Colombia’s potential cocaine production jumps to a record high
Colombia has once again produced cocaine at a record pace as President Gustavo Petro’s government changed the country’s strategy for fighting illegal drugs.
The area of land planted with coca leaf — the raw material for cocaine — rose 10% last year, to 253,000 hectares, according to a report published Friday by the United Nations Office on Drugs and Crime. This area has the potential to produce 2,664 tons of cocaine, a 53% rise from the previous year.
Candice Welsch, the UNODC representative for the Andean region and the Southern Cone, said during the report’s presentation in Bogota that a hectare of coca now produces up to twice as much as it did ten years ago.
Amazon employees publicly complain about work culture on LinkedIn
Amazon.com workers’ complaints about company culture used to be a frequent sight on anonymous and internal forums. But this week, they became public.
A LinkedIn post by former Amazon worker Stephanie Ramos struck a chord with several past and current employees, and many are criticising the company.
Ramos complained of bureaucracy at the company. “Instead of the exciting, fast-paced environment I remember, I experienced a place bogged down in pointless meetings and middling middle managers,” she wrote, explaining why she quit her job less than three months after being rehired by Amazon.
The ex-Amazon worker posted her thoughts Monday afternoon. By the end of the week, more than 100,000 people had viewed it. Of the more than 200 people who commented on her post, about 20 are currently employed by Amazon in various departments around the world – and many were critical of the company.
Nigeria seeks fresh $500m World Bank loan for education
The Federal Government is in talks with the World Bank to secure a $500 million loan for basic education support. This information comes from the Programme Information Document for the loan project, obtained on Friday.
The loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative. This program aims to improve learning outcomes and tackle the issue of out-of-school children.
The project is expected to receive formal approval by March 2025. It represents a significant part of Nigeria’s efforts to reform its struggling education sector.
‘Courier and logistics industry can boost Nigeria’s GDP by 60%’ – Emeje
Simon Emeje, Executive Chairman of the Courier and Logistics Management Institute, believes the courier and logistics sub-sector could boost Nigeria’s gross domestic product by 60 per cent if fully utilised.
Emeje stated that tapping into this industry, which has assets worth over N15tn, requires regulatory excellence and innovation.
He expressed disappointment that the sector’s full potential remains untapped. This, he attributes mainly to the government’s failure to establish regulations that would drive innovation, investments, and growth.
Emeje said, “This industry, with its vast assets, deserves federal recognition, Logistics and courier services drive economic growth by over 60 per cent and enhance supply chain efficiency, reduce costs, and boost competitiveness.”
Cocoa prices help Ivory Coast win credit upgrade from S&P
Higher prices for cocoa and rising exports helped Ivory Coast win a credit rating upgrade from S&P Global Ratings, which boosted the Western African nation a notch closer to investment grade.
S&P raised Ivory Coast’s rating to BB from BB-, two levels from the coveted investment-grade level and on par with the Dominican Republic and Brazil. The outlook is stable.
The credit rating company cited strong economic growth and shrinking budget deficits, helped along by revenue from exports, according to a statement released Friday.
“We expect the budget deficit to reach 3% of GDP next year and the external deficit to narrow significantly due to higher cocoa prices and rising hydrocarbon and mining exports,” it said.
Share
Join BusinessDay whatsapp Channel, to stay up to date
