Major International Business Headlines Brief::: 01 December 2022

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Major International Business Headlines Brief::: 01 December 2022 

 


 

 


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ü  Musk says Twitter feud with Apple boss 'resolved'

ü  US signals shift to slower interest rate increases

ü  Ex-FTX boss Bankman-Fried: 'I didn't try to commit fraud'

ü  Foxconn: iPhone maker offers payments for finding new workers

ü  House prices see biggest fall for two years, says Nationwide

ü  Eurostar security staff to strike in run-up to Christmas

ü  HSBC to close 114 UK branches as more people bank online

ü  UK strikes digital trade deal with Ukraine

ü  South Africa: Cannabis Sector Has Potential to Eradicate Poverty

ü  Uganda Again Suffers Nationwide Power Blackout

ü  Nigeria: Growth in Diaspora Remittances to Nigeria, Other SSAs Slows -
World Bank

ü  Nigeria Urged to Leverage On Demographic Dividends to Build Wealth,
Economy

 


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Musk says Twitter feud with Apple boss 'resolved'

Elon Musk has said he and Apple boss Tim Cook have "resolved the
misunderstanding" over Twitter possibly being removed from the app store.

 

On Monday, Mr Musk accused Apple of threatening to cut the platform from its
app store and said it had halted most of its advertising on the site.

 

But the Twitter boss tweeted on Wednesday that: "Tim was clear that Apple
never considered doing so."

 

He did not say if Apple's advertising was discussed at the meeting.

 

The meeting between the two tech leaders comes as many companies have halted
spending on Twitter amid concerns about Mr Musk's content moderation plans
for the site - a major blow to the company, which relies on such spending
for most of its revenue.

 

Entering a feud on Monday, Mr Musk accused Apple of "censorship" and
criticised its policies, including the charge it levies on purchases made on
its app store.

 

"Apple has mostly stopped advertising on Twitter. Do they hate free speech
in America?" he said.

 

But he later told his followers he was meeting with Mr Cook at Apple's
headquarters, adding: "Good conversation. Among other things, we resolved
the misunderstanding about Twitter potentially being removed from the App
Store. Tim was clear that Apple never considered doing so."

 

News of the meeting with Apple came after Mr Musk was told he faced "huge
work ahead" to bring Twitter into compliance with new European Union rules
on disinformation or face a possible ban.

 

EU commissioner Thierry Breton made the comments in a meeting with Mr Musk
on Wednesday, saying the social media site would have to address issues such
as content moderation, disinformation and targeted adverts.

 

Approved by the EU earlier this year, the Digital Services Act is seen as
the biggest overhaul of rules governing online activity in decades, imposing
new obligations on companies to prevent abuse of their platforms.

 

Major companies are expected to be in compliance with the law some time next
year.

 

If firms are found to be violation, they face fines of up to 6% of global
turnover - or a ban in the case of repeated serious breaches.

 

In a statement after the meeting, Mr Breton said he welcomed Mr Musk's
assurances that he would get Twitter ready to comply.

 

"Let's also be clear that there is still huge work ahead, as Twitter will
have to implement transparent user policies, significantly reinforce content
moderation and protect freedom of speech, tackle disinformation with
resolve, and limit targeted advertising," he said.

 

"All of this requires sufficient AI [Artificial Intelligence] and human
resources, both in volumes and skills. I look forward to progress in all
these areas and we will come to assess Twitter's readiness on site."

 

The EU plans to conduct a "stress test" in 2023 ahead of a wider audit, his
office said.

 

Since his $44bn takeover of Twitter last month, Mr Musk has fired thousands
of staff, reinstated formerly banned users such as Donald Trump and stopped
enforcing other policies, such as rules aimed at stopping misleading
information on coronavirus.

 

The moves have alarmed some civil rights groups, who have accused the
billionaire of taking steps that will increase hate speech, misinformation
and abuse.

 

In a blog post on Wednesday, Twitter said none of its policies had changed,
but that it was experimenting in an effort to improve the platform more
quickly and would rely more on steps to limit the spread of material that
violate its rules - offering "freedom of speech but not freedom of reach".

 

"Our trust & safety team continues its diligent work to keep the platform
safe from hateful conduct, abusive behavior, and any violation of Twitter's
rules," the company added.

 

"The team remains strong and well-resourced, and automated detection plays
an increasingly important role in eliminating abuse," it said.-BBC

 

 

 

US signals shift to slower interest rate increases

The head of the US central bank has said authorities may start to ease up on
interest rate hikes as soon as this month, after racing to raise borrowing
costs earlier this year.

 

The Federal Reserve has made four hefty 0.75 percentage point rises since
June in a bid to curb inflation, which is the rate at which consumer prices
rise.

 

Fed chairman Jerome Powell said "it makes sense" to slow down to assess the
impact of the moves.

 

Markets soared following the comments.

 

In the US, the Dow Jones Industrial Average jumped more than 2%, while the
S&P 500 surged 3% and the Nasdaq jumped 4.41%. The dollar fell, while other
global exchanges also jumped.

 

The US has been driving a global shift, as central banks raise interest
rates sharply after years of low borrowing costs, to try to slow down rising
prices.

 

The Fed's key interest rate has jumped from near zero in March to more than
3.8% - its highest rate since January 2008.

 

By raising interest rates, authorities make it more expensive to borrow
money, aiming to cool demand demand for big ticket items such as cars, homes
and ease inflation, which is currently near its highest for 40 years.

 

In the US, higher borrowing costs have already hit sectors such as housing,
where home sales have slowed sharply.

 

But it typically takes months for the impact of the moves to be absorbed.
Analysts have warned that the Fed risks triggering a severe economic
slowdown that would cast millions out of work.

 

That is because when economies shrink, businesses make less money meaning
they can end up making cuts to workforces.

 

"The full effects of our rapid tightening so far are yet to be felt," Mr
Powell said in his speech on Wednesday.

 

"Thus, it makes sense to moderate the pace of our rate increases...The time
for moderating the pace of rate increases may come as soon as the December
meeting."

 

Mr Powell's comments come amid signs that inflation in the US may be
subsiding. Since peaking at 9.1% in June, the inflation rate has eased,
falling to 7.7% in October.

 

But Mr Powell said the job market, including wage growth, remain too strong
for the bank's comfort.

 

"Despite some promising developments, we have a long way to go in restoring
price stability," he said, warning that the Fed still plans to raise rates,
albeit at a slower pace.-BBC

 

 

 

Ex-FTX boss Bankman-Fried: 'I didn't try to commit fraud'

Sam Bankman-Fried, the former boss of collapsed cryptocurrency exchange FTX,
has denied committing fraud.

 

Making his first public appearance since the collapse, the man once hailed
as the 'King of Crypto' told The New York Times he had had a "bad month" and
had almost no money left.

 

FTX fell apart last month, having once been valued at $32bn (£26.5bn).

 

Many investors have not been able to withdraw their funds from the now
bankrupt global exchange.

 

Mr Bankman-Fried, 30, also said his lawyers had advised him not to speak
publicly, but he had ignored them.

 

He denied having moved any personal money out of FTX himself - saying he now
has "close to nothing."

 

The fall of the 'King of Crypto'

Speaking from The Bahamas, he said he had one credit card left which had
around $100,000 of debt on it.

 

In the interview he said he had not deliberately misled investors, adding:
"I didn't ever try to commit fraud."

 

However, asked several times about details of money movements between FTX
and other entities, including the trading firm he owned, Alameda Research,
he at times seemed sketchy in detail.

 

He also said the company had indulged in "greenwashing" where firms engage
in environmental projects for publicity.

 

Mr Bankman-Fried was once viewed as a young version of legendary US investor
Warren Buffet, and as recently as late October had a net worth estimated at
more than $15bn.

 

Media caption,

Are crypto-currencies the future of money?

 

However, he says, he underestimated the sheer amount of cash needed to cover
FTX customers' withdrawals - leading to a run on the exchange.

 

Many crypto firms have struggled with the downturn in the broader economy
and amid concerns about the viability of crypto currencies more generally.

 

FTX declared bankruptcy soon after. Mr Bankman-Fried stepped down as CEO on
11 November.

 

According to a court filing earlier this month, FTX currently owes its 50
largest creditors almost $3.1bn.

 

Mr Bankman-Fried had become well known in Washington DC as a political
donor, supposedly supporting pandemic prevention and improved crypto
regulation.

 

But in his talk with Times reporter Andrew Ross Sorkin, Mr Bankman-Fried
confessed much of his Washington DC work had been PR "masquerading as
do-gooderism."

 

Mr Bankman-Fried said for now he was not concerned about potential criminal
or civil liability.

 

"There's a time and a place for me to think about myself and my own future,"
he said after starting and stopping several times. "I don't think this is
it."

 

When asked if he had been truthful in his responses, Mr Bankman-Fried said
he was as truthful as he knowledgeably could be. "I don't know of times when
I lied," he said.

 

Though he did not provide evidence to support it, SBF said he believed FTX
US was solvent and could in fact pay back American investors.-BBC

 

 

 

Foxconn: iPhone maker offers payments for finding new workers

Apple supplier Foxconn is ramping up efforts to recruit workers after unrest
at the world's biggest iPhone factory.

 

Employees who successfully refer a friend or family member to work at its
plant in Zhengzhou, China will receive a 1,000 yuan award ($141; £117).

 

It comes after footage circulated widely online last week showed angry
protests at the factory.

 

Apple has warned that shipments of its new iPhone 14 would be delayed due to
Covid restrictions.

 

Foxconn employees who refer a new recruit will be paid 500 yuan if the
person stays working for the company for 15 days. They will get another 500
yuan if the recruit remains in the role for a month, a post seen by the BBC
on the popular messaging app WeChat said.

 

Last month, Foxconn apologised for a "technical error" in its payment system
after protests at the factory in the city of Zhengzhou over Covid
restrictions and claims of overdue pay.

 

The announcement came after videos posted on social media showed hundreds of
workers clashing with security staff.

 

At the end of October, video shared online showed people jumping a fence
outside the Foxconn after a Covid outbreak forced staff to lockdown at the
facility.

 

The company then recruited new workers with the promise of generous bonuses.

 

However, one worker told the BBC that these contracts were changed so they
"could not get the subsidy promised," adding that they were quarantined
without food.

 

Some analysts have warned that the protests and Covid lockdowns have had a
major impact on production at what is known as "iPhone City" ahead of the
holiday shopping season.

 

"What started out a month ago as 3% iPhone 14 Pro shortages grew to 5% last
week and now are roughly 10%+ of overall units with the potential to
increase over the coming month depending on any production improvements from
Foxconn," Dan Ives from investment firm Wedbush Securities said.

 

Although Apple has not put a figure on the the impact of the issues at the
the Zhengzhou plant it has warned of delays to deliveries of the iPhone 14
Pro and iPhone 14 Pro Max.

 

China's National Health Commission reported 36,061 new Covid-19 infections
for Wednesday, that's down from 37,828 new cases for Tuesday.

 

The country's zero-Covid policy and a slowdown of the global economy are
taking a toll on China's economic growth.

 

Factory activity in the world's second largest economy shrank more than
expected in November. The Purchasing Managers' Index (PMI) fell to 48, down
from 49.2 in October, according to the latest official figures published on
Wednesday.-BBC

 

 

 

 

House prices see biggest fall for two years, says Nationwide

UK house prices saw their biggest monthly fall for more than two years in
November as rising interest rates put off buyers, the Nationwide has said.

 

Prices fell 1.4% from October, which was the largest month-on-month fall
since June 2020.

 

Annual house price growth saw a "sharp slowdown", the building society said,
falling to 4.4% from 7.2% in October.

 

The lender added the housing market looked set to "remain subdued" in the
coming months.

 

Earlier this month, the government's official forecaster predicted that
house prices will fall by 9% over the next two years as affordability issues
weigh on demand.

 

The average property price fell to £263,788 last month from £268,282 in
October, the Nationwide said.

 

It said the housing sector was still being affected by the fallout from
September's mini-budget, which triggered a rise in mortgage rates and also
led lenders to suspend hundreds of mortgage products amid turmoil on the
financial markets.

 

UK house prices set to fall for the next two years

What happens when house prices fall?

Speaking to the BBC's Today programme, Nationwide's chief economist, Robert
Gardner, said: "A lot of this reflects the fallout of the mini-budget and
the big rise that we saw in mortgage rates, because that really did change
the affordability calculations for prospective buyers and really made things
a lot less affordable."

 

He added: "If you look at the typical mortgage payment as a share of
someone's take-home pay, for the typical first-time buyer that was running
at close to long-run averages of 30%. But as a result of the mini-budget
it's moved up to around 45% of take-home pay, which is clearly a massive
difference."

 

Falling house prices may be a relief to some first-time buyers following a
period of sharply rising property prices, but experts warn that the big
increase in the general cost of living may limit their ability to save for a
deposit.

 

Mr Gardner said the market was likely to remain under pressure for some
time, with inflation - the rate at which prices rise - set to remain high
and the Bank of England likely to raise interest rates further.

 

But he added that while the outlook was uncertain, a "relatively soft
landing" for the market was still possible, given that employment rates
remain high and there is a lack of properties coming up for sale.

 

He also noted that the cost of borrowing had started to fall in recent
weeks.

 

Last week, figures from financial information service Moneyfacts showed that
the average five-year fixed mortgage rate had fallen below 6% for the first
time in nearly two months.

 

Recent data has been pointing to a sharp slowdown in the housing market.
Earlier this week, the Bank of England said the number of mortgages approved
in October fell to its lowest level since June 2020.

 

The next few months could be "something of a nightmare" for the housing
market, according to Sarah Coles, senior personal finance analyst at
Hargreaves Lansdown.

 

She said that we were "not seeing anything like the full impact" of the
mini-budget in Nationwide's figures, as on average it takes about three
months to complete a sale.

 

As a result, the latest data is likely "to include only around a week of
sales agreed after mortgage chaos was unleashed. Even at that point, sales
being settled were highly likely to have been funded by mortgages agreed
well before everything kicked off, so all we're seeing is the effect of a
sudden and possibly catastrophic loss of confidence."

 

She added that while mortgage rates have since dipped, and are expected to
fall further, "the damage may well have been done".-bbc

 

 

 

Eurostar security staff to strike in run-up to Christmas

Security staff who work on the Eurostar train service are to strike for four
days in the run-up to Christmas in a dispute over pay.

 

The walkouts are planned to take place on 16, 18, 22 and 23 December.

 

Members of the Rail, Maritime and Transport (RMT) union, employed by a
private contractor, voted overwhelmingly in favour of the action.

 

Eurostar said it would update customers as soon as possible if there was any
impact on services.

 

However, the union said the strike would "severely affect" passengers.

 

More than 100 security staff employed by facilities management company Mitie
are due to walk out, following a 4-1 vote in favour of strike action.

 

RMT general secretary Mick Lynch said the security staff were "essential" to
the running of Eurostar, and "it is disgraceful they are not being paid a
decent wage".

 

"They work long, unsocial hours and a multimillion-pound company like Mitie
can easily afford to pay them decently for the essential work they do."

 

However, Mitie said that on Tuesday it had offered staff a "significant" 10%
pay increase, and that it was "disappointed" that RMT had decided to take
strike action.

 

"As always, our priority is to ensure that exceptional services are
delivered as normal so that passengers are able to continue their journeys
with minimal disruption," a Mitie spokesperson said.

 

A wave of strikes have hit the UK's railways in the past few months as
workers demand better pay deals and try to stop job cuts and changes to
working conditions.

 

More action is planned in the coming weeks.

 

Why are so many workers going on strike?

When are the next train strikes?

The RMT has announced strikes at Network Rail and 14 train companies on
13-14 December, 16-17 December, 3-4 January and 6-7 January.

 

The train drivers' union Aslef has also staged walkouts in a dispute over
pay, although no further strikes are planned at the moment.

 

Workers in other sectors of the economy have also either taken industrial
action or planned it, in protest about working conditions, pensions and pay.

 

Royal Mail staff, members of the University and College Union and airline
ground handlers are among those who have already been on strike, while
nurses and paramedics are planning walkouts in the future.

 

The industrial action has been prompted by soaring prices - inflation is
running at more than 11% a year - meaning workers are being squeezed as
living costs rise faster than wages.

 

Many workers are now calling for pay increases in line with the higher cost
of living.

 

Energy and food prices have been rising since last year because of the war
in Ukraine and the impact of the Covid pandemic.-bbc

 

 

 

 

HSBC to close 114 UK branches as more people bank online

HSBC says it will close 114 more branches in the UK from April, as customers
using them have fallen significantly since the pandemic.

 

The bank said it would try to redeploy affected staff but about 100 will
lose their jobs.

 

Banks have closed thousands of branches in recent years as more people bank
online and lenders cut costs.

 

HSBC said it would invest in updating its remaining 327 branches, but a
union accused it of abandoning customers.

 

"Without any corporate social responsibility to require banks to stay on our
high streets to help the elderly, disabled or vulnerable, then access to
cash and banking will be lost forever," said Dominic Hook, national officer
at Unite.

 

Jackie Uhi, HSBC's managing director of UK distribution, said people were
changing the way they bank and footfall in many branches was at an "all-time
low, with no signs of it returning".

 

"Banking remotely is becoming the norm for the vast majority of us," she
added.

 

She said the decision to close a branch was "never easy or taken lightly",
especially if it was the last branch in an area.

 

She added that HSBC was investing in "post-closure" measures, such as
providing free tablet devices to help some branch customers bank digitally.

 

While it is inevitable that branches are being shut, it is the speed of
those closures that will cause concern.

 

Hundreds of branches are being axed every year. That is far faster rate than
potential replacements can be opened to help those left struggling.

 

So-called shared banking hubs have been earmarked for 27 areas of the UK,
with only two having opened their doors so far.

 

They allow local businesses and vulnerable residents who are customers of
any bank to deposit and withdraw cash.

 

Although widely welcomed and supported, charities and consumer groups are
calling for the project to speed up.

 

2px presentational grey line

The latest closures come after HSBC said in March that it planned to shut 69
branches by this autumn.

 

It said footfall in three quarters of the branches set to close had halved
over the past five years, a trend that had sped up since the pandemic.

 

Some HSBC branches serve fewer than 250 people per week, it added, while
more than nine in 10 transactions at the bank are now done digitally.

 

The shift to online banking has seen High Street banks and building
societies close more than 5,200 branches since 2015, according to the
consumer group Which?. Of these:

 

Natwest, which owns RBS and Ulster Bank, has closed more than 1,200

Lloyds Banking Group, which owns Halifax and Bank of Scotland, has closed
more than 850, with plans to close more than 70 more in 2023

Barclays is the individual bank that has shrunk the most, closing more than
960 branches.

It has left some communities without access to bank branches, while many
cash machines have also shut.

 

The elderly and those without access to the internet have been
disproportionately affected, as well as small businesses that bank in cash.

 

Tobias Gruber, chief executive of loan broker My Community Finance, said
banks should use the money they save by closing branches to improve digital
and telephone banking.

 

"It's unacceptable for bank customers to wait up to 30 minutes to speak to
someone [by telephone] when it's their only choice because their local
branch has vanished," he said.

 

Which? said HSBC's decision "risks further cutting adrift those who rely on
cash", especially people using it to manage their finances during the cost
of living squeeze.

 

Meanwhile, Age UK said tens of thousands of older bank customers "still rely
on face-to-face banking".

 

"The rapid move towards digital banking over the past few years has caused
huge problems for many older customers, who whether for health or personal
reasons are not able to move online," said Caroline Abrahams, its charity
director.

 

Which branches will close?

The HSBC branches that are set to close next year are:

 

In April: Abergavenny, Alton, Bexhill on Sea, Blandford Forum, Bristol
Downend, Cromer, Leominster, Market Bosworth, Shaftesbury, St Austell, St
Ives

 

In May: Arnold, Bideford, Brecon, Bridport, Brighouse, Bristol Filton,
Coleraine, Didcot, Dover, Dundee, Fakenham, Gainsborough, Halesowen, Hove,
Launceston, Leicester 11 Hinckley Road, Liskeard, Market Harborough,
Minehead, Stamford, Stourport on Severn, Stroud, Sudbury, Waltham Cross,
Whitby, Whitley Bay, Wilmslow

 

In June: Beccles, Bicester, Chepstow, Frome, Hertford, Honiton, Ilkley,
Knutsford, Lewes, New Milton, Oakham, Penarth, Pocklington, Pontypool,
Portadown, Ross on Wye, Skipton, Sleaford, South Shields, St Neots,
Stirling, Twickenham, Wadebridge, Wells

 

In July: Blackwood, Bognor Regis, Bromborough, Christchurch, Coalville,
Droitwich, Gosforth, Harpenden, Horsforth, Kingswinford, Leatherhead, Long
Eaton, Marlow, Norwich Mile Cross, Palmers Green, Port Talbot, Portishead,
Ripley, Seaford, Southampton Park Gate, Tonbridge, Wetherby

 

In August: Ashton under Lyne, Bethnal Green, Bristol Westbury on Trym,
Cardiff Rhyd y Penau, Chippenham, Cirencester, Colwyn Bay, Denbigh,
Dorchester, Eastwood, Henley on Thames, Hornchurch, Kenilworth, Leighton
Buzzard, London 122 Finchley Road, Morley, North Finchley, Ormskirk, Putney,
Reigate, Ryde, Windsor, Wymondham

 

Date to be confirmed: Cowbridge, Epworth, Holsworthy, Hythe, Oxted, Settle,
Tenby-bbc

 

 

 

UK strikes digital trade deal with Ukraine

A "digital" trade deal between the UK and Ukraine has been agreed.

 

The digital trade agreement was struck at a London meeting of Trade
Secretary Kemi Badenoch and Ukraine's Minister for Trade and Economy Yulia
Svyrydenko.

 

Trading digitally is particularly valuable, the UK government argues,
because war and damage to Ukrainian infrastructure makes trading physically
difficult.

 

It is hoped the agreement will help bolster Ukraine's beleaguered economy.

 

According to the Department for International Trade (DIT) it is hoped the
agreement will help the UK and Ukraine make their digital identity systems
work together.

 

There is critical need for people who have lost documentation or been forced
by the war to travel to new countries to be able to use digital tools to
prove they are who they say they are, it said.

 

The deal will also enable deeper cooperation on cybersecurity, and help
smooth flows of cross-border information between financial services firms an
explanatory note says.

 

Ms Svyrydenko said the deal illustrated that Ukrainian IT companies were in
demand around the world despite all the challenges of war.

 

It comes as Ukrainian businesses and infrastructure face attack from Russian
hackers.

 

A secret £6m ($7.1m) UK programme that had been helping Ukraine defend
against Russian cyber attacks, was recently revealed.

 

UK UA and AI

The deal is an agreement in principle. A legally binding final text of the
agreement is yet to be agreed, Sabina Ciofu an international trade expert
for industry body TechUK told the BBC.

 

Typically such deals formally agree cooperation on things like cyber
security, artificial intelligence (AI) and emerging technologies. These
could translate into "pilot projects with regulators and industry on both
sides" she said.

 

Much would depend on how the deal was finally implemented, but according to
Ms Ciofu, "this particular agreement will likely see a lot of support - from
industry too - to move fast on implementation".

 

Ms Badenoch said the deal would "help protect jobs, livelihoods and families
now and in Ukraine's post-war future".

 

The deal follows Tuesday's visit by Ukraine's First Lady Olena Zelenska to
the UK parliament.

 

She told members of both houses of alleged Russian war crimes and called for
the UK to support for a special tribunal to prosecute Russian aggression
against Ukraine.-bbc

 

 

 

South Africa: Cannabis Sector Has Potential to Eradicate Poverty

Trade, Industry and Competition Deputy Minister, Nomalungelo Gina says the
cannabis sector has a huge potential for development for the small, medium
and micro enterprises (SMMEs) located in rural areas where poverty is
concentrated.

 

"Government estimates that the cultivation and commercialisation of cannabis
production in South Africa can generate an estimated R28 billion and could
create between 10 000 to 25 000 jobs across the sector.

 

"Focusing on value chains from cultivation and agro-processing to sales,
will increase benefits and job creation," said Gina.

 

The Deputy Minister was speaking at the Agriculture and Land Summit in
Bergville, KwaZulu-Natal, on Wednesday.

 

 

She added that as part of the rural economy, agriculture and agro-processing
are at the heart of driving the countryside economy.

 

"Although Bergville has fertile land for various crops, it has a unique
climate that is favourable to the growing of cannabis.

 

"We are here to nudge you as people of Bergville to focus more in particular
on the growing of cannabis, and the agro-processing of cannabis for markets
both domestic and abroad," Gina said.

 

The aim of the summit was to identify gaps and explore opportunities in the
agricultural sector value chain within the district and the province.

 

The summit was also aimed at promoting and developing the agricultural
sector within the municipality for both commercial and small-holder farmers,
as well as promoting youth and women participation in the agricultural
sector.

 

Gina noted that the Bergville processing plant in Winterton which was built
by the Industrial Development Corporation had setbacks which government and
stakeholders were currently trying to resolve for both owners and the
communities affected.

 

"UKhahlamba and the region of Bergville are sleeping giants in terms of
economic prosperity. It is a region full of great history and memorials for
tourism.

 

"Located in the Drakensberg Mountains close to Lesotho and QwaQwa in the
Free State, the municipality must use the value proposition of tourism to
create local economic development and job creation."

 

She also encouraged cooperation between white and black farmers.

 

"Our white farmers, with so much experience, are requested to impart skills
to the emerging black farmers through hand-holding exercises. It can only be
through sharing of experiences and cooperation that we can build the local
economy together, especially the agricultural economy," said the Deputy
Minister.

 

-SAnews.gov.za.

 

 

 

Uganda Again Suffers Nationwide Power Blackout

Uganda on Wednesday night suffered yet another power blackout that affected
the entire country.

 

The power blackout started around 9pm until around 10pm on Wednesday.

 

"UETCL informs its stakeholders and the general public that we are
experiencing a national blackout. We shall keep you updated as we work on
restoration of power. All inconveniences caused are regretted," Uganda
Electricity Transmission Company Limited(UETCL) said in a statement.

 

This was the umpteenth time the country was experiencing a nationwide power
blackout.

 

 

Whereas the first ones in 2020 were attributed to moving islands that
reportedly blocked the turbines to affect both Owen Falls and Bujagali Dams.

 

An emergency shutdown at Isimba dam in August led to power outages in
several parts of the country.

 

The shutdown was attributed to operation challenges that led to the flow of
water into the powerhouse of the 183megawatt Isimba dam.

 

The issue was however rectified.

 

Government recently warned that intensified cases of vandalism of power
facilities including lines by unknown people would lead to load shedding in
various parts of the country.

 

In the past four or so months, the number of cases of vandalism of power
lines all over the country have gone up with many of the lines vandalized
for scrap.

 

However, security has intensified operations targeting vandals of power
installations.

 

For example, earlier this week, a joint intelligence led security operation
in Kampala led to the arrest of five people and over 40 tonnes of angle
lines used in erecting high voltage power lines have been recovered.

 

Onyango said the operations were conducted in the areas of social center
scrap yard village in Mengo,scrap yard at Budonian village, and Kisenyi
scrap dealers.

 

"The operation targeted areas where suspected electrical materials are
stored and sold in areas of Kisenyi. This comes after reports of constant
vandalism of Umeme electrical materials in different parts of the country
and are brought to Kisenyi and neighbouring areas for sale," said Kampala
Metropolitan Police spokesperson, Patrick Onyango.

 

Other than angle lines, security also recovered railway line rails, solar
poles.

 

The area of Kisenyi where the items were recovered is known to have many
scrap dealers.

 

 

 

Nigeria: Growth in Diaspora Remittances to Nigeria, Other SSAs Slows - World
Bank

The World Bank has indicated that financial flows to Nigeria and other
Sub-Saharan African (SSA) countries is slowing down though it will reach $53
billion in 2022 , up from $50 billion in 2021.

 

The Bank disclosed this in its 'Migration Development Brief 37' released
yesterday noting that the growth rate in SSA remittances slowed to 5.2
percent when compared to 16.4 percent growth recorded in 2021.

 

It said: "Remittance flows to Sub-Saharan Africa surged 16.4 percent to $50
billion during 2021, the strongest increase since 2018.

 

"However, the region is exposed to the effects of the concurrent crises
affecting the global economy in 2022.

 

 

"Remittance out turns will depend on the balancing of increasing needs for
support from the African overseas labor force, and the availability of
incomes in host countries to be remitted.

 

"Remittance gains are likely to be held to 5.2 percent in the year, an 11
percentage point fall off in growth from 2021.

 

"The economic crisis induced by the COVID19 pandemic caused a decline in
remittances of 14 percent for countries in fragile and confict-affected
situations (FCS)in 2020.

 

"This is mainly due to the medium-intensity conflict (as well as regulatory
change unfavorable to officialy recorded flows) in Nigeria, the largest
remittance-receiving country in SSA and eighth largest among low-and
middle-income countries. The drop in remittances was initially expected to
be sharper in 2021 but flows bounced back, helped again by countries with
medium intensity conflict, especially South Sudan. "

 

The World Bank further projected a 3.9 percent growth rate in remittances to
SSA countries in 2023, represented a 1.3 percent points decline from 5.2
percent growth for 2022.

 

It however the projected the value of remittances to SSA to stand at $55
billion in 2023.

 

"The likelihood of further adverse international developments persisting
into 2023 is high, and the pace of remittance flows to Sub-Saharan Africa
may ease to 3.9 percent from the stellar 16.4 percent advance of 2021.

 

"Food affordabiity and deterioration of real incomes across African states
indicate the need for financial support."

 

-Vanguard.

 

 

 

Nigeria Urged to Leverage On Demographic Dividends to Build Wealth, Economy

An international journalist and author of several history books, Prof.
Howard French, has urged Nigeria to seize the opportunity of its demographic
dividend to build wealth, invest more in its education, productivity and
grow its economic power and resources.

 

Prof. French made this call at the edition of Sterling One Foundation
Leadership Series 2022 with the theme: Born in Blackness: Truth, Lies & X"
which was held in Lagos, was designed to bring together a diverse and
distinctive group of opinion leaders, global thinkers and change makers to
shift the mindset and mental models of leadership for individuals and
organizations alike.

 

 

According to the renowned journalist, education and economic development go
hand in hand, therefore any nation that wants to grow in its productivity
and economic power should invest more in the education of its young
generation.

 

"I believe that education will be the key to Nigeria's economic future and
also that Nigeria needs to do more for its people in terms of education.
Nigeria can redouble its investment in education and truly make this into
national priority for a sustained period of time by committing the
appropriate kind of resources and really work hard towards this, Nigeria
will grow in its economic productivity," he said.

 

He added that in the 1980s, China was able to figure out how to put them on
the road map of its economic power.

 

"China was able to figure out the part that put them on the road to economic
power. This was an era of economic reform for them. China was going into
what demographers call demographic dividend (the ratio of young people
compared to old people is very high). In the 1980s the percentage of old
people under the age of 35 compared to people who are infants and old people
was very high. People at the prime of their life are producing wealth and
productivity to drive the nation forward. A man called Deng Xiaoping in the
Communist party who at the time that said this is an opportunity for China
that they were entering demographic dividend that the ratio of young people
that we have to push education because this is what will drive our
industrialization and economic advancement onto an high place and historical
opportunity, now they are the most successful country in the world."

 

-This Day.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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