Over Half of Global Firms’ Supply Chains Compromised by Ransomware

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Trend Micro research reveals visibility challenges as attack surface expands

HONG KONG SAR – Media OutReach – 7 September 2022 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today that reveals global organizations are increasingly at risk of ransomware compromise via their extensive supply chains.

To read the report, please visit https://www.trendmicro.com/explore/glrans

Trend Micro commissioned Sapio Research in May and June 2022 to poll 2,958 IT decision makers across 26 countries. The research revealed that 79% of global IT leaders believe their partners and customers are making their own organization a more attractive ransomware target. The challenge is particularly acute considering that potentially less well-secured SMBs make up a “significant” portion of the supply chain for over half (52%) of these organizations.

A year ago, a sophisticated attack on a provider of IT management software led to the compromise of scores of MSPs and thousands of downstream customers. Yet only 47% of organizations share knowledge about ransomware attacks with their suppliers. Additionally, 25% said they don’t share potentially useful threat information with partners.

This could be because organizations don’t have information to share in the first place. Detection rates were worryingly low for ransomware activities including:

  • Ransomware payloads (63%)
  • Legitimate tooling e.g., PSexec, Cobalt Strike (53%)
  • Data exfiltration (49%)
  • Initial access (42%)
  • Lateral movement (31%)


“We found that 52% of global organizations have had a supply chain organization hit by ransomware, potentially putting their own systems at risk of compromise”, said Bharat Mistry, Technical Director at Trend Micro. “But many aren’t taking steps to improve partner cybersecurity. The first step towards mitigating these risks must be enhanced visibility into and control over the expanding digital attack surface.”

The supply chain can also be exploited by attackers to gain leverage over their targets. Among organizations that had experienced a ransomware attack in the past three years, 67% said their attackers contacted customers and/or partners about the breach to force payment.

Hashtag: #TrendMicro

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world.

Hong Kong James Dyson Award winning design offers personalized vision care and easy eye physiotherapy at home

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Easy-to-use non-invasive wearable device could prevent development of glaucoma in mild and pre-glaucoma patients

  • Glaucoma is a leading cause of vision loss affecting about 80 million people worldwide[1] and every year 3.6 million people lose their vision permanently due to the eye disease. It is also the leading cause of registered, permanent blindness in Hong Kong (23%)[2].
  • Caused by interocular pressure (IOP) on the optic nerve, glaucoma is painless and progresses slowly, however there are no preventative therapies to reverse glaucoma.
  • Current therapeutic approaches to preserve failing vision involve reducing IOP, but are only available for diagnosed patients and may involve invasive surgery or daily doses of eyedrops that may have side effects

HONG KONG SAR – Media OutReach – 7 September 2022 – This year’s Hong Kong national James Dyson Award winner attempts to find a new solution to solve this problem.

The James Dyson Award forms part of a wider commitment by Sir James Dyson, to demonstrate the power of engineers to change the world. The competition has supported over 300 inventions with prize money, and is run by an engineering-education charity funded by Dyson profits.

The and the Foundation’s work encourage aspiring engineers and problem solvers, to apply their knowledge and discover new ways to improve lives through technology. To date, James and the James Dyson Foundation have contributed over £140m to boundary-breaking concepts in education and other charitable causes.

The Foundation has a , , and .

Recent past winners

About the competition

The brief

Design something that solves a problem. This problem may be a frustration that we all face in daily life, or a global issue. The important thing is that the solution is effective and demonstrates considered design thinking.

The process

Entries are judged first at the national level by a panel of external judges and a Dyson engineer. Each operating market awards a National winner and two National runners-up. From these winners, a panel of Dyson engineers then select an international shortlist of 20 entries. The top 20 projects are then reviewed by Sir James Dyson who selects his international winners.

The prize

  • International winners, chosen by Sir James Dyson, awarded up to £30,000.
  • International runners-up receive £5,000.
  • Each National winner receives £5,000.

The deadline to apply: midnight PST on 6 July 2022.

How to enter

Candidates enter through an online application form via the James Dyson Award

Entrants should explain what their invention is, how it works, and their development process. The best entries solve a real problem, are clearly explained, show iterative development, provide evidence of prototyping and have supporting imagery and a video.

All judges will take into consideration the restrictions to prototyping and product development as a result of the Covid-19 pandemic.

Eligibility criteria

Entrants must be, or have been within the last four years, enrolled for at least one semester in an undergraduate or graduate engineering/design related course. This course must be at a university in a country or region chosen to participate in the James Dyson Award.

In the case of team entries, all members must be or have been within the last four years, enrolled for at least one semester in an undergraduate or graduate programme at a university in a country or region chosen to participate in the James Dyson Award. At least one team member must have studied an eligible subject in engineering or design. Those participating in a degree level apprenticeship at Level 6 or Level 7, and those who have completed said apprenticeship in the past four years, are eligible to enter the award.

Further FAQs can be found on the James Dyson Award .

Organisers Announce Winners Of Gerety Awards 2022, See Full List Here

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Organisers Announce Winners Of Gerety Awards 2022, See Full List Here

Organizers of the Gerety Awards have announced its 2022 winners. The Gerety Awards, which is now in its fourth year, says that it is the only creative prize to reward advertising campaigns that resonate most with a female audience.

With judging sessions held around the world each year, Gerety aims to bring together some of the greatest creative leaders to look at work from the female lens.

The event rewards all types of creative excellence regardless of who is in the credits, says the awards.

The awards add that the big difference in comparison to other awards is that Gerety gives proof the work resonates with the world’s most powerful consumers.

Grand jury member Madonna Badger, founder and chief creative officer of Badger Agency says, “Being a part of a Gerety Award jury is such an honour and a privilege. Frances Gerety was a legendary woman in advertising. And like most creative women, she appreciated great work no matter the gender of who created it. The work, however, is judged through a female lens, which is so unique and very important to our industry.”

South African winners include the NuGen for Colgate by VMLY&R Cape Town won Silver in the Innovation CUT and ‘In Our Own Words’ for Cadbury South Africa by Ogilvy Johannesburg won Silver in the Work for Good CUT.

In total, the 2022 Gerety Awards jury have awarded 5 Grand Prix, 34 Gold, 58 Silver, 77 Bronze, with 139 entries remaining on the shortlist.

Internationally, the USA was a top Gerety winner overall with 34 total statues, followed by the UK with 27. Collecting Gold, Silver, Bronze and shortlist nominations, Belgium had 23, Canada 20, France and Germany each had 14 campaigns awarded and Brazil together with the UAE had 10 each.

Grand Prix for Illustration in the Craft Cut:

#painstories, Bodyform/Libresse by AMVBBDO London, United Kingdom

Grand Prix for Alternative media in the Communication Cut:

Unfiltered History Tour, VICE Media, Instagram AR Filters by Dentsu Webchutney Bengaluru India

Grand Prix for Editing in the Craft Cut:

Super. Human. Channel 4, Tokyo Paralympics 2020 by Final Cut London United Kingdom

Grand Prix for Mobile in the Experience Cut:

Unfiltered History Tour, VICE Media, Instagram AR Filters by Dentsu Webchutney Bengaluru, India

Grand Prix for product and packaging design in the Innovation Cut:

Plasticoff, Whirlpool by VMLY&R Mexico

The Gerety Awards, now in its 4th year, is the only creative prize to reward advertising campaigns that resonate most with a female audience. With judging sessions held around the world each year Gerety brings together some of the greatest creative leaders to look at work from the female lens. Rewarding all types of creative excellence regardless of who is in the credits. The big difference in comparison to other awards is that Gerety gives proof the work resonates with the world’s most powerful consumers.

See all of the 2022 winners at www.geretyawards.com

Liquid Networks Launches Distributed Denial Of Service (Ddos) Secure To Protect African Businesses From Ddos Attacks

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Liquid Networks Launches Distributed Denial Of Service (Ddos) Secure To Protect African Businesses From Ddos Attacks

Liquid Networks, a business of Cassava Technologies, a pan-African technology group, today announced the launch of its Distributed Denial of Service (DDoS) Secure offering to its customers. The solution is designed to proactively mitigate attacks by scrubbing traffic and blocking known attackers or malicious traffic. 

“Cyber Attacks are at an all-time high; cyber security threats cost the African GDP almost a whopping US$4.1 billion in 2021. And, DDoS are on top of the cyber security attacks; the staggering cost to our GDP is proof enough that no business can afford to be without a layer of protection against them. While DDoS attacks have evolved over the years, our offering is equally sophisticated. With traffic scrubbed at one of our four scrubbing centres, customers can focus on their core business requirements while keeping them safe from DDoS attacks,” says Ahmad Mokhles, CEO of Liquid Networks.

The service is being offered to all potential Internet & IP transit clients and provided to all existing customers in regions where Liquid has operations across Africa access to a proactive protection service. With DDoS Secure, clients can have peace of mind, knowing that their business’s reputation, income, and network are protected. The service also offers them the potential for growth and partnerships through DDoS compliance.

While protecting clients’ networks and operations, DDoS Secure also gives them a line of sight about attempted attacks through post-incident reports on all mitigations completed. In addition, with the recent launch of  Liquid’s Next-Gen Cyber Security Fusion Centre, the organisation will be able to monitor all online activity live and deter an attack before it reaches your network.

“With this measure in place, there will be higher visibility of potential attacks, and we will be able to mitigate threats and proactively secure businesses automatically. In addition, we can now manage and protect our customers in real-time. Yet, another achievement as Liquid Cyber Security introduces a solution that brings the world’s best practices in protecting against DDoS attacks,” concluded Mohkles.

Meta Launches ‘Creators Of Tomorrow’ Campaign Celebrating Emerging Talents From Across Sub-Saharan Africa (SSA)

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Meta Launches ‘Creators Of Tomorrow’ Campaign Celebrating Emerging Talents From Across Sub-Saharan Africa (SSA)

Today, Meta announced the launch of ‘Creators of Tomorrow’ , a new campaign  that celebrates emerging talents from around the world who are inspiring a new movement of creative content online. The campaign spotlights creators in Sub- Saharan Africa from East Africa, Southern Africa and Francophone Africa.

The selected Creators of Tomorrow are breaking out amongst their communities online, and are showcasing a best-in-class approach to video formats, technology and interactive entertainment. The global campaign is the first of its kind, starting in Europe, The Middle East and Africa, and expanding to more countries around the world in the coming months. Meta will be working closely with these creators over the next year, as they continue to grow their audience and turn their passions into professions across Meta technologies.

Commenting on the campaign, Moon Baz, Creator Partnerships Lead, Middle East, Africa and Turkey, Meta said, “With this campaign, we aim to highlight creators who are innovating through tools such as Reels and short-form video content formats, as well as those who are leveraging, exploring new content formats such as AR/VR. We are excited to work closely with these creators,  and we’re  committed to help them grow their audience, build a business and unlock new possibilities for the future as we build for the metaverse.”

African creators have creatively used Meta technologies and apps, Facebook and Instagram to express themselves and tell the African story to Africans and people from across the world. Using fashion, comedy, food, travel and political commentary, over the years creators from sub-Saharan Africa have increased the recognition of the cultural contribution of the continent, improving its perception to the world.

Meta will be hosting exclusive events across the region to celebrate the Creators of Tomorrow, sharing the latest news, tips as well as tools and resources across Meta technologies. In Kenya, Creators including Creator featured in the campaign will attend an exclusive brunch consisting of a Reels School, and in South Africa over 50 Creators will attend a Creator Day filled with dedicated tailored workshops and training to help them thrive in this evolving digital and creator economy .

The 10 identified Creators of Tomorrow from Africa include:

  • Kwambox (https://bit.ly/3xmFxw3), Kenya: A radio presenter who entertains her followers with her dance moves and bubbly personality. She is also a renowned MC and event host.
  • Crazy Kennar (https://bit.ly/3elgRx7), Kenya: An award winning Nairobi based comedian whose content is centred around comedy  addressing everyday experiences of young people.
  • Nadia Matovu (https://bit.ly/3wZyM2U), Uganda: An influencer, wife and business woman based in Kampala who uses her day to day life to create content that inspires her followers.
  • Pamela Mtanga (https://bit.ly/3KQzIw3), South Africa: An award winning multimedia entrepreneur. She’s a fashion and beauty content creator whose brand is rooted in authenticity, relatability and empowerment.
  • Ruth Ronnie (https://bit.ly/3RBGjga), Zambia: An award winning recording artist, live performer and content creator. She’s a versatile creative who is best known for her musical genres such dancehall, reggae, afropop, Rnb, afrosoul and trapsoul.
  • Ruvarashe Hapaguti (https://bit.ly/3cNAdKO), Zimbabwe: An up and coming actress and content creator. Her content ranges from comedic skits to make-up tutorials which she showcases in an engaging way that her audiences enjoy.
  • Mishaa (https://bit.ly/3KSJo9G), Ivory Coast: A dance enthusiast who shares her love for dance art and performances with her followers on social media. Ambassador of Trace music and Universal music Africa, Mishaa dances on African urban rhythms such as coupé-décalé, afro-beat, RN’B and many others, and shares her choreographies in Reels on Instagram and Facebook.
  • Saraï D’Hologne (https://bit.ly/3er8EY6), Ivory Coast: An artist painter who’s the head of an artistic universe dedicated to the interior and exterior wall decoration of the house called SARTAÏ. In Ivory Coast, Saraï is the torchbearer of natural hair that she proudly advertises on her social media accounts.
  • Fatou Jupiter Touré (https://bit.ly/3x1ThvP), Senegal: An actress, producer, UN ambassador, entrepreneur, and founder of the film festival Les Teranga. She has been named for the second time among the 700 most impactful Africans by the South African magazine Tropics. Her talent and love for theatre and cinema allowed Fatou to turn her passion into a profession.
  • Ngorbatchev Niang (https://bit.ly/3AM2Joa), Senegal: a fashion stylist, producer, and film director. He is the owner of “Ngorbatchev Maison de Couture” and “Ngorbatchev Nprod”. M. Niang is passionate about what make life more beautiful and aims to reflect this beauty through his clothes collections that he sells and showcases via Instagram and Facebook.

In November 2022, the Creators of Tomorrow will get the opportunity to attend the EMEA Creator Week being hosted in London at the iconic Tate Britain for the first time. There, Creators of Tomorrow will be joined by other regional Creators at various stages of their careers to collaborate, learn from each other, and continue to find inspiration in the future of content creation on our platforms.

You can view the full list of creators on Meta’s dedicated microsite site here: https://www.CreatorsofTomorrow.com/

How To Use Cloud To Supercharge Your SME’s Growth

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How To Use Cloud To Supercharge Your SME’s Growth

As global economic growth slows down and many developed and emerging economies face severe pressure, the SME sector is again taking centre stage as a catalyst for job creation and growth throughout the African continent.

 

“Small and medium enterprises are the future of Africa’s economic development,” says Dumisani Moyo, Head of Marketing at SAP Africa. “SMEs can create more jobs more quickly than their larger counterparts, can stimulate innovation, and make a significant impact on their local and regional economies. And when supported by a strong digital strategy enabled by the cloud, there is virtually no limit to SMEs’ growth and innovation potential.”

 

The World Bank estimates that SMEs employ more than 50% of the workforce and contributes up to 40% of GDP in emerging economies. However, SMEs typically lack the financial and human resources of their enterprise counterparts, leaving them potentially more vulnerable to changing market conditions and other disruptive events, such as the pandemic.

 

“Cloud and other technologies enable greater innovation, which is essential to the success and even survival of SMEs,” says Moyo. “Between 1955 and 2011, it took Fortune500 companies an average of 20 years to reach a billion-dollar valuation. Today’s digitally transformed startups can reach milestone that in a mere four years.”

 

He adds that since 2000, more than half of companies on the Fortune500 have gone out of business, with a lack of agility cited as a key reason.

 

“Companies that have developed their business models and processes with technology as an enabler typically enjoy greater efficiency, improved innovation capabilities, and can more easily adapt to new challenges or opportunities in their operating environment,” explains Moyo. “This improves their chances at building successful, sustainable business models that can support the business strategy in the long term while still delivering to revenue targets in the short term.”

 

Why SMEs take to the cloud

Moyo adds that, in his experience, African SMEs seek out cloud solutions to boost revenue growth, become more efficient, open up new markets, and adapt to changes in their working environment, for example, adopting cloud-based collaboration tools to enable remote working during the pandemic.

 

“Every SME can benefit from leveraging cloud solutions to enable their digital transformation. Companies that use the cloud effectively enjoy greater flexibility and agility, and can more readily build competitive and sustainable business models that meet changing customer demands and employee expectations.”

 

He cites the example of SMEs leveraging templates during their digital transformation efforts to reduce complexity and lower costs while still unlocking a broad range of benefits.

 

“One of the major advantages of working with a global cloud provider with experience across multiple industries is that SMEs gain access to best-practice templates that have been proven effective in similar industries or markets. This can significantly cut down the time to value for new technology deployments and help ensure companies enjoy the full range of benefits of their new tech.”

 

 

Tips for SME cloud adoption

Moyo says SMEs have several distinct advantages over larger companies when embarking on cloud adoption or digital transformation initiatives. “SMEs are by nature smaller, more nimble and can therefore move quicker and adapt more easily. However, the road to cloud adoption is not always clear, and SME leaders need to be aware of key factors that may influence the outcomes of their cloud efforts.”

 

Based on SAP’s experience with supporting SMEs across the globe with their cloud, technology and digital transformation needs, Moyo provides the following tips to SMEs:

 

1 Identify and prioritise high-value areas for cloud

“One of the most important aspects of any cloud adoption strategy is to first identify where cloud can provide the most value to the business,” advises Moyo. “If your biggest challenge is managing your hybrid workforce, then choosing cloud solutions that can track and enable better productivity can deliver the highest returns in the short term.”

 

According to Moyo, one of the biggest stumbling blocks to realising the value of any cloud deployment is a lack of adoption within the organisation.

 

“Any investment into new cloud capabilities need to be supported with a strong change management program that is driven by top leadership throughout the organisation. When employees see the value of the new capabilities and can follow the example of senior role models – especially company leadership – they are more likely to use the tools themselves. This ensures the deployment realises optimum business value and has a transformative effect on how the business operates.”

 

 

2 Empower your teams

One of the biggest disruptors to SMEs’ business models is the pandemic, which has upended many traditional notions of work and employment.

 

“Today, more employees work remotely some or most of the time than ever before,” says Moyo. “This has forced companies to reengineer their employee engagement and talent retention models to suit this new world of work.”

 

Powerful cloud tools for tracking employee sentiment, for example, can empower companies with greater insight into employee expectations and help keep the pulse of their workforce. “With so many employees working remotely, it has never been more important to use technology to support employees and help ensure the smooth running of the business.”

 

 

3 Find and develop critical skills

Africa’s youth dividend is widely published, but the continent still struggles at times to nurture and develop sufficient tech talent to power its digital economy.

 

Moyo advises that SMEs work with other partners in the public and private sector to improve digital skills development outcomes and help ensure they have access to the requisite talent pool. “Initiatives such as SAP’s Young Professionals Program give talented graduates a streamlined entry into working in SAP-enabled tech environments, and ensures our partners have access to the skills they need.”

 

He adds that Africa’s young population offers enormous potential for economic growth and innovation, but they need to be supported with suitable skills development and work opportunities. “With the correct investment into skills, African SMEs can help mobilise the largest youth population on Earth to drive and support the continent’s growth ambitions for decades to come.”

Uber Launches A Suite Of New Product And Safety Features Across Sub-Saharan Africa (SSA)

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Uber Launches A Suite Of New Product And Safety Features Across Sub-Saharan Africa (SSA)

Today Uber announced the launch of multiple new products and features which are going live this month in South Africa, Ghana, Kenya, Côte d’Ivoire and Nigeria. The launch, which took place simultaneously across various locations in Sub-Saharan Africa (SSA), also showcased Audio Recording, the latest addition to its suite of safety features.

Speaking at the event, General Manager for Uber SSA, Kagiso Khaole said the brand is pleased to be expanding into eight more cities during September across Kenya, Nigeria and Ghana.

“As we gear ourselves to mark our 10th year anniversary next year, we are excited about moving into more cities enabling people to go anywhere and can get anything. Our commitment to raising the bar on safety remains relentless and we continue to work hard to grow the over 3 million earnings opportunities we have created thus far.”

Eight new cities and counting

Uber will now be operational in Owerri and Akure in Nigeria; Eldoret, Kisumu, Nakuru and Naivasha in Kenya; and Tamale and Sunyani in Ghana. These expansions are testament to Uber’s commitment to the region and signal more opportunities for more drivers to earn, while riders have convenient and reliable travel options at the tap of a button. In these expansions Uber brings a diverse product mix that is able to best serve the needs of the city residents.

More economical options for riders

To help reduce costs for riders and increase demand for drivers, Uber is launching UberX Share in Ghana and Nigeria, and Uber ChapChap Share in Kenya. Uber’s shared rides offering allows riders to save up to 30% of the trip fare when matched with a co-rider heading in the same direction, and where a match is not possible, they will still be able to save 5% from their ride.

“The introduction of UberX Share allows us to proudly demonstrate the power of our platform, understanding the ability to match rider destinations while delivering convenience and affordability. We are a global company that builds locally; and in Ghana, we tapped into the local culture of car-pooling when moving around, which makes this product a great fit for the market,” says Khaole.

Travelling across the city with an entire crew has never been easier, with the launch of UberXL in Nairobi, Kenya. This option provides seating for up to six people which is great for airport and business trips where extra luggage space may be required. In South Africa, riders can now reserve their group travel 30 days in advance with UberXL Reserve and Uber Van Reserve.

Uber Comfort, which is currently available in South Africa and Côte d’Ivoire, will now be available in Ghana. This bespoke offering is designed for riders looking for an upgrade to their everyday ride with extra comfort. Drivers on Uber Comfort are known to provide excellent service, while exhibiting friendliness, courtesy and professionalism.

Uber Connect, one of the app’s most popular products available in South Africa, Kenya, Nigeria, Tanzania, Uganda, and Ghana; will soon be available in two additional cities in Nigeria. Uber Connect is an on-demand delivery solution that allows users to send and receive packages with speed. The feature comes built-in with a PIN verification providing users peace of mind that their package is being delivered to the right person.

Taking a stand for safety

“Safety is at the core of how we do business and we are proud to announce three new safety features to help improve the experience of users”, says Khaole.

  • Audio Recording pilot in South Africa: Uber will now allow riders and drivers to use the app to record and share audio of their trip as evidence in the case of a safety incident – something that drivers have been asking for based on their feedback from roundtable sessions. This new opt-in audio recording feature, which is being piloted in Pretoria and Johannesburg, has been successful in the US and Latin American regions where Uber has a presence.
  • In-app emergency service in Nigeria: Uber is working with Sety in Nigeria, to provide on-demand security and medical response for riders and drivers while on a trip. This collaboration will also provide access to a private security response unit closest to their location, using a connected device.
  • Safety Check Up across SSA: This feature encourages riders to complete their safety profile by turning on and utilising the available features such as Trusted Contacts, PIN verification and RideCheck. This is available in all the countries within SSA where Uber operates.

Delivery innovations

At the launch, Uber Eats reinforced its aspiration of building an app of the future by creating a virtual mall experience that goes beyond just food. “Other categories we have ventured into include convenience stores, pharmacy outlets, alcohol and retail and this shows us that the possibilities are endless,” says Cikida Gcali-Mabusela, Head of New Verticals for Uber Eats Sub-Saharan Africa.

Uber Eats continues to push beyond boundaries with the adoption of the growing trend of dark stores, which gives non-traditional merchants opportunities to tap into unchartered markets that they wouldn’t have easily accessed.

Uber Eats currently operates in South Africa and Kenya. Kui Mbugua, General Manager for Uber Eats Kenya says, ‘With a 67% year on year growth of subscriptions on Eats, we are humbled and encouraged by expansion that we have seen in the South Africa and Kenya markets.

“The future of logistics and technology in emerging markets looks promising. Our overall vision continues to be to build locally using global experience and become a one-stop-shop for delivery needs. Not only is Uber Eats creating unique earning earning opportunities, but our operations also have a positive knock-on effect for restaurants, merchants, and delivery people. Looking ahead, we are committed to leading the category by investing in product and access, while leveraging the power of the platform,” concludes Kui.

Uganda: Cabinet Approves Pay Rise For Civil Servants

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Uganda: Cabinet Approves Pay Rise For Civil Servants

Cabinet has approved an enhanced pay plan for all civil servants to take effect in the next financial year.

The State Minister for Public Service Hon. Grace Mugasa, made the revelation, without divulging further details, during a meeting with the Committee on Education and Sports on Tuesday, 06 September 2022 at Parliament.

Interfacing with the committee, Mugasa explained that the discrepancy in pay for science and arts teachers, for example, was due to the limited wage bill for teachers’ salaries under the Ministry of Education and Sports.

The minister said that the Ministry of Public Service approved the structures for the education ministry, adding that recruitment and payment of salaries for the structures, entirely depends on the wage bill.

“Every year, MDAs and Local Governments submit their wage bill analysis. You can have a wish but if Ministry of Finance does not give you the money, you cannot recruit all the positions you intend to,” said the minister.

“We do not intend to create disparities. If we had the resources to pay, we would have paid everybody the same amount of money. But we are doing it in a phased manner,” said Mugasa.

In the recent past, Tororo District Woman MP, Hon. Sarah Opendi, tabled a motion in Parliament on the exorbitant tuition and non-tuition fees charged by government aided schools.

In one of the prayers, Opendi prayed to Parliament that government posts sufficient teaching and non-teaching staff to government grant-aided schools and pays their salaries and wages.

Mugasa, whilst responding to some of the prayers in the Opendi petition, told the committee that 5,400 Education Officers and Assistant Education Officers have been recruited, with 2,170 already deployed and 3,230 awaiting issuance of appointment letters and deployment.

She added that 1,700 officers were promoted to Education Officer, 160 to Senior Education Officer, 120 to Head teacher and 120 to Deputy Head teacher.

“Despite the constraints of the wage bill, government is committed to filling all vacant positions in post primary as well as primary schools,” the minister added.

Legislators on the committee tasked the Ministry of Public Service to expedite the establishment of the Salary Review Commission.

Hon. Jonathan Ebwalu (Indep., Soroti West Division) alluded to Minister Mugasa’s commitment to the Public Accounts Committee that a committee to look into salaries disparities in the country would be set up.

“These are questions that need answers. Some of our teachers are opting to get out of class and go ride bodabodas because of the salary disparities. Education in this country is not getting a good face,” said Ebwalu.

The minister assured the committee that members to the Salary Review would soon be appointed to enable it kick-start its work.

Hon. Lilian Paparu (NRM, Arua District) raised concern about teachers who have been deployed to school but are not receiving their salaries.

“Some of them stay for nine or so years without getting their salary. Those are the teachers that get frustrated and at times do not enter the classrooms, yet it is the responsibility of Ministry of Public Service to put them on the payroll,” Paparu said.

In response, the minister said: “We want to promise that if Ministry of Finance avails the money, we as [Ministry of] Public Service are ready to put the teachers on the pay roll.”

Downward Trajectory Persists In Domestic Bourse

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Downward Trajectory Persists In Domestic Bourse

The Nigerian All Share Index extended its negative sentiment, falling by 0.69% to close at 49,991.41 points at the end of yesterday’s trading session. The performance was due to selloffs in large-cap stocks such as AIRTELAFRI (-1.96%) and ZENITHBANK (-3.57%).

Consequently, the YTD return decreased to 16.22% as market capitalisation fell by ₦186.89 billion to close at ₦26.78 trillion.

The sectoral performance was mixed as two of the five indices under coverage declined, two advanced while the Oil & Gas index closed flat. The Banking and Insurance indices, the losers, fell by 1.38% and 0.06% on ZENITHBANK (-3.57%) and REGALINS (-7.69%). On the flip side, the Consumer Goods and Industrial indices, the gainers, improved by 0.16% and 0.04% on UNILEVER (+9.43%) and CAP (+7.58%) respectively.

Investors’ sentiment weakened as the market breadth decreased to 0.61x from 0.75x. This was illustrated by the advance of 11 stocks, led by UNILEVER (+9.43%) and CAP (+7.58%) and the decline of 18 stocks, led by NPFMCRFBK (-7.83%) and REGALINS (-7.69%). Activity level was mixed as the total volume declined by 30.82% while the total value improved by 88.50%, as investors exchanged about 138.99mn units of shares worth over ₦2.73bn.

We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage compressed, the yield on the FGN-JAN-2026 paper advanced by 18bps while the FGN-JUL-2030 bond yield closed flat. The yields on the  FGN-APR-2023   and  FGN-MAR-2024 bond papers compressed by 1bp and 19bps respectively.

The Treasury bill yields for the 91, 182 and 364-day papers closed flat at 11.53%, 6.49% and 6.78% respectively.

 We expect market activity to be influenced by the liquidity levels in the financial system.

MARKET SNAPSHOT

  • Downward Trajectory Persists in the Domestic Bourse, NGX ASI Sheds 11bps
  • Mixed Sentiment across the Bond Yield Curve
  • Positive Performance in Global Stocks
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AfDB Enhanced Private Sector Assistance To Central African Region To Strengthen Engagement With Private Sector

Brand Spur
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AfDB Enhanced Private Sector Assistance To Central African Region To Strengthen Engagement With Private Sector

Following the announcement of an additional $5 billion to the African Development Bank’s  Enhanced Private Sector Assistance (EPSA) program from the government of Japan, the Bank’s Central Africa Regional Development and Business Delivery Office is seeking to engage with private sector organizations from the region with economically viable projects for investment.

Serge N’Guessan, African Development Bank Director General for the region, said: “The Bank is very keen to support private promoters’ investments in Central Africa since they are critical for the economic growth and job creation in this important region of the continent. The EPSA Program financing will contribute tremendously to achieving this noble development objective.”

The announcement, made in Tunis during the Eighth Tokyo International Conference on African Development (TICAD8), comprises $4 billion under EPSA 5 (2023-2025), and is complemented by $1 billion for a new special window to support African countries that undertake reforms to foster debt transparency and sustainability. EPSA 5 aims to address four key priorities: power, connectivity, health and agriculture, and nutrition.

The EPSA non-sovereign operations component helps finance the Bank’s private sector operations through a line of credit from the Japan International Cooperation Agency (JICA) to the Bank on concessional terms. To date, seven non-sovereign loans have been signed with JICA for a total of $1.5 billion. Examples of private investment financed include infrastructure: Bujagali Hydropower Plant (Uganda), RASCOM (the first Pan-African communication satellite), the East Africa Submarine Cable System, Lekki Toll road (Nigeria), and the Kigali Bulk Water Supply (Rwanda), etc.

Credit lines for regional development financial institutions went to the West African Development Bank, Africa Trade Insurance Agency, Africa Finance Corporation, East African Development Bank, and several commercial banks. EPSA loans also financed small and medium business assistance programs in Tanzania and Zambia, as well as sector-specific equity funds such as Africa Agriculture Fund, Emerging Market Fund, and equity investment in the creation of the TCX currency hedge facility. Industries also benefited from funding, as exemplified by Lake Harvest (aquaculture project in Zimbabwe), OLAM (major agriculture company investing in Africa), and Moulin Moderne du Mali (food products).

Interested private promoters within the central Africa region should contact: Bappa Se Marc Ghislain, email: m.bappase@afdb.org

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