The Federal Fovernment on Tuesday hinted at plans to restructure the Transmission Company of Nigeria (TCN) into two entities.

Nigeria’s Minister of Power, Adebayo Adelabu, disclosed this while speaking at the Federal Ministry of Power ministerial retreat held in Abuja on Tuesday.

The TCN, which coordinates the nation’s electricity transmission network, is one of 18 companies that were unbundled from the defunct Power Holding Company of Nigeria (PHCN) in April 2004. It was incorporated in November 2005 and issued a transmission licence a year later.

TCN’s licensed activities include electricity transmission, system operation and electricity trading. The company is currently fully owned and operated by the government.

Speaking on Tuesday, Adelabu said the Nigerian Electricity Supply Industry (NESI) transmission sub-sector has been identified as a critical weak point in the electricity value chain.

“To align with the Electricity Act 2023 and the industry’s demands, it’s time to restructure the Transmission Company of Nigeria (TCN) into two entities: the Independent System Operator (ISO) and the Transmission Service Provider (TSP),” Adelabu said.

He said this restructuring must synchronise with the evolving landscape of state electricity markets, addressing calls for the decentralisation of the national grid into regional grids interconnected by a new higher voltage national or super-grid.

“Essentially, we must ask whether the government should directly provide electricity nationwide or rather facilitate its provision.

“Drawing comparisons with China’s centralized model and the US’s diverse access models like rural cooperatives and state-based utilities with regulatory oversight presents various considerations.

“How to handle subsidies, cross-subsidies, and aligning the Rural Electrification Agency’s role with emerging State markets are vital questions that demand stakeholder scrutiny for effective resolution,” he said.

Speaking on the finance, revenue assurance and capital investment programmes across the electricity value chain, Adelabu explained that the heart of NESI’s proposed reforms hinges upon securing long-term financing across the entire value chain.

“While past discussions highlighted concerns about the financial capacities of private sector players from the 2013 privatization, our focus must centre on collaborative solutions to alleviate present liquidity challenges.

“Initiating this quest for robust investment involves attracting domestic institutional investors and reputable partners from well-governed sectors within the electricity value chain,” he added.

The minister noted that the major issue in Nigeria’s power sector is the pricing of gas utilised by generating companies (GenCos) in US dollars.

“A hugely volatile variable that significantly affects the pricing of electricity to end-users. A more preferable option is to ensure that the gas utilized by the GenCos is traded in Naira to better manage the foreign currency-related inflationary trends that challenge the faithful application of the Multi-Year Tariff Order (MYTO) methodology,” he said.

As of 2022, he said 70.5 per cent of Nigeria’s electricity was generated from thermal plants, 27.3 per cent from hydro, whilst solar and other power plants made up 2.2 per cent.

“The good news here is that over 98 per cent of the feedstock powering electricity generation in the country are transition or clean fuels, as Nigeria ramps up its capacity to generate more electricity through renewable means such as solar, hydro, wind, bioenergy and others,” he said.

Adelabu said the ministry would like to see more utility-scale solar power plants by 2030, which brings added responsibility for investments in generation and grid stability to address the variability that transmission of renewable energy-generated power over long distances brings.

“This brings with it the need for distributed generation power systems from renewable energy-driven power plants, that are localized around clustered communities and embedded or captive areas while at the same time stabilizing our national grid and or deploying super-grids or regional grids that can transmit generated power over long distances with minimal losses.

“We need our investors, financiers and NESI value chain players to dimension the opportunities and electricity sector alignment with Nigeria’s Energy Transition Plan to ensure we meet our energy transition aspirations,” he said.

PT

Unidentified gunmen have ambushed a convoy of Daewoo E&C Nigeria Limited workers, killed four soldiers in the escort team and two of the company’s drivers.

The convoy was attacked Tuesday around Ahoada axis along the East-West road in Rivers State.

The gunmen also abducted two expatriates, Korean workers who were among the team being escorted to work in the Abua area of River State.

It was gathered that the incident, which occurred at about 9.30 am, caused fear along the East-West road as travelled were left stranded for hours.

A source privy to the development said the suspected kidnappers ambushed the team of expatriates being escorted by troops of 5 Battalion along the road Ahoada/Obua.

The source said: “During the attack, the assailants opened fire on the convoy killing 4 soldiers and 2 civilians’ drivers and subsequently abducted two Koreans in the process.

“Details are still sketchy, but efforts are ongoing to get more details from the units. Further details will be forwarded as soon as possible.”

However, the 6 Division of Nigeria Army, Port Harcourt, has confirmed the killing of its four personnel, noting that the act was carried out by suspected militants.

Acting Deputy Director 6 Division Army Public Relations, Major Jonah Danjuma, in a statement in Port Harcourt said that the militants killed four of its men, and two drivers and abducted two foreigners.

Danjuma disclosed that the military has commenced efforts to track down the culprits, noting that efforts are also on to secure unconditional freedom for the two abducted workers.

He said: “Troops of 5 Battalion on routine escort duty for an oil servicing company at Enweh West manifold, Ahoada East Local Government Area of Rivers State were attacked by suspected militants at Emesu junction, along Amungboro -Emuphan road. Unfortunately, 4 soldiers were killed in action, with 2 other oil workers unaccounted for.

“The suspects allegedly escaped through the Emesu waterside, using the Orashi River. Troops are currently combing the general area to fish out the perpetrators of this dastardly act. Additionally, efforts are ongoing to ensure that the unaccounted oil workers are found.

“The General Officer Commanding, 6 Division, Nigerian Army/ Land Component Commander, Joint Task Force, South-South, Operation DELTA Safe, Jamal Abdussalam, while acknowledging the supreme sacrifice paid by the gallant soldiers, strongly condemned this unwarranted attack.

He reassured that efforts are ongoing to track down these criminals to pay for their crimes. Consequently, members of the general public are kindly requested to provide credible and actionable intelligence that could lead to the arrest of these criminals.”

Vanguard

Visitors to Kenya from across the world will no longer require a visa from January, President William Ruto said on Tuesday.

Ruto said his government had developed a digital platform to ensure all visitors would receive an electronic travel authorisation in advance, instead of needing to apply for a visa.

"It shall no longer be necessary for any person from any corner of the globe to carry the burden of applying for a visa to come to Kenya," he said in a speech in the capital Nairobi at an event to mark 60 years of independence from Britain.

Ruto has long advocated for visa-free travel within the African continent.

At a conference in the Republic of Congo in October he said people from African countries would not require a visa to visit Kenya by the end of 2023.

The tourism industry plays a vital role in Kenya's economy, offering beach holidays along its Indian Ocean coastline and wildlife safaris inland.

"Kenya has a simple message to humanity: Welcome Home!" he said.

Reuters

James Oliphant

He has been impeached twice, tried to thwart the peaceful transfer of power after losing the 2020 presidential election, faces scores of charges in multiple criminal cases, and his critics warn he is plotting to rule as an autocrat. Yet, Donald Trump could still return to the White House.

Trump leads his rivals for the Republican presidential nomination by nearly 50 percentage points in national opinion polls, a remarkable comeback for a one-term president who three years ago appeared vanquished and humiliated.

Here are four reasons why Trump could win the November 2024 electionagainst Democratic incumbent Joe Biden:

UNHAPPY VOTERS

The Biden White House argues the economy is in good shape, with unemployment down to a near-historic low of 3.9% from 6.3% when Trump left office and inflation cooling from a peak over 9% in June 2022 to 3.2% as of October.

Large swaths of the public, including many voters of color and young voters, believe otherwise. They point to wages not keeping pace with the costs of essential goods and services such as groceries, cars, houses, child and elder care.

When Biden talks about the economy, Americans think about affordability, not economic indicators. Opinion polls show that voters by a large margin view Republicans as better stewards of the economy, even though Trump has offered only vague proposals.

SPEAKING TO FEAR

Voters are unsettled for reasons that extend far beyond the economy. Trump speaks to the worries, real or not, that many white Americans have in a country that is becoming increasingly diverse and more culturally progressive.

There is also a pervasive sense of losing ground, that the cornerstones of American life - home ownership, a decent wage that keeps pace with inflation, a college education - are becoming more out of reach for many. Polls show voters are worried about crime and nervous about the flow of migrants crossing the U.S.-Mexico border illegally.

Trump is adept at channeling and packaging those fears, while still presenting himself as someone who comes from outside the U.S. political system. He is both arsonist and firefighter, who declares the country is in chaos and then offers himself as a savior.

TRUMP'S ACTIONS NOT DISQUALIFYING FOR MANY VOTERS

While critics within his own party, the Democratic Party and the media view him as unfit for office, millions of voters disagree.

Instead, many of his supporters have become convinced that Trump is a victim of a political witch hunt. At least half of Republicans surveyed by Reuters/Ipsos earlier this year said they would have no problem voting for Trump even if he were convicted of a crime.

Trump can also point to his four years in office and argue that the machinery of government largely functioned, if at times chaotically, despite fears he could not govern and that the worst allegations about him - such as his colluding with Russia - were never proven.

BIDEN GETS ALL THE BLAME, NO CREDIT

Trump can also take advantage of a White House that, so far, has been unable to persuade much of the public that Biden’s job-creation policies - through heavy government investment in infrastructure, clean energy and chip manufacturing - have made a difference to their lives.

Biden also has been saddled with a pair of foreign wars that have divided Americans. Trump’s non-interventionist, "America first" message may resonate with voters fearful of further U.S. involvement in Ukraine or Israel while Biden maintains a more traditional, interventionist American foreign policy.

None of this, of course, means Trump is certain to win the election.

He remains deeply unpopular in many parts of the country and among many demographics, and if he is chosen as his party's nominee it could provoke a high turnout in favor of Democrats to counter him.

His inflammatory rhetoric, including threats to take revenge on political enemies he denounces as "vermin," could also be a turn-off for more moderate Republicans and independent voters, who he will need to beat Biden.

Democrats have also successfully campaigned as defenders of abortion rights to defeat Republicans across the country in a series of elections and will again make that issue central to their 2024 campaign.

But at this moment, 11 months from Election Day, Trump stands a better chance of returning to the White House than at any point since he left office.

Reuters

Israel and US show sharp divisions over mounting casualties and future of war against Hamas

Israel and the United States on Tuesday showed their sharpest public disagreement yet over the conduct and future of the war against Hamas as the two allies became increasingly isolated by global calls for a cease-fire.

The dispute emerged while Israeli forces carried out strikes across Gaza, crushing Palestinians in homes.

President Joe Biden said he told Prime Minister Benjamin Netanyahu that Israel was losing international support because of its “indiscriminate bombing” and that Netanyahu should change his government, which is dominated by hard-right parties.

Biden’s comments came as the White House national security adviser heads to Israel this week to discuss with Netanyahu a timetable for the war — and what happens if Hamas is defeated. Defense Secretary Lloyd Austin will travel to Israel next week for a visit the Pentagon said aims to show U.S. support for Israel but also to press the need to avoid more civilian casualties in Gaza.

The war ignited by Hamas’ Oct. 7 attack into southern Israel has already brought unprecedented death and destruction to the impoverished coastal enclave, with much of northern Gaza obliterated, more than 18,000 Palestinians killed and over 80% of the population of 2.3 million pushed from their homes.

The U.S. has urged Israel to do more to reduce civilian casualties since it launched its invasion of southern Gaza at the beginning of the month. But the toll has continued to mount at seemingly the same dizzying rate.

The health care system and humanitarian aid operations have collapsed in large parts of Gaza, amid Israel’s blockade of the territory and intense airstrikes and fighting, and aid workers have warned of starvation and the spread of disease among displaced people in overcrowded shelters and tent camps.

DEVASTATION IN THE NORTH

Gaza City and much of the surrounding north have already suffered widespread destruction from more than two months of bombardment. Amid the rubble, Israeli ground troops are still locked in heavy combat with Palestinian fighters, more than six weeks after soldiers invaded the north.

Fierce clashes raged Tuesday in Gaza City’s Zaytoun and Shijaiya neighborhoods, as well as in Jabaliya, a densely built urban refugee camp, residents said.

Tens of thousands of Palestinians remain in the north, huddled in homes or in U.N. schools-turned-shelters. As airstrikes and drones smash houses, first responders are unable to reach anyone buried in the wreckage, residents said.

“It was massive,” Mustafa Abu Taha, an agricultural worker, said of the sound of gunfire and explosions in Shijaiya, where he lives.

Amal Radwan, a woman sheltering in a school in Jabaliya, said the situation was “catastrophic,” as Israeli troops tried to advance deep into the district and unleashed heavy fire against fighters.

“Whenever the resistance hit them, they hit us very hard. It has become crazy. They strike everywhere with no regard to women or children,” she said.

Outside Gaza City, Israeli troops using a controlled detonation blew up a school run by UNRWA, the U.N. agency for Palestinian refugees, in the northern town of Beit Hanoun. Footage posted online showed soldiers cheering as they watched the building collapse in a giant blast and pall of smoke.

UNRWA chief Phillippe Lazzarini confirmed the demolition in a post on X Tuesday, calling it “outrageous.” There was no immediate comment from the Israeli military. On Saturday, it said militants opened fire from inside an UNRWA school in the town.

Israel also has begun flooding some Hamas tunnels, a U.S. official confirmed Tuesday, speaking on condition of anonymity because they were not authorized to discuss the action. Israelis said they are testing the targeted flooding of tunnels on a limited basis and are exploring the idea as one of a range of options to degrade the tunnel network, according to another U.S. official familiar with the matter.

President Joe Biden said during a news conference with Ukrainian President Volodymyr Zelenskyy that there were assertions that no hostages were in Gaza tunnels being flooded with seawater by the Israelis, but “I don’t know that for a fact.”

‘INDISCRIMINATE BOMBING’

Biden’s comments were a startlingly direct criticism of Israel even as his administration continues to give unwavering diplomatic and military support for the military campaign in Gaza in the face of mounting international outrage.

The U.N. secretary-general and Arab states have rallied much of the international community behind calls for an immediate cease-fire. But the U.S. vetoed those efforts at the U.N. Security Council last week as it rushed tank munitions to Israel to allow it to maintain the offensive.

A nonbinding vote on a similar resolution at the U.N. General Assembly passed overwhelmingly Tuesday. The vote demanding a cease-fire is largely symbolic, but it serves as an important barometer of world opinion.

Israel launched the campaign after Hamas and other militants streamed into the south on Oct. 7, killing some 1,200 people and taking about 240 others hostage. About half of those remain in captivity. At least 105 Israeli soldiers have died in the ground offensive, the army says.

Israel and the U.S. say any cease-fire that leaves Hamas in power would mean victory for the militant group, which has governed Gaza since 2007 and has pledged to destroy Israel. Israel blames civilian casualties on Hamas, saying it positions fighters, tunnels and rocket launchers in dense urban areas, using civilians as human shields.

But the two allies have also had differences over the timetable of the war and over how Gaza should be ruled in the future.

In a briefing with the AP on Monday, Israeli Defense Minister Yoav Gallant signaled that the current phase of heavy ground fighting and airstrikes could stretch on for weeks and further military activity could continue for months.

Netanyahu has said the military will have to keep open-ended security control of Gaza after the war ends.

The Biden administration has said Israel should not return to a military occupation and the internationally recognized Palestinian Authority should govern Gaza as talks resume on creating a Palestinian state next to Israel.

Netanyahu appeared to firmly rule that out Tuesday, acknowledging “there is disagreement about ‘the day after Hamas.’”

“I will not allow Israel to repeat the mistake of Oslo,” he said, referring to the peace process in the 1990s that created the Palestinian Authority and was intended to reach a two-state solution. The authority governs pockets of the occupied West Bank and governed Gaza until the Hamas takeover in 2007.

STRIKES AND RAIDS ACROSS GAZA

Strikes overnight and into Tuesday in southern Gaza — where almost all of Gaza’s population of 2.3 million is now crowded — killed dozens, according to hospital records.

Islam Harb’s three children were among those killed when Israeli airstrikes flattened four residential buildings in the town of Rafah on the Egyptian border. At least 23 people were killed, including seven children and six women, according to an Associated Press reporter who saw the bodies arrive at a hospital.

“My twin girls, Maria and Joud, were martyred, and my little son, Ammar, also martyred,” Harb said.

In central Gaza, the Al-Aqsa Martyrs Hospital in Deir al-Balah received the bodies of 33 people killed in strikes overnight, including 16 women and four children, according to hospital records. Many were killed in strikes that hit residential buildings in the built-up Maghazi refugee camp.

In the northern Gaza town of Beit Lahia, Israeli forces stormed the Kamal Adwan Hospital, ordering all men, including medics, into the courtyard, said Ashraf al-Qidra, spokesman for the Gaza Health Ministry. The hospital had 65 patients in intensive care and six newborns in incubators, the U.N. said, and some 3,000 displaced people were sheltering there with little food or water.

The Israeli military says it is rounding up men in northern Gaza as it searches for Hamas fighters. Photos and videos circulating online show groups of detainees stripped to their underwear, bound and blindfolded, and some who have been released say they were beaten and denied food and water.

Asked about the hospital, the military said it “continues to act against Hamas strongholds in the north of Gaza,” including Beit Lahia and takes “all feasible precautions to mitigate harm to noncombatants.”

AP

WESTERN PERSPECTIVE

Dozens injured in Kyiv in Russia's second missile assault this week -Ukraine

Russia's second missile assault on Kyiv this week injured at least 34 people and damaged homes and a children's hospital, Ukrainian officials said on Wednesday, as President Volodymyr Zelenskiy pleaded in Washington for more help for his country.

Ukraine's air defence systems downed all missiles targeting the capital about 3 a.m. (0100 GMT), Serhiy Popko, head of Kyiv's military administration, said on the Telegram messaging app. The full scale of the attack was not immediately clear.

Falling debris caused injuries and destruction in three of Kyiv's districts on the eastern side of the Dnipro River that cuts through the capital, officials said.

Windows and entrances were shattered by debris at a children's hospital in Kyiv's Dniprovskyi district, but based on initial assessments, there were no casualties, Mayor Vitali Klitschko said on Telegram.

Debris also hit several residential buildings in the Dniprovskyi district, injuring at least 34 people, with 15 requiring hospitalisation, including two children, Klitschko added. The district's water supply was also damaged.

The specific weapons Russia used in the attack were not immediately known. It followed a salvo of ballistic missiles that targeted Kyiv early on Monday and injured four people.

On Tuesday, U.S. President Joe Biden warned Republicans that they would give Russia a "Christmas gift" if they failed to provide additional military aid to Zelenskiy, whose meeting with a top U.S. lawmaker concluded without a commitment for more support.

There was no comment from Russia about the attack on Wednesday, which also damaged buildings in Kyiv's Desnyanskyi and Darnitskyi districts.

Both Moscow and Kyiv deny targeting civilians in the nearly 22-month-long war that Russia launched against its neighbour in February 2022.

Popko said 15 people, including four children, were evacuated from a residential building in the Dniprovskyi district after debris hit a building and nearby cars, causing a fire.

He added that most injuries came from windows blown out by the blast wave.

"There are many injured," Popko said, suggesting that the number of wounded may rise.

** Zelenskiy meets Republican doubts in push for US aid to fight Russia

President Joe Biden warned Republicans on Tuesday that they would give Russia a "Christmas gift" if they failed to provide additional military aid to Ukrainian President Volodymyr Zelenskiy, whose meeting with a top U.S. lawmaker concluded without a commitment for more support.

Zelenskiy traveled to Washington to plead for money to back Ukraine in its war with Russia, but he faced a skeptical reception from key Republican lawmakers. Mike Johnson, the speaker of the House of Representatives, would not agree to support Biden's request to give Ukraine $61.4 billion.

"What the Biden administration seems to be asking for is billions of additional dollars with no appropriate oversight, no clear strategy to win and with none of the answers that I think the American people are owed," Johnson said after meeting with Zelenskiy.

Biden, who met with Zelenskiy later at the White House, said he would not walk away from Ukraine and neither would the American people. He warned lawmakers that they risked handing a victory to Russian President Vladimir Putin if they did not approve the request for aid.

"Putin is banking on the United States failing to deliver for Ukraine," he said during a press conference with the Ukrainian leader. "We must ... prove him wrong."

Earlier in the Oval Office, Biden told Zelenskiy, "We're gonna stay at your side," saying that Congress needed to pass legislation approving the aid "before they give Putin the greatest Christmas gift they could possibly give him."

Zelenskiy said he heard "great many things" during his talks with political leaders in Washington and was thankful for the support of the Biden administration and lawmakers, but time will tell if the U.S. will continue to help fund its defense against Russia.

"There were signals. They were more than positive. But we know that there are words and there are concrete results. We will count on a great result," Zelenskiy said.

He also rejected any calls to cede Ukrainian territory to Russia.

"How can Ukraine simply give away its territory? This is absolutely insane," Zelenskiy said. "Let’s be honest. … Our people live there…our children. It’s a part of our society. We’re talking about people who live there."

IMMIGRATION DEBATE

Heading into winter, with tens of thousands of Ukrainians dead, a yawning budget deficit and Russian advances in the east, Zelenskiy is asking Washington to provide badly needed support.

Wearing a black shirt and olive drab trousers, Zelenskiy was met with sustained applause in Congress as he entered a closed-door meeting with U.S. senators, and the chamber's Democratic and Republican leaders pledged their support.

But some Republicans, particularly those with the closest ties to former President Donald Trump, oppose more aid. They say any further money must be paired with changes to immigration policy at home — an exceptionally divisive issue in U.S. politics.

Democratic Senator Chris Murphy, who is leading the talks, said he thought lawmakers could reach an immigration deal and pass the spending package before Congress recesses for the year on Friday.

But Republicans said that was not likely.

"I'm becoming increasingly pessimistic," Senator Susan Collins told reporters.

Speaker Johnson said he would not act until the Senate passed legislation. "I implore them to do their job because the time is urgent and we do want to do the right thing," he told reporters.

Both the war and immigration issues are expected to be lightning-rod issues ahead of the 2024 U.S. presidential and congressional elections. Trump and Biden are both seeking the presidency.

DEADLOCK STRATEGY

Biden said the U.S. wanted Ukraine to win the war, but one Republican lawmaker questioned whether additional aid would help Ukraine defeat Russia after a summer offensive that has failed to yield clear gains.

"I know everyone wants Ukraine to win. I just don't see it in the cards," Republican Senator Ron Johnson said.

Democrats in Congress accused their political opposition of aiding Putin. "He is delighting in the fact that Donald Trump's border policies are sabotaging military aid to Ukraine," Democratic Senate Leader Chuck Schumer said.

Newly declassified U.S. intelligence shows that "Russia seems to believe that a military deadlock through the winter will drain Western support for Ukraine" and ultimately give Russia the advantage, said Adrienne Watson, spokesperson for the White House National Security Council.

The White House told Congress on Dec. 4 the government will no longer have funding to provide more weapons for Ukraine after the end of the year. Congress has approved more than $110 billion for Ukraine since Russia's February 2022 invasion, but no new funds since Republicans took control of the House from Democrats in January.

Biden told Zelenskiy during the press conference that Ukraine's continued existence as an independent nation was a sign of success. "For you to be here today - again today - nearly two years later and for Ukraine to be staying strong and free is an enormous victory already," he said.

The United States cannot turn the tide of war in Ukraine by pumping tens of billions more dollars into the country, the Kremlin said on Tuesday.

The war has cost Russia 315,000 dead and injured troops, nearly 90% of the personnel it had before the conflict began, according to a source familiar with a declassified U.S. intelligence report.

** Ukraine's top mobile operator hit by biggest cyberattack of war

Ukraine's biggest mobile network operator said it hoped to restore operations by Wednesday after coming under what appeared to be the largest cyberattack since Russia launched its war on the country in February 2022.

Tuesday's attack on Kyivstar, which has more than half of Ukraine's population as mobile subscribers, knocked out services, damaged IT infrastructure and put millions of people in danger of not receiving alerts of potential Russian air assaults.

It also disrupted the air raid alert systems themselves in parts of Kyiv.

The company's Chief Executive Officer Oleksandr Komarov said the attack was "a result of" the war with Russia.

"War is also happening in cyberspace. Unfortunately, we have been hit as a result of this war," he told national television.

"(The attack) significantly damaged (our) infrastructure, limited access, we could not counter it at the virtual level, so we shut down Kyivstar physically to limit the enemy's access."

Komarov did not say which Russian body he believed to be responsible, but said personal data of users had not been compromised.

Russian hacktivist group Killnet claimed responsibility for the attack via a statement on the Telegram messaging app, but did not provide evidence.

A source close to Kyivstar said the Ukrainian military was not affected by the outage.

Ukraine's SBU intelligence agency told Reuters one of the possibilities it was investigating was that of a cyber-attack conducted by Russian security services.

Russia's foreign ministry did not immediately respond to a request for comment.

Kyivstar, which has 24.3 million mobile subscribers, as well as more than 1.1 million home internet subscribers, said late on Tuesday that fixed-line services were partially restored and it was working to restore other services by Wednesday.

"This isn't the first attempt to breach the perimeter of the country's telecom operator, but unfortunately, this attempt has been successful," Komarov told Forbes Ukraine.

STATE ACTOR

A source close to Ukraine's cyber defence agency also said that Russia was suspected to be the source of the attack, but no specific group had been identified.

"It's definitely a state actor," said the source, who asked not to be identified because of the sensitivity of the issue, adding that data cable interception showed "a lot of Russian controlled traffic directed at these networks".

"There's no ransom. It's all destruction. So it's not a financially motivated attack," said the source.

Komarov told Forbes Ukraine that Kyivstar's "working hypothesis" was that the goal of the attack was destruction and disruption.

"Perhaps it was aimed at disrupting the president's visit to the United States, perhaps to aggravate energy blackouts, or impact the morale of Ukrainians," he said.

President Volodymyr Zelenskiy was in Washington on Tuesday, pleading for more U.S. military support to fight Russia.

Ukrainian officials said air raid alert systems in more than 75 settlements in Kyiv region, which surrounds the capital, were affected by the cyberattack and they would announce aerial danger through loudspeakers until repair works done.

Millions of Ukrainians depend also on phone alerts to warn them of possible Russian air attacks.

In Kyiv, some people rushed to connect to other network providers and a small queue of customers formed at a store for Vodafone, Kyivstar's largest competitor.

One man who bought a new SIM was 25-year-old PR consultant Dmytro. "My connection has completely disappeared, my internet and my satellite navigation aren't working, I can't move around the city," he said.

Kyivstar, owned by Amsterdam-listed mobile telecoms operator Veon (VON.AS), said in a statement on Facebook it was cooperating with law enforcement bodies.

Veon said it was also investigating the attack and it could not yet quantify the financial impact.

Separately, the co-founder of Monobank, a major Ukrainian payment system, said in a social media post that his company was currently suffering a distributed denial of service (DDoS) attack, but that everything was "under control". He subsequently said that attack had been fought off.

Representatives of PrivatBank and Oschadbank, two major Ukrainian financial institutions, told media outlet Hromadske that some of their ATMs and card terminals had been affected by the Kyivstar outage.

Ukrainian state bodies and companies have often accused Russia of orchestrating cyberattacks against them in the past.

At the war's outset, a cyberattack hit Viasat Inc (VSAT.O), disabling thousands of satellite internet modems across Europe and causing a huge loss in communications for Ukraine.

RUSSIAN PERSPECTIVE

US lawmakers demand answers on Ukraine

Ukraine’s President Vladimir Zelensky has failed to provide any new arguments in defense of his cause during his talks in Washington with American lawmakers, several senators and representatives, including House Speaker Mike Johnson, have told the media in the wake of the meeting on Tuesday.

Zelensky arrived in the capital to hold a series of meetings with top US officials to save a $61-billion aid package for Kiev that remains in limbo. Last week, GOP senators blocked the Biden administration’s major $111-billion supplemental funding request, which included aid for Ukraine, Israel and Taiwan, citing the Democrats’ reluctance to address the tense situation on the US-Mexico border.

Some Republicans have also repeatedly pointed to the lack of accountability in terms of the funds Washington had spent on helping Ukraine.

According to senior GOP senator Lindsey Graham, Tuesday’s meeting has failed to bring about any changes in the lawmakers’ stance. “Nothing has changed,” he told journalists. The South Carolina senator, who emerged as a staunch supporter of Kiev amid its conflict with Moscow, explained that, although he would like to aid Ukraine, border security comes first.

“I admire him, but he didn’t change my mind at all about what we need to do,” Graham said, referring to Zelensky and adding that the Democrats were supposedly trying to “use” the Ukrainian leader “in a way that I think wasn’t helpful.” “I want to secure the border,” the senator said, adding that the number of people supposedly linked to various terrorist groups that were crossing America’s southern border was “just chilling.”

Another Republican Senator, Missouri’s Eric Schmitt, also said that the meeting was effectively reduced to “the same old stuff.” “There’s nothing new,” he told journalists, adding that the questions for the Ukrainian president “were very scripted.”

Louisiana Republican Mike Johnson, the Speaker of the House of Representatives, who also met Zelensky on Tuesday, pointed to the fact that the White House and Kiev were asking for billions of dollars with no oversight and no clear strategy that would allow Ukraine to prevail in the ongoing conflict.

“Their responses have been insufficient,” Johnson said, referring to the Biden administration and adding that he had been requesting details on Washington’s strategy for Ukraine “over and over since literally 24 hours after I was handed the gavel as Speaker of the House.”

Lindsey Graham also told journalists that he’d told Zelensky to be thankful to the House Speaker for even being willing to place military aid for Ukraine on the agenda. “I said you need to thank Mike Johnson for being willing to pass a package if border security is in it, because half his conference probably doesn’t agree with that,” the senator said.

The US has already provided Kiev with $111 billion in military and economic assistance since military confrontation between Moscow and Kiev began in February 2022. Washington has recently warned that funds for the government of Vladimir Zelensky have almost run out.

Last week, US National Security Council spokesman John Kirby said that Kiev can’t expect additional funding until the gridlock in Congress is resolved. Zelensky’s chief of staff, Andrey Yermak, then warned that delays in US assistance could lead to Ukraine’s defeat by Russia.

The Kremlin said on Tuesday that any further assistance Washington decides to provide to Kiev is doomed to fail from the start. No amount of money can change the situation on the front lines, Kremlin spokesman Dmitry Peskov told journalists.

Reuters/RT

Outnumbered and outgunned, one front-line soldier has given a sobering account of Ukraine's struggle to cling on to its foothold on the east bank of the vast Dnipro river.

Several hundred Ukrainian soldiers have made it there as part of a counter-offensive launched six months ago.

Under relentless Russian fire, the soldier spent several weeks on the Russian-occupied side of the river as Ukraine sought to establish a bridgehead around the village of Krynky. The BBC is not naming him to protect his identity.

His account, sent via a messaging app, speaks of troop boats blown out of the water, inexperienced reinforcements and a feeling of abandonment by Ukraine's military commanders.

It highlights growing tensions as Ukraine's defence against Russia's invasion grinds to the end of another year.

Ukraine's military told the BBC they are not commenting on the situation in that area for security reasons.

The Ukrainian soldier's quotes are below in bold.

"The entire river crossing is under constant fire. I've seen boats with my comrades on board just disappear into the water after being hit, lost forever to the Dnipro river.

"We must carry everything with us - generators, fuel and food. When you're setting up a bridgehead you need a lot of everything, but supplies weren't planned for this area.

"We thought after we made it there the enemy would flee and then we could calmly transport everything we needed, but it didn't turn out that way.

"When we arrived on the [eastern] bank, the enemy were waiting. Russians we managed to capture said their forces were tipped off about our landing so when we got there, they knew exactly where to find us. They threw everything at us - artillery, mortars and flame thrower systems. I thought I'd never get out."

Yet the few hundred marines have been able to dig in, partly helped by Ukrainian artillery fire from the higher, western banks of the Dnipro.

The river separates the Russian-occupied and Ukrainian-controlled parts of the southern Kherson region.

President Volodymyr Zelensky has been keen to talk up this offensive, framing it as the beginning of something more.

Ukraine's General Staff reported in its daily update on Sunday that its forces were maintaining their positions on the eastern bank of the Dnipro, and were inflicting "fire damage on the enemy's rear".

This soldier's testimony, however, reveals splits between Ukraine's government and its generals over the state of the war.

Ukraine's commander-in-chief Gen Valery Zaluzhny told the Economist magazine in November that, "just like the First World War we have reached the level of technology that puts us into a stalemate."

President Zelensky's office swiftly rebuked the general for his comments, denying there was a deadlock on the battlefield.

"Every day we sat in the forest taking incoming fire. We were trapped - the roads and paths are all riddled with mines. The Russians cannot control everything, and we use it. But their drones are constantly buzzing in the air, ready to strike as soon as they see movement.

"Supplies were the weakest link. The Russians monitored our supply lines, so it became more difficult - there was a real lack of drinking water, despite our deliveries by boat and drone.

"We paid for a lot of our own kit - buying generators, power banks and warm clothes ourselves. Now the frosts are coming, things will only get worse - the real situation is being hushed up, so no-one will change anything.

"No-one knows the goals. Many believe that the command simply abandoned us. The guys believe that our presence had more political than military significance. But we just did our job and didn't get into strategy."

There's no doubt this crossing has forced some Russian forces to redeploy from other parts of the front line, such as their heavily defended positions in the Zaporizhzhia region, where Kyiv hoped there would have been a breakthrough sooner.

BBC Russian recently spoke to some Russian troops who are defending the riverbank in that area. They said it was "suicide" for their soldiers to move there, saying they had lost many men in the fight and that they cannot dislodge the Ukrainians from their foothold.

Ukraine's military meanwhile says it wants to target Russian supply lines and force them back enough from the river to protect civilians from shelling.

It means both Russian and Ukrainian soldiers are absorbing a lot of fire.

"Mostly our losses were mistakes - someone didn't climb in that trench quickly enough; another guy hid badly. If someone isn't switched on, he'll be immediately targeted from everywhere.

"But thanks to our doctors, if we can get an injured soldier to the medics - he'll be saved. They're titans, Gods. But we can't get the remains of the fallen out. It's just too dangerous.

"At the same time our drones and missiles inflict a lot of losses on the enemy. We took prisoners of war once, but where to put them, if we have no way to cross the river even with our own injured comrades?"

Like every other part of the front line, this operation has also turned into a battle of attrition.

While Russia is filling its ranks with conscripts and pardoned prisoners, Ukraine is struggling to find the manpower it needs.

A recent BBC investigation found that nearly 20,000 men have fled Ukrainesince the start of Russia's full-scale invasion to avoid the draft.

"Several brigades were supposed to be posted here, not individual companies - we just don't have enough men.

"There are a lot of young guys among us. We need people, but trained people, not the green ones we have there now. There are guys who had spent just three weeks in training, and only managed to shoot a few times.

"It's a total nightmare. A year ago, I wouldn't have said that, but now, sorry, I'm fed up.

"Everyone who wanted to volunteer for war came a long time ago - it's too hard now to tempt people with money. Now we're getting those who didn't manage to escape the draft. You'll laugh at this, but some of our marines can't even swim."

The village of Krynky has been turned to rubble.

The scenes of palpable relief when Kherson city and swathes of the Kharkiv region were liberated a year ago have yet to be replicated.

Instead, Ukraine's wins are chalked up in small parcels of devastated and abandoned land.

That makes President Zelensky's case for long-term Western support harder to sell politically.

But regardless, the anonymous soldier's fight will soon continue.

"I got out after getting concussed from a mine, but one of my colleagues didn't make it - all that was left of him was his helmet.

"I feel like I escaped from hell, but the guys who replaced us last time got into even more hell than us.

"But the next rotation is due. My time to cross the river again is soon."

BBC

They call him the Oracle of Omaha, and sure enough, thousands descended on the Cornhusker State to hear what Warren Buffett had to say at the annual Berkshire Hathaway shareholders meeting.

There's a lot to pull out of it, but Buffett, 92, has a way with words sometimes, and when he was asked at one point what the future looks like for investors, he had such a pithy answer that I think people will be repeating it among his other Buffett-isms for a while to come.

Are we running out of opportunities?

The exchange went like this:

• Buffett was asked about the rise of disruptive technologies and productivity, along with how it might affect investor strategy.
• Buffett's second-in-command, Charlie Munger, 99, jumped in to answer, with a fairly pessimistic answer – basically that since there are so many value investors out there that they're each going to have to be satisfied with a smaller piece of the pie: "Get used to making less."
• Then, Buffett got his say, and he disagreed a bit with Munger.

Keep in mind, they were talking about value investing here, but I think the comments Buffett offered cover more than that. Here's part of what he had to say:

"I would argue that that's going to be plenty of opportunities. ... [T]ech doesn't make any difference. ...

What gives you opportunities, is other people doing dumb things. And I would say that while the 58 years we've been running Berkshire, I would say there's been a great increase in the number of people doing dumb things."

"What gives you opportunity is other people doing dumb things"

I love this 10-word quote. Again, Buffett was answering in the context of investing, and he used the example of companies being motivated by short-term thinking that attracts investment and pumps up share price, as opposed to long-term thinking that actually creates value.

"I mean, that is a world made to order for anybody that's trying to think about what you do that work over five or 10 or 20 years," he added.

But, this advice really does make sense in so many other areas in business and in life. Maybe we want to be a little bit nicer and not refer to other people's decisions as "dumb," and instead, "limiting decisions," but the idea is the same.

When you start looking at things that way, you can see that letting other people do the hard parts and the pioneering – so that you can pick up on what they've done, and do more – is a really great way to look for opportunities.

A few examples – two business, one in another part of life, just to illustrate:

• You see a competitor that has done a very good job of catering to the budget buyer in your industry, but that makes it hard – or maybe just too much work – to cater to higher end customers. Their limiting decision; your opportunity.
• You're an employee of a local firm, and your boss turns down your idea of building a social media and review strategy to get more clients. You think it's just a matter of complacency. Could you go out on your own, or to a competing firm, and put your idea into practice? Their limiting decision; your opportunity.
• You're playing in a recreational soccer league, but there are so many good players that it's hard to get time on the field, and the coaches or organizers don't want to change. Could you attract some other teammates and form a new team? Their limiting decision; your opportunity.

Pretty good opportunities

It feels widely applicable, doesn't it? 

Of course Buffett also spoke about a few other things, like the state of Berkshire Hathaway, which reported net income of $35.5 billion for the first quarter, up from $5.58 billion last year. So that's a good amount of opportunity, and it's a number people will focus on in the short-term.

It's the pithy long-term thinking that winds up being remembered years later.

Bottom line: It's OK to do dumb things sometimes. Just pay attention to the opportunities you can see when other people do dumb things, too.

Inc

Naira weakened sharply on the official market against the dollar, pushing it above levels on the unauthorized parallel market despite government promises to stem volatility.

The currency slumped 23% to 1,099 naira per dollar on the official market on Friday, according to Lagos-based FMDQ, amid a local shortage of the greenback.

That was slightly cheaper than the naira’s level on the parallel market on Monday of 1,190, according to Umar Salisu, a trader who compiles the data in the commercial hub, Lagos.

Naira Turnover Falls

Liquidity in the official market dropped 48% to $71 million before the weekend, according to the investment bank Chapel Hill Denham.

The weakness was despite news Friday that Moody’s Investors Service had lifted the outlook on Nigeria’s Caa1 credit rating to positive, based on steps the West African nation has taken to improve its fiscal position and shore up foreign reserves.

The naira’s two exchange rates briefly converged in June at around 757 per dollar, after President Bola Tinubu eased complex currency controls to boost foreign investment. But it’s been on a steady slide ever since amid a persistent lack of local access to dollars.

Central Bank Governor Olayemi Cardoso in November pledged to clear forward foreign-exchange contracts that have discouraged investor inflows, crimped liquidity and weighed on the currency.

The promise helped to steady the parallel market by encouraging residents who had been hoarding dollars to sell them to avoid losses. But liquidity in the much larger official market has remained constrained.

“Lack of liquidity is causing volatility, challenges in price discovery and stability in the official market,” said Ayodeji Dawodu, head of Africa sovereign and corporate credit research at BancTrust & Co. in London.

While the central bank wants the two rates to converge, at current levels the naira is significantly weaker than the official level of 750 per dollar used as a benchmark for the country’s 2024 budget.

The benchmark exchange rate will be far-fetched, unless “we see significant inflows from foreign investors and government agencies,” Dawodu said.

Bloomberg

Organised Labour and the Federal Government are on a collision course over the government’s failure to sustain the payment of N35,000 wage award to workers.

Workers in the Federal Civil Service, in separate interviews with our correspondent on Monday, noted that the Federal Government only paid N35,000 wage award for September.

Following the removal of the fuel subsidy by President Bola Tinubu on his assumption of office, the Federal Government agreed to pay N35,000 to each of its workers to reduce the hardship caused by the subsidy removal.

The government, in a memo signed by the Chairman, National Salaries Wages and Income Commission, Ekpo Nta, stated that the payment of the wage award would begin to take effect from September 1, 2023.

However findings by our correspondent indicated that the government only paid the wage award for September.

A senior civil servant in one of the core ministries, departments and agencies said, “The wage award was only paid once and I assume that was the one for September. Since then, we have not received another. We all are confused as there has been no official communication from the government as regards the matter. We are all confused at the moment.”

Another civil servant, who spoke to our correspondent on the condition of anonymity, said, “What you heard is true. We have not received anything else other than the initial wage award which was paid. The government cannot continue to let the citizens suffer. Our takehome salaries cannot even take us home any longer at this point.”

Also speaking with our correspondent, a civil servant in one of the Federal Government-owned schools in Abuja noted that the workers were only paid the wage award for one month.

“We only received for one month which I assume was for September. Though the peculiar allowance introduced by the former administration is still being paid alongside our salaries, we have not received any such thing as a wage award. The government needs to stop playing games with our emotions.”

Head of information at the Nigeria Labour Congress, Benson Upah, in an interview with our correspondent said, “This betrays the government’s dishonorable intentions and is completely unacceptable.”

When asked if the NLC would take action, he said, “Certainly, the congress will do something about this but what it will do will be dependent on the appropriate organs of the congress. On communication with the government, sure, we will. It usually precedes our actions.”

But the spokesperson for the Office of the Accountant General of the Federation, Bawa Mokwa, in an interview with our correspondent in Abuja on Monday allayed fears of civil servants. Mokwa noted that plans were ongoing to ensure that civil servants receive their wage awards.

“The process is ongoing. They will be paid. The process to pay the wage awards has commenced.”

Meanwhile, the Federal Government has budgeted N1tn  for minimum wage adjustments, promotion arrears and severance benefits for civil servants, an analysis of the 2024 appropriation budget released by the Budget Office of the Federation has revealed.

This is as the head of information of the Nigeria Labour Congress, Upah further explained to our correspondent that the congress would kick against any form of imposition of a new minimum wage by the Federal Government.

Upah told our correspondent in Abuja that negotiations had yet to commence, but he expressed optimism that talks on the new minimum wage would start soon.

“No, not yet but soon, I suppose,” Upah said when asked if the congress had received notice for the commencement of negotiations surrounding the new minimum wage.

Upah said, “The national minimum wage law is a product of collective negotiation by all the critical stakeholders, workers, employers (plus private sector), and government. It cannot be fixed by fiat by any stakeholder. Thus, any unilateral action by any party will not only be presumptuous but contemptuous and injurious to other parties and will certainly be at variance with the law and principles governing this variant of minimum wage-setting procedure.”

Punch