Major International Business Headlines Brief::: 16 November 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 16 November 2022 

 


 

 


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ü  Estee Lauder to buy designer brand Tom Ford

ü  Amazon staff laid off as tech giants cut costs, according to LinkedIn posts

ü  Byjus, Meta, Twitter: India tech workers fight back amid mass layoffs

ü  Google to pay record $391m privacy settlement

ü  Over a million are owed money by failed crypto exchange

ü  No uniform choice for Virgin Atlantic crew on World Cup flight

ü  Water customers may be owed £163m for sewage spills

ü  Our increasingly unhealthy economy

ü  Toucan Energy enters administration owing Thurrock Council £655m

ü  South Africans to Spend Christmas By Candlelight

ü  Africa: Providing Clean Water and Sanitation While Adapting to the Climate Emergency

ü  South Africa: Brace for Another Six to 12 Months of Rolling Blackouts, Warns Eskom

ü  Namibia: High Fuel Prices Threaten Namibia's Fish Markets

ü  Kenya: Ministries to Cut Spend On Foreign Travel, Training in Ruto's Austerity Plan

ü  Africa: President Ramaphosa Calls for AU to Join G20 Leaders Group

 


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Estee Lauder to buy designer brand Tom Ford

Luxury cosmetics firm Estee Lauder will buy designer fashion house Tom Ford in a deal worth $2.8bn (£2.4bn), the company has announced.

 

The deal would be Estee Lauder's biggest acquisition to date.

 

The US beauty firm already licenses Tom Ford fragrances and cosmetics, and beat off competition from Gucci owner Kering SA to clinch the deal.

 

Estee Lauder said the acquisition would "unlock new opportunities". Ford said it was the ideal home for the brand.

 

Tom Ford said in a joint statement with Estee Lauder: "I could not be happier with this acquisition".

 

He said the Estee Lauder companies had been "an extraordinary partner from the first day of my creation of the company and I am thrilled to see them become the luxury stewards in this next chapter of the Tom Ford brand."

 

Tom Ford himself will remain in his current position as creative director until 2023 at least, the companies announced.

 

However, one financial expert told the BBC that he was eyeing the takeover with caution.

 

"The question becomes whether the Tom Ford name is worth $2.8bn when he steps away and rides off into the sunset as a billionaire in 2023," Tom Hayes, chairman of Great Hill Capital said.

 

He added: "Will Estee Lauder be able to sell his wares in his absence or be left holding the bag?"

 

The deal comes at a time when the luxury goods market is set for global growth, according to analysts, and China is slowly lifting coronavirus restrictions, allowing the sector's high-demand consumers to slowly return to pre-pandemic shopping habits.

 

Chinese consumers accounted for 35% of global demand for luxury goods before the pandemic, according to Bloomberg data.

 

Global analysts at Bain & Company said: "The global luxury market is projected to grow by 21% in 2022, reaching €1.4 trillion (£1.2 trillion)… even given a downturn in global economic conditions.

 

"And it remains poised to see further expansion next year [2023], and for the rest of the decade to 2030".

 

It added that the personal luxury goods market worldwide, specific to clothes, bags and cosmetics, is expected to be worth €353bn by the end of 2022 - projected growth of 22% - compared with the previous year.

 

Tom Ford, who first launched his brand in 2005, is the current head of the Council of Fashion Designers of America and previously worked as creative director at Gucci and Yves Saint Laurent in the 1990s and early 2000s.

 

Following the news, shares in Estee Lauder, worth billions, fell slightly in after-hours trading.-BBC

 

 

 

 

Amazon staff laid off as tech giants cut costs, according to LinkedIn posts

Technology giant Amazon has started laying off staff, according to LinkedIn posts by workers who say they have been impacted by job cuts.

 

This week it was reported that the company is planning to cut 10,000 jobs, or around 3% of its office staff.

 

Amazon did not immediately respond to a BBC request for comment.

 

It comes as thousands of jobs are being shed across the technology industry as firms see sales slow amid growing concerns about an economic downturn.

 

Posts seen by the BBC include those from employees in Amazon's Alexa virtual assistant business, Luna cloud gaming platform division and Lab126 - the operation behind the Kindle e-reader.

 

One employee, who said that she worked as a software development engineer in the US, posted that she was looking for a new job: "Due to the nature of my visa, I have a limited time to lookout for new work opportunities."

 

Another Amazon worker who said they had been impacted by the layoffs said: "Of course I am saddened, yet optimistic about the future because I know this means good change for me and others on my team."

 

The company had already introduced a hiring freeze and halted some of its warehouse expansions, warning it had over-hired during the pandemic.

 

It had also taken steps to shut some parts of its business, cancelling projects such as a personal delivery robot.

 

Last month Amazon's founder and chairman Jeff Bezos warned that the US economy was sending a signal to "batten down the hatches".

 

Amazon's share price has fallen by more than 40% this year as it grapples with a slowdown in online sales.

 

Other major technology companies have already announced major layoffs as they cut costs.

 

Last week Meta - which owns Facebook, Instagram and WhatsApp - announced that it would cut 13% of its workforce.

 

The first mass lay-offs in the firm's history will result in 11,000 employees losing their jobs.

 

Shortly after Elon Musk took over Twitter it was confirmed that he would cut the social media platform's headcount by around 50%.

 

In recent weeks technology giant Microsoft, payment processing platform Stripe and cloud-based business software firm Salesforce have also announced layoffs.

 

'Amazon is very, very bloated'

One Seattle-based technology industry insider, who wished to remain anonymous, told the BBC that the job market had changed significantly in recent weeks.

 

"The last two years has been great for job opportunities because of remote work meaning you don't have to isolate a job search to your local area. So that's seen the scramble for talent be very competitive and wages have gone up really high."

 

"What we're seeing now is a contraction in budgets and staffing."

 

He said some technology firms companies, including Amazon, are likely to be hit particularly hard.

 

"Amazon is very, very bloated. So there's lots of people there but they're not providing a lot of value so they're first on the chopping block."-BBC

 

 

 

Byjus, Meta, Twitter: India tech workers fight back amid mass layoffs

Thousands of young Indians are suddenly staring at an uncertain future as technology companies and start-ups announce mass layoffs due to global headwinds and funding crunches. But many are refusing to stay quiet about it.

 

In October, when Ravi (name changed on request) realised that he and several colleagues were likely to lose their jobs with a major Indian edtech firm, he immediately set up a private messaging group with them.

 

The group soon became a "safe space" for Ravi and his teammates to air their fears, share tips on dealing with the management and discuss labour laws and workers' rights.

 

"It helped many in the team negotiate better exit policies with the company," Ravi says.

 

The past few months have been difficult for Indian workers in private companies - especially in the tech sector. Edtech firms Byju's and Unacademy have cut hundreds of jobs; social media giant Twitter has laid off more than half of its staff in India and Indians are among those affected after Meta - Facebook's parent company - shaved off about 13% of its 87,000-strong workforce.

 

The spate of layoffs has sparked outrage on social media and many of those affected are turning to the internet - like their counterparts in other countries - to air their dissatisfaction and form support networks.

 

They're tweeting about unceremonious firings, asking for jobs on LinkedIn, and using messaging platforms such as WhatsApp and Slack to rally colleagues, assert their rights and share information with journalists.

 

Elon Musk arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York.

 

 

This is partly because the culture of shame and silence that once existed around terminations in India is gradually wearing thin as mass layoffs become more common.

 

Pritha Dutt, a management and development sector professional, points out that even a couple of decades ago, terminations were most likely chalked up to "a performance issue".

 

"Today, layoffs and downsizing have become accepted business practices, so terminations are no longer a taboo topic," she says.

 

And while the jury is still out on how effective social media is as a tool for redressal, experts say that it is helping unite and amplify voices, especially as trade unions are no longer as powerful as they used to be.

 

While millions of Indian workers still belong to trade unions, the movement as a whole has been weakening for years. A number of factors - including burgeoning private sector jobs, new labour reforms and a rise in contractual work - have played a role in denting their membership and might.

 

"Along with employers making themselves more accessible, social media too is giving employees a platform to air their grievances, thereby reducing the need for a mediator - a role traditionally played by unions," says Professor Chandrasekhar Sripada, professor of practice, organisational behaviour, at the Indian School of Business.

 

Activists of Communist Party of India Marxist (CPIM), along with members of different workers unions, shout slogans as they block train tracks during a nationwide general strike called by trade unions aligned with opposition parties to protest against the Indian government's economic policies, near the railway station in Amritsar on January 8, 2020.

 

 

After Byju's announced in October that it would "rationalise" about 2,500 employees to "achieve profitability", many of its employees have been speaking to the media - often anonymously - about the company culture and the pressures they face.

 

Sacked Twitter employees have taken to social media to vent their frustrations. "Always a Tweep never a Twit," tweeted one former employee in a veiled reference to new owner Elon Musk's Twitter bio at the time. "Got fired without even a confirmation email. There's always a new low," said another.

 

With the job market expanding, Ms Dutt says, employees have become more confident about the marketability of their skills and don't mind standing up for their rights, even if that means burning bridges by calling out a person or organisation on social media.

 

Why Indian firms don't want workers to have two jobs

'I was working 60 hours a week so I quiet quit'

And this public outrage can sometimes help, like pushing employers to apologise for firing staff in an insensitive manner or for promoting a toxic work culture.

 

But Ms Dutt cautions that this success could be limited and short-lived. The option may also not be available to everyone - many still fear speaking out as they worry it might jeopardise future job prospects, or invoke legal action from their employer.

 

Great Neck, N.Y.: A woman holds up a sign as she joins other protestors in a rally against what they perceive to be union busting tactics, outside a Starbucks in Great Neck, New York, demanding the reinstatement of a former employee on August 15, 2022.

 

 

That's why many employees are also looking for other ways to air their grievances and fight for their rights.

 

In the southern city of Thiruvananthapuram, 140 Byju's employees who alleged they were being forced to resign went on a protest and also met a Kerala state minister, who announced an investigation into the matter - the state is governed by a coalition of Left parties, which advocates for workers' rights.

 

Days later, Byju's said it had reversed its decision to shut down operations at Thiruvananthapuram.

 

Three former employees at an edtech firm told the BBC on condition of anonymity that they were working with a trade union to negotiate severance and notice periods with the company.

 

Suman Dasmahapatra, president of the Bangalore chapter of the All India IT & ITeS Employees' Union - a registered trade union that has been assisting hundreds of tech employees with labour disputes since 2018 - said that the organisation's membership has been steadily growing.

 

He concedes that this is still tiny compared with the total number of employees - a majority of IT sector professionals, he says, are still uncomfortable being part of trade unions, either because they fear reprisal from the management, or because "they don't see themselves as 'workers'".

 

But Mr Dasmahapatra says he is confident that India will see a resurgence in unionisation as the push and pull of global economic forces make the job market more volatile.

 

Over the past couple of years, US giants such as Amazon, Starbucks and Apple have seen their workers form unions and observers say calls for unionisation are likely to grow louder, and spread across industries.

 

Mr Sripada, however, disagrees. He says that the proliferation and strengthening of trade unions need not become the norm, as workplaces have already become more conscious about adopting progressive, people-centric policies.

 

"Unions are a product of bad people management. When employers fail, unions rise. Employers today have the benefit of hindsight so the responsibility lies with them to make people management the centre of business," he says.

 

"But if organisations continue laying off people in an insensitive and callous manner - as we're seeing happen frequently - the story might be different."-BBC

 

 

 

 

Google to pay record $391m privacy settlement

Google will pay $391.5m (£330m) to settle allegations about how it collects data from users.

 

The technology giant tracked the location of users who opted out of location services on their devices, 40 US states said.

 

Google has been told to be transparent about location tracking in the future and develop a web page telling people about the data it collects.

 

It is the largest privacy-related multi-state settlement in US history.

 

A Google official said: "Consistent with improvements we've made in recent years, we have settled this investigation, which was based on outdated product policies that we changed years ago."

 

Last month, Google agreed to pay Arizona $85m over similar issues concerning how it collects location data.

 

There remains one outstanding case on the topic in the US courts, after Texas, Indiana, Washington and the District of Columbia took legal action against Google in January.

 

'Misleading consumers'

Knowing a user's location helps advertisers target products.

 

And location services help Google generate $200bn in annual advertising revenue.

 

Oregon Attorney General Ellen Rosenblum, who led the case - alongside Nebraska Attorney General Doug Peterson - said: "For years Google has prioritised profit over its users' privacy.

 

"It has been crafty and deceptive.

 

"Consumers thought they had turned off their location-tracking features on Google - but the company continued to secretly record their movements and use that information for advertisers."

 

The attorneys general said Google had been misleading consumers about location tracking since at least 2014, breaking state consumer-protection laws.

 

The company has been told to significantly improve user controls and the way it discloses location tracking, starting from 2023.-BBC

 

 

 

Over a million are owed money by failed crypto exchange

Over a million people and businesses could be owed money following the collapse of the crypto exchange FTX, according to bankruptcy filings.

 

There have also been reports that FTX suffered a hack, taking millions of dollars of crypto from the firm.

 

It's a worrying time for individuals who have money in the business.

 

In the UK, crypto assets are largely unregulated, and experts and financial watchdogs warn there's little protection for consumers.

 

Despite strong warnings from watchdogs about the risk of crypto investments, around 6.7 million people in the UK own or have bought crypto assets - close to one-tenth of the population.

 

In September, financial watchdog the Financial Conduct Authority (FCA) warned that FTX may be providing financial services or products in the UK without its authorisation. It said bluntly: "You are unlikely to get your money back if things go wrong."

 

It now has a page dealing with the FTX liquidation. Again, the message is that options for those who've invested in it are limited.

 

Vanishing act

There is at least a liquidation process in the case of FTX, which will divide up the remains of the firm among those to whom it owes money.

 

Gavin Brown, Associate Professor in Financial Technology at the University of Liverpool, pointed to a recent report which suggested that "42% of exchanges which failed simply disappeared without a trace".

 

But the bankruptcy may not provide much comfort.

 

Prof Brown told the BBC: "In the event of exchange failure, or even bankruptcy, it is the investors who are on the hook for losses."

 

He and other experts warned that often small investors will go to the back of the queue when what remains of a crypto business is divided up among creditors.

 

Experts doubt much money will be coming back. "The unfortunate news is that the money's all gone. It's just not there any more. Investors should expect pennies on the dollar," said crypto blogger and author David Gerard.

 

Mr Gerard argued that in many of these failures there are "real liabilities but imaginary assets" and that a huge proportion of the assets are in exchanges' own tokens - such as FTX's FTT token - to which "they've assigned a spurious value in the billions".

 

Few options

The FCA says people worried about their finances should go to a government-backed organisation, Moneyhelper. But Moneyhelper is an advice service, and can only offer guidance on how to survive when your savings vanish.

 

With some mainstream investments it's possible to receive compensation if an institution collapses - for example a bank or building society - through the Financial Services Compensation Scheme (FSCS)

 

But the FSCS says it doesn't protect crypto assets, as they are not a regulated financial product in the UK - all it can do is warn consumers of the risks, and provide tools to check if their investment is protected by the scheme.

 

The organisation says crypto currency is something that consumers ask about every week, either via its customer service team, social media or searching for information on its website.

 

It says "crypto" is one of the most popular words searched for on its website.

 

Not many options

Daniel Seely, financial services associate for law firm Freeths, told the BBC: "The short answer is that there isn't much recourse available."

 

With a few exceptions, crypto assets fall largely outside the scope of regulators and watchdogs - for example, the Financial Ombudsman Service - and so consumers "don't have a clear right to recourse in the same way they may with other products".

 

Consumers, argued Mr Seely, could consider pursuing civil claims against parties involved in an investment, such as brokers or financial advisers if they were used, "but realistically if it is just a case that the investments didn't go as planned, there is currently little they can do to recoup losses".

 

The Financial Services and Markets Bill currently being scrutinised by parliament will begin to bring in some additional regulation for crypto, but in the meantime Mr Seely said it remained a "very risky area for consumers looking to invest".

 

Steps consumers can take

Haider Rafique - from OKX, a crypto exchange - said there were some steps consumers could take to protect themselves against similar losses in the future, in particular by thinking carefully about where they stored their assets.

 

"Unless they are active traders, we encourage our customers to store their crypto currencies on a non-custodial decentralised wallet,"he said.

 

"In the industry we say: 'Not your keys, not your crypto.' Recent events prove it has never been truer."

 

Benjamin Dean, director of WisdomTree Investments, an asset management firm, urged people to think about investments in blockchain-related technology the same way they would more conventional assets, like stocks, shares or gold.

 

"Do not invest more money than you can afford to lose, and never invest your money with companies which operate unregulated, off-shore exchanges", he advised.

 

"If you do not research where you are investing your money, then you are running a very high risk of losing all your investment."

 

Rocio Concha, director of policy and advocacy for consumer group Which? warned: "Crypto assets are very high-risk and speculative. Investors face losing all their money if they decide to buy them, as they often come with limited consumer protections."-BBC

 

 

 

No uniform choice for Virgin Atlantic crew on World Cup flight

Virgin Atlantic has said its gender-neutral uniform policy does not apply to the crew on board the England team's flight to the World Cup in Qatar.

 

The airline announced a "fluid approach" to uniforms in September that it said allowed staff to choose their attire "no matter their gender".

 

But a spokeswoman told BBC News the crew for Tuesday's flight to Doha would not be able to choose their uniform.

 

Virgin said a plane displaying an LGBT icon would be used for the journey.

 

There has been criticism of human rights in Qatar and its treatment of LGBT people ahead of the World Cup.

 

Qatar has said all fans will be welcomed to the tournament "without discrimination".

 

Explaining why the gender-neutral uniform policy did not apply to Tuesday's flight, Virgin Atlantic said it was being rolled out in countries "more accepting of non-binary identities".

 

"Initially the UK, US and Israel are the territories where the uniform policy is being rolled out for our people, as those countries are more accepting of non-binary identities allowing more self-expression," it said.

 

Virgin explained that it considers safety and risk in destinations "on a case by case basis to ensure the safety and security of our people and customers at all times".

 

The airline, which does not usually operate to Qatar, did not set out this caveat in a press release announcing the new uniform policy in September.

 

A plane displaying an LGBT icon was selected for the six-hour charter flight from Birmingham airport to the Qatari capital, the airline said.

 

The A350 plane, named "Rain Bow" and carrying the image of a man holding a union flag wearing shoes with a rainbow motif on its fuselage, flew Gareth Southgate's team to Doha.

 

The Football Association (FA) said that, while it did not choose the plane, it was more than happy to fly on it.

 

It is illegal to be homosexual in Qatar, and same-sex relationships can be punishable by death.

 

Why is Qatar under fire ahead of the world cup?

How does Qatar treat foreign workers?

World Cup 2022: Wales given Cardiff send-off by children

Footballers, including England captain Harry Kane, have taken a stand in support of the LGBT community in recent months.

 

Kane has said he intends to wear his One Love rainbow captain armband during World Cup matches, even if it is not approved for use by the football's global governing body, Fifa, which runs the World Cup.

 

An FA spokesperson said: "We show our support for inclusion in many ways, including wearing the One Love Armband during the tournament".

 

Earlier this year, LGBT organisations engaging with Fifa said "progress has been slow" in ensuring the safety of LGBT fans - and that reassurances from Qatar had "not been adequate".

 

In response, Foreign Secretary James Cleverly advised LGBT fans show "a little bit of flex and compromise" if they travel to the tournament.

 

Mr Cleverly, who will travel to Qatar, said fans travelling from England and Wales should be "respectful of the host nation".

 

Prime Minister Rishi Sunak's official spokesman later said LGBT fans should not be expected to "compromise who they are" if they visit Qatar for the World Cup.

 

Some politicians, including Labour leader Sir Keir Starmer, said they would not attend the tournament due to Qatar's human rights record.

 

Wales's First Minister, Labour's Mark Drakeford, is expected to attend.

 

The England team are expected to land in Qatar at around 20:00 local time and arrive at their team base at about 21:00 GMT.

 

The UK government's World Cup travel advice sets out the legal status of homosexuality in Qatar and the assurances given by its authorities.

 

The first match of the tournament will be between Qatar and Ecuador on 20 November. England's first game is against Iran on 21 November.

 

Announcing the gender-neutral uniform policy in September, Virgin Atlantic said staff, including crew, pilots, and ground teams, could choose to wear a uniform including either a trousers or a skirt.

 

It described the policy as one element of a campaign to allow LGBT staff and passengers to express themselves, including through optional pronoun badges for all staff and those travelling with the airline.

 

line

Do you work for Virgin Atlantic? Are you affected by the issues discussed here? Please get in touch by emailing: haveyoursay at bbc.co.uk.

 

Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways:

 

If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay at bbc.co.uk. Please include your name, age and location with any submission.-BBC

 

 

 

 

Water customers may be owed £163m for sewage spills

Water customers in England and Wales may be owed £163m for sewage spills, corporate wrongdoing researchers claim.

 

Water firms charge customers to treat sewage, but instead have been widely discharging it in to rivers and on to beaches, researchers from Fideres said.

 

The firms have not invested enough, leading to an "excessively low quality service", the researchers said.

 

However, a water industry body said firms were putting in place a £56bn programme to tackle spills.

 

Water firms have been under pressure to clean up their act after discharging sewage in to rivers and the sea 400,000 times in 2020.

 

The water industry in England and Wales is currently under criminal investigation by regulators Ofwat and the Environment Agency over sewage discharges, and it has opened six enforcement cases against companies.

 

However, the Fideres researchers called for further action over competition concerns, as first reported by the Guardian.

 

Customers do not get to choose their water company - which one they get just depends on where they live.

 

Water firms have an effective monopoly, but are constrained on how much they can charge customers by Ofwat.

 

But the researchers said water firms had still "abused" their position by not investing enough, with investment in wastewater and sewage networks falling over time.

 

Chris Pike, one of the researchers, said that the firms "face no competitive pressure", which has led to underinvestment.

 

He pointed to recent research by the Financial Times, which found that water firms had "slashed" investment in critical infrastructure by up to a fifth since they were privatised 30 years ago.

 

Over the same period, the firms borrowed £53bn, but much of that has been used to pay £72bn in dividends to shareholders, not for new investment.

 

A certain amount of people's water bills is supposed to go towards cleaning waste water.

 

But due to the spills, "there is a reasonable case to be made under competition law that users may have been overcharged by approximately £163m over the last six years", the researchers said.

 

They called for an investigation of water firms either by the Competition and Markets Authority (CMA), or by Ofwat.

 

However, industry body Water UK said the research was a "distraction" from the "vital work" of the "transformation to our rivers we all want to see" over the next decade.

 

"Water and sewerage companies are currently putting in place the largest ever infrastructure programme the industry has ever seen to improve overflows, and tackle spills, at a cost of £56bn," a spokesperson said.

 

The CMA and Ofwat declined to comment.

 

However, the BBC understands that Ofwat's position is that sewage discharges, particularly ones which close beaches, are not acceptable, which is why it is investigating 2,200 water treatment works in England.

 

The regulator has also called for urgent action from water firms on sewage discharges caused by storm overflows.

 

Ofwat is also working with other regulators, including the Environment Agency, which is carrying out a criminal investigation in to how firms are complying with environmental permits.

 

The regulator has also taken action against Southern Water which was fined a record £90m in 2021 for deliberately dumping billions of litres of raw sewage into the sea.-BBC

 

 

 

Our increasingly unhealthy economy

The number of people out of work due to long-term illness has been soaring but it's not as simple as saying this is all due to the pandemic. The increase began before that.

Older age groups are much more likely to be affected by long-term illness, but among younger people the problem has been rising more steeply and it has a lot to do with mental health.

Government is being challenged to tackle the challenge of people who want to work but can't and businesses are being urged to make a priority of a healthy workforce.

Could the nation's dodgy health and creaking health system be linked to its economic problems?

 

These two are often discussed in isolation from each other. But it has become clear that the rising number of people who are out of the labour market and suffering from long-term illness is having an impact.

 

The evidence from the latest official data confirms the pattern. Since 2009, the number of people across the UK who are long-term sick has risen from 2 million to more than 2.5 million.

 

In the ONS's figures for Scotland the evidence isn't quite so stark, but it's still there.

 

The number of people classified as "economically inactive" and giving the reason as long-term illness was below 200,000 in 2018. In each of the past four quarters, it has been above 240,000.

 

There is a problem with long Covid and with NHS waiting lists as the health service struggles to recover from the demands put on it by the pandemic.

 

But as with the UK figures, it's not quite that simple.

 

The figures were low in 2018 and beginning to rise in 2019, before Covid struck. From 2019, as the UK total has risen from 2 million to 2.5 million, 360,000 of those were added after the pandemic began.

 

Long-term sickness graphic

The ONS had a deeper dive into its own UK-wide figures in a recent report and it muddied the waters further.

 

Yes, it said there's clearly an issue about the rising number of people citing long-term illness as the cause of being absent from the labour market.

 

But no, it's not just about the pandemic.

 

Those citing "mental health and nervous disorders" rose by 22% between 2019 and this year. Those with back and neck problems rose by more than 60,000, or 31% - and that may be a warning about the risks of so many people doing office work from home.

 

But then it was the retail and wholesale sector that had many of the worst long-term health problems.

 

The ONS found a significant number of those with long-term illness had previously given the cause as "looking after a family member", including parenting or looking after older parents.

 

And a significant number who ceased to have long-term illness moved to another reason for not being available for work, including looking after a family member.

 

What are we to make of that? The ONS tends not to interpret its own numbers, so the interpretation is up to others.

 

And one of those others is Andy Haldane, former chief economist of the Bank of England and now chief executive of the Royal Society of Arts.

 

He delivered a strong message to the Health Foundation last week, which emphasised that the economy should not be seen in isolation from the rest of society.

 

It is within "a tightly-coupled set of complex sub-systems", including financial, social, community and health relationships.

 

A society is "only as strong as its weakest sub-system", Haldane said.

 

A healthier population can be linked to economic growth over the past three centuries.

 

But the lack of resilience now within UK health and healthcare contributes to a "weak and weakening societal immune system".

 

It's no coincidence, he suggested, that life expectancy has taken a dip, and healthy life expectancy - the age the average person reaches before ill-health reduces the quality of life - has become more of a factor.

 

The picture is clearly aligned with deprivation. Poorer people die younger, and have shorter healthy lives, and that trend is clear with each tenth of the population.

 

The problems set in early and need to be addressed at childhood, yet Haldane listed the ways in which public services for children are being depleted.

 

In Scotland, there is a response to that, with the Scottish Child Payment - this week rising to £25 per week and extended from nursery level to children up to 16 years of age - covering about 400,000 young people.

 

That is seen by poverty campaigners as a very important step in the direction of tackling those issues.

 

While older groups seem to be, predictably, more vulnerable to physical ailments that keep them from working, the bigger growth rate is in younger age groups.

 

Between spring 2019 and spring of this year, the number classified as "long term ill" in the ONS numbers were up 29% for those aged 16 to 24, and by 42% for those aged between 25 and 34.

 

That took them to 14% of all those in the category of long-term illness, and of them more than 60% were men.

 

Mental health

Mental health appears to be a key element of this.

 

Haldane highlights that as a reason for being unable to work given by 50% more people aged 16 to 24 than was the case in 2006. It's true of young women, but again, there's more of a rise among young men.

 

The Resolution Foundation has found the number of young men in that category across the UK rose from 18,400 in 2006 to 27,400 last year.

 

All this raises questions of how well the NHS is set up to meet the challenge.

 

Haldane's lecture suggested that simply plugging gaps and hoping to fill vacancies is to ignore the gulf in provision when compared with similar countries.

 

The UK has long had a highly efficient health system, and people have been very proud of it.

 

But that efficiency is looking less attractive as its capacity struggles to meet need, demand and expectations.

 

Time for employers to act

This is a problem for the economy broadly. But it's being recognised also as a problem for business.

 

While workers are awaiting NHS procedures, some may be off work, and some others may be working at well below their potential.

 

Haldane argued that the "ESG" mantra of business - environment, social and governance - must have an H added for health.

 

And the CBI employers' organisation has set out its prospectus for a wellbeing approach.

 

It calculates that 131 million working days lost to ill health in the UK each year translates to a total cost of £180bn per year.

 

It sets out a plan that would help industry interventions in the working-age population to reduce levels of ill-health by up to 20% by the end of this decade.

 

It's launching a UK-wide Work Health Index to benchmark businesses' health provision.

 

'Urgent action'

Brian McBride, president of the CBI, said: "Labour market resilience is a precondition to growth. Without healthy, productive employees, the UK economy will be unable to achieve the growth it sorely needs.

 

"Businesses understand the link between health and wealth, and have a major role to play.

 

"While the NHS continues to serve us all in our moments of immediate need, employers across the UK have a golden window emerging from the pandemic to lean into long-term measures which enhance employee health and wellbeing.

 

"With the UK staring down a fiscally constrained period, the moment to boost the UK's preventative health model is now."

 

At the Health Foundation in London, policy manager Sharlene McGhee says that employers have a big role: "Businesses should focus on keeping people with ill-health in employment, maintaining contact with workers on sick leave and making adjustments to ensure their working environment is accessible".

 

She said one in four of those counted as economically inactive due to long-term illness were actively wanting or trying to get back to work, and the pressure to do so was increased by the squeeze on their household budgets.

 

But it's about a lot more than employers, she added: "The government must recognise the drivers and scale of the recent rise in economic inactivity. This cannot be achieved by solely focusing on the unemployed.

 

"People out of the labour market should be a priority. Without urgent action to support people with ill health back into work, long-term sickness is at risk of having an enduring impact on the national economy."-BBC

 

 

 

Toucan Energy enters administration owing Thurrock Council £655m

A renewable energy company that owes £655m to a debt-ridden council has entered administration.

 

Tory-run Thurrock Council, in Essex, helped Toucan Energy Holdings 1 (TEH1) finance 53 of the company's solar farms in the UK - as first reported by the Bureau of Investigative Journalism.

 

Administrators were appointed for the business on Thursday.

 

The council's leader called it a "significant step to reducing our overall debt" which had reached £1.5bn.

 

The local authority's loans to TEH1 have been detailed in a financial statement for Perpetual Power (UK) Holdings Ltd, lodged with Companies House, covering the year to 31 December 2020.

 

Conservative Thurrock Council leader Mark Coxshall said the appointment of administrators was a "positive move forward".

The government appointed Essex County Council to step in and act as a commissioner for Thurrock earlier this year, taking over all major decisions, because of the "serious financial situation".

 

The previous Conservative council leader and former cabinet member for finance resigned.

 

The council ran up debts of £1.5bn, although it was reported at a council meeting last week that it had already paid back £177.5m to other local authorities.

 

'Positive move'

Current council leader Mark Coxshall said: "This is a positive move forward in enabling Thurrock Council to resolve its financial position and maximise recovery for Thurrock residents."

 

He said he was "confident" the decision on administration would make for a "significant step to reducing our overall debt".

 

Jim Tucker, from Interpath Advisory - the administrators of TEH1, said the 53 solar parks, which have a combined capacity of 513MW, "continue to operate as normal".

 

He said they would work closely with Thurrock Council, which was the company's "major creditor", and added: "Given their [the solar farms'] significant underlying cash generation, we expect considerable interest in the assets."

 

The process of administration involves an insolvency practitioner trying to save a business from going bust.-BBC

 

 

 

South Africans to Spend Christmas By Candlelight

South Africans should expect more blackouts during the festive season and beyond.

 

This is according to Eskom COO, Jan Oberholzer, who says prolonged load shedding will continue to be implemented over the coming months as major capital projects and repairs reduce available generation capacity.

 

Oberholzer was speaking on Tuesday at a briefing on the state of South Africa's power system. He says repairs will increase the risk of load shedding.

 

He says the Koeberg nuclear power station, the most reliable of Eskom's generation machines, will undergo scheduled maintenance from 8 December until June 2023.

 

This will remove 920MW of generation capacity from the national grid during the six months.

 

"Unit 1 of the Koeberg Nuclear power station, which has enjoyed 384 days of uninterrupted supply, will be shut down for normal maintenance and refuelling, and the replacement of the three steam generators as part of the long-term operation to extend its operating life," says Oberholzer.

 

 

Oberholzer says other repairs at other Kusile Unit 1, 2, and 3 and Medupi Unit 4 power stations will remove more than 2,300MW of generating capacity from the system.

 

"We can anticipate an increased risk of load-shedding until the repairs and maintenance are complete over the next six to 12 months," he adds.

 

He says this is the reality of operating a shrunken generation system bereft of any reserve margin - every single breakdown pushes the whole system to the edge.

 

"This loss of capacity, temporary as it is, will make for a very challenging summer this season, particularly as this is our peak planned maintenance period where a number of units at various power stations had to be shut down to conduct a much-needed maintenance," says Oberholzer.

 

The COO also announced the resignation of the power utility's group executive for generation, Rhulani Mathebula, with immediate effect. Mathebula took over from Phillip Dukashe who resigned in May.

 

South Africa has had a horror year with at least 155 days of load-shedding since January 2022 and days in the dark expected during the festive season.

 

- Scrolla.

 

 

 

Africa: Providing Clean Water and Sanitation While Adapting to the Climate Emergency

Sharm el-Sheikh — Water is life as the saying goes, but for many households across the continent finding their daily supply of clean water remains a struggle. They also face the risk of contracting water-borne illnesses like cholera and diarrhea, which according to the WHO Health Organization, remains a major killer but is largely preventable. Better water, sanitation, and hygiene could prevent the deaths of 297 000 children aged under 5 years each year. To add to their troubles climate change is heightening water and sanitation concerns as increasingly frequent storms, floods, and droughts threaten access to these critical services.

 

UNICEF has warned that "if current progress trends continue, very few African Union member states may achieve universal access to safely managed drinking water, safely managed sanitation or basic hygiene services by 2030."

 

An Afrobarometer survey shows that Africa's water situation actually appears to be worsening. "Results from 48,084 face-to-face interviews in 34 African countries conducted from 2019 to 2021 show that more than half of Africans have experienced shortages of clean water in the past year, and 1 in 7 have no access to sanitation facilities of any kind. The numbers of people experiencing these challenges has been on the rise and citizens expressed considerable disappointment with government efforts to address them, it reported. As a result of unreliable water supplies, children's health is particularly at risk, and women lose valuable time they could use to earn money, resulting in an increase in poverty.

 

 

The outbreak of cholera in Nigeria has remained persistent, occurring annually mostly during the rainy season and more often in areas with poor sanitation, overcrowding, lack of clean food and water, and areas where open defecation is a common practice. Sanitation is a major concern in many developing countries. Thousands of cases of cholera have been reported in Nigeria between January and June 2021. A global survey has identified Nigeria as the second in the world among countries where open defecation is prevalent. Only India ranked worse than Nigeria.

 

 

Nigeria's water crisis has gone backward, says Jennifer Sara, the Global Director for the World Bank Group's Climate Change Global Practice and a water and sanitation specialist. Sara also spoke about some of the strategies or designs that governments can use to expand access to water and sanitation for some of the poorest communities while bearing in mind the disruptions that climate disasters will bring. "The good news is that many countries, especially in Africa, many governments do see this as a priority. There was a big World Water Forum in Senegal, in March ... the forum was the ninth World Water Forum, a week-long series of conferences and workshops aimed at accelerating universal access to water and sanitation".

 

 

"There are many countries that do have big programmes, but the most important thing is for government to prioritise it and to look, what are the needs if I want to give everyone in my country access to water, and safe water and sanitation, in the villages, in urban areas. How much is this going to cost? What's my strategy? Who do we deliver it with? And that's the work we do. For example, in Tanzania. Many countries have these big national programmes, which we call Program for Results (PforR) ."

 

"The PforR financing instrument was developed by the World Bank Group to address the growing demand for programmes that help deliver sustainable results and build institutions. Using a country's own institutions and processes, PforR links the disbursement of funds directly to the achievement of specific program results. This approach helps build capacity within the country, enhances effectiveness and efficiency, and leads to the achievement of tangible, sustainable programme results. It also supports government programmes and helps leverage World Bank development assistance, by fostering partnerships and aligning development partner goals and results to national programmes."

 

Sara explained how the funds have been disbursed based on the delivery of services as the local government level once the work was completed. "So we give the money to the government. But then a lot of it goes down to local governments, and they deliver the water and sanitation services. And they get paid once it's delivered. So the incentive is for them to implement the projects quickly. But the most important thing is, of course, the sustainability that you put in place in these systems. So in Africa, we actually have quite a number of projects in Benin, Niger, Tanzania, and Senegal. And in Niger, it's one of our best, we're helping to reform the urban utility so that it's profitable because you might know many utilities, right? There are sinkholes or the waters leaking, people pay their tariffs, but they don't get water. So how do you fix the utilities in urban areas, but also how to expand services? So we've even got some of the best examples of how to do it. And it really is political will and commitment, and to be able to map out a roadmap that people can come and support."

 

"Climate change is wreaking havoc on the water cycle. So the too much water, the too little water, the floods, polluted water, most of the adaptations, a lot of it is about water management. So when you think of adaptation, you start thinking about what are the development benefits we're trying to achieve. Is it irrigation for farmers? How do we work with farmers, and irrigation, now that we need to deal with adaptation? We have to not just deliver the irrigation benefits, but is there going to be water to put into the pipes?"

 

"The same thing, if we're talking about cities and extending just water sanitation or other services, you really need to build an adaptation angle into it, you need to think that the city might flood. Or it might even be separate from a lot of jobs. How do you redesign cities ... we do a lot of work supporting urban upgrading, how to do it already bearing resilience in mind, so you're doing the development impact, and you incorporate adaptation..."

 

 

 

 

South Africa: Brace for Another Six to 12 Months of Rolling Blackouts, Warns Eskom

South Africans are in for a dim festive season. Eskom has announced that 'protracted load shedding' will continue for 'six to 12 months', as major repairs and capital investment projects are set to reduce already constrained generation capacity.

 

"Due to the vulnerability and unpredictability of the power system, coupled with the major capital projects, maintenance and major repairs to be executed starting during the next few months, the risk of continued load shedding remains quite high," Eskom's group chief operating officer, Jan Oberholzer, said on Tuesday.

 

In a statement, the power utility said these plans would remove 2,300MW of generation capacity from the ailing power grid, and further increase the implementation of rolling blackouts.

 

"Eskom cautions the public to anticipate the increased risk of load shedding until these problems are resolved over the next six to 12 months."

 

In an Eskom state-of-the-system briefing on Tuesday afternoon, Oberholzer said a unit at Koeberg power station would undergo maintenance and refuelling from 8 December until June next year.

 

"Unit 1 of the Koeberg Nuclear Power Station, which has enjoyed 384 days of uninterrupted supply until today, will be shut down for normal maintenance and refuelling, and the replacement of the three steam...

 

-Daily Maverick.

 

 

 

Namibia: High Fuel Prices Threaten Namibia's Fish Markets

REGARDLESS of sourcing N$10 billion in export earnings during the last financial year, increasing fuel prices are putting the fishing industry in a difficult position in its attempt to juggle rising operational costs and a foreign market price for its fish.

 

Minister of fisheries and marine resources Derek Klazen, during his annual address to the industry at Walvis Bay on Friday said the fishing sector remains one of the significant contributors to economic growth, employment creation, nutrition, and foreign exchange in Namibia.

 

It accounts for over 14% of Namibia's export earnings from fish and fisheries products valued at N$10 billion, which is 4,5% of the national gross domestic product.

 

 

But rising fuel prices are hampering exponential growth, representing the second-highest expenditure after salaries and wages for most companies in the industry.

 

Klazen said an increase in fuel prices also increases fixed costs, such as depreciation and salaries.

 

Another cost hike is the transport cost of input to fish production, as well as end products to the markets.

 

Consequently, the high production cost of fish is likely to negatively impact the fish price in the markets.

 

"With all these increases the industry struggles to keep the prices as is, which is tough in foreign markets where our industry has to compete with other countries' products.

 

"This makes it difficult for our people, because if they need to increase the prices in foreign countries, these countries will tell us to take our fish elsewhere because they can get a similar product from elsewhere," Klazen said.

 

"I hope people will still love our fish more than others . . . even if there are small price increases."

 

In the same breath, Klazen warned fishing companies defaulting on quota fees and related levies that his ministry will not issue licences until arrears have been settled or settlement plans have been approved by the ministry.

 

"The state needs these funds to implement its programmes and projects," he said.

 

Being more optimistic about the fishing industry's strong economic potential, chairperson of the Walvis Bay Chamber of Commerce Johnny Doëseb at the event said fisheries should continue to be used as a catalyst to unlock the development of other subsectors of the economy.

 

"The fishing industry should not just stop with fishing. There is a value chain of other subsectors. The N$10 billion earned can translate into N$160 billion in value addition, and that is a reality," he said.

 

He said healthy tripartite relations based on win-win formulas between the public and private sector and labour unions are crucial for the economic development of the industry and its beneficiaries, which should be all Namibian citizens.

 

-Namibian.

 

 

 

Kenya: Ministries to Cut Spend On Foreign Travel, Training in Ruto's Austerity Plan

Nairobi — Ministries, Departments, and Agencies(MDAs) are set to fully cut spending on foreign travel, purchase of motor vehicles, and training in the current budget as part of President William Ruto's Sh300billion austerity plan.

 

The MDAs will also be required to fully cut spending on the remaining allocated funds for purchase of household furniture and institutional equipment, purchase of office furniture and general equipment, and refurbishment of buildings.

 

The Treasury in its revision of the estimates of expenditure and revenues for the financial year 2022/23 has also directed the MDAs to effect a 75 per cent cut in spending on domestic travel, communication services, advertising and printing, hospitality, and vehicle rentals.

 

 

Other areas to be affected by the 75 per cent cuts are contracted professional services, routine maintenance - vehicles and other transport equipment, fuel oil and lubricants, research, feasibility studies, project preparation and design among others.

 

According to Treasury CS Njuguna Ndung'u, financing challenges as well as emerging expenditure pressures have made the government see a need to realign and reprioritize spending within a sustainable fiscal framework.

 

"In this regard, the National Treasury is in the process of rationalizing expenditures and mobilizing revenues to achieve a deficit financing target of 5.7 per cent of the Gross Domestic Product (GDP)," Ndung'u said.

 

Further, the Treasury has proposed that all MDAs remove all new projects; rationalize projects with implementation challenges; review counterpart funds and scale down on externally funded projects with absorption between 60 to 65 per cent.

 

 

The revision of spending is being undertaken in accordance with Article 223 of the Constitution and Section 44 of the Public Finance Management Act (PFMA), 2012

 

Further, as part of the plan, accounting Officers will be required to critically review the expenditure requirements for up to December 31, 2022 and retain items likely to be spent before the approval of the Supplementary Estimates.

 

"Accounting Officers should ensure that only approved additional expenditures by the National Treasury are reflected in the Supplementary Estimates No. 1 for the FY2022/23. In doing so, they should provide supporting evidence for the approved additional expenditures," said Ndung'u.

 

The officers are also required to review requirements for personnel emoluments and gratuity for the financial year and only reflect the actual requirements up to the end of June, 2023. Any excess provisions should be surrendered for salaries.

 

"Shortfalls in personnel emoluments and gratuity should be justified before any additional funds considered and provided. To facilitate this review, MDAs are required to submit all IPPDs/payrolls for the previous and current financial years to facilitate computation of the salary requirements.," said Ndung'u.

 

Accounting officers are also required to ensure that pending bills and carryovers from the FY 2021/22 are prioritized and paid for within the budgetary provision of the current year.

 

Further, accounting officers were guided to ensure that no contracts and tenders are awarded for goods and services without sufficient budgetary provisions.

 

According to data from the National Treasury, spending across the 2022/23 financial year has been estimated at Sh3.358 trillion against revenues projected at Sh2.462 trillion.

 

This leaves behind a financing hole estimated at Sh862.9 billion.

 

Of the Sh3.4 trillion budget this financial year, Sh2.271 trillion is estimated to be recurrent expenditure which includes spending by ministries.

 

-Capital FM.

 

 

 

Africa: President Ramaphosa Calls for AU to Join G20 Leaders Group

President Cyril Ramaphosa has called for the African Union to be made a permanent member of the G20.

 

The G20 is a group of 20 countries with leading economies which come together to discuss policy on health, trade and other issues.

 

The President was speaking during the Working Session on Food and Energy Security at the G20 Leaders' Summit, held in Bali, Indonesia.

 

President Ramaphosa said the addition of the African Union will give a more unified approach to solving challenges currently plaguing the world.

 

"We call for continued G20 support for the African Renewable Energy Initiative as a means of bringing clean power to the continent on African terms.

 

 

"In this regard, this can be best achieved with the African Union joining the G20 as a permanent member. It is only through a collective and united response that we can resolve the challenges of food and energy insecurity across our world," he said.

 

President Ramaphosa bemoaned slow progress on negotiations between developing and developed nations at the recently held 2022 United Nations Climate Change Conference or Conference of the Parties (COP27).

 

"We are... concerned at the lack of progress on key issues in the multilateral negotiations at COP27, especially with respect to loss and damage, finance, technology, capacity building, adaptation and the just transition.

 

"The outcomes of both COP27 and this Leaders' Summit must reaffirm the principles of equity and 'common but differentiated responsibilities and respective capabilities'. Industrialised countries in the G20 need to demonstrate more ambitious climate action and must honour their financial commitments to developing economies," he said.

 

Turning to food insecurity, President Ramaphosa said several factors are contributing to increasing global food insecurity with low and middle income states bearing the brunt of it.

 

"The recovery from the COVID-19 pandemic has been uneven and inadequate. Climate change has increased the frequency and the severity of droughts, floods and wildfires, disrupting agricultural production and supply. The conflict between Russia and Ukraine has hiked global prices of fuel, fertilisers, edible oil, sugar and wheat.

 

"Low and middle income economies are most affected by the resultant food shortages and therefore need substantial financial support to ensure food security and tackle the effects of climate change," he said.

 

President Ramaphosa said this support would go a long way to assist these countries to use new agricultural methods and technologies which help mitigate the effects of climate change on food production.

 

"With this support, low and middle income countries can invest in climate-smart agriculture, sustainable food production systems and climate change early warning systems. Trade restrictions are a major source of risk for global food price stability.

 

"We therefore support the call for multilateral trading systems that are transparent, inclusive, predictable and rules-based."

 

-SAnews.gov.za.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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

 


 

 

 

 

 

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