Major International Business Headlines Brief::: 04 November 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::: 04 November 2022 

 


 

 


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

 


 

 


 

ü  Twitter to make job cuts after Elon Musk takeover

ü  Bank of England expects UK to fall into longest ever recession

ü  Germany China: Why Scholz's trip looks out of step for EU

ü  Sizewell new nuclear plant under review

ü  Glencore ordered to pay millions over Africa oil bribes

ü  India gambles on building a leading drone industry

ü  Will people sign up for Netflix's cheaper ad service?

ü  Bank of England: Five things we now know about the UK economy

ü  TikTok says staff in China can access UK and EU user data

ü  Twitter to lose magic with blue tick fee, says ex exec

ü  Avanti West Coast: Rail boss apologises for recent disruption

ü  Money-off energy scheme launches to avoid blackouts

ü  Mortgages: What happens if I miss a payment?

ü  South Africa: Public Servants Given Go-Ahead to Strike - South African News Briefs - November 4, 2022

ü  Nigeria's Currency At Record Lows As Citizens React to Government's Redesign Plan

ü  Mozambique: Negotiations to Avert Medical Doctor's Strike End in Deadlock

ü  Seychelles: Electric Public Buses to Be First Step Towards Full Electric Mobility in Seychelles

 


 <mailto:info at bulls.co.zw> 

 


 

Twitter to make job cuts after Elon Musk takeover

Twitter says it will inform its staff on Friday about whether they will be laid off following the firm's takeover by Elon Musk.

 

In an internal email, the social media company said the cuts are "an effort to place Twitter on a healthy path".

 

The firm added that its offices would be temporarily closed and badge access would be suspended.

 

The multi-billionaire will be Twitter's chief executive after buying the firm last week in a $44bn (£39.3bn) deal.

 

Elon Musk says $8 monthly fee for Twitter blue tick

Will Donald Trump go back on to Twitter?

"We will go through the difficult process of reducing our global workforce on Friday," Twitter said in the email.

 

"We recognise this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company's success moving forward," it added.

 

The company said office access would be immediately limited "to help ensure the safety of each employee as well as Twitter systems and customer data".

 

All staff are set to receive an email with the subject "Your Role at Twitter" by 09:00 Pacific time (16:00 GMT) on Friday.

 

Workers who are not affected will be notified through their company email, according to Twitter.

 

Meanwhile, those who are affected will be told of the "next steps" through their personal accounts.

 

"Given the nature of our distributed workforce and our desire to inform impacted individuals as quickly as possible, communications for this process will take place via email," Twitter said.

 

"Exodus of talent"

There is speculation that as many as half of Twitter's 8,000 jobs are on the chopping block.

 

The platform struggles to make a profit. One way to fix the problem is by making a dent in the wage bill.

 

Simon Balmain, a senior community manager for Twitter in the UK, told the BBC that he believed he has been laid off, because he was logged out of his work laptop and Slack messaging programme.

 

"Everyone got an email saying that there was going to be a large reduction in headcount, and then around an hour later, folks started getting their laptops remotely wiped and access to Slack and Gmail revoked," he said.

 

"Most UK folks are probably asleep and don't know yet. I was working mostly LA (Los Angeles) hours because of the projects I was on, so was still awake when it happened."

 

Another Twitter worker said he was anxiously waiting for an email to arrive, confirming whether he still had a job.

 

He said he would probably stay up late to wait for the message.

 

"The exodus of talent from this layoff will reshape the whole technology industry as we know it. We're all looking out for each other and the outreach of love and support has been incredible to see," Mr Balmain said.

 

Bloomberg, citing unnamed sources, suggested some senior staff were asked to make lists of employees to be cut on their teams.

 

Cryptocurrency platform Binance invested in Twitter as part of Mr Musk's takeover. Earlier, Changpeng Zhao, its chief executive, said that "a slimmer workforce would make more sense".

 

Mr Zhao, who was speaking at the Web Summit in Lisbon, also criticised the platform for having been slow to roll out new features, given its level of staffing.

 

Pay to verify

The cost-cutting follows criticism of Twitter's efforts to raise money by proposing to charge $8 (£7) a month for a "verified" blue check-mark.

 

In addition to the verification badge, those who pay could have their tweets promoted more widely and see fewer adverts.

 

Mr Musk has tweeted of his plan: "We need to pay the bills somehow."

 

Twitter has not made a profit in several years and its number of users has remained fairly static at about 300 million a month.

 

Many experts suggest that Mr Musk, the world's richest man, overpaid for the company, given current economic conditions and the depressed values of many tech stocks.

 

But Brandon Borrman, Twitter's former head of global communications, in a BBC interview, questioned how Twitter could justify asking people to pay in order to remain on an "equal playing field" with other users.

 

It is not clear how the cuts will affect the platform's operations. Mr Musk has a reputation for being ruthless when it comes to staff.

 

US media reports already speak of long hours spent by some staff to meet Mr Musk's demands in the aftermath of the takeover.

 

In May, Mr Musk said his work ethic expectations would be "extreme", but less than he demanded of himself.

 

Board axed

As part of the takeover agreement, nine members of Twitter's board departed the company, leaving self-styled "Chief Twit" Mr Musk as the sole director.

 

The move was seen as cementing Mr Musk's control over the company.

 

Among those leaving were chairman Bret Taylor and chief executive Parag Agrawal.

 

Other senior figures have also posted about leaving, or are reported to have left, including chief financial officer Ned Segal.

 

As senior figures left, US media reported that a number of Mr Musk's allies joined Twitter.-BBC

 

 

 

Bank of England expects UK to fall into longest ever recession

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.

 

It warned the UK would face a "very challenging" two-year slump with unemployment nearly doubling by 2025.

 

Bank boss Andrew Bailey warned of a "tough road ahead" for UK households, but said it had to act forcefully now or things "will be worse later on".

 

It lifted interest rates to 3% from 2.25%, the biggest jump since 1989.

 

By raising rates, the Bank is trying to bring down soaring prices as the cost of living rises at its fastest rate in 40 years.

 

Food and energy prices have jumped, in part because of the Ukraine war, which has left many households facing hardship and started to drag on the economy.

 

A recession is defined as when a country's economy shrinks for two three-month periods - or quarters - in a row.

 

Typically, companies make less money, pay falls and unemployment rises. This means the government receives less money in tax to use on public services such as health and education.

 

The Bank had previously expected the UK to fall into recession at the end of this year and said it would last for all next year.

 

But it now believes the economy already entered a "challenging" downturn this summer, which will continue next year and into the first half of 2024 - a possible general election year.

 

While it will not be the UK's deepest downturn, it will be the longest since records began in the 1920s, the Bank said.

 

The unemployment rate is currently at its lowest for 50 years, but it is expected to rise to nearly 6.5%.

 

The interest rate announcement is the first since former Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng unveiled their controversial mini-Budget in September.

 

Their plans for £45bn worth of unfunded tax cuts - much of which have been reversed - sent the value of the pound tumbling and sparked market turmoil, forcing the Bank of England to step in to restore calm.

 

Mr Bailey told the BBC he believed that the mini-budget had "damaged" the UK's standing internationally.

 

He said that at a recent International Monetary Fund gathering in Washington "it was very apparent to me that the UK's position and the UK's standing had been damaged".

 

That same week, Mr Kwarteng was sacked as Chancellor.

 

Bank of England unemployment outlook

Chancellor Jeremy Hunt said: "The most important thing the British government can do right now is to restore stability, sort out our public finances, and get debt falling so that interest rate rises are kept as low as possible."

 

But shadow chancellor Rachel Reeves said families could not withstand such high rate rises "when we've got rising food prices, rising energy bills and now higher mortgage rates as well".

 

The latest rate hike - the Bank's eighth since December - takes borrowing costs to their highest since 2008, when the UK banking system faced collapse.

 

The Bank believes by raising interest rates it will make it more expensive to borrow and encourage people not to spend money, easing the pressure on prices in the process.

 

But while its latest rate rise will be welcomed by savers, it will have a knock-on effect on those with mortgages, credit card debt and bank loans.

 

'I'm nervous about the loan on my van'

Stock image of a woman looking at a barn

IMAGE SOURCE,GETTY IMAGES

Michelle, 58, from East Riding in Yorkshire has a loan on a van and is nervous about rising interest rates.

 

"My disposable income has gone down dramatically recently and I earn more than the amount to get benefits," she told the BBC. "They need to help the middle earners."

 

Michelle needs the van to get to work as there's no public transport near her. But if her loan repayment costs rise she fears she'll have to give up the vehicle.

 

"I can work from home, but like most places my place of work wants us back in the office at least three days a week and I've had to have talks with them about how I can afford that.

 

"It's a 60-mile round trip, it's expensive."

 

Those with mortgages are also feeling nervous. The Bank forecasts that if interest rates continue to rise, those whose fixed rate deals are coming to an end could see their annual payments soar by up to £3,000.

 

It said that it would increase interest rates if inflation remained high. Financial markets had been expecting rates to peak at 5.25% but the Bank does not expect them to rise this high.

 

The Bank's rate decision comes before the government unveils its tax and spending plans under new Prime Minister Rishi Sunak at the Autumn Statement on 17 November.

 

On Thursday, the pound slumped 2% against the dollar and the cost of government borrowing rose in response to the Bank's warnings.

 

line

Analysis box by Faisal Islam, economics editor

The Bank has done something it doesn't normally do in the published minutes of its decisions - it has given guidance that seems to suggest a peak in interest rates of about 4.5% next autumn.

 

For those with a glass half-full - this is lower than the 6% assumed just a month ago in the post mini-budget market turmoil.

 

While government borrowing costs and the level of the pound has somewhat recovered after a series of U-turns since, mortgage markets and business loans are still showing some stress, adding to the prolonged hit to the economy.

 

The forecast predicts that the unemployment rate will rise, while household incomes will come down too.

 

It is a picture of a painful economic period, with the UK performing worse than the US and the Eurozone.

 

Indeed, what was forecast as a sharp energy recession just three months ago, is now a shallower, but more prolonged energy and mortgage shock.-BBC

 

 

Germany China: Why Scholz's trip looks out of step for EU

German Chancellor Olaf Scholz holds talks with Chinese President Xi Jinping on Friday, the first G7 leader to visit Beijing since the Covid-19 pandemic.

 

But his trip has sparked controversy in Germany and concern elsewhere in Europe.

 

It comes hard on the heels of the National Congress of the Chinese Communist Party.

 

President Xi used it to tighten his grip on power, packing his leadership team with allies.

 

An extraordinary and bitter row erupted recently at the very top of the German government, when it emerged a Chinese company was poised to buy a significant stake in a part of the port of Hamburg.

 

No fewer than six government ministers reacted furiously. The deal, they argued, would give China significant influence over critical German infrastructure. Germany's security services also urged caution.

 

But the German chancellor appeared insistent the deal should go ahead. He reportedly pushed through an agreement, albeit one that limited the size and influence of the 24.9% stake.

 

No-one is quite sure why he seemed so determined. A former mayor of Hamburg, Mr Scholz remains close to the city authorities who argued that the deal represented vital investment.

 

But plenty of other commentators suspect an ulterior motive; that Olaf Scholz did not want to turn up in Beijing without a "gift" for Xi Jinping.

 

That has raised both eyebrows and concerns.

 

As has the chancellor's decision to take with him a delegation of German business executives. That was standard practice for his predecessor, Angela Merkel, who pursued a policy of "Change through Trade", believing that economic ties could influence political relations with countries like China and Russia.

 

"The signal that's being sent is that we want to extend and intensify our economic co-operation - that must be questioned," says Felix Banazsak, a politician from the Green Party, a partner in Mr Scholz's coalition government.

 

The Greens have long sought a tougher line on China. Just a few days ago the party's foreign minister, Annalena Baerbock, sternly and publicly reminded him that his government came to power promising to readjust its China strategy.

 

Mr Banazsak says his country must learn from its previous dependence on Russian energy: "We must make ourselves as independent as possible from individual states, particularly if these are states which do not share our values."

 

But Olaf Scholz will be painfully aware of the complexity and depth of his country's ties with China, which remains Germany's largest trading partner, although Germany imports more than it exports.

 

More than a million German jobs depend on that relationship. Take as an example car giant Daimler, which sells more than a third of its vehicles in China.

 

A quality inspector makes the final inspection of a Daimler axle housing before packing it for export at the Daimler axle housing production plant in Qingdao, Shandong Province, China, January 20, 2022

 

 

In the first half of this year, German businesses invested more in China than ever before. Chemical company BASF has just opened a new plant in south China and expects to invest €10bn (£8.6bn; $9.9bn) in the site by the end of this decade.

 

On the eve of the visit, the head of the German Automotive Industry Association pointed to Germany's reliance on China for raw materials and warned that "de-coupling" would be an economic and geo-strategic mistake.

 

Her counterpart at the Association of Small and Medium Businesses also advised against a sudden change in course, saying "the advice can only be not to smash any Chinese porcelain now".

 

Chancellor Scholz will spend less than 12 hours in Beijing. His aim, he said ahead of his journey, was to find out how much co-operation was still possible - because "the world needs China" in the fight against the global pandemic and climate change.

 

"If China is changing, then our approach to China must change," he said.

 

Many in Berlin and beyond will be looking for evidence of that Mr Scholz's response to a shifting China may yet come to be the defining test of his chancellorship.

 

Germany is the EU's most powerful economy and arguably most influential member, so what it says and does matters.

 

I once suggested former Angela Merkel could be viewed at times like a European Donald Trump for the way she tended to put Germany first.

 

Wider EU concerns were ignored in favour of lucrative German energy and trade contracts with Russia and China. She demanded EU austerity measures for Mediterranean member states during the eurozone crisis to protect German taxpayers from incurring shared debt.

 

Olaf Scholz is Mrs Merkel's successor in far more than just name, in the minds of many EU leaders.

 

His massive aid package to help German businesses with high energy prices is viewed as giving them an unfair competitive advantage on the European single market.

 

And his trip to China, announced but not co-ordinated with others in the EU, has ruffled feathers Europe-wide. France's Emmanuel Macron recently warned Mr Scholz he risked becoming isolated.

 

As Europe, and Germany first and foremost, weans itself off its dependency on Russian gas, the question is this: Is Berlin, blinded by the prospect of business deals, binding itself too close to China?

 

French President Emmanuel Macron has been pushing for years for the EU to become less beholden to Beijing. Critics accused him of protectionism.

 

But after global supply-chain breakdowns during the Covid-19 pandemic, the "weaponisation" of energy imports/exports after Russia's invasion of Ukraine and Donald Trump's presidency, it became clear Europe should no longer rely so heavily on the US in terms of security.

 

With Mr Macron's insistence on the continent becoming more cohesive and self-reliant, diversifying its trade partners began to seem sensible to Brussels. Olaf Scholz is viewed as worryingly out of step.-BBC

 

 

 

 

Sizewell new nuclear plant under review

A new nuclear power plant in Suffolk is under review and could be delayed or even axed, as the government tries to cut spending, the BBC has been told.

 

Sizewell C was expected to provide up to 7% of the UK's total electricity needs, but critics have argued it will be expensive and take years to build.

 

A new high speed rail line in the north of England could also be axed.

 

"We are reviewing every major project - including Sizewell C," a government official told the BBC.

 

The government is due to unveil its tax and spending plans under new Prime Minister Rishi Sunak at the Autumn Statement on 17 November.

 

Negotiations on raising funds for Sizewell C are understood to be ongoing. It is not expected to begin generating electricity until the 2030s.

 

A Treasury spokesperson said delivering infrastructure projects was "a priority".

 

"HS2 is under way, within budget, and supporting 28,000 jobs, we are also seeking to approve at least one large-scale nuclear project in the next few years and aim to speed up the delivery of around 100 major infrastructure projects across the UK."

 

But the new Business Secretary Grant Shapps gave the clearest indication yet that recent commitments by former Prime Minister Liz Truss were very likely to be scaled back.

 

Mrs Truss had pledged to build a major rail scheme in northern England in full, with a high speed link eventually connecting Northern towns and cities from Hull to Liverpool, through Bradford.

 

But the plans for the rail line - known as Northern Powerhouse Rail - are now expected to be reduced.

 

"There wasn't really much point in going and blasting new tunnels through the Pennines… It's not true to say we're not delivering on what we said we would do on levelling up the north," he told the BBC.

 

Henri Murison, chief executive of the Northern Powerhouse Partnership lobby group said scaling back the rail line raised "serious questions" about the government's plans to boost growth.

 

"The North's woeful transport infrastructure continues to weigh down our economy and hold back private investment.

 

"This option saves little to nothing to Treasury coffers now. Northern Powerhouse Rail is still in early development stage meaning that the vast majority of the investment needed is well beyond the current spending review period."

 

What is Sizewell C and where will it be?

Last month, Mrs Truss and France's president Emmanuel Macron pledged "full support" for Sizewell C station on Suffolk's coast, which is set to be developed by French energy company EDF.

 

The government gave the go-ahead for the plant in July. EDF has said it could generate enough for about six million homes.

 

But there was confusion on Thursday as executives at the French energy contractor EDF - already building a new plant at Hinkley in Somerset - and the Business and Energy department seemed blindsided by a potential change in tack on existing government policy, which promises to press ahead with both large and smaller scale nuclear projects.

 

"As far we know, it's still on", said one nuclear industry executive close to the matter.

 

New large-scale nuclear plants have been a key part of a government strategy to help reduce the UK's reliance on fossil fuels. Boris Johnson whilst PM declared it was his intention to build eight new reactors in the next eight years.

 

A shift away from that position would represent a major change in UK energy policy that some will lament and some will celebrate.

 

But it would do little to convince investors in the UK - domestic and foreign - that they are dealing with a government with stable policy priorities.

 

While campaigning for the Conservative leadership in the summer, Mr Sunak pledged to uphold Mr Johnson's plan to build eight new reactors.

 

He also argued in favour of reforming licensing laws to allow the government to deliver more nuclear plants in a bid to achieve energy independence by 2045.-BBC

 

 

 

 

Glencore ordered to pay millions over Africa oil bribes

A UK subsidiary of mining giant Glencore has been ordered to pay more than £275m for bribing officials in African countries to get access to oil.

 

The company paid $26m (£23m) through agents and employees to officials of crude oil firms in Nigeria, Cameroon and Ivory Coast between 2011 and 2016.

 

Prosecutors said Glencore Energy UK employees and agents used private jets to transfer cash to pay the bribes.

 

Glencore Energy UK pleaded guilty to seven corruption offences in June.

 

It was ordered to pay a fine of £182.9m by Judge Peter Fraser at Southwark Crown Court, who also approved £93.5m to be confiscated from the company.

 

Along with five charges of bribery, the subsidiary admitted charges of failing to prevent agents from using bribes to secure oil contracts in Equatorial Guinea and South Sudan.

 

Judge Fraser said the offences Glencore had pleaded guilty to represented "corporate corruption on a widespread scale, deploying very substantial sums of money in bribes".

 

"The corruption is of extended duration, and took place across five separate countries in West Africa, but had its origins in the West Africa oil trading desk of the defendant in London. It was endemic amongst traders on that particular desk," he added.

 

Glencore, founded in 1974, is one of the largest multinational commodity trading and mining companies in the world.

 

Its subsidiaries operate in more than 35 countries, but Glencore's London office primarily dealt in oil, with one of its crude oil divisions responsible for West Africa.

 

Mining firm Glencore admits UK bribery charges

On Wednesday, the Serious Fraud Office told Southwark Crown Court that Glencore Energy UK paid - or failed to prevent the payment of - millions of dollars in bribes to officials in five African countries.

 

The bribery charges stated that the firm's aim was for officials to "perform their functions improperly, or reward them for so doing, by unduly favouring Glencore Energy UK in the allocation of crude oil cargoes, the dates crude oil would be lifted and the grades of crude oil allocated".

 

In 2018, the US Department of Justice (DoJ) launched an investigation into Glencore's compliance with US money-laundering and corruption laws dating back as far as 2007. It concerned the mining giant's operations in Nigeria, the Democratic Republic of Congo and Venezuela.

 

The UK's SFO followed suit in 2019, investigating one of Glencore's UK subsidiaries over "suspicions of bribery" in Africa.

 

The Serious Fraud Office previously said its investigation exposed "profit-driven bribery and corruption".

 

Clare Montgomery, representing Glencore, said: "The company unreservedly regrets the harm caused by these offences and recognises the harm caused, both at national and public levels in the African states concerned, as well as the damage caused to others."

 

Judge Fraser said in his sentencing remarks that Glencore "engaged in corporate reform and today appears to be a very different corporation than it was at the time of these offences".

 

Lisa Osofsky, director of the Serious Fraud Office, said the case was a the first time since the introduction of the Bribery Act 2010 "that a corporate has been convicted for the active authorisation of bribery, rather than purely a failure to prevent it".

 

"For years and across the globe, Glencore pursued profits to the detriment of national governments in some of the poorest countries in the world. The company's ruthless greed and criminality have been rightfully exposed," she added.

 

In May, the firm agreed to a $1.1bn (£900m) settlement in the US over a scheme to bribe officials in seven countries during the course of a decade.

 

It concerned the mining giant's operations in Nigeria, the Democratic Republic of Congo and Venezuela.-BBC

 

 

 

 

India gambles on building a leading drone industry

Newly qualified drone pilot Uddesh Pratim Nath is excited about the opportunities his new skills have opened up for him.

 

"Being certified has opened new avenues for me. I have been working with different industries like survey mapping, asset inspection, agriculture and many others," he says.

 

Drones come in all shapes and sizes. The smaller ones typically have three of four rotors and can carry something small like a camera. The biggest, usually used by the military, look more like aeroplanes and can carry substantial payloads.

 

Mr Nath, 23, had been designing drones, but decided that being certified to fly them would bring more job satisfaction and financial rewards.

 

A five-day course was enough to get him started, and he's now flight-testing drones that will be used for mapping.

 

Next he wants to master flying heavier and more complicated models.

 

Mr Nath is reaping the benefits of a big push by the Indian government into the drone industry.

 

In February this year India banned the import of drones, except for those needed by the military or for research and development.

 

The government wants to develop a home-grown industry that can design and assemble drones and make the components that go into their manufacture.

 

"Drones can be significant creators of employment and economic growth due to their versatility, and ease of use, especially in India's remote areas," says Amber Dubey, former joint secretary at the Ministry of Civil Aviation.

 

"Given its traditional strengths in innovation, information technology, frugal engineering and its huge domestic demand, India has the potential of becoming a global drone hub by 2030," he tells the BBC.

 

Over the next three years Mr Dubey sees as much as 50bn rupees (£550m; $630m) invested in the sector.

 

Neel Mehta is the co-founder of Asteria Aerospace, which has been building drones for 10 years. He welcomes the government's efforts to boost the sector.

 

It has allowed his company to expand beyond building drones for the defence sector and move into new areas.

 

"Drone companies now have a clear growth roadmap, large order books and promising future trajectory. In India, we now have drones being used in real-world, impactful large-scale applications, while being economically viable," says Mr Mehta.

 

Currently drones do all sorts of jobs in India. Police use them for monitoring the traffic and border security forces use them to search for smugglers and traffickers.

 

They are also increasingly common in the farming sector, where they are used to monitor the health of crops and spray them with fertiliser and pesticides.

 

However, despite the excitement and investment around India's drone industry, even those in the sector advise caution.

 

"India has set a goal of being a hub of drones by 2030, but I think we should be cautious because we at present don't not have an ecosystem and technology initiatives in place," says Rajiv Kumar Narang, from the Drone Federation of India.

 

He says the industry needs a robust regulator that can oversee safety and help develop an air traffic control system for drones.

 

That will be particularly important as the aircraft become larger, says Mr Narang.

 

"Initiatives have to come from the government. A single entity or a nodal ministry has to take this forward if we want to reach a goal of being the hub by 2030," he says.

 

India also lacks the network of firms needed to make all the components that go into making a drone.

 

At the moment many parts, including batteries, motors and flight controllers are imported. But the government is confident an incentive scheme will help boost domestic firms.

 

"The components industry will take two to three years to build, since it traditionally works on low margin and high volumes," says Mr Dubey.

 

A boy learns to fly a drone under the supervision of a professional drone operator at the "Bharat Drone Mahotsav 2022" drone show in New Delhi on May 27, 2022.

 

 

Despite those reservations, firms are confident there will be demand for drones and people to fly them.

 

Chirag Shara is the chief executive of Drone Destination, which has trained more than 800 pilots and instructors since the rules on drone use were first relaxed in August 2021.

 

He estimates that India will need up to 500,000 certified pilots over the next five years.

 

"With 5G around the corner, the drone technology will have the platform to unleash its full potential, especially for long-range, high-endurance operations," he says.

 

Some companies are already using autonomous drones that use artificial intelligence (AI) to get to their destinations. Could that eliminate the need for drone pilots in the future?

 

It's not something that concerns newly certified pilot Uddesh Nath.

 

"Drones will always require a pilot or someone remotely controlling and monitoring them. Different drones require different handling and AI is not yet that advanced.

 

"Even if it learns to control itself, we cannot teach the drone to react in every situation," he says.-BBC

 

 

Will people sign up for Netflix's cheaper ad service?

People settling in to their sofas for a bit of Netflix now have a new option - to pay less for their favourite shows but watch with adverts.

 

Netflix has launched its 'Basic with Ads' streaming plan in 12 countries - which it intends to expand over time.

 

It's a massive change for the tech giant, which pioneered the world of ad-free, subscription-based streaming.

 

But as rising costs and offerings from new rivals prompt audiences to quit, the company had to act.

 

In announcing the new service, Netflix said it was confident it now had a "price and plan for every fan".

 

It is charging £4.99 a month in the UK, and $6.99 in the US for the new plan - a roughly 30% discount to the firm's cheapest ad-free option.

 

So will people go for it?

 

Kaitlyn from South West London, told the BBC she had no plans to change.

 

The 33-year-old said she was lucky to be able to afford the cost of her subscription and thought the move Netflix was"a desperate bid to attract more people" that would end up hurting the brand.

 

"If they are going to be offering ads, it feels like less of a premium service that people will be happy to continue paying for," she said, adding that clogging shows and movies up with commercials would make Netflix "just another YouTube".

 

But streaming audiences are clearly getting restive.

 

Netflix: Why some viewers are unsubscribing and switching off

At Netflix, the number of subscribers fell by more than 1 million in the first half of the year, as the company pushed through its latest round of price hikes.

 

That's a tiny fraction of its roughly 220 million global accounts, and the company made up for those losses over the three months to September.

 

But a recent global survey by the Simon Kucher consultancy found that more than a third of streaming customers were likely to cancel a subscription with the next 12 months, especially in markets such as China, India and the US.

 

More than a quarter had already moved to cut one, with concerns about cost ranking as the single biggest driver.

 

With concerns about the cost of living rising, Netflix with ads has a chance of helping it hold on to its audience, said Dominic Sunnebo, global consumer insight director at Kantar World Panel, which has found that for many of the households in the UK, quitting Netflix means dropping out of streaming altogether.

 

"Netflix is making its move into ad supported streaming at exactly the right time and we expect uptake to be fast and significant, as consumers battle to take control over their expenses," he said.

 

Advert acceptance?

But analysts at Enders Analysis said they did not think many of the company's current viewers would find the savings worth switching for, nor was it likely to draw in large numbers of new subscribers.

 

"We find it bizarre that some have opined that there will be a material quantity of Netflix subscribers that will actively pursue ad-supported video to save a couple of pounds a month," the firm wrote in a recent note.

 

"This goes against Netflix's (extremely) effective conditioning of its subscription base to see advertising as the ultimate annoyance and expect nothing less than the cleanest and least intrusive video viewing experience possible—a strategy that has worked to the expense of every other competing and trailing service."

 

But while Netflix once distinguished itself by being commercial free, surveys by Kantar and others suggest that acceptance of adverts among audiences is growing.

 

Many of Netflix's competitors already combine streaming with adverts or have plans to. Disney, for example, is due to roll out an advert supported service in December in the US. That plan will start at $7.99 a month.

 

Netflix has said customers on its ad-supported plan will face an average of four to five minutes of adverts per hour.

 

"I wouldn't mind watching an advert if it meant it was cheaper," students Lottie and Frankie told the BBC.

 

For now, both aged 20, said they weren't directly concerned with the expense of Netflix, since they watch on family accounts.

 

With Netflix warning of plans to crack down on password sharing, they said the new option could be "good for students".

 

New audience?

Among non-subscribers, however, a survey in the US by DISQO found only 25% to 35% were interested in signing up for a service with ads.

 

Even if the audience is not large, it could still prove lucrative for Netflix.

 

There was a "flurry" of interest from advertisers after Netflix announced the service, though some brands became "more reticent" when they found out how much the advertising would cost, said Liz Duff, head of commercial and operations for Total Media, which buys advertising slots for big household name brands,

 

Others, however, were "very keen to get involved in the initial launch phase", she added.

 

Netflix could generate $830m from commercials next year and more than $1bn by 2024, according to estimates by Insider Intelligence.

 

But forecasting analyst Peter Newman cautioned that the new plan will draw most of its sign-ups from Netflix's existing audience, rather than expanding the pool of viewers.

 

"An ad-supported tier isn't going to reverse Netflix's fortunes overnight," he said.-BBC

 

 

 

Bank of England: Five things we now know about the UK economy

The Bank of England raised interest rates again on Thursday and has warned the UK is heading for its longest recession since the 1930s Great Depression.

 

Here are five things we learned from the central bank about the future of the economy.

 

1. UK set for two-year recession

The UK is facing its longest recession on record, with the Bank of England warning the country faces a "very challenging" two-year slump.

 

When a country is in recession, it's a sign that its economy is doing badly. A recession is when a country's economy shrinks for two three-month periods in a row.

 

This has been forecast in the UK for some time due to the prices of goods such as food, fuel and energy soaring, which is down to several factors, including the war in Ukraine.

 

Previously, the Bank had expected the UK to fall into recession at the end of this year and said it would last for all of next year.

 

But now it thinks the economy already entered a recession this summer, and predicts it will continue next year and into the first half of 2024.

 

2. Unemployment rate to nearly double

Typically when a country is in recession, companies make less money and the number of people unemployed rises.

 

Graduates and school leavers also find it harder to get their first job.

 

The unemployment rate in the UK is set to rise significantly over the next two years to 6.4%, the Bank predicts.

 

Currently, the jobless rate is at 3.5%, its lowest level since 1974, thanks to a jobs boom as the economy started to recover from the pandemic.

 

But experts were already warning that the tide might be starting to turn due to the number of job vacancies falling in recent months.

 

Bank of England unemployment outlook

3. Some mortgages could rise by £3,000 a year

Many homeowners will probably face higher mortgage repayments in the next two years, the Bank said.

 

Mortgage rates have been rising and those on fixed-rate deals, which make up about 80% of mortgages, will face an increase in repayments when their fix comes to an end.

 

Annual payments could soar by £3,000 in some cases, according to the Bank.

 

But with the latest hike in interest rates from the central bank widely expected, many lenders "priced in" the rise by raising their mortgage rates in advance.

 

According to Simon Gammon, managing partner at mortgage advisers Knight Frank Finance, most lenders are offering fixed rates of between 5.5% and 6%, so he says further rises would come as a surprise.

 

Those on tracker or variable rate mortgages will see their monthly payments go up with any future rate rises from the Bank of England.

 

Chart on how mortgage rates have risen this year

4. Inflation to slow down next year

The inflation rate is a measure of the increase in the price of something over time.

 

For example, if a loaf of bread costs £1 and it goes up to £1.05 a year later, then bread inflation is 5%.

 

Inflation hit 10.1% in September, is expected to peak at 11% this winter, before falling next year.

 

The Bank's target is to keep inflation at 2%.

 

Inflation chart

5. Interest rates won't go up as much as previously expected

The Bank of England puts up interest rates to try to control inflation. The idea is that people will be discouraged from borrowing and in turn have less money to spend, leading to prices rising more slowly.

 

With inflation expected to fall next year, the Bank does not expect interest rates to rise by as much as predicted.

 

November's interest rate rise takes the current rate to 3%.

 

What are interest rates? A quick guide

Further rises are on the way - so borrowing on credit cards, loans and mortgages will still get more expensive - but they won't hit the 5.25% that financial markets had predicted.

 

Analysts now think they could peak at around 4.75% next year.-BBC

 

 

 

TikTok says staff in China can access UK and EU user data

Chinese-owned video-sharing platform TikTok has told users that some of its workers in China have access to data of accounts in the UK and European Union.

 

The social media giant said the "privacy policy" was "based on a demonstrated need to do their job".

 

It has come under scrutiny from authorities around the world, including the UK and US, over concerns data could be passed to the Chinese government.

 

Earlier this week, a US official called for the app to be banned in America.

 

TikTok denies it could be used to track US citizens

'I've learned more on TikTok than I did at school'

TikTok said the policy applies to "the European Economic Area, United Kingdom and Switzerland".

 

Elaine Fox, the platform's head of privacy for Europe, said in a statement on Wednesday that a global team helped to keep the user experience "consistent, enjoyable and safe".

 

Although TikTok currently stores European user data in the US and Singapore, "we allow certain employees within our corporate group located in Brazil, Canada, China, Israel, Japan, Malaysia, Philippines, Singapore, South Korea, and the United States remote access to TikTok European user data," Ms Fox said.

 

"Our efforts are centred on limiting the number of employees with access to European user data, minimising data flows outside of the region, and storing European user data locally," she added.

 

She also said the approach was "subject to a series of robust security controls and approval protocols, and by way of methods that are recognised under the GDPR (General Data Protection Regulation)".

 

It came in the same week that a top official at the US communications watchdog said TikTok should be banned in America.

 

"I don't believe there is a path forward for anything other than a ban," said Brendan Carr, a commissioner at the Federal Communications Commission (FCC).

 

He added that he believed there was not "a world in which you could come up with sufficient protection on the data that you could have sufficient confidence that it's not finding its way back into the hands of the [Chinese Communist Party]."

 

TikTok's owner ByteDance has repeatedly denied it is controlled by the Chinese government.

 

The app has come under intense scrutiny by authorities in the UK, EU and US.

 

Under scrutiny

The UK Parliament closed down its TikTok account in August after MPs raised concerns about the risk of data being passed to the Chinese government.

 

Senior MPs and peers had called for the account to be removed until TikTok gave "credible assurances" that no data could be handed to Beijing.

 

The app has also been investigated by The Irish Data Protection Commission - its lead regulator in the EU - over two privacy-related issues.

 

The watchdog is looking into TikTok's processing of children's personal data, and whether it has acted in line with EU laws over transferring personal data to other countries, such as China.

 

Meanwhile in 2020, a US national security panel ordered ByteDance to sell its American operation over concerns that users' data could be shared with Chinese authorities.

 

In June this year TikTok said it had migrated US users' information to servers run by American software giant Oracle in Austin, Texas.

 

Last month, TikTok denied a report that a China-based team at ByteDance planned to use the app to track the locations of US citizens.

 

TikTok said it had never been used to "target" the American government, activists, public figures or journalists.

 

On Wednesday, Ms Fox also said the app does not collect precise location data from users in Europe.

 

TikTok is the world's fastest-growing social media app and has been downloaded almost 4 billion times.

 

It has made more than $6.2bn (£5.4bn) in gross revenue from in-app spending since its launch in 2017, according to analytics company Sensor Tower.-BBC

 

 

Twitter to lose magic with blue tick fee, says ex exec

Charging $8 (£7) a month for a Twitter blue tick and other bonus features will make the social-media platform lose its "magic", a former executive has said.

 

Currently, all users around the world had equal voices on the platform, former global communications head Brandon Borrman told BBC News.

 

But selling verification and higher visibility would "stratify" Twitter.

 

And he felt "curious and worried" about what the platform's new owner, Elon Musk, might do to drive revenue.

 

Fewer adverts

"If charging for the blue tick was the fairest way to do it, I think Twitter probably would have done it a while ago," Mr Borrman told BBC News.

 

And he questioned how Twitter could justify asking people to pay to stay on an "equal playing field" with other users.

 

In addition to the blue Verified badge, those who pay could have their tweets promoted more widely and see fewer adverts, Mr Musk has suggested.

 

"It's great for people who have money and want to spend money on having their voice amplified," Brandon Borrman said. "$8 might seem like nothing to a lot of people - but it's quite substantial for most people around the world."

 

Core problem

Mr Musk has tweeted of his plan: "We need to pay the bills somehow."

 

Regarded as influential, Twitter is where celebrities, politicians and world leaders share their views - and ordinary individuals can respond directly to them.

 

But the company has not made a profit in several years, while its core user base of about 300 million per month has remained fairly static.

 

And Mr Borrman acknowledged it needed to change in order to grow.

 

Its core problem was many of those who tried it did not stay, he said.

 

"You have to convince them that they'll get something out of it that they don't already by seeing tweets embedded in newspapers and television coverage all over the world."

 

Some Twitter users have been threatening to delete their accounts in protest at the new leadership.

 

But Mr Borrman said there remained no credible alternative, despite smaller rival Mastadon claiming to have registered thousands of new accounts since Mr Musk's purchase was completed.

 

"They're just not consumer or user friendly," he said.

 

Twitter founder Jack Dorsey is working on a social-network concept called Bluesky - but little is known about when that might launch or what it might look like.

 

Mr Dorsey has also retained his stake in Twitter - worth about $1bn - and has been supportive of Mr Musk, describing him as "the singular solution I trust" to run the company.

 

'Wait-and-see mode'

Mr Borrman, who left Twitter in June 2021, after three and a half years, and now works at the not-for-profit web organisation Mozilla, said he was pleased to have gone before Mr Musk arrived on the scene.

 

Still in touch with friends and colleagues from the company, he said the atmosphere within its headquarters was now "tense".

 

"Elon obviously has a particular way he likes to manage and approach things that's quite different from the way Twitter has been managed in the past," he said.

 

"There's a lot of people who are in 'wait-and-see' mode."

 

'Solid strategy'

Unconfirmed reports suggest Mr Musk is considering firing thousands of staff.

 

Twitter was one of many companies "probably bigger than they need to be right now" thanks to a Silicon Valley mentality of attracting and retaining technology talent, Mr Borrman said.

 

"Tech moves in cycles that are radically different than oil and gas, automotive, other forms of manufacturing, so having that staff on hand can actually be very beneficial to you and accelerating your growth," he said.

 

"Twitter was in a pretty good position going into 2022.

 

"I was really excited to see what that team was going to do going forward.

 

"It's disappointing that they weren't able to actually execute on what I think for was a pretty solid strategy."-BBC

 

 

 

 

Avanti West Coast: Rail boss apologises for recent disruption

The boss of the rail operator that runs Avanti West Coast and Transpennine Express has apologised for the disruption to services experienced by passengers in recent months.

 

Steve Montgomery, managing director of First Rail, told the BBC the issues had been caused by a backlog of driver training during the pandemic.

 

He said that because of sickness levels and drivers not working overtime, the company was not able to fill the gaps.

 

"We apologise to customers," he said.

 

He added: "We understand the inconvenience this is causing people in their day to day lives. And it is something that we are trying to correct at this moment in time."

 

Passengers have been enduring a prolonged period of disruption on the rail network. Avanti West Coast and Transpennine Express have come in for particular criticism for reduced timetables and cancellations.

 

Avanti West Coast slashed its timetables in August, with trains between London and Manchester the worst affected.

 

The operator cut its timetable from seven trains per hour to a minimum of four on 14 August and suspended ticket sales, blaming "severe staff shortages".

 

Asked if he would acknowledge the situation across the North of England had not been good enough, Mr Montgomery said: "I do acknowledge it, because we're cancelling too many trains" and said he understood customers' frustration.

 

He said the operator employed "more than enough drivers", but needed to catch up on their training after the pandemic. It takes 12 to 18 months for a driver to qualify.

 

Reliance on rest day or overtime working to fulfil timetables has been common practice in the rail industry for years.

 

Avanti said drivers suddenly stopped volunteering for overtime in the summer, prompting it to cut its timetable to reduce cancellations.

 

At the time, the drivers' union Aslef denied accusations of unofficial strike action and said the company should employ enough staff - but it acknowledged there had been a loss of goodwill.

 

Avanti is now slowly building back services and has promised a full timetable in December that does not rely on rest day working.

 

Transpennine does not currently have an agreement with drivers on rest day working. Aslef has accused it of not running enough drivers to run the services it had promised.

 

It is running a reduced timetable between the north west of England and Scotland, and making daily cancellations across its network, both the night before and on the day. On Thursday, more than 50 services were cancelled the night before.

 

Mr Montgomery insisted other train companies were also suffering from drivers not being available, and it was something that the industry had to deal with.

 

"We understand that we've got a lot to do to rebuild customers' confidence", he said, adding that the company did not want to be in the position it was in.

 

"We were able to cover services within Avanti, [but] we lost the ability to do that in the way that we could previously, with the loss of rest day working.

 

"We've got to move forward now, we can't keep looking back...we have to restore customers' confidence and that's what we're trying to do with the launch of the December timetable."

 

Service levels 'unacceptable'

The newly appointed Rail Minister, Huw Merriman, has told the BBC the government "absolutely sees the urgency" of the situation with rail services in the North of England.

 

"We're really determined to deliver better services up to parts of the north that have experienced the difficulties," said Mr Merriman.

 

"Part of that solution is also seeing a breakthrough and an end of the industrial relations problems, which are a large factor in the service deterioration".

 

He added: "We recognise that the services for passengers are not acceptable," and insisted the new Transport Secretary, Mark Harper, saw this as a priority. Mr Harper will be going to visit the Labour metro mayors in the North of England who have called for urgent intervention.

 

Last month, the Department for Transport warned that Avanti West Coast needed to "drastically improve services" after its contract to run the London to Glasgow route was extended by just six months.

 

The decision means it will continue to run services until next April.-BBC

 

 

Money-off energy scheme launches to avoid blackouts

Households will be offered discounts on their electricity bills if they cut peak-time use on a handful of days over the winter, as part of National Grid's efforts to avoid blackouts.

 

The network operator has announced details of the scheme, which it said could save households up to £100.

 

There will be 12 "test" days initially, designed to see how customers respond, between November and March.

 

But only homes with smart meters will be able to take part.

 

Only 14 million, less than half, of households in England, Scotland and Wales, where the scheme is being tested, have a smart electricity meter installed.

 

Customers taking part will be given 24 hours' notice of a "test" day where they will be asked to reduce their peak-time electricity use if they can during a one-hour period identified by National Grid, likely to be between 16:00 and 19:00.

 

That could include delaying use of a tumble-dryer or washing machine, or cooking dinner in the microwave rather than the oven.

 

National Grid said it will pay energy suppliers, which will be required to sign up to the scheme to operate it for customers, £3 for every kilowatt-hour during the test periods.

 

Individual suppliers will decide how much customers will receive and whether the money is taken off bills, credited to accounts, or if there's an option to withdraw the cash.

 

National Grid is testing the idea, which it calls its "Demand Flexibility Service" at scale for the first time, to establish a system that can serve as an "insurance policy" if it needs to ease demand on the grid this winter.

 

Households have been warned of power cuts lasting up to three hours at a time if gas supplies run extremely low, and National Grid is hoping the new scheme can, along with other measures, prevent that happening.

 

The electricity network operator said the service had been approved by the UK's energy regulator Ofgem, which meant electricity suppliers and providers could sign up and then advertise the scheme to customers.

 

It is understood many of the UK's larger energy firms are looking to take part in the trial, after being consulted in recent months on how it would work.

 

The scheme is also open to businesses which could, for example, change production schedules or switch to batteries or generators at peak times.

 

Jake Rigg, director of corporate affairs at National Grid ESO, said by signing up people could "back Britain" as well as saving money and reducing carbon emissions.

 

"It's not a big thing or a difficult thing to do, just remembering to do it 12 times this winter and get that money back, when we are all really struggling with energy bills and the cost of living generally," he told the BBC.

 

"We can all do our little bit, we can shift demand out of that peak and help maintain security of supply throughout the winter."

 

Octopus Energy has already announced it will participate. It operated a trial scheme with 100,000 customers earlier this year, offering a much smaller discount for people who shifted their energy use away from peak times.

 

It believes there will more days on offer, 25 in total compared to 12 planned so far, for households to be given the chance to cut down on energy use as the UK goes through the winter.

 

National Grid said Russia's invasion of Ukraine had created "unprecedented turmoil and volatility" in the energy markets in recent months.

 

Gas flows from Russia to Europe have been disrupted since its invasion of Ukraine, leaving countries scrambling for alternative supplies, which could have a knock-on effect on Britain.

 

The UK is heavily reliant on gas to produce electricity, with gas-fired power stations generating more than 40% of the country's electricity.

 

The UK also imports electricity from continental Europe.

 

National Grid's central view remains that there will be enough energy to provide Britain with similar levels of electricity to previous winters.

 

It said its service is aiming to save two gigawatts of electricity, which is enough to power about one million homes.

 

The company has also put coal-fired power stations on standby in case they are required to boost energy generation.-BBC

 

 

Mortgages: What happens if I miss a payment?

The average interest rate charged by mortgage lenders has hit its highest level for 14 years, adding to the cost-of-living pressure.

 

So what can those struggling to make repayments do - and how must their mortgage provider help out?

 

What are tracker, variable and fixed mortgages?

There are different types of mortgages - all of which have been becoming more costly in recent months.

 

Mortgage rates have been rising, so the 1.6 million people on tracker or variable deals have been paying much more than a year ago.

 

The estimated 300,000 homeowners coming to the end of a fixed deal every three months are also facing a much higher monthly bill.

 

Typically, they could end up paying an extra £3,000 a year, the Bank of England said.

 

When will mortgage rates fall?

That is difficult to answer. Analysts expect Bank of England interest rates to peak at about 4.75% next year.

 

For anyone on tracker deals, at least, that means higher repayments to come.

 

Mortgage brokers say fixed-rate deals may have stopped going up for now - and may start to fall slightly as the year turns.

 

However, a decade or so of ultra-low mortgage rates - which many homeowners have become accustomed to - is clearly over.

 

What happens if I miss a mortgage payment?

A shortfall equivalent to two or more months' repayments means you are officially in arrears.

 

But your lender must make reasonable attempts to reach an agreement with you.

 

In fact, the Financial Conduct Authority (FCA) - which regulates mortgage lenders - wrote to chief executives during the summer, reminding them they must treat customers fairly.

 

Crucially, customers must contact their lender as soon as they realise they are going to struggle to make repayments - the earlier the better.

 

Your lender must then treat you fairly by considering any requests about changing how you pay, perhaps with lower repayments for a short period.

 

Any arrangement you come to, the FCA points out, will be reflected on your credit file - affecting your ability to borrow money in the future - as will any missed payments.

 

Your lender might also suggest extending the term of the mortgage or let you pay just the interest for a certain period of time.

 

Lenders have specialist teams to support struggling customers.

 

Can I take a mortgage holiday?

A mortgage payment holiday enables customers to delay repayments - but not indefinitely.

 

Lenders may offer this option, depending on individual circumstances - and not to those already in arrears - but the level of support offered during the Covid pandemic has been reduced.

 

Again, this will show on your credit file.

 

The devolved governments run some mortgage-support schemes - but the criteria can be complex. Here is a guide from the government-backed Moneyhelper website.

 

Could I lose my home?

Some people may decide to sell their home and - in extreme circumstances - the lender could take court action to repossess it.

 

Repossessions are far rarer than they used to be.

 

There are lots of stages before a lender can take such action.

 

And the whole process takes about two years.

 

But if you think your home is at risk, it is well worth getting free, independent debt advice.-BBC

 

 

 

South Africa: Public Servants Given Go-Ahead to Strike - South African News Briefs - November 4, 2022

The Public Servants Association wage negotiations with the government deadlocked again this week. The union wants a 6.5% increase while the government dug in its heels at 3%. Public servants in the transport department, as well as home affairs are participating, while other key public service unions - police union Popcru, nursing union Denosa and National Education, Health and Allied Workers' Union (Nehawu) - are yet to issue a notice to strike.

 

 

Patrice Motsepe Nominated for ANC Presidency

 

Billionaire Patrice Motsepe has been nominated to stand against brother-in-law Cyril Ramaphosa in the race for the African National Congress party leadership at its 55th elective conference, to be held in December 2022, The Citizen reports. If he accepts the nomination, Motsepe may  join Cooperative Governance Minister Nkosazana Dlamini-Zuma, Tourism Minister Lindiswe Sisulu and former health minister Zweli Mkhize in the race for the presidency of the country.

 

Jagersfontein Residents Still Waiting For Assistance After Dam Disaster

 

The Department of Water and Sanitation is expected to open a case against Jagersfontein Developments over the September 2022 collapse of a tailings dam wall. Two people died and hundreds lost their homes when the town was engulfed in toxic sludge from the dam. Residents are calling on the mine to take full responsibility for the destruction. Human Rights lawyer Richard Spoor, who is representing the residents, says the government has not done enough to deal with the problem, eNCA reports.

 

 

Nigeria's Currency At Record Lows As Citizens React to Government's Redesign Plan

Abuja, Nigeria — Nigeria's currency, the naira, has dropped to a record low against the U.S. dollar as Nigerians scramble to buy U.S. currency ahead of a redesign of naira notes. Nigerian authorities say replacing the notes will reduce inflation, combat counterfeiting and bring more money into circulation. But security and economic experts warn the move could damage Nigeria's economy.

 

It's been just over a week since the Central Bank of Nigeria (CBN) announced its plan to redesign the country's highest paper denominations - the 200-, 500- and 1,000-naira notes.

 

Tijani Salisu, a black-market dealer of foreign currencies, said the demand for U.S. dollars has jumped since the announcement. On Thursday, the naira traded at 860 to the dollar, nearly double the official bank rate.

 

"People are coming with the naira to buy dollars and keep because of this situation," Salisu said. "And if you go to the bank to withdraw dollars, you can't find dollars in the bank."

 

 

The new naira notes will begin circulating in mid-December, and the old notes will cease to be legal tender by the end of January, according to the CBN.

 

The central bank says the move will put more money in circulation. Currently, an estimated 85% of all money in Nigeria is stashed away in homes, outside the banking system.

 

The CBN also says the new notes will help authorities curb fake currencies in circulation and keep criminals in check.

 

Experts fault the timing of the decision. Economist and head of the Center for Social Justice, Eze Onyekpere, said with the holiday season and elections set for next year, the decision could harm Nigeria's economy.

 

"This intervention is very wrongly timed, and it appears to address a challenge for which it cannot provide a solution," he said. "We're discussing 15th December which is very close to the festive season of Christmas and new year and the height of commerce. It's not a particularly good period where you start asking people to pay in their money. Normally this should take between three to six months; there's no need to stampede people."

 

Last Friday, the International Monetary Fund (IMF) warned authorities to be cautious and not allow the decision to affect the confidence citizens have in the local currency and financial institutions.

 

Mike Ejiofor, a former director of the Department of State Services, said the redesigning of the currency can do the country much good, even though there might be initial hurdles to cross.

 

"For me, I think it's a welcome development and the timing for me is most appropriate," he said. "Don't also forget that some kidnappers have monies stashed in their houses. It will also help the regulatory agencies, security agencies monitor inflow and outflow of cash. If these monies are withdrawn, the tendencies of politicians to go and buy votes will not be there. It will make the naira appreciate."

 

Exchanging the old tender for the new will be especially hard for Nigerians in rural areas who do not have easy access to banking services. Experts say that unless the CBN changes its timetable, more than 40% of Nigerians could lose their life savings when the old notes expire early next year.

 

-VOA.

 

 

 

Mozambique: Negotiations to Avert Medical Doctor's Strike End in Deadlock

Maputo — Negotiations between the Mozambican government and the Medical Association (AMM), which sought to find a solution to avert a doctor's strike that is set to begin on Monday next week, have ended in a deadlock.

 

According to a letter from the AMM which has been circulating on social media, the Government did not want to give in so the doctors decided to abandon the meeting, claiming that it was unproductive and continued with the preparations for the strike.

 

Furthermore, the doctors are unwilling to negotiate with the same government representatives they met on Wednesday. They demand a change in the composition of the Government representatives and that, in an eventual next meeting, the Ministry of State Administration and Public Function to be duly represented, which apparently did not happen today.

 

 

"Meanwhile, the preparations for the strike, which will start on Monday", says the AMM.

 

These latest developments come few hours after Mozambican President Filipe Nyusi called the doctors to show restraint and embrace dialogue as a means to sort all differences during a visit to the District Hospital of Sanga, in the northern province Niassa.

 

Health Minister, Armindo Tiago, on Wednesday said that any claims should be sent to the respective Human Resources departments and assured that there is capacity to correct any mistakes that may have occurred.

 

At the origin of the strike, according to the medical doctors, are the non-conformities in the Single Wage Table (TSU).

 

There had been optimism that the TSU would greatly improve the wages in the public administration, but the government explains that here would be no general wage increase for state employees.

 

Instead, the TSU will lead to the elimination of the wage imbalances that currently exist in the Public Administration. Hence, it is not a wage revision that can be understood as an increase in wages in the public administration.

 

The government also promised that the TSU will not lower anybody's wages.

 

If the new wage scale did lead to any individual being paid less than previously, he or she will receive a "wage adjustment allowance"

 

 

 

Seychelles: Electric Public Buses to Be First Step Towards Full Electric Mobility in Seychelles

The Seychelles Public Transport Corporation (SPTC) will debut its electric public buses in four years' time as the island nation aims to have a fully electric transport system in the future, said a top official.

 

The E-mobility project which was launched officially on Thursday will take four years to complete and will be implemented with the help of the Global Environment Facility (GEF) and the United Nations Environment Programme (UNEP).

 

The main objective of the project is to mitigate GHG emissions by accelerating the introduction of electric mobility in Seychelles through public transportation, capacity building, and preparation of up scaling and the development of adequate electric mobility policies

 

 

"This project will enable us to prepare the environment in Seychelles, so that we can bring more electric vehicles in the country, with the aim of reducing our carbon emissions," said Elvis Octave, the chief technical advisor for E-Mobility.

 

In the first part of the project, SPTC will introduce full electric buses to their fleet.

 

SPTC's chief executive, Jeffy Zialor, said that at first one bus will be used for a feasibility study. This will help the company learn more about how such buses will adapt to the terrain, the range it will drive with a single charge, the charge times and other data will be collected.

 

"At present, SPTC has 200 buses which complete over 1,400 journey per day and use approximately 220,000 litres of fuel per month," said Zialor, during a short presentation.

 

At the moment, fully electric cars are expensive in Seychelles, compared to the conventional internal combustion engine vehicles, and there are no charging stations available.

 

This is one thing that the project will be looking and it will include building the proper infrastructure and put in place financial schemes to make electric vehicles more affordable to private owners.

 

It will also include the development of a preliminary scheme for extended producer responsibility for the collection of EV Batteries.

 

"We will be working on a scheme, which will help us decide what can be done with EV batteries, where we can use it for energy storage in other areas, as well as how to recycle them, so as to limit any environmental impacts it may have," said Octave.

 

He added that for the charging of such vehicles, SPTC will be looking at renewable energy sources such as solar power.

 

Octave said that some of the benefits of the project for Seychelles will be a reduction in local air pollution, reduced dependency on fossil fuels, the creation of opportunities for innovative business model in public transportation and long term environmental and economic sustainability.

 

-News Agency.

 

 

 

 

 

 

 

 

 


 


 


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%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/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/20221104/8ebbeee9/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65561 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.png
Type: image/png
Size: 159273 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image009.jpg
Type: image/jpeg
Size: 29258 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image010.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221104/8ebbeee9/attachment-0003.jpg>