Business
Thai Protesters Threaten Stock Exchange
BANGKOK — After turning central Bangkok into a flag-waving sea of protest Monday, antigovernment activists now say they are preparing to take their campaign to the next level by seizing Thailand’s stock exchange.The protesters’ drive to force Prime Minister Yingluck Shinawatra from office and eliminate the influence of her brother, billionaire former leader Thaksin Shinawatra, has been marked by a series of escalating protests, each more ambitious than the last. Monday’s rally was touted as a bid to shut down Bangkok for a week or more and reboot Thailand’s democracy, this time without the powerful Shinawatra clan in command. Tens of thousands of people blocked intersections around the inner core of the capital in their latest effort to press Ms. Yingluck to resign, placing further strain on the outlook for Southeast Asia’s second-largest economy.
But with Ms. Yingluck claiming widespread support elsewhere in Thailand and planning new elections Feb. 2, protest leaders already are selecting higher-profile targets to attempt to force her out, including the headquarters of the Stock Exchange of Thailand.
Perched in a bunker built from rubber tires and fortified with sharpened bamboo stakes near the government’s main headquarters, Nitithorn Lamlua on Monday laid out some of the options the protesters could take if Ms. Yingluck refuses to quit. While much of Thailand’s attention is focused on Suthep Thaugsuban, the backroom-operator former deputy premier who reinvented himself as a rabble-rousing figure at the head of the protest movement, it is Mr. Nitithorn who determines much of the group’s strategy. And when he does act, it’s usually to ratchet up the conflict a notch or two higher.Members of Mr. Nitithorn’s faction, composed of trade unionists and militant student groups, last month broke into the army’s headquarters in Bangkok, urging the military to not use arms against demonstrators. Mr. Nitithorn also led another rally at the U.S. Embassy warning America not to interfere in Thailand’s affairs after its ambassador supported holding elections. On Dec. 26, Mr. Nitithorn’s supporters led the blockade of election registration centers in Bangkok, triggering a fracas that left a policeman and a protester dead.
“We have to escalate things from time to time,” said Mr. Nitithorn, 49 years old, rubbing the back of his shaved head. “If Ms. Yingluck doesn’t resign by Jan. 15, we have to look at what more we can do.” And that, he said, could mean besieging the stock exchange, which rival pro-Shinawatra protesters tried to burn down in 2010. Other protest leaders suggested shutting down air traffic control systems at the city’s airports.
Stock Exchange of Thailand President Charamporn Jotikasthira told reporters that the exchange has several backup systems to enable it to continue trading. The benchmark SET Index, meanwhile, rose more than 2% to close at 1,283.56.The protesters’ willingness to ramp up their campaign to overthrow the government, however, underscores the depth of feeling on both sides of the political divide in Thailand, an important U.S. ally in the region.
Eight people have been killed in clashes between demonstrators and police or rival pro-government factions since the protests began last November. Drive-by shootings near protest camps are becoming a near-nightly occurrence.
Ms. Yingluck has said new elections scheduled in three weeks are the best way to avoid a worsening spiral of violence and denies protesters’ claims that she’s acting as a puppet for her brother, Mr. Thaksin, who was overthrown in a military coup in 2006. Strong support for her government’s populist subsidies and infrastructure programs in the vote-rich north and northeast of Thailand indicate that she is likely to win the ballot, if it goes ahead.
Protest leaders argue that Ms. Yingluck’s spending plans, like those pursued by Mr. Thaksin before the army removed him, are a form of bribery and are weakening Thailand’s economy. They want to stop the election and install an unelected council to remold Thailand’s political systems.“We need to be patient. But if we gather in a nonviolent manner, people will come out again and again,” Mr. Nitithorn said.
Indeed, despite Monday’s protests, which police estimated at 75,000 people-strong, the conflict appears set to drag on, with the country’s army saying it is unwilling to take sides and remove Ms. Yingluck like it removed Mr. Thaksin.
Some analysts suggest this is a reason for optimism.
Thailand’s stability could improve if it somehow finds a way through the current mayhem without its army intervening as it has often done before. That’s something that’s becoming increasingly important as the stabilizing influence of Thailand’s ailing, 86-year-old King Bhumibol Adulyadej begins to wane.
“If this conflict can be resolved peacefully, no matter how long it takes, then that could be a breakthrough,” says historian Thanet Apornsuwan.
– WALLSTREET JOURNAL
The Dangote Petroleum Refinery and Petrochemicals is of the view that deregulation should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests.
This was contained in a statement on Tuesday by Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina.
The counsel came in response to remarks by Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, on the importation and blending of petroleum products, which he framed within the context of a “deregulated commodity market.”
However, the Dangote Petroleum Refinery is of the view that his argument for a deregulated market could not obscure the serious implications of his actions, which, it claimed, not only threatened the integrity of Nigeria’s energy sector but also endangered the welfare of its citizens.
While reiterating support for deregulation and industrialisation, the Dangote Refinery emphasised that the support must be grounded in a commitment to the sustainable growth of Nigeria’s economy, while shielding the people from exploitation.
The refinery made it clear that the health and safety of Nigerians should never be compromised in the pursuit of profit.
According to the statement, “The Dangote Petroleum Refinery and Petrochemicals Company has long been an advocate for deregulation and industrialisation in Nigeria, but our support is rooted in a commitment to the sustainable growth of the country’s economy and the protection of its people from any exploitation. Unlike Dickerman’s view, deregulation should not be a licence for the importation and distribution of off-spec products or the subversion of national interests.”
The company also noted that, as an American, Dickerman should be well aware of how his own country protects its industries. It pointed to several recent examples from the United States to underline the point.
For instance, U.S. President Joe Biden recently opposed the sale of U.S. Steel to Japan’s Nippon Steel, stressing the importance of maintaining strong American steel companies supported by American workers — an example of protectionism that prioritises national economic interests over short-term profit.
Similarly, the U.S. has taken action to restrict the use of Chinese-made cranes in its ports, citing national security concerns. The U.S. has also imposed a 100% tariff on electric vehicles and a 50% duty on medical equipment imported from China, further demonstrating its commitment to safeguarding domestic industries.
The U.S. has also ramped up efforts to boost its own production of computer chips and medical supplies, driven by national security concerns and the need for economic self-sufficiency. Furthermore, during his presidency, George W. Bush used anti-dumping laws to impose tariffs on a range of Chinese goods that were considered to be unfairly priced.
“It is therefore perplexing that Dickerman, with all his experience in the U.S. market, would advocate for the importation and blending of petroleum products to Nigeria under the claim of deregulation and a free market. The fact is that he had deceitfully approached us and pleaded that we extend the pipeline from our refinery to Pinnacle’s tank farms for the purpose of blending our high-quality products with their imported products and selling them to Nigerians. We categorically rejected his request to extend our pipeline to their tank farms for such devious purposes because it would be a betrayal of the Nigerian people’s trust. The health and safety of Nigerians cannot—and should not—be compromised for profit,” the statement added.
The company also raised concerns over Pinnacle Oil’s decision to lease its tank farms to a company without any retail outlets in Nigeria, questioning the strategic intent behind such actions, particularly given that the farms are located just 500 metres from Dangote’s refinery.
It expressed its vigilance regarding the coordinated efforts to undermine the Dangote Refinery, drawing parallels to the fate of refineries in Port Harcourt, Kaduna, and Warri.
Consequently, the Dangote Petroleum Refinery called on the government, patriotic Nigerians, and local businesses to remain steadfast in defending the country’s sovereignty and economic independence.
“The choice we face is between fostering industrialisation or allowing Nigeria to remain a dumping ground for inferior products while exporting jobs. For nearly three decades, cartels and their collaborators have sabotaged efforts to develop Nigeria’s refining capacity, keeping the country dependent on imported products. The time has come to end this cycle of exploitation and ensure that Nigeria’s energy sector works for the benefit of its people,” it added.
Reiterating belief that a strong, self-sufficient energy sector is vital for Nigeria’s economic growth, the Dangote Refinery affirmed that it will continue to advocate for policies and practices that protect both industries and the well-being of all Nigerians.
The company also expressed its support for healthy competition that drives innovation and quality, and looked forward to the upcoming commissioning of the four state-owned refineries, as promised by the NNPC Ltd.
“At Dangote Petroleum Refinery, we are committed to ensuring that Nigeria becomes self-reliant in petroleum production, and we welcome competition that drives innovation and quality. However, we will never allow the continued importation and blending of petroleum products, nor the deliberate destruction of our national economy. We believe that a strong, self-sufficient energy sector is vital to Nigeria’s economic growth, and we will continue to advocate for policies and practices that protect our industries and the well-being of all Nigerians.
“We eagerly anticipate the coming on stream of the Kaduna, Warri, and Port Harcourt refineries before the end of this year, as promised by the Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari. This milestone will not only end all baseless rumours of monopoly but also position Nigeria as a refining hub for petroleum products in Africa,” it concluded.
Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPC Ltd) and CNL, has expressed commitment to providing a seamless and inclusive experience for all applicants participating in the selection tests for its available job opportunities.
According to the General Manager, Policy, Government and Public Affairs, at CNL, Olusoga Oduselu, the company strategically achieves this by leveraging reputable organizations and technology.
Biztellers reports that the CNL retained Dragnet Solutions Limited (DSL), a provider of online assessment services with relevant expertise, to administer aptitude tests to candidates for its available job opportunities.
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Olusoga explained that the online assessments allow candidates to participate from various locations to save time and promote inclusivity for candidates who are constrained to participate in physical assessments.
He maintained that this strategy “provides equal opportunities for all candidates, including those with disabilities.”
According to Oduselu, the CNL was aware of some complaints of challenges by some candidates during their scheduled test period. To address these challenges, CNL engaged with DSL and deployed repeat tests for those who complained of technical hitches during the tests and those who could not participate in their scheduled tests.
“All isolated cases of system glitches have been addressed by our consultant, and the transparent, all-inclusive recruitment process continues. The applicants and our various stakeholders have commended this act of goodwill,” he stated.
The CNL’s recruitment process, including assessment, is transparent and fair and provides equal opportunity for all qualified candidates to compete for available job opportunities.
He added that the CNL assures its stakeholders that its recruitment process uses appropriate technology and complies with applicable laws and regulatory requirements.
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
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