Major International Business Headlines Brief::: 09 May 2022

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 09 May 2022 

 


 

 


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

 


 

 


ü  New UK sanctions for Russia and Belarus

ü  Bitcoin value drops by 50% since November peak

ü  IndiGo: Anger after India airline removes disabled teenager

ü  Coal shortage and heatwave spark India's power woes

ü  EasyJet to take out seats so it can fly with fewer crew

ü  Cost of living: Rise in Britons saying they skip meals or go hungry

ü  Families face debt squeeze as prices keep rising

ü  Travel limits on international music tours to be eased

ü  Facebook accused of deliberately disrupting Australia emergency services

ü  US job creation beats forecasts despite headwinds

ü  South Africa: Operation Vulindlela Growing SA Economy

ü  South Africa: Do Not Pay to Jump the Queue

ü  Ghana: Transport Fares Go Up 20 Percent ... Due to Rise in Fuel Prices,
Spare Parts

ü  Kenya: Specialized Teas Poised to Improve Farmer's Earnings in Kenya

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

New UK sanctions for Russia and Belarus

The new import tariffs proposed by the UK will cover £1.4bn of goods,
including platinum and palladium

The UK has announced a fresh package of sanctions on Russia and Belarus in
response to the invasion of Ukraine - targeting £1.7bn of trade.

 

The Department for International Trade said new import tariffs will apply to
goods including platinum and palladium.

 

The metals are used to make parts for mobile phones and computers

 

Export bans will target chemicals, plastics, rubber and machinery. It takes
the value of products subject to UK sanctions to more than £4bn.

 

The new import tariffs will cover £1.4bn of goods while the planned export
bans are intended to impact products worth more than £250m in sectors of the
Russian economy most dependent on UK goods.

 

The announcement came after G7 leaders held a video call with Ukrainian
President Volodymyr Zelensky and the US and Canada also imposed new
sanctions.

 

International Trade Secretary Anne-Marie Trevelyan said: "We are determined
to do our utmost to thwart Putin's aims in Ukraine and undermine his illegal
invasion, which has seen barbaric acts perpetrated against the Ukrainian
people.

 

"This far-reaching package of sanctions will inflict further damage on the
Russian war machine."

 

Chancellor Rishi Sunak said: "Putin's illegal invasion of Ukraine is causing
suffering on an enormous scale. His barbaric war must be stopped."

 

He said the new import and export sanctions would do "significant damage to
Putin's war effort".

 

This third round of trade sanctions announced by the UK government -
excluding gold and energy - would see more than 96% of goods imports from
Russia hit by restrictions and more than 60% of goods exports to Russia
under whole or partial restrictions, said the DIT.

 

The latest move comes as Russia prepares to celebrate Victory Day, the
commemoration of the Soviet Victory over Nazi Germany in 1945, which will be
marked with the annual military parade in Moscow's Red Square. The war in
Ukraine means this year's event has taken on different significance, with
Vladimir Putin's expected speech likely to be closely analysed and thousands
of troops due to parade despite many forces being deployed in Ukraine.

 

Western countries have introduced increasingly widespread sanctions against
Russia - targeting individuals, banks, businesses and major state-owned
enterprises, and exports, among others. Among the high-profile individuals
to be targeted has been Roman Abramovich, the billionaire owner of Chelsea
Football Club.

 

The UK has excluded key Russian banks from the UK financial system, frozen
the assets of all Russian banks, barred Russian firms from borrowing money,
and placed limits on deposits Russians can make at UK banks. Other sanctions
have been implemented by the US and the EU.

 

And more than 1,000 international companies have either suspended trading in
Russia, or withdrawn altogether - including McDonald's, Coca-Cola and
Starbucks.

 

Belarus has been targeted with the UK government saying its leader Alexander
Lukashenko had aided and abetted Russia's invasion.--BBC

 

 

 

Bitcoin value drops by 50% since November peak

The value of Bitcoin continued to fall over the weekend as it dropped below
$34,000 (£27,630), according to the Coinbase cryptocurrency exchange.

 

The world's largest cryptocurrency by market value has now fallen by 50%
since its peak in November last year.

 

The slide in the value of digital assets comes as stock markets around the
world also dropped in recent days.

 

On Monday, some Asian markets headed lower again with Japan's benchmark
Nikkei index down by around 2.5%.

 

Bitcoin accounts for about a third of the cryptocurrency market with a total
value of close to $640bn.

 

Ethereum, the second biggest cryptocurrency in the world, has also fallen in
value, down by more than 10% in the last week.

 

Although much of 2022 had been relatively quiet for the cryptocurrency
market, volatile trading in digital assets has not been that unusual in
previous years.

 

Trading was dominated for years by individual investors, but more recently
the market has seen an influx of professional investors, such as hedge funds
and money managers.

 

With more traditional investors trading digital assets, cryptocurrencies
have increasingly followed the movements of global stock markets.

 

Many of the institutional investors that buy cryptocurrencies treat them as
risk assets, similar to technology stocks.

 

In times of market uncertainty traditional investors will often sell what
they see as riskier assets and move their money into safer investments.

 

Last week, central banks around the world, including the US, UK and
Australia, raised interest rates as they attempt to tackle rising prices.

 

The US Federal Reserve raised its key lending rate by half a percentage
point, marking its biggest rate hike in more than 20 years.

 

That has triggered more concerns among some investors that inflation and the
higher cost of borrowing could have a major impact on global economic
growth.

 

Investors are also worried about the impact of the war in Ukraine on the
world economy.

 

Meanwhile, in the last year Bitcoin has become legal tender in two countries
- El Salvador and the Central African Republic.

 

Since El Salvador said it would allow consumers to use the cryptocurrency in
all transactions, alongside the US dollar, the International Monetary Fund
has urged it to reverse its decision.-BBC

 

 

 

IndiGo: Anger after India airline removes disabled teenager

India's aviation minister has said he is investigating a domestic airline
after it allegedly refused to let a disabled teenager board its flight.

 

The airline's staff told the teenager's parents that he was a risk to other
passengers.

 

The incident sparked widespread outrage with many calling out the airline
for discriminatory behaviour.

 

IndiGo has denied the allegations, saying it prides itself on being an
inclusive organisation.

 

Aviation minister Jyotiraditya Scindia on Monday promised "appropriate
action", saying he was personally investigating the incident.

 

"There is zero tolerance towards such behaviour. No human being should have
to go through this," he wrote on Twitter.

 

 

The Directorate General of Civil Aviation (DGCA) has also sought a report
from the airline.

 

'The plane began bouncing up and down like a ball'

 

There is zero tolerance towards such behaviour. No human being should have
to go through this! Investigating the matter by myself, post which
appropriate action will be taken. https://t.co/GJkeQcQ9iW

 

— Jyotiraditya M. Scindia (@JM_Scindia) May 9, 2022

The BBC is not responsible for the content of external sites.

View original tweet on Twitter

The incident, which took place on Saturday at the Ranchi airport, came to
light after one of the co-passengers, Manisha Gupta, wrote about it on
Facebook.

 

Ms Gupta said that ahead of the flight, the teenager looked visibly
distressed: "By the time he had gone through security check and reached the
gate (almost an hour ahead of boarding), he seemed to be in the throes of
hunger, thirst, anxiety and confusion."

 

She added that the parents had managed to placate his meltdown well, "with
patience, some cajoling, some stern-ness, many hugs etc" and that other
passengers also stopped by to offer help to the couple.

 

But when the IndiGo staff saw him, she says they warned the parents that
they would not let them board, "if the child did not quieten down and become
'normal'".

 

"Then we witnessed the full display of brute authority and power. The Indigo
staff announced that the child would not be allowed to take the flight. That
he was a risk to other passengers. That he would have to become 'normal',
before he could be travel-worthy," she wrote.

 

She added that other passengers on the flight opposed the staff and assured
them that they had no objection to the child and his parents boarding the
flight.

 

"A group of doctors, travelling on the same flight, offered to provide full
support to the child and his parents if any health episode were to occur
mid-air," Ms Gupta wrote.

 

But the airline held its ground, with its manager - according to Ms Gupta -
insisting that the child was "uncontrollable" and "in a state of panic".

 

Ms Gupta's post has since gone viral, leading to widespread anger and
condemnation.

 

IndiGo in a statement said it took the step for the sake of the safety of
its passengers, adding that it made the family comfortable by providing them
a hotel stay and that they flew the next morning to their destination.

 

"We regret the inconvenience caused to the passengers. IndiGo prides itself
on being an inclusive organisation, be it for employees or its customers;
and over 75,000 specially abled passengers fly with IndiGo every month," it
said.

 

India has more than 26 million people living with physical or learning
disabilities, but there is little infrastructure to support them in their
everyday life.

 

Campaigners say disabled people also routinely face stigma, discrimination
and harassment.

 

In 2019, a disability activist and polio survivor was asked to remove her
trousers at the Kolkata airport. Two years before that, a female
para-athlete was forced to sleep on the floor of a train as she had been
allotted an upper berth against the rules.-BBC

 

 

 

Coal shortage and heatwave spark India's power woes

For more than a month, Sandeep Mall's engineering goods factory next to the
Indian capital, Delhi, has been facing crippling power cuts, sometimes up to
14 hours a day.

 

The 50-odd machines in the factory located in a major manufacturing hub in
Faridabad make products for aeronautics, automobile, mining and construction
industries.

 

"Every time the power goes off, the machines stop, the semi-finished
products get rejected and we have to start all over again," Mr Mall says.

 

That happens when he fires up diesel-powered generators to keep the factory
running. He says it is three times as expensive to run it on diesel than
what he pays to the local power transmission authority.

 

"This erodes my competitiveness, cuts into my profits. It's a complete mess,
and is very frustrating," Mr Mall says.

 

"These are the worst power cuts I have faced in over a decade."

 

Beginning in April, power cuts and outages have rippled across India,
slowing factories, closing schools, and sparking demonstrations. Two in
three households said they were facing power outages, according to more than
21,000 people in 322 districts surveyed by LocalCircles, a polling agency.
One in three households reported outages of two hours or more each day.

 

At least nine states, including Haryana, where Mr Mall's factory is located,
are suffering from prolonged outages. The main reason why electricity is in
such short supply is a shortage of coal.

 

India is the world's second-largest producer and consumer of coal. The
fossil fuel keeps the country's lights on: three-quarters of the electricity
produced uses coal. India sits atop the world's third-highest reserves of
coal and boasts of the world's largest coal mining company but per person
consumption is still modest.

 

Why India can't live without coal

India imports a little under a quarter of its consumption: much of it is
coking coal which is used in blast furnaces for making steel and is not
available domestically. Yet there are perpetual shortages.

 

Last October, India teetered on the brink of a power crisis when stocks at
more than half of the country's 135 coal-fired plants ran critically low, or
below 25% of normal levels. Now coal stocks are said to be critically low in
108 of its 173 power plants. The war in Ukraine means global prices of coal
and natural gas have soared, making imports unaffordable.

 

"This crisis is worse than what it was last year as the demand is actually
high. A perfect storm has built up now, and there are many reasons to
blame," says Rahul Tongia, a senior fellow with the Centre for Social and
Economic Progress (CSEP), a Delhi-based think tank.

 

An earlier-than-expected searing heatwave - average temperatures in April in
northern and central India were the highest in more than 120 years - has
pushed demand for electricity to record levels. This came on top of an
uptick in demand following the reopening of the economy after two years of
pandemic lockdowns.

 

Also, India's railways were again carrying more passenger traffic on shared
tracks with freight, leading to fewer wagons hauling coal across the
country.

 

India says coal will be mainstay in leaked report

"It is not that India is running out of coal in an absolute sense. We are
essentially facing a stockpile problem, and it is not new. We have a system
designed around managing scarcity and linkages. It's not designed for
efficiency, nor for proper risk allocation," says Mr Tongia.

 

Demand for electricity is seasonal, and building a stockpile costs more
money and is time-consuming, experts say. India has traditionally reinforced
supplies by importing coal. "One cannot easily fix under stock-piling over
months with over-supply," says Mr Tongia.

 

The government says it is doing all it can do to ensure supplies. Coal
India, the world's largest coal miner, has increased production by 12%,
"strengthening India's energy security", according to the federal coal
ministry. It also despatched 49.7 million metric tonnes of coal to the power
generating companies in April, a 15% rise over the same month last year. The
railways have cancelled more than a thousand passenger trains to transport
more coal to fuel-starved plants.

 

Coal generates ample revenues for the federal and state governments. But the
"dysfunctional" relationship between coal and electricity in India doesn't
help matters, according to Daljit Singh, an energy expert at CSEP. India's
power plants procure coal "through multiple channels with a bewildering
array of pricing regimes", he says.

 

The price that a plant pays for the same coal at the same location could
vary, depending on whether the plant is owned privately or by the
government, the date when it was commissioned and the existence of "power
purchase agreements" with a large number of electricity distribution
companies, many of which are groaning under debt.

 

"The approach is tilted in favour of power plants owned by the governments,"
he says.

 

Wind and solar now supply 10% of world electricity

The railways, which is India's largest employer, over-charges on ferrying
coal - the largest commodity it hauls - to keep passenger fares down. This
is just one example, says Mr Tongia, "of numerous distortions that create
winners and losers in the coal ecosystem, making change much harder than
what it would be based solely on the fundamentals".

 

India has promised to increase renewable-energy capacity to 450 gigawatts by
2030 to help wean itself off the dependence on coal. "But the rise of
renewables hasn't been sufficient to end the growth of coal. India's
priority should be to clean up its coal instead of wishing it away, says Mr
Tongia. Yet, India's coal is high in ash - about 35% or more - which makes
it very polluting. Coal emissions, according to Greenpeace, kill more than
100,000 Indians every year.

 

Back in Faridabad, Mr Mall says he has never seen a single day of
uninterrupted power supply ever since his small factory began operations 27
years ago. But the ongoing blackouts has left him completely exhausted.

 

"This is no way to do business. After the jobs we generate and taxes we pay,
this is what we get?"-BBC

 

 

 

EasyJet to take out seats so it can fly with fewer crew

EasyJet plans to remove seats on some of its planes this summer, so that it
can operate flights with fewer cabin crew.

 

The airline is battling staff shortages as it attempts to return to
pre-pandemic levels of service.

 

By taking out the back row of seating on its A319 fleet, EasyJet said it
will be able to fly with three cabin crew instead of four.

 

That would limit numbers on board to a maximum 150 passengers.

 

EasyJet said it was an effective way of operating the fleet while "building
additional resilience and flexibility" into the airline's operations.

 

Flights would still meet Civil Aviation Authority (CAA) regulations on the
required number of cabin crew, which is based on the number of physical
seats, rather than passengers on board.

 

 

Airlines and airports in the UK have been struggling with staff shortages
since Easter, as demand for travel has taken off again, following the
removal of all remaining UK Covid travel restrictions.

 

EasyJet and BA were forced to cut hundreds of flights last month as levels
of the virus surged, keeping staff off work, and making it hard to maintain
full schedules.

 

Many airlines, including EasyJet, are hiring new cabin crew to replace staff
made redundant during the pandemic. But experts are predicting staffing
difficulties will continue for up to 12 months.

 

In the meantime EasyJet said the scheme to limit passenger numbers on the
A319 will allow the airline to operate with more certainty. The change in
capacity was very small as a proportion of overall summer season passenger
numbers, it added.

 

EasyJet said it had looked at a range of measures to strengthen its
operational resilience. As well as the scheme to remove seats the company
will also put more resources into processing the accreditation of new staff.

 

EasyJet said it expects to be "near" 2019 levels of flying this summer.
Pre-pandemic EasyJet flew almost 300,000 passengers every day during peak
season.

 

Julia Lo Bue-Said from the Advantage Travel Partnership, UK's largest
independent travel agent group, said the "dire labour shortage" in the
sector was one of many factors affecting the travel industry following two
years of disruption.

 

She said it was a "travesty" that that EasyJet was now in a situation where
it was stripping out seats to meet crew ratios.

 

"This only exacerbates the issue of meeting consumer demand to travel," she
said.

 

EasyJet said the last six seats are typically booked in the final days
before departure, so selling a maximum of 150 tickets would not affect
customers planning summer travel.

 

During the Easter travel peak passengers faced long queues at airports.
Severe disruption at Manchester Airport led to the resignation of its
managing director, Karen Smart.

 

Delays to obtaining security clearance for new airline staff meant recruits
couldn't begin training. Transport secretary Grant Shapps recently told
parliament's Transport Committee that the government will allow airports to
begin training staff without security clearance.-BBC

 

 

 

 

Cost of living: Rise in Britons saying they skip meals or go hungry

More people in the UK are struggling to afford to eat every day as food
prices rise, according to research by charity the Food Foundation.

 

Around one in seven adults live in homes where people have skipped meals,
reduced meal sizes or gone hungry, an online survey suggested.

 

Food has become more expensive as producers push their rising energy costs
on to consumers.

 

Prices are rising by 7% a year in the UK - the highest rate for 30 years.

 

The Bank of England has warned inflation might reach 10% within months, as
the rising prices of fuel and food put pressure on household budgets.

 

The Food Foundation also said that people had increasingly opted to take
more cold food from food banks because of fears that cooking items would
increase their energy costs.

 

The research by YouGov saw 10,674 adults surveyed online between April 22
and 29.

 

It found the number of people struggling to buy food has risen by 57% in
three months.

 

Nearly 14% of survey respondents said they or someone in their household had
eaten smaller meals or skipped meals because they were not able to afford it
during the past month. This was up from 8.8% of the survey respondents in
January.

 

Anna Taylor, executive director of the Food Foundation said the situation is
"rapidly turning from an economic crisis to a health crisis" which food
banks should not "possibly be expected to solve".

 

"The government needs to realise the boat is sinking for many families and
it needs to be fixed. Bailing out with emergency food parcels is not going
to work," she added.

 

A government spokesman said: "We recognise the pressures on the cost of
living and we are doing what we can to help, including spending £22bn across
the next financial year to support people with energy bills and cut fuel
duty.

 

"For the hardest hit, we're putting an average of £1,000 more per year into
the pockets of working families on Universal Credit, have also boosted the
minimum wage by more than £1,000 a year for full-time workers and our
Household Support Fund is there to help with the cost of everyday
essentials."

 

Shadow work and pensions secretary Jonathan Ashworth said: "These are
devastating findings that reveal the acute levels of hunger impacting
families and children nationwide caused by the Conservative cost-of-living
crisis."

 

Prof Sir Michael Marmot, director of the UCL Institute of Health Equity,
said the survey's findings suggest society is "failing in a fundamental
way".

 

"These figures on food insecurity are all the more chilling because the
problem is solvable. But, far from being solved, it is getting worse," he
added.-BBC

 

 

 

Families face debt squeeze as prices keep rising

A resurgence in cases of people unable to cover their debt repayments is
expected, a charity has warned, as the cost of living hits family budgets.

 

Debt advisers are urging people who are struggling with existing debts to
come to fresh arrangements on how much to repay each month.

 

Doing so made the basics affordable again, one dad told the BBC.

 

Prices are rising at the fastest rate for 30 years, creating fresh strain on
people's finances.

 

'Dramatic increases'

Many thousands of people are on debt management plans (DMPs), often when
they owe money to a host of companies which they cannot afford to repay
under the original agreement.

 

Creditors are offered a lower, but regular, payment which is made each
month. This is designed to fend off the likelihood of a default and, in
return, lenders tend to freeze interest or any further charges.

 

Prices, as measured by inflation, are currently rising at a rapid rate - the
fastest since 1992. This means some people who were previously keeping to
their DMP repayments are now finding it a lot more difficult. Rising
domestic gas and electricity bills, and accelerating price rises, are likely
to add to the strain.

 

Sue Anderson, from debt charity StepChange, which negotiates DMPs, said:
"Through the Covid pandemic we saw an increase in the number of clients who
were temporarily unable to continue to meet their planned payments on
managed debt solutions, and now it looks as if we are going to see a
resurgence of this as a result of dramatic increases in the cost of living."

 

Among the charity's clients, nearly twice as many said in March that the
rising cost of living was a key reason for getting into debt compared with
six months earlier.

 

It was the third most likely reason given, behind a lack of control over
finances and unemployment or redundancy.

 

When Andy Barwell spoke to BBC News in December, the father-of-two said
urged others to learn from his example that you cannot "live a champagne
life on a lemonade budget".

 

Debts had taken him to the brink, but he had got his life back on track.
Now, six months later, he said even he needed to act as energy bills and
rent had become more expensive.

 

"Everything just seems to be a bit tighter now. For now, all treats have had
to stop, not that there was many before.

 

"I have contacted [Stepchange] and amended my repayments to something more
affordable. Granted, this means my debt will take longer to pay off but at
least I can still afford the basics and also know that my debts are being
paid too, and that no interest or added costs are piling back up on top."

 

'Get help early'

Sara Williams, who writes the Debt Camel blog - which has covered this
issue, said that signs of difficulty needed to be addressed early.

 

She said the prospect of further price rises meant that anyone finding it
hard now should ask how they would get through the next three months or
more.

 

Among the tell-tale signs, she said, was when people reached for a credit
card as the only way to pay for fuel in the car.

 

"If you are struggling now, then ask for a reduction, but be realistic," she
said.

 

She added that creditors would not want requests to be commonplace, and
borrowers could always increase repayments when the situation improved.-BBC

 

 

Travel limits on international music tours to be eased

UK hauliers working on music concerts, sporting and cultural events will be
able to make unlimited international trips under new rules.

 

Since Brexit, British specialist hauliers have been limited to three EU
stops per tour, the government said.

 

But from late summer they will be able to move freely between the UK, the EU
and other countries, it said.

 

The change has been cautiously welcomed by industry experts but they said it
did not solve the problem for everyone.

 

Wob Roberts, production manager for Duran Duran and Sam Smith, told the BBC
the move was good news for UK and European tours but did not help smaller
UK-based operations which do not have another base overseas.

 

Why touring in EU is problematic for British bands

UK stars urge action over post-Brexit touring

New dual registration laws will apply to haulage companies with a base in
the UK and another abroad, the Department for Transport said.

 

It means they will be able to transfer their vehicle between both operator
licences without the need to change vehicles or have their journeys limited.

 

They will also not have to pay Vehicle Excise Duty (VED) in the UK for six
months.

 

The new rules will apply to travel not just to the EU, but also to other
countries.

 

Mr Roberts told the BBC: "After Brexit, cabotage rules kicked in meaning UK
hauliers could only make two drops, or three if they jumped through some
more hoops.

 

"So what the bigger companies did, at great cost to themselves, was to open
a new branch in Europe with European registered trucks and European licensed
drivers.

 

"But that meant these vehicles and drivers could only make two or three
drops in the UK. These new rules mean there's no limit on drops for UK
vehicles in Europe and also European registered vehicles in the UK.

 

"This will help UK-based tours keep going. But the problem is the smaller
operations that couldn't afford to set up a European arm are still going to
be facing the same issues."

 

'Important progress'

Industry group UK Music said the rule change was "important progress for UK
musicians and crew looking to tour the EU".

 

But chief executive Jamie Njoku-Goodwin told the BBC there were still issues
around the transport of goods or passengers.

 

He said UK Music would continue to work with the government to resolve this
as it is "vital that UK musicians and crew can tour and work freely in the
EU".

 

Transport Secretary Grant Shapps said dual registration meant "touring
events can take place seamlessly across Great Britain, the EU and
beyond".-BBC

 

 

 

Facebook accused of deliberately disrupting Australia emergency services

Facebook deliberately used an over-zealous blocking system that took down
the pages of Australian emergency services last year as a negotiating
tactic, whistleblowers claim.

 

The social network moved to block all news outlets in Australia over a row
about paying news providers.

 

But fire services and state health services were also blocked, during fire
season and Australia's vaccine rollout.

 

Facebook says blocking other pages had been an honest mistake.

 

Former employees, backed by the Whistleblower Aid charity, say the company
intentionally "over-blocked" Australian pages at a critical time to gain
leverage over the Australian government.

 

"It was clear this was not us complying with the law, but a hit on civic
institutions and emergency services in Australia," one employee who worked
on the project said, in submissions to Australian and US authorities and
reported first by The Wall Street Journal.

 

 

A 'crude' algorithm

The high-profile row kicked off in February last year, when lawmakers were
in the middle of voting on a landmark bill that would have forced social
networks to pay news organisations for the content they used on their
platforms.

 

The day after the first vote, Facebook took down all news pages in Australia
- and many that had nothing to do with news.

 

Within days, the government struck a deal with the tech giant and the ban
was lifted.

 

Documents provided by whistleblowers to the Wall Street Journal reportedly
show the company did not use its long-standing database of news
organisations, but instead built a new "crude" algorithm that would label
any page that shared 60% news content as a news provider.

 

Internal planning documents also allegedly showed that the takedown was
pre-planned to be ready before an appeals process for errors - something
that whistleblowers said was not a normal process.

 

Employees raised concerns on internal messages, the documents show -
worrying about "the damage this is doing to Facebook's reputation" and
urging a "proactive" fix.

 

In response to another post on employee concerns, a product manager wrote:
"guidance from the policy and legal team has been to be over-inclusive and
refine as we get more information."

 

The WSJ's documents also suggest that Facebook was making an effort to
exclude government pages, and pages had their ban reversed within days.

 

After Australian officials agreed to change the law to effectively exempt
Facebook from being forced to negotiate with individual publishers, the
company's top officials congratulated staff, the WSJ reported.

 

Founder Mark Zuckerberg said it was "the best possible outcome in
Australia", while senior executive Sheryl Sandberg praised the "precision of
execution".

 

Facebook parent company Meta denies the substance of the whistleblowers'
claims.

 

"The documents in question clearly show that we intended to exempt
Australian government pages from restrictions in an effort to minimize the
impact of this misguided and harmful legislation," a statement read.

 

"When we were unable to do so as intended due to a technical error, we
apologized and worked to correct it. Any suggestion to the contrary is
categorically and obviously false."

 

Whistleblower Aid's chief executive, Libby Liu, said that Facebook has
"enormous power" over information.

 

In this case, they used that power in a way that threatened public safety
during fire season and in the midst of a global pandemic," she said.

 

A partnership between Whistleblower Aid and The Wall Street Journal was also
behind the revelations of Frances Haugen, a whistleblower who provided
internal Facebook documents on a wide array of issues last year which saw
Facebook - and Ms Haugen - quizzed by regulators and politicians
worldwide.-BBC

 

 

 

US job creation beats forecasts despite headwinds

Hiring in the US remained strong in April despite concerns that fast rising
prices and other economic disruption could lead to slowdown.

 

Employers added 428,000 jobs, while the unemployment rate held steady at
3.6%, the Labor Department said.

 

The gains were bigger than expected, marking the 16th month of expansion.

 

The growth is likely to bolster views at the US central bank that the
economy is well positioned as it starts to raise rates to try to curb
inflation.

 

"It keeps them on track," said Kathy Bostjancic, chief US economist at
Oxford Economics.

 

The US economy has recovered more quickly than many expected after shutdowns
in the early months of the pandemic wiped out 22 million jobs.

 

Across the economy, businesses have struggled to find workers to meet
demand, pushing them to raise wages at the fastest pace in years. Average
hourly pay was up 5.5% year-on-year in April.

 

Wesley Davis, a 35-year-old project manager in the tech field in Colorado,
said it took him just three and a half weeks to find a new job after he
started to look earlier this year.

 

More than a hundred messages from recruiters poured in after he updated his
professional profile online to signal he was looking for work. And he said
companies didn't balk when he presented his salary requirements - and warned
he was only interested in jobs offering the ability to work from home.

 

Ultimately, he said, he managed to nearly double his pay.

 

Wesley said the pandemic had shifted conditions for workers, creating more
opportunities by expanding remote positions and spurring people to quit jobs
at historically high rates in what has become known as the Great
Resignation.

 

"Anyone who's experienced, I'm encouraging to look for work because
compensation offers for experienced professionals are drastically high
compared to where they were," he said.

 

Wages have not, however, risen as fast as other costs. Inflation in the US
jumped 8.5% in March, driven by climbing prices for energy, food and other
products.

 

On Wednesday, the US central bank announced its biggest interest rate
increase in more than two decades to try to rein in the increases, lifting
its benchmark interest rate by half a percentage point, to a range of 0.75%
to 1%.

 

Raising rates typically cools demand by making borrowing more expensive,
helping to ease price appreciation.

 

But with central banks around the world making similar moves, analysts are
worried the shift in policy may lead to a sharper slowdown, especially as
the war in Ukraine and recent Covid shutdowns in China present new economic
challenges.

 

On Thursday, the Bank of England warned of a slowdown in the UK, saying it
expected consumers to cut spending as rising prices eat away at their
purchasing power.

 

In the US, Federal Reserve chairman Jerome Powell said the tight labour
market - in which openings outnumber available workers by nearly two to one
- was a sign there was room to reduce demand, without inducing a sharp
downturn.

 

He said wages were rising far more quickly than would be consistent with the
bank's 2% target for inflation.

 

Friday's report may deepen his concerns, Ms Bostjancic said, pointing to
figures that showed the number of people in the labour force - working or
looking for work - fell by more than 360,000, the first decline in months.

 

"The disappointing part was supply contracted," she said. "That's critical
because if there is going to be some kind of cap or tempering of wage
pressure, you need to see labour supply continue to come online."

 

However she and other analysts cautioned against reading too much into the
figure from just one month, saying they expected more people to return to
the workforce, as wages rise and health worries abate.

 

Restaurants, bars and manufacturers led hiring in April, which occurred
across all sectors of the economy.

 

"Labour market conditions remain robust," said Paul Ashworth, chief North
America economist for Capital Economics.

 

"Admittedly, we expect employment growth to slow this year, but fears of an
imminent recession, which have been amplified by the latest bout of weakness
in equities, are overblown."-BBC

 

 

 

South Africa: Operation Vulindlela Growing SA Economy

President Cyril Ramaphosa says the achievements by Operation Vulindlela
demonstrates the commitment of government to implementing reforms that are
necessary to inject growth into the economy and gain investor confidence.

 

The President said this in his weekly newsletter to the country as
government is today set to release an update report on the work of Operation
Vulindlela for the first quarter of 2022.

 

The report will outline the progress made by Operation Vulindlela and the
departments responsible for these reforms.

 

The President encouraged those who continue to raise concerns about the slow
pace of reform to read the latest report.

"What has been achieved by Operation Vulindlela and the respective
departments in a relatively short space of time should demonstrate the
commitment of government to implementing reforms that are necessary to
inject growth into our economy and inspire confidence in the business and
investor community," he said.

 

President Ramaphosa further called on business and investors to take
advantage of the changes that are underway and turn their pledges and
commitments into tangible, job creating investments.

 

"The reform agenda is moving and its momentum is unstoppable. Together, let
us build on this progress and translate economic reform into growth,
opportunity and employment," he said.

 

President Ramaphosa emphasised that the South African economy, like any
other economy, cannot function, let alone grow, without efficient and
competitive network industries.

 

 

He said that these industries which include electricity, water, transport
and telecommunications are the arteries through which the oxygen of the
economy runs.

 

The statesman said that structural problems in these areas have long been
cited as some of the main constraints on the country's economic growth
adding that inefficiency and the high cost of network services are an
impediment to doing business in the country.

 

To address and overcome these challenges, government set up Operation
Vulindlela in October 2020 as an initiative of the Presidency and National
Treasury to accelerate structural reforms in these network industries.

 

Reforms

 

While the responsible government departments and entities drive these
reforms, Operation Vulindlela monitors and identifies challenges and
blockages and where needed, it facilitates technical support to departments.

 

 

"Across government, our focus is on reforms that are fundamental and
transformative; that reshape the way our economy works.

 

"This includes the auction of high-demand spectrum for mobile
telecommunications, which was delayed for more than 10 years and finally
completed in March. The release of new spectrum will improve connectivity
and bring down broadband costs," the President said.

 

The President said that the establishment of the National Ports Authority as
a separate subsidiary of Transnet last year which has been delayed for more
than 15 years, was the necessary first step towards enabling private sector
participation and increasing the efficiency of our port terminals.

 

"We have also reinstated the Blue Drop, Green Drop and No Drop system for
the first time since 2014 to ensure better monitoring of water and
wastewater treatment quality. We have published an updated Critical Skills
List, also for the first time since 2014," he said.

 

He said that these are just some examples where, by focusing effort and
attention on a limited number of priority reforms, this administration has
been able to drive progress.

 

Through Operation Vulindlela, he said this administration have also been
able to take a more focused and holistic approach to reforms, ensuring
better coordination where multiple departments and entities are involved.

 

He said that the best example of this is in the energy sector, where a
number of important, interconnected reforms are underway to change the way
that the country generates and consumes electricity.

 

"Milestones include the raising of the licensing threshold for new
generation projects to 100MW, allowing these projects to connect to the grid
and sell power to customers. We have revived the Renewable Energy
Independent Power Producer Procurement Programme through the opening of new
bid windows," he said.

 

Changes to the regulations on new generation capacity have also allowed
municipalities to procure power independently for the first time.

 

The President said legislative reforms will ultimately give birth to a new
competitive electricity market, supported by the publication of the
Electricity Regulation Amendment Bill and the work underway to amend the
Electricity Pricing Policy.

 

"The process of unbundling Eskom is on track, with the entity meeting its
December 2021 deadline for the establishment of a National Transmission
Company. By December this year we hope to complete the unbundling of Eskom's
generation and distribution divisions."

 

He said that the quarterly report highlights a number of other important
achievements, as well as areas where intensive work is underway.

 

Water Sector

 

In the water sector, Operation Vulindlela has been providing technical
support to the Department of Water and Sanitation to implement a turnaround
plan for the granting of water use licences, with a target to process 80% of
all applications within 90 days.

 

He said work is also underway to establish a National Water Resources
Infrastructure Agency that will ensure better management of our national
water resources.

 

Transport sector

 

In the transport sector, he said inefficiencies in port and rail have
severely affected the country's ability to export goods.

 

"Work is underway to establish partnerships with private sector operators to
invest in port infrastructure and improve the management of container
terminals at the ports of Durban and Ngqura," he said.

 

The President said that the White Paper on National Rail Policy, which was
approved by Cabinet in March, outlines plans to revitalise rail
infrastructure and enables third-party access to the freight rail network.

 

He said that Transnet Freight Rail is already in the process of making slots
available for private rail operators on the network.

 

e-Visa system

 

A fully operational e-Visa system has been launched in 14 countries,
including some of the country's largest tourist markets.

 

"A comprehensive review of the work visa system is also underway to enable
us to attract the skills that our economy needs," he said.

 

The President said that these reforms have been made possible due to better
collaboration across government behind a shared reform agenda.

 

"Many of these reforms are complex, involving new ways of working and even
the establishment of new institutions. In some cases, it will take time for
us to see their full impact. Yet they are the only way to shift our economy
from stagnation to dynamism," he said.-SAnews.gov.za.

 

 

 

South Africa: Do Not Pay to Jump the Queue

With the new round of applications for the R350 Social Relief of Distress
(SRD) grant being opened, the South African Post Office (Sapo) has urged
applicants not to pay bribes to self-appointed queue marshals outside its
branches to be taken to the front of the queue.

 

"The post office advises beneficiaries not to consider paying such bribes.
Paying or soliciting a bribe constitutes criminal activity," Sapo said on
Monday.

 

The Sapo has urged applicants to use the option that allows beneficiaries to
collect their grant at any Pick n Pay, Boxer, Shoprite, Checkers or USave
supermarket.

 

This option is available on https://srd.sassa.gov.za and the South African
Social Security Agency (SASSA) can be contacted at 0800 601 011.

 

"Any individual who used his or her phone to apply only for their own grant
and chooses the post office as a collection point, can indicate when they
apply that they would like to withdraw their grant from any Pick n Pay,
Boxer, Checkers, Shoprite or Usave supermarket.

 

"Beneficiaries who share a cell phone to apply for the grant can only
collect the grant from a post office branch. Customers who receive the R350
COVID relief grant often visit the post office to check whether there is any
money for them. This is not necessary, they can check online by clicking on
https://srd.sassa.gov.za/sc19/status," Sapo said.

 

The post offices has two separate queues, one for customers who receive the
COVID-19 grant and one for other transactions.

 

This ensures the shortest possible waiting time for all customers.-
SAnews.gov.za.

 

 

 

Ghana: Transport Fares Go Up 20 Percent ... Due to Rise in Fuel Prices,
Spare Parts

Commercial transport operators across the country, over the weekend,
adjusted transport fares upwards by 20 per cent.

 

This followed an earlier announcement by the Ghana Private Road Transport
Union (GPRTU) to authorise the operators to review transport fares upwards.

 

Some passengers the Ghanaian Times interviewed yesterday reported of about
20 per cent increment in fares.

 

Kojo Manu, one of the passengers said, Teiman to Kaneshie, which was
initially GH¢7 was now GH¢9 while Teiman to Circle was presently GH¢8.50
from GH¢6.

Another passenger, who gave his name as Lawrence noted that the fare for
Madina to Circle which was GH¢5 was now GH¢6.50 while Teiman to Abokobi
increased from GH¢1.70p to GH¢2.50p.

 

Similar reports were gathered from some passengers who plied the
Circle-Kasoa route and the Accra-Nungua stretch.

 

Some operators on the Circle-Spintex, Accra-Nsawam and TemaAfienya to Accra
were yet to increase their fares.

 

Confirming the development, General Secretary of GPRTU, GodfredAblubire said
the increment had become necessary due to rising fuel prices as well as that
of other key components including spare parts and lubricants.

 

He explained that the operators have been hard hit by the recent increase in
fuel price from GH¢10.80p at the pump to GH¢11.40p.

 

He noted that the Union was compelled to implement the fare adjustment after
several attempts by the Union to meet other stakeholders including the
Ministry of Transport to reach a consensus on the matter failed.

"We had earlier agreed with government in March that should fuel prices
increase again by 10 per cent or upwards, there will be a corresponding
increase in transport fares.

 

But when it happened in March and the first week of May, all our attempts to
activate that agreement have not been fruitful. So we proceeded to ask our
members to review their fares by 20 per cent," MrAblubire added.

 

He said transport operators risk collapsing their business if the increase
in fares was not immediately implemented.

 

"We are now seeing an increase in prices of spare parts and other lubricants
as well petroleum product, which is the major component of what we use to
run our business. We are on the brink of going out of business if we do not
address the situation now," he added.

 

Earlier, the General Secretary said the Union appealed to government to
remove taxes on petroleum products but were told that the country could not
afford to lose GH¢4 billion in revenue.

 

He noted that the members of the Union could not wait any longer since the
situation was negatively impacting their business, hence the authorisation
to implement the fare hike.

 

MrAblubire said although the Union was aware of the current economic
challenges, the increment was necessary to save the transport business from
imminent collapse and asked the traveling public to cooperate with them.

 

Meanwhile, the Ghana Road Transport Coordinating Council (GRTCC) had
indicated that it was yet to engage the GPRTU or any group on any matter
regarding increase in transport fares.

 

General Secretary of GRTCC, Emmanuel Ohene Yeboah stated that the Council
was not aware of any proposal by the GPRTU to increase transport fares by 20
per cent.

 

He explained that the usual convention had been for the Union to meet with
the GRTCC and the Transport Ministry before any upward adjustment in
transport fares was announced.-Ghanaian Times.

 

 

 

Kenya: Specialized Teas Poised to Improve Farmer's Earnings in Kenya

Kiambu — Kenya has the highest productivity (production per ha) of tea,
number 3 globally after China and India and is the leading exporter of high
quality black Crush Tear and Curl (CTC) teas.

 

The government has now moved after the success and has been encouraging
farmers and producers to diversify and embrace other specialty teas that
would not only enhance their incomes but also cut on overreliance of the
black tea whose prices were relatively low compared to the orthodox teas

 

The diverse specialty tea lines of purple, green, yellow and white teas have
the potential to transform livelihoods and also stimulate competition among
producers.

Speaking during a media tour of various Tea farms and Factories, Institute
Director, Tea Research Institute (TRI) Samson Kamunya said for
sustainability, Kenya has to invest in diversification and value addition on
novel tea products like Green, purple, black, oolong othordox and white
teas.

 

He added that consumers of tea also needed to be encouraged to try the
specialty teas for the betterment of their health as the teas have very
strong anti-inflammatory effects.

 

For example, purple tea contains an anthocyanin chemical which has many
medicinal properties and is particularly known to be beneficial against
cardiovascular diseases.

 

The anti-oxidants found in purple tea are known to provide anti-cancer
benefits, improve vision and aid in cholesterol and blood sugar metabolism.

The government reforms through the Tea Board Directorate requires factories
to value add on at least 20 percent of their teas before they are released
to the market.

 

Technical Advisory Services officer from the Tea Board of Kenya James Marete
said that the board has been encouraging producers to adopt specialty teas
production system that would give them high value product and that can fetch
more in world market.

 

Our current price for CTC black tea is around 2.5 dollar per 1kg while the
specialty teas such as purple tea are fetching up to 10 dollars per kg.

 

"This is a developing market for Kenya. Specialty teas are of high value and
since 2016 we have been encouraging farmers to adopt this technology and tap
in the world market," he said adding that there was a big market in Europe
and America and some extent china.

 

Marete noted that specialty is about value and therefore it should be able
to give better returns to growers but at the same time, if the middle class
were to adopt consumption of specialty teas, it would bring about
development of the tea business in the country.

Betty Langat, a director of a few family owned cottage industry in the
country, Ernestea, and who are concentrating on specialty teas said they had
to undergo a long journey in learning about the orthodox teas, in terms of
taste, and how to make it.

 

"We found it very authentic tea which is gently rolled out and not cut so
that the enyzymes are not affected and one is able to get the full flavour
and the benefits of the tea," she added.

 

Ms Langat however explained that the biggest challenge they have is to get
drinkers locally noting that if more and more Kenyans understood the
benefits of orthodox teas, Kenya would be able to market it and sell it
abroad.

 

Currently Kenyans only consume 7 percent of its produced tea with annual
consumption per capita at 500grams compared to 2kgs per individual yearly in
order countries.

 

Langat noted that the orthodox tea, as a product for the international
market, there is a need for people to understand the health benefits of tea
such as reducing blood pressure, reducing weight and emphasizing the health
benefits of tea and drinking it authentically without milk or sugar.

 

Bernard Ruto, a farmer from Kericho who supplies his tea to Ernestea factory
said quality is needed in the tea he provides and he has realized that
plucking tea in rounds has its benefits.

 

"I pluck my tea three times a month and I have seen high productivity
compared to the ones for black CTC variety that I take in other factories.
Managing the orthodox tea is also one of the easiest and the returns are
huge," he said.

 

He explained that Earnestea has been paying farmers Sh28 per kilos of the
two leaves and a bud which is the highest compared to any other company. "I
have 2000 tea bushes which gives me around 500kgs per month," said Langat.

 

The current figures by the TRI show that currently, the hectares under tea
is 163,310 for small holder farmers while Estates are at 106,310 bringing a
total of 269,430 hectares.

 

According to FAO, the solution for tea growth is to fast-track action on
formulated strategies towards tea products diversification and value
addition but this however will need to be guided by tea research generated
information and knowledge for success to be realized.

 

FAO statistics indicate that the growth rate for green and specialty tea
production segment from 2011 to 2022 is estimated at 7.2 percent with green
tea exports to grow by 5.8 percent per annum

 

FAO intimates that if tea earnings account for over 60 percent of Kenya's
food import bill, then reduced earnings when it comes to tea could spell
doom on food security, a major item in the governments Big4 agenda. -
Kna/Capital FM.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 233707 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 36376 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65568 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220509/2a49d1e6/attachment-0001.obj>