Major International Business Headlines Brief::: 05 March 2022

Sat Mar 5 10:20:03 CAT 2022

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Major International Business Headlines Brief::: 05 March 2022 

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ü  French designer giants suspend sales in Russia

ü  Facebook hits out at Russia blocking its platforms

ü  Microsoft stops selling products in Russia

ü  US jobs growth stronger than expected

ü  SpaceX's Musk says Starlink has been told by some governments to block Russian news

ü  Tesla's long-delayed German gigafactory gets conditional green light

ü  U.S. money market funds see big inflows as Ukraine conflict intensifies

ü  EXCLUSIVE Italian prosecutors to wrap up probe on Boeing 787 parts by July - sources

ü  Bread consumers to swallow the cost of Russia-Ukraine war

ü  Financial screws turned on Russia as insurers exit, London stocks halted

ü  Goldman Sachs GQG fund cuts Russian exposure to $222 mln

ü  McDonald's, Pepsi, others should consider pausing Russia operations -NY pension fund

ü  Apple presses U.S. lawmakers on dangers of 'sideloading' apps allowed by bill

ü  South Africa: Employers Urged to Place TVET Graduates

ü  Namibian MTB Season Kicks Off

ü  Ghana: Gh¢20 Million Compensation for Poultry Farmers Affected By Bird Flu Ready - Drakoto

ü  South Africa: Court Dismisses Application to Set Aside Siu Probe Into Limpopo Electrification Project

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French designer giants suspend sales in Russia

French luxury giants have joined other firms in announcing they will suspend sales in Russia amid the ongoing war in Ukraine.

LVMH, Hermes, Kering and Chanel have decided to temporarily shut their shops in Russia, the firms said on Friday.

It follows calls from Ukrainian high-end stores to "stand up" following the invasion of the country.

Luxury retailers have so far largely been left out of sanctions introduced by Western governments.

But many have found doing business and fulfilling orders in the region more difficult, after measures introduced by the UK, European Union and US.

The maker of pricey Birkin bags Hermes and the Swiss Cartier owner Richemont were among the first firms to announce that they would pause business in Russia.

LVMH, which owns such brands as Christian Dior, Givenchy and Bulgari among others, will close its 124 boutiques in the country from Sunday.

Chanel, famous for its boucle jackets, said in a LinkedIn post: "Given our increasing concerns about the current situation, the growing uncertainty and the complexity to operate, Chanel decided to temporarily pause its business in Russia."

Kering, which is home to Gucci and Saint Laurent, has two shops in Russia, along with 180 employees in the country.

The French firm said its decision was due to "growing concerns regarding the current situation in Europe".

It comes after an executive at a luxury Ukrainian department store told the BBC that high-end firms must "choose humanity over monetary gain".

Marusya Koval, marketing director at Tsum Kyiv, pointed out that some firms have pledged aid, but have not commented on whether they will stop selling their products in Russia.

She said brands publishing social media posts in support of Ukraine "won't help us to stop the war".

Fashion house Prada, for example, did not respond to requests for comment from BBC News on whether it would stop selling its products in Russia.

In an Instagram post earlier this week, it said the war in Ukraine was "of great concern".

Countless other firms have already announced plans to withdraw from Russia following its invasion of Ukraine.

Giorgio Armani has not said if it plans to stop sales in Russia, but Mr Armani said he told his team to not play any music at its recent Paris fashion show to "communicate that we are not celebrating here".

The Tsum Kyiv department store, as with other retailers in the Ukrainian market, is shutting down as Russian troops advance on the capital.

Ms Koval said she wanted to see the fashion and luxury industry "react immediately by imposing sanctions on Russian brands, stores and retailers".

While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated in Russia is small compared to the industry's key markets - China and the United States.

Analyst Luca Solca, of Bernstein Research, said luxury fashion in Russia makes up about 2% of global revenues for most companies.

He said firms "must be considering their options" but said it could be "possible" brands were trying to make the most of Russian spending before sanctions affect the sector.

"There's a huge devaluation of the rouble so one of the ways they try to cushion it would be to buy expensive jewellery products.

"It's not a bad overall assumption, it could be happening," he said.

Prof. Etel Solingen from the University of California's School of Social Sciences told BBC News that targeted sanctions on luxury goods might target those closely linked to the upper levels of power in Russia.

"Who can afford to buy luxury items in Russia?... It may be a small fraction of Russia's growing penalties for what it has unleashed on the Ukraine, but they target a constituency that is better positioned to express discontent," she said.

She described brands making supportive comments on social media while supplying luxury goods as "hypocritical".

Prof. Thomai Serdari from the Stern School of Business at NYU said that luxury brands were mainly "in the business of selling their creations", goods that many people "covet".

"In tense moments like the one we are living now, it is a very good idea to not aggravate the situation with an explicit statement that would offend anyone and that could perhaps provoke a worse reaction," she suggested.

She added that there was "no question", however, that Russia's isolation would hurt high-end brands who have a presence in the country or continue to sell their goods online there.-BBC

Facebook hits out at Russia blocking its platforms

Facebook has hit out at a ban on its platforms introduced in Russia on Friday amid the ongoing war in Ukraine.

Russia's communications regulator said the ban was a response to restrictions placed on its media there.

It said there had been 26 cases of "discrimination" against Russian media by Facebook since October 2020.

There were also reports that the use of Twitter had been restricted by the Russian regulator, Roskomnadzor, on Friday evening.

Facebook's president of global affairs, Nick Clegg, said that "soon millions of ordinary Russians will find themselves cut off from reliable information".

Facebook had previously been limited in the country, along with platforms including Twitter.

Although its use was restricted, Facebook had not been blocked entirely in the country.

On Friday Russian media quoted the regulator as saying that Twitter had been restricted following a request by the prosecutor general from 24 February, the day of the invasion of Ukraine.

Twitter did not immediately respond to the BBC's request for comment on the reports.

Meta, the company that owns Facebook, said last week though that it had restricted Russian-backed outlets across the European Union and was globally demoting content from state-affiliated media.

It had also refused to stop fact-checking several Russian state media outlets, including RT and Sputnik.

Russia's media regulator said in a statement: "Since October 2020, 26 cases of discrimination against Russian media and information resources by Facebook have been recorded."

The statement says the block on Facebook platforms has been introduced "to prevent violations of the key principles of the free flow of information".

In response Meta said: "We will continue to do everything we can to restore our services so they remain available to people to safely and securely express themselves and organize for action."

On the Russian government's decision to block access to Facebook in the Russian Federation: pic.twitter.com/JlJwIu1t9K

The White House said it was "deeply concerned" by Russia's decision to block the US company, and said the move was part of a broader effort to "choke off information".

"This is part of their effort ... to cut off a range of information from their public," White House spokesperson Jen Psaki said, adding that the US was also "concerned about the threat on freedom of speech in the country".

The ban comes after Russia's Parliament passed a new law this week imposing a jail term of up to 15 years for spreading intentionally "fake" news about the military.

The BBC also said it would temporarily suspend the work of all its journalists and support staff in Russia following the introduction of the law.

Other technology and social media giants have faced pressure to respond to the crisis in Ukraine from investors and their users.

Apple, for example, has halted all product sales in Russia, and limited other services such as Apple Pay and Apple Maps. Its retail stores in the country have closed as well.-BBC

Microsoft stops selling products in Russia

Microsoft has stopped selling its products and services in Russia, following the country's invasion of Ukraine.

Major tech companies including Apple and Dell have made similar decisions.

Microsoft said it had paused other aspects of its business in the country to comply with government sanctions.

It added that it was providing cyber-security support to Ukraine to defend against cyber-attacks initiated by Russia.

"Since the war began, we have acted against Russian positioning, destructive or disruptive measures against more than 20 Ukrainian government, IT and financial sector organisations," Microsoft president Brad Smith said in a statement.

Suspended operations

Several tech companies have also taken action to restrict Russian state-controlled media, such as RT and Sputnik.

Earlier this week, Microsoft removed RT's mobile apps from the Windows app store.

Facebook, Google and YouTube have taken measures to restrict Russian state media from making money from ads on their platforms.

Cisco, Oracle, Netflix and Spotify have also suspended operations in the country.

Airbnb has stopped all bookings in Russia and Belarus, and has offered free housing to 100,000 refugees fleeing Ukraine.

Dan Ives, an analyst at Wedbush Securities said: "We expect more tech stalwarts to head down the same path and pull the plug on Russia by this weekend, given the horrific atrocities seen coming out of Ukraine."

By contrast, Chinese companies, including Huawei, Xiaomi and Alibaba, have so far declined to comment on whether they would cut their business ties in Russia, according to business news broadcaster CNBC.-BBC

US jobs growth stronger than expected

The US economy added 678,000 jobs last month, far ahead of expectations, as activity continued to rebound.

The unemployment rate also edged down to 3.8%, the US Bureau of Labor Statistics reported.

Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction.

The number of new jobs added was well above analysts' estimates of about 400,000 new roles.

Companies also added more jobs in January than previously estimated, according to revised numbers released on Friday.

Average hourly earnings rose 5.1% over the past 12 months, although that is down from a 5.7% annual increase in January.

Most of the rise in jobs came from the leisure and hospitality industries, which added 179,000 new roles, and at bar and restaurant companies, which filled 124,000 jobs.

Employment in professional and business services increased by 95,000 jobs in February.

However, the total number of jobs on US payrolls is still 2.1 million below where it was before the Covid-19 pandemic.

Analysts predicted that the stronger-than-expected jobs market increased the certainty that the US central bank will raise interest rates at its next meeting, something US Federal Reserve chairman Jerome Powell said earlier this week that he was in favour of.

"It looks like rates up by 0.25 basis points will be coming this month, as noted by Powell yesterday. The outlook is too uncertain for more than that," said Neil Birrell, chief investment officer at Premier Miton Investors.

Seema Shah, chief strategist at Principal Global Investors, said an interest rate rise in the US was "all but baked in" to help control soaring inflation rates.-BBC

SpaceX's Musk says Starlink has been told by some governments to block Russian news

(Reuters) - SpaceX chief Elon Musk said on Saturday that its Starlink satellite broadband service has been told by some governments, not Ukraine, to block Russian news sources.

"We will not do so unless at 'gunpoint', sorry to be a free speech absolutist", he said in a tweet.

Musk also said that SpaceX was reprioritized to cyber defense & overcoming signal jamming, will cause slight delays in Starship & Starlink V2.

Earlier this week, the SpaceX chief warned that there is a high chance that its Starlink could be "targeted" in Ukraine, which Russian invaded last week. read more

The Thomson Reuters Trust Principles.

Tesla's long-delayed German gigafactory gets conditional green light

(Reuters) - Tesla Inc (TSLA.O) received a conditional go-ahead for its German gigafactory near Berlin on Friday, the state of Brandenburg said, ending months of delay for the 5 billion euro ($5.5 billion) landmark plant.

The gigafactory, which is crucial to Tesla Chief Executive Elon Musk's ambitions to vanquish European market leader Volkswagen (VOWG_p.DE), was initially supposed to open last summer.

Germany's largest automaker has the upper hand in Europe, with a 25% share of electric vehicle (EV) sales to Tesla's 13%.

Brandenburg state premier Dietmar Woidke told a news briefing that the development marked "a big step into the future", adding that the Tesla plant would be a major industrial and technological driver for Germany and the region.

Around 2,600 of the plant's expected 12,000 workers have been hired so far, unions said last month, and Tesla is in talks with numerous parts suppliers in the region to source as much as possible locally, lowering waiting times and costs.

Underlining the intense competition facing Tesla, Volkswagen said on Friday it would spend about 2 billion euros on a new factory near its Wolfsburg headquarters to make the Trinity, the first of a new generation of electric vehicles for the German carmaker, with construction due to start next year.

Friday's 536-page conditional building permit for Tesla does not mean the U.S.-based EV pioneer can start production right away. It must first prove that it fulfils numerous conditions, including in water use and air pollution control.

Only then will Tesla get its long-awaited operating permit and actually start rolling out the 500,000 battery-powered vehicles it wants to produce each year at the new plant, located in the small community of Gruenheide.

Another hurdle to secure the site's water supply emerged late on Friday, when a Frankfurt Oder administrative court sided with environmental groups who had challenged a licence given to a local water utility to supply the Tesla site. read more

But the court said the procedural errors made in the licencing decision could be remedied by the water utility, leaving open the door for the water supply arrangement to be salvaged.

Kickstarting production in Germany would mean Tesla can deliver its Model Y cars to European customers faster and more cheaply, after meeting orders in Europe from its Shanghai factory in recent months as it awaited approval for the site.

Tesla plans to show that it meets the imposed conditions within the next two weeks, Brandenburg's environment minister Axel Vogel said, while objections can be filed over the next month.

Tesla's next challenge will be to scale up production as quickly as possible, which Musk said at a fair on-site in October would take longer than building the factory.

Local environmental groups have long feared that the plant will negatively impact local habitat. Numerous public consultations, focusing primarily on that aspect, delayed the process, with Musk expressing irritation on multiple occasions over German bureaucracy.

The factory, which Tesla has begun constructing under pre-approval permits, will also include a battery plant capable of generating more than 50 gigawatt hours (GWh) per year - outstripping European competitors.

Batteries for cars produced on-site will initially come from China, Musk said, but he intends to reach volume production at the German battery plant by the end of next year.

($1 = 0.9163 euros)

The Thomson Reuters Trust Principles.

U.S. money market funds see big inflows as Ukraine conflict intensifies

(Reuters) - U.S. investors were rushing to invest in money market funds as the conflict between Russia and Ukraine intensified, fuelling worries about inflation and economic growth.

U.S. money market funds drew a net $43.21 billion in net buying, the biggest weekly inflow since Sept. 22.

Fund flows: US equities bonds and money market funds

Riskier assets were under pressure as investors disposed U.S. equity funds worth $1.81 billion, marking a second straight week of outflows.

U.S. growth-oriented equity funds posted outflows of $4.23 billion, the biggest weekly net selling in five weeks, while value funds lost $439 million in net selling.

Fund flows: US growth and value funds

Among sector funds, financials had outflows of $2.37 billion, the largest since at least April 2020. Real estate suffered net selling worth $1.15 billion, while tech and industrials lured $0.5 billion each, in net buying.

Fund flows: US equity sector funds

U.S. bond funds saw net selling of $2.77 billion, which was as a eighth consecutive week of outflows.

Investors sold municipal bond funds of $1.83 billion, posting a 35% increase in outflows, while taxable bond funds received small inflows of about $1 million after facing outflows for seven consecutive weeks.

U.S. short/intermediate investment-grade funds faced net selling for the eighth subsequent week, worth $3.73 billion, although inflation-protected funds pulled in $190 million in net buying after facing outflows for five weeks in a row.

The Thomson Reuters Trust Principles.

EXCLUSIVE Italian prosecutors to wrap up probe on Boeing 787 parts by July - sources

(Reuters) - Prosecutors investigating suspected flawed parts produced by an Italian company for the Boeing (BA.N) 787 Dreamliner are expected to wrap up the probe by July, when they will say if the alleged defects could threaten the airplane's safety, two sources said.

A team of independent experts appointed by the prosecutors is analysing the components and their impact on the overall airworthiness of the aircraft, the sources close to the matter told Reuters.

The experts are currently focusing on the bigger components, including titanium parts that help secure the aircraft's floor, which were removed in Italy from around 30 fuselages intended for Boeing 787 airplanes, a third source said.

In October, Boeing said some 787 Dreamliner parts supplied by Italy's Manufacturing Process Specification (MPS) had been improperly manufactured, marking the latest in a series of industrial snags to hit the wide-body aircraft. read more

Boeing was not immediately available for comment on Friday. In December it said that the issues with parts supplied by Italy's MPS and Processi Speciali did not affect airworthiness. read more

MPS and its now-bankrupt predecessor company Processi Speciali had supplied floor fittings, spacers, brackets and clips to Italian aerospace group Leonardo (LDOF.MI), which makes two fuselage sections for the Boeing 787 at its plant in Grottaglie, near Brindisi. Both Leonardo and Boeing have dropped MPS from their suppliers' list.

Leonardo, which has previously said it too is a victim of the suspected failure to meet specifications by its former suppliers, declined to comment on Friday.

In December, prosecutors ordered the seizure of titanium and aluminium parts supplied by MPS and its predecessor to Leonardo's Grottaglie plant. read more

Initial results of the investigation launched by Brindisi prosecutors suggest that MPS and Processi Speciali produced more than 4,000 flawed parts between 2016 and 2021 for the Boeing 787, the prosecutors said in a confidential report seen by Reuters in December. read more

Prosecutors allege that MPS or Processi Speciali made parts using titanium and aluminium of different quality and origin from those ordered by the customer, breaching the relevant technical specifications.

Eight individuals, including the former head of MPS and the former head of Processi Speciali, are under investigation for fraud and for actions threatening the safety of air transport.

The former head of MPS and the former head of Processi Speciali have both previously denied any wrongdoing.

Court appointed administrators for both MPS and its predecessor did not reply Reuters request for comment. The lawyer for the former heads of MPS and Processi Speciali heads was not available for comment.

The Thomson Reuters Trust Principles.

Bread consumers to swallow the cost of Russia-Ukraine war

(Reuters) - Russia's invasion of Ukraine, one of the world's breadbasket nations, has driven wheat prices to 14-year highs, forcing bread consumers to eat the cost.

Russia's Feb. 24 invasion has severely hampered trade from Black Sea ports, driving up global Chicago benchmark wheat prices by 40% and further pushing global food inflation that was already the highest in a decade.

Supply disruptions from Russia and Ukraine, which together account for 30% of world wheat exports and 20% of corn exports, will erode food security for millions of people, with the Middle East and north Africa especially vulnerable due to their reliance on imports, said Julie Marshall, spokesperson for the World Food Programme.

Oil and gas prices have also spiked due to sanctions against Russia, while costs of freight and raw materials like steel were already soaring due to pandemic-related supply chain breakdowns. read more

Even consumers in two of the world's biggest wheat-growing nations, Canada and the United States, are paying the price.

"Unfortunately for the short and intermediate-term, food inflation and the cost of baked goods in the United States will go up more. This will impact the most vulnerable in our society the most," said Robb MacKie, president and chief executive of the American Bakers Association.

Weeks before the latest wheat price spike, Calgary Italian Bakery in Alberta raised prices 7% to keep pace with costs associated with last year's Canadian drought and inflation in prices of flour and yeast.

Now Louis Bontorin, co-owner of the 60-year-old family business, fears he will need to raise prices significantly again, once he has depleted his four to five months' flour supply.

"This could be really, really devastating," Bontorin said. "Bread is one of the fundamentals, the essentials, and that's the hard part. You're trying to just take what you need, but you're also cognizant of what effect (higher price) has on the consumer.

"The buying power of everybody is just being eroded."

The threat to wheat supplies from Russia's invasion of Ukraine has been exacerbated by a drop in global stocks of major exporters. read more

Supplies in the European Union, Russia, the United States, Canada, Ukraine, Argentina, Australia and Kazakhstan are set to fall to a nine-year low of 57 million tonnes by the end of the 2021/22 season, International Grains Council (IGC) data shows.

'PAY THE COST OR DON'T GET YOUR FLOUR'

Some mills signed contracts with farmers last autumn for the wheat they are currently using, insulating them for now from spikes related to the Russia-Ukraine war. But one miller said once it faces those higher costs, it will have to pass them along to the bakers that buy his flour.

"It will be mandatory. Either pay the higher cost or don't get your flour," said the miller, who asked not to be named due to the sensitivity of the situation. "I don't think the general population has any idea what repercussions they will face."

After Russia invaded, Rogers Foods' President Joe Girdner's phone started lighting up. The bakers who buy flour from his two British Columbia mills are now looking to secure supplies further out than before, on fears that prices could escalate even more.

It is also a problem for the miller. Spring wheat supplies were already running thin because of drought last year, and now global buyers who were depending on Black Sea supplies, may turn to Canada for wheat and compete with domestic mills, Girdner said.

"It's a really big concern," Girdner said of the Russia-Ukraine war. "And the real story will be if this situation drags on."

The Thomson Reuters Trust Principles.

Financial screws turned on Russia as insurers exit, London stocks halted

(Reuters) - Russia's global financial isolation intensified on Friday as the London Stock Exchange (LSE) suspended trading in its last Russian securities and some insurers withdrew cover from exporters over Moscow's invasion of Ukraine.

Banks, investors and insurers have in recent days ratcheted up that pressure by exiting investments in Russia and halting the provision of their services.

The LSE said it had suspended global depositary receipts (GDRs), which represent shares in a foreign company, for eight Russian companies, including Magnit and Sistema, after freezing trading in 28 firms on Thursday. read more

Later on Thursday the exchange said it had also suspended some exchange-traded-funds' with Russian securities.

The trading halts come as Britain, the European Union and the United States continue to roll out financial sanctions on Russia to prevent its companies from accessing Western markets.

In another turning of the screws on Moscow, trade credit insurers, who provide a financial safety net for exports and imports, are pulling back from covering businesses exporting to Ukraine and Russia given the risks of sanctions, high claims or missed payments, industry sources said. read more

The move in the nearly $3 trillion global market will heap further pressure on Russia's already teetering economy.

"In this last week, trade credit insurers will have paused supporting new risk for Ukraine and Russia," said Nick Robson, global leader for credit specialties at insurance broker Marsh.

European Union officials are also examining curbing Russia's influence and access to finance at the International Monetary Fund following the invasion, six officials told Reuters. L2N2V71XO

"For its part, Washington will continue to embrace multilateral sanctions, (and) target the wealth of Russian oligarchs as part of a pressure campaign," Isaac Boltansky, policy director for brokerage BTIG wrote in a note on Friday.

INVESTORS OUT

British insurer and asset manager Royal London became the latest Western investor to say it will sell its Russian assets as soon as possible, after a rush of similar announcements in recent days.

"We can't trade these things anyway, but as soon as we can, we obviously intend to divest," Royal London Chief Executive Barry O'Dwyer told Reuters. read more

The CEO of another major British investment group, Schroders, said on Thursday Russian stocks and bonds are now "in the realms of utterly uninvestable". read more

Swiss wealth manager Julius Baer (BAER.S) has halted new business with wealthy Russians, two sources familiar with the bank's operations told Reuters. read more

Some investors are however piling into funds linked to Russia, seeing current distressed levels as a potentially cheap entry point for Russian assets. read more

Deutsche Bank (DBKGn.DE) said it has been stress-testing its operations in Russia, where it employs some 1,500 workers in a major technology centre, as banks with a significant Russian presence grapple with the ramifications of its growing financial isolation.

The Thomson Reuters Trust Principles.

Goldman Sachs GQG fund cuts Russian exposure to $222 mln

(Reuters) - Goldman Sachs Asset Management [RIC:RIC:GSAMB.UL] has reduced the Russian exposure in its GQG international equity fund to about $222 million, according to a statement and a spokesperson, down from over $1.7 billion six months ago.

The Goldman Sachs GQG Partners International Opportunities Fund was 0.99% exposed to Russia as of the end of February, Goldman Sachs said in a statement on its website, with holdings in Lukoil (LKOH.MM), Rosneft (ROSN.MM) and Gazprom .

The fund is Goldman's only fund with Russian exposure, according to data from research firm Morningstar on the top 100 open-end and exchange-traded funds worldwide in terms of estimated U.S. dollar exposure to Russian securities.

"Coming into 2022 we saw attractive growth opportunities and valuations in many Russian companies", the firm said.

"The actions by the Russian government this year began to outweigh the positive fundamentals we were seeing in many companies. We have been reducing our exposure to Russian holdings since early January, and they are now concentrated in the energy sector," it said.

A spokesperson said the fund had $22.45 billion in assets as of the end of Feb., with Russian exposure equivalent to $222.3 million.

This is down from exposure of more than $1.7 billion as of September, according to Morningstar data.

Western sanctions on Moscow after Russia invaded Ukraine last week have prompted a wave of investors to announce they were cutting positions in Russia.

Goldman said it has also marked down the value of its Russian assets after the country's central bank closed the local market to all foreign investors, complicating plans to ditch or evaluate assets.

"Under these circumstances, the Russian securities in the portfolios for which we determine valuations are now being 'fair valued' in the absence of true market values," it said.

Fair value determinations "resulted in significant discounts to the market values that existed prior to the actions of the Central Bank of Russia," it added.

The Thomson Reuters Trust Principles.

McDonald's, Pepsi, others should consider pausing Russia operations -NY pension fund

(Reuters) - Major global brands, including McDonald's Corp (MCD.N), PepsiCo Inc (PEP.O) and the Estee Lauder Cos Inc (EL.N), should consider pausing their operations in Russia, New York state's pension fund chief wrote in letters to several companies on Friday.

Other companies that received the letter were Mondelez International Inc (MDLZ.O), Fortinet Inc, Kimberly-Clark Corp (KMB.N), Bunge Ltd (BG.N), Coty Inc (COTY.N), Alnylam Pharmaceuticals Inc (ALNY.O) and Trimble Inc(TRMB.O).

None of the companies immediately replied to a request for comment.

Political pressure is building for companies to halt business in Russia because of its invasion of Ukraine, and sanctions are making some operations difficult. Some big companies have already said they will stop, including sneaker maker Nike and home furnishings firm IKEA (IKEA.UL). read more

The letters from New York State Comptroller Thomas DiNapoli urged companies to review their businesses in Russia because they face "significant and growing legal, compliance, operational, human rights and personnel, and reputational risks," wrote DiNapoli, who oversees the state's roughly $280 billion pension fund, which owns shares of the companies.

Pausing or ending operations in Russia "would address various investment risks associated with the Russian market and play an important role in condemning Russia's role in fundamentally undermining the international order that is vital to a strong and healthy global economy," the letter said.

The Thomson Reuters Trust Principles.

Apple presses U.S. lawmakers on dangers of 'sideloading' apps allowed by bill

(Reuters) - Smartphone maker Apple (AAPL.O) has written to lawmakers to dispute assertions that its concerns about the dangers of sideloading apps into phones were overblown.

Sideloading, the practice of downloading apps without using an app store, is among the reforms that lawmakers hope will open up the market for apps.

Congress is currently considering a bill aimed at reining in app stores run by Apple and Alphabet's (GOOGL.O) Google, which would require companies to allow sideloading. Apple has argued that such a practice would be a security risk as it keeps tight control of the apps in the store in order to keep users safe.

In a letter dated Thursday and sent to key members of the U.S. Senate Judiciary Committee, Apple said it was aware that a critic, computer security expert Bruce Schneier, had called its concerns about sideloading "unfounded."

Apple went on to argue that most malware does not rely on technical tricks to gain access to devices but instead tricks the human user to download it. It argued that Apple's review of apps that are put into the App Store "creates a high barrier against the most common scams used to distribute malware."

Apple acknowledged that Schneier was correct that state-sponsored attackers could get through smartphones' security controls but argued that these sorts of attacks are a "rare threat."

"There is ample evidence showing third-party app stores are a key malware vector on platforms which support such stores," Apple said in the letter which was viewed by Reuters.

It was sent to Senate Judiciary Committee chair Dick Durbin, the top Republican, Chuck Grassley as well as Amy Klobuchar, chair of the antitrust subcommittee, along with the top Republican, Mike Lee.

The committee voted in early February to approve the bill. The measure would also bar companies from requiring app providers to use their payment system and would prohibit them from punishing apps that offer different prices or conditions through another app store or payment system. read more

The biggest technology companies, including Meta Platforms Inc's Facebook (FB.O) and Amazon.com , have been under pressure in Congress over allegations they abused their outsized market power. A long list of bills is aimed at reining them in, but none have yet become law.

The Thomson Reuters Trust Principles.

South Africa: Employers Urged to Place TVET Graduates

Higher Education and Training Minister, Dr Blade Nzimande, has called on all employers to open their workplaces for the placement of Technical Vocational Education and Training (TVET) college students.

In the same vein, the Minister urged employers to give workplace exposure to TVET college lecturers, so that they can train students in what is currently needed by industry.

"The primary aim of these placements is to assist the transition of our young people from learning to working," Nzimande said on Friday at a briefing on learning and training opportunities provided through Sector Education and Training Authorities (SETAs).

He reaffirmed the department's commitment to ensure that the skills development system offers about 100 000 opportunities, including learnerships, apprenticeships and internships.

The briefing follows a two-day engagement held earlier this week by the department and SETAs on their role in fighting unemployment, inequality and poverty through skills development.

During a meeting with all 21 SETAs, Nzimande urged them to give priority to the work placement of TVET college graduates, who require workplace exposure, in order to complete their training, and to facilitate the transition from learning to working.

"Government has already spent vast amounts of money to support our youth through the TVET system, and therefore, it is important that we assist them to transition to the workplace through appropriate placement," Nzimande said.

The parties looked at how SETAs have performed in the past five years (2016/17 to 2020/21), and collectively agreed on skills development interventions planned for the 2022/23 financial year, especially those aimed at supporting the Economic Reconstruction and Recovery Plan (ERRP).

The Minister said there is widespread agreement and commitment by the SETAs regarding a need to expand the participation of young people in skills development programmes, as well as workplace-based learning opportunities.

He said this has given practical effect in their 2022/23 annual performance plans.

"Our skills training interventions will also seek to support and strengthen the District Development Model, which aims to improve provision of services and socio-economic development in each of our 44 districts and 8 metros."

107 000 workplace-based learning opportunities targeted

In response to the high numbers of unemployed young South Africans, Nzimande announced that the department has increased its target for workplace-based learning for the financial year, commencing on 1 April 2022, with annual target above 100 000 (107 000).

"In addition to the 107 000 workplace-based learning opportunities, we are also targeting 20 500 opportunities for apprentices, 22 500 for artisanal trades; 31 300 for those completing learnerships and 148 000 for learners entering into various skills development programmes, such as digital skills, crop production and plant production," Nzimande said.

Additional funds will be re-allocated from the National Skills Fund (NSF), with immediate focus on work placement of graduates in TVET N6 Hospitality and Catering Services, N6 Tourism and NCV L4: Tourism learners.

The Bank SETA has also set aside R54 million for 2022/23 to reskill and upskill workers in the sector.

Nzimande announced that SETAs will support the Department of Science and Innovation (DSI) in the development of critical high-end skills in selected technology areas, including the bio economy, space science, technology energy, intellectual property management, among others.

"Support will also be directed towards technical development and the artisan skills that would contribute to the commercial exploitation and social beneficiation of newly developed innovations," Nzimande said.

Over 44 000 unemployed youth placed in learnerships

Despite losing much revenue in 2020/21 due to the skills levy holiday and COVID-19 pandemic, Nzimande said SETAs registered some significant progress for the year ended 31 March 2021.

"The SETAs, combined, placed 44 619 unemployed [people] into learnerships. Over 34 710 of them were young people below the ages of 35 years old and over 25 550 were female, at a cost of about R1 billion.

"In the same period, we placed 9 901 interns. Of these, 9 096 were young people below the age of 35 and 6 455 were female. Our SETAs spent just over R883 million in this regard," Nzimande said.

For TVET placement, he said, SETAs placed about 8 539 learners, with 5 656 females, at a cost of R393 million.

"For the university placement, SETAs placed 5 183 learners in workplaces, at a value of R300 million," said the Minister.-SAnews.gov.za.

Namibian MTB Season Kicks Off

The Namibian mountain bike season gets underway this weekend with the first of five races in the Nedbank Namibia Rock and Rut XC MTB Series taking place tomorrow, while the FNB Schools MTB League starts today, with both events taking place at the IJG trails in Kleine Kuppe, Windhoek.

The XC MTB race will have several categories including u10, u12, u14, u16 and junior boys and girls, men and women's E-bike categories, rhino men (riders over 90kg), giraffe women (riders over 70kg), marathon men and women (sports category); elite and u23 men and women; and sub-veteran (30-39 years), veteran (40-49 years), masters (50-59 years) and grand masters (60-69 years) men and women.

Nicola Fester from the Rock and Rut Mountain Bike Club said that this year's series will introduce new categories, to accommodate for both elite and novice cyclists.

"The XC0 race is a favourite race for many as it is the first race to kick off the Nedbank Rock and Rut XC MTB series. It is also one of the less technical races, making it a great race for cyclists new to the XC racing scene. We are looking forward to a great day of racing and family fun," she said.

Nedbank Namibia's manager for communications and PR, Selma Kaulinge, highlighted the mountain bike series as a welcome addition to the full cycling calendar.

"With our recently concluded Nedbank Festival of Cycling, which saw the Nedbank Cycle Challenge drawing close to 800 cyclists, it is evident that the sport of cycling has made a triumphant comeback since the Covid-19 lockdown restrictions. What makes the XC race series one of a kind, is that it's a competition that is open to both beginner and expert cyclists to experience first-hand the intensities of mountain bike cycling," she noted.

The Rock and Rut Mountain Bike Club, together with its title sponsor Nedbank Namibia, is planning a number of exciting additions to the races, and encourages cyclists to get acquainted with the IJG Trails just south of Windhoek in the Kleine Kuppe area.

With more than 70 cyclists registered for the XC0 race, interested cyclists can still register to take participate, at an extra fee of N$100 for Rock and Rut members, and N$350 for non-members.

The first leg of the FNB Schools Mountain Bike League starts today at 14h15 at the play pit venue of the IJG trails.

Last year, the Windhoek league drew about 150 riders per race from 26 schools, with children varying in ages from u6 to u18. The aim of the league is to introduce children to mountain biking and thus the event is aimed at riders of all skill levels.

The league will kick off with the u6 boys and u6 and u8 girls at 14h15, to be followed by various age group categories up till u18 boys and girls.

Riders to look out for in the u18 boys category include Daniel Hahn who narrowly beat Kevin Lowe in the first South African Cross Country XC race in Parys last weekend, and their showdown should once again provide a great spectacle.

Roger Suren is the big favourite in the u16 category, after winning by a substantial margin in Parys, while other riders to look out for include Delsia Janse van Rensburg in the girls u16 category, Rosemarie Thiel in the girls u14 category, and Nicole Suren in the girls u12 category.-Namibian.

Ghana: Gh¢20 Million Compensation for Poultry Farmers Affected By Bird Flu Ready - Drakoto

The Ministry of Food and Agriculture has secured GH¢20m for the payment of compensation to poultry farmers who lost their birds, due to the outbreak of the Avian Influenza H5N1, popularly known as "Bird Flu."

"We have secured the money from the Finance Ministry, by next week we will start the disbursement, we are still in the process of concluding the modalities for the disbursement," the Minister of Food and Agriculture, Dr Owusu Afriyie Akoto disclosed this in an interview on Accra-based Peace FM, monitored by Ghanaian Times yesterday.

Over 700,000 birds and quantities of crates of eggs had been culled and destroyed in the country following the outbreak of the bird flu at a poultry farm in Tema on July 18 last year, which had since spread across the country.

Although the spread of bird flu had been brought under control, the poultry farmers who had lost their livelihoods due to the infections, had been crying out to the government for compensation to get back to business.

On why the compensation had taken long, DrAkoto stressed the need for a "solid data" on the affected farmers to facilitate the disbursement of the compensation, adding "we are finalising the modalities for the disbursement, we are processing the modalities for payment, the money is with us," he added.

He said the latest strain of the virus in the country and other parts of the subregion region was "very deadly and massive," saying that it had tremendously affected the poultry industry.

DrAkotofurther disclosed that the government had given financial clearance for the recruitment of 500 veterinary surgeons and technicians to expand services and improve upon animal health in the country.

The bird flu was first reported in Ghana in April 2007 which was brought under control, but had since been recurring in the country with consequences for the poultry sector, especially the smallholder poultry farmers and poultry intake in the country.

In Ghana, poultry meat consumption is dominated by chicken meat and the country is reported to be spending in the region of $374 million to import poultry products annually from the United States of America, Brazil and the European Union to supplement local production.

Various initiatives had been implemented to address the short fall in poultry production in Ghana with the latest being the "Rearing for Food and Jobs," but the initiative has suffered a setback due to the outbreak of the global COVID-19 pandemic that has affected the agriculture value chain.-Ghanaian Times.

South Africa: Court Dismisses Application to Set Aside Siu Probe Into Limpopo Electrification Project

The Polokwane High Court has dismissed an application by engineering company, Mphaphuli Consulting, to review and set aside a Special Investigating Unit (SIU) report, which found that the company had allegedly overcharged the Greater Tubatse Local Municipality.

The company overcharged the Greater Tubatse Local Municipality (now known as Fetakgomo Tubatse Municipality) by at least R73 million during an electrification project in 2013.

The municipality initially entered into a R168.8 million contract with the company to connect at least 13 000 houses to the grid, in a project called Operation Mabone.

However, costs skyrocketed as the municipality twice amended the contract - bringing the total number of houses to be electrified to 19 000, at a cost of at least R326 million.

According to SIU spokesperson, Kaizer Kganyago, Mphaphuli argued that a proclamation by then President Jacob Zuma empowering the unit to investigate the affairs of the municipality did not extend to investigating the company.

Kganyago said the legal action against the SIU was a bid to compel the unit "to stop all steps taken against the engineering company".

"In dismissing the application, [the court] said the argument raised by Mphaphuli lacked substance. [This] as the scope of the proclamation allowed for a wide variety of matters to be investigated by the SlU, which took place between 11 March 2004 and 1 August 2014, the date of the publication of the proclamation, or which took place prior to 11 March 2004 or even after the date of the proclamation.

"The High Court judgment brings to finality to allegations of bias and impropriety by Mr Lufuno Mphaphuli levelled against the SIU in the investigation of Operation Mabone project," he said on Friday.

The dismissal of the company's application to have the investigation set aside now paves the way for the unit to continue its civil action to recover the R73 million.

"The SIU has instituted a civil claim in the Polokwane High Court to recover financial losses suffered by the municipality, as a result of the R73 million overcharge.

The institution of the R73 million civil claim is a continuation of implementation of the SIU investigation outcomes and consequence management to recover financial losses suffered by State institutions and hold those responsible for losses to account for their actions, in accordance with the SIU Act 74 of 1996," Kganyago said.-SAnews.gov.za.

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INVESTORS DIARY 2022

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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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