Major International Business Headlines Brief::: 13 May 2020

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Major International Business Headlines Brief::: 13 May 2020

 


 

 


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

 


 

 


 

 

ü  IMF raises Kenya's risk of debt distress to high from moderate

ü  S.African firms get 5 years to repay coronavirus support loans

ü  Tanzania central bank lowers reserve requirements due to coronavirus

ü  South Africa publishes proposed mine safety rules for COVID-19

ü  Pick n Pay sees margin and profit pressure from COVID-19 lockdown

ü  Shoprite sees surging demand for DIY hair and beauty products

ü  Sibanye Stillwater first-quarter earnings surge on strong metal prices

ü  South Africa strips Land Bank debt of high quality asset status

ü  Tongaat, Barloworld in deadlock over starch business deal

ü  South Africa's rand dips on second wave coronavirus fears

ü  UK furlough scheme extended by four months

ü  Moving home allowed as curbs lift on estate agents in England

ü  Facebook to pay $52m to content moderators over PTSD

ü  Twitter allows staff to work from home 'forever'

ü  India announces $264bn economic rescue package

 

 

 


 <mailto:info at bulls.co.zw> 

 


IMF raises Kenya's risk of debt distress to high from moderate

NAIROBI (Reuters) - The International Monetary Fund has raised Kenya’s risk
of debt distress to high from moderate due to the impact of the coronavirus
crisis, it said in an assessment published on Tuesday.

 

The East African nation’s debt stood at 61.7% of GDP at the end of last
year, up from 50.2% at the end of 2015, the IMF said, driven up by gaping
budget deficits that were caused by large infrastructure projects such as a
new railway line.

 

“The risk of debt distress has moved to high from moderate due to the impact
of the global COVID-19 crisis which exacerbated existing vulnerabilities,”
the fund said.

 

The government has responded to the crisis with a range of fiscal measures,
including cuts to value-added and income taxes, which have worsened a number
of indicators, the IMF said.

 

The debt load, however, still remained sustainable, the fund added. Last
week, it approved $739 million in emergency funding for Kenya to help it
tackle the COVID-19 crisis.

 

 


 <mailto:info at bulls.co.zw> 

 


 

S.African firms get 5 years to repay coronavirus support loans

JOHANNESBURG (Reuters) - South Africa’s small and medium-sized businesses
will have five years to repay loans taken out under a government scheme to
help cope with the coronavirus crisis, the treasury said on Tuesday,
announcing keenly-awaited details of the plan.

 

President Cyril Ramaphosa announced the scheme, which involves bank loans
guaranteed by the state, in April to help businesses with annual turnover of
less than 300 million rand ($16.5 million).

 

The loans are intended to meet urgent requirements such as salaries, rents
and contractual obligations.

 

“The loan amount will be disbursed to the customer in up to three monthly
installments,” the treasury said in a statement, adding banks would carry
out due diligence on borrowers.

 

The companies will not have to pay anything back to the banks for the first
three months and will then have five years to pay off the loan and interest,
it said.

 

The interest rate will be the repo rate of the South African Reserve Bank
(SARB) plus 3.5%, so currently 7.75%.

 

All major South African private banks are part of the scheme and will share
the risks with the treasury according to a pre-determined loss-sharing
mechanism, the statement said.

 

Many of South Africa’s small and medium-sized firms were thrown into
disarray when the government introduced a lockdown at the end of March to
try to contain the coronavirus pandemic, as they lost much of their revenue
but still faced fixed costs.

 

Most have now been allowed to operate with 50% of their workforce under
partially eased restrictions, but many have warned it will take months to
return to normal as supply chains have been disrupted and demand remains
weak.

 

The loan guarantee scheme is part of a 500 billion rand package announced by
Ramaphosa to try to stave off an economic crisis in Africa’s most
industrialised country, which was already in recession before the
coronavirus reached its shores.

 

He said in April the scheme would support more than 700,000 firms employing
a total of around three million people.

 

The treasury has provided a guarantee of 100 billion rand for the scheme and
will increase it to 200 billion rand if required, it said.

 

($1 = 18.1952 rand)

 

 

 

Tanzania central bank lowers reserve requirements due to coronavirus

NAIROBI (Reuters) - Tanzania’s central bank lowered the statutory minimum
reserves requirements for commercial banks to 6% from 7% and cut its
discount rate for banks, to cushion the economy from the effects of the
coronavirus crisis, it said on Tuesday.

 

The reduction of the reserves will come into effect on June 8 to provide
additional liquidity to banks, governor Florens Luoga said in a statement.

 

The bank also cut its discount rate for lending to banks to 5% from 7% to
“provide additional space for banks to borrow from the Bank of Tanzania at a
lower cost, thus signalling lower lending rates by banks.”

 

The central bank will reduce haircuts on government securities to 5% from
10% for Treasury bills and to 20% from 40% for Treasury bonds to allow
lenders to access funding from the central bank “with less collateral than
before”, Luoga said.

 

Lenders will also be provided with “regulatory flexibility”, so they can
change the terms of loans for borrowers who might fall into distress due to
the crisis, the central bank said.

 

Tanzania has confirmed 509 cases of the coronavirus, with 21 deaths,
according to the World Health Organization.

 

However, the government has been criticised for not providing regular
updates on the spread of the outbreak, and the opposition has accused it of
being secretive.

 

Tanzania launched an investigation after samples taken from a goat and a
pawpaw tested positive for the new coronavirus, prompting President John
Magufuli to question the efficacy of tests.

 

The WHO and the Africa Centres for Disease Control and Prevention disputed
Magufuli’s assertion.

 

The International Monetary Fund expects Tanzania’s economic growth to slide
to 2% this year, from 6.3% in 2019.

 

 

 

South Africa publishes proposed mine safety rules for COVID-19

JOHANNESBURG (Reuters) - South Africa published new proposed safety
guidelines on Tuesday for mines operating during the coronavirus pandemic,
which would require that mineworkers be screened, tested, kept further apart
and provided with protective gear.

 

South Africa, the world’s largest producer of platinum and chrome ore and a
major miner of gold, diamonds and coal, is gradually restarting the
operations of its biggest export industry, shut down in a nationwide
lockdown.

 

In April, the authorities relaxed regulations to allow mines to operate at
50% capacity. But labour unions have since won a court case against the
government, forcing it to impose stricter safety guidelines. [nL5N2C44DR]
[nL8N2CL0OI]

 

The new mandatory regulations proposed by the Mines Ministry would require
companies to keep workers further apart, supply them with protective
equipment, disinfect their transportation and accommodation, screen and test
them for illness, identify those with pre-existing conditions and provide
flu vaccinations.

 

The industry, which employs about 500,000 people, has already implemented
some safety measures including setting up shared quarantine facilities for
workers that test positive for the virus. [nL3N2CG39A]

 

The guidelines will be open for public comment until May 14 before they
enter force.

 

 

 

Pick n Pay sees margin and profit pressure from COVID-19 lockdown

JOHANNESBURG (Reuters) - South Africa’s Pick n Pay Stores Ltd said on
Tuesday the COVID-19 pandemic is likely to hit its margins and profitability
this year as lockdown measures prohibit the sale of some items including
liquor, tobacco and clothing.

 

The supermarket chain’s shares tumbled almost 14% to a 7-1/2 week low after
it deferred its dividend for the year ended March 1 to conserve cash.

 

Trading conditions for South African grocery retailers were already
difficult before the new coronavirus outbreak, with low economic growth,
high unemployment, rising household costs and constrained consumer spending
weighing on sales.

 

They are now facing new challenges in changing consumer behaviour, supply
chain disruptions as well as restrictions on sales of liquor, tobacco and
most general merchandise items.

 

“These categories make up approximately 20% of our revenues, and have
relatively high margins compared with basic food and grocery lines,” Chief
Executive Richard Brasher said during a webcast result presentation.

 

“The general reduction of overall consumer ability to spend is also a
feature here. No one got wealthier during this crisis and more people sadly
are unemployed as a consequence of this lockdown.”

 

Pick n Pay, which competes with Shoprite and Spar Group, also anticipates
additional costs from extra hygiene and social distancing measures, which
are expected to hit profit in the new financial year.

 

COST CUTS

South Africa slowly started lifting some restrictions on May 1 following a
five-week lockdown to curb the spread of the virus that has killed 206
people and infected 11,350 in the country.

 

The retailer said while it experienced a spike in demand for personal
hygiene, cleaning products, non-perishable foods and household items like
toilet paper before the lockdown, customers have now reduced the frequency
of their shopping trips.

 

Meanwhile, an expected advantageous shift in consumer spending from
discretionary to non-discretionary products has not really materialized in
South Africa as consumers’ salaries have either been reduced or not paid at
all, it added.

 

Pick n Pay is also looking to save 1 billion rand ($54.88 million) over the
next two years by cutting costs including opening smaller stores instead of
big ones, Brasher said. He did not give further detail.

 

He said he had delayed plans to step down by now to help the retailer
weather the pandemic.

 

Pick n Pay’s annual results to March 1 were not impacted by the coronavirus
as restrictions started after its year end.

 

It reported comparable headline earnings per share (HEPS), the most widely
used profit measure in South Africa, of 278.81 cents, down from 280.60 cents
a year earlier. Group turnover rose 4.7%.

 

Growth in demand for online grocery sales, which has generally been slow in
South Africa, accelerated as a result of the coronavirus outbreak. Online
turnover surged 100% year-on-years since the declaration of a state of
emergency in early March, the retailer said.

 

($1 = 18.2224 rand)

 

 

 

Shoprite sees surging demand for DIY hair and beauty products

JOHANNESBURG (Reuters) - South Africa’s Shoprite Holdings said sales of
beauty products, such as hair colouring kits and conditioners, have soared
at its supermarkets as consumers turn to do-it-yourself treatments while
salons remain shut.

 

South Africa started lifting some restrictions on May 1 following a
five-week long lockdown. But under level four restrictions, hair and beauty
salons are still closed.

 

As a result, Shoprite and its upmarket supermarket chain Checker have seen a
sharp increase in demand for ethnic hair care, especially extensions,
relaxers, conditioners and other treatments. Hair colour products have also
gained in popularity, it said, without giving specific figures.

 

In cosmetics, sales of nail polish have risen dramatically, while face
creams, cleansers and skin refreshers dominate sales of skin care. Shaving
products, specifically men’s disposables, are also growing strongly, the
retailer said.

 

The surge could also be driven by many people who now have more time to do
their hair and facials at home as many hair care processes usually take a
considerable amount of time.

 

“There could also be some evidence of the “lipstick effect”, where consumers
tend to spend more on small indulgences during a time of economic stress,”
Shoprite said.

 

Its rival Pick n Pay said on Tuesday it saw a 92% sales volume growth of
hair colour products during the five-week long lockdown from March 26.

 

Pick n Pay said that while it experienced a spike in demand for personal
hygiene, cleaning products, non-perishable foods and household items such as
toilet paper before the lockdown, customers have now cut back on the number
of shopping trips.

 

 

 

 

Sibanye Stillwater first-quarter earnings surge on strong metal prices

(Reuters) - Platinum producer Sibanye Stillwater on Tuesday posted a sharp
rise in first-quarter core earnings, benefiting from higher metal prices and
robust output from its South Africa and U.S. operations.

 

Adjusted earnings before interest, taxes, depreciation, and amortization
rose to 11.13 billion rand ($601.10 million) for quarter ended March 31,
from 808 million rand a year earlier.

 

($1 = 18.5159 rand)

 

 

 

South Africa strips Land Bank debt of high quality asset status

JOHANNESBURG (Reuters) - South Africa’s central bank will no longer allow
commercial lenders to use debt issued by state-owned Land Bank to meet their
capital adequacy requirements as they are longer considered a “high quality
liquid asset”.

 

Land Bank, the country’s largest agricultural focussed lender, was
downgraded by Moody’s in January and defaulted on loans totalling 50 billion
rand ($2.74 billion) in April, triggering fears about its ability to stay
afloat.

 

That forced the South African Reserve Bank (SARB) last week to prohibit the
use by banks and investment houses of Land Bank debt as collateral to access
short-term funds at the central bank’s repo auctions, a key source of market
liquidity.

 

In a circular on Tuesday the SARB said the temporary suspension of the Land
Bank’s bills mean that its debt could no longer be considered “High Quality
Liquid Assets” (HQLA).

 

“Banks are prohibited from including Land Bank bills as part of level 2 HQLA
for purposes of LCR (Liquidity Coverage Ratio) calculations,” the SARB said.

 

“In this regard, a period of 30 calendar days is provided for banks to
adjust their portfolios of qualifying HQLA following the publication of this
circular.”

 

($1 = 18.2701 rand)

 

 

 

Tongaat, Barloworld in deadlock over starch business deal

JOHANNESBURG (Reuters) - South Africa’s heavily indebted sugar producer
Tongaat Hulett is in a deadlock over the sale of its starch business to
Barloworld over a condition set during the signing of deal, the two
companies said on Tuesday.

 

Tongaat agreed to sell the business to Barloworld for 5.35 billion rand
($290.70 million), including debt, in February.

 

The deal is subject to certain conditions including that no “material
adverse changes” (MAC) must occur after the signing of the agreement that
could affect the business.

 

Barloworld said in a statement that a MAC had occurred given the effects of
the coronavirus pandemic, which is likely to lead to a drop of about 82.5%
in earnings before interest, taxes, depreciation and amortization at the
starch business for the financial year ending March 31, 2021.

 

Tongaat, however, is firmly of the view that a MAC has not occurred and has
advised KLL Group, a wholly owned subsidiary of Barloworld, it said in a
separate statement.

 

Since the two companies were unable to reach an agreement over the issue,
they said the matter had now been referred for determination by an
independent third party.

 

Tongaat said it was still committed to sell the business, which, according
to its website, is Africa’s largest producer of starch, glucose and related
products.

 

($1 = 18.4038 rand)

 

 

 

South Africa's rand dips on second wave coronavirus fears

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Tuesday as
global fears of a second wave of coronavirus infections dampened demand for
emerging currencies and investors shied away from risk.

 

At 0730 GMT the rand was 0.15% weaker at 18.4500 per dollar compared to a
close at 18.4220 overnight in New York.

 

Investor concerns about new virus infections in China, Germany and South
Korea have driven safe-haven demand in low liquidity trade and reduced
interest in emerging markets that are banking on a quick restart of the
global economy.

 

Bonds were also weaker, with the yield on the government paper due in 2030
rising 6 basis points to 9.505%.

 

Among equities, platinum producer Sibanye Stillwater posted a sharp rise in
first-quarter core earnings, benefiting from higher metal prices and robust
output from its South African and U.S. operations.

 

Supermarket chain Pick ‘n Pay reported a 0.6% dip in full-year earnings and
scrapped its annual dividend to preserve cash, sending its shares almost 9%
lower.

 

 

 

UK furlough scheme extended by four months

The UK scheme to pay wages of workers on leave because of coronavirus will
be extended to October, Chancellor Rishi Sunak has said.

 

Mr Sunak confirmed that employees will continue to receive 80% of their
monthly wages up to £2,500.

 

But he said the government will ask companies to "start sharing" the cost of
the scheme from August.

 

A quarter of the workforce, some 7.5 million people, are now covered by the
scheme, which has cost £14bn a month.

 

The chancellor said that from August, the scheme would continue for all
sectors and regions of the country but with greater flexibility to support
the transition back to work.

 

Employers currently using the scheme will then be able to bring furloughed
employees back part-time.

 

Mr Sunak will attempt slowly to reduce the cost to the taxpayer of the
subsidy scheme, but full details are still to be worked out.

 

However, sources have told the BBC the Treasury stills expects to be paying
more than half the costs between August and October.

 

Later on Tuesday, in an interview with the BBC, Mr Sunak said the number of
job losses "breaks my heart", adding: "That's why I'm working night and day
to limit the amount of job losses."

 

Cliff edge

Mr Sunak told the Commons said: "I'm extending the scheme because I won't
give up on the people who rely on it.

 

"Our message today is simple: we stood behind Britain's workers and
businesses as we came into this crisis, and we will stand behind them as we
come through the other side."

 

There has been growing concern about the cost of the scheme, and last week
Mr Sunak said it could not continue in its current form.

 

However, he was under pressure to announce changes soon to avoid a so-called
"cliff edge" in which employers begin mass redundancies.

 

Any company seeking to cut more than 100 jobs must run a 45-day
consultation, meaning 18 May was the last date employers could start this
process before the furlough scheme ended in June.

 

The chancellor rejected suggestions some people might get "addicted" to
furlough if it was extended.

 

"Nobody who is on the furlough scheme wants to be on this scheme," the
chancellor said. "People up and down this country believe in the dignity of
their work, going to work, providing for their families, it's not their
fault their business has been asked to close or asked to stay at home."

 

Shadow chancellor Anneliese Dodds said broadly welcomed the changes, saying
"at least we are moving in the right direction".

 

But she said the "big elephant in the room" is over what the government's
employer contribution will involve, adding that the "critical point is that
any changes to the scheme must not result in any spike in unemployment".

 

'No income and huge costs'

Despite the extension of the furlough scheme, Patrick Langmaid said it's
still unlikely to stop him making people redundant from his Mother Ivey's
Bay holiday park, at Padstow.

 

He has furloughed seven staff and has nine still working. The handful of
staff he would usually employ seasonally he has let go.

 

"There is no income - and huge costs," he says.

 

"We are very worried about how we, as employers, are going to make
contributions through August, September and October [when employers will be
expected to share the costs of the scheme]", he said. "I am very, very
worried about how I am going to cope in the winter.

 

"I've already started briefing my team that there will have to be
redundancies," he says. He reckons four or five jobs may have to go,
depending how long the lockdown lasts.

 

Dealing with redundancy is "horrible", he says, adding: "It is really not a
nice time to be running a business."

 

No 'silver bullet'

Businesses largely welcomed the extension, with business group the British
Chambers of Commerce saying the move would bring "significant relief" to
employers and workers,

 

And Stephen Phipson, chief executive of manufacturing group Make UK, said it
would avoid "a looming cliff edge triggering significant redundancies for
many companies and recognises the need for greater flexibility as the
economy fires up."

 

However, he warned that there was no "silver bullet" and that both
government and industry would have to be flexible.

 

There was also support from the TUC, with general secretary Frances O'Grady
saying the extension "will be a big relief for millions".

 

But she added: "As the economic consequences of Covid-19 become clear,
unions will keep pushing for a job guarantee scheme to make sure everyone
has a decent job."

 

Paul Johnson, director of the Institute of Fiscal Studies economic think
tank, estimates the scheme will have cost nearly £100bn by October. It is
thought that about 935,000 businesses signed up for the scheme in total.

 

Reports of the demise of the furlough scheme have been somewhat exaggerated.
It was never going to be scrapped, especially after the Bank of England
stressed the scheme's importance for economic recovery.

 

Over a quarter of all jobs - 27%, 7.5 million in total - are now paid for by
the taxpayer, potentially for eight months. After that, the level of subsidy
from taxpayer will be lowered, with employers expected to pay a
contribution.

 

By August, the scheme could start to look quite similar to longer standing
wage subsidy schemes seen in continental Europe. The cost of the scheme to
date is already over £10bn. This extension will be tens of billions more,
but difficult to put a precise number on this given the lack of detail on
the "employer contribution".

 

Expensive yes. But what is also costly is letting unemployment sky rocket,
as, without the extension, many businesses would have begun 45-day
redundancy consultations this week.

 

The question now is how many businesses still see this as a bridge to some
sort of normality where furloughed staff can be phased back into their old
jobs. Unfortunately some in industries which will not return to normal have
already started to fire staff. This announcement buys most workers more
time.--BBC

 

 

 

Moving home allowed as curbs lift on estate agents in England

The government has set out plans to restart England's housing market, which
has been in deep freeze since the coronavirus lockdown.

 

>From Wednesday, estate agents can open, viewings can be carried out and
removal firms and conveyancers can restart operations.

 

Housing Secretary Robert Jenrick said the changes must be carried out under
social distancing and safety rules.

 

It is estimated there are 450,000 buyers and renters with plans on hold.

 

"Our clear plan will enable people to move home safely, covering each aspect
of the sales and letting process, from viewings to removals," Mr Jenrick
said.

 

"This critical industry can now safely move forward, and those waiting
patiently to move can now do so."

 

Meanwhile, the property markets in Wales, Scotland and Northern Ireland
remain shut.

 

Home viewings are not permitted under lockdown regulations and their land
registries are either running a reduced service or are not registering
transactions.

 

In another move to unlock the housing market, Mr Jenrick announced a series
of measures for the house building sector, including:

 

·         Allowing builders to agree more flexible working hours with their
local council, such as staggering arrival times to ease pressure on public
transport

·         Enabling local councils and developers to publicise planning
applications through social media, instead of having to rely on posters and
leaflets

·         Providing support for smaller developers by allowing them to defer
payments to local councils to ease cash flow

·         Stewart Baseley, executive chairman of the Home Builders
Federation, said: "A resumption of work will play a major part in helping
the economy recover, as well as delivering the homes the country needs.

 

"It should also provide the supply chain with the confidence it needs to
accelerate its own restart."

 

Mr Jenrick said guidance from Public Health England must continue to be
followed. For example, anyone advised to self-isolate should continue to do
so and not move home.

 

This announcement will test the housing sector's hope, and belief, that a
wave of pent-up demand amongst buyers and renters is ready to be released.

 

Yet, the reality is that many people's finances are now less secure than
they were just a few months ago when they were preparing to move.

 

Expect a lot more haggling over price from both sides who have yet to have
formally agreed what they will pay or accept, especially if getting a
mortgage is harder.

 

Estate agent Savills has already suggested that people who still have money
to look for somewhere new, may now be rethinking their priorities.

 

A spare room and good Wi-Fi may suddenly have become more appealing when
working from home, and a large garden may be even more of a golden ticket
for anyone with children.

 

The new guidance includes the permission for trades people to operate in
homes, providing they follow social distancing advice.

 

But Jonathan Hopper, chief executive of real estate consultants Garrington
Property Finders, thinks there is still demand from buyers for new
properties.

 

"The lockdown may have halted conventional viewings, but there are plenty of
signs that some would-be buyers have used the past six weeks to window shop
in earnest," he said.

 

"Few things are more likely to make people want to move than being cooped up
in the same four walls for weeks on end, and property portals have seen
traffic increase by up to a fifth. "

 

Lockdown impact on housing

Property website Zoopla previously estimated that about 373,000 property
sales had been put on hold during lockdown - with a total value of £82bn.

 

Agreed sales were running at a 10th of the normal level for the time of
year, and were akin to the activity seen in late December, it said.

 

Spring is usually a busy time for the housing and mortgage markets.

 

Buyers deserted the housing market for obvious reasons just before and after
the introduction of virus restrictions, which began on 23 March.

 

This led to a 70% drop in buyer demand over the course of a few weeks.

 

Meanwhile, rental demand is 42% down since the start of March, according to
Zoopla.--BBC

 

 

 

Facebook to pay $52m to content moderators over PTSD

Facebook has agreed to pay $52m (£42m) to content moderators as compensation
for mental health issues developed on the job.

 

The agreement settles a class-action lawsuit brought by the moderators, as
first reported by The Verge.

 

Facebook said it is using both humans and artificial intelligence (AI) to
detect posts that violate policies.

 

The social media giant has increased its use of AI to remove harmful content
during the coronavirus lockdown.

 

In 2018, a group of US moderators hired by third-party companies to review
content sued Facebook for failing to create a safe work environment.

 

The moderators alleged that reviewing violent and graphic images - sometimes
of rape and suicide - for the social network had led to them developing
post-traumatic stress disorder (PTSD).

 

The agreement, filed in court in California on Friday, settles that lawsuit.
A judge is expected to sign off on the deal later this year.

 

The agreement covers moderators who worked in California, Arizona, Texas and
Florida from 2015 until now. Each moderator, both former and current, will
receive a minimum of $1,000, as well as additional funds if they are
diagnosed with PTSD or related conditions. Around 11,250 moderators are
eligible for compensation.

 

Facebook also agreed to roll out new tools designed to reduce the impact of
viewing the harmful content.

 

A spokesperson for Facebook said the company was "committed to providing
[moderators] additional support through this settlement and in the future".

 

Moderating the lockdown

In January, Accenture, a third-party contractor that hires moderators for
social media platforms including Facebook and YouTube, began asking workers
to sign a form acknowledging they understood the job could lead to PTSD.

 

The agreement comes as Facebook looks for ways to bring more of its human
reviewers back online after the coronavirus lockdown ends.

 

The company said many human reviewers were working from home, but some types
of content could not be safely reviewed in that setting. Moderators who have
not been able to review content from home have been paid, but are not
working.

 

To offset the loss of human reviewers, Facebook boosted its use of AI to
moderate the content instead.

 

In its fifth Community Standards Enforcement Report released on Tuesday, the
social media giant said AI helped to proactively detect 90% of hate speech
content.

 

AI has also been crucial in detecting harmful posts about the coronavirus.
Facebook said in April that it was able to put warning labels on around 50
million posts that contained misleading information on the pandemic.

 

However, the technology does still struggle at times to recognise harmful
content in video images. Human moderators can often better detect the
nuances or wordplay in memes or video clips, allowing them to spot harmful
content more easily.

 

Facebook says it is now developing a neural network called SimSearchNet that
can detect nearly identical copies of images that contain false or
misleading information.

 

According to the social media giant's chief technology officer Mike
Schroepfer, this will human reviewers to focus on "new instances of
misinformation", rather than looking at "near-identical variations" of
images they have already reviewed.--BBC

 

 

Twitter allows staff to work from home 'forever'

Twitter has told staff that they can work from home "forever" if they wish
as the company looks towards the future after the coronavirus pandemic.

 

The decision came as the social media giant said its work-from-home measures
during the lockdown had been a success.

 

But it also said it would allow workers to return to the office if they
choose when it reopens.

 

Earlier this month Google and Facebook said their staff can work from home
until the end of the year.

 

Twitter said: "The past few months have proven we can make that work. So if
our employees are in a role and situation that enables them to work from
home and they want to continue to do so forever, we will make that happen."

 

The announcement has been described as "an era-defining moment" by one
digital innovation expert.

 

Twitter's blog went on to say that for those keen to return to Twitter's
office the company "will be their warm and welcoming selves, with some
additional precautions".

 

The San Francisco-based company employs more than 4,000 people across its
global offices.

 

It has allowed employees to work from home since March and doesn't expect to
reopen its offices before September.

 

Sree Sreenivasan, a Loeb Visiting Professor of Digital Innovation at the
Stony Brook University School of Journalism, said it was "era-defining
news".

 

"Some people may not take this seriously as its Twitter but we can learn a
lot from Silicon Valley about workplace flexibility. There has been a
mentality that working from home was stealing from the boss and facetime in
the office was more important.

 

"But people are proving they can be far more productive and get tasks done
working from home. A lot of people tell me they are working harder at home
and are exhausted," he added.

 

Companies around the world are working out how to re-open offices gradually
while introducing new social distancing measures.--BBC

 

 

 

India announces $264bn economic rescue package

India has announced a 20 trillion rupee ($264bn; £216bn) economic package to
help the country cope with its prolonged coronavirus lockdown.

 

In a televised address Prime Minister Narendra Modi said the measures would
support farmers and small businesses.

 

Finance Minister Nirmala Sitharaman is due to announce further details in
the next few days.

 

India has more than 70,000 cases among its 1.3bn population and is expected
to pass China's numbers within a week.

 

Mr Modi said the package, which is equivalent to 10% of India's gross
domestic product, aimed to help people who have lost their jobs and
businesses hit by the shutdown.

 

"The package will also focus on land, labour, liquidity and laws. It will
cater to various sections including cottage industry, medium and small
enterprises, labourers, middle class, industries, among others," he said.

 

He also said that strict stay-at-home orders would be extended beyond 17 May
with a new set of rules.

 

The country's very strict lockdown, which started on 25 March, has had a
huge economic impact, with tens of millions of poorer Indians and migrant
workers hit hardest.

 

In March, India said it would provide around 1.7 trillion rupees in direct
cash transfers and food security measures, mainly for the poor.

 

However, Mr Modi's administration had been accused in some quarters of not
having done enough.

 

It comes as governments and central banks in other countries around the
world have provided unprecedented levels of support for their economies to
tackle the crisis.

 

"India's response has so far been tepid compared to other key nations and
thus the catch-up is welcome and is also the need of the hour," said
economist Madhavi Arora at Edelweiss FX and Rates.

 

"It needs to be seen how much will be in the form of direct budgetary
support to gauge the immediate fiscal hit and the consequent funding
sources," he added.--BBC

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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