Travellers are expressing their disappointment and frustrations as airfares continue to skyrocket, making it increasingly difficult for individuals to embark on their desired trips. The rising costs, coupled with economic uncertainties, have left many passengers in a state of dismay.

About two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, the apex bank decided to float the naira at the Investor’s and Exporters’ Window of the foreign exchange market. Since then, the naira had fallen from N471/dollar to N867/$.

With this development, Nigerians, particularly, intending international students hoping to resume school in September, had been greatly impacted by the unpredictable fluctuations in foreign exchange rates.

The prices of air tickets had skyrocketed, making it increasingly difficult for Nigerians to travel, especially when compared to neighbouring countries such as Benin and Ghana, where airfares are notably cheaper.

The current policy of floating the Naira had done little to alleviate the situation. As the exchange rate continued to rise, most foreign airlines’ funds were trapped within Nigeria, due to a scarcity of dollars in the market. This scenario created a problematic landscape for Nigerians who depended on reasonably priced flights to go about their business.

In a chat with our correspondent in Abuja, Ade Johnson, a potential traveller, noted that although he had not yet booked his flight, he had noticed a significant increase in prices compared to a few months earlier.

He disclosed that many Nigerians had started exploring alternative options. One popular choice was to travel via the Benin Republic, where airfares were considerably cheaper. Additionally, the proximity of Benin Republic to Lagos, with a travel time of less than an hour, mades it an enticing proposition for cost-conscious travellers.

He said, “Though, I have not booked my flight, prices have gone up compared to what was obtainable some months ago. Lagos to London was around 350k in May for the airline I booked, but the same route goes for 750k or more now.

“The best alternative option is to travel through Benin republic where air tickets are cheaper and it’s less than an hour drive from Lagos.”

Moreover, the Fx situation had created additional challenges for Nigerian students, including increased payment for tuition fees, visa expenses, the International Health Surcharge, and the need to provide proof of funds for maintenance and upkeep.

Previously, Nigerian students utilised Form A for tuition payments, which was pegged at a fixed rate controlled by the Central Bank of Nigeria. However, the current circumstances had altered this arrangement, leading to further financial burdens for students.

Sharing her experience, Success Apiaka, a traveller impacted by the recent increase and fluctuation in foreign currency rates, expressed his frustration with the effect it has had on her travel plans and budget, adding that she was forced to reassess and make significant adjustments to his financial planning to accommodate the unforeseen changes.

Apiaka recounted the challenges she faced, stating, “The recent increase and fluctuation in foreign currency has affected my travelling plans, especially considering the amount I had originally budgeted for the process. I had to go back to my drawing board to replan and find the best way to achieve my travel goal. This meant cutting down on a lot of expenses, including food, clothing, and family-related costs, in order to meet the current exchange rate and make the most of every penny I have.”

Fortunately for Apiaka, being knowledgeable in economics, she anticipated the economic difficulties ahead and took proactive measures to secure her travel plans. She booked her flight as early as May after paying her tuition, having learned from past experiences with using Form A for foreign currency transactions.

“I had to cut down a lot of my expenses in terms of feeding, clothing, family, etc just to ensure I can meet up to the current rate, utilise every single penny that comes my way.

She said the mental stress that came with the entire process, the wait is really not easy, process and all. For the financial aspect, I would say a little because this is something I have been preparing for although not at this current rate but so far I must say the mental stress was quite overwhelming at some point.

Another affected traveller, Aisha Abdullahi told our correspondent that currency fluctuations and the single exchange rate policy were affecting her travel plans, strewing that with her intended budget of N12m, now only yielding 12,000 pounds instead of the expected 24,000 pounds.

Abdullahi had been forced to consider alternative arrangements to make up for the significant financial hurdle, noting that said she had to explore selling off properties and liquidating investments.

She highlights the drastic change in flight prices, with a return ticket now costing between N800,000 to over N1m, compared to the previous rates of N300,000 and above.

“I’m considering flying through Benin Republic, Contonu Airport to be precise but I’m trying to weigh the prons and coins that are involved because moving my things from my base in Abuja down to Lagos means incurring some expenses like paying for excess luggage to Lagos.

“So, I will put all this together and compare it with the air ticket in Cotonou then that would give me a clear picture of what I want and make my decision.”

Punch

WESTERN PERSPECTIVE

Russia talks of retaliation after 'Ukrainian drone strike' near Moscow army HQ

Russia spoke of taking harsh retaliatory measures against Ukraine after two drones damaged buildings in Moscow early on Monday, including one close to the Defence Ministry's headquarters, in what it called a brazen act of terror.

Nobody was hurt in the attack, of which a senior Ukrainian official said there would be more, but one drone struck close to the Moscow building where the Russian military holds briefings on what it calls its "special military operation", a symbolic blow which underscored the reach of such drones.

Roads nearby were temporarily closed, windows on the top two floors of an office building struck by a second drone in another Moscow district were blown out, and debris was scattered on the ground, a Reuters reporter who saw the aftermath of the incident said.

"I was asleep and was woken up by a blast, everything started shaking," Polina, a young woman who lives near the high-rise building, told Reuters.

A third "helicopter-type drone" which was not carrying explosives fell on a cemetery in a town outside Moscow, the Russian Foreign Ministry said in a statement in which it vowed that all those responsible would be found and punished.

The Kremlin said it would press on with its campaign in Ukraine and meet all the aims of an operation which Kyiv and much of the West say is a brutal war of conquest.

The Moscow drone attack, though not serious in terms of its human cost or damage, was the most high-profile of its kind since two drones reached the Kremlin in May.

A swarm of 17 drones also launched attacks overnight on Crimea, which Russia annexed from Ukraine in 2014, the Russian Defence Ministry said, adding it had used anti-drone equipment and air defences to bring them down. The Russian-installed head of Crimea said an ammunition warehouse had been struck and a residential building damaged.

"We regard what happened as yet another use of terrorist methods and intimidation of the civilian population by the military and political leadership of Ukraine," the foreign ministry said of the Moscow and Crimea drone attacks.

"The Russian Federation reserves the right to take harsh retaliatory measures."

Former Russian President Dmitry Medvedev, now deputy chairman of Russia's Security Council, said Moscow needed to broaden the range of targets it struck in Ukraine, adding what he called high-impact unexpected and unconventional ones.

Ukrainian President Volodymyr Zelenskiy, whose government rarely comments on attacks inside Russia or on Russian-controlled territory, had on Sunday promised what he called "a retaliation to Russian terrorists for Odesa".

That was a reference to days of deadly Russian missile strikes against targets in the port city which Moscow says are payback for a Ukrainian attack last week on the Crimean Bridge which killed the parents of a 14-year-old girl.

Kyiv said on Monday that a Russian drone attack had destroyed Ukrainian grain warehouses on the Danube River and wounded seven people.

'ACT OF TERRORISM'

"Today at night drones attacked the capital of 'the orcs' and Crimea," said Ukrainian Deputy Prime Minister Mykhailo Fedorov, using a derogatory term some Ukrainians use for Russians. "Electronic warfare and air defence are already less able to defend the skies of the occupiers."

Writing on the Telegram messaging app, Fedorov, one of the officials spearheading Ukrainian efforts to create an "army of drones", added: "No matter what happens there will be more of this."

Russia's defence ministry said its forces had used radio-electronic equipment to take out the two Ukrainian drones, forcing them to crash, thereby foiling what it called an attempted "terrorist attack".

Russian Foreign Ministry spokeswoman Maria Zakharova told the RTVI TV channel Ukraine was guilty of what she called "an act of international terrorism".

Moscow Mayor Sergei Sobyanin said on his Telegram messaging app that two non-residential buildings were struck at around 4 a.m. (0100 GMT), adding there was no serious damage or casualties.

Citing emergency services, Russian state news agencies reported that drone fragments had been found near a building on Komsomolsky Avenue, which runs through Moscow. The site is close to various defence ministry buildings, including some reported to be affiliated to Russia's GRU military intelligence service.

Traffic was temporarily closed on the street as well as on Likhachev Avenue, where a high-rise office building had been damaged, Russian news agencies reported.

Attention is now likely to turn to where the drones were launched from and whether pro-Ukrainian saboteurs inside Russia had a role. After May's drone attack on the Kremlin, U.S. drone experts concluded they might have been launched from inside Russia.

RUSSIAN PERSPECTIVE

Kiev’s defense chief explains counteroffensive failures

Kiev’s offensive has been lagging behind schedule due to lethal Russian minefields and the lack of air defense weapons, Ukrainian Defense Minister Aleksey Reznikov has said. 

“It’s a question of air defense. It’s a question that we have a very long battlefield line also,” Reznikov told CNN in an interview published on Monday. Ukrainian troops were up against a “big quantity of enemies,” he added. 

Reznikov explained that it was “very difficult to break through” vast Russian minefields across the southern front. However, he added that he was “not worried” about the situation on the ground because it was a “misconception that every counteroffensive should be quick.”

The minister’s comments come after President Vladimir Zelensky admitted that offensive operations launched in early June were going “slower than desired.” The much-anticipated push has failed to yield significant territorial gains as Ukrainian armored columns suffered heavy losses while attacking fortified Russian positions. 

During the first two weeks of the offensive, as much as 20% of the weapons deployed by Kiev were damaged or destroyed, according to the Washington Post, which cited US and European officials. 

Russian President Vladimir Putin said last week that at least 15 German-made Leopard main battle tanks and over 20 US-supplied Bradley infantry fighting vehicles were knocked out in a single day. Moscow previously warned that the delivery of Western heavy weapons would not change the course of the conflict.

The Russian military began striking targets in the Black Sea port of Odessa last week, in response to an attack on a long bridge that connects Crimea to mainland Russia. CNN reported that Ukraine’s air defenses in Odessa have shown “a significantly lower success rate” compared to their performance in the Kiev area. The Russian Defense Ministry said that it only targeted military sites.

** Russian air defenses destroy 35 Ukrainian drones over past day — top brass

Russian air defense forces intercepted a rocket of the US-made HIMARS multiple launch rocket system and downed 35 Ukrainian unmanned aerial vehicles over the past day in the special military operation in Ukraine, Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Monday.

"Air defense capabilities intercepted a rocket of the HIMARS multiple launch rocket system. In addition, they destroyed 35 Ukrainian unmanned aerial vehicles in areas near the settlements of Kolomyichikha, Kuzyomovka, Topolevka, Kremennaya and Kovalyovka in the Lugansk People’s Republic, Berezovoye and Belogorovka in the Donetsk People’s Republic, Zelyony Gai and Pyatikhatki in the Zaporozhye Region, Novaya Kakhovka and Sagi in the Kherson Region," the spokesman said.

Reuters/RT/Tass

Jane is a junior doctor working several extra locum shifts to make ends meet. Burnt out after the pandemic, and struggling with her physical and mental health, she would really like to take unpaid leave, but she cannot afford to do so. Last month, her landlord hiked up her rent, then served her with an eviction notice when she said she couldn’t afford it. She now has to move for the fourth time in three years, and is back in a flat-hunting market where rents are higher everywhere.

She feels trapped, she tells me. Trapped in her job, with her accommodation options diminishing and her time permanently constrained by balancing long work hours with the demands of looking for a home. There is no space for socialising or relaxation, only for a fleeting sleep, from which she wakes up to go back to work, to look at places to live that are almost certainly out of her reach, and to run her numbers again, hoping that an overlooked saving will magically appear.

Behind the strikes, inflation numbers and talk of all the difficult decisions politicians have to make are a multitude of trapped people, their choices shrinking. People in bad relationships who cannot leave because rents and mortgages have gone up so being single is no longer viable. People who would like to have a child, or another child, but cannot afford its care, or who would like to return to work after having a child but the sums just don’t work. People in bad jobs with no security or benefits who cannot quit and look for alternatives because they have no savings to buffer rising costs. The end result is a crisis not just of the economy, but of freedom.

With that crisis, an entire liberal ambition becomes thwarted. We talk of liberalism in grand abstract terms, as the noble heart of an ideal political order that promotes human rights, the rule of law, civil liberties and freedom from religious dogma and prejudice. We hope for it for others, sometimes taking it upon ourselves to bring it to them at gunpoint, evangelical about this finely calibrated system that manages the relationship between citizens and power, so that it never becomes coercive or abusive.

But when economic arrangements themselves become coercive and abusive, then political liberalism can coexist with, and indeed mask, a state of illiberalism and bondage. In the throes of personal challenges, lofty political ideals feel remote and irrelevant. All that people like Jane and others have the time or energy to register is a set of invisible oppressive economic forces that simply must be weathered because they are facts of nature. The result is a sort of ambient autocracy, where personal choices are increasingly dictated by forces that you had no say in creating and have no means of overthrowing.

You can hear the language and logic of this economic dictatorship everywhere. Tony Blair tells us that with an ageing population, a climate crisis, higher debt interest and an economic workforce increasingly constrained in its ability to seek services such as housing and healthcare outside the public sector, we should be ready to not wait for the NHS and use private health providers for minor health matters, and that we should ultimately be “taxing less and spending less”.

Keir Starmer and Rachel Reeves fixate on “growth” and “enterprise”, reneging on plans to put up income tax on higher incomes and refusing to impose a capital gains tax, so those whose income comes from that pot of earnings pay less tax than those whose money is earned from labour. “Tough decisions” has become Starmer’s mantra, as if the point is the toughness of the decisions, rather than what those tough decisions will achieve.

But, in fairness, it’s an accurate mantra for the state many are in. Things are difficult, tough. Because among those for whom things won’t be tough, enough political, media and economic capital has been generated to sponsor politicians’ austerity, and enable it to be branded as realistic truth telling. This, it strikes me, is not only a political choice, but a reneging on a historical deal, forged in the colossal upheavals of the Enlightenment, the Industrial Revolution, and revolution in England, the US and Europe.

The trade-off was that we would lose the traditional supports and solaces of rural values and extended families, but become free from their prejudices and patriarchies, and the associated economic and political exploitations of a hierarchical system that was skewed to landowners, rent seekers and those imbued with authority because of where they were born in that hierarchy. Yes, we would be more prosperous, but more crucially we would also be free to choose how to live our lives. “The only freedom which deserves the name,” wrote John Stuart Mill, “is that of pursuing our own good, in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it.”

That good is now increasingly limited to those who can afford it – who can purchase the liberty to love, leave and leisure, and the right to indulge in creative work and expression. The rest are caught in a halfway house between the old and new worlds.

Bereft of the support and proximity of family and community, people are deprived of the social safety net that was supposed to replace it, increasingly having to fork out funds for childcare, subsidising boomeranging single children and elderly parents while paying tax, or fretting about their fates in a cutthroat housing market and a scandalously underfunded care system. Anything that disturbs this tenuous balance cannot be contemplated, so the shackles to partners, employers and imperfect domestic arrangements grow ever tighter.

I grew up in the old world and saw only its limitations, chafing against it and impatient for some individual autonomy. My mother had four children, working throughout her childbearing years as a school teacher, only able to go back to work because, with each child, a new family member would move in, or move back in, to help. They joined others who lived with us on and off over the years when they needed housing.

My parents were distant but seemed to be broadly content figures, either at work or obscured by a blur of relatives they were constantly entertaining, feeding or cleaning up after in a gaggle of chat, laughter and gossip. The price for that mutual communal facilitation was paid in other ways – a violating lack of privacy and personal space, and a sense that everyone’s lives, in their most private and intimate detail, were the subject of others’ opinions and policing. It was a “gilded cage”, as it is called in Orientalist literature. In hindsight now, and in adulthood and parenthood, having experienced both in the new world, I can see that gilded cages come in many forms. Political freedoms are precious metal, but when they come with economic restraints, they are a shiny enclosure.

The Guardian, UK

Now more than ever, finding passion in your work has become a significant aspect of businesses and a consumer demand. Times are changing, propelled by the Covid-19 Pandemic and the working landscape is seeing the most repercussions.

Employees are more interested in working for a job they love versus sacrificing their personal life for a paycheck. So what does this look like? It starts from the top and trickles throughout the organization. And that's where you, the business owner, come in.

As entrepreneurs, it's our job to create, promote, and foster a positive and healthy work environment - after all, our teams are the backbone of our businesses. But to achieve this level of internal success, leading with a purpose should be at the forefront of your business. 

When I was starting out, "purpose" was one of the last things on my mind. But as I got farther along on my entrepreneurial journey, I realized just how important a single feeling can be for setting my team, and myself, up for success. 

Purpose Equals Success

Outdated and rudimentary beliefs of working to make a living or focusing more on the monetary value than the career are things of the past. Over the years, society has adopted the notion that you should love what you do, despite the title or salary.

And this perspective isn't solely for employees but also employers. Because at the end of the day, you, the leader, are the single entity that motivates or demotivates your team. And an unmotivated team will become an unsuccessful team. 

A purpose is a powerful tool that should be included in business owners' belts and one of the first things they utilize when building their organization. The world is overflowing with businesses.

And one of the best ways to keep a competitive edge and generate a large consumer base is to ensure your company operates with a purpose. Because it not only impacts how your team performs but also how consumers interact with your brand and in this day and age, reputation and credibility are everything. 

Create A Healthy Work-Life Balance

You and your business will be better off if you create space for people and things outside of work. And so will your team. Because on top of gaining a name for yourself and your business, implementing a work-life balance keeps you grounded in all aspects of your life.

But all too frequently, I hear how leaders neglect their personal life due to their careers and nine times out of ten, they've either lost passion for what they do or never had it to begin with. 

When you run your business from a passion standpoint, chances are you'll end up enjoying what you do and even loving it. Yet many leaders don't realize or undervalue the importance of doing so.

Life is a constant balancing act with things like diet, fitness, spending and the elephant in the room – work. You'll eventually feel the ripple effects if you devote too much time to your personal life or exert all your energy into work. And this affects not only your entire organization but also your relationships. 

When you lead with passion, everything else comes naturally. And one thing you're more likely to avoid is burnout. 

Lessen The Chance For Burnout

This type of work-related stress is caused by physical and or emotional exhaustion from feeling overwhelmed, drained and unable to meet the demands of your position.

Pressure can occur in almost every area of your life, especially your work life. But you'll likely avoid this dilemma if you tend to your needs while running your business with a clear purpose. 

As someone who has personally dealt with burnout, it's crucial to clearly define your business's purpose, values and mission to prevent this situation from transpiring.

My advice to aspiring and seasoned entrepreneurs? Consider your why before and during your business operations. The best things in life come from being your authentic self. Trust me, leading with a purpose will guarantee your organization succeeds in whatever way that looks for you. 

Inc

Stocks of the financial services sector led the activity chart of the Nigerian Exchange Limited last week, leading to N1.3tn gain for investors.

Also, the NGX All-Share Index and Market Capitalisation appreciated by 3.89 per cent to close the week at 65,003.39 and N35.395tn respectively.

Consequently, the year-to-date gains of the NGX ASI rose to 26.83 per cent.

A total turnover of 4.182 billion shares worth N99.048bn in 41,446 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 5.246 billion shares valued at N63.417bn that exchanged hands in the preceding week in 57,234 deals.

The Financial services industry (measured by volume) led the activity chart with 3.015 billion shares valued at N36.762bn, traded in 20,079 deals, thus contributing 72.08 per cent and 37.12 per cent to the total equity turnover volume and value.

Oil and gas industry followed with 311.172 million shares worth N2.128bn in 3,473 deals. The third place was the conglomerate industry, with a turnover of 180.518 million shares worth N787.392m in 2,111 deals.

The top three stocks during the past week were United Bank for Africa, FCMB Group Plc, and Japaul Gold & Ventures Plc (measured by volume), as they accounted for 1.727 billion shares worth N18.239bn in 4,707 deals, contributing 41.29 per cent and 18.41 per cent to the total equity turnover volume and value respectively.

Other indices on the NGX finished higher, except for NGX ASeM which depreciated by 0.07 per cent.

A total of 73 equities appreciated during the week under review, higher than 29 equities in the preceding week. 19 equities depreciated, lower than 77 in the preceding week, while 64 equities remained unchanged, higher than the 50 recorded in the preceding week.

Topping the gainers’ table for the review week was John Holt with a 58.01 per cent gain to close at N2.86. Chellarams Plc gained 32.39 per cent to close the week at N2.33. Sterling Financial Holdings Plc gained 27.33 per cent to close at N3.96.

Ecobank Transnational Incorporated gained 27.17 per cent to close at N16.15, and CWG Plc gained 26.38 per cent to close at N2.97 per share.

On the losers’ chart was FTN Cocoa Processor with a 29.08 percentage loss to close at N2.00. Courteville Business Solutions lost 28.09 per cent to close at N0.64. Abbey Mortgage Bank Plc lost 26.32 per cent to close at N1.12.

Linkage Assurance lost 20 per cent of its share value to close at N0.64, and Japaul Gold and Ventures Plc lost 15.15 per cent to close at N0.84.

Meanwhile, analysts at Cowry Assets Management expect the bullish sentiments in the market to continue as companies publish their half-year financial reports, “while equity investors continue taking bets on the market based on the possible outcome of the next monetary policy meeting in the face of portfolio repositioning and the hope tide of impressive H1:2022 corporate earnings.”

Punch

Manufacturers Association of Nigeria has said its members are currently spending between 35 per cent to 40 per cent of total costs on energy needs.

President, MAN, Francis Meshioye, stated this during an exclusive interview with The PUNCH.

According to him, any increase in energy costs such as electricity tariff or fuel price hike increases their cost.

Meshioye said, “We rejected the hike in electricity tariff because, in the first instance, energy cost is very high for manufacturers, particularly those who consume much like steel manufacturers.

“It takes an average of 35 to 40 per cent of their total costs. Any increase in electricity tariff makes it harder on us. The harder it is, the harder it will be for consumers. When this is so, it means that the demand for products will drop. Like I said in my previous interview, the profit margin will be low.

“The tax that you will have on this margin will be low as well. So the government too, will lose. One thing that I emphasise is that there is a lack of efficiency on the part of the Discos. They are unable to collect all the money for their supplies. They rely on estimated billing in some cases. This is not good.”

He added, “You cannot tell people that you don’t mind how you collect your money. What they need to do is ensure that all electricity users are metered. It is then that they can say that they know how to get their money.

“They can now make a case to increase their tariff. If that is not done, the increase is not based on an informed decision. The data that they are using is inaccurate. So the decision will be inaccurate.”

Speaking further, Meshioye said exporting manufacturers were currently being challenged by ‘astronomical production costs’ which had kept them from operating at maximum capacity.

Meshioye, who was responding to a question on why manufacturers were unable to step up exports in order to help ease the forex crisis in the economy, said a harsh operating environment, themed by high production costs had been an impediment to exporting manufacturers.

According to him, the government needs to take conscious steps toward removing the bottlenecks inhibiting exporters in order to boost exports and bring more foreign currency into the economy.

He said, “If you want to export a product, it is fine, but at what cost are you going to export it? What will be your price? If the cost is astronomically high, it will be difficult to export.

“It is a circle. Of course, the export base should be good enough to support the floated exchange rate, but we need to have a good economic base to do that.”

Punch

Twitter owner Elon Musk said the social media company will change its logo soon, getting rid of the blue bird that’s long been its signature.

“If a good enough X logo is posted tonight, we’ll make go live worldwide tomorrow,” Musk tweeted late Saturday. Roughly six months after he acquired Twitter for $44 billion, he merged the company into an entity called X Corp., saying Twitter is an accelerant to building an everything-app called X. An interim X logo is coming on Sunday, he said in a later message.

The X service is envisioned as an AI-powered “global marketplace for ideas, goods, services and opportunities,” recently appointed Twitter Chief Executive Officer Linda Yaccarino added in a note retweeted by Musk Sunday. It would include payments and banking alongside audio, video and messaging.

“Soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote in another post. He didn’t say whether he would try and get users to do away with the term “to tweet,” which has entered the public lexicon. He also changed his bio on the site — where he now has 149 million followers and 111 paying subscribers to his account — to “X.com”. That web address now points to Twitter.

Musk’s brand overhaul coincides with pressure from new challenger Threads by Meta Platforms Inc. Mark Zuckerberg’s offering racked up 100 million users in less than five days after launching at the start of this month. Threads uses people’s Instagram accounts and functions like a simpler, currently advertising-free version of Twitter.

Twitter still has a brand toolkit page on its website calling the light-blue bird its “most recognizable asset.” While that page says the company is protective of its logo and offers guidelines on how to use it, Musk apparently isn’t a fan.

“It should have been done a long time ago,” he said during a brief Twitter Spaces appearance, referring to changing the logo. “We’re cutting the Twitter logo off the building with blowtorches,” he said, potentially referring to the sign he’s already altered on the company’s San Francisco headquarters.

Musk’s many changes to Twitter so far haven’t worked out well for stakeholders. Fidelity in May marked down the value of its holding in the company by two-thirds, while Cathie Wood’s ARK Investment Management has written down its stake by 47%, she told the Wall Street Journal last week.

In March, Musk suggested the company was turning a corner by making its advertising more relevant. He said Twitter had a chance to break even on a cash-flow basis in the second quarter. That prediction was overoptimistic. Musk tweeted earlier this month that Twitter’s cash flow was still negativeand blamed a roughly 50% drop in advertising revenue, along with the company’s debt load.

Bloomberg

RUSSIAN PERSPECTIVE

Zelensky reveals cause of counteroffensive failure

Ukrainian President Vladimir Zelensky attributed the delay and lackluster results of his military’s much-hyped counteroffensive to insufficient weapons and training from Kiev’s Western allies in an interview with CNN’s Fareed Zakaria on Sunday. 

“We did have plans to start [the counteroffensive] in spring. But we didn’t, because, frankly, we had not enough munitions and armaments and not enough brigades properly trained in these weapons,” Zelensky explained, adding that holding the training outside Ukraine further contributed to the delays. 

It was this delay, he said, that allowed Russia to “mine all our lands and build several lines of defense,” forcing upon the Ukrainian military “a slower pace of our counteroffensive actions.” 

“We don’t want to lose our people, our personnel,” Zelensky said, adding, “our servicemen didn’t want to lose equipment because of that.”  

Zelensky gave similar excuses at the Aspen Security Forum on Friday, explaining that Ukraine had wanted to launch the counteroffensive in the spring but decided against it due to a lack of ammunition and training. However, he implied that victory was imminent as soon as the military finished removing the mines that Western stinginess had allowed Russia the time to plant.  

While Pentagon officials have stressed that it is too early to write the counteroffensive off as a “failure,” the US has refused to supply Ukraine with long-range ATACMS or F-16s, explaining with regard to the latter that there simply is no time or money to train the Ukrainians to fly and maintain the aircraft in time to make a difference in the conflict.  

Even the Western media has acknowledged the counteroffensive’s lackluster performance. The New York Times reported earlier this month that Ukraine’s military had lost 20% of its weapons in the first two weeks of the operation alone, losses Zelensky also blamed on the insufficient generosity of his Western allies. The Financial Times and Washington Post have both reported this month that the West and US, respectively, are concerned about Ukraine’s lack of progress in the counteroffensive they had promised would deal a decisive blow to Moscow.   

While NATO has pledged to prop up Ukraine’s military for “as long as it takes” to defeat Russia, the alliance stopped short of inviting Kiev to join during its summit in Vilnius earlier this month. This incensed Zelensky, who called the bloc’s behavior “unprecedented and absurd.”  

Ukraine has received a massive amount of military aid from NATO members in the last 18 months, with $46.6 billion coming from the US alone. However, Kiev’s allies are running critically low on ammunition, while the publics in Western countries are questioning the wisdom of what is increasingly seen as an open-ended proxy war with a nuclear power.

** Demining Ukraine will take 757 years – WaPo

The conflict with Russia has turned Ukraine into the “most mined country”in the world, the Washington Post reported on Saturday, citing data from the nation’s government and several non-governmental humanitarian mine clearance groups.

Almost one-third of Ukraine’s territory has been affected by heavy fighting and will likely require intense demining operations, the media outlet said, adding that over 67,000 square miles (173,529 square kilometers) have been contaminated with unexploded ordnance, according to Slovakia-based think tank GLOBSEC. That’s more than the size of Florida and roughly equivalent to Uruguay.

“The sheer quantity of ordnance in Ukraine is just unprecedented in the last 30 years. There’s nothing like it,” Greg Crowther, the director of programs at British NGO Mines Advisory Group, told the Washington Post.

According to UN data, almost 300 civilians, including 22 children, died in Ukraine in incidents linked to unexploded ordnance between February 2022 and July 2023, the Post reported. Mines and other unexploded munitions also resulted in 632 civilian injuries over the same period, it added.

Both sides of the conflict actively use mines in their operations, the media outlet noted. The US also contributed to the mining of Ukrainian territory by supplying Kiev with 155-millimeter artillery rounds that create temporary minefields, although their submunitions are technically supposed to self-destruct, the Washington Post reported. Another US-made ordnance that was sent into Ukraine was the M21 anti-tank mine, which does not self-destruct, it added.

Washington’s decision to provide Kiev with US-made “cluster munitions, which are known to scatter duds that fail to explode, can only add to the danger,” the media outlet said.

According to some estimates, it could take 757 years to clear all of the unexploded ordnance scattered around the country, even if 500 demining teams were tasked with the mission, the Washington Post reported. World Bank estimates show that the cost of these operations could reach $37.4 billion in just the next ten years, it added.
Washington has so far committed just around $95 million to demining operations in Ukraine, according to a 2023 State Department report.

On Friday, UN Under Secretary General for Political and Peacebuilding Affairs Rosemary DiCarlo warned the UN Security Council that huge swathes of Ukrainian territory have been covered in mines and cluster bombs that will “continue to pose danger to civilians for years to come.” 

Earlier this week, Russia’s ambassador to the US, Anatoly Antonov, blasted Washington for turning Ukraine into a “burial ground” for lethal waste.

** West knew Ukraine wasn't ready for counteroffensive – WSJ

Western military officials knew earlier this year that Ukraine lacked the supplies and training necessary to launch a successful counteroffensive against Russian forces, but allowed Kiev to launch its disastrous operation regardless, the Wall Street Journal reported on Saturday.

Nearly two months since it began, Ukraine’s counteroffensive remains stalled. By attempting to advance through Russian minefields without air support or adequate anti-air weapons, the Ukrainian military has lost 26,000 men and more than 3,000 pieces of hardware, according to the latest figures from Moscow. In return, Ukraine has captured only a handful of hamlets and villages, while failing to penetrate Russia’s multi-layered network of defensive trenches and emplacements.

The US and its allies knew that such an outcome was inevitable, according to the Wall Street Journal. Citing leaked Pentagon documents, the newspaper claimed that US military analysts counted a “tiny number” of Ukrainian weapons capable of hitting Russian aircraft, and determined that Kiev would face an “inability to prevent Russian air superiority.” 

“America would never attempt to defeat a prepared defense without air superiority, but [the Ukrainians] don’t have air superiority,” John Nagl, a retired US Army lieutenant colonel, told the paper. “It’s impossible to overstate how important air superiority is for fighting a ground fight at a reasonable cost in casualties.”

In public, American officials told a different story. “We believe that the Ukrainians will meet with success in this counteroffensive,” White House national security advisor Jake Sullivan told CNN on the eve of the operation. Several months earlier, Dan Rice, an Iraq War veteran who now serves as an adviser to the Ukrainian armed forces, declared that the counteroffensive would “shock the world” with its success.

European leaders were similarly optimistic. Polish President Andrzej Duda, who has been one of Kiev’s most fervent backers, announced in early June that the operation would lead to “the ousting of Russian military forces from all occupied territories.”

Western officials have since downgraded their expectations, and are privately “alarmed” at the lack of results on the battlefield, according to recent media reports. Western governments are therefore at a crossroads, and will soon need to decide whether to commit the massive amounts of arms, equipment, and money necessary to support Kiev in a longer conflict, the Wall Street Journal explained, citing anonymous diplomats.

Russian President Vladimir Putin has described Ukraine’s counteroffensive as “suicidal.” In a public address on Friday, he pointed out that despite the“colossal amounts of resources,” and “thousands of foreign mercenaries and advisers” that Kiev has received from the West, its counteroffensive has still resulted in failure. 

WESTERN PERSPECTIVE

Ukraine has recaptured 50% of the territory that Russia seized, Blinken says

U.S. Secretary of State Antony Blinken said that while Ukraine has recaptured half the territory that Russia initially seized in its invasion, Kyiv faced "a very hard fight" to win back more.

"It's already taken back about 50% of what was initially seized," Blinken said in an interview with CNN on Sunday.

"These are still relatively early days of the counteroffensive. It is tough," he said, adding: "It will not play out over the next week or two. We're still looking I think at several months."

Late last month, President Volodymyr Zelenskiy was quoted as saying that the counteroffensive's progress against Russian forces was "slower than desired."

Ukraine has recaptured some villages in the south and territory around the ruined city of Bakhmut in the east, but has not had a major breakthrough against heavily defended Russian lines.

When asked if Ukraine will get U.S.-made F-16 fighter jets, Blinken said he believed it would. "And the important focus is on making sure that when they do, they’re properly trained, they’re able to maintain the planes, and use them in a smart way."

A coalition of 11 nations will start training Ukrainian pilots to fly the F-16 fighter jets in August in Denmark, and a training center will be set up in Romania.

Ukraine has long appealed for the Lockheed Martin-made (LMT.N) F-16s, but U.S. National Security adviser Jake Sullivan, said last month there was no final decision on Washington sending the aircraft. U.S. officials have estimated it would take at least 18 months for training and delivery of the planes.

The United States has given Ukraine more than $41 billion in military aid since Russia invaded in February 2022.

RT/Reuters

Clashes flared in parts of Sudan on the 100th day of the war on Sunday as mediation attempts by regional and international powers failed to find a path out of an increasingly intractable conflict.

The fighting broke out on April 15 as the army and paramilitary Rapid Support Forces (RSF) vied for power. Since then, more than 3 million people have been uprooted, including more than 700,000 who have fled to neighbouring countries.

Some 1,136 people have been killed, according to the health ministry, though officials believe the number is higher.

Neither the army nor the RSF has been able to claim victory, with the RSF's domination on the ground in the capital Khartoum up against the army's air and artillery firepower.

Infrastructure and government in the capital have fallen apart while fighting has spread westwards, particularly to the fragile Darfur region, as well as to the south, where the rebel SPLM-N group has tried to gain territory.

Over the weekend, the RSF moved into villages in Gezira State directly south of Khartoum, where the army conducted air strikes against them, according to witnesses.

In Nyala, one of the country's largest cities and capital of South Darfur, clashes have continued since Thursday in residential areas, according to witnesses. At least 20 people have been killed, medical sources said. The United Nations says 5,000 families have been displaced, and residents have reported looting of key facilities.

"Bullets are flying into homes. We are terrified and no one is protecting us," said 35-year-old Salah Abdallah.

The fighting gave way to ethnically targeted attacks by Arab militias and the RSF in West Darfur, from which hundreds of thousands of people have fled to Chad.

Residents have also accused RSF soldiers of looting and occupying wide swathes of the capital. The RSF has said it would investigate.

Late on Sunday, the Sudanese army said nine people died, including four military personnel, when a civilian Antonov plane crashed due to a technical failure at Port Sudan airport in the east of the country. A young girl survived the accident, the army added in a statement.

While the two warring sides have shown openness towards mediation efforts led by regional and international actors, none has resulted in a sustained ceasefire.

Both sides have sent delegations to attempt to re-start talks in Jeddah that have yielded often-violated ceasefires.

But the Sudanese foreign minister said on Friday that indirect talks had not begun seriously.

The leaders of the army and RSF headed a joint council since the ouster of former ruler Omar al-Bashir in 2019 and diverged over plans for a transition to democracy.

Civilian political groups as well as the RSF have accused the army of turning a blind eye to appearances by wanted Bashir loyalists in recent days.

The Forces of Freedom and Change, the main civilian coalition, said on Sunday it was holding meeting in Egypt, which offered itself as a mediator in the conflict.

Reuters

Last week, the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), banned two loan app banks, permanently removing them from Google Play Store and initiating the process of deleting their respective apps.

The culprits, Sycamore Integrated Solutions Limited and Orange Loan and Purple Credit Limited, along with their apps, Getloan and Camelloan, were permanently delisted due to their illicit practices and for their harassment of Nigerians.

They were also accused of duplicity and illegal activities when they were discovered to be using APKs to attract borrowers, which is both illegal and unregulated.

The truth is that loan apps have taken over our cyberspace and instead of bringing succour to the people - as they want all to believe - they steal the peace in homes and communities.

Perhaps most, if not all, of the about a hundred loan apps threatening not to give us a breathing space may be owned by the same Chinese people. The moment you just view any of them online, a plethora of others inundate your screen, and there are a lot. You have XCROSS, Jumia app, Easy-buy, Palm Credit, Palm Pay, Easy Cash, Loan Book, etc. Some have turned into mushroom microfinance banks with offices and mean staff. They christen them “Debt Collectors”.

With no collateral, they promise you instant cash, but they get access to all the relevant information from your phone. This allows them to know much about you and have access to your contacts, granting them a mighty stranglehold on your jugular.

Many people, a good number knowing they had no means of paying back, get trapped in a vicious cycle where they continue obtaining such easy loans to pay an earlier loan from another loan giver. And so the cycle goes on.

In a country where the masses do not have any form of social security or insurance coverage, some loans go into issues like feeding the family, seeking medical care, paying school fees for kids and such stuff.

However, the problem is that these Shylock loan givers have nasty ways of collecting their monies from defaulters. Some are extremely embarrassing that can lead to the clients losing face in the community while they crudely blackmail their victims. Whatever they can do to have their pound of flesh is fair game to them.

Mrs Adeogun, a former member of staff of one of these loan sharks, disclosed that an “unprecedented embarrassment” befalls anyone who fails to pay back such borrowed monies on time. She said, “If you refuse to pay them back at the set date, you will be treated like trash. They will embarrass you in a big way, in a manner that your children will forever be ashamed of. I know what I am saying; I used to be a member.”

I have received several text messages from these debtors telling me to “talk to” some people in my contact list to pay them. These people may not be close to me in any way, but an SMS will come telling me that those people have made me their guarantor when collecting the loan and that I should press them to pay.

Another most embarrassing and libellous one came to me regarding a lady who was a neighbour. They sent me a message that she was diagnosed with HIV but she had run away from a medical facility to infect people and that she should be reported when seen.

She told me it was them and that they cooked that up to get at her for a loan she took from them.

Her case is even minor compared to those who lost their lives because of the pressure from these Shylocks who must always get their pound of flesh if not more.

In July 2019, 41-year-old Shakirat Rasheed, in Apete, a suburb of Ibadan, rather than face the embarrassment from such people, committed suicide after a friend she stood as surety for fled with the loan.

This year, too, has witnessed some deaths because debtors prefer to take that extreme route rather than face harassment from such unscrupulous loan sharks.

One woman simply identified as Mama Dada burnt herself in her rented apartment over her inability to repay a loan of ₦70,000 she took from one of such microfinance banks, popularly known as LAPO.

LAPO is well-known for lending money to traders and other small-business owners with specific repayment plans.

The woman sent her little son to buy petrol, discharged him on another errand, locked the door and set herself ablaze. She was burnt beyond recognition as the entire building in Abeokuta’s Oke-Keesi, Itoko area, was destroyed in the process.

Even management staff are not exempt; in June this year, the manager of SEAP Microfinance Bank in Saki, Oke-Ogun area of Oyo State, Sola Ogungbe, also committed suicide over loan facilities he granted to some of his customers which they failed to repay.

Families of debtors, too, sometimes suffer collateral damage. Vivian Omo died during an encounter with four officials of one Zefa Microfinance Bank, Ifo, Ogun State.

On May 10 this year, the bank, situated at Abule Ijoko Lemode area of Ifo Local Government of the state, visited the victim’s house in search of her husband, who was said to be their debtor.

The bank’s enforcers, Badmus Olalekan, Ajibade Oludare, Eniola Aduragbemi and Femi Oloko, had gone there to request the money borrowed by the man, but they were told by the deceased’s wife that her husband was not at home. The debt collectors were not buying it, so they tried to take away some electronics, but the woman resisted.

While the deceased was struggling with the bank’s staffers, one of them pushed her and she fell to the ground and passed out. At the hospital, the doctor on duty confirmed her dead.

With the removal of fuel subsidies and the attendant pressure on pockets and purses, expect more and more Nigerians to go a-borrowing. And a-sorrowing, of course.

But who will save them from these Shylocks?

** Hassan Gimba is the Publisher and Editor-in-Chief of Neptune Prime.