Latest news with #BusinessDay
Yahoo
15 hours ago
- Business
- Yahoo
Lawmakers announce sweeping ban on common restaurant items: 'Will be required to switch'
Lagos, a large Nigerian city home to more than 20 million people, has banned single-use plastics. As Business Day reported, the government will start enforcing its plastic ban July 1. Single-use straws, cutlery, bags, and other plastic items have contributed to environmental degradation in Lagos and other cities, especially on coasts, around the world. When plastics are discarded into the trash, they often end up in drainage systems and impact marine animal habitats. Lagos' plastic ban follows its Styrofoam ban, which the city introduced in January 2024. Since then, city officials have worked with plastic-alternative producers and marketers to ease the transition for residents and businesses. Officials are committed to enforcing the plastic ban with measurable compliance standards and penalizing those who violate it. "This is about environmental responsibility. We have given ample time to align with global best practices. What is unacceptable elsewhere cannot become standard in Lagos," Tokunbo Wahab, a city commissioner, said. This news is encouraging because of the huge impact it will have on people living in the region. Megacities such as Lagos generate excessive amounts of plastic trash. When well-enforced, single-use plastic bans can make beaches, parks, waterways, and neighborhoods cleaner and safer for people and animals. Plastic straws, for example, take approximately 200 years to decompose. Banning plastics helps reduce pollution and limit the amount of microplastics that leach into the environment and infiltrate bodies. Many cities have passed single-use plastic bans to curb plastic waste in their communities. Fortunately, excellent plastic alternatives are available instead of the throw-away products you've grown accustomed to using. It is also now easier than ever before to buy items you need from brands offering plastic-free packaging. Should the government ban gas stoves? Yes Only in new buildings Only in restaurants No way Click your choice to see results and speak your mind. With Lagos' plastic ban in place, the city can serve as an example for other cities in Africa and worldwide. As Africa's largest city, Lagos has emerged as a leader in fighting global plastic pollution. Lagos' government clarified that its single-use plastic ban "will not include PET bottles, water sachets, or nylon bags thicker than 40 microns." "Hotel and restaurant operators, retailers, and street vendors will be required to switch to approved eco-friendly packaging or face penalties, including fines up to ₦50,000 per offense and possible suspension of operating licenses," Blueprint News wrote in a Facebook post. "Residents are encouraged to adopt reusable bags, stainless steel or bamboo straws, and compostable food packaging." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
SowetanLIVE
15 hours ago
- Business
- SowetanLIVE
Production Editor: Business Day
Production Editor: Business Day Reporting to: Editor Position type: Permanent Location: Parktown, Johannesburg Arena Holdings is one of Africa's largest English-language news publishers, owning iconic titles such as Business Day, Sunday Times, Financial Mail, and Sowetan, alongside leading digital platforms including BusinessLIVE and TimesLIVE. It also operates Business Day TV and other media assets across film, television, and music. Business Day is South Africa's most authoritative daily source of business, political and economic news. Purpose of the job: Business Day has a vacancy for a production editor to manage and supervise the daily production of the print edition of the newspaper within strict deadlines and to the highest standards of design and language. Responsibilities include layout and design, rewriting, revise subbing, copytasting, and proofreading. The applicant must be able to design news and companies pages quickly in accordance with Business Day's layout principles. The successful candidate will be the liaison between Business Day's editorial team and Arena's production hub, ensuring that Business Day's editorial plans are accurately executed in print. Main Responsibilities Design visually compelling newspaper pages that align with editorial standards and drive reader engagement. Manage content timelines proactively to ensure all materials are submitted and published on schedule. Contribute actively to afternoon editorial meetings to help shape and prioritise upcoming news coverage. Ensure timely delivery of articles that meet quality and editorial standards. Edit content thoroughly for clarity, coherence, style, and structure. Craft sharp, engaging headlines and captions that accurately reflect article content and capture readers' attention. Identify areas for improvement in articles and provide constructive feedback to elevate overall quality. Experience and Qualifications Relevant tertiary qualification in journalism, design, or a related field. Minimum of five years' experience in layout and design. In-depth knowledge of the print production process. Skilled in crafting punchy, attention-grabbing headlines and captions. Skills and Attributes Proven speed, tenacity, and accuracy under deadline pressure. Strong ability to design and layout visually appealing newspaper pages. Excellent command of written and spoken English. Exceptional attention to detail and quality control. A wide-ranging interest in current affairs. An understanding of business and financial matters. A broad general knowledge. An understanding of and interest in the South African business, political and economic landscape. Good interpersonal management skills. Applications and CVs should be addressed to email: mediarecruitment@ Please indicate the job title in the subject line of your application. Closing date: 18 June 2025 Arena Holdings is an Affirmative Action Employer and as such, preference will be given to candidates who will add to the diversity of our organisation. Kindly take note that if we do not respond to you in the next two months, you may regard your application as unsuccessful.
Business Insider
7 days ago
- Business
- Business Insider
Love, loyalty, and responsibility: Why Nigerians in diaspora send billions home each year
It's no secret that Nigeria ranks among the top recipients of remittances globally. Every year, millions of Nigerians living abroad send billions of dollars home to help support their families, invest in businesses, and contribute to the country's socioeconomic progress. Remittances from Nigerians abroad play a significant role in the country's economy, reaching $20.93 billion in 2024, a 5-year-high. Despite significant naira depreciation, the diaspora continues to send money back home, citing family commitments and emotional ties. Fintech advancements in Nigeria, such as the rise in startup funding and tailored diaspora solutions, have also contributed to easier money transfers. These remittances, which are often tiny sums given frequently, have grown to become a major pillar of Nigeria's economy. As an example, remittances reached a 5-year-high of $20.93 billion in 2024, underscoring a compelling narrative for Nigerians living abroad: emotional ties and family commitments often supersede economic logic. Why Nigerians in diaspora are sending money back home Rationale 1 The Nigerian Central Bank, which presented the statistics, attributed its policies to the basis for the increase. CBN Governor Yemi Cardoso credited recent economic reforms for the surge in remittances, with monthly inflows rising from $250 million early in 2024 to $600 million by September, as per a report by BusinessDay. The policies in question include the unification of exchange rate windows, the adoption of a market-driven rate regime, and the introduction of the Electronic Foreign Exchange Matching System (EFEMS) to enhance transparency and efficiency in the forex market. However, government policies alone fail to rationalize Nigeria's remarkable diaspora remittance, considering that the Naira depreciated by 40.9% over the same period, completing the year at N1,535 per US dollar. In fact, it could be argued that the volatility of Nigeria's financial market constitutes a roadblock, as highlighted by Ravi Jakhodia, CEO of Moniepoint GB, who, during an interview with Business Insider Africa, stated; 'What we have seen generally is that the diaspora in the UK does not want to hold their value in Naira, so they do just-in-time transfers when they really need to spend that money in Naira.' 'I think the challenge with Naira is that in the past it has depreciated a lot, and it also continues to be very volatile, which makes it difficult for people to plan and budget for,' he added. Also, given that the country, prior to the policies touted, has historically boasted some of the world's highest remittance figures, the idea that the CBN's recent policies are the sole reasons for the significant amount Nigerians in diaspora sent back home doesn't necessarily ring true. A small sample size of Nigeria's UK diaspora remittance in 2021 highlights this point. During the year, as per the Migration Observatory in the UK, the Indian and Pakistani diaspora stood as the only countries to remit more money back home than Nigeria, at £4.46 billion and £2.94 billion respectively. The Nigerian diaspora, on the other hand, remitted £2.76 billion, higher than France, Germany, and China, which had £2.46 billion, £1.67 billion, and £1.24 billion, respectively. The figure above underscores Nigeria's incessant need to send money back home, especially when you consider that in the period under review, Nigerians in the UK accounted for 270,768 of the region's 67.0 million total population, compared to India's 920,000 people, 1.5%, and Pakistan's 624,000 (1.0%), as per the UK's office for National Statistics. 'You can say I send around £500 monthly, I obviously give some to my mom, say maybe £150 to £200 to my mom, I also give some to my brother, and then there's my cousin, her mom is currently struggling so I have to send her some money to help her mom,' Mira, a Nigerian health care worker who in 2023 migrated to the UK revealed to Business Insider Africa. 'It's not like my mom needs it, she's doing fine, but that's my mom, even when I was in Nigeria, I used to send her money, talk less of now.' Why Nigerians Nigerians in diaspora are sending money back home Rationale 2 A more in-depth look into the subject also reveals that the increase in remittances could also be attributed (albeit probably to a lesser degree) to financial tech within the channel. Nigeria, one of Africa's top four tech markets, alongside Egypt, Kenya, and South Africa, has seen a surge in tech penetration, particularly for fintech solutions. As presently constituted, Nigeria has over 200 fintech services, all operating with the promise of servicing the unbanked. In the first half of 2024 alone, Nigerian fintechs outperformed other African startups in funding raised. Afridigest, a data and research platform focused on Africa, reported that Nigeria topped fintech funding among the continent's big four tech economies, securing $140 million. It was followed by Kenya with $97 million, Egypt with $35 million, and South Africa with $34 million. In October of the same year, Moniepoint Inc., the Nigerian unicorn, successfully raised US$110 million in equity financing, one of the largest funds received by a fintech company in Africa. Reports like this highlight how prevalent fintech solutions are in the West African tech hub, and conveniently, a good number of these fintech solutions offer services that ease the exchange of foreign currencies. While this may appear to be oversaturation, these solutions are quite viable, to the point where even markets without an unbanked population, such as the United Kingdom, are embracing the scheme. 'I think the penetration of financial services is quite high in countries like the UK, and you know other similar markets,' Ravi stated. 'It is a bit different, and the way we see that problem is that some peculiarities hinder their (Africans in the UK) experience of the financial services offered to them, and that is what specifically we are trying to help, by tailoring our solution for them and them only,' he added, rationalizing why Moniepoint decided to create a version of its service (MonieWorld) for the African diaspora. MonieWorld 'MonieWorld has launched the first product, which is to help with remittance, and we are already getting great customer feedback that we are faster, we are a better experience than what they have experienced,' he added. This initiative, alongside other similar products, highlights the importance of seamless transactions to the growth of remittance inflows into Nigeria. Why Nigerians Nigerians in diaspora are sending money back home Rationale 3 While a large portion of diaspora remittance goes into meeting basic needs like education, healthcare, and household expenses, it is hard to ignore the fact that a significant share can sometimes be directed toward entrepreneurial and capital projects. Outside of real estate investments, which have become commonplace, Nigerians living overseas tend to invest in SMEs, which are typically handled by trusted relatives or partners on the ground. These include businesses in transportation (such as ride-hailing or logistics), food processing, fashion, hospitality, and retail. An SME in Nigeria 'There's this fish business my mother began, and I send money to her to help grow the business,' Mira revealed. 'There was also this keke business my friend told me about, the total cost was around N500,000, so my friend and I sent about £250 each. We saw the business on Instagram and when we inquired, they promised us they would buy a keke and hire a driver, and then the business would begin to bring profit, so we sent the money,' she added. When asked if the business had yielded any returns, Mira responded, laughing, 'Well… not quite, but we are hopeful.' She also revealed that twice a year, she sends money to a charity organization that feeds disenfranchised school children, as she was a senior member of the group before she left for the UK. Remittance inflows into Nigeria in recent years In 2023, Nigeria accounted for 35% of Sub-Saharan Africa's diaspora remittance, receiving $19.5 billion. This figure falls short of the country's remmitance high in 2018, when $24.2 billion was remitted back to the West African country. The following year, the country received $23.80 billion, a marginal drop from the year before, and in 2020, during the COVID-19 pandemic, Nigeria received its lowest remittance inflow in recent years at $17.2 billion, owing to the shutdown of economic activities globally. Since then, the remittance inflow has steadily recovered, now reaching its 5-year high in 2024. Given how tight-knit the Nigerian family unit is, Nigerians who travel abroad feel deeply compelled to send money back home. 'Yes, I send money back home to family, friends, and my cousin, but the most consistent is my family, I send to my mom and dad every month,' Gabriel, a Nigerian data analyst in the UK, told Business Insider Africa. 'It's not like I have to, I just send money back home cause I have disposable income, sometimes I can send N40,000, sometimes I can send N120,000 to my folks, it's usually within that range,' he added. In addition to being monetary transfers, the billions of dollars that Nigerians living abroad send home each year are also gestures of love, responsibility, and hope.
Daily Maverick
27-05-2025
- Business
- Daily Maverick
Now more than ever South Africa needs to practise fiscal prudence
To paraphrase Ronald Reagan, 'this time is different' are the four most dangerous words in economics. And yet, in a recent op-ed for Business Day, Ziyanda Stuurman invokes precisely this logic. She argues that while 'budget cuts have become conventional wisdom in South Africa in the past decade… we are no longer living in conventional times.' Surely however, it is exactly during turbulent and unpredictable economic conditions such as those we are living through that — particularly for emerging markets like South Africa — fiscal discipline becomes more critical, not less? Stuurman makes an impassioned plea to the National Treasury to break from economic orthodoxy and embrace the principles of Modern Monetary Theory (MMT) — essentially, spend freely in the hope that growth and welfare dividends will follow. However, her central claim — that countries across Africa like Kenya are successfully applying this approach — is not only misleading, but is also just wrong. Across the continent, governments are conversely tightening their belts in response to severe economic pressure. In the past week alone, Kenya, Mozambique and Botswana have all announced plans to reduce spending. Ghana made similar announcements in March. The reason for these draconian cuts to expenditures is the darkening economic outlook. Kenya, for example, has announced austerity programmes to drastically shrink its budget deficit by June 2026 as it negotiates a new bailout programme with the International Monetary Fund. The government intends to make 'substantial revisions' to its previously expansionary budget of 4.3-trillion shillings ($33-billion), in an effort to drastically cut its deficit. Clouding it all is a gloomy growth outlook, with the economy expanding in 2024 by 4.7%, its slowest since the pandemic. 'The cabinet has resolved to implement significant budget realignments in line with the government's policy of fiscal consolidation and commitment to living within its means,' read a statement from the Kenyan presidency. Post-election unrest In Mozambique, post-election unrest and a slump in the price of coal, the nation's biggest export, have led to job losses and a financing crunch. The government slashed its 2025 budget by 9%, approving a 512.75-billion meticais ($8bn) spending plan, down from 567.86-billion in 2024. Yet, the budget deficit is still expected to reach 8.2% of GDP. With debt servicing and a ballooning state wage bill consuming state resources, Mozambique faces mounting fiscal strain amid political instability and falling growth projections. The worst election-related protests the country has yet seen — after opposition presidential candidate Venâncio Mondlane disputed the October election outcome that placed him second — have also hit growth and revenues, exacerbating the situation. Meanwhile Botswana — the world's leading diamond exporter by value — is suffering from a prolonged drop in global demand for the gems. It previously relied on precious stones for most of its exports and about a third of its fiscal revenue. Collapsing diamond demand has led to dwindling government revenue streams and reserves, with its budget deficit projected to widen to 9% of GDP. The country is also forecasting a 3% economic contraction this year. Compounding Africa's challenges is a shifting global environment. The abrupt end of billions in dollars in aid and a major reordering of global trade under US President Donald Trump are already having ripple effects. Reduced demand for key commodities and diminished preferential access to the US market will worsen the economic downturn for many of Africa's poorest countries, precisely when they need it least. It is with this backdrop that South Africa's Finance Minister Enoch Godongwana last week calmed a months-long political crisis that had threatened the stability of its governing coalition, presenting a fiscally cautious Budget that won praise from lawmakers and investors alike. In his third stab at getting the Budget signed off by Parliament, Godongwana announced cuts to spending, lowered growth forecasts, and acknowledged a slightly higher debt peak than before. Markets cheered the Budget. Despite the fraught meeting between presidents Cyril Ramaphosa and Donald Trump in the White House that happened to be on the same day, the rand surged toward its sixth consecutive weekly advance, hitting a five-month high against the dollar on Friday. It is now trading at well under R18 to the greenback, which has seen general weakness against major currencies. South African bonds have also barely moved this year, shrugging off the volatility incurred by the debates over the Budget. The 10-year yield is under 10.5%, its lowest since February (bond yields move inversely to prices). Instead of using this moment to supposedly question economic orthodoxy, we should commend the National Treasury and coalition government for their firm stance on either raising taxes or cutting expenditure. As previously argued in this column, any worsening of the outlook for the US economy will have major repercussions on emerging markets such as South Africa. Aid cuts and higher tariffs will hurt, regardless of whatever kind of slightly improved deal may be forthcoming from the meetings in the White House. The National Treasury and indeed the South African Reserve Bank are right that this is a time for maximum prudence and caution. Sadly, beset with State Capture and energy crises, South Africa did not make the most of the amenable conditions for emerging markets over the past few years. Yet, that is not an argument to jettison the sensible economic policy that has been the one thing keeping South Africa from going the way of Venezuela and Zimbabwe over the past few decades.
Business Recorder
14-05-2025
- Business
- Business Recorder
South African rand recoups losses, power cuts in focus
JOHANNESBURG: South Africa's rand recouped some losses on Wednesday, a day after the country's power utility implemented rolling power cuts. South Africa's Eskom said on Tuesday it would implement power cuts during evening peak hours this week. Power cuts have held back economic growth in Africa's most industrialised economy for more than a decade, but a turnaround in Eskom's plant performance has resulted in far fewer outages over the last year. At 1507 GMT the rand traded at 18.23 against the dollar , about 0.3% stronger than its close on Tuesday, when it was also knocked by local jobs data. Investors are seeking clarity on a potential meeting between South African President Cyril Ramaphosa and U.S. President Donald Trump. The Business Day newspaper reported that South Africa's agriculture, energy and transport ministers are crafting trade agreements ahead of a meeting planned for next week in Washington. On the stock market, the Top-40 index closed about 0.3% lower. The benchmark 2030 government bond was weaker, as the yield rose 2.5 basis points to 8.95%.
