Major International Business Headlines Brief::: 26 June 2019

Wed Jun 26 04:19:50 CAT 2019

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Major International Business Headlines Brief::: 26 June 2019

 <http://www.nedbank.co.zw/> 

*  Kenya government, Tullow Oil, Africa Oil and Total sign deal to develop
crude oil facility

*  Tanzania issues new rules to tighten foreign currency exchange controls

*  South Africa's Amplats expects 80 pct jump in half-year earnings

*  Group Five's chairwoman, non-executives resign

*  South Africa's state defence firm Denel struggling to pay wages

*  South Africa's rand firmer as dollar falls on rate cut bets

*  Jumia Food looks beyond Africa's middle class for growth

*  San Francisco becomes first US city to ban e-cigarettes

*  Waste giant Biffa guilty of sending nappies to China

*  Changi Airport: Drones disrupt flights in Singapore

*  Southern Water punished over 'shocking' wastewater spills

*  How a ransomware attack cost one firm £45m

*  The breakfast cafe where customers don't have to pay

 <mailto:info at bulls.co.zw> 

Kenya government, Tullow Oil, Africa Oil and Total sign deal to develop
crude oil facility

NAIROBI (Reuters) - Kenya’s government, and oil firms Tullow Oil, Total and
Africa Oil Corp have signed agreements for the development of a
60,000-80,000 barrels per day crude oil processing facility for oil
discovered in the country’s north west, the Petroleum and Mining Ministry
said on Tuesday.

The ministry said on Twitter the Heads of Term agreements were for
discoveries in Blocks 10 BB and 13T in South Lokichar Basin.

 <mailto:info at bulls.co.zw> 

Tanzania issues new rules to tighten foreign currency exchange controls

DAR ES SALAAM (Reuters) - Tanzania has tightened its currency controls with
new regulations on foreign exchange bureaus, in what authorities say is an
ongoing fight against money laundering and currency speculation.

The new rules, published Monday by the central bank, come months after the
government revoked the licences of around 100 bureaus and temporarily shut a
newspaper for using unofficial data on exchange rates.

President John Magufuli has said that the central bank had previously
licensed too many bureaus and some of them had breached laws.

The Tanzanian shilling has been broadly stable since the beginning of the
year and the International Monetary Fund said in an April report that the
real value of the currency is “broadly in line with fundamentals”.

But the IMF also warned of serious weaknesses in official data and said that
some indicators point to slower pace of economic activity than reported by
the government.

Since February, when the bureaus were shut, commercial banks have conducted
the bulk of foreign currency trading.

The Bank of Tanzania governor said this month that, due to the reduced
number of exchange bureaus, around $10 million was traded daily by
commercial banks, a change which he said has increased transparency in the
market and improved hard currency inflows. 

The new regulations published on Monday will make it more difficult for
exchange bureaus to operate, likely resulting in more transactions shifting
to commercial banks, a foreign currency trader told Reuters.

They raise minimum capital for forex bureaus by three-fold, to 1 billion
Tanzanian shillings, and require bureaus to maintain working capital of at
least 75 percent of the paid up capital.

The new rules also require shareholders, directors and heads of branches of
exchange bureaus to pass a “fit and proper person test” from the central
bank before being approved to assume their positions. Bureaus are also now
required to establish procedures for identifying and reporting suspicious
transactions to curb money laundering and terrorism financing.

    Customers will also be required to provide information on the source or
purpose of the foreign currency to be transacted.

The government’s tight control of foreign currency trading is in line with a
close control of the economy under Magufuli. He took office in 2015 pledging
to tackle corruption but has faced domestic and international criticism for
heavy-handed policies that have slashed investment in the mining and
agriculture sectors.

Donors and investors say the government’s economic and social interventions
in the past few years have been accompanied by increasing restrictions on
the opposition and the media.

South Africa's Amplats expects 80 pct jump in half-year earnings

JOHANNESBURG (Reuters) - Anglo American Platinum (Amplats) said on Tuesday
it expected its half-year earnings to rise by at least 80%, helped by an
increased metals price and one-off impairments that weighed on results in
the same period a year earlier.

Amplats said headline earnings for the six months ending June 30 were
expected to be 2.69 billion rand ($188 million)more than the 3.363 billion
rand earnings reported in the same period a year ago.

Amplats is expected to report its half-year results in July, 22.

($1 = 14.3250 rand)

Group Five's chairwoman, non-executives resign

JOHANNESBURG (Reuters) - Group Five said on Tuesday its chairwoman had
resigned along with three non-executive directors three-months after the
South African construction company filed for creditor protection.

Nonyameko Mandindi and non-executive directors Michael Upton, Edward
Williams and Cora Fernandez resigned with immediate effect, the company
said, without giving reasons for the resignations.

Group Five, created in the 1970s from five construction companies, has
struggled to make money in an industry squeezed by South Africa’s weak
economy and a pullback in infrastructure spending by the government and
private sector.

In March, the company was placed under “business rescue”, similar to U.S.
Chapter 11 bankruptcy protection, after lenders pulled funding following
cash flow problems.

Since then Group Five has said it would sell some assets and has exited some
non-performing projects. It is also cutting costs.

Last Thursday, Group Five’s so-called business rescue practitioners said
management accounts for the eight-months to Feb.28, indicated that a further
1.8 billion rand of losses were incurred following losses of 800 million
rand in the year to June 2017 and losses of 1.3 billion rand in the year to
June 2018.

“Major losses and negative cash flows were forecast for the balance of the
2019 calendar year,” it had said in a statement.

The practitioners also said they were seeking the consent of a majority of
the creditors to extend the publication date of the business rescue plan to
Aug.30, from June 28 due to the complexity of the business rescue
proceedings.

South Africa's state defence firm Denel struggling to pay wages

JOHANNESBURG (Reuters) - South Africa’s state-owned defence group will only
pay employees 85 percent of their salaries this month because of liquidity
problems, a memo to staff seen by Reuters showed on Tuesday.

The cut to wages highlights the severity of the financial crisis at Denel,
which makes ammunition, missiles and armoured vehicles for the South African
armed forces and customers in Africa, the Gulf and Europe.

The company has been working on a turnaround plan with the government, but
it has so far failed to secure the significant cash injection it wanted.

South Africa’s public finances are stretched by the need to rescue ailing
state power company Eskom and South African Airways, which is heavily
loss-making.

“Regrettably, employees will receive 85% of the salary obligation for June,”
the memo signed by Chief Executive Danie du Toit said. “Management are
working tirelessly to ensure that the delayed portion of the salaries will
be reimbursed as soon as possible.”

Denel confirmed in a statement that it had decided to only pay 85% of June
salaries for now.

Denel struggled to pay salaries to some staff in September last year, but it
since resumed full payment.

It has offered severance packages to staff and is trying to renegotiate
onerous contracts and exit parts of its business to cut costs and return to
profitability. 

South Africa's rand firmer as dollar falls on rate cut bets

JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Tuesday,
boosted by a dollar slide to multi-month lows against other major currencies
as investors looked to emerging markets in the wake of dovish turn by U.S.
and eurozone central banks.

At 0730 GMT the rand was 0.37% firmer at 14.3100 per dollar from an
overnight close of 14.3600.

Selling in the dollar has accelerated since the U.S. Federal Reserve last
week signalled it would cut interest rates before year-end on mounting
worries about the fallout from U.S. President Donald Trump’s trade disputes
with China and others.

In stocks, Anglo American Platinum (Amplats) said on Tuesday it expected its
half-year earnings to rise by at least 80%, helped by rising metals prices
and one-off impairments that weighed on results in the same period a year
earlier.

Gold prices climbed more than 1% on Tuesday to their highest in six years as
U.S.-Iran tensions drove investors towards the safe-haven.

The Johannesburg Stock Exchange’s Top-40 Index was down 0.15% in early trade
at 52,683 points.

Bonds were firmer ahead of a weekly auction of long-term Treasury issues.
The yield on the benchmark 2026 bond fell 3 basis points to 8.14%.

Jumia Food looks beyond Africa's middle class for growth

NAIROBI (Reuters) - Jumia Food, a unit of New York-listed e-commerce
platform Jumia Technologies is offering cheaper menu options in its African
home market to attract lower income earners as it seeks to boost growth, the
delivery company said.

The platform, which delivers food and drink in 11 African countries, joins
other international companies such as ride-hailing firm Uber and China’s
Huawei Technologies who are looking to grow their customer base on the
continent beyond the middle class.

Jumia became Africa’s first unicorn - a private company with a $1
billion-plus valuation - to test the public market for a sub-Saharan tech
firm when it listed in New York in April.

When it launched in 2012, Jumia Food focused on the middle class who could
afford internet access but growing smartphone use and plummeting data costs
are opening up the market to lower income earners.

“Increasingly, convenience is also important for people who don’t have a
huge amount of money to spend,” Joe Falter, chief executive of Jumia Food,
told Reuters last week.

“So one of the biggest focus areas now is to expand in (to) the type of
consumer who spends a smaller amount per order and maybe does it more
frequently.”

The platform’s 2019 strategy includes working with restaurants to offer
relatively cheaper meals of a maximum of 300 Kenyan shillings ($2.95). This
compared with food prices of 350-600 shillings previously, the company said.

CHAP CHAP UBER

Jumia follows Uber, which introduced a low-cost, quick-trip option called
Chap Chap to users in Kenya in 2018 and has added a motorcycle service in
Uganda and rickshaws in Tanzania.

Huawei also began offering a $100-200 range of smartphones two years ago in
Kenya, cheaper than Apple’s comparable iPhone Xs Max which sells around
$1,500 in a country where the minimum monthly wage is $130.

Jumia Food has about a million customers in 30 African cities including
Nigeria’s Lagos and Morocco’s Casablanca, with Kenya its biggest market. Its
platform has 4,000 restaurants offering everything from local cuisine to
international fast food, from the likes of KFC, Pizza Hut and McDonald’s.

It is betting that as the African middle class grows — people who average
daily spending of between $2 to $20 according to the African Development
Bank (AfDB) — demand for online services will increase.

Africa’s growing population is expected to lead to a rise in consumer
spending to $2.2 trillion by 2030 from $680 billion in 2008, according to a
report by the bank, the United Nations Development Programme and the
Organisation for Economic Cooperation and Development.

“There is a huge demand for on-demand services, which includes
food...groceries...pharmacies, gas, all sorts of different products,” Falter
said.

Since its launch in 2012, orders placed on Jumia Food have grown by 7% per
month. “Our active customers today, are ordering, on average, between 5 and
6 times per month,” he said.

Jumia’s shares, which have whipsawed since they opened at $18.95 in April,
were trading at $25.70 on Monday after closing at $25.62 on Friday.

($1 = 101.8000 Kenyan shillings)

San Francisco becomes first US city to ban e-cigarettes

San Francisco has become the first US city to ban e-cigarette sales until
their health effects are clearer.

Officials on Tuesday voted to ban stores selling the vaporisers and made it
illegal for online retailers to deliver to addresses in the city.

The California city is home to Juul Labs, the most popular e-cigarette
producer in the US.

Juul said the move would drive smokers back to cigarettes and "create a
thriving black market".

San Francisco's mayor, London Breed, has 10 days to sign off the
legislation, but has indicated that she would. The law would begin to be
enforced seven months from that date, although there have been reports firms
could mount a legal challenge.

Anti-vaping activists say firms deliberately target young people by offering
flavoured products. Critics say that not only is more scientific
investigation into the health impact needed, vaping can encourage young
people to switch to cigarettes.

Earlier this year the US Food and Drug Administration (FDA), the national
regulator, issued proposed guidelines giving companies until 2021 to apply
to have their e-cigarette products evaluated.

A deadline had initially been set for August 2018, but the agency later said
that more preparation time was needed.

San Francisco's City Attorney, Dennis Herrera, who campaigned for a ban,
praised the move and said it was necessary because of what he called an
"abdication of responsibility" by the FDA in regulating e-cigarettes.

Tobacco deaths

According to the US Centers for Disease Control and Prevention, the number
of US teenagers who admitted using nicotine products rose about 36% last
year, something it attributed to a growth in e-cigarette use.

Under federal law, the minimum age to buy tobacco products is 18 years,
although in California and several other states it is 21.

Juul previously said it supported cutting vaping among young people but only
in conjunction with tougher measures to stop them accessing regular
cigarettes.

The company's small device, just longer than a flash drive, has about 70% of
the US vaping market.

Juul spokesman Ted Kwong said: "This full prohibition will drive former
adult smokers who successfully switched to vapor products back to deadly
cigarettes, deny the opportunity to switch for current adult smokers, and
create a thriving black market instead of addressing the actual causes of
underage access and use.

"We have already taken the most aggressive actions in the industry to keep
our products out of the hands of those underage and are taking steps to do
more."

He said traditional tobacco products will "remain untouched by this
legislation, even though they kill 40,000 Californians every year".

Juul, 35%-owned by Marlboro maker Altria Group, has already withdrawn
popular flavours such as mango and cucumber from retail stores and closed
its social media channels on Instagram and Facebook.--BBC

Waste giant Biffa guilty of sending nappies to China

Biffa has been convicted of breaking the law by sending household rubbish to
China that was labelled as waste paper.

Instead, the bundles included nappies, sanitary towels and condoms,
according to the Environment Agency, which prosecuted the waste giant.

The waste management firm was found guilty in a three-week jury trial at
London's Wood Green Crown Court.

Biffa said it "strongly contested" the decision and was considering making
an appeal.

But the Environment Agency said jurors did not accept Biffa's claim that the
contaminated bundles were made up of waste paper.

Biffa argued that its containers were regularly inspected by Chinese customs
agents. It also said the firms buying the waste often inspected containers
before they were shipped to make sure they contained 98.5% paper, which is
the industry standard.

'Vomit-like' smell

It has been illegal to send unsorted household waste to China since 2006.

Paper can legally be sent to the country, but other heavily contaminated
waste cannot.

The Environment Agency said it found "everything from women's underwear and
plastic bottles to metal pipes" in a number of 25-tonne containers that were
bound for China.

Glass, plastics, electrical items and metal were also found inside seven of
the containers that the agency inspected at the port of Felixstowe in
Suffolk.

"Instead of waste paper, investigators discovered diverse discarded debris
such as shoes, plastic bags, an umbrella, socks, hand towels, unused
condoms, video tape, toiletries and electric cable," the Environment Agency
said.

"The nappies and sanitary towels gave off a pungent 'vomit-like' smell when
inspected by Environment Agency officers."

But Biffa said it supplied "vital raw material" to China to be recycled in
an "environmentally sound" way.

It said the material met international standards and blamed the Environment
Agency for failing to lay out what level of contamination it would consider
acceptable.--BBC

Changi Airport: Drones disrupt flights in Singapore

Unauthorised drone flying has prompted disruptions at Singapore's Changi
Airport for the second time in a week.

The country's Civil Aviation Authority (CAAS) said 18 flights had been
delayed, and seven flights diverted due to drones and bad weather.

Last week, one runway was suspended at Changi and dozens of flights delayed
after drone sightings.

Airports around the world face growing security concerns as drone use
becomes more common.

In a statement on Tuesday, CAAS said: "15 departures and 3 arrivals were
delayed and 7 flights were diverted due to bad weather and unauthorised
drone activities".

"Members of the public are reminded that the authorities take a serious view
of errant operations of unmanned aircraft which may pose threats to aviation
or endanger the personal safety of others," the statement said.

The agency said investigations are "ongoing".

CAAS also said offenders could face fines of up to $20,000 Singapore dollars
($14,780; £11,596) or 12 months in prison.

It marked the second time in a week that flights at the Singapore airport -
a major international transit hub - had been disrupted by drone activity.

Last Wednesday, CASS said 37 flights were delayed and one flight was
diverted after "confirmed sightings of drone flying in the vicinity of
Changi Airport".

An increase in drone flying has become a growing security concern for
airports all over the world.

Drone sightings caused travel chaos at Gatwick airport in December, with
about 140,000 passengers caught up in the disruption.

The runway at the UK's second busiest airport was closed for 33 hours over
three days - causing about 1,000 flights to be cancelled or delayed.

Gatwick drone pilot 'could be insider'

The incident prompted Gatwick and Heathrow airports to spend millions of
pounds on anti-drone technology.--BBC

Southern Water punished over 'shocking' wastewater spills

Southern Water has been hit with a record £126m punishment for spills of
wastewater into the environment from its sewage plants and for deliberately
misreporting its performance.

The penalty will see customers get a rebate of at least £61 each.

"What we found in this case is shocking," said Rachel Fletcher, the head of
water regulator Ofwat, while Southern said it was "deeply sorry".

The Environment Agency has launched a criminal investigation into the case.

The Agency has the power to take court action if companies' actions hurt the
natural environment.

"We are pursuing our own criminal investigation into Southern Water due to
suspected permit breaches at a number of its sites," the EA said in a
statement.

It added that it expected to start court proceedings "soon".

When will customers receive any money?

Under the agreement with Ofwat, each customer will receive at least £17 in
2021 and at least £11 per year for the following four years.

Southern will pay a total of £123m to customers, as well as a fine of £3m.

Ofwat said that proportionate to the size of the business, the penalty for
the failings - which took place between 2010 and 2017 - was the biggest it
has ever imposed.

It added the total would have been bigger if Southern had not co-operated
with its investigation and addressed its errors.

Southern's failings included not making the necessary investment, which led
to equipment failures, and spills of wastewater.

Ofwat also found the company manipulated its wastewater sampling process,
which meant it misreported information about the performance of a number of
sewage treatment sites.

As a result of the misreporting, it avoided penalties under Ofwat's
incentive regime.

However, £91m of the £123m it is now having to pay to customers makes up for
this.

Ofwat would not say where the spillages took place.

Southern operates in the south-east of England, serving customers in Kent,
Sussex, Hampshire and the Isle of Wight.

It is not the first time Southern has been punished for misreporting
information about its performance.

In 2007, Ofwat fined the company £20.3m after its actions meant it could
raise its prices by more than it should have done.

What has the reaction been?

Ms Fletcher said the findings showed "the company was being run with scant
regard for its responsibilities to society and the environment".

"It was not just the poor operational performance, but the co-ordinated
efforts to hide and deceive customers of the fact that are so troubling,"
she added.

"The previous management failed to stamp out this behaviour and failed to
manage its plants properly. In doing so, Southern Water let down its
customers and operated in a way completely counter to the public service
ethos we expect."

Southern Water's current chief executive, Ian McAulay, who was appointed in
2017, said: "There are no excuses for the failings that occurred.

"We have clearly fallen far short of the expectations and trust placed in us
by our wastewater customers and the wider communities we serve.

"We are fully committed to the fast pace of change delivered since 2017.
There is a lot more work to do but we're pleased that this proposal agreed
with Ofwat enables us to fully make amends to our customers and regain their
trust as quickly as possible."

Southern Water is owned by Greensands Investments Limited, a consortium of
pension and infrastructure funds which came together in 2007.--BBC

How a ransomware attack cost one firm £45m

When malicious hackers disable your business and demand a ransom, should you
pay up? Many firms do out of desperation, turning to intermediaries to help
broker the deal. But law enforcement says this just makes things worse.

Imagine the excitement when hackers gained a foothold in the computer system
of Norsk Hydro, a global aluminium producer.

We don't know when it was, but it's likely that once inside they spent weeks
exploring this group's IT systems, probing for more weaknesses.

When they eventually launched their ransomware attack, it was devastating -
22,000 computers were hit across 170 different sites in 40 different
countries.

Huge aluminium plants hit by cyber-attack

Chief information officer Jo De Vliegher reopens the ransom note that
appeared on computers all over the company. It read: "Your files have been
encrypted with the strongest military algorithms... without our special
decoder it is impossible to restore the data."

The entire workforce - 35,000 people - had to resort to pen and paper.

Production lines shaping molten metal were switched to manual functions, in
some cases long-retired workers came back in to help colleagues run things
"the old fashioned way".

In many cases though, production lines simply had to stop.

Imagine the hacker's anticipation as they waited to receive a reply to their
ransom note. After all, every minute counts for a modern manufacturing
powerhouse. They probably thought they could name their price.

But the reply never came. The hackers were never even asked how much money
they wanted. Imagine the shock.

All that work. For nothing.

It's been more than three months since Norsk Hydro was attacked and they are
still many months away from making a full recovery. It's so far cost them
more than £45m.

But what they've lost in productivity and revenue, they've arguably gained
in reputation.

The company's response is being described as "the gold standard" by law
enforcement organisations and the information security industry. Not only
did they refuse to pay the hackers but they've also been completely open and
transparent with the outside world about what happened to them.

But there are many other companies and organisations who make the opposite
choice, and evidence is growing that ransomware hackers are increasingly
being paid off secretly by victims - and their insurance companies - looking
for the easy way out.

"It's become a simple business case for many organisations to pay, and at
this point it's a known secret that this is happening," says Josh Zelonis,
cyber-security analyst at Forrester.

Secrecy surrounds the practice because organisations are concerned about the
possibility of litigation and the damage to their reputations following an
attack, says Mr Zelonis.

"And a lot of the time incident response companies are being brought in to
broker the transaction with the adversaries themselves in order to ensure
that the payment is made and recovery is possible," he says.

Sources in the information security industry have described multiple
occasions when large, well-known companies have paid out thousands of pounds
- in some cases hundreds of thousands - to hackers and not told the public
or even shareholders.

More Technology of Business

Just last week, a Florida town paid hackers $600,000 (£475,000) to get its
computers working again after a ransomware attack disabled email, hit
emergency response systems and forced staff to use paper-based admin
systems.

It's a troubling trend that's prompted Europol, the European Union's law
enforcement agency, to re-issue its warning that paying ransoms fuels
hackers and often leads to more organised crime.

One US-based company, Coveware, specialises in negotiating ransoms between
hackers and their victims. Visiting its offices in Connecticut, it's clear
it operates at the sharp end of cyber-crime.

There is no permanent office, instead people move around shared workspaces.
The entire team is dispersed around the world.

Chief executive and founder Bill Siegel admits that the service is an
"unpalatable" one, but insists that it is needed. He wouldn't give details
on the companies that he's helped but says: "At any one time we have half a
dozen to a dozen cases, some of the companies are big, including public
companies and name brands."

The company's own research indicates that the hackers' demands, usually an
exchange of untraceable Bitcoin, are increasing.

"Ideally we wouldn't pay or we'd negotiate down a lot," says Mr Siegel, "but
we recognise that when a company needs to pay - and it's a large number -
then that's what needs to happen, and that can be seven figures.

"Everybody recognises that this is not a good outcome but you're dealing
with the life or death of a company."

The most infamous ransomware virus was called WannaCry and infected 200,000
computers in at least 150 countries, including causing notable disruption to
the National Health Service in the UK.

Since then ransomware attack numbers have actually declined significantly.

Cyber Security vendor Trend Micro estimates that numbers could have dropped
91% in the past year. But data from many other vendors points to a rise in
more targeted attacks, where companies and organisations, instead of
individuals, are in the cross-hairs.

Researchers at cyber-security company Malwarebytes say that compared to the
same time last year, business detections of ransomware have risen more than
500%.

Back at Norsk Hydro, Mr De Vliegher said he tries not to think of the
hackers and takes no satisfaction in knowing he foiled their plans.

"I think in general it's a very bad idea to pay," he says. "It fuels an
industry and it's probably financing other sorts of crime. It goes against
our company values and we have good foundations and good people.

"But I understand why, for some companies who are less secure, this can be
the only option."

His words are echoed by Europol's head of the European Cybercrime Centre,
Steven Wilson.

"Companies need to understand that if you continue to pay a ransom it
perpetuates the crime," he says. "It encourages the criminals to commit
further crimes.

"If you pay, you're fuelling organised crime on a global basis."—BBC

The breakfast cafe where customers don't have to pay

It's a normal morning at a busy north-east London cafe.

Cutlery clinks as people eat and chatter with those on neighbouring tables
and children shout greetings as friends from school come through the door.

But Eggs & Bread in Walthamstow is not your usual brunch spot.

Customers can sit down, enjoy a hearty breakfast and walk out - without
paying.

The project is one of dozens of not-for-profit "pay-what-you-like" cafes
popping up across the UK.

Customers are asked to donate as much as they like - or are able - when they
visit.

And if they can't pay? No problem.

Outside Eggs & Bread, a sign boasts it offers the shortest menu on the
street - just boiled eggs, toast and porridge, with tea, coffee and orange
juice to drink.

Those that can afford to are asked to pop their money into the discreet
"contributions" box mounted on the wall, so no-one ever really knows how
much others have paid - or not paid.

The cafe went viral on Twitter last week when one man revealed he paid £20
for breakfast there, but staff say it is not about the money.

"If you are a City broker or simply broke - everyone's welcome," said owner
Guy Wilson.

"Whether you're catching up with friends, or just want somewhere comfy to
grab a bite, we're here, and at no charge."

Guy, who works in insurance, has decided not to run Eggs & Bread as a
charity, but as a not-for-profit business.

The cafe, he insists, is an "equaliser" allowing people from all walks of
life to sit down and talk to one another over a good breakfast by "taking
money out of the situation".

Regular Sheilla Addy-Tely, an author, pops in two or three times a week with
her son Ethan, six, before school.

"Sometimes we come because it's the easy breakfast option, sometimes
finances are a bit stretched and when we can we make it up," she says.

"I enjoy it so much and we've both made friends."

"Are we going to pay today, mummy? I think we should," Ethan cheekily
interjects.

Sheilla laughs and confirms they will indeed be paying.

The cafe is also unusual in that customers serve themselves - they grab an
egg (or two) from a basket, along with an egg timer, and place them in a
specially built rack.

They toast their own bread and make themselves drinks - a process
particularly appealing to the many children who visit.

Illustrator Louise Pemberton visits the cafe regularly with her husband,
Simon, also an illustrator, and their two children.

"We've been coming here for the last four months or so, about three times a
week," she says.

"It's almost like being on holiday, there's such a nice vibe and everyone is
so friendly," Simon added.

The clientele is an unusual mix of parents popping in with their children
before school, elderly people, professionals, adults with special needs and
those who just fancy a chat.

Communal tables ensure people sit side by side with strangers and more often
than not, conversations ensue.

Juma Dimmock brought her husband, Warren, and children Rayyaa and Khalid
along for the first time after she attended a coffee morning at the venue.

"It's the first time we've all come here, but we thought we would try it
out," she says.

"It's really nice and so handy as their school is really close by.

"Normally Khalid won't eat eggs at home but he has today - we will
definitely be coming back."

Others visit the cafe as a chance to catch up and have a chat, like regulars
Julie and Kate.

"We really like it here," says Julie. "The people who work here are lovely
and it's always so clean."

Elsewhere, projects have been set up to help people struggling to put a meal
on the table or for environmental reasons.

Many use donated foods from supermarkets, restaurants and suppliers that
would otherwise have gone to waste.

The Real Junk Food Project, based in Wakefield, offers "pay-what-you-like"
cafes selling food that would have been thrown out.

It wants to end food waste, with owner Adam Smith stressing its mission is
"environmental rather than social".

Set up in 2013 as a single cafe, it now has sites across the country,
including Glasgow and Manchester.

It also runs the Kindness Sharehouse in Wakefield, the world's first "food
intercepting" social supermarket.

It has "intercepted" 5,000 tonnes of food that would have been waste, the
equivalent of 11.9m meals, and inspired more than 120 other concepts around
the world.

The organisation works with 92 stores to make tonnes of food available on a
pay-what-you-can basis.

Mr Smith decided to act after witnessing the amount of food waste generated
by both farms and restaurant kitchens.

"But the Real Junk Food Project will only be a success when we are no longer
needed," he says.

At ToastLoveCoffee in Leeds, all ingredients are donated from local shops
and supermarkets and would have been otherwise wasted.

There are no prices on the menu - and skills and time are accepted as
currency instead of cash.

And in south London, Brixton Pound Cafe uses surplus food to create
vegetarian and vegan meals for "everyone, regardless of situation".

The cafe was opened in July 2016 as a direct response to "the rampant
regeneration of the area".

In 2018 the cafe saved 3.2 tonnes of food from landfill, by serving 11,000
meals to 18,500 customers, and collaborated with 35 local organisations to
increase access to affordable healthy food for residents.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Fidelity Life

AGM

Great Indaba Room, Crowne Plaza Monomotapa

26 June 2019, 10am

GB Holdings

AGM

Cernol Chemicals Boardroom,  111 Dagenham Road, Willowvale

26 June 2019, 11:30am

Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 10am

Unifreight

AGM

Royal Harare Golf Club

27 June 2019, 10am

African Sun

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 12pm

FMP

AGM

Palm Court, Meikles

27 June 2019, 12pm

MedTech

AGM

Boardroom, Stand 619, corner Shumba/Hacha Roads, Ruwa

27 June 2019, 2pm

FML

AGM

Palm Court, Meikles)

27 June 2019, 2:30pm

FBC

AGM

Royal Harare Golf Club

27 June 2019, 3pm

BAT

AGM

Head office, 1 Manchester Road, Southerton

28 June 2019, 10am

ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28 June 2019, 10:30am

ZPI

AGM

206 Samora Machel Avenue East

28 June 2019, 2pm

ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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