Major International Business Headlines Brief::: 13 December 2022

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Major International Business Headlines Brief::: 13 December 2022 

 


 

 


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ü  Sam Bankman-Fried: FTX founder arrested in Bahamas

ü  Highest number of days lost to strikes in over 10 years

ü  S Korea says crypto-fugitive Do Kwon is in Serbia

ü  UK economy will get worse before it gets better, warns chancellor

ü  Tropical vineyards put India on the wine map

ü  National Grid: Coal plants stood down to supply electricity

ü  Cost of living: Recruitment slows for game developers

ü  UK weather: Flights delayed and cancelled due to cold snap

ü  Deliveroo riders agree to stop parking on Brentwood High Street

ü  Africa: Needed Global Financial Reforms Foregone Yet Again

ü  South Africa: Eco-Friendly Fast Food Deliveries Create Jobs for Young
People

ü  Nigeria: Govt's Oil Theft Panel

ü  Nigeria: Adeleke Vows to Recover Monies Owed By Mining Operators

 


 

 


 <mailto:marketing at willdale.co.zw> 

Sam Bankman-Fried: FTX founder arrested in Bahamas

Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, has
been arrested in The Bahamas, the country's attorney general has said.

 

He is scheduled to appear on Tuesday in a magistrates' court in the
Caribbean country's capital, Nassau.

 

Police said Mr Bankman-Fried, 30, was arrested for "financial offences"
against laws in the US and The Bahamas.

 

Last month FTX filed for bankruptcy in the US, leaving many users unable to
withdraw their funds.

 

According to a court filing last month, FTX owed its 50 largest creditors
almost $3.1bn (£2.5bn).

 

It is unclear how much people who have funds in the exchange will get back
at the end of bankruptcy proceedings - though many experts have warned it
may be a small fraction of what they deposited.

 

The FTX exchange allowed customers to trade normal money for
cryptocurrencies like Bitcoin.

 

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

 

He had become well known in Washington DC as a political donor, mostly to
Democratic politicians or groups, supposedly supporting pandemic prevention
and improved crypto regulation.

 

The fall of ‘King of Crypto’ Sam Bankman-Fried

Crypto giant FTX collapses into bankruptcy

Mr Bankman-Fried will be held in custody "pursuant of our nation's
Extradition Act," the Attorney General of the Bahamas said in a statement.

 

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at
the request of the US Government, based on a sealed indictment filed by the
SDNY [Southern District of New York]. We expect to move to unseal the
indictment in the morning and will have more to say at that time," the US
Attorney's office in Manhattan said in a tweet.

 

Wall Street regulators also said that they would be taking action against Mr
Bankman-Fried.

 

"We commend our law enforcement partners for working to secure the arrest of
Mr Sam Bankman-Fried in the Bahamas on federal criminal charges," US
Securities and Exchange Commission (SEC) official Gurbir Grewal said in a
statement.

 

"The Securities and Exchange Commission has separately authorised charges
relating to Mr. Bankman-Fried's violations of our securities laws, which
will be filed publicly tomorrow in the Southern District of New York," he
added.

 

Mr Bankman-Fried had been due to testify about the collapse of FTX before
the US Congress on Tuesday.

 

However, he will now be unable to testify, according to Congresswoman Maxine
Waters, who said in a statement that she was surprised to hear that he had
been arrested.

 

Mr Bankman-Fried's lawyer did not immediately reply to a BBC request for
comment.-bbc

 

 

 

Highest number of days lost to strikes in over 10 years

The number of working days lost to strikes last month reached the highest in
more than a decade, according to official figures.

 

Some 417,000 working days were lost because of labour disputes in October
2022 - the highest since November 2011.

 

The UK has been hit by widespread industrial action this year as workers
walkout over pay and conditions.

 

Another set of strikes by rail workers is starting on Tuesday.

 

The UK's biggest rail union - the RMT - has held a series of strikes since
the summer that have shut much of the rail network in England, Scotland and
Wales and threaten to hit businesses in the run-up to Christmas.

 

It comes as workers in many other industries down tools, with bus drivers,
Royal Mail workers, nurses and highways workers and baggage handlers also
striking this week.

 

Sam Beckett, head of economic statistics at the Office for National
Statistics, said that the sectors that have been hardest hit by strike
action are transport and storage as well as information and communications.

 

"That's been largely driven by the rail and mail strikes," she told the
BBC's Today programme.

 

Workers at Royal Mail who are members of the CWU union will take further
strike action on Wednesday and Thursday this week. This will be followed by
further walkouts on Christmas Eve.

 

Days lost to strikes graphic

Ms Beckett said it was difficult at this stage to assess how industrial
action has affected the wider economy.

 

"We haven't really seen the influence of that in our GDP statistics yet. It
is too early to say how it will hit the economy more broadly," she said.

 

Data from the ONS also revealed that the gap between public and private
sector pay growth remained wide.

 

Average wage growth for private sector workers reached 6.9% between August
to October compared to 2.7% for the public sector.

 

There has been a slight narrowing of the gap compared to between July and
September when average public sector pay rose by 2.2% and private sector
wages grew by 6.6%.

 

But the ONS said: "This is the largest growth rate seen for the private
sector and is among the largest differences between the private sector and
public sector growth rates we have seen."

 

Both, however, remain far below the rate at which prices are rising - known
as inflation - which is growing at the fastest pace in more than 40 years.

 

The ONS said that overall, regular pay grew by 6.1% in the three months to
October. But taking inflation into account, wages fell by 2.7%.-bbc

 

 

 

 

S Korea says crypto-fugitive Do Kwon is in Serbia

South Korean authorities say they believe Do Kwon, the failed cryptocurrency
boss behind the $40bn (£32.7bn) collapse of the terraUSD and Luna tokens, is
hiding in Serbia.

 

The Seoul Southern District Prosecutors' Office said it would work with
Serbia to detain him.

 

Mr Kwon, 31, was charged with fraud and breaches of capital markets law
after the tokens imploded in May.

 

In September Interpol issued an international warrant for his arrest.

 

The following month, South Korean prosecutors said he had travelled via
Dubai to an unknown country after leaving Singapore, where his company
Terraform had its headquarters.

 

The Interpol "Red Notice" is a request to law enforcement worldwide to
locate and provisionally arrest a person pending extradition, surrender, or
similar legal action.

 

South Korea and Serbia do not have an extradition treaty but in the past
both have agreed to requests under the European Convention on Extradition.

 

Mr Kwon has previously denied that he is in hiding, but has not revealed his
whereabouts.

 

"I am not 'on the run' or anything similar - for any government agency that
has shown interest to communicate, we are in full cooperation and we don't
have anything to hide," he tweeted in September.

 

Prosecutors have also issued arrest warrants for five other people - who
have not been named - linked to the so-called stablecoin Terra and its
sister token Luna.

 

Stablecoins are designed to have a relatively fixed price and are usually
pegged to a real-world commodity or currency - but Terra's value collapsed
during this year's wider cryptocurrency crash.

 

The Terra Luna system collapsed in May, with the price of both tokens
plummeting to near zero, and the fallout hitting the wider crypto-market.

 

>From a $116 high in April, a Terra coin is now worth less than $0.0002.

 

Globally, investors in the two coins lost an estimated $42bn, according to
blockchain analytics firm Elliptic.

 

Some investors lost their life savings, and South Korean authorities have
opened several criminal probes into the crash.

 

Media caption,

Are crypto-currencies the future of money?-bbc

 

 

 

 

UK economy will get worse before it gets better, warns chancellor

The UK economy will get worse before it gets better, Chancellor Jeremy Hunt
has said after figures revealed it shrank further between August and
October.

 

The economy contracted by 0.3% during the three months as soaring prices hit
businesses and households and the UK is forecast to be heading into
recession.

 

He said: "These figures confirm that this is a very challenging economic
situation here and across the world.

 

"And it will get worse before it gets better."

 

Over the three months, economic activity in the UK slowed across all the
main sectors including production, construction and services.

 

A country is in recession when its economy shrinks for two three-month
periods in a row.

 

In his Autumn Statement last month, Mr Hunt said the UK was already in
recession. This is expected to be officially confirmed at the beginning of
next year when economic figures for October to December are released.

 

When a country is in recession, it is a sign that its economy is doing
badly. During a downturn, companies typically make less money and the number
of people unemployed rises. Graduates and school leavers also find it harder
to get their first job.

 

It also means that the government receives less money in tax to spend on
public services such as health and education.

 

What is a recession and how could it affect me?

The Bank of England recently said the UK is facing its longest downturn
since records began, expecting it to continue next year and into the first
half of 2024.

 

The independent forecaster, the Office for Budget Responsibility, said
recently that it expected the recession to last just over a year.

 

GDP graphic

There was a brief respite in October alone when the economy grew by 0.5%
compared with the previous month, according to the Office for National
Statistics (ONS). However, this rebound came after output was affected in
September by the additional bank holiday for Queen Elizabeth's state
funeral, which meant that some businesses closed or had shorter opening
hours.

 

Martin Beck, chief economic adviser to the EY Item Club, said that although
the current quarter had started positively with October's rise, there is "a
good chance" the economy will contract.

 

"The near-term outlook remains gloomy, as consumers continue to struggle
under the weight of high inflation and with much of the impact of this
year's interest rate rises still to be realised," he said.

 

Last month, the Bank of England raised interest rates from 2.25% to 3% - the
biggest jump since 1989. The Bank is expected to announce a further increase
on Thursday by half a percentage point to 3.5%.

 

Donald Nairn, owner of Edinburgh-based retailer Toys Galore, said rising
interest rates were one of the reasons his customers were being more
cautious about their spending.

 

"Most people are struggling because they've seen all their costs go up -
interest [rates], fuel, food - and yet their wages just haven't kept up so
everything's squeezed."

 

Toy shop owner Donald Nairn says times are more challenging than he could
have ever imagined

He said that while people will still buy toys for a birthday or Christmas
present, they may not make the trip into town to buy it or it will be
smaller.

 

"If you'd asked me in 2019 what the next few years would be like I could not
have possibly imagined in my wildest dreams it would have been as
challenging as it has been," he added.

 

Labour's shadow chancellor Rachel Reeves said Monday's figures "underline
the failure of this Tory government to grow our economy, leaving us lagging
behind on the global stage".

 

Darren Morgan, director of economic statistics at the ONS, said that some
companies had said that strike action had affected their business.

 

"We speak to about 40,000 businesses every fortnight and one in eight of
them tell us they were affected by industrial action in October," Mr Morgan
told the BBC's Today programme.

 

"They told us the most common impacts were they were not able to get the
necessary goods or services and were unable to operate fully."

 

The UK is facing more strikes over pay and working conditions this month and
into the New Year. Around 40,000 train and rail workers will walk out on
Tuesday as part of a series of strikes.

 

Royal Mail workers will also continue industrial action this week, with
strikes planned for Wednesday and Thursday.

 

"Businesses are telling us the rail strikes hit hospitality pretty hard in
particular," Mr Morgan said.

 

He added that industrial action at ports such as Felixstowe had "hit
logistics and shipping companies".

 

Employment figures from the ONS, which are due out on Tuesday, will give
details of the number of days lost due to strikes in October.

 

At first glance, growth of 0.5% between September and October looks as if it
defies all predictions of ongoing slump.

 

Growth of that scale in a month is actually quite a bounce-back. But then
you realise it's only for artificial reasons rather than a mini-recovery.
Car sales and other consumer facing services did bounce back sharply
month-on-month, but that's only because in the previous month the Queen's
funeral meant we all had an extra day off.

 

Other figures point clearly to recession. The weakness of consumer-facing
services - everything from shops to restaurants to sport and leisure - which
are still 8.9% below their pre-pandemic levels. And the sharp reduction in
electricity and gas use in October, down 4% against the year before.

 

But it's the three-month figures that are more reliable and show us the real
picture. With activity down 0.3%, the UK economy, in common with much of the
rest of the world, is forecast to see the economy continue to shrink through
to the end of next year.

 

What we don't yet know is how long it might continue beyond that - or how
deep the contraction will be.-bbc

 

 

 

Tropical vineyards put India on the wine map

What do you do to develop a wine industry in a country with no tradition of
wine-drinking and a climate which doesn't favour grape-growing?

 

In India, innovative producers have adopted a range of approaches, from
flipping the grape-growing season, to using kiwi fruit instead of grapes, to
packaging wine in cans.

 

"When we started in 1997 no one knew what wine was," remembers Rajeev
Samant, the founder of India's Sula Vineyards.

 

"All liquor shops in India were called wine shops, so people thought wine
meant liquor," he says.

 

It wasn't just a branding problem. Hurdle after hurdle had to be cleared to
get Sula up and running.

 

It took Mr Samant two years just to get a government licence to make wine
from grapes.

 

Then he had to get the attention of consumers, who weren't much interested
in wine.

 

"India is not traditionally a wine-drinking country - due to an earlier
period of prohibition and higher prices, compared to spirits like whisky and
brandy manufactured in the country."

 

And then there is the weather. Sula's base is Nashik, Maharashtra, where the
climate is tropical. In March, April and May the temperature can easily top
40C.

 

"Climate is a challenge and always will be," says Mr Samant.

 

Sula solved this by doing the opposite to the rest of the wine-growing world
- it grows its grapes during the winter and then harvests them at winter's
end.

 

The latest technology has also helped. Sula was the first Indian vineyard to
use refrigerated stainless steel to store its wine.

 

"I realised to make good tropical wines it needs to be refrigerated. It is
expensive, but for us it brings the quality," says Mr Samant.

 

But persistence has bought success. Sula now has 1,000 staff and annual
sales of about 5bn rupees (£55m; $62m).

 

It has just launched its first share sale - raising almost 10bn rupees
(£98m; $121m).

 

In addition, hundreds of thousands of people visit its vineyard in Nashik
every year.

 

Later this year, Sula plans to sell shares on the stock market for the first
time. It will be an opportunity to gauge what investors make of the
prospects for the Indian wine market.

 

At the moment there are about 110 wineries in India, making wine and fruit
wines.

 

The Indian government is keen to boost that number. It has a high tariff on
imported wine and overseas companies are encouraged to invest in India.

 

India's third-biggest winemaker is the result of an international
collaboration.

 

In 2006, the Secci brothers (Alessio and Andrea) from Italy joined forces
with the Mohite Patil brothers (Arjun and Ranjit) from Maharashtra, and the
Sekhri brothers from Delhi (Kapil and Gaurav).

 

Together they formed Fratelli Wines.

 

"Wineries in India don't stick to rules or traditions as strictly as older
wine-making countries do. Instead, India follows the New World wine-making
style, which is more experimental and technologically oriented," says
Jayanth Bharathi, from Fratelli Wines.

 

Its latest offering, wine in a can, would definitely make a traditional
vintner shudder. Mr Bharathi says it will appeal to younger drinkers and
make Fratelli's wines "approachable and casual".-bbc

 

 

 

 

National Grid: Coal plants stood down to supply electricity

National Grid has stood down two coal plants that it had put on standby to
generate electricity in case supplies were disrupted because of cold
weather.

 

The company had asked Drax, which owns Britain's biggest power station, to
prepare two coal-fired units on Monday.

 

It is still planning to run a test of its scheme that offers discounts on
bills for households who cut peak-time electricity use on Monday evening.

 

The move comes as the UK experiences a snap of freezing temperatures.

 

It means demand for energy rises as more people heat their homes, and a lack
of wind has reduced the amount of renewable energy available.

 

It is understood because of the cold temperatures, Monday will be the
highest demand day for electricity so far this winter.

 

National Grid said earlier on Monday that while it had asked Drax to warm up
its two coal-fired units at its site near Selby, North Yorkshire, the plants
might not be used. It confirmed at lunchtime the power station had been told
to stand down.

 

It said households should "continue to use energy as normal".

 

The UK receives electricity via subsea cables from other European countries
including France, Norway, Belgium and the Netherlands, but higher demand in
Europe could potentially disrupt supplies to the UK and would trigger the
need for coal-generated energy.

 

In October, National Grid warned there was a risk of blackouts over the
winter months as a last resort if energy supplies reach low levels.

 

Fintan Slye, executive director of National Grid, told the BBC on Monday
that power outages were "still a possibility", but said the network
operators remained "cautiously optimistic through the winter that we will be
able to manage it".

 

"We have enough supplies secured through the rest of the day that we can
manage that and ensure there's no disruption to customers' supplies," he
told the BBC's Today programme.

 

However, the electricity system operator (ESO) arm of National Grid said it
was running a test of a scheme on Monday that offers discounts on bills for
households who cut their electricity use at peak times between 17:00 and
19:00.

 

It allows people to save cash if they avoid high-power activities, such as
cooking or using washing machines, when demand is high. National Grid has
said this could save households up to £100 over the winter.

 

Graphic on how the scheme works: Energy suppliers sign up to the scheme with
National Grid; Participating suppliers get in contact with customers who
qualify; People in England, Scotland or Wales who have a smart meter are
eligible; Suppliers will send an alert 24hrs before a test session is coming
up; Customers will receive a discount if they reduce electricity use during
the test; The trial scheme is currently due to run until March next year

But only homes with smart meters and whose supplier is signed up to the
"Demand Flexibility Scheme" will be able to take part. About 14 million
homes, less than half of all households in England, Scotland and Wales, have
a smart meter installed.

 

Mr Slye said the test had been triggered because National Grid wanted to
"test how consumers would respond when the weather was really cold". It is
understood a decision was made by National Grid at 14:30 GMT on Sunday.

 

According to National Grid ESO's website, British Gas, EDF, Eon and Octopus
are signed up to the scheme but Scottish Power appears not to be.

 

Octopus told the BBC that almost 250,000 of its customers had signed up to
Monday's two-hour test so far, adding that its customers across the country
had been paid £1m so far from taking part in previous "saving sessions".

 

British Gas also confirmed it would be contacting customers to take part in
Monday's scheme, but EDF said it would not be participating as it was
finalising its plans.-bbc

 

 

 

 

Cost of living: Recruitment slows for game developers

Games studio boss Stuart Martin is taking a cautious approach to the future
as the dust continues to settle on the worst of the pandemic.

 

Like many others in the industry, his Dundee-based indie company Hyper
Luminal Games benefited from a rise in sales during the lockdowns.

 

But he's temporarily putting the brakes on expansion plans in the face of
the rising cost of living and soaring energy prices.

 

"The games industry has a history of traversing turbulent times better than
other industries, but there is still a sense of caution moving into 2023,"
he explains.

 

Diversity in gaming: Industry promises to improve

The birth pangs of the Grand Theft Auto franchise

"With the cost of living rising and energy prices increasing, every business
will be looking closely at their cashflow and how best to support existing
team members before continuing to grow."

 

Hyper Luminal, which has created 40 jobs over the past two years, is now
looking at "more strategic growth" and focusing on financial support schemes
for its staff.

 

It is now aiming for "a slower rate of recruitment whilst we promote
internally across 2023".

 

The company, which has developed games such as Pine Hearts and Big Crown
Showdown, is far from alone in rethinking its strategy.

 

A report by recruitment insights platform Games Jobs Live found that the
number of jobs available in the UK's games industry continues to fall
sharply.

 

It reported 2,085 job openings this month, nearly 200 fewer than in
November.

 

Since June, more than 700 open posts have been taken off the market, and
currently just 183 out of 2,284 games companies in the UK are actively
recruiting.

 

Open positions are down across most disciplines, with a significant
reduction in code, design and localisation roles.

 

But perhaps more worryingly, there has been a 31% drop in available junior
positions this month, compared with only a 2% fall in the number of
advertised managerial roles.

 

Stuart, who describes the drop in available games jobs as "disappointing but
understandable given economic uncertainty", says Hyper Luminal is still
committed to targeting entry-level roles next year.

 

"Our 'grow-your-own' approach to talent acquisition is a unique trait we are
very proud of, and we strongly believe encouraging entry-level roles is
critical to the future of games development in Scotland.

 

"We hope other studios will also keep a consistent flow of entry-level roles
available to strengthen and grow our industry, even with some turbulence
ahead."

 

That's a view shared by Elena Höge, founder of Edinburgh-based Yaldi Games,
who wants to see more job openings directed at juniors and graduates.

 

"As it stands now, job openings in the games industry largely consist of
mid-level to senior roles, looking for experts with several shipped games in
their portfolio," she explains.

 

"The games industry is complaining of fierce competition for talent and a
lack of developers, with some job openings being left unfilled for long
amounts of time.

 

"But at the same time they don't invest in the upbringing of young talent
that could grow to fit those shoes with a bit of time and nurturing."

 

Elena argues that state financial incentives could be a way to encourage
firms to take on younger people.

 

She says her business benefited from the UK government's Kickstart scheme,
which was designed to help young people facing long-term unemployment get a
job.

 

"I used the scheme three times and I have kept all of the juniors on, even
after the scheme ended," she says.

 

"So for me it was a huge success, and I know of many other games studios,
and especially games start-ups, that have benefited from this scheme."

 

'Element of correction'

Games Jobs Live director Colin Macdonald says the drop in open jobs should
be seen in the context of the games industry doing well through the
pandemic.

 

He explains: "This year there's an element of a correction with less
investment and fewer acquisitions, which filters down to fewer jobs.

 

"Concerns over the economy are driving cutbacks, both in terms of layoffs
and reducing open positions, at large tech firms like Microsoft, Sony, Meta
and Amazon, all of whom have games divisions.

 

"In turn, that creates nervousness about job security, which combined with
rising mortgage rates, is causing fewer people to move around.

 

Colin, who is a former games commissioning editor for Channel 4, also
believes that Brexit continues to have an impact on the industry.

 

"While Brexit had a limited impact on the distribution side, it has had a
big impact on recruitment, with companies struggling to find enough talent
in the UK," he says.

 

"As an industry we should be doing more to develop staff internally, through
training and ensuring salaries stay competitive, so that we don't have to
find so many seniors externally.

 

"And although the gender imbalance in the industry is slightly better than
it was, we're still not doing nearly enough to encourage more women into
games, or make the industry more accessible to those that can't afford
expensive university degrees."

 

'Tough economic conditions'

Dr Jo Twist, chief executive of games industry body UKIE, says that while
the consumer games market has consistently grown year-on-year, "everyone
will be impacted by the tough economic conditions".

 

She adds: "The industry has thousands of high-value jobs available across
the country and we will continue to need highly skilled and diverse talent
to continue to drive our sector successfully forward."

 

Research has indicated that the future still looks bright for games firms.

 

Last month, market data specialist Newzoo predicted a 4.3% decline in
revenues for the global games market for 2022, although it added that the
long-term outlook remained positive.-bbc

 

 

 

UK weather: Flights delayed and cancelled due to cold snap

Passengers face delays and cancellations at airports on Monday after snow,
ice and freezing fog swept the UK.

 

Gatwick and Stansted airports closed their runways on Sunday due to the bad
weather.

 

Flights have since resumed but many have been cancelled or pushed back.

 

A yellow weather warning is in place for Scotland, Northern Ireland, much of
England and parts of Wales, with disruption set to continue.

 

Trains have also been delayed and drivers warned to take care after several
motorway accidents.

 

Those travelling to UK airports have been urged to check their travel plans
and flight status with their airline before setting off.

 

A total of 316 flights were cancelled across Heathrow, Gatwick, Manchester,
Stansted, Glasgow, Belfast International and Bristol airports over the
weekend, roughly 11% of all scheduled flights, according to aviation
analytics firm Cirium.

 

About 37 flights were cancelled from Gatwick before lunchtime on Monday,
with EasyJet the worst affected airline.

 

More than 40 flights had also been cancelled at Stansted.

 

London City Airport said it was "experiencing some disruption this morning"
due to aircraft being out of position after the "significant amount of
cancellations" on Sunday night.

 

UK cold weather to last for days amid travel chaos

What are my rights if my flight is cancelled?

Edmund O'Leary told the BBC he was stranded in Malta after his return flight
to Gatwick with British Airways was cancelled twice.

 

He said that he hoped to have an idea by Monday evening when he would be
able to return to the UK.

 

Although he felt communication had been poor, he said the British Airways
staff on the ground were very helpful in terms of sorting out accommodation
on Sunday night for passengers.

 

Heathrow and Gatwick affected

About 50 flights were cancelled at Heathrow on Monday, after freezing fog
resulted in air traffic control restrictions on the number of aircraft that
could land and depart per hour over the weekend.

 

"We encourage passengers to check their flight status with their airline for
the latest information," a spokeswoman said.

 

British Airways, Heathrow's biggest airline, said it had apologised to
customers and was refunding or rebooking anyone whose flight had been
cancelled and providing refreshment and hotel vouchers where needed.

 

The airport is open and flights are operating however snow and freezing
weather is causing some delays and cancelations at the airport today.
Passengers are advised to check flight status with their airline - and also
local travel conditions - before departing for the airport.

 

Gatwick Airport temporarily closed one of its runways at 17:55 GMT on Sunday
due to snow and reopened it at 20:00 when conditions were safer.

 

On Monday, it said there were still delays and cancellations affecting the
airport and urged passengers to contact their airlines directly.

 

A spokesperson for London Luton Airport warned that there could be
disruption to flights and also advised passengers to allow extra time when
travelling to the airport.

 

Some passengers complained on Sunday about a lack of information from
airlines on the cancellations.

 

Others said they had been unable to get off planes due to the icy
conditions.

 

Picked a bad weekend to go to Northern Ireland: 5 hr delay on Friday night
because of a lack of de-icing capacity and return flight to Gatwick has just
landed (late!) in Luton because of snow. Stuck on plane waiting to hear
options - get off or fly to Gatwick
 :-/

 

Heavy snowfall caused a series of traffic collisions on Sunday, as many
drivers were faced with treacherous conditions.

 

Motorists were urged to adjust their driving to the freezing conditions on
Monday morning.

 

The RAC's spokesman said that by 17:00, 9,000 people had called in asking
for help, having broken down.

 

They added that drivers should only set off if they feel confident enough to
do so, and that sticking to main roads which are more likely to be gritted
would help.

 

They also told drivers to pack a blanket and fully-charged phone in case of
a breakdown.

 

Sam told BBC 5 Live that she and her family had been stuck in their car for
more than eight hours without food and only one small bottle of water during
an arduous journey home from London to Thame in Oxfordshire.

 

The family left the O2 Centre in London at 23:00 on Sunday night after
attending the Jingle Bell Ball and had not left their car since, travelling
along the M11 and M25.

 

National Highways has said that the section of the M25 that was closed in
both directions between junctions 23 and 25 has now reopened.

 

However, there are still about 11 miles of congestion in the anti-clockwise
direction, it added.

 

Other roads in the area with long delays include the M11, M2, A21, A27 and
A249, according to the agency.

 

Train lines across the country have also been affected by the weather.

 

Image caption,

Passengers at a busy King's Cross station waited for further information on
their services.

Southeastern Railways has lifted its advice not to travel on the railway
today. But customers are advised to check their routes before they set off.

 

Meanwhile, Avanti West Coast said it was seeing some last-minute
cancellations because of the weather and staff sickness.

 

There will also be no trains between Wrexham Central and Bidston until the
end of the day.

 

The Met Office has also issued a fresh weather warning for ice for the East
Midlands, the east of England, London and south-east England.

 

"Lying snow and icy patches will lead to difficult travel conditions during
Monday and into Tuesday," it says.-bbc

 

 

 

Deliveroo riders agree to stop parking on Brentwood High Street

The leader of Brentwood Borough Council said High Streets across the UK had
"turned into big drive-thrus".

Deliveroo drivers have agreed to stop parking on a High Street in a council
scheme that could be rolled out in other areas.

 

Brentwood Borough Council in Essex said the town had a problem with vehicles
parking illegally on pavements and takeaway food couriers were "one of the
biggest culprits".

 

Riders would be allowed 15 minutes of free parking in bays on other streets.

 

Deliveroo said it had worked with the council on the new parking scheme.

 

Council leader Chris Hossack told the Local Democracy Reporting Service:
"There is no denying that most High Streets across the UK have kind of
turned into big drive-thrus - whether they be for pizzas or Chinese
takeaways.

 

"But in order to help them we have allocated off-street parking bays in
Chatham Way and William Hunter Way where they can pull up and get 15 minutes
grace."

 

Deliveroo riders would have a parking badge which would stop them getting
on-the-spot parking fines in the allocated bays.

 

The council's discussions with Deliveroo came as Brentwood's High Street saw
more parking fines than any other in Essex, with 3,333 penalty charge
notices issued between 1 July 2021 and 30 June 2022, resulting in £80,571
raised from fines.

 

A Deliveroo spokeswoman said it had worked with the council and did not
regard it as a "ban".

 

"The safety of Deliveroo riders and pedestrians is a priority, and we are
pleased to be working with the local authority to launch a pilot parking
scheme for Deliveroo riders," she said.

 

"This will provide riders with parking guidance and grant them permission to
park for free in permitted zones so they can safely collect customer's
orders."

 

Mr Hossack said: "We are pioneering a system with Deliveroo - they haven't
done it with any other council yet - they are even sharing what we are doing
in Brentwood with city councils like Cardiff and Edinburgh."-bbc

 

 

 

Africa: Needed Global Financial Reforms Foregone Yet Again

Kuala Lumpur, Malaysia — Calls for more government regulation and
intervention are common during crises. But once the crises subside,
pressures to reform quickly evaporate and the government is told to
withdraw. New financial fads and opportunities are then touted, instead of
long needed reforms.

 

Global financial crisis

 

The 2007-2009 global financial crisis (GFC) began in the US housing market.
Collateralized debt obligations (CDOs), credit default swaps (CDSs) and
other related contracts, many quite 'novel', spread the risk worldwide, far
beyond US mortgage markets.

 

Transnational financial 'neural-like' networks ensured vulnerability quickly
spread to other economies and sectors, despite government efforts to limit
contagion. As these were only partially successful, deleveraging - reducing
the debt level by hastily selling assets - became inevitable, with all its
dire consequences.

 

The GFC also exposed massive resource misallocations due to financial
liberalization with minimal regulation of supposedly efficient markets. With
growing arbitrage of interest rate differentials, achieving balanced
equilibria has become impossible except in mainstream economic models.

 

Financialization has meant much greater debt and risk exposure as well as
vulnerability for many households and firms, e.g., due to 'term' (duration)
and currency 'mismatches', resulting in greater overall financial system
fragility.

 

This has worsened global imbalances, reflected in larger trade and current
account deficits and surpluses. In unfavourable circumstances, exposure of
firms and households to risky assets and liabilities has been enough to
trigger defaults.

 

Bold fiscal efforts succeeded in inducing modest economic recoveries before
they were nipped in the bud soon after the 'green shoots of recovery'
appeared. Instead, the US Fed initiated 'unconventional' monetary policies,
offering easy credit with 'quantitative easing'.

 

Currencies in flux

 

The seemingly coordinated rise of various, apparently unconnected asset
prices cannot be explained by conventional economics. Thus, speculation in
commodity, currency and stock markets has been grudgingly acknowledged as
worsening the GFC.

 

The exchange rates of many currencies have also come under greater pressure
as residents borrowed in low interest rate currencies such as the Japanese
yen. In turn, they have typically bought financial assets promising higher
returns.

 

Thus, higher interest rates attract capital inflows, raising most domestic
asset prices. Exchange rate movements are supposed to reflect comparative
national economic strengths, but rarely do so. But conventional monetary
responses worsen, rather than mitigate, contractionary tendencies.

 

Globalization of trade and finance has generated contradictory pressures.
All countries are under pressure to generate trade or current account
surpluses. But this, of course, is impossible as not all economies can run
surpluses simultaneously.

 

Many try to do so by devaluing their currencies or cutting costs by other
means. But only the US can use its 'exorbitant privilege' to maintain both
budgetary and current account deficits by simply issuing Treasury bonds.

 

Currency markets can also undermine such efforts by enabling arbitrage on
interest rate differentials. International imbalances have worsened, as seen
in larger current account deficits and surpluses.

 

Contrary to mainstream economics, currency speculation does not equilibrate
national, let alone international markets. It does not reflect economic
fundamentals, ensuring exchange rate volatility, to damaging effect.

 

Commodity speculation

 

Thanks to currency mismatches, many companies and households face greater
risk. Exchange rate fluctuations, in turn, exacerbate price volatility and
its harmful consequences, which vary with circumstances.

 

Changes in 'fundamentals' no longer explain commodity price volatility.
Meanwhile, more commodity speculation has resulted in greater price
volatility and higher prices for food, oil, metals and other raw materials.

 

These prices have been driven by much more speculation, often involving
indexed funds trading in real assets. The resulting price volatility
especially affects everyone, as food consumers, and developing countries'
agricultural producers.

 

Sharp increases in commodity prices since mid-2007 were largely driven by
speculation, mainly involving indexed funds. With the Great Recession
following the GFC, most commodity producers in developing countries faced
difficulties.

 

Since then, nearly all commodity prices fell from the mid-2010s as the world
economic slowdown showed no sign of abating until economic sanctions in 2022
pushed up food, energy, fertilizer and other prices once again.

 

Besides hurting export revenues, lower commodity prices and even greater
volatility have accelerated depreciation of earlier investments in equipment
and infrastructure following the commodity price spikes.

 

Integrated solutions needed

 

The uneven financial system meltdown following the GFC raised expectations
that 'finance-as-usual' would never return. But lasting solutions to
threats, such as currency and commodity speculation, require international
cooperation and regulation.

 

Meanwhile, goods and financial markets have become more interconnected.
Thus, a truly multilateral and cooperative approach has to be found in the
complex interconnections involving international trade and finance.

 

In this asymmetrically interdependent world, policy reforms are urgently
needed. All countries need to be able to pursue appropriate countercyclical
macroeconomic policies. Also, small economies should be able to achieve
exchange rate stability at affordably low cost.

 

Although prompt actions were undertaken in response to the GFC, the world
economy experienced a protracted slowdown, the 'Great Recession'. Myopic
policymakers in most developed economies focus on perceived national risks,
ignoring international ones, especially those affecting developing
countries.

 

Contrary to widespread popular presumption, the Bretton Woods multilateral
monetary and financial arrangements did not include a regulatory regime. Nor
has such a regime emerged since, even after US President Nixon unilaterally
ended the Bretton Woods system in 1971.

 

With the gagged voice of developing countries in international financial
institutions and markets, the United Nations must lead, as it did in the
mid-1940s.

 

It is the only world institution which could legitimately develop a better
alternative. Thankfully, the UN Charter assigns it responsibility to lead
efforts to do so.

 

IPS UN Bureau

 

 

 

South Africa: Eco-Friendly Fast Food Deliveries Create Jobs for Young People

Green Riders employs young people in Dunoon on e-bikes

 

Finding no job opportunities in his home town of Mthatha in the Eastern
Cape, 22-year-old Yandisa Mbhadeko came to Cape Town to look for work, with
the hope of saving enough money to fund his journalism studies.

 

While he was staying in a one-room shack with his brother and his brother's
girlfriend in Dunoon, he noticed a man on an electric bike (e-bike)
delivering groceries. He asked him how he could find similar work. The man
directed him to Green Riders at the River Gate industrial area north of
Parklands. There he signed up as an e-bike rider, delivering groceries in
the greater Table View and Parklands area.

 

Green Riders provided Mbhadeko with a smartphone, phone holder, earphones,
raincoat, helmet, safety vest, gloves and boots. He is one of 100 young
people from Dunoon and Atlantis working with Green Riders -- an
"eco-friendly last-mile delivery service" - founded by Craig Atkinson.

 

The riders rent-to-own a delivery customised e-bike for R700 a week. They
deliver fast food through e-hailing services. After covering the rental,
Mbhadeko says he takes home R1,500 a week on average. He now has his own
shack and has furnished it.

 

Siphe Mlawuli, who is 29 and the mother of a two-year-old, says she joined
Green Riders in November and is still in training. "They [Green Riders] came
to Dunoon to look for people and I showed interest. I want to prove to other
women that jobs in construction, riding motorbikes, scooters are not only
for men. I can also do it," says Mlawuli.

 

"We train all riders on various [delivery app] platforms, giving them every
opportunity to capitalise on the full delivery market," said Atkinson. "We
have 100 youths, some are technicians, others are dashboard controllers,
administrators. We have employed predominantly from Dunoon, Joe Slovo Park
in Milnerton and a few from Atlantis."

 

Green Riders Chairperson Richard Clarke said, "We train Riders in a thorough
three-month course to become professionals and master every aspect of the
business from customer service, planning, navigation and administration, to
safety and advanced riding skills.

 

"We also place the Riders on an e-bicycle which saves them at least R2,500 a
month in operating costs [compared to a petrol bike]. It is this combination
of better skilled riders plus reduced costs that makes a significant
difference to take-home pay and what sets Green Riders apart."

 

-GroundUp.

 

 

 

Nigeria: Govt's Oil Theft Panel

The Federal Government has, at last, yielded to calls by well-meaning
Nigerians to investigate the crude oil theft which has left our economy
haggard, despite the oil boom that other oil-producing economies experience.

 

The Pan Niger Delta Forum, PANDEF, had in October this year, prevailed on
the Federal Government to institute a Judicial Panel of Enquiry into the
matter, but the National Security Adviser, NSA, retired Major General
Babagana Monguno, announced the Administrator of the Presidential Amnesty
Programme, retired Major General Barry Ndiomu, as the head of an 11-person
investigative panel.

 

 

Crude oil theft has been a major problem bedevilling the economy, especially
in recent years when, coupled with oil infrastructure vandalism which is
rampant in the creeks, has made it impossible for Nigeria to meet its
Organisation of Petroleum Exporting Countries, OPEC, quotas. For the first
time in history, an oil boom that has lasted over three years has not been
felt in the Nigerian economy.

 

Apart from this uncontrolled oil theft, insecurity has taken over our
creeks, with the Nigerian ocean waterways rated as one of the most
pirate-infested zones in the world. It has not only contributed in rendering
the Eastern seaports at Port Harcourt, Onne, Warri and Calabar unfit for
business, the area has also become a dumping ground for unusable vessels of
all types.

 

In August 2022, the worst month in oil theft record this year, a foreign
vessel capable of lifting over two million barrels escaped from Nigerian
waters but was arrested by Equatorial Guinean maritime security forces.

 

Nigeria has a myriad of regulatory and security agencies which have proved
incapable of halting the criminals. These include the Nigerian National
Petroleum Company Limited, NNPC Ltd.; Nigerian Upstream Petroleum
Development Commission, NUPRC; and Nigerian Midstream and Downstream
Petroleum Regulatory Commission, NMDPRC.

 

We also have security agencies such as the Nigerian Navy, Nigerian Customs
Services, NCS; Nigerian Maritime and Safety Agency, NIMASA; Nigerian Inland
Waterways Agency, NIWA; and other uniformed and plain clothes security
agencies operating in and around our oil industry and installations. Yet,
the mindless stealing continues. This is possible because bad eggs among
these agencies collude with local and foreign criminals to perpetrate this
economic sabotage.

 

This probe, coming with only six months to the end of the Buhari
administration, does not inspire confidence. Nigerians have seen probes
conducted even on live television, and after all the high drama (as in the
NDDC probe) nothing comes of them. Until we see this panel naming names,
getting culprits arrested, tried, jailed and proceeds of crime recovered, it
could be just another time-buying gambit.

 

President Buhari doubles as the Minister of Petroleum under whom all this
stealing is taking place. Most of these federal agencies are manned by his
kinsmen. How far can this probe go?

 

-Vanguard.

 

 

 

Nigeria: Adeleke Vows to Recover Monies Owed By Mining Operators

Gov. Ademola Adeleke of Osun on Monday said his administration would recover
all monies owed by mining/gold companies operating in state fields.

 

Adeleke said this on the sideline of the inauguration of the solid minieral
sector committee in Osogbo.

 

He said the state had no record of any payment made by Segilola and other
mining companies.

 

The News Agency of Nigeria (NAN) reports that the governor, had earlier in
the day, in a press statement through the Secretary to the State Government
(SSG), Mr Teslim Igbalaye, appointed Mr Sola Adewumi as Chairman, Revenue
Committee, and Mr Samuel Ojedokun, Chairman, Solid Minerals Committee.

 

 

The full list of the committee members are; Mr Samuel Oyedokun; Bola
Ojofeitumi; Mr Hashim Abioye ; Prof. Lukman Jumoda; and Ajeigbe Seun.

 

Others are Mr Kolapo Alimi; Mrs Felicia Adeniran; Mrs Omolade Adiamo; Mr
Akin Odejobi; Mr Lukman Ijiwoye; and Mr Gani Olaoluwa .

 

He said the state would beam strong searchlight on the solid mineral sector,
especially the activities of Segilola company, and other similar companies,
operating in Osun gold fields.

 

"Osun according to extant laws is entitled to 13 per cent derivation from
every ounce of gold extracted from our gold and other solid mineral fields.

 

"Segilola and other operating companies are expected by law to pay 13 per
cent derivation on value of gold and other solid minerals produced in the
last 25 years," the governor said.

 

The governor noted that the state had been subjected to intense
environmental degradation, arising from activities of mining companies.

 

"River Osun has been polluted and our people are dying, as related
sicknesses are spreading. These are sad realities which none of the mining
companies has raised a finger to address.

 

"My administration will insist on the companies, paying for the cleaning up
of our rivers and environment," Adeleke said.

 

He explained that his administration would ensure that cleaning up of
environment was going to be a continuous exercise, and the resulting
expenditure to be borne by the mining companies.

 

Speaking on the mining asset, the governor said measures were on to conduct
an audit of Osun assets in the mining sector.

 

"All state mining licences already diverted to private possession must be
fully recovered and illegal mining activities stopped.

 

"Also, illegal mining syndicates will be arrested and prosecuted.

 

Adeleke warned that denying Osun of its legitimate revenue, through refusal
to pay derivation and also polluting the state environment with impunity,
would not continue under his watch .

 

He said the mandate of the inaugural committee include among others; to
recover all money due to Osun from mining companies, based on derivation
platform and pollution cleaning fund.

 

" You are to take inventory of Osun mining and quarry licences and ensure
recovery of any licence already converted into private hands.

 

" Also , you are expected to proffer workable solution to addressing the
challenges facing the mining sector as related to polluting our environment
and rivers," he said

 

The committee has 14 days to submit its interim report to the state
government.

 

-Vanguard.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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