Major International Business Headlines Brief::: 30 November 2021

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Major International Business Headlines Brief::: 30 November 2021

 


 

 


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ü  Westpac: Australia bank pays out over charging dead people

ü  Amazon: Union election to be rerun after claims of foul play

ü  Facial recognition firm faces possible £17m privacy fine

ü  Twitter co-founder Jack Dorsey steps down as chief executive

ü  Nissan boss warns no end in sight to global chip shortage

ü  Ipswich gift card launched to inspire people to shop locally

ü  Online sellers 'hotbed' for dangerous items experts warn

ü  More work needed to create green jobs, report says

ü  More than 17 million have used buy now, pay later services

ü  Powell, Yellen head to Congress as inflation, variant risks rise

ü  Cyber Monday spending expected to slow as shoppers see fewer deals

ü  Nigeria: Food Security - the Foundation of Health and Key to Nigeria's
Development

ü  Tanzania: Rukwa RC Warns Against Construction Materials Price Hike

ü  Tanzania: Isles Saves 23bn/ - for Crafting Own Electronic Payment System

ü  Nigeria: UAE Pledges $2bn to Support Nigeria's Mining Sector

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Westpac: Australia bank pays out over charging dead people

Australian banking giant Westpac has admitted to breaking the law after it
was hit with six lawsuits by regulators over its poor treatment of
customers, including charging fees to dead people.

 

It will pay $81m (A$113m; £61m) in penalties, subject to court approval.

 

The bank will also hand $57m of compensation to its customers.

 

The Australian Securities and Investments Commission (ASIC) said Westpac
needs to urgently improve its "poor compliance culture".

 

"The conduct and breaches alleged in these proceedings caused widespread
consumer harm and ranged across Westpac's everyday banking, financial
advice, superannuation and insurance businesses," ASIC Deputy Chair Sarah
Court said.

 

ASIC, Australia's corporate watchdog, said one of the six investigations
found the bank had charged more than $7m in fees over a 10-year period to
more than 11,000 "deceased customers for financial advice services that were
not provided due to their death."

 

The regulator also said Westpac distributed duplicate insurance policies to
more than 7,000 customers, causing customers to unnecessarily pay for two,
or more, policies.

 

It also estimated that at least 25,000 customers were charged more than $5m
in fees that had not been disclosed adequately.

 

ASIC said Westpac had admitted the allegations filed in the federal court.

 

"In each of these matters, Westpac has fallen short of our standards and the
standards our customers expect of us.

 

"The issues raised in these matters should not have occurred, and our
processes, systems and monitoring should have been better. We are putting
things right and unreservedly apologise to our customers," Westpac chief
executive Peter King said in a statement.

 

It is the latest major regulatory blow for Westpac. In September last year,
it agreed to pay a record $930m fine for the country's biggest ever breach
of money laundering laws.

 

The previous year, Westpac's then-chief executive Brian Hartzer stepped down
after the bank became embroiled in the money-laundering scandal.

 

Also in 2019, a national inquiry into Australia's scandal-plagued financial
sector proposed sweeping changes to the industry in an attempt to end
rampant misconduct.

 

The Royal Commission - Australia's highest form of public inquiry - spent 12
months investigating wrongdoing by some of the country's biggest
institutions.-BBC

 

 

 

Amazon: Union election to be rerun after claims of foul play

Staff at an Amazon warehouse in Alabama will get a second chance to vote on
unionisation, reigniting a fight that attracted national attention.

 

A regional director for the US National Labor Relations Board (NLRB) ordered
the e-commerce giant to hold the election again for employees at the firm's
warehouse in Bessemer.

 

Workers rejected a move to unionise by a margin of two to one in April.

 

However in August, the NLRB said Amazon interfered with the election
process.

 

"Today's decision confirms what we were saying all along - that Amazon's
intimidation and interference prevented workers from having a fair say in
whether they wanted a union in their workplace," Stuart Appelbaum, president
of the Retail, Wholesale and Department Store Union (RWDSU), said in a
statement.

 

While the vote is a major victory for union advocates, it's not the news
Amazon wanted to hear. A company spokesperson said in a written statement:
"It's disappointing that the NLRB has now decided that those votes shouldn't
count."

 

A new date for the vote is yet to be announced.

 

The election puts Amazon, the second largest private employer in the US, in
the hotspot once again.

 

Union membership has steadily dwindled in the US in recent decades, but the
pandemic re-ignited concerns about income inequality and worker safety, with
Amazon drawing much of the public scrutiny.

 

The company has recently faced fierce union campaigns in New York and
Canada.

 

Ahead of the the first vote in Bessemer, US President Joe Biden called the
election a "vitally important choice". Celebrities and national Democratic
politicians travelled to the state to support the union campaign, which even
drew some Republican backing.

 

What was the fight about?

RWDSU leaders had hoped that the pandemic, which sent Amazon's business
soaring while exposing its workers to new health risks, would create an
opportunity for the union to make inroads and set a new standard for Amazon
workers across the country.

 

Organisers tied the fight in Bessemer - where the majority of the nearly
6,000 workers are black - to broader issues of civil rights and racial
justice and cited complaints, such as intrusive monitoring and abrupt,
impersonal treatment by management.

 

In the end Amazon decisively won the vote, which it put down to workers
favouring "a direct connection with their managers and the company".

 

However, the union complained employees had been pressured to drop ballots
into a mailbox that was in view of Amazon camera, creating the perception of
surveillance.

 

If successful, the union drive will mean the company has to negotiate with
union officials on issues such as work rules and pay.-BBC

 

 

Facial recognition firm faces possible £17m privacy fine

An Australian firm which claims to have a database of more than 10 billion
facial images is facing a potential £17m fine over its handling of personal
data in the UK.

 

The Information Commissioner's Office said it had significant concerns about
Clearview AI, whose facial recognition software is used by police forces.

 

It has told the firm to stop processing UK personal data and delete any it
has.

 

Clearview said the regulator's claims were "factually and legally
incorrect".

 

The company - which has been invited to make representations - said it was
considering an appeal and "further action".

 

It has already been found to have broken Australian privacy law but is
seeking a review of that ruling.

 

 

'Google search for faces'

Clearview AI's system allows a user - for example, a police officer seeking
to identify a suspect - to upload a photo of a face and find matches in a
database of billions of images it has collected from the internet and social
media.

 

The system then provides links to where matching images appeared online.

 

The firm has promoted its service to police as resembling a "Google search
for faces".

 

But in a statement, the UK's Information Commissioner said that Clearview's
database was likely to include "a substantial number of people from the UK"
whose data may have been gathered without people's knowledge.

 

The firm's services are understood to have been trialled by a number of UK
law enforcement agencies, but that was discontinued and Clearview AI does
not have any UK customers.

 

The ICO said its "preliminary view" was that the firm appeared to have
failed to comply with UK data protection laws by:

 

The UK Information Commissioner, Elizabeth Denham, said: "I have significant
concerns that personal data was processed in a way that nobody in the UK
will have expected.

 

"UK data protection legislation does not stop the effective use of
technology to fight crime. But to enjoy public trust and confidence in their
products, technology providers must ensure people's legal protections are
respected and complied with."

 

The decision is provisional and the ICO said any representations by
Clearview AI will be carefully considered before a final ruling is made in
the middle of next year.

 

'Best interests of the UK'

Hoan Ton-That, chief executive of Clearview AI, said: "I am deeply
disappointed that the UK Information Commissioner has misinterpreted my
technology and intentions.

 

"My company and I have acted in the best interests of the UK and their
people by assisting law enforcement in solving heinous crimes against
children, seniors, and other victims of unscrupulous acts.... We collect
only public data from the open internet and comply with all standards of
privacy and law."

 

There are some signs that big tech companies are growing wary of face
recognition.

 

Earlier in November, Facebook announced that it would no longer use facial
recognition software to identify faces in photographs and videos.

 

But online tools, and search engines, using facial recognition technology
continue to operate, privacy campaigners warn.-BBC

 

 

 

Twitter co-founder Jack Dorsey steps down as chief executive

Twitter co-founder Jack Dorsey is stepping down as chief executive of the
company.

 

He will be replaced by the current chief technical officer, Parag Agrawal,
Twitter said.

 

Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief
executive of both Twitter and payment firm Square.

 

"It's finally time for me to leave" he wrote in a statement, saying the
company was "ready to move on."

 

Mr Dorsey said he had "deep" trust in his replacement. "I'm deeply grateful
for his skill, heart, and soul. It's his time to lead," he said.

 

Mr Agrawal joined Twitter in 2011, and has been the firm's head of
technology since 2017.

 

'I love Twitter'

Mr Dorsey challenged corporate conventions with his nose-ring, long beard,
and a wellness regime including yoga and eating only one meal a day.

 

But he came under pressure from investors, who felt Twitter was not getting
the focus it needed while he was also running Square.

 

On Sunday, Mr Dorsey tweeted, apparently unprompted: "I love Twitter."

 

In a separate message to the official corporate statement, Mr Dorsey
tweeted: "Not sure anyone has heard but I resigned from Twitter."

 

"There's a lot of talk about the importance of a company being
'founder-led'. Ultimately I believe that's severely limiting and a single
point of failure," he wrote in an attached email he sent to staff.

 

He added that he would leave the board after his term expires.

 

"Why not stay or become chair? I believe it's really important to give Parag
the space he needs to lead."

 

Twitter's share price jumped as rumours of Mr Dorsey's departure emerged,
first reported by CNBC.

 

But by mid-afternoon shares were trading just under their value at the end
of last week.

 

'Godspeed, bird king'

Victoria Scholar, investment analyst at Interactive Investor, said the
development had not come as a surprise to Twitter's board members "who have
reportedly been preparing to say goodbye to Dorsey since last year".

 

The change was being seen "as a way for Twitter to turn over a new leaf and
take bigger risks", she said.

 

Perhaps Mr Dorsey's most daring move was to ban former President Donald
Trump from the platform, following the riots at the Capitol building. It
provoked strong criticism from Mr Trump's supporters.

 

"People tend to conflate Jack Dorsey with Twitter censorship, but my sense
is he's actually done what he could these past few years to keep the
platform relatively open," tweeted Mike Solana, head of the private equity
firm Founders Fund.

 

"Things will be worse without him, not better. Godspeed, bird king," he
added.

 

In a way, Jack Dorsey typifies the Silicon Valley chief executive.

 

He's a multi-billionaire - and has founded two hugely successful companies -
Twitter and Square.

 

Yet he dresses in tie-dye t-shirts and sports a beard like a wizard. He's a
hippie at heart, with high ideals for how technology can change the world
for good.

 

He genuinely believes, for example, that Bitcoin has the ability to create
"world peace". And with Twitter, he certainly has changed the world.

 

In particular it revolutionised how politicians communicate with voters -
and how news is communicated with the public.

 

Perhaps the best known user of Twitter was Donald Trump. The populist US
president used the platform as a key way of bypassing traditional media.

 

The decision to remove him from the platform after the Capitol Hill riots
was undoubtedly the most controversial moment of Jack Dorsey's time.

 

The nature of his departure is also interesting. He is extricating himself
from the company, even giving up his board seat.

 

That's very different to say, Jeff Bezos, who retains much influence at
Amazon despite stepping down as boss earlier this year.

 

Mr Dorsey claims this is his decision. But at a multi-billion dollar
company, there could well be more at play behind the scenes.

 

He is in his mid-40s, and still has lofty ambitions to change the world.
With his track record, he may well do so again.

 

The 45-year-old co-founded the company with Biz Stone, Evan Williams and
Noah Glass in 2006.

 

Mr Dorsey has, however, become the face of the company, having sent the
earliest tweets on the service and due to his long tenure as chief
executive.

 

He left the role of Twitter chief in 2008 and founded the digital payments
app Square, which has also grown into a multi-billion dollar company.

 

However, he was brought back to helm Twitter in 2015 after then-chief
executive Dick Costolo stepped down.

 

The role has seen him appear in televised inquiries before US politicians to
be quizzed about his platform and its potential role in the spread of
disinformation - something Twitter has been repeatedly accused of acting too
slowly on in recent years.

 

Like other social media sites it has also been accused of political bias on
both sides of the US political divide.

 

 

Calls for his departure came in 2020 from Elliott management, an investment
firm which owns a significant amount of Twitter's shares. The firm
reportedly felt that a full-time chief executive with only one company to
run would be better for Twitter's fortunes.

 

But the two sides later came to an agreement which saw Mr Dorsey remain in
his post.

 

Reacting to the news of Mr Dorsey's resignation, Elliott said the new
management team were "the right leaders for Twitter at this pivotal moment
for the company".

 

The change in leadership comes alongside several other changes to Twitter's
board, including the appointment of Bret Taylor, an existing Twitter board
member and veteran of Google and Salesforce, as the new chairman.

 

"I want to thank Jack for his visionary leadership and unrelenting
dedication to Twitter since its founding," Mr Taylor said.

 

"Jack returned to Twitter and turned the Company around at the most critical
time. The progress since then has been nothing short of incredible.

 

"Jack has given the world something invaluable and we will continue to carry
it forward."-BBC

 

 

 

Nissan boss warns no end in sight to global chip shortage

The Omicron variant could add pressure to a chronic shortage of microchips
used in car manufacturing, the boss of car giant Nissan has warned.

 

Makoto Uchida said it was too early to say when normal deliveries, and
therefore finished cars, would resume.

 

"I can't give you a date. This new variant could add pressure to that, so
how well we react is going to be crucial," he told the BBC.

 

Products from cars, washing machines and smartphones rely on computer chips.

 

Some factories had to close when the pandemic first struck in 2020, leading
to a backlog in production in microchips, also known as semiconductors.

 

The impact was exacerbated by soaring demand, with people working from home
needing laptops, tablets and webcams to help them do their jobs.

 

 

"We have a semiconductor shortage as an industry and how we recover from
that is critical," Mr Uchida told the BBC.

 

Japan has banned incoming flights from abroad in response to the
international alarm over the omicron variant first detected in South Africa.

 

Mr Uchida's comments come as Nissan announced its vehicle electrification
strategy, which includes the proposed introduction of 23 electrified models
by 2030, and the ambition that by 2026, 75% of the companies European sales
will be electric vehicles.

 

Earlier this year, Nissan announced a £1bn investment to turn its Sunderland
plant in the UK into a hub for electric vehicle production.

 

Its targets for China and the US are much less ambitious. Nissan hopes that
40% of the cars it sells in China will be electric or hybrid by 2026, while
it only expects to hit that same proportion in the US by 2030 given slower
consumer take-up.

 

The company did not set a target date for the elimination of combustion
engines. At the recent COP26 climate summit, Nissan, along with Toyota, VW
and BMW, refused to join Ford and Volvo in signing a pledge to phase them
out by 2040.

 

Nissan is also investing more money in developing solid state batteries,
which the industry hopes will ultimately prove more efficient than the
current industry standard lithium-ion batteries.

 

Mr Uchida said Nissan remained committed to its alliance with Renault and
Mitsubishi, which was the brainchild of former Nissan boss Carlos Ghosn who
is now living in exile in Beirut having been smuggled out of Japan while
awaiting criminal prosecution on charges of financial crime. Mr Ghosn
strenuously denies the charges.-BBC

 

 

 

Ipswich gift card launched to inspire people to shop locally

A town-wide gift card has been launched to encourage shoppers to spend their
money locally.

 

The dedicated Ipswich Gift Card can be used at a range of retailers, places
to eat and attractions across the town centre and waterfront.

 

All About Ipswich said it could only be redeemed at participating outlets
including Coes, DJV Boutique, Cult Cafe and the Regent Theatre.

 

The town's "visitor brand" said it hoped it would be a "welcome boost".

 

All About Ipswich's marketing manager Jack Cripps said: "We're really
excited to be launching the scheme, particularly in the run-up to Christmas,
as it will ensure more cash goes to the local economy and more people visit
town to spend their gift.

 

"This will directly increase local footfall and spend. I would encourage as
many people as possible to gift Ipswich this Christmas and give local
businesses a welcome post-Christmas boost."-BBC

 

 

 

Online sellers 'hotbed' for dangerous items experts warn

A group of emergency services, consumer watchdogs and safety groups want the
government to make online sellers more liable for selling dangerous items.

 

Online marketplaces are a "hotbed" for risky electronics, such as hairdryers
and straighteners with electric shock risks, and dangerous toys, it says.

 

The group wants sites like Amazon, eBay, Wish and AliExpress to be held
responsible for unsafe listings.

 

Each of these retailers removed dangerous listings when contacted.

 

At the moment, "gaps in the law" mean that such marketplaces are not held to
the same standards as High Street shops, the group said.

 

That means "they have no responsibility for the safety of products sold to
millions of consumers via their platforms".

 

 

That is because many purchases are made with "third-party" sellers - so the
website itself is facilitating the purchase, but not selling it themselves.

 

In a letter to government ministers, the group said the status quo
"continues to place consumers at risk".

 

Sue Davies from consumer group Which? - one of the signatories - said
legislation "is not fit for purpose and does not account for the massive
shift to online shopping".

 

The letter is signed by the National Fire Chiefs Council, London Fire
Brigade, Electrical Safety First, the British Toy and Hobby Association, and
the Child Accident Prevention Trust, among others.

 

Issues the group says it has identified include children's toys still going
on sale that had already been found to fall short of safety standards - for
example, when tiny button or "coin" batteries could be accessed by a small
child and potentially swallowed.

 

It also said there are plugs for high-powered devices that have no fuses, or
do not meet UK electrical standards for safety.

 

It says such examples are just part of a "range of unsafe products being
sold to consumers every day".

 

The letter lays out evidence to prove its point, including:

 

·         63% of electrical products from online marketplaces were
"non-compliant" and nearly a quarter were unsafe, according to Office for
Product Safety and Standards research

·         unsafe children's toys that had been recalled from retailers were,
in 69% of cases, still being sold online

·         Which? research discovered children's toys with toxic chemicals,
dangerous "sleeping bags" for newborn babies, and smoke alarms that did not
work - all for sale

·         British Toy and Hobby Association research on toys sold by
third-party online sellers found that 88% of samples bought in a year were
illegal to sell in the UK, and 48% were unsafe

"This cannot be allowed to continue," the letter said.

 

It said that given the shift towards digital purchases and Brexit, updates
to the law are needed.

 

"It is time to close this dangerous gap in the law that allows online
marketplaces to hold little to no responsibility for the safety of the
products from which they profit," said Lesley Rudd, chief executive of
Electrical Safety First.

 

"For too long consumers have been left to navigate online marketplaces with
inadequate legal protection or confidence that what they are buying is
safe."

 

The campaign comes days after French politicians asked online platforms to
remove listings from Wish over safety concerns.

 

'Committed' and 'strict'

The companies accused of falling short were also given the chance to respond
to allegations from the group.

 

Wish said it was "committed to creating a safe and fun environment for users
to shop online, and continue to deploy further measures to help prevent,
detect, and remove unsafe items from the platform".

 

EBay, meanwhile, said its security team "has performed sweeps to identify
and remove other listings offering such products, informed the relevant
buyers and that appropriate action has been taken against the sellers".

 

It says that its automatic filters have blocked millions of unsafe listings
from ever going live.

 

Amazon said safety was important, adding: "We have proactive measures in
place to prevent suspicious or non-compliant products from being listed and
we monitor the products sold in our stores for product safety concerns.

 

"When appropriate, we remove a product from the store, reach out to sellers,
manufacturers, and government agencies for additional information, or take
other actions."

 

And Chinese site AliExpress said "We take very seriously the safety of all
our customers and we work hard to ensure a safe shopping environment."

 

It highlighted that it was a "third-party online marketplace" rather than
selling items itself, but said "we have strict platform rules that require
all third-party sellers to comply with all applicable local laws and
regulations".-BBC

 

 

 

More work needed to create green jobs, report says

Efforts to create so-called green jobs need to intensify if the UK
government is to achieve its target of two million roles by 2030, according
to a report.

 

Jobs linked to the green economy accounted for 1.2% of all advertised roles
in the year to July 2021, consultancy PwC said.

 

That equates to just 124,600 new jobs.

 

Boosting green job creation is part of the government's "green industrial
revolution" plans.

 

In November 2020, the government announced £4bn would be spent as part of
its plans to create two million green jobs by 2030.

 

Green jobs: The new generation of workers making it work for them

COP26: Leaders agree global plan to boost green technology

The COP 26 summit held in Glasgow a year later has put the issue into sharp
focus again.

 

But there are concerns that the green jobs transition could pose some risks,
as it will have an impact on traditional jobs, especially in polluting
industries.

 

In September, the Trade Union Congress (TUC) warned up to 660,000 jobs could
be at risk if the UK fails to reach its net-zero target as quickly as other
nations.

 

What is a green job?

The simplest answer is a job that directly contributes to tackling climate
change, although many think it should also cover roles that indirectly
support that ambition.

 

Growing sectors where one might find more green jobs being advertised
include low-carbon farming, heating without emissions, and wind turbine
maintenance.

 

In its research, PwC said jobs that support the green economy indirectly
should also be considered green.

 

Such roles might include environmental advisers or experts in environmental
or sustainability research and education.

 

Economic rebalance

PwC's report said work was needed to ensure the move to a net-zero economy
does not add to regional inequalities.

 

It found that Wales, Northern Ireland and Yorkshire and the Humber lagged
behind other parts of the UK in terms of transitioning to a greener economy.
Scotland and London were the top performers, according to the research.

 

PwC ranked areas in terms of how they performed in job creation, the
benefits of green jobs, the loss of "sunset jobs", the carbon intensity of
employment, and green workplaces.

 

They hunted for online job ads that mentioned things like sustainability and
environment - there had to be a number of mentions.

 

Kevin Ellis, PwC chairman and senior partner, said: "Jobs are getting
greener and this is cause for optimism, but evidence is needed on the level
and distribution of these opportunities.

 

"Left unchecked, green employment will grow in the most fertile spots, but
not necessarily where they're needed most.

 

"By acting now, we have a massive opportunity to rebalance the economy and
ensure a fair transition."

 

A government spokesman told the BBC: "As this data shows, hundreds of
thousands of green jobs are being created across the country, and our
landmark Net Zero Strategy sets out how the UK will accelerate this growth,
unlocking £90bn in private investment.

 

"Our plans will see the majority of new green jobs to be created and
supported outside London and the south east, with our shift to a low carbon
economy providing an unprecedented opportunity to attract new, future-proof
businesses in our industrial heartlands."-BBC

 

 

 

More than 17 million have used buy now, pay later services

More than 17 million UK customers have now used a buy now pay later (BNPL)
company to make an online purchase, company data shows.

 

The payment method is also set to have its biggest Christmas yet, experts
say.

 

BNPL firms allow people to manage their shopping, either by postponing their
bill for a short while, or splitting it into more manageable chunks over
time, interest free.

 

But critics say users too easily end up in debt and tougher rules are
needed.

 

The biggest provider in the UK, Klarna, has seen its customer base double to
15 million since early 2020. The market's other main players, Clearpay and
LayBuy, are also expanding fast.

 

Growth is fastest among users in their 40s and 50s, showing BNPL is no
longer just a millennial and Gen Z trend.

 

 

'Understand what you sign up for'

A recent survey for Citizens Advice found that almost one in 10 people were
planning to use BNPL to help with Christmas shopping.

 

Kate Hobson from Citizens Advice urged consumers "not to spend more than
they can afford".

 

"If you're considering using buy now pay later, make sure you understand
what you're signing up for, how you'll make the repayments and what will
happen if you can't pay on time," she added.

 

The main players in the market, however, feel they offer consumers a
hassle-free means to pay for purchases without interest. It is also much
cheaper than a credit card if late payment fees aren't incurred, they add.

 

Klarna, which launched in the UK in 2014, charges no interest or fees if
payments are on time and claims around 40% of users repay money early.

 

The service launched a "pay now" option and updated its terms ahead of an
expected crackdown on the sector.

 

Platform Clearpay stresses it does not report late paying users to credit
agencies, and maintains that many of its users are in fact better with their
money than they are given credit for.

 

"There are misperceptions that young people are bad at saving and investing
money, however a report by Accenture on Clearpay users has shown that young
people are more cautious with money than older people," a spokesperson said.

 

LayBuy saw transactions grow 500% between 2019 and 2020 and the company
reported a 56% spike in transactions last November, as Christmas shopping
commenced. The family-run business, which was the first to run affordability
checks on users, has since listed on the Australian Stock Exchange.

 

Millions of shoppers use buy now pay later services to spread the cost of
their online shopping throughout the year. Like any kind of credit, if you
keep on top of it, it can be a sensible way of making sure you're not hit
with a big bill at one point of the year.

 

But of course it also makes it more tempting to spend more than you would do
otherwise, especially with fewer credit checks. At this time of year, with
so many different credit options available and other bills due for payment,
lots of customers can get stuck in a real quagmire.

 

It's always important to check the terms and conditions before you sign up -
figure out what you are expected to pay back and when, don't just clip 'Pay
Later' and hope for the best. If you do get into difficulties then flag it
up quickly, most of the companies can arrange repayment plans with you which
are more manageable if you contact them. And of course get advice from a
debt charity directly if you are feeling stuck.

 

'Proportionate approach'

The Treasury is consulting on how to regulate the BNPL sector, and the
Financial Conduct Authority will publish proposals some time next year.

 

A Treasury spokesperson said it was taking a "proportionate approach".

 

"Buy now pay later can be a helpful way to manage your finances so it's
important that regulation is balanced and proportionate, ensuring that
customers are given appropriate protections."

 

But many charities want action to be taken sooner, arguing that many
consumers could be pushed into borrowing more than they can afford this
Christmas. Debt charity Christians Against Poverty recognises BNPL can be
"attractive", especially at Christmas, but it worries users could lose track
of spending.

 

"We're particularly concerned about those consumers who turn to credit like
BNPL as a means of keeping on top of essentials, like bills or the weekly
food shop," said spokesman Jonathan Shaw.

 

"Add to this the additional pressure to spend at Christmas and consumers can
be left in an even more financially difficult situation."

 

Growth in the sector shows no sign of slowing down. Established money brands
Paypal and Monzo are poised to enter the market, and BNPL technology is
evolving so that some brands can be used to make any purchase on any
site.-BBC

 

 

 

Powell, Yellen head to Congress as inflation, variant risks rise

(Reuters) - U.S. lawmakers on Tuesday are expected to grill the heads of the
Federal Reserve and Treasury Department over stubbornly high inflation and
the possible impact of the new Omicron COVID-19 variant on what both
officials view as a strong economy.

 

Fed Chair Jerome Powell and Treasury Secretary Janet Yellen are due to
testify before the U.S. Senate Banking Committee at 10 a.m. EST (1500 GMT)
to discuss the economic recovery from the COVID-19 pandemic. They will also
appear before the House of Representatives Financial Services Committee on
Wednesday.

 

Both released their prepared testimony late Monday, with Powell projecting
5% growth this year but noting the new variant poses downside risks to
economic activity and jobs and raises uncertainty around inflation read more
.

 

Yellen warned lawmakers that failure to deal with the debt limit would
"eviscerate" the recovery read more .

 

With inflation at a 31-year high and the Fed's preferred measure of price
pressures more than double its 2% goal, the U.S. central bank's promise to
keep its benchmark overnight interest rate near zero until the labor market
is fully healed is under threat.

 

U.S. unemployment currently stands at 4.6% and businesses have nearly 5
million fewer people on their collective payrolls than they did
pre-pandemic.

 

The Fed this month began to reduce its support for the economy, and is
currently on pace to fully taper its $120 billion in monthly purchases of
Treasuries and mortgage-backed securities by next June. The program was
introduced in early 2020 to help nurse the economy through the pandemic.

 

With costs of everyday items like food, gas and rent rising quickly, Fed
officials have indicated they could speed up the pace of the taper to give
more scope for an earlier interest rate lift-off next year if required,
according to the minutes of the central bank's last policy meeting published
last week. The topic is on the agenda for the Fed's Dec. 14-15 policy
meeting.

 

That and other recent comments from officials have prompted analysts to
place rising bets that the Fed could now raise rates as early as mid-2022.

 

Goldman Sachs, in a note to clients, said there was "a significant risk" the
timeline for the tapering of the central bank's asset purchases would be
accelerated.

 

In his prepared remarks Powell did not mention taper at all, but his
comments on the variant suggest he is worried both about the economy slowing
and the potential for further inflation pressure, a difficult situation that
would tug Fed policy in opposite directions.

 

"The new COVID variant could complicate any plans to accelerate the taper at
the December meeting, which is the direction momentum was heading ahead of
the variant discovery," said Sam Bullard, senior economist at Wells Fargo.

 

NEW VARIANT

 

Health officials are racing to determine how transmissible and deadly the
new variant is and to what extent current vaccines remain protective. The
United States has imposed a travel ban on some southern African nations
where the strain is prevalent.

 

The now-dominant Delta variant of COVID-19 dented the U.S. economy over the
summer, slowing employment gains amid workers' fears of contracting the
virus and exacerbating supply chain snags that have driven up inflation.

 

"It is difficult to predict the persistence and effects of supply
constraints, but it now appears that factors pushing inflation upward will
linger well into next year," Powell said in his prepared remarks.

 

Concern about the recent rise in COVID-19 cases and the emergence of the new
Omicron variant, he said, "could reduce people's willingness to work in
person, which would slow progress in the labor market and intensify
supply-chain disruptions."

 

The Thomson Reuters Trust Principles.

 

 

 

Cyber Monday spending expected to slow as shoppers see fewer deals

(Reuters) - U.S. retailers' online sales likely slowed this Cyber Monday, as
fewer discounts and limited choices due to global supply-chain disruptions
deterred shoppers, but other data points suggested American consumers are in
pretty good health.

 

Retailers had also spread out promotional deals across more weeks to protect
profit margins from surging supply chain costs and to better manage
inventories amid widespread product shortages ahead of the Christmas
shopping season.

 

Those attempts have pinched sales on what are traditionally some of the
biggest shopping days of the year, with Adobe Analytics data over the
weekend showing spending online during Black Friday fell for the first time
ever. read more

 

"Online sales on big shopping days like Thanksgiving and Black Friday are
decreasing for the first time in history, and it is beginning to smooth out
the shape of the overall season," said Taylor Schreiner, director, Adobe
Digital Insights.

 

U.S. spending on Cyber Monday crossed $7 billion as of 9 p.m. ET, according
to the Adobe Digital Economy Index.

 

Adobe now expects consumers to spend between $10.4 billion and $11.1 billion
and forecast that customers could spend $2.5 billion between 7 p.m. PT and
11 p.m. PT.

 

Early estimates showed spending to be between $10.2 billion and $11.3
billion. That translates to roughly flat growth at the midpoint compared to
last year's $10.8 billion, which was a near 15% jump from 2019.

 

Excitement on social media around Cyber Monday is also ebbing.

 

"Cyber Monday continues to be extremely relevant, particularly in the
digital world, but the buzz has been more muted than we've seen in recent
history," said Rob Garf, general manager of retail at Salesforce.

 

Discount rates in the United States in the week leading up to Cyber Monday
were on average 8% lower than last year, according to Salesforce.

 

The holiday season kicks off just as the new Omicron coronavirus variant has
triggered uncertainty over the economic reopening, but experts say it is too
early to predict the impact on consumer spending.

 

On Black Friday, the day after Thanksgiving, U.S. shoppers spent roughly
$8.9 billion online, down from $9 billion a year earlier, according to Adobe
data.

 

A separate data point released Monday by MasterCard SpendingPulse, which
calculates overall U.S. retail sales across payment methods, found U.S.
shoppers spent 14% more on merchandise excluding automobiles from Nov 26 to
28, compared to the same holiday weekend a year earlier. The estimates
include purchases made in stores.

 

Shoppers' spending online increased 5% over the three-day period compared to
a year earlier, and by 28.7% when compared to the same period in 2019,
according to MasterCard SpendingPulse.

 

The Thomson Reuters Trust Principles.

 

 

Nigeria: Food Security - the Foundation of Health and Key to Nigeria's
Development

Without adequate food, Nigeria will not be providing its citizens with the
fundamental requirement for good public health.

 

The majority of Nigeria - according to the United States Agency for
International Development (USAID) - is in stressed food security
circumstances. Some areas are in crisis, and specific areas of the
North-eastern portion of the country are in famine.

 

The importance of food security to public health cannot be overemphasised.
There are many elements that make up the World Health Organisation's
definition of Public Health or the "... . state of complete physical, mental
and social well-being and not merely the absence of disease or infirmity."

 

Most of the Nigerian health budget is spent to cure disease or prevent
infection. This includes the national hospital and clinical care system
which utilises the bulk of the national health care budget. And we can all
rejoice with a new vaccine for Malaria now going into production.

 

 

While these services are clearly needed and necessary, the importance of
early childhood nutrition is often overlooked. Such nutrition is necessary
to provide the needed human capital potential to work and develop national
resources. The first obligation of the government is to make sure that its
people are fed. This translates into food security, or the ability of a
nation to supply an adequate food supply to the population.

 

Of particular importance is good nutrition for the very young. The World
Health Organisation (WHO) summarises the importance of nutrition to early
childhood development this way.

 

"A child's first 2 or 3 years of life are the most crucial for normal
physical and mental development. Nevertheless, current feeding practices in
some countries may be doing more harm than good to the development of young
children. Children under 3 years of age are vulnerable to poor nutrition;
the growth rate during this period is greater than at any other time, and
there thus exists an increased risk of growth retardation. Also, the
immunological system is not fully mature at this age, resulting in a risk of
frequent and severe infections. Both cognitive and emotional potentials
start to develop early, and so the foundations of intellectual, social and
emotional competencies are also established during this period. In summary,
poor nutrition during the early years leads to profound defects including
delayed motor and cognitive development, behavioural problems, deficient
social skills, a reduced attention span, learning deficiencies and lower
educational achievement. " (Fleischer-Michaelsen et al. Feeding and
Nutrition of Infants and Young Children, WHO 2003)

 

 

Clearly, much is at stake: young children must have good nutrition if they
are to become productive adults. The scientific evidence has long been
clear.

Resolving the problem of early childhood nutrition must be the first
priority of any nation. Where does Nigeria stand on food security and what
can be done to improve the situation?

 

The Famine Early Warning System (FEWSNET) of USAID has monitored food
production and food security in Nigeria for over two decades. According to
their data, the present situation is dire.

 

Their last summary of the situation, published in September 2021, shows
(figure one) that while survey data is needed to get exact estimates of
stunted children in these areas, it is certain that in famine areas, severe
malnutrition could be as high as 15 per cent of the population. Larger
cohorts are suffering from mild and moderate malnourishment. The potential
impact of these levels of malnutrition on developing a healthy population is
enormous in both human and fiscal costs. Children, after all, are the future
of Nigeria.

 

What can be done?

 

First, Nigeria and the international community should provide immediate food
assistance to those areas in famine and severely stressed zones. This
constitutes roughly two-thirds of the entire country.

 

Second, a national nutritional surveillance system should be reinforced and
used in conjunction with international data sources to target at-risk areas
and provide timely assistance before famine conditions exist.

 

Finally, a development strategy that addresses food production in the areas
in chronic deficit should be a core part of public health interventions.
Without adequate food, Nigeria will not be providing its citizens with the
fundamental requirement for good public health. And without adequate public
health, all development goals are jeopardized.

 

About the Author: An Emeritus Professor from Tulane University, Dr.
Bertrand, the Wisner-Chair holder, was the Vice President of Institutional
Planning, Research and Innovation, Chair of the Department of Epidemiology
and Biostatistics, Founding Chair of the Department of International Health
and Executive Director of the Payson Center. Read his full bio here.-Premium
Times.

 

 

Tanzania: Rukwa RC Warns Against Construction Materials Price Hike

RUKWA Regional Commissioner (RC) Joseph Mkirikiti has warned traders against
inflating prices for the construction materials, especially during this
period when the region has embarked on constructing classrooms.

 

The government, through regional authorities, is across the country
constructing classrooms to accommodate all pupils in 2022 academic year.

 

Mkirikiti issued the warning following reports that some of the traders had
inflated the price for a bag of cement from 17,500/- to 20,000/-.

The regional commissioner asked dealers of cement and other construction
materials to be patriotic as President Samia Suluhu Hassan recently
allocated over 6.64bn/- for the region for the construction of classrooms.

 

"All of us have a responsibility to support the government in the execution
of the projects," the RC stated as he praised the government for allocating
funds for the construction of classrooms in primary schools.

 

Equally, Mr Mkirikiti hailed the government for allocating 5.1bn/- for the
construction of 259 classrooms for secondary schools and 1.4bn/- for
construction of 73 classrooms at satellite primary schools.

 

"This noble gesture will definitely ensure no any child is left out during
2022 academic year" stressed the RC.

 

Similarly, he tasked Municipal and District Executive Directors (DEDs)
directors to make close follow-up to ensure speedy execution of the projects
as the timeframe for completion has been set on mid - December this year.

He further underscored the need for value for money aspect to be reflected
in the projects.

 

"Sincerely, on behalf of Rukwa citizens, I thank President Samia Suluhu
Hassan for her noble gesture that will see the improvement of key sectors
across the country including education.

 

"At least 73 classrooms at satellite primary and 259 classrooms for
secondary schools are under construction. This means no any child will be
left behind during the next academic year," he said.

 

Giving the breakdown, the RC said that Kalambo District Council has received
2.6bn/- for the construction of 59 classrooms in secondary schools and 34 in
satellite primary schools while Nkasi District Council has been given
1.7bn/- for the construction of 68 classrooms and 18 for satellite primary
schools .

 

The RC further detailed that over 2.08bn/- has been disbursed to Sumbawanga
District Council for construction of 87 classrooms and 17 satellite primary
schools while Sumbawanga Municipal Council has received 980m/- for
construction of 45 classrooms and four classrooms for satellite primary
schools.

 

"We must work around the clock to ensure the classrooms are completed before
the end of December this year to accommodate all students who have been
selected to join Form One next year. All councils must ensure value for
money in the implemented projects is reflected," emphasized the RC.

 

Meanwhile, the RC has re- emphasized on the importance of continuing taking
Covid-19 precautions, insisting that vaccination is the best option.

 

He reminded the public to take preventive measures against other ailments
like Tuberculosis (TB), Malaria and HIV/AIDs which are still claiming
people's lives.

 

"The vaccines are now in every corner of the Rukwa region, I am therefore
appealing to citizens to go for jabs. I also call upon health experts and
youths in their groups to nvolve themselves in raising awareness to the
general public over preventive measures" explained the RC.-Daily News.

 

 

 

Tanzania: Isles Saves 23bn/ - for Crafting Own Electronic Payment System

ZANZIBAR has saved over 23bn/- in establishment of the government's
electronic payment system, Minister of State in the President's Office,
Finance and Planning Jamal Kassim Ali said here on Monday.

 

He said private suppliers of the system quoted their prices at 10 million US
dollars (over 23bn/-), which the government perceived as too expensive to
incur.

 

"...We then opted for our own experts in the government, with support from
Tanzania mainland we are today witnessing to save over 10 million dollars,"
Minister Jamal told a three-day training for revenue officers, information
technology experts and accountants responsible for the electronic system.

 

 

The minister informed the trainees that Zanzibar's electronic payment
system--ZanMalipo--is scheduled for countrywide rollout next month,
reaffirming the government keenness to install and effectively use the
e-systems for revenue collection and control.

 

He said effective next month, there will be no manual receipt in payments to
the government, however, assuring those dealing with issuance of the
receipts of their job security because there would be other tasks to
perform.

 

The minister said the government expects to get many benefits from the
system, which will easy the revenue collection tasks and control the
government money.

 

Under the manual system, the minister told the seminar participants, the
government could neither monitor nor control the collected revenues, "and
your job too was tedious."

 

He challenged the trainees to take the training seriously because, "the
government relies on you to operate the system with perfection."

 

Zanzibar e-Government Agency Managing Director Said Seif Said explained that
his agency is well prepared to facilitate the digital payment systems in the
public sector, expressing optimism that under the new system, the government
collections will soar.

 

Increased transparency in the collection systems will also enhance control
of the government money, he said.

 

Senior ICT Officer and Head of Government e-Payment Gateway (GePG) in the
union government, Basil Baligumya, sharing the mainland experience,
described the e-payment systems as the most effective measures in revenue
control.

 

He said the system has helped the union government to increase revenues and
reduce the costs of collection, "With this system, you don't need people to
prepare and issue paper receipts."

 

Government electronic payment system is one of the strategies, which
President Hussein Mwinyi had been pushing for since he assumed the country's
highest office in November last year.-Daily News.

 

 

 

Nigeria: UAE Pledges $2bn to Support Nigeria's Mining Sector

As part of efforts to support Nigeria's Mines and Steel Development sector,
the office of the past ruler of Abu Dhabi, United Arab Emirates (UAE), His
Royal Highness, Sheikh Hamdan bin Khalifa, has pledged the sum of $2 billion
to Nigeria.

 

The donations according to Khalifa and Global Peace Ambassador, United
Nations, Zulfiquar Ghadiyali, was to further cement the close trade and
bilateral relationship that exists between the two countries.

 

The Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson
Ogah made the disclosure when he delivered the, "Special Address" at the
Dubai World Expo 2021, with the theme "Investment in the Nigerian Gold
Sector: Opportunities in the Gold Value Chain" held in Abu Dhabi.

 

 

Ogah, in a statement yesterday, noted that the Expo, with participants from
over 200 countries, provided the opportunity to showcase the potentials of
Nigerian minerals sector on Dubai soil with special emphasis on gold and
other precious minerals abundant in Nigeria.

 

The minister, who was honoured with the "Excellence in Public Service
Award," by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed
gratitude to Khalifa over the amount he pledged for Nigeria's sustainable
development drive.

 

According to him, "I must confess that there cannot be a better platform to
showcase the Nigeria Gold sub-sector than on this platform with notable
global organisations and investors, minerals beneficiation companies, global
financial institutions, commodity trading companies, etc all in one event."

 

The minister stressed that the need for the diversification of the economy
had become more compelling now in the post COVID-19 era, adding that the
federal government has established policies that would support sustainable
development of Nigeria's gold resources and development, as well as
consideration of general matters on gold Mining Administration and
Incentives.

 

He disclosed that the President Muhammadu Buhari-led administration was
determined to consolidate on the gains of diversification as it forms the
critical backbone of industrialisation.

 

He assured of federal government's commitment to ensure appropriate
deployment of the funds, when the agreement was signed.

 

In his remarks, Ghadiyali said the amount pledged was to further cement the
very close trade and bilateral relationship that exist between the two
countries.-This Day.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


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
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
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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