Major International Business Headlines Brief::: 14 December 2022

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Major International Business Headlines Brief::: 14 December 2022 

 


 

 


 <https://wwww.nedbank.co.zw/> 

 


 

 


 

ü  FTX crypto boss Sam Bankman-Fried denied bail in Bahamas

ü  Hong Kong markets watchdog warns of cryptocurrency platform risks

ü  From Bitcoin to blockchain: Key cryptocurrency terms and what they mean

ü  UK inflation: Wine, gin and whisky prices up ahead of Christmas

ü  Elon Musk no longer world's richest man

ü  US lawmakers unveil TikTok ban bill over China security fears

ü  India's middle class hit by rising cost of living

ü  US inflation rate slows as fuel costs fall

ü  Christmas post hit as Royal Mail workers strike

ü  Cost of living: Pubs face bleak future, boss warns

ü  Kenya: Teachers Push for a 60% Pay Rise

ü  Tanzania: Sharp Meat Rise to Tighten Consumers' Belt in Festive Season

ü  Africa: Nigeria and Rwanda - First African Nations Sign the Artemis
Accords - Space Forum

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

 


 

 


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FTX crypto boss Sam Bankman-Fried denied bail in Bahamas

Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has
been denied bail by a judge in the Bahamas.

 

US authorities charged Mr Bankman-Fried with "one of the biggest financial
frauds in US history" on Tuesday.

 

The ex-FTX boss built a "house of cards on a foundation of deception,"
Securities and Exchange Commission (SEC) Chair Gary Gensler said.

 

Mr Bankman-Fried has indicated that he will fight extradition to the US.

 

Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his
release on bail, citing a "great" risk of flight, and ordered that he be
kept on remand at a correctional facility until 8 February.

 

He was arrested in the Bahamas on Monday.

 

Last month, FTX filed for bankruptcy in the US, leaving many users unable to
withdraw their funds. According to a court filing, FTX owed its 50 largest
creditors almost $3.1bn (£2.5bn).

 

Among the most serious allegations against Mr Bankman-Fried is that he used
billions of dollars of customer funds to prop up his investment trading
company, Alameda.

 

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.

 

Mr Bankman-Fried faces eight criminal charges in the US, including wire
fraud, money laundering and conspiracy to defraud. He also faces civil
charges including misleading investors who put more than $1bn into the
company.

 

Officials have also accused him of violating campaign finance laws.

 

At a news conference on Tuesday, Damian Williams, the US Attorney for the
Southern District of New York, described the fraud Mr Bankman-Fried is
accused of as among the largest in US history.

 

Besides accusing Mr Bankman-Fried of defrauding lenders, investors and
customers, Mr Williams alleged he had used "tens of millions" in ill-gotten
gains for illegal campaign contributions to Democrats and Republicans alike.

 

"All this dirty money was used in service of Bankman-Fried's desire to buy
bipartisan influence and impact the direction of public policy in
Washington," Mr Williams said.

 

In previous media interviews, the crypto tycoon has admitted to mistakes,
but denied intent to defraud his customers.

 

Mr Bankman-Fried also denied allegations he must have been aware that FTX's
affiliated trading company, Alameda Research, was using FTX customer funds.

 

He was once viewed as a young version of legendary US investor Warren
Buffett. As recently as late October, he had a net worth estimated at more
than $15bn (£12.1bn).

 

Media caption,

Sam Bankman-Fried denies claims he knew FTX customer money was used for
risky financial bets

 

Meanwhile, the firm's new chief executive, John Ray, told a US congressional
committee that FTX's collapse appeared to be the result of it being
controlled by a small group of "grossly inexperienced, non-sophisticated
individuals".

 

He said he had seen "an utter lack of record-keeping - no internal controls
whatsoever".

 

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

 

Cryptocurrencies are not currencies in the traditional sense, but are stored
online and act more like investment vehicles or securities - often with a
high degree of volatility.

 

Their anonymity means they have been favoured for criminal activities such
as drug dealing and ransomware attacks, but their supporters say there is
huge potential for innovation - and independence from governments.-BBC

 

 

 

Hong Kong markets watchdog warns of cryptocurrency platform risks

Hong Kong's financial markets watchdog has issued a warning over the risks
of online platforms for cryptocurrency and other digital asset deposits.

 

"Investors are urged to be wary of the potential high risks" associated with
so-called "virtual asset arrangements," the Securities and Futures
Commission (SFC) said in a statement.

 

The announcement comes at a tumultuous time for the cryptocurrency market.

 

This week the founder of failed crypto exchange FTX was arrested and
charged.

 

"Whilst some VA [virtual asset] Arrangements are commonly labelled or
marketed as 'deposits' or 'savings' products, they are not regulated and are
not the same as bank deposits. Investors are not afforded with any form of
protection," the SFC said.

 

"If they cannot fully understand them and bear the potential significant or
total losses, they should not make an investment," it added.

 

It came after Sam Bankman-Fried, founder of the failed cryptocurrency
exchange FTX, was arrested in The Bahamas on Monday.

 

Within hours US authorities charged him with "one of the biggest financial
frauds in US history".

 

The former FTX chief executive built a "house of cards on a foundation of
deception," Security and Exchange Commission (SEC) Chair Gary Gensler said.

 

Later on Tuesday Mr Bankman-Fried was denied bail by a judge in the Bahamas.

 

Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his
release on bail, citing a "great" risk of flight, and ordered that he be
kept on remand at a correctional facility until 8 February.

 

 

Meanwhile, rival exchange Binance has seen withdrawals of more than $1bn in
the last 24 hours after it said it would "temporarily paused" withdrawals of
the USDC stablecoin.

 

According to blockchain data firm Nansen, users of the world's biggest
cryptocurrency exchange had withdrawn $1.9bn from the platform.

 

However, Binance's chief executive Changpeng Zhao, who is widely known as
CZ, put the figure at around $1.14bn.

 

"Some days we have net withdrawals; some days we have net deposits. Business
as usual for us," he added in a tweet.

 

Cryptocurrencies are not currencies in the traditional sense, but are stored
online and act more like investment vehicles or securities - often with a
high degree of volatility.

 

Their anonymity means they have been favoured for criminal activities such
as drug dealing and ransomware attacks, but their supporters say there is
huge potential for innovation - and independence from governments.

 

The world's biggest cryptocurrency Bitcoin has lost more than 60% of its
value this year, while other digital assets have also fallen sharply.-BBC

 

 

 

 

>From Bitcoin to blockchain: Key cryptocurrency terms and what they mean

The downward spiral of FTX and its former CEO, the 'King of Crypto', has
attracted massive media attention and thrust conversations about
cryptocurrency back into the spotlight.

 

But for many, the language of crypto - bitcoin, blockchain, crypto exchange
- still remains cryptic.

 

Worry not.

 

If you're hearing these words for the first time or are simply in need of a
refresher, here are a few key terms and what they mean...

 

Bitcoin

Bitcoin is a type of digital currency (cryptocurrency). Similar to
traditional currencies, like the dollar, pound or euro, there are many types
of digital currencies. Other popular ones include Ethereum and Dogecoin.
Unlike traditional currencies, though, Bitcoin is not backed or controlled
by centralised financial institutions. Instead, it is decentralised. This
makes it popular for people who think decentralisation can bring financial
freedom, but it also makes it extremely volatile - rising and falling in
value at the whim of Bitcoin buyers and sellers.

 

Blockchain

Blockchain is the technology underpinning all cryptocurrencies, and many
other products like NFTs (Non Fungible Tokens). All of the buying, selling
and trading of cryptocurrencies is recorded onto this virtual spreadsheet,
which is arranged in blocks linked together in a giant chain. Every
cryptocurrency transaction is individually recorded onto the blockchain by a
huge network of volunteers verifying its authenticity by using computer
programmes. Since the blockchain is decentralised, it's not stored on one
machine or network or owned by one company. The information is accessible to
everyone.

 

Media caption,

Are crypto-currencies the future of money?

 

Cryptocurrency

Cryptocurrency is the term used for digital currencies like Bitcoin that
exist on the blockchain.

 

Crypto Exchange

A crypto exchange is the digital platform where investors can buy, sell and
trade cryptocurrencies. Similar to traditional investing, a crypto exchange
acts as a brokerage where people can transfer traditional money, like pounds
or dollars, from their banks into cryptocurrencies like Bitcoin or Ethereum.
Most transactions are accompanied by fees.

 

Crypto Wallet

A crypto wallet is a place where investors hold their cryptocurrency. It
stores the virtual assets much like a traditional wallet holds cash. There
are two types, a hot wallet and a cold wallet. Hot wallets are connected to
the internet, and thus more accessible for quick transfers and easy access.
Cold wallets are physical devices like specially designed USBs that store
crypto offline typically for safer and longer term storage.-BBC

 

 

 

UK inflation: Wine, gin and whisky prices up ahead of Christmas

The cost of going out drinking has increased ahead of Christmas, with wine,
gin and whisky prices rising.

 

Alcohol prices rose across the board in November at pubs, restaurants and
cafes, with bitter and lager also up.

 

The cost of a night out was now increasing at its fastest rate since
December 1991, latest official figures show.

 

It came as overall inflation - the rate at which prices rise - eased
slightly but remained near a 40-year high.

 

Prices rose by 10.7% in the year to November, compared with 11.1% in
October, leading some analysts to predict that soaring inflation may have
peaked.

 

Inflation is a measure of the cost of living and to calculate it, the Office
for National Statistics (ONS) keeps track of the prices of hundreds of
everyday items, known as a "basket of goods".

 

Lower inflation does not mean the prices of goods will go down, just that
they will stop rising as quickly.

 

Why are prices rising so much?

How much are prices rising for you? Try our calculator

The fall in the overall rate of inflation in November was due to petrol
prices easing from record highs, and lower prices for second hand cars, the
ONS said.

 

However, the price of drinking alcohol in pubs, restaurants and cafes rose
between October and November, compared with falls a year ago, when some
businesses offered discounts.

 

The biggest price rise was for whisky, up 7.8% in the month, while gin,
draught premium lager, draught bitter and wine by the glass were up by
1.2-1.7%.

 

The price of eating out and getting takeaways also increased slightly, while
grocery bills continued to rise. Annual food inflation hit 16.5% in
November, the highest rate for 45 years and up from 16.4% in October.

 

Why is drinking out getting more expensive?

While the prices of drinks tend to be volatile, pubs and restaurants have
been forced to put up prices as they struggle with soaring energy bills,
higher wholesale costs and rising wages.

 

The boss of one pub chain has warned pubs face a "bleak" future as costs
climb and customers rein in their spending.

 

Kate Nicholls, the head of industry group UK Hospitality boss, said: "While
the headline rate of inflation has reduced slightly, it remains the case
that hospitality businesses are seeing intense inflation in every aspect of
their operations."

 

This inflation "will not disappear overnight", she added, and prices could
rise further in March if the government ends its energy bill support for
hospitality businesses.

 

Billy Williams

Billy Williams, who runs Reading Winter Wonderland, said he had noticed a
rise in phone calls asking for group discounts on rides at the annual
Christmas event.

 

"A lot of people are paying with credit cards now rather than debit cards,"
he added.

 

He said entry to the event was still free and ticket prices for attractions
had not gone up for three years, but that could change as his food and fuel
costs rise.

 

"There is going to come a time if prices keep increasing that we will have
to pass that on to customers," he told the BBC.

 

The dip in the overall rate of inflation in the year to November should be
the start of a few months of falls. October's four-decade high now looks to
have been the peak. But inflation will remain very high for months to come.

 

Even in the latest figures, food price rises reached new 45-year highs of
16.5%, as is evident in the shops. But its not just petrol prices
contributing to a slowing of the inflation rate. Other commodity prices and
transport costs are on their way down. The fall in the price of used cars -
one of the first indicators of the inflationary pressures last summer - is
now accelerating.

 

While households still face an historic squeeze from the cost of living, the
Bank of England may feel able to slow up on rises in interest rates,
especially given expectations a recession has already started.

 

In the absence of further shocks to the world economy, it may be that the
very worst is now behind us.

 

Consumer prices have been rising since last summer as energy, fuel and food
costs soar due to the Ukraine war and Covid.

 

But while the inflation rate eased in November, households are still facing
a "tough winter", warned Joanna Elson, who is head of debt charity the Money
Advice Trust.

 

She said government support for energy bills would provide some relief, but
that the challenge of affording essentials such as food and heating "isn't
going away... and for many is only set to get harder with the cold weather".

 

UK inflation chart

Leading economists including Paul Dales of Capital Economics and Samuel
Tombs of Pantheon Macroeconomics said that November's figure showed
inflation had UK peaked and price rises would continue to slow down.

 

But Grant Fitzner, chief economist of the ONS, told the BBC's Today said he
believe it was "too early" to tell.

 

"We've only one fall from a 40-year high so let's wait a few months and see
how it goes," he said.

 

Chancellor Jeremy Hunt said tackling inflation remained his "top priority",
which was why the government was holding down energy bills this winter with
its Energy Price Guarantee scheme and implementing a plan to help halve
inflation next year.

 

"I know it is tough for many right now, but it is vital that we take the
tough decisions needed to tackle inflation - the number one enemy that makes
everyone poorer," he said.

 

But shadow chancellor Rachel Reeves said: "The question people across
Britain will be asking themselves this morning is: 'Do I and my family feel
better off under the Tories?' The answer will be no."-BBC

 

 

 

Elon Musk no longer world's richest man

Elon Musk is no longer the world's richest man after a sharp drop in the
value of his shares in electric car company Tesla this year.

 

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the
top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

 

Mr Musk is chief executive and the largest shareholder in Tesla, with a
reported stake of about 14%.

 

He completed a $44bn takeover of social network Twitter in October.

 

According to Forbes, Mr Musk is now worth about $178bn (£152bn).

 

Meanwhile, Bernard Arnault has a value of $188bn.

 

Mr Musk's Twitter deal was only completed after months of legal wrangling,
and some have cited the distraction of the takeover as one of the factors
behind Tesla's share price fall.

 

After building a stake in Twitter at the start of the year, Mr Musk made his
$44bn offer in April, although many considered this offer to be too high.

 

In July, he pulled out of the deal, citing concerns over the number of fake
accounts on the platform.

 

Eventually Twitter executives took legal action to hold Mr Musk to his
offer.

 

Dan Ives from investment firm Wedbush Securities said the "circus"
surrounding the Twitter deal has weighed on Tesla's share price.

 

"Musk has gone from a superhero to Tesla's stock, to a villain in the eyes
of the Street, as the overhang grows with each tweet," he told the BBC.

 

"The Twitter circus show has hurt the Musk brand and it's a major overhang
on Tesla's stock. Musk is Tesla and Tesla is Musk."

 

Mr Musk sold billions of dollars worth of Tesla shares to help fund his
purchase, which helped to push the shares down.

 

Investors have also been concerned that demand for the company's electric
cars may slow, as the economy weakens, higher borrowing costs discourage
buyers and other companies boost their electric vehicle offerings.

 

Tesla has also been hit by recalls, as well as government probes of crashes
and its autopilot feature.-BBC

 

 

 

US lawmakers unveil TikTok ban bill over China security fears

US lawmakers have proposed a ban on TikTok - the social media app known for
its short viral videos - citing concerns about national security.

 

The bipartisan bill is the latest move in the US against the company, which
is owned by Chinese tech giant ByteDance.

 

Last month, the head of the FBI voiced concern that China could use the app
to influence users or control their electronics. Several US states have
banned it from government devices.

 

But the bill faces long odds.

 

TikTok, which has more than 100 million users in the US, called the measure
a "politically-motivated ban that will do nothing to advance the national
security of the United States".

 

The company added that it was developing plans "that we are well underway in
implementing" to further secure the platform in the US as part of the
national security review that began under former President Donald Trump.

 

"We will continue to brief members of Congress on the plans," it said.

 

TikTok sued by Indiana over security and safety concerns

The political attacks on TikTok are indicative of strained relations between
the US and China, said Caitlin Chin, a fellow at the Center for Strategic
and International Studies, a think-tank based in Washington DC.

 

But she said she did not think a national ban on TikTok was likely anytime
soon, noting that lawmakers have moved slowly to update US data privacy and
content moderation rules despite widespread agreement that some changes are
necessary.

 

So far, much of the concern about TikTok and China is based on the potential
for abuse and not evidence of it, she added.

 

"From a privacy standpoint, simply preventing a company like TikTok from
operating doesn't close the gaps," she said, noting that many other websites
collect similar information.

 

Calls to ban TikTok have also surfaced in countries such as Australia, while
Taiwan recently moved to ban it from public devices. India blocked it in
2020 amid a military dispute.

 

In the US, TikTok faced an effective ban two years ago following an
executive order by Mr Trump barring new downloads, but judges blocked the
measure and it never came into force.

 

It was eventually revoked by President Joe Biden.

 

In 2020, the Committee on Foreign Investment in the United States - charged
with reviewing foreign ownership in the US - also ordered ByteDance to sell
TikTok.

 

The company's negotiations with that body are ongoing.

 

Republican Senator Marco Rubio, one of the backers of the legislation, which
he said had support from at least one Democrat, argued action is overdue.

 

He said his bill would block and prohibit all transactions from any social
media company in, or under the influence of, China, Russia, and "other
foreign countries of concern".

 

"This isn't about creative videos — this is about an app that is collecting
data on tens of millions of American children and adults every day," he
said.-BBC

 

 

 

India's middle class hit by rising cost of living

"We are really surviving on a day to day basis. Salaries are the same but
expenses [are] at least double."

 

A steep rise in the price of essentials was already a drain for Santa, but
when her landlord raised monthly rents by nearly two-thirds in June, it was
a direct hit.

 

Santa, a 32-year-old social worker and teacher, and her husband live in the
tech city of Bengaluru. They both provide for their respective families,
while managing their own expenses.

 

Santa is the sole provider for five members of her family and has two jobs
in order to earn extra money.

 

Their landlord raised the rent from 7,000 rupees ($86; £70) to Rs11,500 all
in one go to compensate for not having put it up during the pandemic, but
Santa says this is just bad timing.

 

Prices of perishables and food have almost doubled in the past year. The
rapid rate at which prices have risen, especially for food and fuel, is
eating into the households' budgets. Even though retail inflation eased to a
three-month low in October, that's brought little relief.

 

Now the family, whose monthly income is Rs20,000, has had to rework its
expenses. This means cutting down on all frills and even some essentials.

 

"My parents love their tea, but for the last one year they must not have had
milk tea. I buy dry groceries in limited quantities, only as much as we
need, but daily expenses on fresh milk, vegetables, meat has been
unmanageable."

 

As a social worker Santa's job requires her to travel across the city, but
bus fares have risen significantly. "A daily bus pass which used to cost
Rs30 earlier, now costs nearly Rs90."

 

The pandemic had already drained resources for Santa's family leaving them
with limited disposable income. "I have no savings left. I have even pawned
my gold jewellery last year when my father was hospitalised."

 

Covid, followed by the Russia-Ukraine war and the supply chain disruptions
made everything expensive. Burdened by this dual blow there has been a
perceptible change in consumption patterns in India - particularly among
middle and lower income families.

 

The dichotomy in India's economic recovery is apparent.

 

A look at the buoyant stock markets and big companies' strong quarterly
profit statements shows the shiny growth story. But a closer look reveals a
widening economic disparity.

 

Most consumer goods companies have seen a drop in sales of entry-level or
value products - from footwear to mobile phones to biscuits. Expensive
brands, however, performed better than the mass market products.

 

Even during the festival season in September and October, when consumer
goods sales were at a record high, it was the essentials and high-end
products that did the best. Sales of entry-level products across all
categories saw a near 10% decline compared with last year.

 

E-commerce in India saw a strong festive season in September and October
with sales of nearly Rs755bn, according to a report by market intelligence
firm RedSeer. But the finer print shows the average spend per customer has
stayed subdued.

 

After two years of Covid lockdowns and quieter festivities, Indians geared
up to celebrate the festival of lights in full fervour. Streets were lit up
and people decorated their houses with electric lights and earthen lamps.

 

But it seems the celebrations in many households differed from previous
years.

 

Consumers did indulge despite the rapid rise in prices, but not everyone
joined in - and those who did were choosy.

 

The impact was more pronounced in rural and semi-urban India, home to more
than half of the country's huge middle class.

 

Sarika, a 47-year-old housewife, is one of them. She chose to recycle old
dresses for the big annual festival of Diwali in October. While it is a
tradition to buy new clothes for the festival, Sarika says the family has
been making cuts in almost everything - from clothes to sweets and even
basic foodstuffs.

 

Her monthly food bill has almost doubled in the past year. "From edible
oils, to wheat, to cereals, vegetables - all have become costlier by 30-50%.
Family expenses have almost doubled in last one year, we cannot afford to
buy new clothes for everyone."

 

What's not rising is Sarika's family income. Her husband's watch shop is
seeing fewer customers as they hold on to their old watches for longer or
shift to online sales.

 

The family farm suffered crop losses due to unseasonal rainfall: "I had to
prioritise daily needs and paying school and college fees my three children
over other necessities," she says.

 

Sarika says the excitement surrounding the festival was already low as her
son didn't travel from Pune, 150km (93 miles) from Mumbai, for Diwali. Why?
Because the bus fares had almost doubled and he saved that money to pay his
hostel bills that month.

 

"It hurts the most when you cannot even enjoy the small pleasures of life,
just because you do not have enough money."

 

As the rising cost of living continues to bite and with no relief in sight,
families are making hard decisions about their futures too.

 

Santa and her husband, married for three years now, were planning to buy a
house in Bengaluru and start a family. But all plans have been shelved for
now. "When we ourselves are struggling, how can we raise a child in this
condition?"-BBC

 

 

 

 

US inflation rate slows as fuel costs fall

The rapid rise in consumer prices is slowing in the US, as the costs of
energy, used cars, medical care and airfare fall.

 

US inflation was 7.1% over the 12 months to the end of November, dropping
from 7.7% in October, figures from the US Labour department show.

 

That was the slowest pace in nearly a year and better than analysts
expected.

 

But though the overall picture is improving, the cost of some items such as
housing continues to climb.

 

The US central bank has raised interest rates at the fastest pace in decades
this year, in an effort to get the inflation problem under control.

 

Earlier this month, Federal Reserve chairman Jerome Powell said that the
bank would start to move less aggressively to see how the moves are playing
out in the economy.

 

By boosting borrowing costs, the Federal Reserve is expecting to dampen
demand for expensive items such as homes and cars, helping to slow the
economy and ease the pressures pushing up prices.

 

New York comedian Davis Wesson said he has long been familiar with steep
housing costs, but has found the past year particularly hard.

 

The rent on his girlfriend's one bedroom apartment jumped from $2,100 a
month to nearly $3,000, forcing the couple to find a cheaper place. He said
even if inflation starts to cool, he will be paying higher rates on the
credit card debt he accumulated during the pandemic, when he lost his job.

 

"It used to be only housing prices - now it's food, it's technology," the
28-year-old said. "It's so insane... a burrito is like $14 now."

 

"It seems like everything is more expensive," he added. "I think it's only
going to get worse."

 

Seema Shah, chief global strategist at Principal Asset Management, said the
Federal Reserve still has work to do to get inflation back to its 2% target,
but the slowing inflation rate would raise hopes that it "may actually be
tamed within the next 12 months".

 

The Fed has been helped in its inflation flight by the resolution of many of
the supply chain issues that emerged during the pandemic, as well as a sharp
decline in the cost of motor fuel.

 

On average, a gallon of gasoline in the US now costs less than it did a year
ago, motoring association AAA said last week. That is thanks in part to a
drop in oil prices fuelled by investor expectations of reduced demand in the
months ahead.

 

Chart showing US inflation

"While inflation is moving to a better place, it is not yet in a good place.
The month-over-month changes show inflation pressures are cooling. But
compared to a year earlier, prices broadly remain historically high," said
Mark Hamrick, senior economic analyst for Bankrate.com.

 

"Consumers rejoice that the price of gasoline has dropped sharply. But
rising prices for other necessities, most notably food and shelter, remain
elevated and continue to strain household budgets."

 

Grocery prices have jumped 12% over the last 12 months, while housing costs
are up 7.1%.

 

If food and energy prices, which tend to swing frequently are not included,
housing drove nearly half the increase in inflation over the past year, the
Labor Department said.

 

US shares jumped on the better-than-expected news, while the dollar fell
against a basket of currencies, reflecting investor bets that the interest
rate increases that have pushed it higher will slow.-BBC

 

 

 

Christmas post hit as Royal Mail workers strike

Firms have warned of the hit to Christmas sales as postal workers squeezed
by rising costs fight for higher pay and better conditions.

 

Royal Mail workers walked out again on Wednesday, marking the third of six
strike days across the festive season.

 

Lucy Bryant, who sells art products, uses Royal Mail for deliveries and says
it's frustrating for her and customers when they don't arrive on time.

 

The warning comes as rail workers and driving examiners walk out too.

 

Postal worker walkouts coincide with the busiest time of year for Royal Mail
when people and businesses are sending Christmas cards and presents.

 

Lucy Bryant, who runs her small business Haus of Lucy from Brighton, says
she supports the strikers as "everyone has a right to fair pay".

 

However, because she relies "so heavily on the post" to get products from
suppliers and to send her art to customers, she says the Royal Mail strikes
"have made my life very hard this Christmas season".

 

Some artworks are getting through, and some aren't. "There's almost no logic
to what is getting through," she says.

 

Lucy had to re-order prints that didn't arrive at a cost to the business
"that is quite a big hit for me to take," she says.

 

"I'm not Banksy - yet," she adds.

 

Pip Haywood, managing director of online card company Thortful told the BBC
that each day of action is costing the firm up to £50,000 a day.

 

"Now it's meant we've had to staff up to protect our customers," she said,
with three times as many requests for advice on delivery windows from
shoppers than usual.

 

"So it's not just hitting revenue, it's adding cost and also causing brand
damage."

 

With the company relying on Royal Mail for about 80% of its business, she
added that means the firm will miss its sales target for the year.

 

Some parcel companies claim the Royal Mail strike is having a knock-on
effect, and forcing them to delay next-day deliveries as people and firms
seek alternative ways to send their post.

 

DPD Group said: "We are experiencing short delays to our next-day delivery
service in a small number of locations, as a result of the industrial action
at the Royal Mail, which has had a huge knock-on effect across the entire
industry."

 

Evri, the delivery company formerly known as Hermes, said that severe
weather, Royal Mail strikes and staff shortages are causing "some localised
delays".

 

While Yodel also said that deliveries are taking longer to some areas but
did not specify why.

 

Graphic which shows those going on strike in the next month - inluding
ambulance workers in England and Wales, nurses, health workers in Northern
Ireland, rail workers, Abellio buses, some Heathrow baggage handlers,
highway workers, border force workers, driving examiners and Royal Mail. (13
Dec).

As well as holding strikes this week, 115,000 Royal Mail workers from the
Communication Workers Union (CWU) will also take industrial action on 23
December and Christmas Eve.

 

The dispute has been going on since the summer and like all the industrial
action across rail, the NHS, teachers, border staff and driving examiners,
pay is a key issue.

 

A spokesman for Royal Mail said the company had made a "best and final pay
offer worth up to 9% over 18 months".

 

"Instead of working with us to agree on changes required to fund that offer
and get pay into our posties' pockets, the CWU has announced plans to ballot
in the New Year for further strike action."

 

But a spokesman for the CWU said that Royal Mail has offered workers a 3%
pay rise this year, 3% next year as well as an additional 2% if employees
agree to "the absolute destruction" of terms and conditions.

 

Many workers are seeking wage rises as the cost of living soars. The rate at
which prices are rising, known as inflation, is running at nearly 11%, which
remains close to a 40-year high.

 

On Tuesday, a separate set of figures from the ONS revealed that the gap
between wage growth in the public and private sector is near a record high.

 

The average pay rise for workers in the private sector was 6.9% between
August and October. That compares to wage growth of just 2.7% for public
sector employees.

 

Tuesday's walkout by rail staff left services running at about a fifth of
capacity, on a day when snow, ice and fog hampered road and air travel.

 

Around half of rail lines are shut again on Wednesday, with no services at
all in most of Scotland and Wales.

 

The first-ever nationwide strike by nurses is also expected to go ahead this
week.

 

And on Friday, rail workers, buses, baggage handlers, highway workers and
driving examiners will walk out.

 

The government's emergency Cobra committee will hold its second meeting of
the week later to discuss how to minimise the impact of the wave of
industrial action.

 

Along with the rail industrial action on Tuesday and Wednesday, there will
also be train strikes on Friday and Saturday.

 

This is part of a long-running dispute between unions, rail firms, the
government and Network Rail over pay, job cuts and changes to terms and
conditions.

 

But the rail industry was hit by a drop-off in passenger numbers during the
Covid pandemic, and it's under pressure to save money. Bosses say reforms
need to be agreed, to afford pay increases and modernise the railway.

 

Network Rail wants to cut 1,900 jobs as part of changes to the way its
maintenance teams work - although it insists most of this could be achieved
by people leaving voluntarily.

 

The RMT disagrees with some of the changes and wants a guarantee of no
compulsory job losses.-BBC

 

 

 

Cost of living: Pubs face bleak future, boss warns

Pubs face a "bleak" future as costs climb and customers rein in their
spending, a pub chain boss has warned.

 

Clive Watson said refurbishment plans were on hold and some kitchens may
have to close at quiet times because of the rising price of food and energy.

 

The latest monthly inflation figure, published on Wednesday, was 10.7% in
November, down from 11.1% in October.

 

It means prices are still rising, but the rate at which they are going up is
slowing.

 

"I don't want to be sensationalist about it, but it is bleak," said Mr
Watson, co-founder of City Pub Company, which runs 45 bars, with four in
Wales.

 

"After Christmas, trade is always very quiet and, I think, it is going to be
a long haul for operators who, let's face it, have had two years of Covid
challenges.

 

"These are businesses who have been through a lot of pain already," he said,
while speaking from the company's Newport bar, the Potters Pub.

 

"To go into the new year with all the high costs we have talked about, plus
consumers feeling the pinch as well, I genuinely fear for a lot of pubs'
long-term survival."

 

He said Christmas bookings were ahead of the same period in 2019, but
spending per head was down as "the office credit card isn't as flexible as
it has been in the past".

 

The combination of staff shortages, higher running costs and lower customer
spending meant pubs were reluctant to invest in expanding their businesses.

 

"Why would I open a new pub in Cardiff for Newport if I am struggling to get
the staff into existing pubs?" he said.

 

"We are curtailing our expansion and refurbishment [plans], and really just
focusing on what we have got."

 

Businesses which supply the hospitality sector are also facing tough trading
conditions.

 

'Higher' rises expected

The Tomos and Lilford Brewery, in Cowbridge, Vale of Glamorgan, employed
seven people this time last year, but now managing director Rob Lilford is
the only full-time staff member.

 

He said pubs were ordering less beer, and the costs of producing it had
increased significantly this year.

 

"We faced a 30% rise in the price of the raw material, the grain that beer
is made from," he said.

 

The conflict in Ukraine, as well as increased gas and electricity costs, are
thought to have pushed prices higher.

 

"That was in January, and we are now expecting a higher rise than that this
January - something in the region of 40 to 45%, and that is Ukraine-driven,
as well as energy," he said.

 

Mr Lilford sells his beer to the Rising Sun in Abersychan, Torfaen, where
owner and landlord Gerwyn Evans said it was "a scary time" to run a
hospitality business.

 

"It's a rollercoaster," he added.

 

"When you hear on the news that the price of a pint has gone up 5p or 10p,
that's the brewer's cost.

 

"That's not necessarily our costs for electric, gas, staff costs and wages.

 

"There are many other aspects to the price of a pint of beer and how much
you can safely charge and still get people through the door."

 

Mr Evans, who is secretary of a group representing local landlords, said the
trend was for pubs to open for only a few days a week.

 

'Use it or lose it'

"They are shortening their weeks, they are opening later in the day because
the trade simply isn't there," he said.

 

The Rising Sun has diversified to offer specials such as a pie and pint
night, quizzes and curry nights to entice new customers.

 

"We are quite fortunate that the locals do support the pub, but it's either
use it or lose it," he said.

 

"So many pubs are closing, it's so sad that part of our national heritage
and traditions are sadly going down, one by one."

 

Last month, Michelle Knight, who runs the Six Bells in Coity, Bridgend, told
BBC Wales how she had halved draught beer and cider selections to keep costs
down while running the pub's cooling system.

 

Dr Siwan Mitchelmore, a university lecturer at Bangor Business School, said
pubs were "being squeezed from both ends".

 

"They are facing their customers directly and, as the cost of living has
increased, it has also risen for businesses as well as their customers," she
said.

 

"And we see that the number of people spending in these areas is falling
because they are worrying more about heating their homes than about
non-essential spending."-BBC

 

 

 

 

Kenya: Teachers Push for a 60% Pay Rise

Kisumu — The Kenya National Union of Teachers (KNUT) has launched a new push
to increase teachers' salaries by 60 percent, citing the high cost of
living.

 

The union wants a renegotiation of the 2021-2025 CBA to incorporate the new
demand, since the document did not capture any monetary aspects.

 

KNUT Secretary General Collins Oyuu said the 60% salary increment across
board was based on the fact that teachers have not been promoted for the
last five years.

 

With the rising cost of living since 1st July, 2017, the 60 % pay rise, he
added, was necessary to compensate teachers.

 

 

"We are going to apply the clause that says that both parties can sit down
and renegotiate the terms of the CBA. We sat with TSC in Naivasha and have a
window to have this matter addressed," he said.

 

Oyuu who spoke in Kisumu Tuesday, where the union is holding its 62nd annual
delegates conference further opposed the proposal by the Teachers Service
Commission (TSC) to deduct Sh6, 000 per teacher annually to fund the
Teachers Professional Development Programme (TDP).

 

The programme, which targets to retool teachers in the public and private
sector must be funded by the government, he added.

 

"We don't have enough for our teachers to sustain themselves. How can we ask
them to pay Sh. 6, 000 for this programme?" he posed.

 

The union, he said, has engaged the Parliamentary select committee on
education to look into the matter and appropriate funds to a tune of Sh4.5
billion to run the programme.

 

Over 2,000 delegates from the 110 branches of the union are in Kisumu to
attend the Annual Delegates conference, where the union will pronounce
itself on pertinent issues facing the teaching fraternity.

 

The Secretary General added that the union was pushing for the
re-establishment of an appeals tribunal to address teacher's indiscipline
cases, noting that the current arrangement, where the TSC accuses teachers
of wrongdoing and goes ahead to hear and determine their cases was unfair.

 

Oyuu lauded the government's initiative to submit the Competence Based
Curriculum (CBC) to public participation, adding that the union will engage
the employer on other issues and policies in the sector which have been
detrimental to the welfare of teachers.

 

He pointed out the delocalization policy which has seen so many families
disintegrated, ended up killing the morale of teachers.

 

The other issue, he said, was promotion of teachers based on professional
in-service training other than additional academic qualifications.

 

The secretary general said the union will be pushing for teachers to be
promoted based on the newly acquired academic qualifications, since they
have invested heavily in the training.

 

"Teachers have taken loans to further studies and therefore deserve to get
the promotions," he said.

 

Other issues to be discussed during the conference include the impending
employment of teachers, funding of the education system and review of
education policies.

 

High profile officials from other unions and the national government are
expected to address the gathering Wednesday.

 

-Capital FM.

 

 

 

 

Tanzania: Sharp Meat Rise to Tighten Consumers' Belt in Festive Season

The sharp rise in meat prices is expected to tighten consumers' belts when
shopping for food during festive season.

 

The rise in meat prices has been attributed to increased demand for cattle
by the new meat factories as well as animal exports to the neighbouring
countries.

 

A random survey made in various meat shops in Dar es Salaam shows that the
retail meat price has increased to between 9,000/- to 10,000/- per
kilogramme from 8,000/- per kilogramme.

 

The meat prices at Vingunguti and Mazizini wholesale shops have jumped to
8,500/- from 6,000/- per kilogramme.

 

 

According to stakeholders, the retail meat prices are expected to increase
to over 12,000/- per kilogramme during the festive season.

 

A butcher in the Vingunguti area Mr Tieto Elia said the reason for the price
rise is partly contributed by drought that has created a shortage of best
grade cattle for meat.

 

"Many good cows are dying of hunger due to the prolonged period of droughts
that have persisted for years for months," Mr Tieto said

 

Furthermore, Nicholas Mhando, a meat dealer at Vingunguti has said that due
to the drought most of the cattle taken into the market are not good enough
for the business resulting in scarcity.

 

"Many cows coming in are not good enough... Weighing less leads to the
shortage in the caution", he said.

 

He added that the number of cattle slaughtered every day has gone down to
400 from over 500 before the drought situation hit most parts of the
country.

 

On his part, Godis Joseph a stakeholder mentioned a long list of things that
are contributing to a sharp rise in beef prices including 15,000/- transport
costs from Pugu auction for cattle weighing 100 kg, 1000/- for tax, and
13,000/- for a stamp for peeling.

 

-Daily News.

 

 

 

Africa: Nigeria and Rwanda - First African Nations Sign the Artemis Accords
- Space Forum

At the first ever U.S.-Africa Space Forum , Nigeria and Rwanda became the
first African nations to sign the Artemis Accords. Participants in the
Forum, which was part of the U.S.-Africa Leaders Summit, discussed how to
further shared goals through the peaceful exploration and use of outer
space.

 

The Accords were signed by Minister of Communications and Digital Economy
Isa Ali Ibrahim on behalf of the Federal Republic of Nigeria and by Rwanda
Space Agency CEO Francis Ngabo on behalf of the Republic of Rwanda.
President Paul Kagame of Rwanda, NASA Administrator Bill Nelson, Assistant
Secretary for Oceans and International Environmental and Scientific Affairs
Monica Medina, and U.S. National Space Council Executive Secretary Chirag
Parikh gave remarks at the event.

 

The Artemis Accords represent a bold, multilateral vision for the future of
space exploration. Launched by the State Department and NASA together with
eight nations in 2020, the Artemis Accords advance bilateral and
multilateral space cooperation between signatories, expanding our knowledge
of the universe and benefiting the whole world. Signatories commit to
principles to guide their civil space activities, including the public
release of scientific data, responsible debris mitigation, registration of
space objects, and the establishment and implementation of interoperability
standards.

 

 

The Accords now boast 23 signatories, spanning every corner of the globe and
representing a diverse set of space interests and capabilities. Through
signing the Artemis Accords, Australia, Bahrain, Brazil, Canada, Colombia,
France, Israel, Italy, Japan, the Republic of Korea, Luxembourg, Mexico, New
Zealand, Nigeria, Poland, Romania, Rwanda, Saudi Arabia, Singapore, Ukraine,
the United Arab Emirates, the United Kingdom, and the United States have
demonstrated their commitment to the peaceful, responsible, and sustainable
use of outer space and are leading the global conversation on the future of
space exploration. Visit Nasa's website for further information on the
Artemis Accords .

 

-State Department.

 

 

 

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

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.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

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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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