Uncategorized - Afrikan Heroes

How an Income Share Agreement Can Improve Access to Quality Education for Sub-Saharan Africa

September 29, 2022

Batya Blankers is Co-Founder & CEO at Chancen International

By Batya Blankers

Tertiary education has long been positively associated with economic development. While definitions and contexts can vary, tertiary education generally refers to any formal skills development beyond high school or secondary school. This can range from bachelor’s degrees and diploma programs to bootcamps and short term certificate courses. In Sub-Saharan Africa, it’s no surprise that the demand for tertiary education continues to grow, as countries in this region realize they must prepare their young workforce to exhibit skills that can catalyze economic growth as a means of remaining competitive in today’s globalized world.

While this growth in demand is good news for the continent, it outstrips the current supply of quality tertiary education. This imbalance has been fueled by the increase in access to education at the primary and junior secondary school level. Although the gross enrollment ratio for tertiary education grew at an average annual rate of 1.5 percent higher than the global annual average between 1970 and 2013, the region continues to demonstrate the lowest participation rate in tertiary education in the world.

Currently, only 9% of African youth have access to tertiary education, and 54% of African employers state that job seekers lack the skills that match industry needs. By 2050, nearly 50% of jobs will be replaced by technology and new jobs will demand different and higher-level skill sets. There is therefore an urgent need to align outcomes between skills development and the labor market, and to ensure that all youth have a pathway to meaningful participation in socio-economic development.

One of the key factors affecting access to tertiary education programs is financing. Traditional student loans, scholarships and grants, while helpful, have not been entirely effective or efficient at tackling the issue of limited access to a critical mass that can make a real difference to a country’s economic growth prospects. Although scholarships and government student loans don’t require collateral, budgets are often insufficient to meet more than 30% of demand. Bank loans require collateral and interest payments during the period of education, which makes them inaccessible to most, especially women.

Income Share Agreements (ISAs) are a refreshing approach to funding for tertiary education on the continent. ISAs center on the concept of equity investments in an individual which allows investors to buy ‘shares’ in their future earnings while contributing to social value through sustainable empowerment. Students receive interest-free funds to cover their tuition fees on condition that they agree to pay the lender a specified fraction of their future earnings. By grouping these investments in individuals, lenders are able to offset risks as returns from higher earners hedge the potential losses from lower earners.

A unique selling point of ISAs is that they can be very student centric in three major ways. At its core, an ISA is an unsecured loan, so youth from marginalised communities don’t need to provide collateral when accessing it. The model assesses an individual’s future potential income instead of their current financial standing and assets. Secondly, students only make repayments when they are earning above a minimum income threshold, so there is no risk to students becoming over-indebted. Payments are always a fixed percentage of the students relevant income. Lastly, they are flexible and allow for pauses – for example if someone is between periods of employment, pursuing a higher degree or on unpaid maternity leave.

The original concept of an ISA was developed by Milton Friedman in his 1955 essay titled, ‘The Role of Government in Education’. It has since been adopted by numerous institutions across the world, one being Chancen International. Chancen’s ISA model underwrites risk at the institutional level – only partnering with education institutions and programs that are consistently delivering high quality and market relevant skills as evidenced by strong track records of employment for graduates. Following a successful three-year pilot of ISAs in Rwanda, Chancen International launched the $21M Future of Work Fund (FWF) to give 10,000 marginalized students access to high-quality tertiary education that leads to employment. The expected outcomes of the fund will support Rwanda’s goal of providing universal access to high-quality education for all citizens and help actualize the country’s 2050 vision of creating 250,000 new jobs every year. In 2021, Chancen launched operations in South Africa through a partnership with WaFunda and will look to extend the FWF model to Kenya in 2023.

There is an urgent need for greater investment into sustainable student finance solutions as the individual and intergenerational impact of high-quality tertiary education has been well documented. These solutions should also be regulated in accordance with ethical best practices to ensure fundamental consumer protections. Through its work, Chancen hopes to reaffirm education’s status as an economic imperative. The model is fair and innovative and seeks to establish a sustainable cycle of investment and growth in the region’s young people. As noted in a conversation with one investor, when the Chancen students do well, the fund does well. In the future, Chancen hopes to see more student finance models that align incentives between investors, education providers and students.

Batya Blankers is Co-Founder & CEO at Chancen International

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Afreximbank Launches Trade Payment Services (AfPAY)

Prof. Benedict Oramah, President of Afreximbank

African Export-Import Bank (Afreximbank) is delighted to announce the commercial launch of Afreximbank Trade Payment Services – or “AfPAY” – an intervention designed to facilitate the settlement of international trade on open account terms on behalf of identified African financial institutions and their clients.

Afreximbank developed the product specifically to address the banking challenges confronting African economies due to the withdrawal of many international banks from the continent – exits attributable to stringent regulatory and compliance requirements as well as costs.

Over the years, Financial Institutions on the continent have suffered from the reduction in their access to international correspondent banking services to facilitate their international trade. This curtailment of trade lines effectively shut the entrance of our Financial Institutions to the rest of the world. Trade is the number one driver of growth, and banks’ inability to participate in trade transactions will lead to reduced growth in our economies and increased poverty.

AfPAY, which has been in a pilot phase for over a year now, currently facilitates over half a billion dollars in monthly payments across our member states. Notably, Zimbabwe has participated actively in the pilot, with twenty of its financial institutions using the solution.

Mr Denys Denya, Executive Vice President, Finance & Administration, Afreximbank, commented:

“African banks have, for at least a generation, been dogged by the limited access to dependable banking partners willing to support their cross-border trade transactions. We are pleased to introduce into the market a product which transforms this dynamic, which we believe will accelerate cross-border trade on this continent, connecting Africa with an international financial eco-system that will accelerate its development and economic growth.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Capitec Launches MVNO, Aims for Data That Doesn’t Expire

One of South Africa’s leading financial institutions, Capitec has joined other banks to launch a mobile virtual network operator (MVNO) with the promise of aggressive priced data.

The bank, which is launching the MVNO, called Capitec Connect, on Cell C’s enablement infrastructure, said on Monday that it intends to “disrupt the prepaid market” with a “simplified prepaid solution for voice, data and SMS”.

“Just as Capitec became a challenger within banking, they are now questioning the norms for prepaid mobile data and airtime,” the bank said in a statement.

Capitec Connect plans to charge R4.50 per 100MB of data, or R45/GB. This, it claimed, is on average 50% below the “normal market price”. The rate remains flat whether clients buy small or larger amounts. Significantly, the data never expires, provided the Capitec Connect Sim is used at least one every six months.

“South Africans have been complaining about the cost of data. It’s expensive and complicated. Bundle pricing, off-peak and peak rates, and the fact that your data expired are all things that make no sense. We’re changing this by giving our clients access to a mobile solution that is simpler to understand, much more affordable and can be recharged easily on our digital channels,” said Capitec CEO Gerrie Fourie in the statement.

Sim cards are available to clients at all Capitec branches and clients can get up to five Sims linked to their profile – the idea being to give access to data and airtime to family members.

Once the Sim is activated, data, minutes, SMS’ and airtime can be topped up on the Capitec banking app, using a short code or via Internet banking.

Calls are charged 90c/minute, while SMSes cost 25c. Airtime never expires, provided the Sim is used once every six months.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Prosper Cashew Convenes Industry Stakeholders to Transform Cashew Processing in Nigeria

September 28, 2022

Representatives from the U.S. Department of Agriculture (USDA), the U.S. Embassy in Lagos, international nonprofit TechnoServe (https://bit.ly/3r8yRxV), ISF Advisors, Nigerian cashew processors, and the investment community gathered in Abuja under the auspices of the Prosper Cashew project to identify areas to jointly build a more sustainable cashew processing industry in Nigeria.

Since cashew was introduced in West Africa as an agricultural crop in the 1960s, the region has grown into the world’s number-one producer and exporter of the nut. Nigeria’s share of global production has doubled as raw cashew nut production volumes tripled over the last 15 years to 210,000 MT annually.

However, only 20 percent of the country’s production volume gets processed where it is harvested. As a result, willing and able workers are left to watch from the sidelines as hundreds of thousands of metric tons of raw cashew nuts each year are loaded up for their long voyage to be processed overseas and then shipped thousands more miles to market.

The event in Abuja was designed to help address this challenge by spurring collaboration between stakeholders in Nigeria’s cashew processing sector. It also presented the progress and objectives of the five-year Prosper Cashew project, which will act as a catalyst for the sector, strengthening and reviving existing cashew processing facilities, facilitating access to critically needed working capital, demonstrating the business case for additional investment flows into the sector, and bringing together investors and high-quality investees.

The convening included remarks from USDA Agricultural Counselor Gerald Smith, senior officials from TechnoServe, representatives from the cashew processing sector, and the Prosper Cashew team.

It took place at the tail end of the African Cashew Alliance’s 16th annual conference, which was held in Abuja from September 12-15. A key investor in the West African cashew industry, USDA was the title sponsor of the conference. Team members from Prosper Cashew led conference sessions focusing on kernel and byproduct processing to create a more sustainable industry in Africa, marketing of kernels and cashew by-products, and blended finance for catalyzing investment in the sector.

“Nigeria has enormous potential to grow its cashew processing sector, creating high-quality jobs and economic activity right here in the country,” said Krishanu Chakravarty, Prosper Cashew’s chief of party. “This meeting was an exciting step in realizing that potential, and we look forward to working with stakeholders across the industry to create a sustainable, inclusive, and profitable cashew sector.”

Over five years, the Prosper Cashew project expects to create more than 4,500 new jobs (at least 50% for women), facilitate $61 million of investment in the cashew sector, and support processors to sell more than $200 million of cashew products into domestic, regional and international markets.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenya Tea Development Agency Brews Perfect Technology Mix

Tea farmers across Kenya are experiencing major changes in all stages of their production, especially with the ongoing total transformation of its end-to-end systems.

Over 600,000 smallholders tea farmers affiliated to the Kenya Tea Development Agency (KTDA) are reaping the harvest of a silent technological rollout that has streamlined the operations of their factories, making the tea business more efficient and technology driven.

The deployment of SAP by KTDA and its managed factories has provided analytical tools that are used for better decision making while making payment for farmers’ green leaf efficiently and quickly. It has also drastically improved payment processing and enhanced end-to-end visibility for better controls and safeguards.

“We wanted a solution to bring all our factories into a single system that would improve every aspect of our operations, from production planning and quality management to sales, distribution and payroll,” says KTDA CEO Wilson Muthaura. “This was no mean feat since there are more than 600,000 farmers paid every month for green leaf supplied as well as over 10,000 employees working across the organisation. However, following this successful rollout, all farmers are now paid through our SAP system, reducing processing time by more than 80 per cent.”

KTDA Holdings Ltd is a wholly owned farmers company which has invested in various subsidiary companies along the tea value chain in Kenya. Through the KTDA Management Services company, the operations on 71 factories are seamlessly managed and SAP has come in handy in enhancing operational efficiencies with the aim of increasing transparency and profitability in the businesses.

The Agency has seven subsidiaries and a Foundation providing specialised services across the tea value chain, including factory management, engineering, insurance, tea trading and warehousing, credit provision and power production.

In late 2021, KTDA revised its monthly green leaf payment timelines to the first week of the following month. Payments for deliveries had previously been made on the third week of the following month. The change, aided by efficient payment processing through SAP, translated to faster access of farmers’ cash to meet their daily needs and align the payment to farmers’ monthly obligations.

The system also allows the Agency to easily incorporate other items like loans and inputs (like fertilizer) issued to the payment process allowing for easy and seamless recoveries.

Martin Mwarangu, Group General Manager for ICT Services at KTDA, says: “We worked with experienced SAP partner, OneConnect Technologies, to implement SAP ERP Central Component and Business Intelligence, covering end-to-end processes across KDTA’s operations.”

System unlocks benefits across value chain

Besides payment processing, different modules of SAP have delivered multiple benefits including production planning and management and a full visibility of tea sales.

“SAP has digitally transformed the KTDA business and made it technologically ready to adopt any future solutions that would further enhance business efficiencies. The wealth of data generated is important in decision making and forecasting,” says KTDA Management Services Managing Director Julius Onguso.

Plant maintenance has also been enhanced with a solution that ensures proper maintenance and provides greater visibility over costs associated with equipment. In addition, all transactions are now updated to general ledgers and relevant cost/profit centres in real time, giving the finance team full visibility over the organisation’s operations.

The Agency has also rolled out a sales and distribution module that allows all tea selling processes to be done on one system; from raising sales orders; tea dispatch and revenue management.

The SAP solution generates a wealth of data and has embedded business analytical tools that generate reports and dashboards extensively used by decision makers to glean insights and make better decisions for the business.

Thirty-two KTDA-managed factories are currently running on the SAP solution, making reporting and intercompany integration easier. The deployment of SAP also means there is a uniformity and consistency in how each of the factories are run. The Agency is working to have all other factories deploy the solution for group-wide benefit.

Hardeep Sound, Regional Sales Director for East Africa at SAP, adds: “Facing inefficiency and a lack of visibility over critical business processes, KTDA embraced the benefits of the latest technology to completely transform their end-to-end business functions. As KTDA continues to play a vital role in the broader Kenyan economy as well as directly in the lives of more than smallholder farmers, having real-time visibility over the entire organisation’s processes will bring vast improvements to its operations benefitting all stakeholders.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Apple Says It Has Fixed iPhone 14 Pro Camera Bug

September 27, 2022

Apple said it has released a software update aimed at fixing bugs found in early iPhone 14 units, including a problem that made the device’s camera shake when used with some apps.

The update, known as iOS 16.0.2, resolves an issue that made the camera vibrate and take blurry photos when users were in third-party apps like TikTok and Instagram. Customers took to social media after the new iPhones launched last Friday to complain about the bug, which affected Pro and Pro Max models.

The software update also fixes a problem that made some displays turn black during device setup, an issue that presented a copy-and-paste approval prompt more frequently than necessary, and glitches that caused the VoiceOver feature and displays on older iPhones to become unresponsive.

Rea also : The Worst thing about eSIM-only iPhone 14s

The software update marks the second so far for the iPhone 14, which had a fix last week related to FaceTime. The company is planning another update, iOS 16.1, for next month — to accompany the initial iPadOS 16 release and to enable the launch of iPhone 14 satellite connectivity for emergency texting in November.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

ECOWAS Commission and ECOWAS Bank Partners to Strengthen Ties on Mutual Interest

August 26, 2022

President of the ECOWAS Commission, H.E Dr. Omar Alieu Touray

The ECOWAS Commission on Thursday 25th August 2022, welcomed the management of ECOWAS Bank for Investment and Development (EBID) to the commission’s headquarters in Abuja, Nigeria on a working visit to strengthen collaboration, expand cooperation and explore areas of mutual interest for the prosperity of the people of the sub-region.

This was the focus of the courtesy call on President Touray by the President of EBID, Dr. George Agyekum Nana Donkor where he congratulated the President on his successful inauguration and assured him of EBID’s support for his tenure. The EBID President said the new leadership of ECOWAS came at a time when the sub-region is facing numerous economic and security challenges but given the public service record and diplomatic antecedent of the new President, the sub-region will surely overcome these challenges. He added that EBID was formed in 1975 but started operations in 1979 with a mission to support the developmental projects and programmes of Member States.

In his response, the President of the ECOWAS Commission, H.E Dr. Omar Alieu Touray thanked the EBID management for their visit and support for the new administration. He stated that the new mantra “ECOWAS of the People” was created to deliver shared prosperity for the people of the sub-region which will be achieved through the four core strategies of the new ECOWAS Commission namely poverty reduction, economic integration, good governance and due process. He added that to achieve these strategies, there is a need to build deep collaboration and strong institutions with the right resources and processes. He then solicited the support of EBID to make the objectives a reality during his tenure. Thereafter, the meeting progressed to a working session with the management of the Commission led by the Vice President, H. E Madame Damtien L. Tchintchibidja.

At the working session, the Vice President of ECOWAS Commission, H. E Madame Damtien L. Tchintchibidja welcomed all EBID management once again and reiterated the commitment of the Commission to expand relationships with them. The President of EBID, on his part, shares the organizational structure and history of the bank while focusing on the recent achievements in terms of projects and operations across Member States.

The meeting later delved into a closed door session where issues of mutual interest were discussed including payment of capital subscription by Member States, interest subsidy funds, status of cyber security grant, status of EU Pillar Implementation, Joint Resource Mobilization Strategy, Revitalization of the Permanent Committee for Studies and Research and Management of ECOWAS Staff Pension Funds. The meeting was concluded with a resolve from both parties to engage further on mutual issues towards achieving strong ties.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenyatta Says Kisumu Shipyard will Create Job Opportunities for Kenyans

August 2, 2022

President Uhuru Kenyatta has welcomed the operationalization of Kisumu Shipyard, saying the facility will create business and job opportunities for thousands of young people in the country. The President said the facility, under the Kenya Shipyards Limited, will encourage the growth of primary and ancillary manufacturing industries.

He pointed out that the Kisumu Shipyard will also improve transport and safety in the lake, enhance intermodal transport as well as boost fishing, tourism and other economic activities in the Eastern Africa region.

“The Kenya Shipyards Limited’s role in the development of the Blue Economy is set to attract foreign direct investments and drive domestic direct investments in the long run.”

“Its catalytic effect will trigger growth of ancillary and support industries and businesses that will all have a cascading effect across the whole of the national economy,” the President said.

President Kenyatta spoke on Tuesday when he commissioned the Kisumu Shipyard in the lakeside city.

At the same time, the President witnessed the flotation of the new MV Uhuru II ferry wagon constructed by Kenyan shipbuilding experts and engineers with the support of consultants from Damen Gorinchem, a Dutch shipbuilding and engineering company.

The 100-meter vessel with a capacity of carrying up to 22 wagons and an estimated capacity of 2 million litres of crude oil per trip is the first ship to be made in Kenya by Kenyans.

With the successful construction of MV Uhuru II ship which will be commissioned later this year at the Kisumu Shipyard, President Kenyatta expressed satisfaction that Kenya has become a pioneer shipbuilding nation in Africa.

“It is gratifying to note that during these works, young Kenyans have been empowered through the acquisition of critical skills in shipbuilding.

“Indeed, mainstreaming of the youth into the national economic agenda has been a key plank of my administration’s development plan as envisaged in the Vision 2030 and the ‘Big 4’ Agenda,” President Kenyatta said.

Referring to the official opening of the Kisumu-based Dada Export Processing Zone Limited which he presided over on Monday evening, President Kenyatta encouraged the youth to focus on big ventures instead of limiting their potential.

The President commended the young Kenyan lady who owns the factory which makes garments for the export market, saying the factory has created hundreds of jobs for Kisumu residents.

“She has just started operations at her facility and in less than a month she has 150 employees from three and her target is that by December she would be an employer of three thousand people.

“That young lady previously was employing casuals, now she is employing people who are permanent and pensionable,” President Kenyatta said.

President Kenyatta pointed out that the Kisumu Shipyard will have the capacity to construct, refit, convert, repair and maintain ships as well as undertake maritime services within the Lake Victoria region and other inland water bodies.

He emphasized that the shipbuilding activities will have a broader impact on the economy including the provision of maritime assets, capabilities, technologies and skills for Blue Economy players in fisheries, maritime transport, extractive resources, marine renewable energy, tourism and maritime security.

In this regard, the President urged county governments in the Lake region to draw up strategies and take advantage of the economic opportunities spawned by the Kisumu Shipyard and MV Uhuru II.

“By doing so, it will be possible to unlock the enormous business potential that abounds within the Lake Victoria Basin; and other inland waters, create more employment and empowerment opportunities for our youth, and generate revenue for both the National Government and adjoining county governments,” he said.

To catalyse the development of the Western Kenya region, the President announced that the proposed Solar One Limited plant at Kibos in Kisumu has received the requisite Government approvals and the project implementation will commence immediately.

“This project is part of other ongoing reforms in the energy sector, which will position Kenya as a global leader in green energy,” President Kenyatta said.

Defence Cabinet Secretary Eugene Wamalwa said the flotation and subsequent commissioning of MV Uhuru II will have an immediate impact of increasing the volume of petroleum products being transported to Uganda from Kisumu while at the same time generating more revenue for the Government and creating jobs for the youth.

Chief of Defence Forces General Robert Kibochi thanked the teams of engineers and technicians both from Kenya and the Damen Gorinchem company of the Netherlands who worked tirelessly without a break to deliver the MV Uhuru II project in less than one year. General Kibochi noted that ordinarily, the project would have taken three years to complete.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Elon Musk Deserves to Lose His Fight With Twitter

July 22, 2022

By Llam Denning

On Tuesday, US judge Kathaleen St J McCormick is scheduled to hear lawyers representing Twitter argue for a speedy trial in its lawsuit against Elon Musk, while those on Musk’s side seek to punt the case to next year. Let’s hope McCormick wants to get it over with.

Twitter’s complaint is worth reading in full. It tears apart Musk’s various reasons for backing out of buying the company in the way a lion might mangle an antelope with three legs and a weight problem. Musk’s counterarguments are less than compelling, and he created an ample digital paper trail, mostly on the very platform he sought to buy. This is no case of he said/she said but rather he tweeted/and then he tweeted some more.

Musk’s central contention that he was blindsided by the problem of bots on Twitter? There’s a tweet for that.

Twitter has it right: their client signed a merger agreement that had nothing to do with bots

Twitter’s lawyers lay out the increasingly expansive demands from Musk’s advisers as the deal progressed, alleging quite convincingly that this was a ruse to give Musk an excuse to withdraw. The request for a working copy of the valuation model of Twitter’s own bankers stands out as a badge of deep unseriousness. The response to Twitter’s complaint, filed on Friday, echoes this approach: Musk’s lawyers request a more detailed — and sloooow — examination of the bots issue, which is what they would like the case to be about. But Twitter has it right: their client signed a merger agreement that had nothing to do with bots.

Twitter alleges more evidence of foot-dragging. On page 46 of its complaint, its lawyers detail concerns that Musk was taking his time securing the necessary loans. On 23 June, Musk informed the company’s management that he had fired from his deal team Bob Swan, former chief executive of Intel, “as we are not on the same wavelength”. One can only assume that was an accurate observation.

Buyer’s remorse

Nonetheless, coming two months after the binding offer was signed and with Musk already signalling buyer’s remorse (on you-know-where), Twitter was rightly alarmed at the departure of a senior adviser. This was compounded when Musk also demanded cash-flow projections for his lenders that he should have sought much earlier — suggesting, at best, a shambolic approach to a US$44-billion deal and, at worst, a lack of interest in completing the deal. Musk added the helpful insight that debt issuers “are much more conservative than equity issuers”. One can only imagine the temptation for Twitter’s advisers to text back: “Thanks for the tip, bud.”

Musk’s lawyers also complained that Twitter fired certain staff without his consent. And yet, according to Twitter, he not only signed away that right but also texted the company’s chairman on 28 April that his “biggest concern is head count and expense growth”. Not a tweet that time but, assuming the text is verified, still a product of those remarkably incontinent thumbs.

The whole ordeal has been straightforward to the point of banality. A billionaire signed on to buy a company and then regretted it when the market moved against him. Or, as Twitter’s lawyers framed it:

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value and walk away.

Related aspects of this case, ranging from whether it’s a good idea for Musk to own Twitter to whether there’s a financial settlement to be had, are interesting but shouldn’t distract from the fundamental question. Namely, does Musk get to live by his own set of rules?

Musk’s most committed fans admire his ability to seemingly shrug off conventions and regulators. Under this way of thinking, Musk’s business achievements mean that society should tolerate his foibles. But this is nonsense. Yes, he is fostering a revolution in electric vehicles. But he has been richly rewarded for that. Indeed, given that Tesla has shed almost $460-billion of value over the past six months yet still trades at 66 times forward earnings, one could say he has been rewarded well in advance of his achievement. No other perks are required.

Most importantly, for most of its 12 years and counting as a public company, Tesla survived on regular doses of new cash from investors. Musk’s success, like that of many entrepreneurs in the US, has relied to a huge degree on his access to the deepest pool of equity capital on the planet.

What explains the remarkable strength of the US public markets? One critical element is a set of laws and guidelines designed to ensure, among other things, that when someone signs a binding agreement they complete it in good faith. To assume that one can reap the benefits of a financial system built painstakingly by others over decades but then flout the rules that make it work when they become inconvenient requires a special audacity.

We are at a moment when the ability of US institutions to uphold our most fundamental laws and norms is being questioned. Musk’s newfound apparent enemy, former US President Donald Trump, continues to push his corrosive lie about the 2020 election and, thus far, seems to pay no price. By comparison, the buyout of Twitter is small beer. But there are parallels in the cultish worship of these two men and their obvious disdain for the rules, due in no small part to their liberal use of social media. Musk is entitled to a fair hearing, and his lawyers may yet reveal some worthwhile arguments. But the ones deployed to date don’t bode well. Rather, they offer ample reason for the judge to expedite the trial and demonstrate that the laws that benefit us all, very much including Musk himself, aren’t to be toyed with.

Liam Denning. is an Energy Columnist, Bloomberg Opinion. Bloomberg LPUniversity of Cambridge

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

New Website Informs Drivers Where to Get Cheaper Fuel in South Africa

Ilan Meltz, a programmer at software house DVT

With the price of fuel soaring thanks to a weaker rand and soaring international oil prices, South Africans drivers are feeling the pinch. A new website, which provides user-generated details about where the best discounts on fuel are available, hopes to help save consumers a bit of money at the pump.

The website, PetrolPrices.co.za, shows where the best deals on diesel are to be had. Petrol will be added to the platform if the government goes ahead with its recently communicated plan to deregulate the price of 93-octane unleaded petrol.

The user can see which brands of fuel stations are nearby if they prefer a particular brand

Developed by Ilan Meltz, a programmer at software house DVT, explained in a blog post that news of the government’s plan to deregulate the price of petrol prompted him to develop the platform. Although this promised deregulation hasn’t happened yet, it will be easy to integrate petrol prices into the solution when it does.

“It is a website that tracks the prices of fuel at stations and allows the user to see which nearby fuel stations are the cheapest based on their location. Each filling station added to the website will be displayed as a marker on the map. Each marker displays the logo of the fuel company and the diesel price at that petrol station without having to click on it. As a result, it is possible to locate nearby options quickly. In addition, the user can see which brands of fuel stations are nearby if they prefer a particular brand,” said Meltz.

“When clicking a marker, a pop-up will be displayed, showing the prices for all the fuel types available at the selected fuel station. From the pop-up, the user can get directions to the fuel station by clicking the ‘go here’ button or see more details about it by clicking the ‘view more’ button.”

The website relies on users to update fuel prices. If someone finds a petrol station that isn’t on the map, they can add it themselves. Similarly, if they find an incorrect price, they can correct it.

“Whenever a user requests a price change, the price won’t go live immediately (unless they have enough FuelBounty) because another user must first validate the request. Earning FuelBounty gains users their reputation on the website. In exchange for contributing to PetrolPrices.co.za, users earn FuelBounty, which they can use to enter occasional competitions and place them on the leaderboard as the most active contributors on the website,” Meltz explained.

He said he is now working on an Android app, with a version for iOS to follow later.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry