Major International Business Headlines Brief::: 19 February 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 19 February 2022 

 


 

 


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ü  Luxury cars up in smoke after ship catches fire

ü  GM seeks U.S approval to deploy self-driving vehicles

ü  U.S. prosecutors explore racketeering charges in short-seller probe -sources

ü  ISS supports Apple shareholder proposal on forced labor

ü  Wall St banks fear inflation, asset price deflation, even recession

ü  Airbus hopes for amicable solution in deadlocked Qatar dispute

ü  How a Saudi woman's iPhone revealed hacking around the world

ü  Paris, London, Tokyo and now Atlanta: Kering eyes U.S. expansion

ü  Wall Street ends lower as investors eye Ukraine conflict

ü  Airbus ordered to delay implementing Qatar jet cancellation

ü  Russia, China water down G20 text on geopolitical tensions

ü  Singapore to hike taxes on rich as it winds down COVID-19 spending

ü  South Africa: 'Jobs Are Scarce and the Quality of Life Is Just Sad'

ü  Africa: Castel Malawi Sells Off Malawi's Historical Company Sobo to Coca-Cola Beverages Africa

ü  Africa: Buhari Laments Mass Youth Migration to Europe, Says It Drains Africa's Talent Pool

ü  Nigeria: Makinde Has Created Opportunities in Agribusiness - Oysada DG, Akande

ü  Kenya: Family Bank Named Kenya's Best Bank in Customer Responsiveness

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Luxury cars up in smoke after ship catches fire

Thousands of Porsche and Volkswagen cars have been abandoned on a cargo ship after it caught fire in the Atlantic Ocean en route to the US.

 

The ship, named Felicity Ace, was travelling from Emden in Germany before it caught ablaze off the coast of Portugal's Azores islands.

 

German newspaper Handelsblatt reported the vessel was carrying 3,965 vehicles, which also included Audis, Lamborghinis and a small number of Bentleys.

 

The ship's crew have been rescued.

 

Portugal's navy said no one was hurt by the fire, which broke out on Wednesday, and the 22 crew members were taken to a hotel after the navy, four merchant ships sailing in the area and the Portuguese Air Force completed the evacuation.

 

"The owner of the ship Felicity Ace is in contact with the logistic agent in order to draw up a plan for the towing of the ship," the navy said in a statement.

 

"So far, no source of pollution has been recorded."

 

According to Handelsblatt, an internal email from Volkswagen USA stated that the ship was carrying 3,965 vehicles of the VW, Porsche, Audi and Lamborghini brands.

 

Volkswagen did not confirm the number of cars on board, but Porsche said it had about 1,100 of its models on the ship.

 

The company said it was "aware of an incident involving a third-party cargo ship transporting Volkswagen Group vehicles across the Atlantic".

 

Bentley confirmed that 189 of its cars were also onboard the ship.

 

"We are working with the shipping company to find out further information," said a spokesman.

 

The ship was travelling to a Volkswagen factory in Davisville, Rhode Island, according to the website Marine Traffic.

 

One customer tweeted to say his Porsche was on board the abandoned ship.-bbc

 

 

 

GM seeks U.S approval to deploy self-driving vehicles

(Reuters) - General Motors Co (GM.N) and its self-driving technology unit Cruise have petitioned U.S. regulators for permission to build and deploy a self-driving vehicle without human controls like steering wheels or brake pedals, Cruise said Friday.

 

Cruise said in a blog post it sought permission to deploy the Cruise Origin that does not need features like a steering wheel to operate safely. The National Highway Traffic Safety Administration (NHTSA) has authority to grant petitions to allow a limited number of vehicles to temporarily operate on U.S. roads that do not have required human controls.

 

"The submission of this petition signals that Cruise and GM are ready to build and deploy the Origin, here in America," Cruise wrote, saying it would expand mobility options for people who had traditionally faced barriers to reliable transportation, including seniors and the blind.

 

The Origin, which was developed with GM and Cruise investor Honda Motor (7267.T), has two long seats facing each other that can comfortably fit four passengers. Production is expected to begin in late 2022 in Detroit at a GM factory with vehicles delivered in 2023, Cruise said Friday.

 

Cruise and GM first disclosed in October 2020 they planned to seek approval from NHTSA within months to deploy the Cruise Origin.

 

In 2018, GM petitioned NHTSA to allow a car built on a Chevrolet Bolt without steering wheels or brake pedals on U.S. roads. In late 2020, GM withdrew the petition.

 

NHTSA, which spent 15 months reviewing the first GM petition before seeking public comment, declined to comment Friday.

 

Legislation to speed deployment of self-driving cars on U.S. roads without human controls has stalled in Congress.

 

Under current law, companies can seek an exemption from motor vehicle safety standards for up to 2,500 vehicles for up to two years that do not meet existing federal rules.

 

In May 2021, Cruise urged U.S. President Joe Biden to back legislation raising the cap on the number of vehicles that a company can seek to have exempted. The rules were largely written decades ago and assumed human drivers would be in control of a vehicle.

 

In December, China's Geely Holding said its premium electric mobility brand, Zeekr, will make electric vehicles for Waymo, Alphabet Inc's (GOOGL.O) self-driving unit, to be deployed as fully autonomous ride-hailing vehicles across the United States.

 

Concept images showed a roomy, low-to-the-ground minivan without a steering wheel and with seating for about five riders.

 

The Thomson Reuters Trust Principles.

 

 

U.S. prosecutors explore racketeering charges in short-seller probe -sources

(Reuters) - U.S. prosecutors are exploring whether they can use a federal law originally enacted to take down the mafia, in a sprawling probe of hedge funds and research firms that bet against stocks, according to two sources familiar with the situation.

 

The Justice Department last year issued subpoenas to dozens of firms, including such well-known names as Citron Research and Muddy Waters Research LLC, as part of the sweeping probe focused on potentially manipulative trading around negative reports on listed companies published by some of their investors, Reuters and other media have reported. read more

 

While prosecutors haven't made any decisions yet, potential charges under the Racketeer Influenced and Corrupt Organizations Act (RICO) were an option on the table, the sources said.

 

In the past, prosecutors have built RICO cases alongside other allegations, such as manipulation. One of the most high profile cases brought under the RICO Act included that of Michael Milken, who was indicted in the 1980s for racketeering and securities fraud but reached a plea deal, pleading guilty to securities violations but not racketeering or insider trading.

 

Reuters could not ascertain which types of charges the agency was leaning toward at this stage of the investigation or whether the probe would eventually lead to charges.

 

Spokespeople for the Justice Department in Washington and the U.S. attorney's office in Los Angeles, which are involved in the probe according to the sources, declined to comment.

 

Citron declined to comment.

 

A spokesperson for Muddy Waters did not immediately respond to a request for comment.

 

The potential use of the 1970 law, which has not been previously reported, provides new insights into the scale and ambition of the investigation. The probe marks a new frontier for the Justice Department's unit in Washington tasked with rooting out corporate crime.

 

A racketeering case could allow prosecutors to ensnare a broad swathe of investors involved in an alleged "criminal enterprise," even if they participated indirectly, lawyers said.

 

But such a case would also face more challenges than a narrower one aimed at a smaller group of people. That's in part because prosecutors have to establish a pattern of activity, they said.

 

Among the activities the Justice Department is investigating is whether funds conspired to perpetrate a so-called "short and distort scheme," sources have previously told Reuters.

 

In such a scheme the funds would have placed trades that stood to profit if a company's stock fell and then issued false or misleading negative research reports about the company. read more

 

Prosecutors are also investigating the relationships between the short-sellers who publish the reports and hedge funds and other investors that may have profited, the sources have said.

 

They are examining whether there is coordinated trading designed to boost trading volumes and exaggerate price drops on news of the short reports, Reuters previously reported.

 

RICO charges have historically been used to combat bribery, money laundering, or drug trafficking conducted by organized criminal enterprises such as the mafia. They are unusual in the world of finance but not unprecedented.

 

U.S. prosecutors in 2019 charged then-current and former JPMorgan Chase & Co (JPM.N) executives with racketeering and manipulating prices of precious metals.

 

"RICO statutes haven’t been used in this realm often in recent years, but they aren’t limited to organized crime," Robert Frenchman of Mukasey Frenchman LLP in New York said. "It’s certainly in the prosecutors’ toolbox."

 

The Thomson Reuters Trust Principles.

 

 

ISS supports Apple shareholder proposal on forced labor

(Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) urged Apple Inc (AAPL.O) investors to vote for a resolution demanding greater transparency in the iPhone maker's efforts to protect workers in its supply chain from forced labor.

 

Apple will hold its annual shareholder meeting on March 4.

 

Apple and independent third-parties audited the company's global suppliers in 2020 and found no evidence of forced labor, its latest proxy filing said. Apple also releases reports with information on the protection of its supply-chain workers.

 

But independent human rights investigators have reported that some Apple suppliers have participated in the Chinese government's forced labor program in the Xinjiang region, "bringing into question the effectiveness of these policies and procedures," ISS said in a report to investors issued Tuesday.

 

A group of shareholders have asked Apple's board to prepare a report on how the company protects supply-chain workers from forced labor. The request covers the extent to which Apple has identified suppliers and sub-suppliers that are a risk for forced labor, and how many Apple has taken action against.

 

"The big picture dream is that Apple puts in place a much more solid set of policies and procedures, eliminating forced labor from its supply chain and living by its code of conduct which says it has zero tolerance for forced labor," said Vicky Wyatt, campaign director for SumOfUs, a group supporting the shareholder proposal.

 

The U.S. Securities and Exchange Commission in December declined an effort by Apple to skip the shareholder proposal. That same month, American lawmakers passed a bill banning imports from China's Xinjiang region over forced-labor concerns.

 

Apple declined to provide more details, but its proxy said the company rigorously evaluates labor and human rights risks associated with prospective suppliers before signing them up.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall St banks fear inflation, asset price deflation, even recession

(Reuters) - Wall Street's biggest banks sounded a warning over the year ahead on Thursday, citing high inflation, credit concerns, asset price depreciation and companies postponing deals due to market uncertainty.

 

U.S. banks reported a mixed bag of fourth quarter earnings last month as trading revenue fell after the Federal Reserve scaled back its asset purchases. They are now grappling with high inflation and the likelihood of multiple rate hikes. read more

 

Several top executives commented on market conditions at the Credit Suisse Financial Services Forum in Florida.

 

Bank of America (BAC.N) is concerned enough about inflation to stress test its portfolio for the possibility that Fed policymakers are unable to control it and prevent the country going into recession, Chief Executive Brian Moynihan said.

 

"We have to run those scenarios," he said. "What will hurt the industry generally will be if they have to create a recession. And that's not their goal for sure. They'll hopefully do a great job handling it. We stress test that and we're fine."

 

Goldman Sachs' Chief Executive David Solomon warned that rampant inflation could be a headwind to growth.

 

"We're moving from an environment of very easy money and below trend inflation to an environment of tighter money and above trend inflation. The economic environment is different and there will be consequences to that," he said.

 

Solomon added that "everybody is used to asset appreciation and we might have a period of time where there's less asset appreciation."

 

Mike Santomassimo, chief financial officer at Wells Fargo & Co , the fourth-largest U.S. bank, noted that credit spreads had been widening and "that's an area to watch to see if there are any cracks that start to emerge".

 

High inflation and expectations of more aggressive rate hikes from the Fed have whipsawed markets this year, sending the S&P 500 (.SPX) down 7% year-to-date while bond yields have jumped and the yield curve flattened.

 

Bank shares declined Thursday with the S&P500 banking index (.SPXBK) down 3%. The S&P 500 (.SPX) was down 2%.

 

Morgan Stanley Chief Financial Officer Sharon Yeshaya said the bank had seen "a lot of uncertainty in the marketplace over the past couple of weeks" leading to companies putting off transactions.

 

"We have seen some of the pipelines, which are still healthy, being pushed out," she said. "At this point it doesn't feel like the first quarter of 2022 is going to be the same as the first quarter of 2021."

 

Trading and investment banking activity had slowed since 2021 but was still healthy, Solomon said.

 

Bank of America's Moynihan took a similar tone, saying the bank's capital markets business "is down" so far in 2022, even though it continues to see a strong pipeline of customer activity. read more

 

Wells' Santomassimo noted that while the bank's consumer and real estate portfolios continue to perform, there had been "a little bit of noise" in auto loans.

 

However, he said that rising rates would help the bank's ultimate goal to reach a 15% return on tangible equity. When interest rates are higher, banks make more money by taking advantage of the difference between the interest banks pay to customers and the interest they can earn by investing.

 

"The question will be where rates go and then what impact that has on the economy and the environment we’re in," Santomassimo said.

 

The Thomson Reuters Trust Principles.

 

 

 

Airbus hopes for amicable solution in deadlocked Qatar dispute

(Reuters) - Airbus (AIR.PA) hopes to reach an amicable solution in a row with Qatar Airways over damage to the surface of A350 passenger jets, Chief Executive Guillaume Faury said on Thursday.

 

The companies have been locked in a months-long dispute over paint erosion and deterioration to anti-lightning protection on the long-haul jets, which Airbus has acknowledged need attention while insisting the problems do not put safety at risk.

 

Qatar Airways has sued Airbus for more than $600 million and is refusing to take delivery of further A350s until its regulator receives formal analysis of the problem.

 

Airbus has said Qatar Airways has mischaracterized the problem as a safety issue and misinterpreted the contract. Airbus moved recently to revoke contracts for two of the jets and a separate order for 50 smaller A321s.

 

"We had to make the decision to exercise our rights," Faury told a results briefing. "This decision followed many attempts to find mutually beneficial solutions and we continue to hope for an amicable solution."

 

Qatar Airways declined to comment. Both sides have pledged to defend their positions in what is seen as an exceptionally rare public dispute in the secretive planemaking industry.

 

While Faury's remarks left the door open to a negotiated agreement, people familiar with the matter said there were few if any signs of progress in the dispute.

 

Qatar Airways is expected to seek a ruling that would prevent Airbus from cancelling the A321 deal, while Airbus is preparing to give its own defence.

 

The dispute over the scaly or damaged appearance of some Qatar Airways A350s, and the extent to which gaps in lightning protection material pose a safety risk, has gripped the industry for months and could affect long-term business ties.

 

Qatar has placed orders for Boeing (BA.N) jets.

 

Asked whether Airbus was prepared to lose Qatar Airways as a customer for good, Faury said, "I don't like the situation, but we take it seriously and we want to defend our product at a time where we think what is said is not appropriate."

 

AIRLINE DISCUSSIONS

 

A Reuters investigation in November revealed that paint and anti-lightning problems, originally presented as an isolated issue related to Qatar's heat, had spread to at least five other carriers and that Airbus planned a design change. read more

 

Airbus has increasingly shifted its description of the problem away from paint to broader "surface degradation" and has acknowledged other airlines are affected, while maintaining that any damage is non-structural and does not make any jets unsafe.

 

"We are in discussions with all airlines when it comes to so-called surface degradation and are being super-transparent in explaining the situation to all of them. I am happy to say no other airline sees it as an airworthiness issue," Faury said.

 

Industry executives say Airbus' decision to revoke the separate contract for the in-demand A321 took many in the industry by surprise, prompting the International Air Transport Association to warn planemakers not to exploit market strength.

 

Airbus can resell the in-demand A321s or decide not to produce them to relieve pressure on its supply chain, while finding homes for the remaining A350s on order by Qatar would be difficult since long-haul demand remains low, analysts say.

 

Faury rejected any suggestion that Airbus was being swayed by commercial interests in its handling of the dispute.

 

"It is not self-serving; it comes from the contractual situation with Qatar Airways. We are now in a legal dispute and we have to take steps which are really linked to that very specific situation," he said.

 

Airbus has also faced reports that it has taken a tough general line on deliveries during the crisis, though its sales chief emphasised at an air show this week that it had worked with airlines to accommodate hundreds of changes to schedules.

 

"I would like to say as well that for us at Airbus the relationship with our customers is of the utmost importance and we will continue to work hard to service them," Faury said.

 

The Thomson Reuters Trust Principles.

 

 

 

How a Saudi woman's iPhone revealed hacking around the world

(Reuters) - A single activist helped turn the tide against NSO Group, one of the world’s most sophisticated spyware companies now facing a cascade of legal action and scrutiny in Washington over damaging new allegations that its software was used to hack government officials and dissidents around the world.

 

It all started with a software glitch on her iPhone.

 

An unusual error in NSO’s spyware allowed Saudi women’s rights activist Loujain al-Hathloul and privacy researchers to discover a trove of evidence suggesting the Israeli spyware maker had helped hack her iPhone, according to six people involved in the incident. A mysterious fake image file within her phone, mistakenly left behind by the spyware, tipped off security researchers.

 

The discovery on al-Hathloul's phone last year ignited a storm of legal and government action that has put NSO on the defensive. How the hack was initially uncovered is reported here for the first time.

 

Al-Hathloul, one of Saudi Arabia’s most prominent activists, is known for helping lead a campaign to end the ban on women drivers in Saudi Arabia. She was released from jail in February 2021 on charges of harming national security. read more

 

Soon after her release from jail, the activist received an email from Google warning her that state-backed hackers had tried to penetrate her Gmail account. Fearful that her iPhone had been hacked as well, al-Hathloul contacted the Canadian privacy rights group Citizen Lab and asked them to probe her device for evidence, three people close to al-Hathloul told Reuters.

 

After six months of digging through her iPhone records, Citizen Lab researcher Bill Marczak made what he described as an unprecedented discovery: a malfunction in the surveillance software implanted on her phone had left a copy of the malicious image file, rather than deleting itself, after stealing the messages of its target.

 

He said the finding, computer code left by the attack, provided direct evidence NSO built the espionage tool.

 

“It was a game changer,” said Marczak “We caught something that the company thought was uncatchable.”

 

Bill Marczak poses for a portrait at Berkeley's university campus in Berkeley, California, U.S., January 26, 2022. Picture taken on January 26, 2022. REUTERS/Carlos Barria

The discovery amounted to a hacking blueprint and led Apple Inc (AAPL.O) to notify thousands of other state-backed hacking victims around the world, according to four people with direct knowledge of the incident.

 

Citizen Lab and al-Hathloul’s find provided the basis for Apple’s November 2021 lawsuit against NSO and it also reverberated in Washington, where U.S. officials learned that NSO’s cyberweapon was used to spy on American diplomats.

 

In recent years, the spyware industry has enjoyed explosive growth as governments around the world buy phone hacking software that allows the kind of digital surveillance once the purview of just a few elite intelligence agencies.

 

Over the past year, a series of revelations from journalists and activists, including the international journalism collaboration Pegasus Project, has tied the spyware industry to human rights violations, fueling greater scrutiny of NSO and its peers.

 

But security researchers say the al-Hathloul discovery was the first to provide a blueprint of a powerful new form of cyberespionage, a hacking tool that penetrates devices without any interaction from the user, providing the most concrete evidence to date of the scope of the weapon.

 

In a statement, an NSO spokesperson said the company does not operate the hacking tools it sells – “government, law enforcement and intelligence agencies do.” The spokesperson did not answer questions on whether its software was used to target al-Hathloul or other activists.

 

But the spokesperson said the organizations making those claims were “political opponents of cyber intelligence,” and suggested some of the allegations were “contractually and technologically impossible.” The spokesperson declined to provide specifics, citing client confidentiality agreements.

 

Without elaborating on specifics, the company said it had an established procedure to investigate alleged misuse of its products and had cut off clients over human rights issues.

 

DISCOVERING THE BLUEPRINT

 

Al-Hathloul had good reason to be suspicious - it was not the first time she was being watched.

 

A 2019 Reuters investigation revealed that she was targeted in 2017 by a team of U.S. mercenaries who surveilled dissidents on behalf of the United Arab Emirates under a secret program called Project Raven, which categorized her as a “national security threat” and hacked into her iPhone.

 

She was arrested and jailed in Saudi Arabia for almost three years, where her family says she was tortured and interrogated utilizing information stolen from her device. Al-Hathloul was released in February 2021 and is currently banned from leaving the country.

 

Reuters has no evidence NSO was involved in that earlier hack.

 

Al-Hathloul’s experience of surveillance and imprisonment made her determined to gather evidence that could be used against those who wield these tools, said her sister Lina al-Hathloul. “She feels she has a responsibility to continue this fight because she knows she can change things.”

 

The type of spyware Citizen Lab discovered on al-Hathloul’s iPhone is known as a “zero click,” meaning the user can be infected without ever clicking on a malicious link.

 

Zero-click malware usually deletes itself upon infecting a user, leaving researchers and tech companies without a sample of the weapon to study. That can make gathering hard evidence of iPhone hacks almost impossible, security researchers say.

 

But this time was different.

 

The software glitch left a copy of the spyware hidden on al-Hathloul’s iPhone, allowing Marczak and his team to obtain a virtual blueprint of the attack and evidence of who had built it.

 

“Here we had the shell casing from the crime scene,” he said.

 

Marczak and his team found that the spyware worked in part by sending picture files to al-Hathloul through an invisible text message.

 

The image files tricked the iPhone into giving access to its entire memory, bypassing security and allowing the installation of spyware that would steal a user's messages.

 

The Citizen Lab discovery provided solid evidence the cyberweapon was built by NSO, said Marczak, whose analysis was confirmed by researchers from Amnesty International and Apple, according to three people with direct knowledge of the situation.

 

The spyware found on al-Hathloul’s device contained code that showed it was communicating with servers Citizen Lab previously identified as controlled by NSO, Marczak said. Citizen Lab named this new iPhone hacking method "ForcedEntry." The researchers then provided the sample to Apple last September.

 

Having a blueprint of the attack in hand allowed Apple to fix the critical vulnerability and led them to notify thousands of other iPhone users who were targeted by NSO software, warning them they had been targeted by “state-sponsored attackers.”

 

It was the first time Apple had taken this step.

 

While Apple determined the vast majority were targeted through NSO’s tool, security researchers also discovered spy software from a second Israeli vendor QuaDream leveraged the same iPhone vulnerability, Reuters reported earlier this month. QuaDream has not responded to repeated requests for comment. read more

 

The victims ranged from dissidents critical of Thailand's government to human rights activists in El Salvador.

 

Citing the findings obtained from al-Hathloul’s phone, Apple sued NSO in November in federal court alleging the spyware maker had violated U.S. laws by building products designed “to target, attack, and harm Apple users, Apple products, and Apple.” Apple credited Citizen Lab with providing "technical information" used as evidence for the lawsuit, but did not reveal that it was originally obtained from al-Hathloul's iPhone.

 

NSO said its tools have assisted law enforcement and have saved "thousands of lives." The company said some of the allegations attributed to NSO software were not credible, but declined to elaborate on specific claims citing confidentiality agreements with its clients.

 

Among those Apple warned were at least nine U.S. State Department employees in Uganda who were targeted with NSO software, according to people familiar with the matter, igniting a fresh wave of criticism against the company in Washington.

 

In November, the U.S. Commerce Department placed NSO on a trade blacklist, restricting American companies from selling the Israeli firm software products, threatening its supply chain. read more

 

The Commerce Department said the action was based on evidence that NSO’s spyware was used to target “journalists, businesspeople, activists, academics, and embassy workers.”

 

In December, Democratic Senator Ron Wyden and 17 other lawmakers called for the Treasury Department to sanction NSO Group and three other foreign surveillance companies they say helped authoritarian governments commit human rights abuses.

 

“When the public saw you had U.S. government figures getting hacked, that quite clearly moved the needle,” Wyden told Reuters in an interview, referring to the targeting of U.S. officials in Uganda.

 

Lina al-Hathloul, Loujain’s sister, said the financial blows to NSO might be the only thing that can deter the spyware industry. “It hit them where it hurts,” she said.

 

The Thomson Reuters Trust Principles.

 

 

Paris, London, Tokyo and now Atlanta: Kering eyes U.S. expansion

(Reuters) - French luxury group and Gucci owner Kering is eyeing second- and third-tier cities for possible store expansion in the United States, where its sales are booming, Chairman and CEO Francois-Henri Pinault said on Thursday.

 

Pinault said the group was considering cities like Atlanta, Charlotte and Austin, adding there was room for the group to operate its own stores in places where it had previously sold through wholesale channels.

 

He said the quality of shopping malls was lacking for luxury players.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall Street ends lower as investors eye Ukraine conflict

(Reuters) - Wall Street ended lower on Friday after escalating tensions in Ukraine and U.S. warnings of a potential Russian invasion prompted investors to dump risky assets in the run-up to a long weekend.

 

The Nasdaq fell sharply, pulled down by declines in high-growth stocks, including Apple (AAPL.O), Amazon and Microsoft (MSFT.O), each down around.

 

Russian-backed separatists packed civilians onto buses out of breakaway regions in east Ukraine, another development in a conflict the West believes Moscow plans to use as justification for all-out invasion of its neighbor. Russia has said it has no intention to attack Ukraine, accusing the West of fear-mongering. read more

 

Speculation about the Federal Reserve's next move also weighed on equities. New York Fed Bank President John Williams said earlier in the day it would be appropriate to hike interest rates in March, without mentioning the magnitude.

 

"This is a confused market, confused about Ukraine, confused about how aggressive the Fed is going to be, and pretty much ignoring very strong earnings results from the fourth quarter," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

 

Expiration of monthly options contracts was also seen adding to the volatility ahead of the U.S. market holiday on Monday for Presidents' Day.

 

The Dow Jones Industrial Average (.DJI) fell 0.68% to end at 34,079.18 points, while the S&P 500 (.SPX) lost 0.72% to 4,348.87.

 

The Nasdaq Composite (.IXIC) dropped 1.23% to 13,548.07.

 

The indexes logged weekly declines for the second straight week, buffeted by rising tensions between Moscow and the West over Ukraine. For the week, the S&P 500 fell 1.6%, the Dow lost 1.9% and the Nasdaq declined 1.8%.

 

Intel Corp tumbled 5.3% to its lowest since 2020 after the chipmaker's turnaround pitch failed to impress investors worried about its loss of market share.

 

About 78% of the 417 S&P 500 companies have in this reporting season posted quarterly earnings above analyst estimates as per Refinitiv data.

 

Roku Inc (ROKU.O) slumped 22% after the streaming platform's disappointing quarterly revenue and first-quarter outlook. read more

 

DraftKings Inc (DKNG.O) also fell 22% after the sports-betting company forecast a bigger-than anticipated 2022 loss.

 

Declining issues outnumbered advancing ones on the NYSE by a 1.84-to-1 ratio; on Nasdaq, a 2.10-to-1 ratio favored decliners.

 

The S&P 500 posted 8 new 52-week highs and 28 new lows; the Nasdaq Composite recorded 19 new highs and 395 new lows.

 

Volume on U.S. exchanges was 11.3 billion shares, compared with the 12.3 billion average over the last 20 trading days.

 

The Thomson Reuters Trust Principles.

 

 

Airbus ordered to delay implementing Qatar jet cancellation

(Reuters) - A UK judge ordered planemaker Airbus (AIR.PA) to delay any practical impact of a decision to revoke a $6 billion jet order from Qatar Airways for several weeks, as two of aviation's most powerful players wage an escalating court battle.

 

The move effectively prevents the planemaker from allocating valuable early delivery slots for the in-demand A321neo plane to other airlines, pending an early April hearing at which Qatar Airways plans to seek an injunction reinstating the contract.

 

The two sides have been clashing for months about surface flaws on A350s, some of which have been grounded by Qatar over safety concerns as its airline sues Airbus for $600 million. read more

 

Airbus acknowledges quality problems but accuses the airline of mislabelling them as a safety issue to secure compensation.

 

The row widened in January when Airbus revoked a deal with Qatar for 50 A321neos, saying its refusal to take disputed A350s had triggered a clause linking the two plane deals. read more

 

In a Friday hearing, Qatar Airways condemned the decision.

 

"They took the risk and knew it would be absolutely incendiary. We have paid $330 million for this (A321neo) contract so far and they knew it was a hand grenade being thrown into our bunker," Qatar Airways lawyer Philip Shepherd said.

 

COURT BATTLE

 

The technical hearing gave glimpses of what looks set to be a highly charged court battle in aviation, with a hearing on Qatar's request for an injunction set for the week of April 4, and a court date on the main A350 dispute set for April 26.

 

Pending the first of those hearings, a UK judge rejected an Airbus request for more time to prepare and ordered the company not to do anything in the meantime that may scupper its ability to fulfil the A321neo deal if Qatar wins that part of the case.

 

Its lawyer Rosalind Phelps said the cancelled planes had been removed from its industrial plans and warned of damage to its supply chain if its hands were tied too severely.

 

The first plane is due for delivery in February 2023, with planes due to be delivered at a rate of six a year. Planemakers usually order parts up to a year ahead.

 

Airbus Chief Executive Guillaume Faury said on Thursday it had been forced to cancel the A321neo order to "exercise our rights". On Friday, he reiterated on BFM TV that Airbus was ready for an amicable solution, adding "it takes time". Sources close to both sides say there are no signs so far of any truce.

 

Reuters reported on Thursday that Qatar Airways was expected to seek a ruling to preserve the A321neo deal. read more

 

Airbus is meanwhile preparing counter-claims in the A350 case. It has cancelled two out of 23 A350s still on order for Qatar but has agreed not to look for alternative buyers for now.

 

The Thomson Reuters Trust Principles.

 

 

Russia, China water down G20 text on geopolitical tensions

(Reuters) - Russia and China watered down a G20 finance leaders' statementon geopolitical risks to the global economy as a contentious meeting endedon Friday, deleting a reference to "current" tensions as financial markets fretted over the prospect of war in Ukraine.

 

The gathering of finance ministers and central bank governors from the Group of 20 major economies was one of the most fractious since the start of the COVID-19 pandemic in 2020, according to people familiar with the discussions.

 

Canadian Finance Minister Chrystia Freeland strayed from the G20 economic script to issue an impassioned plea to her Russian counterparts to not invade Ukraine, warning that such action would hurt the global economy and bring "crushing" sanctions against Russia, according to two sources familiar with her remarks. read more

 

Other sources familiar with the meeting said China and Russia had objected to the reference to "current tensions" in an earlier draft communique, as well as disagreements on debt restructuring for poor countries and carbon pricing.

 

The group's final communique simply said: "We will also continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities."

 

As the meeting concluded, U.S. and European stocks fell on worries that a Russian invasion of Ukraine was imminent after Russian-backed separatists announced a surprise evacuation of their breakaway regions in eastern Ukraine. read more

 

DEBT RELIEF STANDSTILL

 

The G20 talks, held virtually and in the Indonesian capital, Jakarta, were also marked by disagreements over the group's stalled debt restructuring framework.

 

The final communique failed to endorse International Monetary Fund and World Bank proposals for an immediate debt service suspension for poor countries that seek restructurings and an expansion to include some middle-income countries.

 

Instead, finance officials reiterated their "commitment.

 

 

 

Singapore to hike taxes on rich as it winds down COVID-19 spending

(Reuters) - Singapore will begin implementing a long-flagged increase to its goods and services tax next year, its finance minister said in his budget speech on Friday, while also announcing a slew of tax hikes aimed at higher income groups.

 

The moves come as Singapore emerges from a pandemic-induced economic slump, but walks a tight rope in maintaining its attractiveness as a global financial hub while guarding against local concerns about rising wealth inequality and rising costs of living.

 

GST will rise to 8% from January next year and to 9% in 2024, Lawrence Wong said, from 7% now. The government also plans to increase income taxes for high earners, hike taxes on residential properties and impose higher levies on luxury cars.

 

"These tax adjustments will help to raise additional revenue and also contribute to a fairer revenue structure," Wong said.

 

Singapore has been seeking to raise revenues to fund future spending that it estimates could reach more than 20% of gross domestic product (GDP) by 2030, especially as its ramps up spending on healthcare in one of the fastest ageing countries.

 

Over the last two years, the government has committed close to S$100 billion to cushion its people, businesses and the economy from the impact of the COVID-19 pandemic.

 

Wong announced a further S$500 million ($372 million) package to support jobs and businesses as part of his budget proposals and proposed to set aside S$560 million to help Singaporeans deal with the rising cost of living.

 

The government expects an overall deficit of S$5 billion for 2021 and Wong unexpectedly forecast a deficit of S$3 billion for 2022. Total expenditure for 2022 was forecast at S$102.4 billion versus S$98.4 billion the previous year.

 

Analysts had expected a return to a surplus.

 

The budget was more expansionary than expected, said MUFG analyst Jeff Ng, adding that the government was addressing the still uneven recovery of the economy.

 

Singapore's economy, which is highly reliant on global trade, is expected to expand 3-5% this year as it continues to reopen its borders and ease COVID-19 restrictions.

 

The economy grew 7.6% in 2021 after a record contraction in 2020.

 

Still, recovery in some sectors such as those in aviation and tourism is expected to take longer as virus concerns linger.

 

Wong said the government will spend a total of about S$9 billion ($6.70 billion) over the next five years on measures to help its low-wage workers. It will also spend on schemes to build digital capabilities for businesses and workers.

 

The government will further tighten its foreign worker policy and increase salary thresholds for issuing work visas.

 

As part of its ambition to achieve net zero emissions, the government will also increase carbon taxes from 2024. read more

 

Wong said the corporate tax system would need to be updated, following a global agreement on a minimum corporate tax rate, and was considering a move that would increase multi-national companies' effective tax rate to 15%.

 

Singapore, a low-tax jurisdiction where several multinationals including Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and Facebook (FB.O) have regional headquarters, has a rate of 17% but provides incentives and schemes which reduce the effective rate.

 

Wong said the government was closely monitoring the risk of rising inflation, which has been driven by a recovery in global demand, continuing supply chain disruptions, and especially by rising energy prices.

 

The government has set aside a S$6.6 billion package to help cushion the impact of the GST hike.

 

The Monetary Authority of Singapore tightened its policy settings in January in its first out-of-cycle move in seven years as the economic recovery gained traction and price rose. It is widely expected to tighten again at its scheduled policy meeting in April.

 

The city-state's 2022 core inflation is forecast at 2-3% and headline inflation at 2.5–3.5%.

 

($1 = 1.3431 Singapore dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

South Africa: 'Jobs Are Scarce and the Quality of Life Is Just Sad'

A recent slurry spill into important rivers in rural KwaZulu-Natal has made survival even harder for villagers who depend on their water. But Okuhkho residents say it's part of living near a mine.

 

Residents of Okhukho, a rural community near the town of Ulundi in northern KwaZulu-Natal, say they are used to not having access to either safe or enough drinking water as their sources have been degraded for years. The latest scare came when a slurry dam collapsed at the Zululand Anthracite Colliery, whose operations surround their village, and coal mining effluent flowed into nearby rivers and land.

 

More than 1.5 million litres of toxic tailings were discharged after the collapse on 24 December. Minister of Forestry, Fisheries and the Environment Barbara Creecy confirmed the severity of the spill "affecting rural communities and the Hluhluwe-iMfolozi reserve as well as posing a risk to the iSimangaliso Wetland Park" on 14 January. She also said a team of environmental management inspectors would further investigate the spill "of polluted mine waste water into river systems flowing through important conservation areas".

"The Umfolozi and Mvalo river systems were critically affected," says Jikile Qoma, 38, an Okhukho resident. "We drank the water for about two weeks before we were informed about the toxins in the Umvalo and Umfolozi. The mine tells us that they informed the induna, but how can you rely on one person to alert an entire village not to drink from the river?"

 

But the mine's environmental superintendent, M'sawenkosi Buthelezi, says it "is not aware of any person or animal that felt sick as a result of the incident. Despite invitations to the various community forums to bring any such claims to the attention of Zululand Anthracite Colliery, none have been received up to date."

 

The Umfolozi and Umvalo rivers supply drinking water for both residents and their livestock. But the water quality and quantity have been deteriorating, partly owing to pollution from the colliery and because it draws huge quantities for its operations. Extended droughts have also contributed to the problem in the recent past.

A life of struggle

 

Okhukho village is situated about 40km from Ulundi. There are no tar roads and it feels isolated. Qoma, whose homestead is scattered with rondavels, says the struggle for safe and sufficient water for drinking and irrigation is particularly hard for the women of Okhukho. She has been buying water for up to R500 from locals with bakkies and trucks.

 

"The taps [that the mine built] are far and they can be dry for days without any warnings. I've since stopped fetching water at the mine and now rely on the child support grant to purchase about six R50 containers a month. Although this is often not enough, we have to make sure to reuse and sacrifice some luxuries," says Qoma.

 

"I only use about two jugs of water because I have to save some for my children to bathe and go to school. There is washing and there is cooking. Umfolozi has been our last hope, and even that's been unreliable. We have had to adopt new ways of life and learn to live without water."

The mine, however, says it is not to blame for some of the residents' water challenges. "Okhukho communities are one of the early beneficiaries of the water supply by the mine," says Buthelezi. "The Mvalo River flows adjacent to the Okhukho community. It is a non-perennial river and is dry during certain months of the year. This is also evident at upstream points before the colliery where there are no mining activities. The water flow in the Mvalo River is not impacted by the underground mining activities of the Zululand Anthracite Colliery."

 

Three of Qoma's neighbours, Ntombiyenkosi Masondo, 41, Fikelaphi Shongwe, 42 and Zothile Qoma, 43, sit next to her under the tree where she is washing her clothes. "We buy everything here," says Shongwe, "from water and food to accessing basic health services. It is costly to survive in this village that is next to a multimillion rand mine. It's unjust."

 

A question about water availability sparks a loud response in unison from the women: "Awekho amanzi (there is no water)."

 

Qoma's neighbour, Zothile Qoma, adds: "We send young children to the river and even that's not safe or efficient because the pathway to Umfolozi is a deep forest and also far away. You can only manage to get one or two buckets. Now there is nothing. We can barely survive. The river is dirty and it is making us sick. I have to walk far and it has become the life people are living here."

 

No benefits

 

The Zululand Anthracite Colliery was opened in 1985 and owned by BHP Billiton until 2005, when it was sold to Riversdale Holdings and its minority partner, Maweni Mining Consortium. Rio Tinto took over from 2011 until it was acquired by mining investment firm Menar in 2016.

 

In June 2012, the then department of mineral resources ordered the mine to stop its activities because it was contravening regulations of the Mineral and Petroleum Resources and Development Act. It was also not complying with health, safety and environmental regulations.

 

In 2014, the KwaZulu-Natal Department of Economic Development, Tourism and Environmental Affairs gave the company a "slap on the wrist" fine - R497 000 - for unlawfully developing three mine shafts between 2006 and 2010 without environmental authorisation.

 

Community activist Msizi Myaka, 39, says the colliery's activities all around Okhukho are having detrimental impacts on local communities and their environment, and they get nothing in return. "We've never got anything from the coal mine. We haven't seen what youth development looks like, or the meaningful value of mining in our lives here. We're blatantly excluded from benefitting and participating in this resource."

 

Myaka says the degradation of the environment exacerbates the rural residents' already tough living conditions because they depend on natural resources for survival. "Our lives are cheap," he laments. "This mine serves no value to this community, and that is because it has found ways to function and drive the colonialism mandate to exclude people through the traditional council, the Ingonyama Trust."

 

>From the veranda of a tuckshop, Mabusa Mbatha, 61, seems distressed as he points to where one of the colliery's mining shafts has replaced a communal crop field. He says the mine has crippled the residents' ability to grow food.

 

"Just look at this dusty life. We can barely recognise the trees here and the soil rejects everything we plant," says Mbatha. "Everything is dry. Jobs are scarce and the quality of life is just sad. We look across the road where one of the crop fields used to be, we see the trucks going up and down. It's bustling every day, and we're just stuck here."

 

Standing next to Mbatha is Khulani Zondo, 37, who is unemployed and relies on odd jobs at the mine. He usually attaches tarpaulin covers on the trucks that transport anthracite and says he gets R10 per truck. "We want clean and accessible water. We go for days without a single drop from the taps. Our children can't breathe properly and we can barely drink rainwater, it's all black," says Zondo.-New Frame.

 

 

 

Africa: Castel Malawi Sells Off Malawi's Historical Company Sobo to Coca-Cola Beverages Africa

Castel Malawi has announced that the French company has sold off Malawi's historical company, Southern Bottlers Limited (SOBO) to Coca-Cola Beverages Limited, which a subsidiary to Coca-Cola Beverages Africa.

 

In an internal memo, Castel's managing director, Herve Milhade said SOBO has entered into an agreement pursuant to which Coca-Cola Beverages Limited has agreed to purchase soft drinks business from SOBO.

 

SOBO produces Coca-Cola, Fanta, Sprite, Cherry Plum, Cocopina, SOBO Squash and several others since time immemorial.

 

In acquiring Carsberg Malawi, Castel also bought SOBO subsidiary, Malawi Distillers Limited -- producers of famous spirits such as Malawi Gin, Premier Brandy, Powers No.1 and others.

Milhade said Coca-Cola Beverages Africa (CCBA) is the 8th largest Coca-Cola bottler in the world by revenue and the largest in Africa as it accounts for over 40% beverages sold in Africa by volume.

 

"With over 20,000 employees, the CCBA group services approximately 600,000 outlets with a host of Coca-Cola beverages bearing international and local brands.

 

"The CCBA group currently operates in 14 countries, including six key markets of South Africa, Kenya, Ethiopia Uganda Mozambique and Namibia as well as Tanzania, Botswana Ghana Zambia the islands of Comoros & Mayotte Eswatini and Lesotho."

 

Milhade justified the deal, saying "this is a good opportunity for the country, the soft drinks industry and the business, as the CCBA group has a strong track record on the continent and is committed to sustainable growth where it operates".

 

He hastened to say that the transaction is subject to obtaining the necessary regulatory approvals, including approval by the Common Market of East & Southern Africa (COMESA) Competition Commission.

 

He also assured members of staff that they are a priority to the whole process and that they would be aptly updated of the transaction and processes to be followed.

 

According to inside sources, the company informed the staff union members that the deal is legal and has been approved by Castel Group in France.

 

Castel management assured the staff that it was not planning to give any contract termination or retrenchment packages to employees because they want to cash out more on their bonuses once the deal is finalised.

 

It is reported that Castel Malawi has a policy with Castel Group in France which enables management to claim bonuses on every saving that they make as a percentage.

The sources also say management has taken advantage of the fact that "it takes more than a decade to conclude employment cases in Malawi and by that time they will be gone back to France and someone else will be responsible for that mess.

 

Employees shall be split between the two companies and any excess staff will not be retrenched to avoid giving them any retrenchment packages instead they will be held at Castel and will be fired one by one through staged disciplinary grounds.

 

"Almost 99% of staff would like to cross over to the new Coca-Cola company or have their contracts terminated and receive what is due to them because the French have been too hostile to employees ever since they took over from Carlsberg," said our source.

 

"They have been removing contractual benefits without employees consultation, using harsh and obscene language, segregation and racism, sexual harassment, prohibiting staff to consume their own product up to the point of making staff to drink water from toilets, prohibiting staff from drinking and eating any type of their own food from the company premises even if you have a medical condition"

 

The sources hinted that Castel has intentions to sell even the beer business, which is alleged to have been offered to Gerald Bowler of Chibuku.

 

The source say the employees, through their Union, are seeking a court injunction prohibiting final approval of the sale of part of Castel Malawi business until labour issues are addressed through Ministry of Labour and labour courts.

 

In September last year, Castel Malawi advertised the sale of the historical head office administration building at Makata Industrial Area in Blantyre, saying it had plans to build a state-of-the-art office complex -- which will have all befitting facilities and has gone ahead to.

 

Also on sale was the Mzuzu depot to be replaced with a new premises, as according to an internal memo for members of staff issued by Human Resources Manager, Naomi Nyirenda.

 

Nyirenda told the staff then that they had to inform them following the advert the company placed in the media inviting tenders for sale to avoid "speculations" that might arise from the proceedings.

 

The office complex is on freehold land situated at Plot No. NW438 along Gomani Road at Makata Industrial Area and was being offered in excess of K1.3 billion.

 

The property extends to approximately 0.3923 hectares and occupies a total gross external floor area of 1,696 square meters. It comprises 3-storey office block and its improvements include a concrete and tarmac-paved driveway and a big car park.

 

Sources within Castel had said then that the company has been selling a lot of its properties that include residences and staff guest houses across the country.-Nyasa Times.

 

 

 

Africa: Buhari Laments Mass Youth Migration to Europe, Says It Drains Africa's Talent Pool

President Muhammadu Buhari has lamented the mass migration of African youth to Europe, saying it drains the continent's talent pool, while provoking political crises in Europe.

 

The president stated this in an article he penned to mark the participation of Nigeria at the ongoing 6th EU-AFRICA summit in Brussels, Belgium.

 

In the article published in Politico, an online/offline magazine which is the most influential publication for the EU/ in Brussels, Buhari noted that despite its best efforts, Europe would not find a sustainable remedy to this problem by further reinforcing its Fortress Europe approach.

 

According to him, instead, more opportunities must be created for Africans at home, providing alternatives to the decision to take a life-threatening boat journey in order to seek them elsewhere.

 

He advised that economic relationship between the two continents must be recalibrated to focus on job creation.

The president said, "By 2050, Africa's population of 1.3 billion was set to double, making up a quarter of the world's total. My country, Nigeria, is set to double its population to 400 million by then, surpassing the United States to become the third largest nation in the world.

 

"This means a huge youthful market right on Europe's doorstep and -- with increased trade a growing middle class with money to spend. However, despite burgeoning possibility, irregular northward migration from my continent drains Africa's talent pool, while provoking political crises in the EU.

 

"When it comes to the relationship between the European Union and Africa, unfair arrangements have long been skated over for lack of alternatives.

 

"Increasingly unsustainable, these one-sided deals have provoked calls from both sides of the Mediterranean for a partnership of equals.

 

"At the EU-Africa Summit, leaders from across my continent will gather with their European counterparts to transform such rhetoric into substance. The EU is currently Africa's largest trading partner, and Africa is the fastest growing continent on earth. While each presents the other with great opportunities, as partners, we also share a host of problems.

 

"Today, the EU-Africa relationship must be shifted toward a new economic arrangement in order to address them. The relationship between the EU and Africa must be rebalanced to power job creation. Unfortunately, today's arrangements do just the opposite.

 

"Where some claim preferential trade policies with the EU lend a helping hand to Africa, the real picture is far more complicated. The Everything but Arms scheme grants 32 African countries tariff-free access to Europe's protected markets. In addition to the fact that this excludes many of the continent's 54 nations, there remain barriers to Europe's markets even for countries that qualify.

 

"For example, though agricultural subsidies to EU farmers may not be the same as external tariffs, their effects are identical: They make Africa's exports uncompetitive. More than €50 billion is ploughed into keeping European food produce cheap. "With its main export market distorted against them, African countries are deprived of foreign exchange, and investment in agriculture is stifled.

 

"Moving forward, it is clear what a new economic deal between our unions should entail: For Africa, it must offer a chance for a fundamentally new economic deal. For Europe, it must provide the chance to rid itself of a trade policy that quashes job-creation in Africa and hinders efforts to stem economic migration to Europe. The way forward is clear, the deal just needs to be struck."-This Day.

 

 

 

Nigeria: Makinde Has Created Opportunities in Agribusiness - Oysada DG, Akande

The Head of Agribusiness for Sub-Saharan Africa at the International Institute of Tropical Agriculture and Director-General of Oyo State Agribusiness Development Agency, OYSADA, Dr. Debo Akande, has explained that Governor 'Seyi Makinde, has provided opportunities for the agribusiness to thrive through the Start Them Early Programme (STEP), a partnership project between the state government and IITA.

 

The initiative, according to him, is aimed at promoting innovative thinking that ensures that young people learn agribusiness in theory and practice right from secondary school.

 

Akande, while speaking with Vanguard, yesterday, noted that there is no doubt that the state has reference point for other states in the country and beyond, adding that the initiative is a solution to developing young minds towards agribusiness.

He disclosed the the project, with initial operations implemented in three countries such as DR Congo, Kenya and Nigeria in 2019, has been implemented in five states, Oyo, Osun, Kaduna, Kano and Lagos,

 

Dr. Akande recalled that the programme first started in Oyo before its expansion to other states, stressing that it is aimed at reinforcing agricultural classroom training by introducing modern agricultural technologies offered in schools through experiential learning.

 

He maintained that the programme uses learner centered-method to empower students with relevant agribusiness skills.

 

Akande said: "With the success recorded in the first phase of STEP, it targeted cluster areas such as Fasola Grammar School, Bishop Philips Academy, Methodist High School, Christ High School Oleyo, Adegun Asake Grammar t, Iresaadu High School, Iresaadu, UMCA Secondary Grammar School Igbeti, Governor Makinde has approved the extention of the program which is to cover six schools across 6 Federal constituencies not captured in the first batch."

"In this era of technology innovation, agribusiness has moved from the old traditional of practice to technological ways of doing things, so good governance is beyond providing seedlings for the farmers, it's all about providing infrastructure for the farmers and that is what exactly Governor Seyi Makinde is currently doing in the state and this has not only attracted more investors into the state, it has also boosted the socio-economic values of the state."

 

"The investors are thriving in their businesses because the Governor has provided enabling environment through provisions of structural and functional system needed in aiding productivity of any Investor."

 

"For instance governor's choice of celebrating Christmas at Oke-Ogun area of the state is because he always wanted to see how those investors are doing on their farms as well inspect all the state government investment in agribusiness."

"He has provided access roads to meet the needs of some agribusiness Investors in Oke Ogun, he has also provided transformers to meet the yarnings of some farmers in Fashola farm settlement to aide productivity, all our farm settlements in Oke Ogun axis of the state are now enjoying infrastructures which has help in ease of doing business."

 

Speaking on effectiveness of the programme, Akande said, it has triggered the number of students in Fasola Grammar School from 0% to 77%, with number of agricultural entreprise club crop and mechanisation; greenhouse; livestock; value addition and ICT from 1% to 5.

 

"The program has increased the knowledge of agricultural tools from 29.2 to 72.7, with the students knowledge in agribusiness from 40.1% to 70.7%, while students perception towards agriculture has risen from 39.8 to 81.3%, students interest in agriculture has equally risen from 43.7 to 88.2% with students knowledge on ICT risen from 35.7 to 72%."

 

Akande noted also that the program will not only provide job opportunities for the youths, it will also expand their knowledge in Information Technology and how to make use of tech innovative in solving agribusiness challenges.

 

He noted that those students who are currently doing well in their various schools, also formed cluster groups in their various homes and are also providing poultry and vegetables to their immediate environment.

 

"The focus on transforming the economy will strongly be dependent on our ability to reshape and revamp our agricultural sector, changing from the current practices generally dominated by subsistence production and ageing farmers to commercially produce and develop the younger generation in agriculture for sustainability."

 

"As agriculture increasingly becomes important as a source of consumer and industrial demand, it will require innovative approaches in stimulating, supporting and sustaining more extensive economic growth and development."

 

"We target the young people at the secondary and tertiary levels, especially in our specialised tertiary agricultural schools for enhanced technical, business and entrepreneural life skills. We do not want to wait till when they this young people have no alternative before they embrace agriculture."

 

"We will ensure young people willingly develop interest in the sector and take a step ahead to become champions in agribusiness by adopting modern approaches and global best practices," Akande submitted.

 

Vanguard News Nigeria

 

 

 

Kenya: Family Bank Named Kenya's Best Bank in Customer Responsiveness

Nairobi — Family Bank has been voted best bank in customer responsiveness and digital banking experience in a survey conducted by the Kenya Bankers Association.

 

Nearly 21.2 percent of over 29,000 respondents voted Family Bank to top overall and best tier two bank in the 2021 survey.

 

The bank moved up one position as compared to the 2020 survey where the Bank scooped overall second best bank and maintained the position as best tier two bank in customer responsiveness and satisfactory digital experience.

 

" As a Bank, we have heavily invested in digitization and automation of services and we are glad to see it when our customers appreciate the efficiency and the experience that automation brings to the banking experience," said Family Bank Chief Executive Officer Rebecca Mbithi.

"This recognition is to all our customers whom we seek to provide value, facilitate ease to the access of banking solutions and contribute to expanding financial inclusion in Kenya," she added.

 

According to the survey, Banking Apps are the topmost preferred digital banking feature, cited by 26 percent of the respondents, followed by Mobile Banking at 25 percent and Internet Banking at 11 percent.

 

Nearly 6 out of 10 bank customers prefer mobile banking with 74 percent of the respondents citing that most of the banks respond to complaints within two days of a complaint being raised.

 

Nearly all the respondents, 96.2 percent, expressed their appreciation for the effort banks continued to make to maintain COVID-19 protocols to curb the spread of the disease, without compromising service standards. This was an improved performance, compared to a proportion of 92 percent in the 2020 Survey.

 

For customer support, a majority of the respondents, 46.4 percent preferred human-assisted forms of services such as call centres and branches in comparison to 22.4 percent who prefer fully automated or self-service interventions such as mobile, internet and chatbots.

 

The proportion of Customers living with disabilities remained largely unchanged from the 2020 levels, at 3.6 percent of all customers. Out of this proportion, nearly eight out of every 10 bank customers (78.1 percent) classified as people living with disability (PwDs) indicated that they were able to use banking services independently, without any assistance, with 14.35 requiring assistance.-Capital FM.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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