Major International Business Headlines Brief::: 06 March 2021

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Major International Business Headlines Brief::: 06 March 2021

 


 

 


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ü  US sees jobs surge as hope for rebound rises

ü  US and EU suspend tariffs in Boeing Airbus row

ü  Pubs deluged with beer garden bookings

ü  Ellesmere Port: Vauxhall plant pauses production as demand sags

ü  Covid-19: English travellers face fines and losing flights without new
permit

ü  More than 20,000 U.S. organizations compromised through Microsoft flaw:
source

ü  U.S. agency probes Facebook for 'systemic' racial bias in hiring,
promotions - attorneys

ü  Wall Street Week Ahead: Investors weigh how far tech stocks can slide
after volatile week

ü  'No sense of job security': Amazon union organizers tell lawmakers in
Alabama

ü  Texas power regulator rejects request to cut $16 billion in charges
during freeze

ü  Twitter's Dorsey auctions first ever tweet as digital memorabilia

ü  Nigeria: UN, Germany, Unveil Plans to End Nigeria's Illegal Wildlife
Trade

ü  Nigeria: Demand By Nigerians in Diaspora Boosts Exports

ü  Kenya: State U-Turn On Changes to Kenya-UK Trade Deal

ü  Malawi: Ganda Punches Holes in Mid-Year Budget, Spells Doom for Malawi
Economy

ü  South Africa: Mpumalanga Focuses On Reviving Economy

 

 

 


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US sees jobs surge as hope for rebound rises

Hiring surged in the US last month as virus cases dropped, the vaccination
campaign gained steam and restaurants and bars brought back workers.

 

Employers added 379,000 jobs in February, breaking a two-month streak of
minimal gains.

 

The growth was stronger than analysts had expected, but the activity did not
significantly dent the jobless rate.

 

It dipped from 6.3% to 6.2%, reflecting the millions that remain out of work
because of the virus.

 

"This number is a surprise, but it's essentially all about the reopening
boost to the jobs market arriving earlier than expected," said Brian
Coulton, chief economist at Fitch Ratings.

 

"The leisure and transport sector accounted for a very high share of the job
gains in the private sector, as social distancing restrictions were eased,"
he added. "Stripping those sectors out, the gains were much more subdued."

 

In addition to bars and restaurants, retailers and manufacturers were among
the employers adding jobs. Construction firms and local governments shed
positions, while many sectors were little changed.

 

"The recovery is gaining momentum now," said Julia Pollak, chief economist
at job search site ZipRecruiter. But she said February's gains were
"consistent not with a robust rebound, but with the tepid reawakening of the
labour market from the Covid winter hibernation".

 

Aid package

Roughly 10 million people were unemployed last month - almost double the
number a year ago before the virus prompted widespread lockdowns and social
distancing, the Labor Department said.

 

That count did not include the millions more that have stopped looking for
work or identified as employed, but are not working because of the pandemic.

 

US unemployment rate

Minorities and low-wage workers have been particularly hard hit. While the
jobless rate fell for most groups last month, it rose among black workers
from 9.2% to 9.9%.

 

Federal Reserve chairman Jerome Powell said on Thursday he expected hiring
to pick up in coming months, as the virus abates and authorities ease
restrictions on activity. But he said it was unlikely the US would return to
its pre-pandemic employment levels this year,

 

Despite the gains last month, the number of jobs at hotels and restaurants
is down 20% from a year earlier.

 

"It's a lot of ground we have to cover," Mr Powell said.

 

Analysts said February's hiring in part reflected the impact of a $900bn
(£650bn) relief bill approved at the end of last year.

 

President Joe Biden is now pushing another $1.9tn package of aid intended to
provide support to the jobless and sectors of the economy that are
struggling.

 

Republicans say the amount is unnecessarily large. But Democrats have said
they hope to approve the plan by mid-month.--BBC

 

 

 

US and EU suspend tariffs in Boeing Airbus row

The US and the EU have agreed to a four-month suspension of tariffs they
imposed on each other as punishment for subsidies provided to rival
planemakers Airbus and Boeing.

 

The move affects billions of dollars worth of goods from both countries.
including tractors, wine and cheese.

 

It comes a day after the US agreed to suspend its tariffs on UK imports
stemming from the dispute.

 

The US said the step marked a "fresh start" to US-EU trade relations.

 

European Commission Executive Vice-President and Trade Commissioner Valdis
Dombrovskis also called it a "reset" for the relationship, which grew
strained under former President Donald Trump.

 

"Removing these tariffs is a win-win for both sides, at a time when the
pandemic is hurting our workers and our economies," he said.

 

"This suspension will help restore confidence and trust, and therefore give
us the space to come to a comprehensive and long-lasting negotiated
solution."

 

WTO Boeing Airbus fight

The dispute between the US and EU over the aircraft subsidies goes back
nearly two decades.

 

In 2019, the World Trade Organization ruled that the EU had illegally
provided support to Airbus, clearing the way for the US to respond with
tariffs worth up to $7.5bn (£5.4bn) in annual trade.

 

Roughly one year later, in a parallel case, it ruled that the US benefits to
Boeing also violated trade rules, authorising the EU to hit the US with
tariffs worth roughly $4bn.

 

Since then, both sides have taken steps to remove the assistance found at
fault.

 

However, it was not clear whether the tariffs would be lifted under Mr
Trump, who had embraced such taxes as part of his trade policy, at one point
calling himself a "Tariff Man".

 

In December, the UK said it would voluntarily suspend its tariffs on US
goods. Officials said they hoped to kickstart compromise talks, casting the
measure as an example of the benefits to the UK's ability to act as an
independent trading nation following Brexit.

 

The US did not respond in kind until this week.--BBC

 

 

 

Pubs deluged with beer garden bookings

England's pubs have been deluged by people eager to book space from when
beer gardens reopen on 12 April, industry group UK Hospitality has said.

 

>From that date, pubs are expected to be able to serve customers sitting
outdoors.

 

One Leeds pub reported that it had taken in 700 bookings in just five hours
this week.

 

Demand has been so high that scammers have even taken to advertising fake
pub bookings.

 

Pubs in most of the UK have been closed to sit-in customers during the
latest lockdown, creating pent-up demand.

 

"Our members that can open outdoor areas have reported strong interest from
customers, which is not surprising after such a long period of closure,"
said Kate Nicholls, chief executive of UK Hospitality.

 

During the most recent lockdown, pubs in England have been allowed to serve
takeaway food and non-alcoholic drinks until 23:00 GMT, but not takeaway
alcohol. Pubs have been closed to customers wishing to sit in throughout the
UK.

 

In Scotland, alcohol cannot currently be sold for outdoor consumption, while
venues are closed on the mainland except for takeaways picked up outside the
premises, although they are open on some of the islands. Hospitality venues
on the mainland are set to reopen from about 26 April.

 

In Wales, pubs can sell takeaway drinks if licensed, and in Northern
Ireland, takeaway off-sales must stop at 20:00 GMT.

 

Covid: When can pubs and restaurants reopen?

When the Water Lane Boathouse pub in Leeds announced on Wednesday that
bookings were open, it had more than 700 in just five hours.

 

"Please bear with us as we work our way through them," it told customers on
Twitter.

 

The rush to secure pub places when lockdown lifts prompted one fraudster to
advertise fake bookings for a south London pub at £15 a time.

 

The scammer posted an ad on Craigslist claiming: "I have taken the liberty
of procuring all the bookings at the Half Moon Pub in Herne Hill, from
12-close in the date range 12-18 April.

 

"Love it or hate it, now you must pay for it. £15 per booking."

 

The ad has since been removed.

 

At the Wiremill, near Lingfield in Surrey, bookings have been flooding in,
even though the pub has not advertised its reopening plans.

 

"We're almost fully booked for the first week of opening and have already
got about 2,500 people booked in for the first two weeks, even though we
haven't gone out to tell customers," says pub owner Tim Foster, who runs the
four-strong Yummy Pubs chain.

 

"They've all come from inquiries, people asking when we'll be open and if
they can book."

 

The pub used the time after the first lockdown to boost its outdoor area and
double the capacity.

 

"We're now capable of seating 230 outside, or 160 with social distancing,
but we'll limit bookings to around 50% capacity for the first couple of
weeks to help us and our customers get used to it," Mr Foster said.

 

Pubs will be helped by not having to keep to a 22:00 curfew, as they were
last time they were allowed to open, but bookings are coming in at a high
level for every day, he said.

 

"We'll be full every day, not just the weekends. There's a huge pent-up
demand - people are desperate to get out of their houses."

 

Booking boom

Other pub chains have reported an uplift in bookings.

 

"We experienced a 300% spike in bookings when the roadmap was announced,"
said Zoe Cooper, senior marketing executive at the Inn Collection Group,
which has 15 pubs in north-eastern and north-western England.

 

"We're looking forward to welcoming guests back."

 

A spokesperson for Fuller Smith & Turner, which runs about 400 pubs around
the country, said: "People are clearly keen to get back to the pub and where
we are opening our gardens and patios on 12 April, we've seen a high number
of people pre-booking their tables.

 

"We just can't wait to welcome our customers back into our pubs. It's been a
long time coming."

 

Mitchells & Butlers owns a number of national pub chains, including All Bar
One, Browns, Castle and Harvester.

 

It said it would open 250-300 pubs in England on 12 April, and about 100
more from the Bank Holiday weekend at the end of the month.

 

"In pubs which do reopen, we'll be encouraging customers to use apps to both
pre-book and then to order from their table," a spokesperson said.

 

Reopening plans

Last month, Prime Minister Boris Johnson announced that he hoped that
hospitality venues could reopen from 12 April for outdoor service only.

 

The reopenings depend on how the pandemic progresses in the next few weeks.

 

But if all goes as planned, people will be able to meet friends or family in
beer gardens or to eat dinner outside as a group of six or a mixture of two
households.

 

Booking rules

"Bookings will not be mandatory, although lots of venues will probably
implement a booking system," said UK Hospitality's Ms Nicholls.

 

"Businesses will have their own systems in place for managing high demand,
processing bookings and ensuring high levels of safety are met."

 

One chain where you won't need to book is Wetherspoons. It said this week it
would reopen 394 of its 750 England pubs with outdoor spaces, including beer
gardens, rooftops gardens and patios.

 

But the pub reopenings on 12 April are only a small part of the industry,
pointed out Ms Nicholls.

 

"April isn't going to represent a reopening of any significance, or a
reopening at all, for much of the sector. We need to remember that nearly
60% of hospitality businesses don't have outdoor areas and many that do only
have small spaces."

 

Pubs and restaurants will be given the green light to offer indoor seating
from 17 May, providing specific Covid conditions are met.

 

>From that date, indoor parties can be made up of a maximum of six people or
two households of any size, while groups seated outside must be smaller than
30 people.

 

>From 21 June, all restrictions could be lifted.--BBC

 

 

 

Ellesmere Port: Vauxhall plant pauses production as demand sags

Carmaker Vauxhall will halt production at its Ellesmere Port plant for six
shifts next week, the BBC has learned.

 

It is understood the temporary shutdown at the Cheshire plant, which employs
more than 1,000 people, will start from Monday.

 

Demand for new cars has fallen sharply during the Covid pandemic, with
showrooms closed across Europe.

 

The company said the shutdown had nothing to do with current talks over the
plant's future.

 

Stellantis, Vauxhall's parent company, has been in discussions with the UK
government for weeks about the site.

 

Talks over fate of Vauxhall car plant 'productive'

It is thought the firm is seeking financial incentives to make a fully
electric car at the factory. But there are fears Stellantis may close it
entirely.

 

Talks are continuing and both sides say they have been productive.

 

"The Covid pandemic concerns the whole automotive world, causing the new
vehicle market to fluctuate," a Vauxhall spokesperson said.

 

"From the start of the Covid crisis, we manage our output activity daily,
plant by plant, adapting our industrial activity to the automotive market
trends and by taking into account the different situations we are
facing."--BBC

 

 

 

Covid-19: English travellers face fines and losing flights without new
permit

Anyone travelling overseas from England from Monday will have to prove they
are allowed to travel, or risk being turned away from the airport and fined.

 

They will need to complete a "Declaration to Travel" document from a
government website.

 

The form sets out that their trip is permitted under current restrictions,
such as for education or work.

 

Police officers will be conducting spot checks and may ask travellers to
produce a completed form.

 

It will be an offence to fail to produce a completed form and individuals
could face a £200 fine, the Department for Transport warned.

 

The form must be downloaded from the government's website, signed before
travel and carried or downloaded on to a mobile phone.

 

The three-page form requires travellers to fill out their personal details
and tick a box indicating why they are leaving the country.

 

Airlines will check the forms have been completed before boarding, either at
check-in (online or check-in desk) or at the departure gate.

 

Passengers who do not have a valid form may be denied access to their
flight.

 

Airlines are legally obliged to set out on their website that the form must
be completed before travelling.

 

Current lockdown restrictions mean it is illegal to travel abroad without a
permitted reason, such as for work, volunteering, education, medical grounds
or funerals.

 

Foreign holidays for people in England will not be permitted before 17 May
under Boris Johnson's roadmap for easing coronavirus lockdown restrictions.

 

Passengers who are identified by police as attempting to travel
internationally for reasons that are not currently permitted will be asked
to return home and risk being fined for breaking the rules.

 

The fines start at £200 and soar to a maximum of £6,400.

 

What about travelling from Northern Ireland, Scotland or Wales?

There are slightly different restrictions in Northern Ireland, Scotland and
Wales but, as yet, no declaration for travel form is required.

 

Under current UK-wide Covid-19 restrictions, you must not travel, including
abroad, unless you have a legally permitted reason to do so.

 

It is illegal to travel abroad from anywhere in the UK for holidays and
other leisure purposes.

 

Travellers arriving anywhere in the UK now have to take two coronavirus
tests while quarantining, while some must pay to self-isolate at a
hotel.--BBC

 

 

 

More than 20,000 U.S. organizations compromised through Microsoft flaw:
source

WASHINGTON (Reuters) - More than 20,000 U.S. organizations have been
compromised through a back door installed via recently patched flaws in
Microsoft Corp’s email software, a person familiar with the U.S.
government’s response said on Friday.

 

The hacking has already reached more places than all of the tainted code
downloaded from SolarWinds Corp, the company at the heart of another massive
hacking spree uncovered in December.

 

The latest hack has left channels for remote access spread among credit
unions, town governments and small businesses, according to records from the
U.S. investigation.

 

Tens of thousands of organizations in Asia and Europe are also affected, the
records show.

 

The hacks are continuing despite emergency patches issued by Microsoft on
Tuesday.

 

Microsoft, which had initially said the hacks consisted of “limited and
targeted attacks,” declined to comment on the scale of the problem on Friday
but said it was working with government agencies and security companies to
provide help to customers.

 

It added, “impacted customers should contact our support teams for
additional help and resources.”

 

One scan of connected devices showed only 10% of those vulnerable had
installed the patches by Friday, though the number was rising.

 

Because installing the patch does not get rid of the back doors, U.S.
officials are racing to figure out how to notify all the victims and guide
them in their hunt.

 

All of those affected appear to run Web versions of email client Outlook and
host them on their own machines, instead of relying on cloud providers. That
may have spared many of the biggest companies and federal government
agencies, the records suggest.

 

The federal Cybersecurity and Infrastructure Security Agency did not respond
to a request for comment.

 

 

Earlier on Friday, White House press secretary Jen Psaki told reporters that
the vulnerabilities found in Microsoft’s widely used Exchange servers were
“significant,” and “could have far-reaching impacts.”

 

“We’re concerned that there are a large number of victims,” Psaki said.

 

Microsoft and the person working with the U.S. response blamed the initial
wave of attacks on a Chinese government-backed actor. A Chinese government
spokesman said the country was not behind the intrusions.

 

What started as a controlled attack late last year against a few classic
espionage targets grew last month to a widespread campaign. Security
officials said that implied that unless China had changed tactics, a second
group may have become involved.

 

More attacks are expected from other hackers as the code used to take
control of the mail servers spreads.

 

The hackers have only used the back doors to re-enter and move around the
infected networks in a small percentage of cases, probably less than 1 in
10, the person working with the government said.

 

“A couple hundred guys are exploiting them as fast as they can,” stealing
data and installing other ways to return later, he said.

 

The initial avenue of attack was discovered by prominent Taiwanese cyber
researcher Cheng-Da Tsai, who said he reported the flaw to Microsoft in
January. He said in a blog post that he was investigating whether the
information leaked.

 

He did not respond to requests for further comment.

 

 

 

U.S. agency probes Facebook for 'systemic' racial bias in hiring, promotions
- attorneys

(Reuters) - A U.S. agency investigating Facebook Inc for racial bias in
hiring and promotions has designated the probe as “systemic,” attorneys for
three job applicants and a manager who claim the company discriminated
against them told Reuters on Friday.

 

A “systemic” probe means the agency, the Equal Employment Opportunity
Commission, suspects company policies may be contributing to widespread
discrimination.

 

The EEOC typically resolves disputes through mediation or allowing
complainants to sue employers. But agency officials designate a few cases
“systemic,” enabling investigators to rope in specialists to analyze company
data and potentially bring a broader lawsuit representing entire classes of
workers.

 

Facebook operations program manager Oscar Veneszee Jr. and two applicants
denied jobs brought a charge last July to the EEOC, and a third rejected
applicant joined the case in December. They have alleged Facebook
discriminates against Black candidates and employees by relying on
subjective evaluations and promoting problematic racial stereotypes.

 

The designation of the EEOC’s probe has not been previously reported.

 

The EEOC has not brought allegations against Facebook. Its investigation,
which may last months more, may not result in findings of wrongdoing. The
agency declined to comment.

 

Facebook spokesman Andy Stone declined to comment on the status of the probe
or specific allegations but said that “it is essential to provide all
employees with a respectful and safe working environment.”

 

“We take any allegations of discrimination seriously and investigate every
case,” he said.

 

The EEOC brought in systemic investigators by last August and received
detailed briefing papers from both sides over the last four months, said
Peter Romer-Friedman, an attorney at Gupta Wessler representing Veneszee and
the job candidates.

 

Employment law firms Mehri & Skalet and Katz Marshall & Banks also are
helping the workers.

 

The EEOC’s Baltimore, Pittsburgh and Washington offices are involved,
attorneys from the firms said.

 

Facebook’s counsel, Covington & Burling, did not respond to a request for
comment.

 

Increasing racial and gender diversity has been a persistent challenge for
the nation’s largest tech companies, which at times have blamed a shortage
of qualified candidates from underrepresented groups. But tech workers have
grown emboldened to publicly challenge that notion and allege in formal
complaints that biased employment practices cause disparities.

 

Romer-Friedman said he and his colleagues told the EEOC in a submission last
month that one such Facebook policy is awarding employees bonuses of up to
$5,000 when a candidate they refer is hired. Referred candidates tend to
reflect the makeup of existing employees, disadvantaging Black
professionals, he said.

 

Facebook said about 3.9% of its U.S. employees as of last June were Black.

 

David Lopez, a former EEOC general counsel now teaching at Rutgers
University, said that systemic investigations are significant because of the
additional resources involved. When they result in allegations of
wrongdoing, multimillion-dollar settlements sometimes follow, he said,
citing recent cases against Dollar General Corp and Walmart Inc.

 

In the year ended last Sept. 30, 13 of the 93 EEOC merit lawsuits were
systemic, according to agency data.

 

Last December, the Justice Department accused Facebook of discriminating
against U.S. workers broadly, saying it gave hiring preference to temporary
workers such as H-1B visa holders.

 

Alphabet Inc’s Google last month agreed to spend $3.8 million to settle U.S.
government allegations that it underpaid women and unfairly passed over
women and Asians for job openings.

 

 

 

Wall Street Week Ahead: Investors weigh how far tech stocks can slide after
volatile week

NEW YORK (Reuters) - As U.S. technology shares stumble, investors are
debating whether the decline is an opportunity to scoop up bargains or a
sign of more pain to come for stocks that have led markets higher for years.

 

The Nasdaq Composite, an index heavily populated by tech and growth names,
has slumped 8.3% since its Feb 12 closing record, over three times the
decline for the S&P 500. Drops in popular growth stocks have been even
steeper, with Tesla shares off 27% and Peloton down 32%.

 

Taking advantage of pullbacks in names like Apple and Amazon has been a
winning strategy over the last decade as big technology and growth stocks
drove the market’s gains. In a sign some bargain-hunters may have already
swooped in after a bumpy week, the Nasdaq reversed a steep loss during
Friday’s session to end up 1.6%.

 

Some market participants, however, worry the current decline could be
longer-lasting than previous dips, as expectations of a powerful U.S.
economic recovery fuel a shift away from the “stay-at-home” trade towards
names primed to benefit from a nationwide reopening. A surge in bond yields
is accelerating that rotation, with the benchmark 10-year Treasury yield
hitting 1.625% on Friday, its highest level in over a year.

 

“As the economy reopens, other sectors are going to have fantastic earnings
growth,” said Ed Clissold, chief U.S. strategist at Ned Davis Research.
Earnings increases for the large tech and growth stocks are “not going to
look nearly as good.”

 

Data on Friday showing U.S. employment rising more than expected in February
offered further evidence of a rebounding economy.

 

Investors are awaiting the March 16-17 Federal Reserve meeting, after
comments from Fed Chair Jerome Powell gave little indication that the
central bank was concerned by the recent yield rally.

 

The rise in Treasury yields, which move inversely to bond prices, means
bonds offer greater competition to equities and other comparatively risky
investments. Higher yields can weigh even more on tech and growth stocks
with lofty valuations, as they threaten to erode the value of their
longer-term cash flows.

 

The S&P 500 technology sector has pulled back 7% since yields began their
latest surge in mid-February, while the Russell 1000 growth index has fallen
7.7% against a 1.8% gain for its counterpart value index, which is replete
with bank and other stocks expected to gain in a rebounding economy.

 

Chase Investment Counsel, a wealth management firm, has scaled back its tech
holdings in recent weeks, including selling some Apple and Qualcomm shares,
over concerns about their valuations and evidence the market was rotating
elsewhere, said Chase President Peter Tuz.

 

“Clearly the stocks are not acting well compared to a lot of other groups
out there,” Tuz said. The economic rebound is also likely to give a strong
boost to earnings in beaten down sectors, taking the shine off some
technology companies’ expected results.

 

Profits for the financials, materials and industrials sectors in 2021 are
estimated to jump 23%, 34% and 72%, respectively, according to Refinitiv
IBES, compared to a 15% rise for tech companies.

 

At the same time, valuations in the sector remain historically elevated. At
26.6 times forward earnings, the technology sector’s valuation has pulled
back but it remains well above its historical average of nearly 21,
according to Refinitiv Datastream.

 

Still, some investors believe the pullback could be an opportunity to buy,
pointing to tech companies’ solid profitability that can persist even after
the earnings rebound in the broad economy peters out. While elevated
historically, the sector’s valuation is also well below levels during the
dot-com bubble 20 years ago, that saw the Nasdaq drop over 50% in less than
a year.

 

“The health of tech today is so far superior to what it was,” said Daniel
Morgan, senior portfolio manager at Synovus Trust. “I am still optimistic
and I still think that the fundamentals are solid. I don’t see a huge
pullback like in the summer of 2000.”

 

 

 

'No sense of job security': Amazon union organizers tell lawmakers in
Alabama

(Reuters) - A group of U.S. lawmakers visited an Amazon facility in Alabama
on Friday to lend support to a growing push to unionize its workers, in what
labor leaders and lawmakers called one of the most important union elections
in United States history.

 

Workers at the Amazon fulfillment center in Bessemer, Alabama, are voting on
whether to become the first employees in the U.S. to join a union at one of
the country’s largest employers.

 

The visit comes on the heels of President Joe Biden’s recent statement
defending workers’ rights to form unions. While he did not mention Amazon,
he referenced “workers in Alabama.”

 

The move by the Alabama workers, which is being backed by the Retail,
Wholesale and Department Store Union (RWDSU), is a critical one for the U.S.
labor movement that has struggled with declining membership in recent years.
It is also a watershed moment for a growing unionizing drive within the tech
industry that has long been hostile to organized labor.

 

The congressional delegation includes U.S. Representatives Andy Levin,
Jamaal Bowman, Cori Bush, Terri Sewell, and Nikema Williams.

 

“This is the most important election for the working class of this country
in the 21st century,” Rep. Levin said, addressing workers in Bessemer. “This
is the biggest election in the south in a generation.”

 

Rep. Sewell, whose district includes Bessemer, likened the fight to the
civil rights struggles in the area’s past.

 

“I know that Amazon workers stand in the same tradition as John Lewis...as
those foot soldiers that dare to change the world by having the audacity to
stand up for their rights.”

 

Bowman went a step further and urged Amazon workers around the country to
pay attention to their working conditions.

 

The lawmakers also privately met with workers and organizers from the
facility.

 

“We just want what’s owed to us,” said Kevin Jackson, an Amazon worker at
the Bessemer warehouse who attended the meetings. “We want a seat at the
table.”

 

Michael Foster, a lead RWDSU organizer, said workers at the facility reached
out to the union for help, not the other way around. “We know we have people
walking on egg shells because they have no sense of job security,” he said.

 

Amazon spokeswoman Heather Knox said she does not believe the RWDSU
represents the majority of employees’ views and that Amazon offered “some of
the best jobs available everywhere we hire, and we encourage anyone to
compare our total compensation package, health benefits, and workplace
environment to any other company with similar jobs.”

 

Knox also said the company hopes “these members of Congress will spend this
same amount of energy on raising the minimum wage to $15 per hour —as Amazon
did for all of our employees in 2018.”

 

A NEW CHAPTER

The vote could also help kickstart a new chapter for the labor movement in
the southern states, where unions have long struggled to gain a foothold,
labor experts said.

 

One of the main reasons for this has been fewer job opportunities in the
region and political hostility toward unions, said William Gould, a labor
law expert at Stanford Law. Gould is also a former chairman of the National
Labor Relations Board (NLRB).

 

“But that is changing because of how companies such as Amazon have really
tested the limits of workers’ endurance,” he said, adding that the pandemic
had exacerbated existing health and safety issues.

 

Bessemer, which is about 15 miles (24 km) away from Birmingham, the most
populous city in the state, is majority African American - a fact that has
also made the fight an important one for several lawmakers.

 

Levin separately told Reuters Amazon’s policies are “egregious”, especially
those such as “trying to force an in-person election in a pandemic hotspot.”

 

The NLRB decided on Jan. 15 to not allow in-person voting due to safety
concerns during the pandemic. Earlier this month, close to 6,000 workers
began voting by mail on whether to join the union.

 

Amazon spokeswoman Knox maintained that “Amazon proposed a safe on-site
election process validated by COVID-19 experts that would have empowered our
associates to vote on their way to, during and from their already-scheduled
shifts.”

 

 

 

Texas power regulator rejects request to cut $16 billion in charges during
freeze

HOUSTON (Reuters) - Texas’ state power regulator on Friday unanimously
vetoed a request to cut about $16 billion from state power charges during
the final day of the state’s February cold snap, saying even a partial
repricing could have unintended effects.

 

 

The Public Utility Commission deferred voting on a separate proposal to
slice service fees that would have saved retail electric providers about
$1.5 billion for power never provided. Both proposals were recommended by
the state’s independent power market adviser.

 

Total electricity charges jumped by about $47 billion during a winter storm
that knocked out nearly half of Texas power plants, hiking prices for gas
and power that have roiled the state’s energy sector. Storm-related costs
sent one company into bankruptcy and a dozen more face being unplugged from
the state’s grid for non-payment.

 

“The PUC choose to ignore the recommendation of the economists hired by the
state to advise regulators,” Brandon Young, chief executive of Payless
Power, an electricity marketer, said in an interview. “As a result, $16
billion in costs are being passed to all electric providers -retail
electric, municipal providers and cooperatives.”

 

The state’s grid operator had raised power prices to $9,000 per megawatt
hour, to induce power plant operator to increase power or stay running for
five days. However, that 450-times-the-usual price remained in place after
the emergency passed, adding about $16 billion to the total.

 

State market adviser Carrie Bivens described that final day’s pricing as a
mistake by grid operator Electric Reliability Council of Texas (ERCOT),
recommending the PUC “correct ERCOT’s real time prices.”

 

Revising prices could hurt the companies that had hedged their power costs
and result in greater uncertainty, said commissioners.

 

“Decisions were made about these prices in real time based on information
available to everybody,” said PUC Chairman Arthur D’Andrea. “It is
impossible to unscramble.”

 

The mistake and fees charged for standby power service that were provided
sparked a firestorm of protests by the dozens of companies that market
electricity in Texas. Commissioners on Friday deferred a vote on Bivens’
call for reducing ancillary services fees, saying there was no reason to
rush.

 

Vistra Corp, a power plant operator that receives some of the fees, argued
it was unfair for regulators to cherry pick “certain prices,” for a
rollback. The ancillary services commissioners are considering cutting would
not reduce residential bills, it said.

 

“It would be inappropriate for the Commission to just reprice ancillary
services without addressing the other pricing issues and challenges,” wrote
Amanda J. Frazier, a Vistra senior vice president in a letter to the
commission.

 

Federal and state investigators are examining why the state and utilities
were unprepared for a deep freeze that left up to 4.3 million Texans without
power, heat and water. Consumers will see higher prices as the storm costs
get passed down through rate increases or fewer choices in providers,
officials said.

 

 

 

Twitter's Dorsey auctions first ever tweet as digital memorabilia

(Reuters) - “just setting up my twttr” - the first ever tweet on the
platform is up for sale after Twitter boss Jack Dorsey listed his famous
post as a unique digital signature on a website for selling tweets as
non-fungible tokens (NFTs).

 

The post, sent from Dorsey’s account in March of 2006, received offers on
Friday that went as high as $88,888.88 within minutes of the Twitter
co-founder tweeting a link to the listing on ‘Valuables by Cent’ - a tweets
marketplace.

 

Old offers for the tweet suggest that it was put for sale in December, but
the listing gained more attention after Dorsey’s tweet on Friday.

 

NFTs are digital files that serve as digital signatures to certify who owns
photos, videos and other online media.

 

Dorsey’s 15-year old tweet is one of the most famous tweets ever on the
platform and could attract bidders to pay a high price for the digital
memorabilia. The highest bid for the tweet stood at $100,000 at 0125 GMT on
Saturday.

 

Launched three months ago, Valuables compares the buying of tweets with
buying an autographed baseball card. “There is only one unique signed
version of the tweet, and if the creator agrees to sell, you can own it
forever.”

 

A tweet’s buyer will get an autographed digital certificate, signed using
cryptography, that will include metadata of the original tweet, according to
the Valuables website. The tweet will continue to be available on the
Twitter website.

 

 

 

Nigeria: UN, Germany, Unveil Plans to End Nigeria's Illegal Wildlife Trade

Abuja — The United Nations has unveiled plans that would culminate into
strategic partnership with the federal government, Germany and the European
Union (EU) to end Nigeria's wildlife trafficking and forest crimes through
the development of the first-ever national strategy.

 

Country representative of United Nations Office on Drugs and Crime (UNODC),
Oliver Stolpe stated this in Abuja yesterday at a virtual 2021 World
Wildlife Day (WWD) celebration, organised by the National Park Service (NPS)
with the theme, 'Forests and Livelihoods: Sustaining People and Planet'.

 

In his presentation titled, "The Exploitation of Rosewood in Nigeria: Acting
To Save Nigerias Forests", Stolpe said the theme underscored the need to
protect Nigeria's and Africa's precious forests.

 

Stolpe stated that the national strategy would also capture Nigeria's legal,
institutional and operational capacities to tackle wildlife and forest crime
using the International Consortium on Combating Wildlife Crime (ICCWC) and
forest crime analytic toolkit and indicator framework.

He quoted the World Wildlife Crime Report (WWCR) of 2020 as saying that from
around 2011; 825,000 cubic meters of Kosso logs (rosebuds) or the equivalent
of about 4 million trees exported were predominantly from Nigeria (754,234
cubic metres).

 

Also speaking, the conservator-general of NPS, Dr Ibrahim Musa Goni harped
on the need to raise awareness on the critical role that forests play in
sustaining wildlife species and the provision of ecosystem services that
sustain livelihoods of millions of people worldwide.

 

He said that COVID-19, insurgency and banditry is threatening the existence
and survival of human race, just as he suggested the establishment of more
protected areas, and the use of technology in forest protection and
management.

 

Goni sought for manpower development in the area of forest management,
saying that NPS stopped visitors and researchers from visiting the Chad
Basin national park due to the current security challenges.

 

The minister of Environment, Dr Mahmood Abubakar, who was represented by the
permanent secretary in the ministry, Abel Olumuyima said that federal
government remains committed in addressing actions towards sustainable
forest management.

 

On his part, chairman, House Committee on Environment, Hon Johnson Oghuma
lamented the take-over of forests and reserves by bandits, saying that the
National Assembly is ready to back the NPS with laws that would facilitate
the protection of wildlife and forests.

 

The director-general of National Environmental Standards and Regulations
Enforcement Agency, Prof Aliyu Jauro said the agency advocates
zero-tolerance to illegal wildlife trade, just as he added that forests
provide essential services and contributes to national income.-Leadership.

 

 

 

Nigeria: Demand By Nigerians in Diaspora Boosts Exports

Nigeria is exporting more products by air than it has ever done in the past
and most of the products are meant for Nigerians who live abroad, THISDAY's
findings showed.

 

The development was confirmed by aviation handling companies, which stated
that export of perishables and other Nigerian edible products was on the
rise.

 

The Managing Director of Skyway Aviation Handling Company Plc (SAHCOL),
Basil Agboarumi told THISDAY in a telephone chat that Nigerians in Diaspora
long for Nigerian foods and other items, adding that Nigerian businessmen
and women have risen to the occasion by providing and packaging these
products according to required specification to export them.

As a handling company, Agboarumi said his organisation has the needed
facilities to keep the product in the standard condition as required by each
country it is to be exported to before such products are taken out of the
country.

 

The SAHCOL boss said that most of the products are taken to Europe, the
United States and other places and each country has its specifications for
the screening and preservation of the products.

 

He also said the handling companies, which provide services for the export
of these products, are expected to have certification that would qualify
them to handle the exports.

 

He also acknowledged that the rate of export cannot be matched with the
volume of imports but what is interesting is that there were not much
exports few years ago, so the increase in the export of Nigerian products is
a recent development.

"There are a lot of things that are being exported from Nigeria and these
include farm produce; edibles, manufactured goods, hair extension and even
vehicle spares that are exported to some countries in Africa.

 

"So now that export is rising, the handling companies ought to have certain
facilities and to meet the standard of each exporting country.

 

"These requirements are known by Customs so they inspect the products to
ensure they meet the standard of the countries they are being taken to.

 

"Other agencies such as the National Drug Law Enforcement Agency (NDLEA),
Quarantine and others inspect the products before they are packaged and
loaded in aircraft and exported," Agboarumi said.

 

The Chief Executive Officer of Mainstream Cargo Limited, Seyi Adewale, told
THISDAY that Nigeria was building big business around the export market.

He stated that airline cargo export has significantly increased, adding that
most of the exports are going to the UK, where Nigeria has high population
and also other parts of Europe.

 

"Airline cargo export has significantly increased. For example, one of the
major cargo airlines only recently moved up its export tariff because it
couldn't cope with approximately 60 tonnes of general foodstuff item to UK.

 

"UK remains Nigeria's primary destination of foodstuff followed by Germany
and USA. In fact, German authorities appear to be placing strict
restrictions on foodstuff items from Nigeria. Secondly, repair of spares,
such as turbines are very significant exports out of Nigeria

 

"Another European carrier that uses half of its passenger aircraft belly for
cargo moves principally foodstuff to both UK and Germany.

 

It moves converters/ fibers of an average of five tonnes per week to
Brussels, Prague and Frankfurt and spare parts when they have available
space Lastly, we have seen increase in perishables such as vegetables
although this could be categorised under foodstuff. Nigeria is already
building big business around the export market. For example, three
consolidators in Nigeria are already moving approximately 80 tonnes of
foodstuff per week from Nigeria," he said.

 

THISDAY investigation also revealed that the Nigerian Export Promotion
Council (NEPC) is helping businesses that are into export by easing the
process and even engaging airlines with cargo planes to airlift the products
to their intending destinations.

 

An entrepreneur and the Chief Executive Officer (CEO), Bubex Foods, Miss
Ijeoma Ndukwe who is into export of consumables, said recently that the
company embarked on exportation of Bubex pap to Europe and America due to
the encouragement received from the government.-This Day.

 

 

 

Kenya: State U-Turn On Changes to Kenya-UK Trade Deal

The Executive has bowed to pressure from Parliament and allowed MPs to make
amendments to the Kenya-UK trade deal. However, the changes shall be
considered a year after the deal comes into force.

 

Trade and Cooperatives PS Johnson Weru appealed to lawmakers to pass the
ratification of the pact with reservations.

 

"Should Kenyans through their representatives in Parliament express
reservations, they can be considered one year upon ratification of the
agreement," Mr Weru said.

 

The PS said the memorandum sent to Parliament by Trade Cabinet Secretary
Betty Maina barring MPs from making any changes to the pact was not part of
the Economic Partnership Agreement (EPA).

 

"We want to convince members to become our ambassadors during debate on the
ratification," Mr Weru said.

 

Ms Maina said Kenya has a choice to continue with the partnership or abandon
it altogether within a year if it is not working for its people.

Trade Chief Administrative Secretary Lawrence Karanja said though MPs cannot
change the agreement that has already been signed, there is room for review.

 

"They can pass it with recommendations. We shall then communicate the
reservations to our trade partners so that they can be considered during the
implementation," Mr Karanja said.

 

The about-turn by the ministry came a day after lawmakers threatened to
shoot down the trade agreement if they are not allowed to make changes.

 

The MPs were angered by paragraph 16.1 of the EPA that accompanied the
memorandum of the trade pact sent to Parliament, which stipulates that EPA
Act does not permit any amendments during ratification.

 

The lawmakers argued that the clause that bars them from making changes to
the pact interferes with the sovereignty of Kenya.

Kiambu Town MP Jude Njomo yesterday said there is no point of taking the
memo to Parliament if nothing can be amended.

 

"Parliament must be allowed to do its duty," he said.

 

Trade stakeholders yesterday expressed mixed opinions about over the
Kenya-UK agreement.

 

Those in support said the benefits outweigh the fears expressed by those
against it.

 

Flower Council of Kenya chairman Richard Fox told the Adan Haji-led National
Assembly Trade, Industry and Cooperatives Committee that the deal gives the
organisation a level-playing field with competitors from Colombia and
Ethiopia.

 

Mr Fox said the eight per cent import duty being charged by the UK is too
high and not sustainable to the Kenyan flower stakeholders.

 

"If the agreement is not implemented, our businesses will collapse," Mr Fox
said.

 

Fresh Produce Association chief executive Geoffrey Rimbere said the pact is
a favour to local traders.

 

However, Econews Africa said the deal does not comply with the East African
Community customs union protocol.-Nation.

 

 

 

Malawi: Ganda Punches Holes in Mid-Year Budget, Spells Doom for Malawi
Economy

Chairperson of the Parliamentary Budget and Finance Committee, Gladys Ganda,
has said the economic growth projections at 3.5 percent as contained in the
mid-term budget statement presented on Friday February 26, 2021 by Minister
of Finance Felix Mlusu have been "overstated".

 

Speaking in Parliament on Thursday, March 4, 2021 "to offer a few
reflections as considered by Committee on Budget and Finance", the Nsanje
Lalanje legislator noted that despite the good rains in most parts of the
country, the dry spell and the reported fall armyworm destruction of more
than 860,000 hectares of the maize crop in some parts of the country coupled
with the continued surge in Covid-19 would put this estimate in big doubt.

"It is noteworthy that both the IMF and World Bank also agree with us as
their forecasts and projections are much lower than the Hon Minister's
overly optimistic projections," she said.

 

Mlusu lowered Malawi's economic growth forecast for this year to 3.5
percent, from 4.5 percent seen previously. He also revised upwards the
projected budget deficit in the current 2020/21 fiscal year from MK755.1
billion to MK810.7 billion (US$1.04 billion), or 8.8 percent of gross
domestic product.

 

In her statement, which was structured along the three major sections of the
mid-year budget statement - the macroeconomic outlook for the global;
regional and domestic economies; the Fiscal performance in the first half of
the 2020/21 financial Year; and the fiscal outlook to the end of the 2020/21
financial year, Ganda said while her committee notes that the rebound in
global economy from a recession of minus 3.5 percent in 2020 to 5.5 percent
in 2021 and 4.2 percent in 2022, as reported by the IMF in the World
Economic Outlook (WEO) Report, its view is that the jump is justified and
feasible as the global economy will be recovering from the worst ever
recession since the second world war.

Ganda said that during her response to the national budget last year, she
said that the growth projections were highly ambitious for 2020 at 1.9
percent "but the recommendations were not taken into account".

 

"The actual one has now turned out to be 0.9 percent. The growth projections
at 3.5 percent continue to appear to have been overstated," Ganda said,
adding that the best thing the finance minister should have done was to
remain conservative with his projections.

 

She noted that the high growth rates are exaggerating domestic revenues
especially taxes which may not be realized anyway as companies may not
produce that much taxable output.

"This may result in our domestic revenues getting off track as was the case
in the first half of the financial year. It is also delightful to learn that
the rebasing exercise of the Gross Domestic Product (GDP) by the National
Statistical Office (NSO) from a base year of 2010 to 2017 has revealed a
jump in the country's real GDP by 72 percent.

 

"According to the NSO, rebasing of the economy has increased the size of GDP
from US$6.4 billion (or MK4.6 trillion) in 2010 to US$10.9 billion
(MK8.1trillion) in that same year.

 

"This speaks volumes of the economic gains the country made during the reign
of previous governments, which were previously being under-reported and
never taken into account and attributed to due to statistical challenges,"
said the chairperson.

 

She encouraged the government to regularly comply with the United Nations
Statistical Commission recommendation to rebase the national accounts every
five years.

 

Ganda said her committee takes a view that the estimates may not have taken
into account the full effect of developments in the global and domestic
prices of petroleum products and exchange rate movements, which would impact
significantly on the non-food inflation.

 

"These developments are likely to push both non-food and headline inflation.
With regard to worsening Trade Balance between end 2019 and end 2020 from
US$352.8 million to US$566.7 million, the committee does not see this as a
surprise as Gross Official Reserves have also sharply contracted over the
same period from US$846.6 million to US$574.3 million and the Malawi Kwacha
has also depreciated by 5 percent from July to December 2020.

 

"Considering that the country will continue to import more due to Covid-19
and export less due to contraction of economic activities in the country,
negative trade variance will persist to the end of the year thereby widening
further balance of payments which will fuel further depletion of gross
foreign reserves and depreciation of the Kwacha exchange rate," said the
parliamentarian.

 

She noted that under these circumstances, further upward movements in both
non-food and headline inflation is forecasted, which will negatively affect
the revised budget revenues and expenditures.

 

"On budget performance to bid-Year, the Budget and Finance Committee
considers the non-performance on domestic revenues in the magnitude of K35.9
billion as expected. The country, region and global economies are going
through economic hardships due to Covid-19.

 

"It is, therefore, not surprising that both taxes and non-tax revenues
underperformed because many companies in the country are struggling as a
result of the slowdown in economic activities.

 

"With regard to the positive outturn on grants from K26.3 billion to K83.4
billion, while the development partners are commended for providing these
resources, the hope is that the government would use these resources
properly and not abuse them.

 

"On expenditures to mid-year, while the Committee welcomes increased
absorption in donor funded projects as the main reason for the over
expenditure to mid-year, we would like to raise serious concerns on the rise
in Generic Goods and Services from MK120 billion to MK126 billion on account
of non Covid-19 core budget lines such as the State Residences which
overspent its ORT by MK120 million from a projected MK3.46 billion to MK3.58
billion; Office of the President and Cabinet (OPC) which overspent its ORT
by MK256 million from a projected Mid-Year spending 6 of MK4.241 billion to
MK4.4797; and the Ministry of Youth and Sports, which overspent its ORT
budget by MK25 million from MK240.8 million to MK265.8 million.

 

"With regard to the outlook to year-end, the Committee views prospects for
an increase in Domestic Revenues from MK1.179 trillion to MK1.186 trillion
as overly optimistic and ambitious bearing in mind that both tax and non-tax
revenues underperformed at mid-year. In view of the prevailing economic
slowdown domestically, regionally and globally, the most prudent thing
should have been to revise these revenue projections downwards as opposed to
raising them.

 

"As for expenditures to year-end, the Committee reiterates its position at
the time of the main budget that the government should have been prudent to
live within our means," she said.

 

Ganda said as domestic revenues are flat or declining, the most prudent
thing for the government to do was to cut on excesses in the budget rather
than increasing spending.

 

"In particular, the committee expresses serious reservations and concerns on
increases on non-core Covid-19 budget lines such as ORT increases for State
Residences by MK1.1 billion; OPC ORT increase by MK1.5 billion; MDF ORT
increase by MK1.8 billion; Office of the Vice President ORT increase by K888
million; Ministry of Foreign Affairs ORT increase by MK960 million; the
Ministry of Homeland Security ORT increase by MK5.6 billion and Judiciary
ORT by MK1.5 billion.

 

"The committee has observed that some priority MDAs such as Ministries of
Mining; Trade; and Ministry of Tourism, Culture and Wildlife have received
downward revisions at mid-year. As the nation seeks avenues for increased
revenues, the committee feels that the cut may likely counter efforts to
expand economic activity.

 

"The committee is also concerned with proposed reductions in ORT for
critical Votes such as Asset Declaration ORT reduction by MK43 million;
Councils ORT reduction by MK140 million; Ministry of Education ORT reduction
by MK840 million; Financial Intelligence Authority (FIA) ORT reduction by
MK40 million and Ministry of Health ORT reduction by MK520 million, the
National Assembly ORT which has been revised downwards by MK1 billion.
Whilst the two arms of government, Executive and Judiciary have had
increases in their ORT. The MK1 billion reduction in ORT for the National
Assembly may have serious consequences. It may cripple operations of the
Assembly.

 

"The minister may consider increasing the budget as opposed to reduction to
ensure that operations of the Assembly are not negatively affected due to
funding," she said, arguing that the action by the minister calls for
financial independence of Parliament for smooth operations of its
activities.

 

Spokesperson on finance matters in Parliament for the main opposition
Democratic Progressive Party (DPP) Joseph Mwanamvekha also said the budget
is "off track", saying there is a deficit of over K810 billion from K755
billion.

 

"The budget has not spelt out how the government will fulfil its promises,
which means there is nothing for a common man," said Mwanamvekha.

 

Mlusu in his statement said during the second half, government will continue
to enhance domestic revenue collection in order to achieve set targets for
smooth budget implementation.-Nyasa Times.

 

 

 

South Africa: Mpumalanga Focuses On Reviving Economy

Mpumalanga Premier, Refilwe Mtshweni-Tsipane, has committed to prioritising
economic transformation and mass job creation by aligning the province's
plans to the national Economic Reconstruction and Recovery Plan.

 

The recovery plan was unveiled by the President in October 2020, in an
effort to assist the country's economy recover from the devastating effects
of the COVID-19 pandemic.

 

Delivering the State of the Province Address on Friday, the Premier said the
province will intensify the roll out of the Mpumalanga Industrial
Development Plan, the Nkomazi Special Economic Zone (SEZ) and the Mpumalanga
International Fresh Produce Market.

The Nkomazi SEZ and Mpumalanga International Fresh Produce Market have the
potential to place the agricultural sector on a growth trajectory, create
massive job opportunities and investments for the province.

 

"These initiatives will open opportunities for value chains development,
agro-processing, trade and export, including the agricultural development of
the Southern African Development Community (SADC) region.

 

"We are beginning to see progress in the construction of the Mpumalanga
International Fresh Produce Market. As we speak, we anticipate the
finalisation of the main market by the end of the upcoming financial year,"
the Premier said.

 

The province is working together with the Department of Trade, Industry and
Competition, the Nkomazi Local Municipality, the Ehlanzeni District
Municipality and traditional authorities to finalise all the statutory
requirements needed to ensure that the SEZ site is legally compliant.

The province is also working on concluding all the planning and design work,
so that the development of the site can commence in the upcoming financial
year, and on strengthening the investment pipeline.

 

"The Nkomazi SEZ has received a boost following a very ambitious investment
proposal by a Mpumalanga based property development company. As a province,
we have been actively engaging private sector partners, who wish to work
with us in creating an agri-processing facility around the Kruger Mpumalanga
International Airport (KMIA).

 

"These discussions are at an advanced stage and include proposals that
encompass a wide range of investment initiatives, anchored on a regional
beneficiation hub and trade port," Mtshweni-Tsipane said.

 

The province will ensure that the development of small businesses is
prioritised in the projects, especially enterprises owned by young people,
women and people with disabilities.

District Development Model

 

The province has introduced a new integrated district-based approach to
address service delivery challenges, prioritise procuring locally and create
jobs within communities

 

"Embedded within the implementation of the District Development Model are
individualised Economic Recovery Plans per district, which will direct the
economic potential of the Districts by leveraging local resources across the
three spheres of government, business and communities in order to address
the economic challenges confronting each district.

 

"The public-private partnership component within the District Development
Model is beginning to bear fruit. In Steve Tshwete local municipality, we
will be working together with private sector partners to build a R350
million four-star hotel," the Premeir said.

 

This public-private partnership project has Akani Properties, a black-owned
property development company, as a partner, along with the internationally
renowned Raddison Hotel Group.

 

"The hotel will have a capacity of 150 beds and a convention centre of 1 000
seats. Part of the conditions of the award is that 10% ownership should be
local and 30% of the construction work should be sub-contracted to local
businesses. This project will create hundreds of jobs during the
construction phase and permanent jobs once operational," the Premier said.

 

The sod-turning ceremony for this project is expected to take place by the
end of the month.

 

The province has also identified other important economic measures as part
of its drive to create more jobs and fight the scourge of poverty and
inequality.

 

These include, but are not limited to:

 

Ensuring that all departments eliminate bottlenecks and pay valid invoices
within 30 days;

 

Providing relief funding to small, micro and medium enterprises (SMMEs);

 

Implementing the Mpumalanga Tourism Recovery Plan;

 

Fast-tracking support to Highveld Steel in order to promote the
establishment of the Mining and Metal Industrial Technology Park, and

 

Also fast-tracking the establishment of the Petro-chemical Industrial
Technology Park and Forestry Industrial Technology Park.

 

Fighting corruption

 

The Premier expressed the province's commitment to fight corruption.

 

"We will fight corruption in government whenever and wherever it rears its
ugly head. I have instructed Provincial Treasury to collaborate with the
Office of the Auditor-General to vigorously implement the provisions of the
Audit Amendment Act to ensure that perpetrators of financial misconduct not
only incur criminal prosecution but are also held personally liable for the
mismanagement of public resources," she said.

 

Mtshweni-Tsipane said the province will continue to petition the Special
Investigating Unit to probe instances of prima-facie financial
mismanagement.

 

"This administration will strive to give our people the confidence they are
looking for in the management of public funds," she said.-SAnews.gov.za.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <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
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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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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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