Business
Experts Advocate for Government Support to Sustain Telecom Sector
Economic experts and industry stakeholders are urging government intervention to support the telecom sector, following significant losses reported by telecom companies on the Nigerian Exchange Limited (NGX). They caution that the sector’s decline could adversely impact the country’s overall economic growth and development.
At a breakfast session hosted by the Lagos Business School, Pan-Atlantic University, industry leaders gathered to discuss the critical role of the telecom sector in economic dynamism. Bismarck Rewane, CEO of Financial Derivatives Company, highlighted the sector’s importance in driving growth, innovation, and productivity across various industries.
In his keynote address, “Nigerian Economy on the Brink, Adapt or Collapse?”, Rewane outlined the challenges faced by the telecom sector, including rising inflation, high operating costs, limited foreign exchange access, regulatory burdens, multiple taxations, and local government extortion. These issues, he noted, are hampering the sector’s growth, as evidenced by MTN’s financial loss in 2023.
Telecom operators are advocating for cost-reflective tariffs to counter these economic challenges. Rewane warned that without addressing these issues, the sector’s revenue potential may decline, causing a ripple effect on other industries.
He explained the “big push theory,” which suggests that growth in one sector can stimulate growth in others through backward and forward linkages. The telecom sector’s connections to various industries make it essential for economic growth, innovation, and productivity. “If the telecom industry collapses, all other sectors will follow,” Rewane emphasized, underlining the sector’s pivotal role in modern economies.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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