Major International Business Headlines Brief::: 10 October 2020

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Major International Business Headlines Brief::: 10 October 2020

 


 

 


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

 


 

 


 

 

ü  Microsoft makes remote work option permanent

ü  Billionaire Issa brothers honoured after Asda takeover

ü  UK economic growth slows despite restaurant boost

ü  Firms say fresh wage subsidy may 'cushion blow'

ü  Peacocks owner on brink putting 21,000 jobs at risk

ü  Ryanair expects Boeing 737 Max jet clearance soon

ü  Iran sanctions: US moves to isolate 'major' banks

ü  Carmakers compete to keep you entertained

ü  Nigeria: Electronic Train Tickets Coming November - NRC

ü  Mozambique: EDM Planning 10 Percent Rise in Tariffs

ü  African Development Bank Urges Japanese Investors to Seek Investment
Partners in Africa

ü  South Africa: Millions in Lottery Money Spent On Football Exhibition With
Limited Public Access

ü  Mozambique: Tractors and Motorbikes Distributed Under Sustenta

ü  Ghana: Petroleum Commission Inaugurates New Board

ü  Namibia: More Join Battle Against Locust Outbreak

 


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

 


 

Microsoft makes remote work option permanent

Microsoft has told staff that they will have the option of working from home
permanently with manager approval.

 

The move mimics the US tech giant's rivals Facebook and Twitter, which have
also said remote work would be a permanent option.

 

It follows a rapid shift away from office working prompted by the
coronavirus pandemic.

 

Many companies are reconsidering how much office space they need, expecting
a long-term increase in remote staff.

 

Microsoft said some roles will continue to require an in-person presence,
such as those needing access to hardware, the firm added. But many staff
will also be able to work from home part-time, without needing formal
approval from their managers.

 

"Our goal is to evolve the way we work over time with intention—guided by
employee input, data, and our commitment to support individual work styles
and business needs while living our culture," a Microsoft spokesperson said
of the new guidance, which she said would apply to UK staff as well.

 

'Extremely unusual'

As of April, more than 46% of those employed were doing some work from home,
according to the Office of National Statistics.

 

That was comparable to the US, where 42% of the workforce was remote in May,
according to Stanford University economics professor Nicholas Bloom, whose
research looked at people aged 20-64, earning more than $10,000 last year.

 

While that share decreased to about 35% in August, it still marked a major
change. Before the pandemic, just 2% of workers were remote full time, he
said.

 

"What we're doing now is extremely unusual," he said.

 

Permanent shift

Many employers hailed the shift initially as being surprisingly productive.
But as the months have passed, some of the drawbacks have emerged.

 

For example, at a conference this month, Microsoft's own chief executive
Satya Nadella said the lack of division between private life and work life
meant "it sometimes feels like you are sleeping at work".

 

As companies look beyond the pandemic, Prof Bloom said many are eyeing
policies that combine two days a week at home with three days of office
time, which will remain important for meetings, building company culture and
loyalty and basic mental health.

 

"The radical extremes - so, full-time in the office or full-time at home -
are not ideal for most people," said Prof Bloom.

 

Bu he said he did not expect the pre-pandemic office to return.

 

"The Microsoft statement is completely in line with everything I've been
hearing," he said. "There's pretty much uniform consensus now that the
pandemic has permanently shifted the way we work."

 

A Willis Towers Watson survey of US employers in May found that they
expected 22% of staff to continue working from home after the pandemic, up
from just 7% in 2019.

 

About 55% of employers said they expected staff to work from home at least
one day a week after concerns about the virus passes, a PWC survey found.
And more than 80% of employees said they supported that idea.

 

Analysts say such a shift could have widespread implications, reducing
demand for office and residential properties in expensive city centres.
Rents in New York and San Francisco have already dropped.

 

Prof Bloom said the changes in the workplace may help ease affordability
issues, but won't spell the end of city centres.

 

"The affordability levels of New York and San Francisco may go back to where
they were in 2005," he said. "It's clearly not the case they're going to
empty out."—BBC

 

 <http://www.spidexmedia.com/> 

 

Billionaire Issa brothers honoured after Asda takeover

Two billionaire brothers from Blackburn have been awarded royal honours a
week after clinching a £6.8bn deal to buy the Asda supermarket chain from
Walmart.

 

Mohsin and Zuber Issa were among a number of business bosses on the Queen's
Birthday Honours list.

 

GlaxoSmithkline chief executive Emma Walmsley was also honoured.

 

The drugs firm is one of about 20 that is part of a global race to develop a
coronavirus vaccine.

 

The billionaire Issa brothers started their business 20 years ago with one
rented petrol station and grew it into a network of nearly 6,000 forecourts
across 10 countries.

 

It was announced last week that the Issa brothers and private equity firm
TDR Capital would take a majority stake in Asda.

 

Walmart said that, under the new owners, Asda will invest £1bn in the
supermarket over the next three years.

 

Drugs race

A number of honours were awarded to people for their work during the
coronavirus pandemic, including Ms Walmsley.

 

She was given a damehood for services to the pharmaceutical industry and
business after leading the UK's biggest drugs manufacturer for the past
three years.

 

GlaxoSmithkline (GSK) is part of the race to develop a coronavirus vaccine,
and said last week it had started clinical trials with fellow drugs firm
Sanofi.

 

As chief executive, Ms Walmsley has been instrumental in the company's
involvement in international efforts to develop a vaccine.

 

Property tycoon Tony Gallagher was given a knighthood in relation to his
service to "land development and the property business".

 

The Gallagher Estates founder is a friend of former Prime Minister David
Cameron and a major donor to the Conservative party.

 

Andrew Mackenzie, the former chief executive officer of mining giant BHP
Billiton, was made a Knight Bachelor for services to business, science,
technology and to UK and Australia relations.

 

Clare Woodman the chief executive officer of Morgan Stanley International
was given a CBE for services to finance.

 

Fashion entrepreneur Sir Paul Smith was also recognised on the annual list,
being named as a member of the Order of the Companions of Honour.

 

There were also honours for a number of utilities bosses.

 

Richard Flint, who recently retired as Yorkshire Water's chief, Olivia
Garfield, chief executive at Severn Trent, and Chris Jones, who stepped down
as chief of Welsh Water last year, all become CBEs.—BBC

 

 

 

UK economic growth slows despite restaurant boost

The UK economy continued its recovery in August, growing by 2.1%, as the Eat
Out to Help Out scheme boosted restaurants.

 

But the figure was below expectations and the economy is still 9.2% smaller
than before the pandemic struck.

 

It marked the fourth consecutive month of expansion following the slump
induced by the coronavirus lockdown.

 

However, growth in August was slower than the expansion seen in both June
and July.

 

In June, the economy grew by 8.7% and in July, by 6.6%.

 

Eat Out to Help Out, which ran from Monday to Wednesday during August,
offered 50% off food up to the value of £10.

 

Discounts for more than 100 million meals were claimed through the scheme.

 

What is likely to happen next?

Analysts said the coming months were likely to see growth slackening further
because of new Covid restrictions, the end of the furlough scheme in October
and concern over a no-deal Brexit.

 

"We have been clear that we stand ready to do more as necessary," a Treasury
spokesperson said. "Some firms will be affected by coronavirus for longer
than others, and we will continue to seek to support these firms
appropriately."

 

Chancellor Rishi Sunak is expected to announce further coronavirus support
measures later on Friday, including an extension to the Job Support Scheme
for business affected by local lockdowns.

 

The economy's bounce back from the pandemic shutdowns slowed in August,
despite the boost from Eat Out to Help Out at a time when there were few
social restrictions.

 

The official technical recession - two consecutive quarters of shrinking GDP
- has certainly ended and that will be confirmed next month. But a lower
than expected figure for growth in the economy in August raises fears about
the recovery petering out and even going into reverse in the current final
quarter of the year.

 

The figures bolster the argument of those business groups campaigning for
further support, particularly as social restrictions are strengthening
rather than weakening. The first stage of that came from Chancellor Rishi
Sunak on Friday afternoon.

 

The Bank of England will also react at its policy-setting meeting next
month. But the latest figures show that while the first bounce in the
economy occurred relatively rapidly, a full recovery is going to take much
longer and not yet assured. It's going to be a tough winter.

 

The Office for National Statistics (ONS) said important sectors of the
economy, such as services and construction, were still considerably smaller
than in February.

 

The ONS also issued figures for the three months to August, showing growth
of 8% over the period compared with the previous three months as lockdown
measures eased further.

 

"The economy continued to recover in August but by less than in recent
months," said Jonathan Athow, the ONS deputy national statistician for
economic statistics.

 

"There was strong growth in restaurants and accommodation due to the easing
of lockdown rules, the Eat Out to Help Out scheme and people choosing summer
'staycations'. However, many other parts of the service sector recorded
muted growth.

 

"Construction also continued its recovery, with a significant boost from
housebuilding."

 

He added that there was "limited growth" in manufacturing, with car and
aircraft production still much lower than the start of the year.

 

What are the experts saying?

No V-shaped recovery here," was the verdict of Samuel Tombs, chief UK
economist at Pantheon Macroeconomics, referring to optimistic forecasts of a
swift rebound in growth.

 

"GDP was still a hefty 9.2% below its pre-Covid February level in August -
when no meaningful restrictions on economic activity were imposed."

 

Looking ahead, he predicted growth of only about 2% in September.

 

He added: "GDP also likely will struggle to improve on September's level
over the next three months, as the second wave of Covid-19 instils more
consumer caution and compels the government to shut hospitality businesses
in Covid-19 hotspots once again."

 

GDP

Sarah Hewin, economist and head of research at Standard Chartered Bank,
echoed that view.

 

"Despite the support from Eat Out to Help Out and staycations, there was
virtually no growth in manufacturing," she told the BBC.

 

"And although we continue to see new housing being built, that also was a
little bit weaker than expected, so the pace of recovery does seem to be
slowing.

 

"To a certain extent, that's not surprising. We had very strong growth in
June and July as lockdown restrictions eased, so August data continued to
show the economy growing, but not at such a fast pace.

 

"The slowdown in that momentum, though, does give us some concern for what
might be happening over the next few months."

 

What has the political reaction been?

Chancellor Rishi Sunak said: "Today's figures show our economy has grown for
four consecutive months, but I know that many people are worried about the
coming winter months.

 

"Throughout this crisis, my single focus has been jobs - protecting as many
jobs as possible and providing support for people to find other
opportunities where this isn't possible. This goal remains unchanged."

 

Shadow chancellor Anneliese Dodds said: "It is deeply worrying that growth
was weak in August despite the easing of restrictions, especially as we now
face Covid-19 cases rising and more areas coming under local restrictions.

 

"The government must get a grip on test, trace and isolate, reform the
sink-or-swim Job Support Scheme and urgently put in place consistent
economic support for areas of localised restrictions."—BBC

 

 

 

 

Firms say fresh wage subsidy may 'cushion blow'

Businesses groups have largely welcomed a new wage support for workers at
firms forced to close by Covid restrictions.

 

Chancellor Rishi Sunak has said the state will cover two-thirds of staff
wages at closed workplaces, and firms in England can get grants of up to
£3,000 per month.

 

The subsidy is an extension to the Job Support Scheme announced last month.

 

The CBI business lobby group said it "should cushion the blow for the most
affected and keep more people in work".

 

"But many firms, including pubs and restaurants, will still be hugely
disappointed if they have to close their doors again after doing so much to
keep customers and staff safe," added CBI boss Dame Carolyn Fairbairn.

 

The business group additionally called for a "consistent and open strategy
for living with Covid-19 through the autumn and winter".

 

An update on restrictions, which could see pubs and restaurants shut in the
worst-affected areas, is expected on Monday.

 

UK Hospitality, an industry body representing pubs, restaurants and bars,
also welcomed the government support for wage bills, but said more help was
needed for companies still trading under restrictions.

 

"Support for nightclubs and other businesses left in limbo, still unable to
reopen, is very welcome. It will help save jobs in a sector that would be
sorely missed it were allowed to die," said UK Hospitality chief executive
Kate Nicholls.

 

"However, worryingly, it does nothing to address the issues faced by sector
businesses operating well below capacity due to restrictions and consumers
avoiding travel and struggling to keep their workforce employed".

 

'Haemorrhaging money'

The boss of London pub company Young's said pubs and restaurants should be
congratulated by the government for creating safe environments for patrons,
not seen as a problem whose activities should be restricted.

 

Chief executive Patrick Dardis said: "Since reopening, we have had 2.7
million people through our doors, but just nine confirmed Covid cases.
That's an infection rate of just 0.00000328%.

 

"Our sector has spent hundreds of millions in ensuring it is Covid safe and
secure for staff and customers alike."

 

The head chef at Newcastle field-to-fork restaurant Bistro forty six, Max
Gott, said the restrictions already in place mean he can only sit 12 people
per night instead of 30.

 

If a local lockdown was imposed, Mr Gott said the company would have to
decide whether it was worth taking the grants, shut up shop and furlough
staff while "trying not to haemorrhage too much money while we shut, or try
and operate as a takeaway and try and make some money and break even,
although that's unlikely".

 

He said it would be better for staff if his restaurant could access grants
and the subsidy while operating as a take-away.

 

"Some of the staff won't be able to live on two-thirds wages, we've got
mortgages to pay," Mr Gott added.

 

See-sawing between opening and closing the restaurant, based on customer
reactions to restrictions, came with added costs each time, he said.

 

"We've got bills coming in all the time - we've got stock that we'll lose -
if we had to shut we've got £300 of stock that we'd put in the bin or try to
give away or something so it all adds up and each time we get told to shut
and then open it's a cost".

 

Federation of Small Businesses boss Mike Cherry said the extra help for
closed businesses would be "welcomed by thousands of small businesses".

 

"Evolving the Job Support Scheme to provide two-thirds of total salary costs
together with enhancing existing cash grants for those faced with this
scenario are both game-changers, and it's welcome to see them adopted today.

 

"We will work with government on clarity on where and when any new
restrictions will apply, and clear, accessible small-business-friendly
guidance to make sure this help gets to those facing a lockdown of their
business premises."

 

Although it said "a lockdown with support for staff wages is better than a
lockdown without any support," the Belfast Chamber of Trade and Commerce
warned that if businesses were forced to close it was not just staff who
lost money.

 

"Companies who supply the food and drink we consume in bars, pubs, cafes and
restaurants will feel the consequences too," said Belfast Chamber chief
executive Simon Hamilton.

 

"Similarly, sectors which aren't formally forced to close could well find
that their custom drops because of wider lockdown restrictions, thus
impacting on their viability too."—BBC

 

 

 

Peacocks owner on brink putting 21,000 jobs at risk

Edinburgh Woollen Mill, owner of the Peacocks and Jaeger clothing brands,
says it plans to appoint administrators in an attempt to save the business.

 

The move puts 21,000 jobs at risk amid what the company described as
"brutal" trading conditions.

 

"Like every retailer, we have found the past seven months extremely
difficult," said Edinburgh Woollen Mill chief executive Steve Simpson.

 

The stores will continue to trade as a review of the firm is carried out.

 

The company says it has had "a number of expressions of interest for various
parts of the group" which it will consider.

 

Edinburgh Woollen Mill (EWM), which is owned by billionaire businessman
Philip Day, has 1,100 stores for its brands.

 

The businesses attract older shoppers who are likely to be keeping away from
the High Street to protect against coronavirus, says Catherine Shuttleworth,
an independent retail expert.

 

She said it was a "devastating blow" to small towns and tourist areas where
they are based and that buyers for the businesses as a whole could be hard
to come by.

 

"You might get piecemeal buyers, but I don't hold out much hope," she said.

 

Mr Day has a £1.14bn fortune, according to the Sunday Times Rich List.

 

He bought Bonmarché out of administration in February. The deal ruffled some
feathers, since Mr Day was its previous owner and landlords and suppliers
were expected to forgive some of its debts.

 

Bonmarché is not part of the plans announced on Friday. Edinburgh Woollen
Mill, including Bonmarché, employs 24,000 people.

 

"Significant cuts"

EWM said it had filed a notice to appoint administrators, partly because of
"the harsh trading conditions caused by the impact of the Covid-19 pandemic
and a recent reduction in its credit insurance".

 

Mr Simpson said: "Through this process, I hope and believe we will be able
to secure the best future for our businesses, but there will inevitably be
significant cuts and closures as we work our way through this."

 

He also blamed part of the company's troubles on "a series of false rumours
about our payments and trading which have impacted our credit insurance".

 

EWM has been accused by suppliers in Bangladesh of not paying for goods. The
company denies this.

 

EWM has appointed FRP to review the business. The firm was also hired for
the Bonmarché administration.

 

A spokesperson for FRP said: "Our team is working with the directors of a
number of the Edinburgh Woollen Mill Group subsidiaries to explore all
options for the future of its retail brands, including Edinburgh Woollen
Mill, Jaeger, Ponden Mill and Peacocks."

 

The pandemic has accelerated a shift in the retail industry from physical
stores to online shopping people have been stuck at home and stores have
been temporarily closed.

 

Last month, the boss of one of the UK's most successful and resilient High
Street chains told the BBC that hundreds of thousands of traditional retail
jobs may not survive in the wake of the coronavirus crisis.

 

Lord Wolfson, who runs clothing firm Next, said there was a clear threat to
thousands of jobs, which are now "unviable" because the lockdown has
triggered a permanent shift to online shopping.—BBC

 

 

 

Ryanair expects Boeing 737 Max jet clearance soon

Ryanair has said it expects the controversial Boeing 737 Max plane to be
allowed to fly again in the US in the next month or so.

 

The airline's boss, Eddie Wilson, said it hoped to start taking delivery of
the planes early next year.

 

No Max planes have flown since March 2019 after issues with its software
were linked to crashes in Indonesia and Ethiopia, which killed 346 people.

 

Before the flight ban, Ryanair had 135 of them on order.

 

"The first of those we would hope to arrive in very early 2021," Mr Wilson
told Ireland's Newstalk radio station.

 

Investigators of the fatal crashes blamed faults in the 737 Max's flight
control system, which Boeing has been overhauling for months in order to
meet new safety demands.

 

Mr Wilson was speaking after the US airline regulator, the Federal Aviation
Administration (FAA), issued a draft report on revised training procedures
for the 737 Max.

 

The FAA, which completed test flights last week, has invited comments from
interested parties, with a deadline of 1 November.

 

However, it is not the only regulator putting the modified 737 Max through
its paces.

 

The European Union Aviation Safety Agency (EASA), which started its own
testing programme last month, has maintained that clearance by the FAA will
not automatically mean the plane is considered airworthy in Europe.

 

Last month, both Boeing and the FAA were harshly criticised by a US
congressional investigation.

 

Its report blamed a "culture of concealment" at Boeing and "grossly
insufficient oversight" by the FAA.--BBC

 

 

 

Iran sanctions: US moves to isolate 'major' banks

The Trump administration has imposed sanctions on 18 "major" Iranian banks
in one of the most extensive such moves by Washington against Tehran in
months.

 

The order will also penalise non-Iranian institutions trading with them,
effectively cutting the banks off from the international financial system.

 

The US says it is seeking to choke off Iran's access to funds to pursue what
it regards as aggressive activities.

 

Iran's UN ambassador accused the US of committing "economic terrorism".

 

The latest punitive measure comes weeks after the US declared the return -
or "snapback" - of UN sanctions on Iran that were lifted under a 2015
international deal over Iran's nuclear programme, accusing Tehran of having
breached that agreement.

 

Other members of the UN Security Council, however, are not in agreement with
the US, saying Washington cannot trigger the snapback mechanism because it
abandoned the nuclear deal in 2018.

 

This latest US move acts upon a presidential order signed by Donald Trump in
January after a missile attack by Iran on US air bases in Iraq.

 

That attack was in retaliation for the US killing in Iraq of top Iranian
commander Gen Qasem Soleimani, who controlled Iran's proxy forces across the
Middle East.

 

The US Treasury did not specify accusations against most of the banks but
said 16 of the institutions were being sanctioned for what it termed
"operating in Iran's financial sector", one for its links to an already
sanctioned bank, and another for being a "military-affiliated" bank.

 

How renewed US sanctions have hit Iran hard

Significantly, the sanctions also target foreign companies that do business
with the banks, giving them 45 days to cease such activities or face
"secondary sanctions".

 

Announcing the measures, US Treasury Secretary Steve Mnuchin said the US'
"sanctions programmes will continue until Iran stops its support of
terrorist activities and ends its nuclear programmes".

 

He said that the latest sanctions would "continue to allow for humanitarian
transactions to support the Iranian people", such as in agriculture, food
and medicine.

 

However, observers say foreign banks are likely to be uncomfortable with
trading even in these exempted areas because of the risk of being penalised.

 

Iran has denounced the move by the US, which comes just weeks ahead of the
US presidential election.

 

Its UN ambassador, Majid Takht-Ravanchi, said it was a form of "state
terrorism and economic and medical terrorism... carried out through
unilateral coercive measures".--BBC

 

 

 

 

Carmakers compete to keep you entertained

Bhavin Bhagalia from London has just bought his first electric car.

 

"I didn't just want something that could get me from A to B, I wanted the
entire travelling experience to be better," he says.

 

With that in mind he bought a Tesla Model 3. As well as its performance, Mr
Bhagalia was attracted by its in-car entertainment.

 

"You can play music straight from your Spotify account and when we have been
charging the car on our journeys we have been watching Netflix and YouTube
through the apps which come with the vehicle," he says.

 

All these apps are available on the main screen in the Tesla. However, it is
only possible to use the music app Spotify while the car is moving.

 

Others, like YouTube, Netflix, Hulu and games won't work unless the car is
parked. Ultimately, when cars become autonomous, drivers may be able to use
these apps while the car is moving, but that is a long way off.

 

Apps for cars have existed for many years, but now customers like Mr
Bhagalia have high expectations about what carmakers can provide.

 

"The big car manufacturers are playing catch-up with software. They've all
been caught napping to some extent as it was clear what had been going on in
the mobile phone space and the level of expectation from users in-car," says
Jamie Broome, head of automotive business at Imagination Technologies, a
company that provides the technology building blocks in millions of cars.

 

"It is going to take a pretty big leap and no-one has done that yet. Who is
going to come along and bring it together in a way that we saw Apple do with
the mobile phone?"

 

Developing apps for cars is not cheap, nor is it easy because of the
stringent safety and security measures that have to be put in place in cars.

 

As a result, software developers need a big incentive to develop an app for
a car - and the biggest incentive is a large user base.

 

It's for this reason that the Volkswagen Group and Google have a big
advantage in the market at the moment.

 

Volkswagen sells 10 million cars a year that use the company's own software
platform and operating system.

 

It has invested heavily in its Car.Software Organization, which has brought
together all of the group's software staff, including those from its Audi
and Porsche brands, into one team.

 

Meanwhile, Google works with over 50 car brands, with Android Auto on track
to be in more than 100 million cars in the coming months.

 

With around 2.5 billion people already using Google's Android software on
smartphones and other devices, consumers are already familiar with the way
Android looks and works.

 

"We've taken the learnings and processes from mobile and applied them to how
we approach Google Play on other devices," says Mickey Kataria, director of
project management, Android for Cars.

 

Car manufacturers have been drawn to Google as a way to catch up with the
likes of Tesla.

 

"A big dilemma that the automotive industry has been facing for some years
is a big pressure to tackle the disruption in the mobility sector, and more
carmakers are coming to the conclusion that the best way is to partner with
a technology company, because you can achieve the results faster with less
investment," says Pedro Pacheco, senior research director at analysis firm
Gartner.

 

However, Mr Broome suggests that cars that use their own operating system,
rather than a technology company's, will enable a better user experience.

 

"You can only see true alignment when you have both and that's why Tesla is
the one to watch. For instance, it is a lot harder for Google to make
hardware features generically because of the variety of Android devices,
whereas you get a more aligned experience on Apple devices," he says.

 

Björn Goerke, chief technology officer at Volkswagen Group's Car.Software
Organization, echoes this sentiment.

 

"The more the apps know about the specific context in which they are
operating, the better the experience will be for the user," he says,
referring to the car sensors and various other parts of the car which may
not be accessible to Google.

 

While carmakers are happy to co-operate with software firms, they will only
go so far. They might be comfortable with voice control of the music system,
temperature control and even the garage door. But handing over control of
the driving systems and specific data and knowledge about how the car works
might well be too much.

 

Mr Goerke from Volkswagen also says there is an important issue surrounding
car owners' data privacy.

 

"This is something Volkswagen will continue to own. Customers need to remain
in charge of the data we're collecting and it needs to be clear what is
happening with their data, and that it is not going to be given away through
that particular kind of channel which sits in the car," he says.

 

Other car manufacturers like Mercedes are also building their own operating
systems.

 

Many are keen to see how Apple develops its relationship with the car
industry.

 

In 2016, it scaled back "Project Titan", a secretive effort to build what
was dubbed the Apple Car, but it kept on a number of employees who had been
working on the project.

 

Mr Broome says he wouldn't be surprised if Apple is working with several
carmakers behind closed doors.

 

Eventually, Mr Pacheco believes there will be just a few operating systems
on the market left to fight it out.

 

As for Mr Bhagalia, he believes his new Tesla could eventually have apps
from Amazon or Tesco on board, allowing a passenger to do some shopping, as
well as apps for multiplayer online gaming.

 

"Tesla already has a number of games but hopefully in the future, drivers
can play against each other while they're charging their cars," says Mr
Bhagalia.—BBC

 

 

Nigeria: Electronic Train Tickets Coming November - NRC

The Managing Director, Nigerian Railway Corporation (NRC) Mr. Fidet Okhiria,
has said the Corporation will begin to issue electronic tickets by November
this year.

 

The NRC MD stated this Thursday when he paid an unscheduled visit to the Idu
Train Station in Abuja.

 

He said the e-ticketing infrastructure will be implemented in phases
starting with the online sales of tickets.

 

The vendor to deploy the e-ticketing solution was prequalified by the
Federal Ministry of Transportation.

 

"Plans are on ground to work out the necessary modalities to ensure the
E-ticketing becomes operational as soon as possible.

 

"The E-ticketing installation has commenced.

 

"With the last meeting that was held by the end of the month, the first
stage of people being able to buy tickets online will start, while we await
the physical infrastructure that is going to be put in place" he said.

 

"We are working hard and also pressing and we think by month end we should
be able to launch the E-ticketing platform and it will be functional," he
assured.

 

He said for the Abuja rail, with more coaches in Abuja, once the diesel
multiple units arrive, the schedule could change.

 

"The programme of the train station is based on seven return trips, making
it 14 a day, seven going and seven coming.

 

"Couches have arrived, the diesel multiple will arrive soon" he said.

 

"Train scheduling is not an easy task, because if you don't do it well it
can lead to accidents.

 

"We don't want to interfere with the timetable, Nigerians should be patient
with us, before the first week of November we will get there," he
stated.-Daily Trust.

 

 

 

Mozambique: EDM Planning 10 Percent Rise in Tariffs

Maputo — Mozambique's publicly owned electricity company, EDM, is planning
to increase its tariffs by 10 per cent next year, according to the director
of its Strategic and Performance Office, Antonio Nhassengo.

 

Launching the company's strategic business plan covering the period up to
2024 at a meeting n Maputo on Friday, Nhassengo said the price rise was
inevitable in order to "balance the books".

 

However, EDM is not free to charge its clients whatever price it likes: the
government must agree to any increases in basic services such as
electricity. With the economy reeling from the effects of the Covid-19
pandemic, it is by no means guaranteed that the government will rubber-stamp
a proposal for such a large price rise.

 

But without increased tariffs, EDM says it will remain in the red and cannot
pay for the investment required.

 

Nhassengo said that EDM's target is to increase its number of clients to 3.6
million by 2024. Since there are about 2.3 million clients today, that would
be an increase of 56 per cent.

 

The company hopes to connect an extra 300,000 clients a year. This figure is
overwhelmingly domestic consumers, not businesses (which only account for
some seven per cent of new connections).

 

The business plan will cost 1.6 billion US dollars. There must be new
investment in power generation, in expanding the national electricity grid,
and replacing obsolescent equipment

 

"We're not just going to connect the clients", said Nhassengo, "but we have
to guarantee that we supply them with good quality electricity".

 

A range of projects have been identified to generate the extra power needed
to supply an additional 300,000 clients a year. The most important of these
is the new gas-fired power station at Temane, in the southern province of
Inhambane, with a 400 megawatt capacity, which should become operational in
2023.

 

Nhassengo believed that, with the Temane power station, "there will be a
gradual increase in production, and there will be a surplus of power than
can be exported".

 

Temane would also displace the Cahora Bassa dam on the Zambezi as the
primary source of power for EDM. Currently, Cahora Bassa sells EDM 52 per
cent of the power it uses, but by 2024 this figure should decline to 32 per
cent.

 

 

 

African Development Bank Urges Japanese Investors to Seek Investment
Partners in Africa

The African Development Bank has urged Japanese investors to collaborate
with local partners in Africa in order to stimulate growth on the continent.

 

The invitation came on 29 September during a webinar to provide information
to the Japanese private sector on doing business in Africa. About 250
participants, mainly from Japan, attended the webinar

 

which was organized by the Bank's Asia External Representation Office and
its Co-Financing, Syndication and Client Solutions Department.

 

"Africa's challenge today is to attract more private investors who can join
forces with local partners in order to create added value and thus initiate
inclusive and sustainable growth. In this context, Africa needs much more
investment from Japan. The African Development Bank is ready to support
this," said Samuel Higenyi Mugoya, the Bank's Director, Syndications,
Co-financing and Client Solutions.

 

Mugoya noted that the private sector's importance to Africa's development
was recognized during the 7th Tokyo International Conference on African
Development (TICAD7) held in 2019.

 

He also pointed to recent examples of co-financing operations, such as a
loan to the Ghana Cocoa Board extended by the Bank and the Japan
International Cooperation Agency under the Enhanced Private Sector
Assistance initiative. Another project, Mozambique's LNG Area 1 Project, is
jointly financed by the Japan Bank for International Cooperation and Nippon
Export and Investment Insurance.

 

Nobumitsu Hayashi, the Deputy Governor of the Japan Bank for International
Cooperation, explained the leading role that the African Development Bank
had played in discussions around the Mozambique LNG project. The Japan Bank
for International Cooperation, he said, could support the Japanese private
sector in Africa by leveraging its extensive network, and he urged
participants to proactively invest in Africa.

 

Atsushi Mimura, Deputy Director-General of the International Bureau of
Japan's Ministry of Finance, outlined the overall relationship between the
African Development Bank and the government of Japan, which is a Bank
shareholder.

 

"The Japan Bank for International Cooperation and the Japan International
Cooperation Agency are committed to building a closer relationship with the
Bank through co-financing operations. Large investment demand is expected
for infrastructure, including the health sector, and Africa has high growth
potential in the post-COVID-19 phase," Mimura said.

 

The Bank's Director of its Asia External Representation Office, Takashi
Hanajiri, explained the role and activities of the Asia External
Representation Office and highlighted the Bank's flagship Africa Investment
Forum, a strategic platform for attracting capital to Africa.

 

In addition, Bank staff presented on the Enhanced Private Sector Assistance
initiative, a partnership between the Bank and the government of Japan, and
on the Bank's private sector operations.

 

Presentations also addressed investment opportunities and successful private
sector operations in the power and renewable energy sectors. Participants
also learned about the financial products the Bank offers for private sector
investments.-African Development Bank.

 

 

 

South Africa: Millions in Lottery Money Spent On Football Exhibition With
Limited Public Access

A "South African Football Museum" funded to the tune of R7 million by the
Lottery is under lock-and-key at the FNB Stadium in Johannesburg and not
easily accessible to the public.

 

After the "museum" ran out of funds in 2017 and could no longer afford to
pay rent, an agreement was reached with the FNB Stadium operators to allow
them to include the exhibition in stadium tours, according to Pippa Freer,
one of the directors of the non-profit company, Mzansi Football Museum,
which set it up.

 

But this means that the From Freedom to Fanfare exhibition is only
accessible to the public via a paid stadium tour one day a week. Entrance to
the exhibition was previously free, according to Freer.

 

 

The National Lotteries Commission (NLC) allocated almost R14.5 million
between 2014 and 2016 in Lottery funds to what it described as a "football
museum" - in reality a large exhibition showing South Africa's history of
hosting international sporting events.

 

Of this, R6.95 million went to the South African Hall of Fame at Sun City,
which celebrates great South Africans.

 

The Football Museum had entered into a "mother and baby" agreement two years
earlier to act as a conduit for the Hall of Fame's Lottery funding
application. The Hall of Fame, also a non-profit, was unable to apply
directly as it was brand new and could not supply the two years of financial
statements required by the NLC.

 

The payment to the Hall of Fame was made after it complained to the National
Lotteries Commission (NLC) that funding intended for it in terms of the
conduit agreement had been "hijacked" by the Football Museum.

 

 

The NLC then launched an investigation, which included a financial audit,
into the museum's funding.

 

The Hall of Fame, which had originally applied for R7 million in 2014, was
later directly paid a total of R6.95 million in two tranches of R4 million
and R2.95 million in 2016. This is unusual as the NLC normally makes conduit
payments via the "mother" organisation.

 

Confusingly, both projects share the same project number, so it is
impossible to work out, based on NLC annual reports where the grants are
listed, how the total grant of R14,452,722 was allocated between the two
organisations.

 

Freer confirmed that her project had received about R7.4 million, while Hall
of Fame chairman Johnny Burger said his project had received R6.95 million.

 

In our interview with Flow Communications, the company who put together the
exhibition, the director said there was also an interactive robot of some
sort. That wasn't there when GroundUp visited.

NLC spokesman Ndivhuho Mafela did not respond to a question about the
amounts allocated to the two organisations.

 

"The South African Football Museum and Bold Moves (the non profit originally
behind the Hall of Fame) submitted an application and were funded in
partnership in 2013," said Mafela. "One partner ( 'the baby') approached the
NLC with complaints that the main organisation ('the mother') had excluded
them in the implementation of the project and that funds due to them were
never received."

 

The NLC intervened and facilitated a meeting between the two organisations
in December 2020 "to fully understand the issues and requested the parties
after this meeting to provide additional information," he said.

 

GroundUp visited the exhibition last week. The exhibition is not generally
operational; it had to be opened following a telephonic booking. The ticket
price is R60 per person. Sports associations donated some of the sports gear
to put in the exhibition, according to the tour guide.

 

The exhibition contained plenty of information about sporting codes, a "fan
wall" with photographs of people attending world cups, and an opportunity to
compare your height to those of rugby players, but didn't appear to be worth
anything close to over R7 million, though there were a few televisions and
iPads and an inter-active goalkeeping game, which was not working when
GroundUp visited.

 

GroundUp is being sued after we exposed dodgy Lottery deals involving
millions of rands. Please help fund our defence. You can support us via
Givengain, Snapscan, EFT, PayPal or PayFast.-GroundUp.

 

 

 

Mozambique: Tractors and Motorbikes Distributed Under Sustenta

Maputo — Mozambican President Filipe Nyusi reaffirmed on Thursday that his
government's flagship agricultural development programme. Sustenta, will
refine the agriculture that farmers need to increase their production and
productivity and thus fight against hunger.

 

He was speaking in Vanduzi district, in the central province of Manica,
where he delivered 25 tractors to farmers and 89 motor-cycles to
agricultural extensionists.

 

In addition to the tractors and motor-cycles, there was also the delivery of
cheques to emerging small producers for sums ranging between 4.8 and six
million meticais (between 63,900 and 83,300 US dollars).

Nyusi declared that those who benefit from funding under the Sustenta
programme should serve as an example in food production, and exploit to the
maximum the resources allocated by the government and its partners for
agricultural activity.

 

"Manica is the country's granary", he said, "and so it should contribute to
the fight against hunger, and in reducing food imports". He wanted to see
Sustenta beneficiaries "working the land for their own sustenance and to
guarantee food for other peoples".

 

Nyusi urged farmers to abandon empirical production, and opt for scientific
production instead. "We should bank on an agriculture of research, where
knowledge allows us to increase production", he said. "This programme will
allow peasant farmers to be directly linked to extensionists in the
transmission of new production techniques".

 

He insisted that Mozambicans must stop depending on food imports, and make
adequate use of the land to guarantee the food and nutritional security of
the population. The President called for intensive agriculture "to make the
land profitable, because the final goal is zero hunger in the near future.
This will be demanded of the beneficiaries of this programme".

 

 

He recalled that, when Sustenta was launched in Tete province, many people
thought it was just a dream, but now they were seeing it come to fruition.

 

"We want to empower agriculture through building up the capacity of
producers and extensionists in new production techniques", said Nyusi.

 

"In a scientific, organised and programmed way, the extensionists will help
the producers", he added. "We have also delivered cheques. These are loans
that must be paid back in order to help other producers. That's what we say
it is important to make the best use of this support in order to increase
income".

 

"We don't want you to do the same as happened in the past, when people
benefitted from money and did not repay it", Nyusi warned.

 

 

Nyusi was clearly thinking about the District Development Fund (FDD) set up
in 2006 by his predecessor, Armando Guebuza. Under the FDD, seven million
meticais (about 233,000 US dollars, at the exchange rate of the time) was
given every year to every district to be distributed among producers who
presented viable projects that would boost food production and create jobs.

 

The FDD was supposed to be a rotating credit scheme. The money was to be
repaid, so that it could be lent out again. Year after year, the FDD lent
out the equivalent of tens of millions of dollars, but the vast majority of
this money was never repaid. Few were the districts where repayment rates
went above ten per cent.

 

Nobody was ever arrested for this blatant abuse of state funds, and there
has never been a final reckoning of how much the FDD cost the country, and
what benefits, if any, it brought.

 

Nyusi seems determined to ensure that nothing of the sort happens with the
Sustenta funds.

 

 

 

 

Ghana: President Cuts Sod for U/E Solid Waste Plant

President Nana Addo Dankwa Akufo-Addo has, once again, reaffirmed his
administration's support for any private company which is ready to help in
advancing the progress of the country.

 

"I want to reiterate that I am particularly keen to assist any private
company which is ready to advance the progress of this country," he
affirmed.

 

The President made the assertion when he cut the sod for work to begin on
the Upper East solid waste treatment facility at Sherigu in the Bolgatanga
East District yesterday.

 

Partnership

 

The facility is a collaboration among Zoomlion Ghana Limited (ZGL) and its
partners, Komptech, in partnership with the government of Ghana.

 

With the exception of the Kumasi and Accra composting and recycling plants
which have been commissioned and were operational, works were on-going on
similar facilities in regions including Ahafo, Bono, Bono East, Eastern,
Western and Western North. Thus, the Upper East plant brings the number of
regions that have so far benefited from Zoomlion's one region, one solid
waste treatment facility to eight.

 

According to President Akufo-Addo, the waste treatment facilities across the
regions were very important, adding that they will help deal with waste
management in the country.

 

In this regard, he applauded the collaboration among the Jospong Group of
Companies (JGC) and the Ministry of Sanitation and water resources (MSWR)
for their efforts to ensure that all the 16 regions had a share of the
plant.

 

 

He indicated that the compost recycling plants would help safeguard the
sanctity of "our environment" and ensure that Ghanaians were always healthy.

 

The President went on to describe the Minister of Sanitation and Water
Resources, Madam Cecilia Abena Dapaah, and the Executive Chairman of JGC,
who is also the Chief Executive Officer (CEO) of ZGL, Mr Joseph Siaw
Agyepong, as "two exceptional Ghanaians that we must continue to support."

 

The event was part of the President's two-day tour of the Upper East Region.

 

The Minister of Sanitation and Water Resources, Madam Cecilia Abena Dapaah,
disclosed that the Upper East generates 782 tonnes of solid waste a day.
She, therefore, explained that that would be a very good source of raw
materials for the compost and recycling plant to be built in the region.

 

 

"There is the need for the private sector to fill in the value chain in the
collection and transportation of solid waste in the region," she said.

 

A clean environment, she said, will help promote tourism "which the Upper
East" is noted for.

 

Madam Dapaah charged the assemblies in the region to collaborate effectively
with Zoomlion to make sure the solid waste was properly collected and sent
to the treatment plant.

 

The Executive Chairman of Jospong Group of Companies, Mr Joseph Siaw
Agyepong, said, upon completion, the facility will offer 75 and 205 direct
and indirect jobs respectively to the youth in the region.

 

He heaped praises upon the chief of Sherigu and the Municipal Chief
Executive (MCE) for Bolga East Municipal Assembly for making available a
100-acre land for the project

 

The Chief of Sherigu Traditional Area, Naba Thomas Aluman Apasinaba II, on
his part, expressed appreciation to the President for fulfilling all his
campaign promises in the run-up to the 2016 election.

 

He said, social intervention programmes such as free SHS, Planting for Food
and Jobs, NABCo among others have impacted positively in the lives of his
people.

 

In a brief remark, the Upper East Regional Minister, Mrs Tangoba Abayage,
stressed that her region had witnessed what she described as "monumental"
development projects under the three-and-a-years administration of President
Nana Akufo-Addo.

 

"There is no corner of the Upper East that has not witnessed any development
under the Akufo-Addo administration," she indicated.-Ghanaian Times.

 

 

 

Ghana: Petroleum Commission Inaugurates New Board

A Deputy Minister of Energy, Joseph Cudjoe, has charged the reconstituted
board of the Petroleum Commission (PC) to help the commission to surmount
the impact of the coronavirus disease (COVID-19) on its operations.

 

He said the pandemic created challenges for the commission's revenue targets
for the year, whilst some programmes and activities had to be suspended,
cancelled or postponed due to restrictions instituted to lessen the spread
of the virus.

 

"I expect the board to help the management to implement strategies that will
mitigate the effect of the pandemic on the operations of the commission," he
said at the inauguration of the board in Accra on Tuesday.

 

 

The reconstitution of the seven-member board follows the end of the
three-year mandate of the previous one which was headed by Stephen
Sekyere-Abankwa, who has been maintained in the same capacity.

 

Also maintained on the board are Egbert Faibille Jnr, PC Chief Executive
Officer, Mohami Salifu, Dr Jemima Nunoo, Hardi Tufeiru and Prof. Daniel
Asiedu with Kwabena Kokofu of the Environmental Protection Agency, joining
them.

 

"The President has confidence in your capability and has, therefore, given
you this privilege to serve on this board. Much is, therefore, expected from
you and I trust you will not disappoint him," Mr Cudjoe said.

 

In the coming years, he said, the commission was expected to consolidate the
country's position as an attractive destination for investment in oil and a
hub for petroleum operations in the West Africa sub region.

 

 

He said the in-country spends and participation of Ghanaians in the
industry, including the employment of women in the upstream petroleum sector
should increase alongside the financial sustainability of the commission.

 

"As herculean as the role of the board of directors might be, l believe that
the Petroleum Commission will achieve its goals if the board is willing to
abide by the core values of the organisation.

 

"All of you must be committed to adhering to the highest professional
ethics, individual integrity and other values such as teamwork,
proportionality, equity and fairness, transparency, responsiveness,
accountability, innovation and unity in diversity," he said.

 

Mr Cudjoe commended the board and management of the commission for promoting
the country and positioning her upstream industry as one of the favourable
destinations for investments in Africa over the last few years.

 

Mr Sekyere-Abankwa, on behalf of the board, thanked the government for
granting them another opportunity to serve and pledged to continue
contributing their quota to the development of the country.-Ghanaian Times.

 

 

 

Namibia: More Join Battle Against Locust Outbreak

The Namibian Defence Force (NDF) has deployed a plane to the Zambezi region
to intensify the fight against the African migratory red locusts that have
invaded the whole region and destroyed 500 hectares of grazing land.

 

The locust swarm was reported on 12 August 2020, notably at Muzi, Namiyundu,
Ivilivizi, Lusese, Ihaha, Nakabolelwa, Masikili, Malindi, Ibbu, Ngala,
Muyako, Mahundu, Machita, Kikiya, Kanono, Muketela, Linyanti, Chinchimani
and Kapani areas.

 

NDF spokesperson Petrus Shilumbu yesterday confirmed they deployed a Y-12
aircraft on Saturday comprised of a pilot and technicians.

 

 

"As we are speaking, they are with other stakeholders including Unam and
agriculture officials accessing the situation. These teams are on the ground
to test the chemical if it is going to work. They are testing it at Ibbu
village with a vehicle. Our pilot has not yet started flying," Shilumbu
said.

 

He stated that as a defence force, during peacetime, this is their secondary
role to assist civil power and local authorities in domestic support
operations when required, such as the locust outbreak.

 

In the meantime, farmers in the areas to be sprayed have been advised to
move their livestock as the chemical is very dangerous.

 

Unam spokesperson John Haufiku said an interdisciplinary team of university
academics, composed of scientists such as entomologists, biologists, vets
and social scientists like lawyers, economists and a host of other
specialised academics, are also in Zambezi region contributing to the fight
against a locust outbreak that has been ravaging the continent from as far
as Pakistan, the Horn of Africa down to Namibia. Unam is part of a national
team led by the ministry of agriculture, NDF and the ministry of
environment.

 

 

The aerial spray seems to be the choice of tactic to contain the migration
of the swarm inland.

 

Unam scientists have determined a pattern of migration and feed this
information to the air force for finding and spraying the pests.

 

"The situation is currently under control," remarked Unam's
pro-vice-chancellor for research Anicia Peters who is leading the
university's team on the ground.

 

Other strategies of containing the swarm have been hotspot tracking, which
is a method of determining the migratory behaviour of the locusts, and then
trapping them at night while they sleep to harvest them and use them as fish
and chicken fodder.

 

Unam has also been at the fore of engaging communities to educate them about
what is happening to manage the government's response appropriately.

 

According to Haufiku, Unam sees the locust outbreak as a national concern
and has decided to use its scarce resources to help fight the swarm.

 

"Now two years in office, Unam's vice-chancellor Professor Kenneth Matengu
has been vocal about impactful research that helps solve problems in the
community. This is one of the largest teams ever deployed to assist with a
national challenge," added Peters.-New Era.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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
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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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