to the latest Ofcom survey

Online has for the first time overtaken television in an annual survey of the UK's news habits.

 

Research by the broadcast regulator Ofcom reveals 71% of the population said they used online services for news versus 70% who watch TV news bulletins.

Over the last year, online sources grew from 68% to 71%, while social media also saw a rise from 47% to 52%. For people aged between 16 and 24, the number saying they use social media for news was 82%

 

The most commonly mentioned online news sources were Facebook, YouTube and Instagram.

Meta, which owns Facebook, Instagram and WhatsApp, was the second biggest news source in the survey with 40% saying they used it for news.

 

The BBC remains the biggest single source, with 68% of people saying they turn to it for news. However, this is a survey of what people say they do - analysis based on actual usage can paint a different picture, showing for instance that BBC News reaches 75% of the UK population on an average week.

 

The biggest falls in the survey were for traditional news providers. Newspapers and their websites saw the number of people saying they used them drop from 39% to 34%. TV news fell from 75% to 70%. BBC News online also fell from 22% to 18%.

 

The survey, however, does not measure usage of specific sites. The BBC (1.2 billion visits) and CNN (710 million visits) are the two largest news websites in the world, according to the UK Press Gazette's most recent monthly survey. Both saw significant increases in traffic over the last year.

 

 

YouTube saw the biggest rise in the survey of news habits, up from 7% to 19% in a year

The source that saw the biggest increase is YouTube. 19% of those surveyed say they used it for news. In 2023, it was just 7%. However, last year YouTube was not mentioned by name and was just referred to as "other online", which Ofcom says probably accounts for the large rise.

 

Other sources such as the Guardian (10%) and the Daily Mail (14%), which have both a large online presence as well as a print newspaper, had similar figures to last year.

 

The largest UK newspaper website was the Guardian with 365 million visits in July 2024.

However, traditional newspapers saw a big decline, with even those over 55 saying they read a print newspaper dropping from 38% to 32% in just a year.

Nevertheless, the most mentioned single news source in the survey remains BBC One. TV as a whole maybe in decline but 43% of those surveyed said they turned to BBC One for news, 13% ahead of its nearest rivals, ITV and Facebook, both on 30%.-BBC

 

 

 

Asos shoppers hit out at new £3.95 returns charge

Asos customers have reacted with anger over a new rule charging them for returns if they do not keep a certain amount of their order.

Some customers received an email over the weekend saying they had been identified as having a "frequently high return rate".

 

Such customers will now have £3.95 deducted from their refund if they keep less than £40 worth of items.

Asos has not said what constitutes a high return rate, but claimed "nothing's changed" for the majority of its customers.

 

"We’re making this change so that we can continue offering free returns to all our customers," the company told the BBC.

"For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order."

 

The retailer said customers signed up to Asos Premier will get free returns if they keep at least £15 of their order.

The threshold for free returns was launched for Asos customers in France, Germany and the US earlier this year.

 

Asos going out of fashion as losses widen

Sowda, from London, is a regular customer of Asos but said the change would "definitely" make her less inclined to buy there.

"The point of online shopping is that it is a risk but you can claim all your money back if you’re not satisfied," the 22-year-old said.

"Although £3.95 is not a hefty sum, that could add up over the year and it’s a waste of money."

 

She added that Asos was "notorious" for its inconsistent sizing. "Just recently I got the same jeans three times to finally get the right fit," she added.

"I would never have been that committed to the jeans if there was a £3.95 fee every time I sent them back."

 

One customer named Charlotte wrote on X, formerly Twitter: "The problem for large returns is the fact half of your stock is ill fitting and poor quality.

"I’ll take my custom somewhere else."

 

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Kayley Cornelius, a media analyst, said the popularity of Asos among influencers and online content creators could be a factor in the company's decision to charge some customers for returns.

 

"It’s common to see influencers doing huge 'hauls' where they spend hundreds of pounds and then decide on camera what they’re keeping or returning," she said.

"Regular shoppers probably followed suit, leading to an influx of returns after the initial purchase, which might have forced Asos to tighten their return policy to make people think more carefully before buying."

 

Returns policy changes

Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living.

Earlier this year, PrettyLittleThing (PLT) was criticised by customers who had their accounts deactivated because of the number of times they returned items.

It came shortly after PLT introduced a £1.99 fee for returns, including for those members of its "royalty" service.

Last year, fashion giant H&M backtracked on a similar policy after criticism.

 

Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages.

Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m.-BBC

 

 

 

 

 


 


 


 Invest Wisely!

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INVESTORS DIARY 2024

 


Company

Event

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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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