Five fascinating business facts – Part 48
South Africa’s energy regulator Nersa has granted scandal-plagued state utility Eskom permission to effect a 5.23 percent electricity tariff increase for the 2018/19 financial year but it is less than the 19.9 percent the power firm had requested. The country’s sole power supplier is engulfed in a governance and financial crisis and has been at the heart of allegations of illegal contracts and undue influence in awarding tenders to the Gupta family, friends of President Jacob Zuma.
A Nigerian man was sentenced to three years and five months in prison by a U.S. judge on Thursday after he pleaded guilty to taking part in email scams to defraud thousands of victims around the world of millions of dollars. David Chukwuneke Adindu, 30, was sentenced U.S. District Judge Paul Crotty in Manhattan and prosecutors said that Adindu tricked victims into wiring more than $25 million into bank accounts he opened in China, where they said the funds would be difficult for victims in the United States to recover.
As the bitcoin price began to nosedive — just a day after the cryptocurrency smashed through a $10,000 milestone — Alfred Churchill was frantic. Despite desperate attempts to withdraw thousands of dollars’ worth of bitcoin from his account with online exchange Coinbase, red error messages were filling his computer screen. The Coinbase website was down and he was losing money, fast. “I was just refreshing my laptop again and again,” the New York-based software sales manager says. “It wasn’t pleasant. It was panic.”
The demographic dividend that helped drive Asean’s strong economic growth from at least the 1990s is coming to an end. Some countries are further down this path than others. While Indonesia and the Philippines can continue to rely on their relatively young workforces, Thailand and Vietnam are already getting older, and Malaysia is beginning its transition to an ageing society. A large proportion of respondents across the five largest developing Asean economies said they were not confident or were unsure that they could live comfortably in their retirement years (see chart). Share this graphic Most working urban respondents aged 18-50 said they would have to continue working beyond retirement age. Despite living in the most prosperous economy among the Asean-5, Malaysians were the most likely to believe this, with 65.1 per cent saying they would need to keep working.
A week ago, Cameroon was getting ready to jostle for space in a global liquefied natural gas market already crowded with new supplies from the U.S. and Russia. Now the extra output couldn’t come at a better time.
France’s Perenco SA and U.S.-traded Golar LNG Ltd. will start shipments from their $1.2 billion LNG project off Cameroon in February, according to people familiar with the plans. That’ll be just in time for a surge of almost a third in European imports, according to consultants Energy Aspects Ltd., after a cold snap and disruptions at supply hubs in Austria, the U.K. and Norway sent gas prices to a four-year high.
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