West Africa's European Pipe Dream

www.ozy.com [OZY]( [OZY]() Your World. Bold & Bright [Daily Dose]( Sponsored by [Cariuma]( The newsletter to fuel — and thrill — your mind. Read for deep dives into the unmissable ideas and topics shaping our world. Sep 22, 2022 Business Round-up West Africa has stepped forward to pump natural gas to Europe. Meanwhile, U.S. regulators hope to prevent a future financial crisis by outlawing “too big to fail.” – with reporting by Tatira Zwinoira from Harare, Zimbabwe [BESTSELLING IS BACK…for a second]( [Cariuma]( To call [Cariuma’s]( OCA Low Canvas shoes a bestseller is an understatement. They’ve collected a 61,000+ person waitlist and are finally back in stock for readers like you. 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Sixteen West African nations and Morocco have signed a “Memorandum of Understanding” regarding the creation of a strategic Nigeria-Morocco gas pipeline, intended to better service African states while also facilitating exports to Europe through the existing Maghreb-Europe pipeline. [According to]( the Economic Community of West African States (ECOWAS), the new pipeline, which will span 6,000 kilometers (3,728 miles) and cost an estimated $25 billion to build, will assist countries such as Ghana and Senegal in exporting their “surplus” natural gas. ECOWAS Commission President Omar Alieu Touray said in a [statement]( that the project “holds great promise, and we will spare no effort for its success.” Nigerian businessman and economist Tope Kolade Fasua told OZY that the pipeline project represents an “economic escape route” for Nigeria, where the petroleum sector — crucial to the country’s economy — has been plagued by corruption and mismanagement. According to ECOWAS, public and private funding sources will be sought to finance the pipeline, while participating countries will be asked to provide “technical and feasibility support.” [Falling for Neutrals]( [Cariuma]( There’s a crisp breeze in the air, you have your PSL in hand and you’ve finally pulled out your favorite fall sweater. Just one thing’s missing – a neutral pair of sneaks to cozy up your tootsies as the weather drops. [Cariuma’s]( OCA Low Canvas and Suede sneakers come in various colors such as off-white, rose, sand, and grey. And with their all-natural, crazy comfy, already broken-in feel, you won’t have to worry about those pesky blisters. They’re the perfect transitional sneaker to dress up or down and will go with every cool-weather outfit in your closet…we promise! For a limited time, OZY readers (like yourself), can grab 15% OFF your next purchase. Shop now with code [OZYSEPT](. [LET’S GO]( Americas Peru’s prime minister agrees to meet with Indigenous protesters over copper mining The world’s second-largest copper producer, Peru, will resume movements of its copper after Indigenous communities lifted a weeklong blockade of a key transport route. Protesters caused the blockade while demanding government intervention regarding new plans by multinational commodity company Glencore to develop a new copper-mining project known as Coroccohuayco. This recent blockade is the latest in a series of cease-and-desist cries from local residents, who have voiced concern over the environmental impact of ongoing mining as well as trepidation about the new project. According to Reuters, Peruvian Prime Minister Aníbal Torres agreed to meet with the protesters, who then lifted the blockade. In 2021, Peru exported [$20.7 billion]( of copper, which is used in electrical wiring, plumbing and industrial machinery. (Source: [Reuters]() Americans to see higher winter electric bills According to The Wall Street Journal, natural gas prices have more than doubled this year due to supply shortages and war in Ukraine. In the U.S., this will translate into a 7.5% average increase in the price of electric bills, as compared to last year. The U.S. Energy Information Administration indicates that [natural gas]( comprised 34% of total power consumption by U.S. industry last year, and 23% of the country’s residential consumption. (Source: [The Wall Street Journal]() US regulators hope to prevent ‘too big to fail’ U.S. bank regulators are considering new rules in an effort to ensure that large regional banks can wind down their operations during a financial crisis without causing harm to the financial system or requiring a government bailout. The largest U.S. banks, such as Bank of America and JPMorgan Chase, are already subject to such rules, which were developed following the 2008 financial crisis; regulators are now considering guidelines that would also affect regional players like PNC Financial Services Group Inc. and U.S. Bancorp. This prospect, however, is unpopular with the banking industry. “The agencies have yet to articulate a clear or meaningful benefit that would offset these significant costs for end users and the financial system,” said Lauren Anderson of the Bank Policy Institute. (Sources: [The Wall Street Journal](, [Forbes]() Asia As travel rebounds, OYO Hotels plans IPO Signaling a recovery in the tourism industry and bucking global market trends, Indian startup OYO Hotels is planning an initial public offering (IPO) on India’s stock exchange. OYO manages vacation properties in India, Indonesia, Malaysia and Europe, and had previously filed IPO documents in 2021 — but shelved those plans due to the pandemic and financial concerns. The company then eliminated thousands of jobs to enhance its profitability, positioning itself as potentially attractive to investors in a tough year for markets. Indian stocks, however, have performed relatively better than many investments elsewhere. As of the start of this week, India’s benchmark NSE Nifty 50 index was up 1% overall this year — considerably better than the U.S. Nasdaq exchange, which was down 27%. (Source: [Bloomberg]() WATCH FAREED ZAKARIA on [The Carlos Watson Show](! Europe Markets are watching ascent of Italy’s right-wing Giorgia Meloni On Sunday, Italy is expected to elect Giorgia Meloni, leader of right-wing party Brothers of Italy, to become the nation’s first-ever female prime minister. Financial markets are concerned. In recent weeks, Meloni has called for changes to the European Union’s financial regulations while lambasting the institution for having too many “technocrats.” If the right garners a two-thirds majority in both houses of Italian parliament, the constitution could be changed without a voter referendum — which could alter Italy’s membership in the EU. Meloni, however, has authored an opinion piece to say that she wants to work within EU regulations to ensure Italy receives its $191 billion in COVID-19 recovery funds. Italy is the EU’s [third-largest]( economy. (Sources: [Reuters](, [The Guardian](, [The New York Times]() Europe’s hottest new IPO: Porsche In what would represent the fifth-largest initial public offering in Europe, German car manufacturer Volkswagen is expected to raise around $9.4 billion through an IPO of its subsidiary, Porsche. This is banner news as European markets have seen few IPOs this year amid financial woes caused by an energy crisis and inflation. According to Bloomberg, the Qatar Investment Authority has lined up to buy preferred shares of luxury automaker Porsche. (Source: [Bloomberg]() Community Corner What business news would you like to see in the pages of OZY? Let us know — and your idea might be our next story. [SHARE YOUR THOUGHTS]( ABOUT OZY OZY is a diverse, global and forward-looking media and entertainment company focused on “the New and the Next.” OZY creates space for fresh perspectives, and offers new takes on everything from news and culture to technology, business, learning and entertainment. [www.ozy.com]( / #OZY Curiosity. Enthusiasm. Action. That’s OZY! [TV]( | [PODCASTS]( | [NEWS]( | [FESTIVALS]( A Modern Media Company OZY Media, 800 West El Camino Mountain View, California 94040 This email was sent to {EMAIL} [Manage Subscriptions]( | [Privacy Policy]( | [Read Online](