Major International Business Headlines Brief::: 19 December 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 19 December 2022 

 


 

 


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

 


 

 


 

ü  Elon Musk asks Twitter poll if he should stay as boss

ü  Etsy: We're not about getting loo roll quickly

ü  Singapore's crypto ambitions shaken by FTX collapse

ü  Goldman Sachs plans big job cuts as business slows

ü  Wolford owner Lanvin says luxury is never out of style

ü  BA and Virgin halt ticket sales to Heathrow on strike days

ü  EU adopts global minimum 15% tax on big business

ü  South Africa: Army Deployed at Power Stations Amid Energy Crisis - South
African News Briefs - December 19, 2022

ü  Ghana: '2023 Budget Is Missed Opportunity to Reset Economy''

ü  Ghana: Debt Exchange Programme Extended to December Ending

ü  Ghana: GRA Retrieves U.S.$93 Million Tax Revenue Through Informant Reward
Scheme

ü  Botswana Will Host Corporate Council on Africa 2023 U.S.-Africa Business
Summit

ü  Ghana: Impose High Tariffs On Poultry Imports to Promote Local Industry -
GNPFA

ü  Liberia: Arcelormittal Liberia Training Academy Graduates 50 - Company to
Absorb All

ü  Nigeria: Scarcity of Forex - Nigerian Students Abroad Are Being
Frustrated - NANS

 


 

 


 <mailto:marketing at willdale.co.zw> 

Elon Musk asks Twitter poll if he should stay as boss

Twitter's owner Elon Musk is asking users of the social media platform to
vote on his future as its chief executive.

 

In a poll to his 122 million followers, he tweeted: "Should I step down as
head... I will abide by the results."

 

The technology tycoon, who also runs Tesla and Space X, has faced much
criticism since taking over Twitter.

 

After a legal battle, Mr Musk took control of the company in October in a
$44bn ($36bn) deal.

 

At 07:00 GMT on Monday, more than 13 million people had voted in his poll
and 57% had said yes to Mr Musk stepping down.

 

Dan Ives, senior equity analyst at Wedbush Securities, told the BBC he
believed the vote would "ultimately" lead to the "ending of Musk's reign as
chief executive of Twitter".

 

There has been a flurry of controversial changes at Twitter since Mr Musk
bought the social media site in October.

 

He has fired about half of its staff and attempted a rollout of Twitter's
paid-for verification feature before putting it on pause. The feature was
relaunched last week.

 

He has also been criticised for his approach to content moderation, with
some civil liberties groups accusing him of taking steps that will increase
hate speech and misinformation.

 

On Friday, Mr Musk was condemned by the United Nations and European Union
over Twitter's decision to suspend some journalists who cover the social
media firm.

 

Reporters for the New York Times, CNN and the Washington Post were among
those locked out of their accounts for allegedly sharing location data. The
accounts have since been reinstated.

 

The UN tweeted that media freedom is "not a toy", while the EU threatened
Twitter with sanctions.

 

'Circus show'

Mr Ives said the last few weeks and months had been a "black eye for Musk
and a black eye for Tesla" which he said was the "golden child" because it
is where most of the billionaire's wealth is.

 

"Twitter right now - it's a quicksand situation and I think it's gotten
worse since Musk took over Twitter. It's been a circus show," he added.

 

"I think ultimately in the next 24 hours Musk will probably name a new
temporary CEO of Twitter."

 

 

After starting the poll, Mr Musk tweeted: "As the saying goes, be careful
what you wish, as you might get it."

 

He added later: "Those who want power are the ones who least deserve it."

 

Mr Ives said he believed Mr Musk had realised he "cannot balance" being the
boss of Twitter as well as his electric car company Tesla and space rocket
firm SpaceX.

 

"The biggest problem is the more controversy he creates, advertisers leave
and they run for the hills and that's 90% of revenue for Twitter," he added.

 

Elon Musk's poll appeared just a short while after he was pictured at the
World Cup final standing next to Jared Kushner, son-in-law and ex-special
adviser to former US President Donald Trump.

 

If it was intended to cause shockwaves - and it certainly was - it
succeeded.

 

Following a chaotic week with yet more confusing actions from Twitter - the
banning and re-instating of journalists, the announcement of a strange new
policy on sharing links to rival social networks - comes the grand finale.

 

As I write more than 13 million people have voted and 57% say yes, he should
step down as Twitter's chief executive.

 

One wonders how many of them were Tesla shareholders? Musk's electric car
firm has fallen sharply in value, with some saying his obsession with
Twitter is destroying the brand.

 

In the past Musk has kept his word and obeyed Twitter polls. He's fond of
quoting the phrase "vox populi, vox dei". It's a Latin phrase which roughly
means "the voice of the people is the voice of God" (the origin of the term
vox pop). We'll find out in just a few hours.

 

2px presentational grey line

Mr Musk also announced on Twitter that major policy changes would be voted
on in the future.

 

It comes after Twitter said it would shut down accounts solely designed to
promote other social media platforms.

 

The measure would also affect accounts that link off to or contain usernames
from platforms such as Facebook, Instagram, Mastodon, Truth Social, Tribel,
Nostr and Post, the company said in a tweet, although cross-content posting
from other sites will still be allowed.

 

Former Twitter boss Jack Dorsey, who recently invested in Nostr, replied to
the Twitter post with one word: "Why?"

 

Twitter had already blocked users from sharing some links to Mastodon, the
platform many Twitter users moved to after Mr Musk's takeover.

 

In a series of tweets on Sunday, Twitter said: "We recognize that many of
our users are active on other social media platforms. However, we will no
longer allow free promotion of certain social media platforms on Twitter."

 

Examples of possible violations could include tweets such as "follow me
@username on Instagram" or "check out my profile on Facebook -
facebook.com/username", it said in a blog setting out the details.

 

Those who break the rules for the first time or as in an "isolated incident"
could be asked to delete the offending tweets or be temporarily locked out
of their accounts.

 

But any subsequent offenses "will result in permanent suspension", it said.

 

Users can continue to post content to Twitter from prohibited platforms,
however, and paid adverts from those sites will still be allowed.-BbC

 

 

 

 

Etsy: We're not about getting loo roll quickly

In a world where we've all become used to getting things quicker, you'd
expect an e-commerce boss to be promising you your next delivery will arrive
within hours or even minutes.

 

Not so Etsy's chief executive Josh Silverman, who rejects comparisons to the
likes of Amazon Prime.

 

"I need toilet paper and socks. I want it to arrive right away," he told the
BBC. "Something special needs time."

 

Sales on the platform doubled over the pandemic but growth has since slowed.

 

With shops shut and people stuck indoors during the lockdowns, many turned
to online shopping on platforms such as Etsy. Sales of face masks, home
furnishings and arts and crafts goods all boomed.

 

But since then, Etsy's growth has slowed, as it adapts to life
post-lockdown.

 

Revenues rose by 11% year-on-year in the three months to the end of
September, compared with the 18% growth recorded in the same period last
year.

 

Meanwhile, its share price, which took off in March 2020, came crashing back
down in the first half of this year.

 

Analysts warned that the company will find the path ahead harder, now that
the world has opened back up.

 

"Growth has inevitably slowed versus the Covid boom," said retail analyst
Jonathan de Mello, who pointed out that other e-commerce firms have faced
similar challenges.

 

"Near-term fortunes will depend on customers' willingness to spend on gifts
over the holiday season. Given the increased cost of living, discretionary
spend is set to drop further in 2023, which will undoubtedly impact Etsy
given the relatively high price points of its products."

 

Etsy has also faced protests from sellers earlier this year, after it hiked
the transaction fees it charges them from 5% to 6.5%.

 

The move sparked outrage and led some Etsy sellers to go on strike.

 

Mr Silverman defended the decision, though, arguing that 6.5% is still
"super affordable".

 

"We've seen no seller churn as a result, and as we told sellers, we
reinvested that back in the platform," he added.

 

He was also not fazed by the share price fall this year. Shares have since
recovered some ground, but remain a long way off the high.

 

"The world is trying to figure out what to make of the pandemic," Mr
Silverman said.

 

"We don't measure our success exclusively by the share price," he added.

 

With physical stores once again allowed to open, e-commerce has had to work
harder to retain customers. But Mr Silverman says the people who came to
Etsy during the lockdowns remain loyal to the brand.

 

"During the pandemic, millions of people had to come and try Etsy because
they had very few other choices," he said.

 

"And what's been really delightful is that since the world [has] reopened,
those people are coming back again and again."

 

The cost-of-living crisis is another challenge for retailers, with soaring
prices putting pressure on household budgets.

 

Consumer prices have been rising this year as energy, fuel and food costs
soar, thanks to higher demand for energy since Covid lockdowns eased and due
to the war in Ukraine.

 

In the UK, the rate at which prices are rising has dropped back slightly,
but inflation remains near a 40-year high.

 

But Mr Silverman believes people will prioritise "affordable indulgences" in
a tough economic climate.

 

"There's a lot going on in the economy that's very concerning for a lot of
people. This holiday season... maybe they're going to buy fewer things, but
those things are going to mean even more. And that's Etsy's sweet spot," he
said.

 

Etsy, which was founded in Brooklyn, New York, 17 years ago, is known for
its distinctive small sellers, who offer everything from crocheted penguins
to furniture.

 

The UK is one of its key markets, where it has almost a million sellers, the
vast majority of whom are women.

 

During the pandemic, it saw a new wave of sellers sign up to the platform,
as people turned to side hustles to make extra cash while stuck at home.

 

But the return to offices has not dampened people's drive to set up their
own businesses, he said.

 

"Etsy now has over 5 million sellers selling on our core platform, that's up
from about 2.2 million sellers before the pandemic," he said.

 

In recent years Etsy has started acquiring other online marketplaces.

 

Last year, it snapped up Depop, a UK-based second-hand fashion app, in a bid
to target younger shoppers.

 

At the time, Mr Silverman described Depop as "the resale home for Gen-Z
consumers".

 

But retail analyst Mr De Mello warned the timing of the deal was "not ideal
given the downturn in e-commerce spend" this year. "Time will tell" whether
the acquisition works out for Etsy, he added.-BBC

 

 

 

 

Singapore's crypto ambitions shaken by FTX collapse

There was a time when it seemed as though Singapore would become a global
centre for cryptocurrency.

 

Authorities had signalled an early interest in harnessing blockchain
technology. That, coupled with the city state's favourable business
environment, attracted digital asset companies and a burgeoning community of
investors.

 

In 2021, investment in the industry in Singapore increased tenfold compared
to the previous year to $1.48bn (£1.2bn), according to KPMG, making up
nearly half the Asia Pacific total for the year.

 

2022 could not have been more different.

 

Crypto assets and companies - many with links to Singapore - have imploded,
causing reverberations and sparking losses around the world.

 

First a popular token called Terra Luna collapsed, causing its sister token
TerraUSD, which was largely stable, to plummet.

 

A few months later, Singapore-based crypto hedge fund Three Arrows filed for
bankruptcy, taking down crypto exchange Voyager Digital with it. In August,
crypto lender Hodlnaut became the next in a growing string of casualties.

 

It is thought that the closures of key market players this year has wiped
out $1.5 trillion in crypto market capitalisation.

 

Then in November, billions were lost within a matter of days, when US crypto
exchange FTX spectacularly collapsed because of a crippling liquidity
crunch. FTX founder Sam Bankman-Fried has since been charged by US
authorities with "one of the biggest financial frauds in US history".

 

For Singapore, the FTX collapse was particularly shocking. Its state
investment fund Temasek had invested in the exchange, pumping in $275m over
several months.

 

Temasek says it will write down the money, and is conducting an internal
review into the investment.

 

The fund is worth more than $295bn and so the FTX investment makes up a
small percentage of its public wealth portfolio.

 

But Singapore's deputy prime minister, who is also finance minister, told
parliament the loss had caused reputational damage.

 

"The fact that other leading global institutional investors like BlackRock
and Sequoia Capital also invested in FTX does not mitigate this," Lawrence
Wong said.

 

Tail investors were hurt too, and many believe the Singaporean authorities
should have done more.

 

Nicole Yap, 26, says she didn't flinch about investing in the exchange
because so many big companies were backing it. She has lost roughly $150,000
(£122,000), but feels the onus should not be on the user entirely.

 

"You need the regulation - the government or the Securities and Exchange
Commission (SEC) - to say, 'these companies are good, we've seen their
books,'" Ms Yap says.

 

"Just because there is a lot of scam in crypto, doesn't mean crypto is a
scam. But users don't have a platform to find out about these things. We
only have social media and crypto influencers."

 

Carol Lim started investing in cryptocurrency during the pandemic. The
52-year-old was hoping to make enough money to retire in the next few years.

 

"I invested with Hodlenaut because the Monetary Authority of Singapore (MAS)
endorsed it. In today's value, I lost about $55,000. I can only hope to get
some of it back."

 

Hodlenaut was one of a handful of firms that was granted in-principle
approval to provide digital payment services by Singapore's central bank.
The licence approval was rescinded when the lender was forced to stop
withdrawals because of market conditions.

 

"The core of the problem is that there is some misunderstanding amongst
regulators. They want to attract businesses to their jurisdiction, but you
need to regulate in such a way that consumers are safe," says Michael
Gronager, CEO and co-founder of blockchain analysis firm Chainalysis.

 

Mr Gronager says that because consumers are so global these days, regulators
need to decide whether to implement laws on the company - for example,
giving them a licence to operate in the country - or to restrict trading
access to retail investors.

 

FTX did not have a licence to operate in Singapore. However, MAS has said it
is not possible to prevent local users from accessing overseas service
providers.

 

"We will see fraud, fast money in the industry - that's no surprise. We see
it in the internet, we see it in all sorts of traditional industries," Mr
Gronager says.

 

Singapore had started introducing new measures even before the FTX saga,
warning that the technology can be volatile and speculative. It banned
crypto advertising earlier this year and is investigating a number of
outlets present in the island nation.

 

Binance, the world's largest crypto exchange, left Singapore last year after
it was put on an investor alert list for soliciting customers without the
requisite licence, and offering Singapore dollar trades.

 

The crackdown has attracted criticism from industry players as a result, for
instance from Brian Armstrong, co-founder and CEO of US-based crypto
exchange platform Coinbase.

 

"Singapore wants to be a hub for Web3 (a vision of the next iteration of the
internet that uses blockchains and cryptocurrencies), and then
simultaneously says: 'Oh, we're not really going to allow retail trading or
self-hosted wallets to be available," he said at the Singapore FinTech
Festival in November.

 

"Those two things are incompatible in my mind," he added.

 

Singapore's government says it remains enthusiastic about crypto and still
wants to become a virtual-asset hub, with a focus on the business and
administrative side of blockchain technology.

 

It has vowed to contain risks, by proposing knowledge tests for retail
investors before being allowed to trade, and has acknowledged this could
mean retail-focused companies may move to other jurisdictions.

 

"Cryptocurrency platforms can collapse due to fraud, unsustainable business
models, or excessive risk taking. FTX is not the first cryptocurrency
platform to collapse, nor will it be the last," Mr Wong said.

 

"Those who trade in cryptocurrencies must be prepared to lose all their
value. No amount of regulation can remove this risk."-BBC

 

 

 

 

Goldman Sachs plans big job cuts as business slows

Goldman Sachs is planning deep job cuts as it grapples with a sharp downturn
in business.

 

The investment bank is preparing cuts that could affect up to 8% of its
global workforce, or nearly 4,000 people, the BBC understands.

 

The reductions would go into effect early next year. Details on how
different offices and parts of the business will be affected are still being
finalised.

 

The company declined to comment.

 

But chief executive David Solomon has repeatedly raised concerns about the
economic outlook in recent months, saying clients were being cautious and
the environment was driving him to look at reducing costs.

 

Investment banking revenues have plunged this year, as economic uncertainty
and a market downturn puts a dampener on mergers and stock listings.

 

At Goldman, overall revenues dropped 20% in the first nine months of the
year, compared to 2021 when business was booming. Profits fell even more
sharply.

 

Goldman, which employs roughly 49,000 people worldwide, already cut hundreds
of jobs earlier this year, resuming an annual culling of low-performers that
had paused during the pandemic.

 

Bonuses are also expected to be smaller this year.

 

The final figures for job cuts are still being determined.

 

"We continue to see headwinds on our expense lines, particularly in the near
term," Mr Solomon said at a conference last week.

 

"We've set in motion certain expense mitigation plans, but it will take some
time to realise the benefits. Ultimately, we will remain nimble and we will
size the firm to reflect the opportunity set."-BBC

 

 

 

Wolford owner Lanvin says luxury is never out of style

The owner of storied French fashion company Lanvin and hosiery brand Wolford
has big ambitions to become the world's first China-based luxury giant.

 

It might seem like a tall order.

 

The global economy is slowing, Covid-19 continues to cast a shadow over the
important Chinese market and rising prices have eroded the buying power of
most shoppers.

 

But Joann Cheng, chairman and chief executive of Lanvin Group, is undaunted
by those challenges.

 

"Luxury is a very resilient industry", she tells the BBC. "People always
want to consume quality stuff."

 

Ms Cheng, whose company also owns St John Knits and Italian shoemaker Sergio
Rossi, says she sees plenty of opportunity to grow, especially in the US and
China, which is expected to account for half of the industry's revenue by
2025.

 

Sights on expansion

The firm wants to open 200 new stores globally by 2025 and is looking for
more labels to buy, in a bid to boost revenue to $1bn in two years - and
make the company profitable.

 

This week, the company made its debut on Wall Street, raising a $150m war
chest for expansion.

 

"We feel quite happy and very excited about this moment," Ms Cheng says,
noting that she is anticipating a big rebound as China starts to loosen its
Covid restrictions.

 

"We want to want to build this brand strategically at a large scale in the
future and then demonstrate to the world that from Asia you have the first
luxury group."

 

But the money brought in by the listing was far less than the $544m the
group said it hoped to raise in March.

 

Shares on the firm's first day of trading on the New York Stock Exchange
also closed down 25%, a sign that investors remain sceptical of a turn
around in the storied fashion house's fortunes.

 

But fashion writer Roxanne Robinson says there is room for the firm to
succeed.

 

The luxury goods sector grew 22% globally this year, as the rich kept
spending despite economic slowdown.

 

Consultancy Bain forecasts a further 3% to 8% growth in 2023, despite
warnings that the wider economy could face a severe downturn.

 

But Ms Robinson warns Lanvin has work to do to make its namesake brand,
founded by French designer Jeanne Lanvin in 1889, "buzzy" again.

 

"It's going to need that celebrity endorsement," she says. "It's going to
need those red carpet appearances. It's going to need influencers that are
doing their unboxing or showing up to their shows."

 

Wooing Gen Z

Since 2015, when fashion designer Alber Elbaz left, Lanvin has endured the
fashion equivalent of musical chairs of designers and management, as well as
shifting ownership.

 

Chinese conglomerate Fosun International, owned by billionaire Guo
Guangchang, acquired a controlling stake in 2018, becoming the first Chinese
company to own a heritage brand at the upper level of French fashion.

 

This week's listing, via a merger with a special purchase acquisition
company (SPAC) created by China's Primavera Capital, made the firm the first
major fashion company to list on a US exchange since Ermenegildo Zegna late
last year.

 

The company has installed creative director Bruno Sialelli, who is in his
30s, to appeal to the classic luxury customer while also speaking to Gen Z
and millennial buyers.

 

His skate inspired "Curb" trainers have become wardrobe essentials for the
likes of rapper Kid Cudi and actor and model Evan Mock.

 

In the first half of 2022, revenue surged 73% to $215 million.

 

But the firm still has a long way to go to catch up to competitors like
Gucci-owner Kering and LVMH, home to brands like Louis Vuitton and Christian
Dior, which currently dominate the market.

 

Ms Cheng says the firm has time to prove itself and win over sceptics,
downplaying the financial significance of the listing as "just one milestone
along the road for us to get more exposure".

 

"We are still young, like five years old and with a relatively small size,"
she says.-BBC

 

 

 

BA and Virgin halt ticket sales to Heathrow on strike days

British Airways and Virgin Atlantic have stopped selling new tickets for
inbound flights to Heathrow on the days Border Force staff strike over
Christmas, the BBC understands.

 

Border Force has asked airports who are expecting passenger numbers on
strike days to be above 70-80% of 2019 levels to "supress demand".

 

The move is to better manage the flow of people through border control.

 

Workers will stage the first walkout on Friday 23 December.

 

A source at Heathrow told the BBC the airport had met with BA and Virgin,
its two home-based airlines, to request a restriction on new ticket sales,
which the airlines had agreed to.

 

Around 1,000 Border Force staff who work in passport control will walk out
on 23-26 and 28-31 December at Birmingham, Cardiff, Glasgow, Gatwick,
Heathrow and Manchester airports as well as at the Port of Newhaven.

 

The Home Office has warned passengers should expect disruption.

 

The strikes taking place in December

British Airways has stopped selling inbound flights on all eight days that
staff are expected to strike.

 

Virgin Atlantic is restricting ticket sales on 23, 28, 29 and 30 December,
with the expectation that those will be the busiest passenger days at
Heathrow, the UK's biggest airport.

 

About 75% of Border Force staff are members of the PCS union, which balloted
for strike action after it said the government had refused to increase a 2%
pay rise offer.

 

Military personnel, civil servants and volunteers are being trained to check
passports when Border Force staff walk out.

 

The Home Office said it was "extremely disappointed" with the PCS union's
decision to strike, adding it would cause a "significant inconvenience" to
travellers over the Christmas period.

 

A statement said the government had "robust plans" in place to minimise any
delays, but warned "passengers should be prepared for disruption and take
action to plan ahead".

 

"Those intending to travel into the UK over strike days should keep
up-to-date with the latest advice from operators to check how the proposed
strike action will affect their journey," a spokesperson said.

 

Heathrow Airport and both airlines have not commented on the ticket
restrictions.

 

The airport said it expects the majority of passengers to be unaffected by
the strike action, and that it has not asked for flights to be cancelled or
removed from the schedule.

 

"Our priority is to ensure passengers get through the border safely and as
quickly as possible," the airport said.

 

"We are working closely with airlines and Border Force on mitigation plans
for potential strike action by Border Force officers and these plans will
now be implemented for the notified days.

 

"We encourage all parties to resolve this dispute quickly," a spokesperson
added.

 

Virgin Atlantic said its priority was getting its customers to their
destinations and to make them "prepared for longer waits at border control".

 

Several airlines are allowing passengers with flights arriving in the UK on
strike days to change their tickets free of charge.

 

EasyJet said any passengers flying into Gatwick, Manchester, Birmingham or
Glasgow between 22 and 31 December could transfer to another flight on the
same route 14 days before or after the strike date.

 

BA said it was operating the same policy for all passengers with a final
destination at Heathrow or Gatwick, or those with a connecting ticket booked
as part of their journey to another airport in the UK or Ireland.

 

Virgin Atlantic said passengers booked on flights into Manchester and
Heathrow on strike dates can change tickets with the admin fee and fare
difference waived, with the new travel date completed no later than 14
January 2023._BBC

 

 

 

EU adopts global minimum 15% tax on big business

The European Union has adopted a plan for a global minimum 15% tax on big
business.

 

Leaders gave their final approvals on Thursday after months of political
wrangling.

 

The landmark deal between nearly 140 countries aims to stop governments
racing to cut taxes in a bid to attract companies.

 

It was praised by US Treasury Secretary Janet Yellen as "an historic
agreement which helps even the playing field".

 

Corporation tax is usually based on a company's profits. But often they
might be able to pay less depending on where their offices are registered or
how they invest in their business.

 

The newly-approved plan was drawn up under with the guidance of the
Organisation for Economic Cooperation and Development (OECD) and already had
the backing of Washington and several major EU economies.

 

But the implementation of the minimum tax in the 27-nation trading bloc was
delayed as member states raised objections or adopted blocking tactics.

 

What is corporation tax and who has to pay it?

"Today the European Union has taken a crucial step towards tax fairness and
social justice," EU economy commissioner Paolo Gentiloni said.

 

"Minimum taxation is key to addressing the challenges a globalised economy
creates."

 

Even this week, Poland blocked the formal adoption of the measure while
arguing about unrelated policies, such as sanctions on Russia.

 

But on Thursday's near the end of the EU's latest summit, negotiations took
place and the tax will now come into effect across Europe at the end of next
year.

 

European leaders praised the decision, with Germany's Chancellor Olaf Scholz
describing it as a "project close to my heart". French President Emmanuel
Macron said the country had been pushing the idea for more than four years.

 

The US has not taken steps to adopt the rules so far, despite Ms Yellen's
championship of the plan.

 

The global minimum tax is only one part, known as Pillar Two, of an OECD
agreement to make sure big companies pay a "fair share" of tax.

 

The first pillar, which focuses on the taxation of companies where they make
their profits to limit tax evasion, primarily targets digital companies.-BBC

 

 

 

 

South Africa: Army Deployed at Power Stations Amid Energy Crisis - South
African News Briefs - December 19, 2022

Cape Town — Deployment of Army at Power Stations a Sign of Greater Crisis?

 

South African National Defence Force members have been deployed at multiple
Eskom power stations, IOL reports. The soldiers have been instructed to
protect four facilities - Camden, Majuba, Tutuka and Grootvlei - from
vandalism and theft. This comes as the nation faces Stage 5 load shedding.
According to energy expert Tshepo Kgadima, the deployment is sign of poor
leadership in both government and at the power utility, saying: "There is no
threat of a terrorist attack and we are not in a state of war. It's
inexplicable what justification there can be for the army to be deployed to
Eskom power stations. "South Africans should be worried as the government is
lost in terms of how to solve the electricity challenges of the country."

 

 

Johannesburg to Declare State of Disaster Following Devastating Floods

 

Torrential downpours that included larger than average hailstones and caused
large scale infrastructural damage will see the City of Johannesburg declare
a Local State of Disaster, Business Tech reports. Damage to roads, traffic
lights, buildings, substations, power stations and pipelines are estimated
to be in the region of R300 million with some areas still submerged or
inaccessible, making a more accurate assessment impossible for now. By
declaring a Local State of Disaster, the city will be able to ensure access
to resources from both provincial and national levels of government which
may accelerate supply chain management processes.

 

Kruger National Park Ups Security for Festive Season

 

More security guards and traffic officials will be deployed at the Kruger
National Park during the festive season, EyeWitness News reports. This comes
after the highly publicised death of a German tourist two months ago who was
hijacked outside the park. SANParks spokesperson Isaac Phaahla said: "The
Kruger National Park safety and law enforcement campaign is ongoing for the
entire festive season. We do have operations throughout the park with the
South African Police Service and the SANDF. "We advise visitors to consult
our social media platforms for gates closest to the camps they will be
staying in and urge them to be extra vigilant while traveling to the park."

 

 

 

Ghana: '2023 Budget Is Missed Opportunity to Reset Economy'

The Executive Director of the Centre for Democratic Development (CDD),
Professor H. Kwasi Prempeh, has said the 2023 budget was a missed
opportunity to reset the econo-my and address the economic crisis facing the
country.

 

He said the 2023 budget should have been an avenue to build consensus and
seek the inputs and views of the major opposition party on the economic
challenges facing the country, but as usual it was a document developed and
presented to Parliament by the ruling govern-ment.

 

Prof. Prempeh stated this at the post 2023 Budget Forum organised by the
Coalition for Democratic and Inclusive Governance, Economic Governance
Platform and WeBe-Citizens.

 

 

It was on the theme "Interrogating Ghana's 2023 budget and economic policy
as a pathway to economic recovery ".

 

The other speakers were Prof. Abena Oduro of the Department of Economics,
University of Ghana, Prof. Godfried Bokpin of the Uni-versity of Ghana
Business School, Kofi Asare, Executive Director of Africa Education Watch,
and Ben Boakye, who respectively spoke on so-cial policy, fiscal, education
and energy aspects of the budget.

 

Prof. Prempeh, who spoke on issues of politics and governance of the budget,
said the 2023 budget could not build consensus on how to deal with the
crisis facing the country.

 

"It appears the 2023 budget was done as a one party product. We are in a
crisis moment and we could have done better," he said.

 

According to Prof. Prempeh, the challenges of the country were a
manifestation of the weakness of the country's political and gover-nance
system.

 

 

He said it appeared the government was more accountable to its development
partners than the citizens.

 

"The data government kept from citizens is now in the budget because of the
International Monetary Fund programme," Prof. Prempeh stated.

 

On tax administration, the CDD Executive Director called on Parliament to
put a sunset clause in the budget indicating the number of years the
government could collect property rates on behalf of the Ministries,
Department and Agencies.

 

Prof. Oduro, for her part, said it was encour-aging the 2023 budget had
retained social in-tervention programmes such as the Free Senior High
School, School Feeding Programme and the Livelihood Empowerment Against
Poverty.

 

She said financial allocation to the SFP and the LEAP had been increased.

 

Prof. Oduro, however, said the 2023 budget and economic policy of the
government lacked poverty target.

 

Prof. Bopkin, speaking on the fiscal aspect of the budget, said the
country's macroeco-nomic challenges were debt induced and had nothing to do
with Russia-Ukraine war.

 

He said as far as eight months ago, the gov-ernment was warned of a looming
debt crisis.

 

Prof. Bopkin said restoring macroeconomic stability would require enhanced
revenue gen-eration measures and cutting of expenditures, and stressed that
fiscal adjustment should be crafted in a way that would not affect the poor
and vulnerable.

 

On education, Mr Asare said what was good about the 2023 budget was that the
government had maintained all its flagship programmes.

 

However, he said a freeze on employment would affect teaching and learning
as new teachers could not be recruited to fill vacancies in schools.

 

Mr Asare claimed about 9,000 basic schools would lack teachers in 2023.

 

Mr Boakye, on energy, said the sector con-tinued to accrue debt due in part
to inefficien-cies in the sector.

 

He said the creation of the ESLA bonds to raise financial resources to clear
energy legacy debt had not been able to solve the problem.

 

-Ghanaian Times.

 

 

 

 

Ghana: Debt Exchange Programme Extended to December Ending

The expiration date of the Debt Exchange Programme (DEP) has been extended
to the end of December this year, the Ministry of Finance, has announced.

 

It said in view of the of the festive season, the government had decided to
extend the Expiration Date of the voluntary offer to Friday December 30,
2022, with a contemplated settlement date on Friday January 6th, 2023.

 

The voluntary programme should have expired today December 19, 2022.

 

A statement issued by the Ministry of Finance in Accra on Saturday and
copied to the Ghanaian Times, said "Over the last ten days, we contin-ued
the consultation efforts that we initiated with all stakeholders ahead of
the launching of the offer, in-cluding regulators, bankers, pension funds,
asset managers, insurance companies."

 

 

It said the Ministry fully consid-ered feedback from the financial sector in
relation to the need to secure internal and Executive Board approvals which
were necessary con-siderations for their participation in the Exchange,
adding that in some instances may require emergency board meetings.

 

"The extension also affords Gov-ernment of Ghana the opportunity to consider
suggestions made by all stakeholders with the aim of adjusting certain
measures accept-able within the constraints of the Debt Sustainability
Analysis," the statement, said.

 

The Ministry of Finance said it believed the extension would pro-vide enough
time for the necessary consultations and analysis to be completed to meet
the expectations of local and foreign institutional bondholders while
preserving the integrity of the Debt Sustainabil-ity Analysis and the Staff
Level Agreement.

 

The statement said the govern-ment was working with the Bank of Ghana and
other regulators such as the Security and Exchange Commission, National
Pensions Regulatory Authority and the National Insurance Commission) in the
financial sector, our advisors and including input from various institutions
and the Unions.

 

December 6, 2022 the domestic debt operation (which is formally referred to
as the Invitation to Exchange) was launched as part of measures to restore
the mac-roeconomic stability in view of the country's growing debt.

 

The extension comes on the heels of the announcement of the SLA with the
Internation-al Monetary Fund (IMF) on December 13, 2022, for a $3 billion
Extended Credit Facility over a three-year period to pro-mote macroeconomic
stability of the country.

 

The SLA is necessary since it is based on the IMF Man-agement and Executive
Board's decision on whether to approve or reject Ghana's programme with the
Fund.

 

The government in June this year engaged the IMF for a programme to restore
macroeconomic stability in view of the country's growing public debt which
had reached unsustainable levels per Debt Sustainability Analysis conduct-ed
by the government.

 

-Ghanaian Times.

 

 

 

 

Ghana: GRA Retrieves U.S.$93 Million Tax Revenue Through Informant Reward
Scheme

The Ghana Revenue Authority (GRA) has recovered in excess of $93 million
from multinational and local companies operating in the country through its
Informant Reward Scheme (IRS).

 

In addition, the Authority had also retrieved an amount of GH¢421 million
cedis.

 

Speaking to journalists on the revival campaign for the GRA informants
reward scheme in Accra on Saturday, Acting Head of Intelligence at the GRA,
Mr Wisdom Xetor, noted that this was an indication that the Informant Reward
Scheme was effective and must be encour-aged among citizens.

 

 

"We have recovered more than GH¢421 million cedis as well as $98 million so
far even before the year ends, so I think the scheme is yielding results and
many are providing informa-tion that is leading to recovery of these taxes
that could have been lost if this avenue is not provided for them to give
information to us about the improprieties relating to tax payments in the
country" he said.

 

He said the amount retrieved could have been lost as a result of the firms'
unwillingness to pay until the intervention of those in-formants who used
the Informant Application system to draw the attention of the Authority,
adding that the respective informants had been rewarded handsomely for the
initiative.

 

Mr Xetor said the IRS "Is a means of rewarding individuals, entities or
organisations who offers information to the GRA on persons who commit
offences or companies under the tax laws of Ghana."

 

He said the information was relied upon to enforce compliance with the tax
laws, adding that the information was often relied upon to determine whether
a person was registrable as a taxpayer, whether a taxpayer filed his tax
returns or, whether the correct amount of tax had been declared and paid.

 

 

Mr Xetor noted that "Informants whose information lead to recov-ery below
GH¢2,500,000 be paid 25 per cent of interest or penalties capped at
GH¢25,000 and where the amount exceeded GH¢2,500,000, a one- percent of
total collections capped at up to GH¢250,000."

 

He said the situation where the amount recovered exceeds GH¢25,000,000, Top
Management in consultation with the Board deter-mine the amount to be paid.

 

"But in the event where there are no penalties and interest and the amount
recovered is less thanGH¢2,500,000 a flat payment of between GH¢5,000 to
GH¢25,000 will be paid as Commissioner-Gen-eral deems fit," Mr Xetor stated.

 

He said the GRA was hopeful that many would volunteer information that would
lead to the recovery of more taxes for the state.

 

-Ghanaian Times.

 

 

 

 

Botswana Will Host Corporate Council on Africa 2023 U.S.-Africa Business
Summit

Corporate Council on Africa is pleased to announce that in June 2023, the
Government of the Republic of Botswana will be the national host of
Corporate Council on Africa's 15 th U.S.-Africa Business Summit (USABS).
"Botswana welcomes the unique opportunity afforded by hosting Corporate
Council on Africa's 2023 U.S.-Africa Business Summit to capitalize on and
sustain momentum from the U.S.-Africa Leaders Summit in December 2022, and
to highlight Botswana's – and Africa's – unparalleled potential to advance
trade and investment to the benefit of the people of Africa and of the
United States," said His Excellency Dr. Mokgweetsi E. K. Masisi, President
of the Republic of Botswana.

 

Corporate Council on Africa's signature U.S.-Africa Business Summits are the
premier platforms to bring together African heads of state and other senior
U.S. and African government officials with top African and American senior
business executives. The Summits address all major economic sectors that are
critical to the continent's development including infrastructure, ICT,
health, energy, mining, manufacturing, and the creative industries. One of
the world's fastest growing economies over the past decade, Botswana is
regarded as a model in both political and economic governance for Africa and
for the broader world.

 

"We are honored that the Government of Botswana has accepted our invitation
to host the 2023 US-Africa Business Summit in Gaborone and we thank
President Masisi for embracing the opportunity to advance two-way trade and
investment partnerships between the U.S. and Africa. Botswana serves as an
example and beacon for African nations that are implementing policies to
facilitate trade and incentivize investment from the United States into
Africa.   The 2023 US-Africa Business Summit will be a momentous occasion to
present Africa as a strong trade and investment partner for U.S. companies
and to build on what CCA anticipates will be a successful U.S.-Africa
Leaders Summit and Business Forum later this month," noted Florie Liser,
President and CEO of Corporate Council on Africa.

 

On December 12, the Corporate Council on Africa is hosting a special
reception at which President Masisi CCA will announce the date and plans for
the Corporate Council on Africa 2023 U.S.-Africa Business Summit.   For more
information about CCA's events, email: cca at corporatecouncilonafrica.com 

 

ABOUT CORPORATE COUNCIL ON AFRICA (CCA)

 

Corporate Council on Africa is the leading U.S. business association focused
solely on connecting business interests between the United States and
Africa. CCA uniquely represents a broad cross section of member companies
from small and medium size businesses to multinationals as well as U.S. and
African firms. Learn more at  www.corporatecouncilonafrica.com .

 

 

 

Ghana: Impose High Tariffs On Poultry Imports to Promote Local Industry -
GNPFA

The Chairman of the Ghana National Poultry Farmers Asso-ciation (GNP-FA), Mr
Victor Oppong Adjei, has called for the imposition of high tariffs by the
government on the importation of poultry products, including frozen chicken.

 

This, according to him, would help discourage individuals from importation
of the poultry products while promoting local production.

 

Mr Adjei made the call in an exclusive interview with the Ghanaian Times
over the weekend when he shared his opinion on the decision made by the Bank
of Ghana (BoG) last month to withdraw its foreign exchange support for
certain food products including poultry.

 

 

While commending the BoG for such a decision which would help improve local
businesses, Mr Adjei emphasised that such deci-sion alone would not help
address the issue as importers had differ-ent ways of getting monies for
import, hence, the need to impose higher tariffs on importation.

 

"We all embrace the decision of the BoG to withdraw foreign exchange support
on importation of certain products which include poultry. But my concern is
that most of the importers, have their monies abroad and there are so many
ways and means to get mon-ey for their import.

 

Therefore, the decision of the BoG will not have a drastic effect on them as
they can still bring in goods. I am of the view that apart from bringing
about such measures, the government should have also come out with high
tar-iffs on importation so that if you get your money and you bring the
goods, the high tariffs will control the influx", Mr Adjei said.

 

Mr Adjei further decried the challenges faced by the poultry industry such
as the high cost of poultry feed through-out the year which had forced a lot
of poultry farmers out of the industry as there was a possibility of a total
collapse.

 

"Looking at the year in ret-rospective, I will say the perfor-mance of the
poultry industry has been abysmal, challenging, and devastating. We never
expected that the poultry industry will be on the verge of collapsing
because we, in the poultry industry believe that it is one of the industries
that can increase the dynamics of the country's economy by creating jobs",
Mr Adjei said.

 

"Unfortunately, from last year till date the challenges continue to
accelerate. Basically, poultry is all about the feed and when we talk of the
feed we are talking about the ingredients that add up to complete the feed.

 

Due to this, poultry farmers are incurring debt and it has become critical
that most of them have sold their birds but are not ready to restock the
farms with 70 per cent venturing into fishing," Mr Adjei added.

 

Going forward, he appealed to the government to help the poultry farmers
obtain the poultry feed at an affordable price by subsidising the maize and
soya feed to enable the poultry farmers purchase them.

 

-Ghanaian Times.

 

 

 

Liberia: Arcelormittal Liberia Training Academy Graduates 50 - Company to
Absorb All

Yekepa — Fifty young Liberians who Saturday graduated from the ArcelorMittal
Liberia Training Academy (AMLTA) in Yekepa will be progressively absorbed by
the company with an attractive startup package, it has been announced.

 

Recruitment of the latest batch of AMLTA graduates supports ArcelorMittal
Liberia's efforts to contribute to the empowerment and skill development of
Liberia's youth and is also aligned with the company's massive Phase Two
expansion project.

 

Serving as commencement speaker at the second graduation ceremony of AMLTA,
Liberia's Minister of Labor Councilor Charles Gibson commended ArcelorMittal
Liberia for making a huge investment in youth development through the
operations of its state-of-the-art ArcelorMittal Liberia Training Academy
(AMLTA) in Yekepa, Nimba.

 

 

Following a visit to the mines and the ArcelorMittal Liberia Training
Academy, Minister Gibson said he was impressed with the education and
training facilities at the company and the high level of employment of
Liberians.

 

He said it was the first time to see a concessionaire providing jobs at such
a scale, after already investing in the training and development of a group
of Liberians.

 

The 50 young Liberians graduated with diplomas in various technical fields
including diesel mechanics, fitting, industrial electricity, and boiler
making after three years of practical and theoretical training. They
included three females and are from all parts of Liberia, with Nimba, Bong,
and Grand Bassa Counties dominating in number.

 

 

Graced by some senior officials of government, stakeholders in the Technical
Vocational Education (TVET) sector, families, and community members,
Saturday's graduation included a colorful awards ceremony for high
performers in various categories and from the different departments of the
institution.

 

Speaking on the ArcelorMittal Liberia Third Amended Mineral Development
Agreement (MDA), Minister Gibson called for the speedy resolution of
outstanding issues and the ratification of the Agreement.

 

"ArcelorMittal is the highest taxpayer and largest investor in Liberia, so
detaching AML from Liberia will lead to a catastrophe. With an additional
USD one billion being invested to set up the concentrator, AML is here for
the long-term and is making a long-term investment."

 

The Liberian Labor Minister said the sooner the ArcelorMittal Liberia Third
Amended Mineral Development Agreement is ratified, it will make a big
difference, not just in job creation for the youth, but also will increase
revenue generation.

 

Meanwhile, the Chief Executive Officer of ArcelorMittal Liberia Jozephus
Coenen has emphasized the many benefits of the ArcelorMittal Liberia Phase
Two expansion project and the ripple positive effects of the company's Third
Amended MDA, when ratified.

 

"We are building a concentrator that will lead us to add value to iron ore
before exportation beginning in 2025, and we will be exporting 15 million
tons per annum. This will bring benefits not only to our shareholders but
also to Liberia and the local communities," CEO Coenen stressed.

 

He told guests at the graduation ceremony that the ArcelorMittal Liberia
Training Academy is expanding to accommodate more people and will introduce
new courses in addition to those that are already being offered.

 

Formerly the Vocational Training Center (VTC), the ArcelorMittal Liberia
Training Academy is an initial USD $ 7 million investment to help support
efforts by the Liberian Government to tackle the issue of youth unemployment
through the provision of in-demand technical vocational skills and expertise
to Liberians.

 

-FrontPageAfrica.

 

 

 

Nigeria: Scarcity of Forex - Nigerian Students Abroad Are Being Frustrated -
NANS

The National Association of Nigerian Students, NANS, has raised the alarm
that Nigerians studying abroad are being frustrated due to the scarcity of
Form A to procure foreign exchange for their transactions.

 

Speaking on Saturday, the National Vice President, External, NANS, Comrade
Akinteye Afeez, appealed to the Central Bank of Nigeria, CBN, to probe how
commercial banks in the country are giving out the form for people to get
forex.

 

Afeez noted that Nigerian students abroad were being exposed to
embarrassment and suffering .

 

"Many Nigerian students in the diaspora have come under colossal
embarrassment, attack and humiliation by the actions and inactions of our
Nigerian banks due to the way the Form A payment application is being
utilized. It's high time that everyone concerned came together to give this
menace a lasting solution once and for all.

 

 

"The Form A is an application form designed by the Central Bank of Nigeria,
CBN, to pay for service transactions. This allows customers to make payments
for services such as school fees, technical fees, airline tickets, BTA and
the likes. The Nigerian students studying abroad or intending to do so are
forced to use this application as their only form of transaction to pay
their school fees and get other things done via Forex

 

"Instead of seeking Forex themselves through the black market, they enjoy
the official rate with the Form A through our commercial banks. This Form A
has now become a nightmare, because it has stopped solving their problems
but rather aggravating it year in year out.

 

"The office of the Vice President, External Affairs, NANS, has been duly
notified that the Form A is no longer tenable and useful for the students in
the diaspora due to the level of fraud and corruption going on in our
Nigerian banks. This is because whenever these students abroad demand for
Forex, our Nigerian banks give them at black market rates and this is not
affordable for many of these students.

 

"Let's not forget that many of these students studying abroad are there on
all sorts of scholarships. This implies that they are not financially
buoyant enough and this skyrocketed (black market) rate of Forex has
debarred many from doing what they intend to do financially and this has
caused them to drop out or withdraw their studentship due to lack of fund.
Recently, some Nigerian students in Hull City University, United Kingdom,
lost their scholarship. Some lost their admission and they were deported to
Nigeria as a result of this."

 

Afeez called on the CBN to be more proactive as to checkmating the
activities of Nigerian banks in the abuse of the Form A option and the
ridiculous rate of Forex.

 

He called on Nigerian students studying abroad to always speak out as soon
as issues like that crop up.

 

-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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