Category: 3. Business

  • Over 150 Illegal Connections Removed, 350 Defaulters’ Power Supply Disconnected – K-Electric

    Over 150 Illegal Connections Removed, 350 Defaulters’ Power Supply Disconnected – K-Electric

    Karachi, October 10, 2025: K-Electric continued its anti-theft efforts in Sultanabad, removing over 150 illegal connections (kundas) and disconnecting power supply to more than 350 defaulters. These actions are part of the utility’s ongoing drive to curb electricity theft, reduce losses, and ensure safe and reliable power supply across Karachi.

    As part of its facilitation initiative under the ‘Hum Qadam’ scheme, K-Electric also set up a support camp in the area to assist consumers with easy bill payments, address complaints, and process applications for legal connections. Several consumers availed on-the-spot payment options, while new connection requests were also received.

    A KE spokesperson stated that such operations will continue until electricity theft is completely eliminated. The spokesperson added that illegal connections not only damage K-Electric’s infrastructure but also pose serious safety risks to residents. K-Electric urges citizens to discourage electricity theft and ensure timely bill payments, as these efforts are essential to achieving an uninterrupted power supply across the city.

    About K-Electric:
    K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The majority shares (66.4%) of the Company are owned by KES Power, a consortium of investors including Al-Jomaih Power Limited of Saudi Arabia, National Industries Group (Holding) of Kuwait, and KE Holdings (Formerly: Infrastructure and Growth Capital Fund or IGCF). The Government of Pakistan is also a shareholder (24.36%) in the Company while the remaining are listed as free float shares.

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  • Google Equips University Students Across Africa with Free Access to Advanced AI Tools

    Google Equips University Students Across Africa with Free Access to Advanced AI Tools

    Quest Podcast Interview with Adia Sowho Click to watch

    12-Month Google AI Pro Plan Launched for Students in Nigeria, Kenya, Ghana, Rwanda, South Africa, and Zimbabwe to Build Foundational AI Skills 

    LAGOS, NIGERIA – OCTOBER 8, 2025 — Google today announced a major initiative to support higher education across Africa by offering its premium AI subscription, Google AI Pro, for free to university students for 12 months. The offer is available to eligible students aged 18+ in Nigeria, Kenya, Ghana, Rwanda, South Africa, and Zimbabwe, providing them with access to Google’s most advanced AI tools to enhance their learning, research, and creative work.

    Through Google’s most capable model, Gemini 2.5 Pro, this initiative will equip the next generation of African leaders, innovators, and creators with fundamental AI literacy. By placing powerful generative AI tools directly in the hands of students, Google is helping to prepare them for a workforce where AI proficiency is increasingly essential.

    “We are seeing a new wave of innovation in Africa, driven by the energy and ingenuity of our young people,” said Alex Okosi, Managing Director for Google in Sub-Saharan Africa. “By providing students with access to our most advanced AI tools, we want to empower them to not only excel in their studies but also to become critical builders and shapers of the future. This offer is about democratizing access to technology and giving African students the skills to compete and lead on a global stage.”

    The Google AI Pro plan provides a comprehensive suite of tools designed for the demands of academic and creative life:

    Wellahealth embedded healthcare reportWellahealth embedded healthcare report Click to view

    • Supercharged Learning and Research: With new features like Guided Learning to help students with in-depth research, summarizing academic papers, debugging code, and step-by-step guidance on complex problems. 
    •  Time-Saving Efficiency: Use Deep Research to generate comprehensive, cited reports from hundreds of web sources in minutes, transforming how students approach long-form assignments and dissertations.
    • Enhanced Organization and Creativity: Leverage NotebookLM to organize notes and connect ideas, and use Veo 3 to instantly transform text prompts or images into short, high-quality videos for presentations and projects.
    • Massive Storage: Receive 2 TB of cloud storage across Google Drive, Gmail, and Photos, ensuring ample space for coursework, research data, and creative portfolios.

    How to Sign Up 

    University students in eligible higher education institutions and countries can verify their status and activate the 12-month free plan by visiting gemini.google/students. The process is designed to be simple, requiring students to verify their status through various methods and to add or confirm a form of payment (without incurring any charges). The offer will be available for redemption for 60 days, from October 7, 2025, to December 9, 2025.

    This student offer builds on Google’s long-standing commitment to Africa’s digital transformation through programs like the Google for Startups Accelerator Africa and the Digital Skills for Africa initiative, which have helped millions of people and businesses grow.

    Quest Podcast Interview with Adia SowhoQuest Podcast Interview with Adia Sowho Click to watch

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  • S&P Dow Jones Indices Reports U.S. Common Indicated Dividend Payments Increase of $10.6 Billion in Q3 2025 as Dividend Growth Continues to Be Slow

    S&P Dow Jones Indices Reports U.S. Common Indicated Dividend Payments Increase of $10.6 Billion in Q3 2025 as Dividend Growth Continues to Be Slow

    • Q3 2025 U.S. common dividend increases were $14.0 billion, up 43.0% from $9.8 billion in Q2 2025 and down 0.7% from $14.1 billion in Q3 2024.
    • Q3 2025 U.S. common dividend decreases were $3.4 billion, up 46.1% from $2.3 billion in Q2 2025 and down 25.2% from $4.6 billion in Q3 2024.
    • Q3 2025 net indicated dividend rate change increased $10.6 billion.
    • For the 12-months ending September 2025 U.S. common dividend increases were $57.5 billion, down 23.1% from the 12-month September 2024 period’s $74.7 billion; decreases were down 36.4% to $12.4 billion compared to $19.5 billion for the prior 12-month period.
    • The net 12-month September 2025 indicated dividend increase was $45.1 billion compared to $44.1 billion for the 12-months ending June 2025 and $55.3 billion for the prior 12-month September 2024 period.

    NEW YORK, Oct. 10, 2025 /PRNewswire/ — S&P Dow Jones Indices today announced the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $10.6 billion during Q3 2025, compared to the $7.4 billion increase in Q2 2025 and the $9.5 billion increase in Q3 2024. Increases were $14.0 billion versus $9.8 billion for Q2 2025 and $14.1 billion in Q3 2024. Decreases were $3.4 billion compared to $2.3 billion in Q2 2025 and $4.6 billion in Q3 2024. 

    S&P Dow Jones Indices logo (PRNewsfoto/S&P Dow Jones Indices)

    For the 12-months ending September 2025, the net dividend rate increased $45.1 billion compared to the net $55.3 billion for the prior 12-months ending September 2024. For 2024 it was up $53.4 billion, 2023 was $36.5 billion, 2022 was $68.2 billion, and in 2021 it was $69.8 billion, with the 2020 net change negative as 43 S&P 500 issues suspended their dividends at –$40.8 billion. Increases for the 12-month September 2025 period were $57.5 billion versus the previous $74.7 billion, and decreases were $12.4 billion compared to $19.5 billion in the previous period. 

    “Dividend growth continued to be slow in Q3 2025, as concern over forward cash commitment was inhabited by the uncertainty over the evolving tariff polices, along with their impact on sales, costs and the general economy. Overall, companies continued to increase their dividends, but with smaller increases for those on a perceived schedule (annually). For companies not on a perceived schedule, many appeared to put off their actions for now,” said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

    Silverblatt continued: “Given the start of tariff and policy clarity in Q3, companies may increase their payouts but still require more legislative and executive assurances for forward, long-term dividend commitments. Current tax and write-off benefits from the ‘One Big Beautiful Bill’ have added to corporate earnings; as expected increased tax refunds for consumers (starting in February 2026) has permitted increased sales expectations, giving companies short-term assurances but not the longer-term confidence for larger dividend commitment.”

    Silverblatt concluded: “Working with a base case for a higher-level resolution of economic related issues, lower interest rates from the FOMC, and continued U.S. consumer and equity support, Q4 dividends appear in place to set to a new quarterly record, with the full year S&P 500 payment expected to post a record level, nearing a 6% increase in dividend payments over 2024.”

    S&P 500® Dividends

    On a per share basis, S&P 500 Q3 2025 dividend payments increased 1.7% to $19.81 per share from Q2 2025’s $19.48 and were up 6.0% from Q3 2024’s $18.68 payment. For the 12-months ending September 2025, the index paid $78.48, up 6.9% compared to $73.40 for the 12-month September 2024 period; for 2024 it paid $74.83 and in 2023 it paid $70.30.

    Additional findings from S&P Dow Jones Indices’ quarterly analysis of U.S. dividend activity includes:

    Dividend Increases (defined as either an increase or initiation in dividend payments):

    • 421 dividend increases were reported during Q3 2025 compared to 480 during Q3 2024, a 12.3% year-over-year decrease.
    • Total dividend increases were $14.0 billion for the quarter, down from $14.1 billion in Q3 2024.
    • For the 12-months ending in September 2025, 2,294 issues increased their payments, down from the 2,522 issues for the 12-months ending in September 2024.
    • Total dividend increases for the 12-month September 2025 period were $57.5 billion, down from $74.7 billion in the prior 12-month period.

    Dividend Decreases (defined as either a decrease or suspension in dividend payments):

    • 43 issues decreased dividends in Q3 2025, a 59.3% year-over-year increase compared to 27 issues in Q3 2024.
    • Dividend decreases were $3.4 billion in Q3 2025, compared to $4.6 billion in Q3 2024.
    • For the 12-months ending in September 2025, 171 issues decreased their dividend payments, a 22.1% increase compared to the 140 decreases within the prior 12-month period.
    • Dividend decreases were $12.4 billion for the current 12-month period, a 36.4% decrease from the prior 12-month period’s $19.5 billion.

    Non-S&P 500 Domestic Common Issues (for issues yielding 10% or less):

    • The percentage of non-S&P 500 domestic dividend-paying common issues declined to 19.6% from Q2 2025’s 20.0% and was down from the Q3 2024’s 20.4%.
    • The weighted indicated dividend yield for paying issues was 2.49% in Q3 2025, down from the 2.70% in Q2 2025 and down from 2.69% in Q3 2024. The average indicated yield decreased to 3.11% in Q3 2025 compared to Q2 2025’s 3.23% and was down from 3.18% in Q3 2024.

    Large-, Mid-, and Small-Cap Dividends:

    • 407 issues or 80.9% within the S&P 500 currently pay a dividend, the same as in Q2 2025 and up from the 404 which paid in Q3 2024; 28 of the 30 constituents within the Dow Jones Industrial Average® pay a dividend with an average yield of 1.93% (1.97% in Q2 2025) for all issues and 2.07% (2.11%) for the paying issues.
    • 65.3% of S&P MidCap 400® issues pay a dividend, down from 66.1% in Q2 2025 and down from 66.6% in Q3 2024. 57.6% of S&P SmallCap 600® issues pay a dividend, up from 57.3% in Q2 2025 and down from 58.0% in Q3 2024.
    • Yields were lower for Q3 2025 as prices increased faster than dividends, large-cap yields decreased to 1.17% (1.25% for Q2 2025 and 1.29% for Q3 2024), mid-caps decreased to 1.40% (1.50% for Q2 2025 and 1.42% for Q3 2024), and small-caps decreased to 1.57% (1.70% for Q2 2025 and 1.60% for Q3 2024).
    • The yields across dividend-paying market-size classifications varied with large-caps decreasing to 1.42% for Q3 2025 (1.51% in Q2 2025 and 1.54% in Q3 2024), mid-caps decreasing to 2.23% (2.31% in Q2 2025 and 2.11% in Q3 2024), and small-caps decreasing to 2.76% (3.00% in Q2 2025 and 2.69% in Q3 2024).

    For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.

    ABOUT S&P DOW JONES INDICES

    S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

    S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/en/.

    S&P DJI MEDIA CONTACTS:

    Alyssa Augustyn, External Communications – Americas
    (+1) 773 919 4732 alyssa.augustyn@spglobal.com 

    S&P DJI INDEX SERVICES:

    Howard Silverblatt, Senior Index Analyst
    (+1) 973 769 2306 howard.silverblatt@spglobal.com 

    SOURCE S&P Dow Jones Indices

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  • Cautious OPEC+ Strategy Offsets U.S. Output Boom

    Cautious OPEC+ Strategy Offsets U.S. Output Boom

    Light crude oil futures settled at $61.50 on Thursday, up $0.62 or 1.02% for the week so far, with one trading day remaining. The move capped a choppy week marked by cautious optimism surrounding OPEC+ supply restraint, geopolitical developments in the Middle East, and persistent oversupply concerns in the U.S. and global markets. The bullish and bearish factors largely neutralized each other, but near-term direction remains uncertain as traders weigh competing signals heading into next week.

    OPEC+ Maintains Cautious Output Path Despite Surplus Risks

    A key bullish catalyst during the week was OPEC+’s decision to raise production by just 137,000 barrels per day in November—matching October’s increase and falling below market expectations. Some had anticipated a much larger hike, particularly from Saudi Arabia, which reportedly advocated for a more aggressive supply return to regain market share. In contrast, Russia favored a conservative approach to avoid triggering another wave of price pressure.

    The restrained increase signaled internal divisions but ultimately supported prices early in the week. Analysts said the move showed the group’s continued desire to manage the market carefully amid growing forecasts for a global crude surplus in the fourth quarter. However, with OPEC+ production already up by 2.7 million bpd year-to-date, concerns remain that the collective output path could still outpace demand growth going forward.

    Geopolitical Developments…

    Light crude oil futures settled at $61.50 on Thursday, up $0.62 or 1.02% for the week so far, with one trading day remaining. The move capped a choppy week marked by cautious optimism surrounding OPEC+ supply restraint, geopolitical developments in the Middle East, and persistent oversupply concerns in the U.S. and global markets. The bullish and bearish factors largely neutralized each other, but near-term direction remains uncertain as traders weigh competing signals heading into next week.

    OPEC+ Maintains Cautious Output Path Despite Surplus Risks

    A key bullish catalyst during the week was OPEC+’s decision to raise production by just 137,000 barrels per day in November—matching October’s increase and falling below market expectations. Some had anticipated a much larger hike, particularly from Saudi Arabia, which reportedly advocated for a more aggressive supply return to regain market share. In contrast, Russia favored a conservative approach to avoid triggering another wave of price pressure.

    The restrained increase signaled internal divisions but ultimately supported prices early in the week. Analysts said the move showed the group’s continued desire to manage the market carefully amid growing forecasts for a global crude surplus in the fourth quarter. However, with OPEC+ production already up by 2.7 million bpd year-to-date, concerns remain that the collective output path could still outpace demand growth going forward.

    Geopolitical Developments Add Complexity to Supply Outlook

    Geopolitical risk added further support to crude prices midweek, with a reported drone strike and fire at Russia’s Kirishi refinery forcing the shutdown of its top distillation unit. The incident is expected to halt operations for up to a month, sidelining meaningful output. Although the disruption had not triggered a sustained rally, it underscored how fragile supply remains in key regions.

    Later in the week, a ceasefire agreement between Israel and Hamas introduced a potential easing of geopolitical tensions in the Middle East. While this development led to a pullback in crude prices into Thursday’s close, the broader implications could be supportive longer term. Analysts highlighted the potential for reduced attacks on Red Sea shipping lanes and renewed talks on Iran’s nuclear program—both of which could significantly impact regional oil supply.

    China’s Strategic Stockpiling Offers Medium-Term Support

    Also lending structural support to the market was confirmation that China is expanding its strategic petroleum reserve. The country plans to add 169 million barrels of storage capacity across 11 new sites operated by state firms such as Sinopec and PetroChina. Though officially classified as commercial, these reserves are widely seen as part of Beijing’s emergency stockpiling strategy.

    Traders noted that while this expansion is unlikely to offset near-term surplus conditions, it could help absorb some global oversupply over time. The effort reflects China’s long-term energy security planning and may serve as a demand backstop during future periods of weak consumption or elevated exports.

    Bearish Forces: U.S. Production and Inventories Climb

    On the bearish side, the U.S. Energy Information Administration (EIA) raised its 2025 crude production forecast to 13.53 million bpd—an all-time high—up from a prior estimate of 13.44 million. The increase was driven by stronger-than-expected offshore production and a resilient showing from the shale sector earlier in the year.

    Inventory data also trended bearish. The American Petroleum Institute (API) reported a weekly crude stock build of 2.78 million barrels, significantly exceeding expectations. Although gasoline and distillate supplies declined, the overall rise in crude stocks reinforced fears of a supply glut heading into the final quarter of the year. The EIA projects global inventories will build by roughly 2 million bpd through the end of the year and into the first half of 2026, keeping pressure on prices.

    Oil Majors Respond to Price Pressures with Payout Cuts

    Adding to the bearish tone were signs that major oil producers are beginning to scale back shareholder returns in response to falling prices. Chevron, BP, and TotalEnergies have all reduced share buybacks, citing payout strategies that are unsustainable below $80 Brent. TotalEnergies also announced $7.5 billion in cost cuts, highlighting the margin squeeze facing the industry. Capital discipline and workforce reductions are also gaining traction, reflecting expectations for a lower-price environment ahead.

    Weekly Light Crude Oil Futures

    Trend Indicator Analysis

    Light crude oil futures bounced back this week from the previous week’s steep loss, however, the market posted an inside move, suggesting trader indecision and impending volatility.

    The market remains in a weak position, facing a headwind at the 52-week moving average at $62.96. As of Thursday’s close, the high of the week is $62.92.

    A rally through the 52-week moving average will indicate the presence of buyers with the long-term 50% level at $64.21 the next target. Upside momentum could increase on a sustained move over this level with initial resistance the main top at $66.42. This price appears to be the trigger point for an acceleration to the upside.

    The initial support is the previous week’s low at $60.40, followed by the 61.8% Fibonacci level at $59.91. This indicator is the trigger point for a steep break into the nearest main bottom at $55.74.

    Weekly Technical Forecast

    The direction of the Weekly Light Crude Oil Futures market the week ending October 17 is likely to be determined by trader reaction to 52-week moving average at $62.96.

    Bullish Scenario

    A sustained move over $62.96 will signal the return of buyers. This won’t change the trend, but if this creates enough upside momentum, we could see a retest of a long-term pivot at $64.21. Overcoming this level will signal strong short-covering, which could lead to a test of $66.42.

    Bearish Scenario

    A sustained move under the 52-week moving average at $62.96 will indicate the presence of sellers. This could fuel lead to a quick test of $60.40 to $59.91. The latter is a potential trigger point for a potential plunge into the late May swing bottom at $55.74.

    Weekly Outlook: Bearish Tilt as Supply Headwinds Persist

    Looking ahead, the oil market faces a bearish tilt into next week. While OPEC+ supply restraint and geopolitical flashpoints continue to offer periodic support, these factors have so far failed to reverse the broader pressure from rising inventories and record U.S. output. Without a meaningful demand rebound or further supply disruption, market sentiment is expected to remain defensive. Crude futures may struggle to extend gains unless bullish catalysts emerge that materially shift the current fundamental balance.

    Technically, trader reaction to the 52-week moving average at $62.96 will set the tone. Currently, the market is trading on the weak side of this indicator, giving it a bearish tone as we head into the week-end.


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    Reference #18.c46656b8.1760102710.2dc76f87

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  • Africa CDC Launches the African Manufacturing Market Intelligence & Network Analysis (AMMINA) Platform – Africa CDC

    Africa CDC Launches the African Manufacturing Market Intelligence & Network Analysis (AMMINA) Platform – Africa CDC

    New data-driven platform strengthens health manufacturing, investment and regional collaboration across the continent.

    Accra, Ghana – 10 October 2025 – The Africa Centres for Disease Control and Prevention (Africa CDC) is proud to announce the official launch of the African Manufacturing Market Intelligence & Network Analysis (AMMINA) platform. The launch coincided with the African Healthcare Manufacturing Trade Exhibition and Conference (AHMTEC) in Accra, Ghana, underscoring Africa CDC’s commitment to advancing regional manufacturing, innovation and health sovereignty.

    AMMINA is a groundbreaking, data-driven platform developed to provide deep insights into Africa’s health products manufacturing ecosystem. Building on an initial curation by the Bill & Melinda Gates Foundation, the platform, under the custodianship of Africa CDC, is designed to equip African Union (AU) Member States, manufacturers, investors and strategic partners with accurate, comprehensive and actionable data on manufacturers, capacities, product portfolios and market dynamics across the continent.

    By offering a clear picture of Africa’s health manufacturing landscape, AMMINA aims to unlock opportunities for intra-African trade, attract investment, strengthen partnerships and drive industrial growth in health products manufacturing, advancing Africa’s health sovereignty and resilience.

    “We are pleased to launch this landmark initiative. AMMINA represents a bold step towards making high-quality, reliable and accessible data available to our Member States and partners,” said Dr Jean Kaseya, Director-General of the Africa CDC. “Africa CDC is committed to ensuring that AMMINA becomes a trusted continental resource to advance health products manufacturing, investment and policy decision-making across Africa.”

    In its current phase, AMMINA maps data from more than 700 manufacturers and over 2,500 health products across 18 African Union Member States. Africa CDC, in collaboration with partners, is expanding this coverage to all 55 AU Member States, ensuring that data remain a continental public good, safeguarded under AU governance and used to advance health sovereignty.

    Together with AU institutions, Member States and partners, we will ensure that AMMINA becomes a foundational instrument to unlock Africa’s manufacturing potential, catalyse investment and secure the continent’s health future.

    Explore AMMINA:
    https://app.powerbi.com/view?r=eyJrIjoiZTc4MTkzODgtMzljOC00NThjLWJlNTgtNmYxNDNiOTFhNWQ4IiwidCI6IjdlMzgyNzFiLWNkYjMtNGUxZC1iMGUxLWNiM2I4N2UxMjlhZCJ9

    ###

    About Africa CDC

    The Africa Centres for Disease Control and Prevention (Africa CDC) is the autonomous public health agency of the African Union, supporting Member States in strengthening health systems, improving disease surveillance, emergency preparedness, and health product manufacturing. Learn more at: http://www.africacdc.org and connect with us on LinkedIn, Twitter, Facebook, and YouTube.

    Media Contacts

    Margaret Edwin | Director of Communication and Public Information | Africa CDC EdwinM@africacdc.org

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  • Mansion House and Leeds Reforms mini-series – proposals regarding the Financial Ombudsman Service and redress – Global Regulation Tomorrow

    1. Mansion House and Leeds Reforms mini-series – proposals regarding the Financial Ombudsman Service and redress  Global Regulation Tomorrow
    2. The Morning Briefing: PIMFA and TISA flag concerns over Ombudsman reforms; Families boost children’s pensions to cut IHT bills  Money Marketing
    3. Modernising the redress system: Fair and reasonable changes?  Herbert Smith Freehills Kramer
    4. Does FCA referral mechanism create new risks as part of Fos reform?  FT Adviser
    5. PIMFA responds to HMT’s Financial Ombudsman consultation  IFA Magazine

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  • Africa has ‘unlimited’ solar potential. Off-grid power could help light up the continent

    Africa has ‘unlimited’ solar potential. Off-grid power could help light up the continent

    Globally, more than 660 million people still lack access to electricity — and 85% of them reside in sub-Saharan Africa.

    Washikala Malango was one of these people.

    Malango was born and raised in Baraka, a village on the shores of a vast lake in the Democratic Republic of Congo (DRC). His off-grid childhood was not particularly unusual: even today, around 78% of the population in the country has no access to electricity, according to the World Bank.

    He recalls spending mornings at school and afternoons playing soccer in the streets, and at dusk, returning home to share the light of a kerosene lamp in the kitchen, where his mother prepared dinner.

    There was no reading or studying in the evening: “We wouldn’t even buy enough kerosene to even make enough light (to last) until 9 or 10 p.m. Then you spend the rest of the night in the darkness,” he recalls. One evening, when a candle was left burning after hours, his cotton-filled mattress caught fire, and he awoke gasping through mouthfuls of smoke.

    In the mid-1990s, during the Congolese civil war, Malango and his childhood friend Iongwa Mashangao fled Baraka. The teenagers ended up together in a refugee camp in Tanzania, which also lacked electricity.

    “Relying on dirty and expensive sources of energy for lighting, for powering appliances, for learning, this had a very negative impact on our household’s income, on our health,” says Malango. These early experiences motivated Malango and Mashangao to launch Altech in 2013, a startup that provides easy-to-install home solar kits to bring reliable electricity to off-grid communities.

    “We really wanted to contribute to the eradication of energy poverty in the DRC, given what we experienced growing up,” says Malango.

    Made up of 54 countries, Africa gets more sunshine hours than any other continent. It has some of the highest levels of solar irradiance — the power of the sun per square meter — in the world, with “almost unlimited” potential for solar energy according to the African Development Bank.

    Solar has been touted as the obvious solution to provide clean energy to the millions of people living without electricity.

    Yet the continent had just 21.5 gigawatts of installed solar capacity in 2024, according to the International Energy Agency. By comparison, China, the global leader in solar power, added 198 GW between January and May this year alone.

    What’s holding solar back in Africa?

    “The problem that you have in many African countries is that you have scattered, low density population centers,” says Bruno Idini, an analyst at the International Energy Agency (IEA).

    Issues vary from country to country, but national grids often struggle to expand beyond cities due to high infrastructure costs and bottlenecks, regulatory hurdles, unclear government policies, and sometimes, conflict and unrest.

    When it comes to solar, these issues are compounded with the high upfront costs of large-scale farms.

    Multinational projects aim to address these challenges, such as the “Mission 300” initiative, which has seen 29 nations pledge policy changes in a bid to improve energy access in the region and connected 30 million people so far.

    An aerial view of solar panels at Ayama Winery on February 4, 2024 near Windmeul in the Western Cape Province of South Africa.

    One of the most ambitious projects is the African Development Bank’s Desert-to-Power Initiative, launched in 2018. It aims to bring 10 gigawatts of solar power to 11 countries in the Sahel region — Burkina Faso, Chad, Djibouti, Eritrea, Ethiopia, Mali, Mauritania, Niger, Nigeria, Senegal, and Sudan — by 2030, potentially benefiting 250 million people.

    However, more than halfway through the project’s timeline, only a fraction of its solar capacity has been financed. Its progress has been hindered by civil unrest, including five coups over three years, with six of the project’s 11 participating nations listed as conflict-affected by the World Bank in 2024.

    In the past two decades, Africa has seen just 2% of global investment in renewables, despite its extensive untapped renewable resources.

    The IEA estimates that it would cost $25 billion annually to bring universal electricity access to the continent by 2030 — and while investment in renewables in Africa is growing, particularly in the private sector, it still falls short of what’s needed to meet renewable targets.

    While utility-scale solar still dominates the sector, distributed solar is expected to account for 42% of solar PV expansion in the next five years, according to the IEA.

    These home solar systems and mini grids could “serve as a bridge while waiting for the grid,” says Heymi Bahar, senior renewable energy markets analyst at the IEA, and lead author of agency’s renewables report.

    Falling costs make solar a “no-brainer” compared to fueling diesel generators for many families, says Bahar. However, he adds that the initial upfront capital required for solar PV remains a barrier — it’s estimated that only 22% of households without electricity can afford a “tier 1” solar kit, which equates to four hours of electricity daily — so government policies, venture capital, and seed funding environments play crucial roles in promoting solar adoption.

    “If there is no help from the government in terms of either financing or micro financing systems, it’s quite difficult to pay for all this upfront for many people in Africa,” says Bahar.

    The biggest barrier for investors in off-grid projects is “whether the grid will come or not, or when it will come — because you don’t want people to invest in a massive off-grid infrastructure, and then two years later, the grid comes,” says Bahar. Clear policies and transparent planning can “de-risk” these projects to attract external financing, he adds.

    In the meantime, startups like Altech are making a dent. Their business model allows customers to pay for the solar kit over several months, rather than upfront. According to the UN, the average daily income in the DRC is $3.92, which made even a seemingly small upfront payment of $13 for a solar lamp out of reach, says Malango.

    Altech introduced mobile payments in 2022, to facilitate its pay-as-you-go solar kits, ranging from entry-level lighting systems to more comprehensive packages that include products like a television or an induction cooking stove.

    Altech's solar home systems include optional products, like televisions and radios.

    Without the solar systems, households would spend hundreds of dollars annually to get kerosene canisters that would support basic lighting and cooking needs.

    Malango says that the most popular solar home system includes two 50-watt solar panels, designed to support a television, radio, soundbar, fan, phone charger, and two bulbs. On the larger systems, customers pay a small down payment and the rest over 2 to 5 years.

    Beyond economic savings, these off-grid solar systems improve quality of life: reliable lighting allows children to study at night and improve their educational performance, and households can reduce their exposure to harmful pollutants from kerosene, and the negative health impacts from accidental fires and smoke inhalation.

    A phone battery charging shop in Kadutu neighborhood, Bukavu city, DRC.

    Even small things, like charging a mobile phone, become infinitely easier and cheaper, says Malango: people would typically go to diesel generator-powered charging shops, spending between $1-$3 to charge their phone, which could also be lost or stolen during charging.

    “Now they can charge at their own place, anytime, so it has also helped a lot,” adds Malango. To date, the company has reached over 2.5 million people in the DRC.

    Decentralized energy solutions like Altech are becoming increasingly important in the quest for energy equity.

    According to the IEA, around a quarter of electricity connections in sub-Saharan Africa between 2020 and 2022 were provided by off-grid solar systems.

    Other enterprises across the continent are also filling the gaps in the main grid: Kenyan startup M-Kopa was one of the first in the pay-as-you-go solar sector in 2011, and has since successfully pivoted its business expanding into digital finance, smartphones and e-mobility.

    An electric light and control unit on a mud wall in a home powered by M-Kopa solar technology in Ndela village, Kenya.

    Izili, formerly Baobab+, raised over $21 million for its operations in Nigeria, Senegal, Madagascar, and Ivory Coast, where it’s brought solar kits and off-grid cooking stoves to 2 million people and counting. In South Africa, LightBox Africa provides micro-financed solar kits repaid over three years.

    And Congolese startup Nuru, which means “light” in Swahili, focuses on solar mini grids for remote communities. In 2023, it secured $40 million to build the largest mini grid in sub-Saharan Africa.

    These off-grid energy solutions are often providing “first time access to African households,” which given the continent’s large youth demographic – 70% of sub-Saharan Africa is under 30 — can help provide opportunities for the next generation, says IEA analyst Idini.

    “It’s sort of a vicious cycle — you don’t have power because you cannot pay for it, but you cannot pay for it because you don’t have power,” says Idini. “That’s where solar home systems and mini grids can play a very big role.”

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  • Bristol Myers buys Orbital Therapeutics for $1.5 billion in cell therapy push – Reuters

    1. Bristol Myers buys Orbital Therapeutics for $1.5 billion in cell therapy push  Reuters
    2. Bristol Myers Squibb Strengthens and Diversifies Cell Therapy Portfolio with Acquisition of Orbital Therapeutics  Business Wire
    3. BMS inks $1.5B in vivo CAR-T buyout to pull Orbital into its sphere of influence  Fierce Biotech
    4. BMS Makes $1.5B Cell Therapy Play With Orbital Takeover  BioSpace
    5. Bristol Myers to buy startup Orbital Therapeutics, building out cell therapy pipeline  statnews.com

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  • ‘Brazen shoplifting’ forces Liverpool butcher to shut down

    ‘Brazen shoplifting’ forces Liverpool butcher to shut down

    A butcher has said the level of shoplifting at his business was one of the reasons for closing down.

    Westcott Factory Meats in Liverpool also said the increasing cost of business rates, national insurance and electricity had played a part in the decision.

    Its owner and director, Carl Hayes, said thieves had been “brazenly” stealing products, including legs of lamb and steaks, on a weekly basis.

    Mr Hayes, who has been in the meat and butchery business for over 30 years, said the level of crime was “now the worst it’s ever been”.

    Mr Hayes said: “We had one the other week where a guy took a big bag of legs of lamb. It was a Saturday morning, we were busy, loads going on, but he just walked out.

    “We used to have a security guard a couple of days a week, but again, that comes at a cost that you’ve got to put into the business.

    “But it’s worse now. In the last six, nine months, it’s the worst it’s ever been.”

    The business started as a stall at Stanley Meat Market in Old Swan in 2012 before moving to its current premises on Smithdown Road in 2017.

    It closed its doors for the last time on 8 October and had to lay off 12 members of staff.

    “We’re just one of thousands of businesses that are suffering in the same way,” he said.

    In a post on Facebook, a business representative, who also cited the rise of meat prices as an issue, said it was “with deep regret” the shop was closing after eight “fabulous years”.

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