Major International Business Headlines Brief::: 12 October 2022

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Major International Business Headlines Brief::: 12 October 2022 

 


 

 


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

 


 

 


 

ü  Recession risk rises as economy unexpectedly shrinks

ü  Bank of England boss tells investors pensions help must end

ü  IMF warns rising prices will be worse in UK

ü  TikTok profits from livestreams of families begging

ü  Uber and Lyft shares slump on US 'gig' economy plan

ü  Netflix signs up to ratings body Barb

ü  Mark Zuckerberg reveals new Quest Pro VR headset

ü  UK businessman charged with 'helping Russian oligarch evade sanctions'

ü  South Africa: Durban Power Mostly Back After Outage - South African News
Briefs - October 12, 2022

ü  Kenya: Jambojet Fully Automates Its Cargo Fulfilment Process

ü  Nigeria's Economic Growth Will Slow to 3 Percent in 2023 - IMF

ü  Malawi: ECAM Calls for Increased Efforts to End Child Labour in Malawi

ü  Nigeria Has Potential to Become World Leader in Digital Economy -
Osinbajo

ü  Nigeria: IMF Says More Than Third of World Economies to Contract in 2023

ü  Nigeria: Shell Nigeria Investigating Illegal Pipeline

ü  Tanzania: Govt Reaffirms Commitment to Increase Internet Users

ü  South Africa: Transnet Strike Will Impact Economy as Major Ports Shut
Down

 


 <mailto:info at bulls.co.zw> 

 


 

Recession risk rises as economy unexpectedly shrinks

The UK economy unexpectedly shrank in August, strengthening predictions that
it will fall into a recession.

 

The surprise 0.3% drop came as factories and consumer-facing businesses
struggled, according to official figures.

 

Analysts thought the economy would stall in August but not shrink as costs
mount for businesses and households.

 

Prices are rising at their fastest rate for 40 years, eating into people's
budgets, and outpacing growth in pay.

 

In normal times, a country's economy grows and on average, people become
slightly richer as the value of the goods and services it produces - its
Gross Domestic Product (GDP) - increases.

 

But sometimes their value falls, and a recession is usually defined as when
this happens for two three-month periods - or quarters - in a row, and it
marks a sign the economy is performing badly.

 

The Bank of England has previously said that it expects the UK to fall into
a recession by the end of the year.

 

The latest data from the Office for National Statistics (ONS) means that in
the three months to August, GDP also fell by 0.3%.

 

The drop in the monthly figure for August was driven by a sharp decline in
manufacturing and maintenance work, which slowed down the oil and gas
sector, the ONS said.

 

It marked a fall from July, when the UK economy grew by 0.1%.

 

But ONS Chief Economist Grant Fitzner said that lots of other
customer-facing businesses like retail, hairdressers and hotels were "faring
relatively poorly" in August.

 

"The economy shrank in August with both production and services falling
back, and with a small downward revision to July's growth the economy
contracted in the last three months as a whole," Mr Fitzner said.

 

He added that sports events didn't generate as much economic value, after
the economy had previously been helped by the UK hosting the Women's Euro
Championship in July.

 

Chart showing GDP in August

A reduction in the amount spending by the government related to the pandemic
was also one of the big causes of the slump in manufacturing, which was hit
by pharmaceutical companies cutting back production.

 

The ONS added that some falls were off-set, however, by some professional
services like accounting and architecture.

 

The construction sector was the only one of the three main parts of the
economy to see growth of 0.4% in August.

 

Some experts expect that September could see an even bigger drop in economic
output, with the extra bank holiday for the Queen's funeral and the period
mourning affecting business opening hours, as well as higher costs starting
to bite.

 

Yael Selfin, Chief Economist at KPMG, said that the UK was now "teetering on
the edge of recession".

 

"The ongoing squeeze on household finances continue to weigh on growth, and
likely to have caused the UK economy to enter a technical recession".

 

"August's drop in GDP likely marks the start of a downward trend that will
continue deep into next year," said Samuel Tombs Chief UK Economist at
Pantheon Macroeconomics.

 

Challenges to face

Meanwhile, Suren Thiru, Economics Director for ICAEW (Institute of Chartered
Accountants in England and Wales) criticised Chancellor Kwasi Kwarteng's
recent mini-budget for sparking market turmoil and potentially piling extra
pressure on firms and families as mortgage rates have been sent soaring.

 

Mr Thiru said: "The government has needlessly risked a longer recession with
any boost from the energy package likely to be dwarfed by a sustained
squeeze on UK output from persistently high inflation, punishing interest
rate rises and acute financial market turbulence."

 

Chancellor Kwasi Kwarteng insisted the government's energy support package
and growth plan will "address the challenges that we face".

 

He added said: "Countries around the world are facing challenges right now,
particularly as a result of high energy prices driven by Putin's barbaric
action in Ukraine."

 

 

Speaking to BBC's Today programme, Business Secretary Jacob Rees-Mogg also
urged caution in interpreting the most recent ONS monthly figures for
August.

 

He pointed out that monthly figures are often more volatile and "very often
subject to revision".

 

But he acknowledged that the fall in the economic growth number for August
"showed the need for the mini-budget in September to make sure we get back
onto a path for growth".

 

It comes after the International Monetary Fund (IMF) warned that the worst
was still to come for the global economy, while 2023 would "feel like a
recession" for many people because of rising costs and the continued
fall-out of Russia's invasion of Ukraine.

 

The financial institution warned on Tuesday that the UK economy could
sharply reduce in 2023 as consumer spending is dented by rising prices and
higher interest rates.

 

It downgraded its forecast for UK economic growth next year to just 0.3% in
2023 - down from 0.5% previously pencilled in.

 

The IMF did welcome the news though that the chancellor has brought forward
the date for his "economic plan" to 31 October, where he will set out will
set out how he will fund tax cuts that he has pledged and reduce debt.-BBC

 

 

 

 

Bank of England boss tells investors pensions help must end

The Bank of England boss says it will stop buying bonds to help pension
funds this week despite pleas to continue.

 

The emergency bond-buying programme aimed at stabilising their price and
preventing a sell-off that could put some pension schemes at risk of
collapse is due to end on Friday.

 

"You've got three days left now and you've got to sort it out," Andrew
Bailey told pension funds.

 

The Bank acted after September's mini-budget which sparked market turmoil.

 

The chancellor promised huge tax cuts without saying how he would fund them,
sparking investor fears over the UK's financial stability.

 

The pound fell against the dollar to below $1.10 after Mr Bailey's
surprisingly blunt statement which dashed investor hopes of the support
being extended. And government borrowing costs remain close to the levels
seen at the height of the market turmoil last month.

 

The government raises money it needs for spending by selling bonds - a form
of debt that is paid back plus interest in anywhere between five and 30
years.

 

Pension funds invest in bonds because they provide a low but usually
reliable return over a long period of time.

 

However, a sharp fall in their value after the mini-budget forced pension
funds to sell bonds, threatening to create a downward spiral in their prices
as more were offloaded which left some funds close to collapse.

 

The turmoil has also fed through to the mortgage market, where hundreds of
products have been suspended as the volatility has made it difficult for
lenders to know how to price these long-term loans.

 

Last week, interest rates on typical two and five-year fixed rate mortgages
topped 6% for the first time in over a decade.

 

Mr Bailey told the BBC he had stayed up at night to try and find a solution
and said it was doing everything it could to preserve financial stability,
but it has always said the help would be temporary.

 

His insistence the support would end was no slip of the tongue with the
governor going out of his way to say the City giants now had to arrange
their affairs.

 

He said pension funds have "an important task" to ensure they are resilient.

 

"I'm afraid this has to be done, for the sake of financial stability," he
said.

 

'Uncharted territory'

Earlier pensions industry body the Pensions and Lifetime Savings Association
had warned against the help ending "too soon".

 

It suggested the support should be extended until 31 October when chancellor
Kwasi Kwarteng is due to detail his economic plan, explaining how he will
balance the public finances. The statement will be accompanied by
independent forecasts on the prospects for the UK economy.

 

Despite Mr Bailey's insistence on ending the support, the Bank of England
has signalled privately to bankers that it could extend its emergency
bond-buying scheme beyond this week, according to the Financial Times.

 

The Bank declined to comment.

 

Former pensions minister Steve Webb, who now works for pension consultants
LCP, said he thought Mr Bailey may have to extend the help.

 

"It's not a fantastically good thing for pension funds to be furiously
selling assets over a two-week period, so it's perfectly possible, although
a lot has been done, that more help will be needed from the Bank on Friday,"
he told BBC Radio 4's The World Tonight, adding: "We are in uncharted
territory".

 

Why is the Bank of England spending billions?

Faisal Islam: A significant day for the economy

Big and painful cuts needed to fix budget - IFS

At times of previous high borrowing costs and financial stress, the Bank has
bought up government bonds for long periods of time.

 

Mr Bailey has made it clear that will not happen on this occasion and that
the Bank will not stand in the way of the market pushing up the ost of
government borrowing as a response to uncertainty over its economic policy.

 

The government has said it remains confident in its tax cuts plan, with Mr
Kwarteng telling MPs he was "relentlessly focused on growing the economy"
and "raising living standards".

 

But Mr Bailey's words further increases the pressure on the government, and
the chancellor, to come up with an economically credible and politically
viable debt plan, and quickly.

 

But Labour's shadow chancellor Rachel Reeves said: "This is a Tory crisis
that has been made in Downing Street, and that is being paid for by working
people."

 

Former IMF deputy director Mohamed El-Erian told BBC News that the economy
was on "shaky ground".

 

He said financial systems going into turmoil "can cause a lot of
damage".-BBC

 

 

 

 

IMF warns rising prices will be worse in UK

The International Monetary Fund (IMF) has doubled down on criticism of the
chancellor's mini-budget, days after warning it will fuel rising prices.

 

The body, which works to stabilise economic growth, admitted tax cuts
announced by Kwasi Kwarteng would boost growth in the short-term.

 

But it said the cuts would "complicate the fight" against soaring prices.

 

It expects high prices to last longer in the UK with only Slovakia out of
the eurozone set to see higher inflation.

 

Inflation, which measures how the cost of living changes over time, is
expected to peak at about 11.3% before the end of the year in the UK,
according to the IMF's latest assessment of the global economy.

 

In each of the next two years, it expects price rises will average at about
9% - far above the Bank of England's target of 2%.

 

 

Although the UK economy is set to grow the fastest of the major economies
included in the G7 group this year, it is projected to grind to a near-halt
next year, with it expanding by just 0.3%.

 

The most recent figures included in the report by the influential financial
institution do not fully, however, take into account the UK chancellor's
recent mini-budget.

 

'Steady hand'

After Mr Kwarteng unveiled plans for huge tax cuts in the UK, the IMF
criticised the plans warning they were likely to increase inequality and add
to pressures pushing up prices.

 

It was an unusually outspoken statement from the IMF, which has a key role
in acting as an early economic warning system.

 

The IMF said it understood the government's mini-budget aimed to boost
growth, but it said that the tax cuts could speed up the pace of price
rises, which the UK's central bank, the Bank of England, is trying to bring
down.

 

Downing Street defended the chancellor's plans, with the Prime Minister's
official spokesperson saying its policies aimed "to support British people
at a time of global high prices" and said the IMF report showed "the global
challenges that countries are facing".

 

IMF chart on UK economic projections

The IMF warned the global economy was facing a downturn with "the worst yet
to come" as war in Ukraine helps push prices higher around the globe.

 

"For many people 2023 will feel like a recession," it warned.

 

It said governments and central banks globally had to work together to help
people through the turmoil.

 

The IMF's Pierre-Olivier Gourinchas told the BBC: "Imagine a car with two
drivers at the front and each of them has a steering wheel - and one wants
to go left and the other wants to go right."

 

He added: "One is the central bank trying to cool off the economy so that
price pressures will ease, and the other one wants to spend more to support
families... it's probably not going to work very well."

 

IMF openly criticises UK government tax plans

What is the IMF and why does it matter?

In the UK, the chancellor has already said he will bring forward his
economic plan where he will spell out how he plans to pay for the tax cuts
and provide an independent forecast on the UK economy's prospects, a move
welcomed by the IMF.

 

However on Tuesday, government borrowing costs remained close to the levels
seen at the height of the market turmoil last month despite fresh action
from the Bank of England to try and stabilise financial markets.

 

The IMF has said "the worst is yet to come" in the world economy, saying
"for many people 2023 will feel like a recession".

 

It made the comments as it downgraded forecast growth around the world as a
result of a longer-lasting inflationary shock, arising from Russia's
invasion of Ukraine. Rising global interest rates, and a strong dollar, are
adding to these pressures, said the world's most important international
financial institution.

 

The direct impact of the gas shutdowns in continental Europe means some
major economies are hit even more badly - Germany and Italy are now
predicted to contract next year. The projections do not fully take into
account the chancellor's mini budget and its aftermath, which will "lift
growth somewhat in the near term", but "complicate the fight against
inflation".

 

The IMF criticised the UK's mini-budget in stark terms last month, and also
repeated a more general warning about untargeted fiscal support, without
mentioning the UK specifically.-BBC

 

 

 

TikTok profits from livestreams of families begging

Displaced families in Syrian camps are begging for donations on TikTok while
the company takes up to 70% of the proceeds, a BBC investigation found.

 

Children are livestreaming on the social media app for hours, pleading for
digital gifts with a cash value.

 

The BBC saw streams earning up to $1,000 (£900) an hour, but found the
people in the camps received only a tiny fraction of that.

 

TikTok said it would take prompt action against "exploitative begging".

 

The company said this type of content was not allowed on its platform, and
it said its commission from digital gifts was significantly less than 70%.
But it declined to confirm the exact amount.

 

Earlier this year, TikTok users saw their feeds fill with livestreams of
families in Syrian camps, drawing support from some viewers and concerns
about scams from others.

 

In the camps in north-west Syria, the BBC found that the trend was being
facilitated by so-called "TikTok middlemen", who provided families with the
phones and equipment to go live.

 

The middlemen said they worked with agencies affiliated to TikTok in China
and the Middle East, who gave the families access to TikTok accounts. These
agencies are part of TikTok's global strategy to recruit livestreamers and
encourage users to spend more time on the app.

 

Since the TikTok algorithm suggests content based on the geographic origin
of a user's phone number, the middlemen said they prefer to use British SIM
cards. They say people from the UK are the most generous gifters.

 

Mona Ali Al-Karim and her six daughters are among the families who go live
on TikTok every day, sitting on the floor of their tent for hours, repeating
the few English phrases they know: "Please like, please share, please gift."

 

Mona's husband was killed in an airstrike and she is using the livestreams
to raise money for an operation for her daughter Sharifa, who is blind.

 

The gifts they're asking for are virtual, but they cost the viewers real
money and can be withdrawn from the app as cash. Livestream viewers send the
gifts - ranging from digital roses, costing a few cents, to virtual lions
costing around $500 - to reward or tip creators for content.

 

For five months, the BBC followed 30 TikTok accounts broadcasting live from
Syrian camps for displaced people and built a computer program to scrape
information from them, showing that viewers were often donating digital
gifts worth up to $1,000 an hour to each account.

 

Families in the camps said they were receiving only a tiny fraction of these
sums, however.

 

With TikTok declining to say how much it takes from gifts, the BBC ran an
experiment to track where the money goes.

 

A reporter in Syria contacted one of the TikTok-affiliated agencies saying
he was living in the camps. He obtained an account and went live, while BBC
staff in London sent TikTok gifts worth $106 from another account.

 

At the end of the livestream, the balance of the Syrian test account was
$33. TikTok had taken 69% of the value of the gifts.

 

TikTok influencer and ex-professional rugby player Keith Mason donated £300
($330) during one family's livestream and encouraged his nearly one million
followers to do the same.

 

When told by the BBC that most of these funds were taken by the social media
company, he said it was "ridiculous" and "unfair" to families in Syria.

 

"You've got to have some transparency. To me, that's very greedy. It's
greed," he said.

 

The $33 remaining from the BBC's $106 gift was reduced by a further 10% when
it was withdrawn from the local money transfer shop. TikTok middlemen would
take 35% of the remainder, leaving a family with just $19.

 

Hamid, one of the TikTok middlemen in the camps, told the BBC he had sold
his livestock to pay for a mobile phone, SIM card and wi-fi connection to
work with families on TikTok.

 

He now broadcasts with 12 different families, for several hours a day.

 

Hamid said he uses TikTok to help families make a living. He pays them most
of the profits, minus his running costs, he said.

 

Like the other middlemen, Hamid said he was supported by "live agencies" in
China, who work directly with TikTok.

 

"They help us if we have any problems with the app. They unlock blocked
accounts. We give them the name of the page, the profile picture, and they
open the account," Hamid said.

 

Media caption,

Hamid helps families go on TikTok live. Watch how the BBC investigated
TikTok's commission from digital gifts

 

Agencies like these, known as "livestreaming guilds" and based all around
the world, are contracted by TikTok to help content creators produce more
appealing livestreams.

 

TikTok pays them a commission according to the duration of livestreams and
the value of gifts received, the agencies told the BBC.

 

The emphasis on duration means TikTokers, including children in the Syrian
camps, go live for hours at a time.

 

Marwa Fatafta, from digital rights organisation Access Now, says these
livestreams run contrary to TikTok's own policies to "prevent the harm,
endangerment or exploitation" of minors on the platform.

 

BBC iPlayer

TikTok Begging in Syria

 

BBC News investigates a new trend on TikTok - hundreds of families in
refugee camps in Syria, begging for gifts on TikTok livestreams.

 

Watch on BBC News Channel Sunday 02:30 or on BBC iPlayer (UK Only)

 

BBC iPlayer

"TikTok clearly states that users are not allowed to explicitly solicit
gifts, so this is a clear violation of their own terms of services, as well
as the rights of these people," she said.

 

She acknowledges that people have the right to share their stories online
"to try to seek support and sympathy", but she says these livestreams "lack
dignity, and are humiliating".

 

TikTok's rules say you must have 1,000 followers before you can go live, you
must not directly solicit for gifts and must "prevent the harm, endangerment
or exploitation" of minors on the platform.

 

But when the BBC used the in-app system to report 30 accounts featuring
children begging, TikTok said there had been no violation of its policies in
any of the cases.

 

After the BBC contacted TikTok directly for comment, the company banned all
of the accounts.

 

It said in a statement: "We are deeply concerned by the information and
allegations brought to us by the BBC, and have taken prompt and rigorous
action.

 

"This type of content is not allowed on our platform, and we are further
strengthening our global policies around exploitative begging."

 

TikTok, the world's fastest-growing social media app, has made more than
$6.2bn in gross revenue from in-app spending since its launch in 2017,
according to analytics company Sensor Tower.

 

The BBC approached several charities working in Syria to support families in
the camps as an alternative to making money on TikTok Live.

 

A local charity Takaful Alsham said it would provide basic supplies to the
families for the next three months, helping the children find schools and
covering their educational expenses.

 

But for many in the camps, there are few options to make money other than
begging online. Hundreds of families continue to go live every day, and most
of the money donated is still going to TikTok.-BBC

 

 

 

Uber and Lyft shares slump on US 'gig' economy plan

Shares in some of the world's largest "gig" economy companies have fallen
after the US government outlined a plan to change the way workers are
treated.

 

Under the US Labor Department's proposal, workers would be more likely to be
classified as employees instead of independent contractors.

 

Shares in firms including Uber and Lyft fell by more than 10% on the news.

 

Tens of millions of people work in the global gig economy across services
like food delivery and transport.

 

US Labor Secretary Marty Walsh said the rule would aim to stop companies
from misclassifying workers as independent contractors.

 

Mr Walsh said his department had seen many cases where "employers
misclassify their employees as independent contractors, particularly among
our nation's most vulnerable workers."

 

 

"Misclassification deprives workers of their federal labour protections,
including their right to be paid their full, legally earned wages," he
added.

 

Public consultations for the proposal begin on Thursday and are scheduled to
run for 45 days.

 

Uber loses $5.9bn as Asia investment values fall

What is the 'gig' economy?

Uber shares closed 10.4% lower in New York on Tuesday, while Lyft lost 12%
and DoorDash ended down by 6%.

 

Dan Ives, an analyst at Wedbush Securities, said the plan was "a clear blow
to the gig economy and a near-term concern for the likes of Uber and Lyft."

 

"With ride sharing and other gig economy players depending on the contractor
business model, a classification to employees would essentially throw the
business model upside down and cause some major structural changes," Mr Ives
said in a note.

 

Uber, Lyft and DoorDash did not immediately respond to BBC requests for
comment.

 

Gig economy firms have come under increased scrutiny as the industry grows
in size.

 

Payments firm Mastercard has estimated that 78 million people will be
employed in the gig economy by next year.

 

Gig workers are paid for individual tasks, such as a food delivery or a car
journey, rather than getting a regular wage.

 

Most US federal and state labour laws, such as those requiring a minimum
wage or overtime pay, do not apply to gig workers.

 

Last year, the UK's Supreme Court ruled that Uber drivers needed to be
treated as workers rather than self-employed.

 

This came after two former drivers argued that they should be entitled to
the minimum wage and holiday pay.

 

James Farrar and Yaseen Aslam first took the company to an employment
tribunal in 2016.

 

Uber said the ruling centred on a small number of drivers and it had since
made changes to its business.-BBC

 

 

 

 

Netflix signs up to ratings body Barb

Netflix has signed up to the TV ratings agency Barb, which means its
audiences will be measured by an external, independent body for the first
time.

 

The move makes Barb the first industry-owned ratings service in the world
that Netflix has joined.

 

Previously, the streaming giant has only released snapshots of its viewing
data, highlighting the success of its most popular shows.

 

Barb will begin reporting Netflix's viewing figures from November.

 

It is a significant move for the streamer, and will see the data being used
by advertisers, competitors and journalists to ascertain the success or
failure of Netflix properties.

 

Barb, which stands for Broadcasters' Audience Research Board, compiles
audience measurement and TV ratings in the UK.

 

The agency will report Netflix's ratings in the same way it reports viewing
for more than 300 other subscribing broadcast channels.

 

The networks currently covered by Barb include mainstream services such as
the BBC and ITV to smaller channels such as Dave and E4.

 

The news comes as Netflix reportedly prepares to launch an ad-supported tier
for its streaming platform.

 

Its co-chief executive Reed Hastings said: "Back in 2019, at the RTS
conference in Cambridge, I welcomed the idea of Netflix audiences being
measured independently.

 

"We've kept in touch with Barb since then and are pleased to make a
commitment to its trusted measurement of how people watch television in the
UK."

 

Justin Sampson, chief executive of Barb, said: "Our audience measurement
continuously adapts to accommodate the new platforms and devices that are
being used by people to watch their favourite television shows.

 

"We took a big step forward last year when we started reporting audiences to
streaming services.

 

"Netflix's commitment to Barb sends a clear signal that what we're doing is
valuable to new and established players in the market."

 

Netflix viewing data will be available to all Barb subscribers from the
morning of 2 November through its existing analysis software and other
systems.

 

The timing coincides with the launch of season five of royal drama The
Crown, which could make a significant impact in Barb's ratings during the
streamer's first weeks of inclusion.-BBC

 

 

 

Mark Zuckerberg reveals new Quest Pro VR headset

Mark Zuckerberg has unveiled a new VR headset, the Quest Pro, at an online
event held for developers.

 

With a price tag of $1,499 (£1,499), Quest Pro is almost four times the
price of Meta's current headset, the Quest 2, which starts at $399.

 

It boasts thinner lenses, a curved battery around the head strap at the
back, and controllers which self-track.

 

The headset also allows users to see their real environment around the
periphery of the screen.

 

Quest Pro has mixed reality capabilities, unlike its predecessor - meaning
digital content can be viewed overlaid on the real world.

 

Meta boss Mark Zuckerberg said mixed reality was "the next major step for
VR".

 

 

Gartner analyst Tuong Nguyen said the high launch price made it a device
more suited to "high-end, enthusiast and potentially enterprise users" than
mass-market.

 

Microsoft CEO Satya Nadella also announced that the office platform Windows
365 will be available on it, as Meta seeks to position mixed and virtual
reality as a work tool as well as a form of entertainment.

 

The firm Meta, formerly known as Facebook, is betting its future on the
creation of a metaverse - a virtual world in which people can both conduct
their everyday lives, in the form of avatars, and explore fantasy virtual
spaces.

 

Many tech firms are building their own metaverses but it is likely to be
several years before any exist.

 

Meta's existing virtual reality world, Horizons, has received mixed reviews
so far, and there have been reports of avatars carrying out violence and
sexual assault within it.

 

Chief Technology Officer Andrew Bosworth has also admitted that "it will be
a while before there are enough headsets out there".

 

Paolo Pescatore from PP Foresight said it felt like the tech was being "fast
tracked" into people's hands. "There's no demand, why rush," he said.

 

VR apps

There was much talk about virtual reality apps during the event, some of
which have proved very lucrative for their developers, like the VR version
of the video game Resident Evil 4, which made $2m in revenue in its first 24
hours.

 

New VR gaming titles announced included Iron Man and Among Us, as well as an
upcoming partnership with Microsoft's Xbox Cloud Gaming. However there was
no update on the long-awaited VR Grand Theft Auto: San Andreas, which some
gamers had anticipated.

 

Andrew Bosworth said that one of the most popular apps on the Quest store
was YouTube VR.

 

"The ultimate goal for the metaverse is to feel like any other social
experience, great and small," said Vishal Shah, Meta's vice president of the
metaverse.-BBC

 

 

 

 

UK businessman charged with 'helping Russian oligarch evade sanctions'

A British businessman has been charged with allegedly helping a Russian
oligarch evade US-imposed sanctions.

 

Graham Bonham-Carter was arrested on Tuesday accused of funding properties
purchased by Oleg Deripaska - one of Russia's most controversial oligarchs
who was sanctioned by the US in 2018.

 

Mr Bonham-Carter is also accused of unlawfully moving his artwork abroad,
the US Department of Justice said.

 

The US is now seeking Mr Bonham-Carter's extradition, the DoJ said.

 

Mr Bonham-Carter, who is based in London and is the second cousin of actress
Helena, appeared before Westminster Magistrates' Court following the
extradition request and was released on conditional bail.

 

As well as being sanctioned by the US in 2018, Mr Deripaska was one of seven
oligarchs sanctioned by the UK in March as part of the government's response
to Russia's invasion of Ukraine.

 

Mr Bonham-Carter is believed to be linked to the oligarch through a number
of high-value properties in the US and in the UK - all suspected to be
ultimately held for Mr Deripaksa's benefit.

 

In March, Mr Bonham-Carter had his bank accounts frozen for six months under
orders were secured by the UK's National Crime Agency (NCA) after it was
alleged his accounts contained money linked to Mr Deripaska.

 

Mr Bonham-Carter faces three US charges - conspiring to violate and evade US
sanctions in violation of the International Emergency Economic Powers Act
(IEEPA), one count of violating IEEPA and one count of wire fraud.

 

Each charge carries a maximum sentence of 20 years in prison.

 

Mr Bonham-Carter is accused of engaging in more than $1m (£900,000) worth of
illicit transactions to fund real estate properties in the US for Mr
Deripaska's benefit.

 

It is alleged that the businessman was instructed by Mr Deripaska to set up
a company, named GBCM Ltd, for managing his properties, including two in New
York and one in Washington DC.

 

Mr Deripaska wealth has been estimated to be more than £2bn.-BBC

 

 

 

South Africa: Durban Power Mostly Back After Outage - South African News
Briefs - October 12, 2022

Power has been restored to most parts of Durban, eNCA reports. Last night
about half of the coastal city was plunged into darkness following a major
disruption at the Klaarwater substation. Ethekwini's head of electricity
Maxwell Mthembu said a "flashover" took down one line down at the
substation.

 

Arrests Imminent For German Tourist's Death - Minister

 

The tourism department briefed Parliament last night on its tourist safety
plan ahead of the high season, Eye Witness News reports. Tourism Minister
Lindiwe Sisulu said that arrests would happen soon for the murder of the
German tourist Jorg Schnarr, who was shot in Mpumalanga nine days ago. The
minister said talks were also under way to establish a tourism police unit.

 

Transnet Strike Threatens Berry Industry

 

South Africa's berry producers fear open-ended strike action may threaten
30,000 jobs in the sector and hurt the industry's export revenue of R3
billion. A strike by port and freight-rail workers entered a sixth day
yesterday as wage talks deadlocked, Eye Witness News reports.

 

 

 

 

Kenya: Jambojet Fully Automates Its Cargo Fulfilment Process

Nairobi — Regional low-cost airline, Jambojet has finalized the automation
of its cargo management process.

 

This is after the regional airline acquired Cargo Flash's Octogen Cargo
Management System (CMS) which has facilitated the successful move to
automatic management.

 

The integration covers Customer Management, Cargo booking & Rating, Schedule
Management, Stock Management, Tracking, AWB validation, customer billing &
Non-CASS Invoices, to name a few.

 

"The integration with Cargo Flash will increase our efficiencies in service
delivery to our customers and lower the cost of operations. Furthermore,
this integration will make it easier for the customers to book, pay and
track their cargo, and widen our network with airline interlining," said
Jambojet Managing Director & CEO Karanja Ndegwa.

 

 

Karanja also added that the new shipment process will see customers cut
transport costs by almost 50 per cent to transport their goods.

 

Previously, freight charges for goods between Nairobi to other domestic
routes weighing 45KGs would cost USD45(Sh5,440.50), and the same weight of
goods will now cost USD15(Sh1813.50).

 

Goods weighing 100KGs previously cost USD60(Sh7254), they will now be
charged USD38(Sh4594.20). This is exclusive of 3rd party handling charges.

 

Furthermore, Jambojet will charge Sh700 for parcels up to 2KGs.

 

Those sending cargo to Goma from Nairobi will also enjoy lower rates. Cargo
weighing 100KGs will be charged USD2.10(Sh253.89) per KG, which previously
cost USD2.26(Sh 273.23) per KG.

 

Goods weighing 250KGs will be charged at USD(Sh247.84), while previously
cost USD2.10(Sh253.89).

 

In January 2022, Jambojet began its cargo operations with 1.2 tonnes being
shuttled across the region in every flight in a bid to meet the budding need
of transporting various goods.

 

-Capital FM.

 

 

 

Nigeria's Economic Growth Will Slow to 3 Percent in 2023 - IMF

The International Monetary Fund, IMF, has projected that Nigeria's economic
growth will slow to 3.0 per cent in 2023 while the inflation rate drops to
17 per cent.

 

Making these projections in the IMF October World Economic Outlook, WEO,
released on the sidelines of the ongoing IMF/World Bank annual meetings, in
Washington DC, the Fund called for fiscal policies that support current
efforts by central banks to curb inflation as well as protect the vulnerable
from the impact of inflation.

 

According to the IMF, Nigeria is projected to record Gross Domestic Product,
GDP, growth of 3.2 per cent in 2022, and 3.0 per cent in 2023, both
representing 0.2 percentage points lower than the 3.4 per cent and 3.2
percent respectively projected in the July WEO.

 

 

The IMF however forecasted a decline in Nigeria's inflation rate to 19 per
cent in 2022 and 17 per cent in 2023."Inflation forecast

 

Speaking at the October WEO press briefing held on the sidelines of the
ongoing IMF/World Bank annual meetings, in Washington DC, Daniel Leigh,
Divisional Chief, Research Department, IMF, said that the lower inflation
rate projections for Nigeria is premised on the recent hike in the Monetary
Policy Rate, MPR by the Central Bank of Nigeria, CBN, as well as global
decline in prices of crude oil and food.

 

He said: "For Nigeria, in particular, we forecast inflation at about 19 per
cent this year, but then some moderation next year down to 17 per cent, and
part of that does reflect the monetary policy actions which is the 4.0 per
cent point increase in Nigeria's Central Bank as well as the decline that we
expect in oil and food prices globally."

 

 

On its part, Pierre-Olivier Gourinchas, Director of Research of the IMF,
advised the CBN and its global peers on the choice of monetary instruments
needed to curb inflation rate.

 

Global economy forecast

 

The projections for Nigeria's GDP growth was in line with the lower growth
rate projected by the IMF for the global economy in 2023.

 

While the IMF, in the October WEO retained its forecast for global economy
growth in 2022 at 3.2 per cent, it however lowered its forecast for 2023 to
2.7 per cent, representing 0.2 percentage points lower than the July
forecast.

 

Explaining the basis for its lower growth forecast for the global economy,
the IMF said: "The global economy continues to face steep challenges, shaped
by the Russian invasion of Ukraine, a cost-of-living crisis caused by
persistent and broadening inflation pressures, and the slowdown in China.

 

Anti-inflation, pro-poor fiscal policies

 

Stressing that the most immediate threat to current and future economic
growth is the high inflationary trend across the world, Pierre-Olivier
Gourinchas, Director of Research of the IMF, called for fiscal policies that
support ongoing central banks monetary policy focused on taming inflation
and also that protect the vulnerable members of the society.

 

He said: "First, fiscal policy should not work at cross purposes with
monetary authorities' efforts. Doing otherwise will only prolong inflation
into a serious financial instability as recent events reminders.

 

Fiscal policy should instead aim to protect the most vulnerable and targeted
and temporary constraints. Third, fiscal policy can help economies adapt to
more volatile environments by investing in productive capacity, human
capital, digitization, green energy and supply chain diversification.
Expanding these can make economies more resilient when the next crisis
occurs. Unfortunately, these important principles are not always guiding
policy right now."

 

-Vanguard.

 

 

 

Malawi: ECAM Calls for Increased Efforts to End Child Labour in Malawi

Employers Consultative Association of Malawi (ECAM) has challenged private
sector players to increase their efforts towards eliminating child labour in
Malawi.

 

ECAM president ECAM Anne Chavula said there is a need for all employers to
willingly commit themselves and pledge to support activities that address
the root cause of child labour.

 

The association, with financial support from the Government of Netherlands,
is implementing a project called 'Accelerating action for the elimination of
child labour in supply chains in Africa (ACCEL Africa)'.

 

The overarching goal of ACCEL Africa Project is to accelerate the
elimination of child labour in Africa, through targeted actions in selected
supply chains in Côte d'Ivoire, Egypt, Malawi, Mali, Nigeria and Uganda.

 

 

In Malawi, the project is targeting five districts of Mulanje, Thyolo,
Mzimba, Chitipa and Ntchisi.

 

Speaking at a press briefing on Monday, Chavula called for collaboration
among stakeholders to eliminate the problem of child labour in Malawi.

 

"We are calling upon all employers to willingly commit and pledge to support
activities that address the root cause of child labour and support the
prevention of children from being engaged in Child Labour through Memorandum
of Understanding and Private- Public Partnerships (PPs) that address
educational and social gaps," she said.

 

At the same event, ECAM announced the introduction of the third edition of
'Employers of The Year Award' whose aim is to recognize the best employers
in Malawi with the best practices in employment, labour laws and other
important areas.

 

The award also aims at increasing the relevance and visibility of the
association, improving the corporate and image of participating companies.

 

It has several categories, which, among others, include managing during
crisis and workplace wellness, Human Resource Development, Youth Employment
and Skills Development as well as Corporate Social Responsibility and
Inclusive Business.

 

Chavula said participation to the competition is open to all ECAM paid-up
members and the call for entries is open from 11th October, 2022, and will
close on 21st October, 2022.

 

"The sponsorship packages are designed to complement companies existing
marketing mix and elevate companies profile and brand identity and those
companies which will sponsor this year's Employers Year Awards they will
benefit in the way that there brands will be taken to new heights and also
the marketing decision of there companies will be sharpened," she stated.

 

ECAM thrives to raise and sustain productivity and promote decent work
agenda and to create a positive image of the employers and they work to see
a child labour free workplace, conducive working environment for the
employee and ease in doing business to realize profits in turn improving
economy.

 

-Nyasa Times.

 

 

 

Nigeria Has Potential to Become World Leader in Digital Economy - Osinbajo

Vice President Yemi Osinbajo, SAN, has said Nigeria has the requisite
talents, creativity and acumen to become a world leader in the digital
economy.

 

Prof. Osinbajo stated this yesterday at this year's Nigeria Digital Economy
Summit (NDES) with the theme "Web 3.0, Blockchain & DeFi: Impact on Africa's
Digital Economy."

 

He observed that with the right approach and policy, as well as the
country's human capital and potential, "we can actually become world leaders
in digital technology in all its various ramifications."

 

Delving into the different levels of progress recorded since the advent of
the use of the Web on a large and global scale since Web 1 in 1989, Prof.
Osinbajo who was the special guest of honour and keynote speaker at the
event, highlighted the future of technology, digital economy and what it
means globally but especially for Nigeria.

 

 

"A whole new world is unfolding before our very eyes, unlike Web 1 and 2
where we were relatively disadvantaged," he said.

 

Osinbajo further noted that "We have already shown that we have the talent,
creativity and acumen to build and grow major tech companies. At the last
count, we have 6 unicorns and many more on the way. But we must spend time
on the development of digital skills."

 

He added that both sectors must find ways to ensure "policy is way ahead for
development."

 

According to him, "we must think through and develop appropriate policies
and regulations that promote, rather than inhibit, innovation and commerce.
We can be world leaders in the Web 3 revolution. The only limit is our
vision."

 

 

Using examples such as the technology-driven Growth platform by the Bank of
Industry, and the implementation of the Government Enterprise Empowerment
Programme (GEEP), one of the schemes under the Federal Government's Social
Investment Programmes (SIPs), Osinbajo observed that the technology platform
deployed in the implementation of the microcredit schemes such as TraderMoni
and MarketMoni was built by Eyowo, a local Nigerian tech company.

 

"Web 3 will also mean that the digitisation of government's services will
come with more options, government agencies can then be smarter, faster and
more efficient in delivering their services.

 

"But I think most importantly, digitising government processes and services
is a sleeping commercial giant. The whole range of government services will
provide several opportunities for innovation," Prof. Osinbajo observed.

 

Prof. Osinbajo also noted the category of licences created and made
available to some FinTech companies by the Central Bank of Nigeria (CBN) in
the past few years as a significant example of how government policy can
drive innovation and economic growth.

 

Aside from Vice President Osinbajo, the event also featured remarks from the
convener of the Summit and founder/CEO of the Foresight Group, Mr. Lanre
Osibona; a representative of Bank of Industry (BOI), Mr Seun Tubi, as well
as Silicon Valley investor, Director, Plug & Play, Abu Dhabi & Middle East,
Babak Ahmadzadeh.

 

In his remarks, Osibona, who was previously senior special assistant for
Information and Communications Technology in the Buhari Administration noted
that collaboration was key to implementing successful digital transformation
strategies.

 

"The key to achieving real change lies in actualising the true potential of
our youth and preparing them to think and act for a future better than their
past. They can learn from previous mistakes and build a better world for
themselves and their children. Let us all work together towards using
technology to build a sustainable Nigeria for future generations to come,"
Osibona stated.

 

The Nigeria Digital Economy Summit (NDES) is a privately funded
public-private partnership forum to support Nigeria's digital transformation
into a globally leading digital economy.

 

This category of banking licences accessible to fintech companies are at a
cheaper rate when compared to the cost of actual traditional banking
licenses by the CBN, the VP disclosed.

 

-Leadership.

 

 

 

Nigeria: IMF Says More Than Third of World Economies to Contract in 2023

The IMF has warned that global growth is slowing under the burden of high
inflation, the impact of Russia's war in Ukraine, and the lingering effects
of the pandemic, adding that more than a third of world economies could
contract in 2023.

 

The Fund expects global growth to remain unchanged in 2022 at 3.2 percent
and to slow to 2.7 percent in 2023--0.2 percentage points lower than the
July forecast--with a 25 percent probability that it could fall below 2
percent, Pierre-Olivier Gourinchas, the IMF's Chief Economist, said on
Tuesday, October 11 in Washington, DC.

 

"The global economy is weakening further and facing a historically fragile
environment. The outlook continues to be shaped by three forces," Gourinchas
said.

 

 

"Persistent and broadening inflation, causing a cost-of-living crisis, the
Russian invasion of Ukraine and the associated energy crisis, and the
economic slowdown in China. For this year, our projection for world GDP
growth is unchanged at 3.2%, as in the July World Economic Outlook update.
Global growth is forecast to slow down to 2.7% in 2023, 0.2 percentage
points lower than projected in July. The slowdown is broad-based," he added.

 

Gourinchas said more than a third of the global economy will contract in
2023, while the three largest economies in the world, the United States, the
Euro area, and China will continue to stall. "For the first time, we
calculated risks around the baseline projections. We find there is a 25%
chance that growth will fall below 2% in 2023. This happened exceedingly
rarely in the past and a 10 to 15% chance it will fall below 1%,
corresponding to a decline in real output per capita," said Gourinchas.

 

 

The Fund says that downside risks remain elevated, while policy trade-offs
to address the cost-of-living crisis have become acutely challenging.
According to the IMF, the risk of monetary, fiscal, or financial policy
miscalibration has risen sharply at a time when the world economy remains
historically fragile and financial markets are showing signs of stress.

 

"Unfortunately, most risks to the outlook are to the downside. There's a
risk of monetary policy, miscalibration at a time of high uncertainty and
fragility. In particular, we are concerned that central banks will ease too
early, causing inflation to remain excessively high and requiring a much
larger loss of output later. A persistently strong dollar could fuel
inflation and amplify financial tightening, especially in emerging markets
and developing economies," the Chief Economist said.

 

 

"High post-pandemic debts and higher borrowing costs could cause widespread
debt distress in low-income countries. A deeper real estate crisis in China
could cause severe financial stress. The war could further destabilize
energy markets. A resurgence of the pandemic would hit under-vaccinated
regions hard, especially Africa. Lastly, further geopolitical fragmentation
could hamper global policy coordination and trade," added Gourinchas.

 

He noted that persistent and broadening inflation pressures have triggered a
rapid and synchronized tightening of monetary conditions, alongside a
powerful appreciation of the US dollar against most other currencies.
According to him, tighter global monetary and financial conditions will work
their way through the economy, weighing demand down and helping to gradually
subjugate inflation.

 

"The biggest fight now is the fight against inflation. Central banks are
laser-focused and they need to keep a steady hand. Growth will slow in 2023
as conditions tighten and some financial fragilities may emerge. But the
main priority should be to restore price stability. This is the bedrock of
future economic prosperity," Gourinchas stressed.

 

Next to that, he said, fiscal policy needs to be guided by coherent economic
principles. "First, pandemic-era stimulus should be withdrawn, and buffers
rebuilt. Second, fiscal policy should not work at cross-purposes with
monetary policy. Third, the energy crisis will be long lasting," he said.
Solving this requires supply to increase and demand to decrease, he said.

 

According to the Economist, price signals will be important to achieve the
above objectives. He urged Governments should provide direct, temporary and
targeted help to low- and middle-income families.

 

"Finally, many countries are struggling with the strength of the dollar. Yet
this reflects mostly the speed of the tightening cycle in the United States,
as well as the energy crisis. Unless financial markets become severely
disrupted, monetary policy should focus on inflation while allowing the
exchange rate to adjust to underlying economic forces," warned Gourinchas.

 

Cuts Nigeria's growth prospect to 3% in 2023

 

Similarly, the Fund in its latest World Economic Outlook (WEO) downgraded
Nigeria's growth prospects from 3.4 per cent to 3.2 per cent for 2022 and
further downgraded 2023 forecast from 3.2 per cent to 3.0 per cent.

 

The development is 0.2 percentage points lower than the 3.4 percent
projected in its July 2022 report

 

The Fund also revealed that to cushion the elevated hike in food prices
globally, it has introduced a food short window, which would allow a number
of countries to access emergency financing to deal precisely with elevated
food prices.

 

Speaking at the WEO briefing in response to a question on Nigeria's Central
bank's conventional and unconventional tools deployed at fighting against
inflation, Chief Economist and Director Research Department of the IMF,
Pierre-Olivier Gourinchas said: "Our advice, in general, is that central
banks should first start with the traditional instruments of monetary policy
and as you want to think about non-conventional instruments then you should
think about what is the friction that is preventing the conventional
monetary policy from working.

 

"It will require a country or a central bank to deploy alternative ways of
charting a course for monetary policy."

 

On his part, the Divisional Chief Research Department, Daniel Leigh, added:
"So, for Nigeria, in particular, we forecast inflation at about 19 per cent
this year, but then some moderation next year down to 17 per cent, and part
of that does reflect the monetary policy actions which is the 4 per cent
point increase in Nigeria's Central Bank as well as the decline that we
expect in oil and food prices globally."

 

Furthermore, on low-income countries who have been affected by the rise in
food prices, Gourinchas added: "A lot of hardship, especially for low-income
households for whom the food and energy component but their basket is very
important. Of late, food prices started to turn around and come down. There
had been some positive developments, for instance, the Black Sea Green Deal
that was implemented over the summer that allowed the exports of Ukraine
wheat and some of the increases you've seen in the last few days reflect
some uncertainty about the continuation of the deal given the situation in
Ukraine."

 

"This is one of the risks that we highlight is that you could have a lot of
uncertainty in food and energy markets related to the war.

 

"The fund has just opened its food short window, which allows a number of
countries to access emergency financing to deal precisely with elevated food
prices. And so, this has just started and, and we expect a number of
countries will be able to access funding through that new facility that is
part of the emergency funding we have."

 

The Central Bank of Nigeria on September 27 raised its Monetary Policy Rate
by one percentage point 15 percent in continuation of its tightening
measures to stem the rise in inflationary pressure. Headline inflation in
Nigeria rose to 20.52 percent in August, up from 19.64 percent in July,
while Food Inflation accelerated to 23.12 percent.

 

-Daily Trust.

 

 

 

 

Nigeria: Shell Nigeria Investigating Illegal Pipeline

'Shell Nigeria is investigating whether an illegal pipeline carried stolen
crude to one of the company's offshore platforms as alleged by the Nigerian
National Petroleum Company limited.

 

A company spokesman for Shell's local subsidiary said in an email on Tuesday
it "detected" the illegal connections on its pipeline in the crude-rich
Niger Delta during "regular surveillance activities." The producer is
"conducting an investigation to establish where the theft lines end and
whether there have been any breaches of the unmanned platform's security
barriers -- locks etc. -- or any unauthorised use of the equipment on it."

 

 

Recall that Mele Kyari, chief executive officer of the NNPCl last week said
a "coordinated security intervention" had uncovered an illegal connection
attaching Shell's Trans-Escravos pipeline to a test line running more than
four kilometers out to sea to another facility operated by the oil major

 

The four-kilometre or 2.5-mile connection from the Forcados export terminal,
which typically exports around 250,000 barrels per day (bpd) of oil, into
the sea was found during a clamp-down on theft in the past six weeks, Kyari
said during a meeting with the Nigerian senate.

 

"Oil theft in the country has been going on for over 22 years but the
dimension and rate it assumed in recent times is unprecedented," Kyari told
the lawmakers."But in rising up to the highly disturbing challenge, NNPC,
has in recent time in collaboration with relevant security agencies clamped
down on the economic saboteurs.

 

"In the course of the clampdown within the last six weeks, 395 illegal
refineries have been deactivated, 274 reservoirs destroyed, 1,561 metal
tanks destroyed, 49 trucks seized."

 

-Daily Trust.

 

 

 

Tanzania: Govt Reaffirms Commitment to Increase Internet Users

THE government has emphasized on its ambitious plan to increase utilisation
of broadband internet from 45 per cent to 80 per cent, as well as the number
of internet users from 43 per cent to 80 per cent by the year 2025.

 

Taking the stance, Deputy Minister for Information, Communication, and
Information Technology, Eng Kundo Mathew, while giving his remarks during
the Digital Council Conext Digital Infrastructure Summit in Cape Town, South
Africa recently, further assured the delegates that Tanzania's internet use
is rising and the government is offering support right into the grassroots.

 

The conference sponsored by the Chinese Huawei company, among other things,
provided an opportunity for the participants to discuss various topics on
Sustainable Development in ICT and infrastructure.

 

"Following the 5G service launch in major population centers in Tanzania,
access to the internet, particularly mobile broadband has recently begun to
take off. It is estimated that there are around 49 users per 100
inhabitants. The government is aiming for 80 percent penetration by the year
2025," said Eng Kundo, on behalf of Minister of the docket, Mr Nape Nnauye.

 

 

To ensure that the target is reached, Eng Kundo said the government is
providing subsidies to mobile operators currently operating in 2G technology
to upgrade their network to 3G or higher in areas of the country that are
currently unserved by any mobile cellular signal.

 

He said the country has made great strides in the development and use of ICT
and is committed to placing ICT at the center of its development agenda.

 

"Further, we have made several initiatives, including recognizing and
building the capacity and skills of ICT Professionals, providing foresight
and trends in ICT through research in collaboration with ICT stakeholders,
and fostering strategic investment in ICT," he added.

 

Elaborating, Eng Kundo noted that there are various initiatives that the
government, in collaboration with other stakeholders such as Huawei, has
taken to promote the use of ICT in education.

 

"So, it is time to connect the unconnected. Broadband Connectivity Making
should be a global priority. We should all work towards that end to use the
benefits of digital technology in all sectors of society and the economy. On
behalf of the Tanzanian Government, I reaffirm a total commitment to this
endeavor" he promised.

 

Speaking during the occasion, Samuel Chen, President of Southern Africa
Carrier Network Business Group - Huawei said governments have a critical
role to play in setting the foundation and creating a cost-effective
computing environment that allows every citizen to enjoy world-class
connectivity.

 

"Fiber is the cornerstone of the digital economy. In developed countries,
the digital economy accounts for more than 50 per cent of GDP.

 

In developing countries, it is more than 25 per cent. Huawei's innovative
solutions facilitate fiber to sites, enterprises, homes, etc. Policy and
Ecosystem are important drivers for accelerating fiber deployment so that to
fully unleash the digital value Let us work together to light up Africa's
future," he pointed out.

 

-Daily News.

 

 

 

South Africa: Transnet Strike Will Impact Economy as Major Ports Shut Down

Cape Town — Members of two of South Africa's larger unions, the United
National Transport Union (Untu) and the South African Transport and Allied
Workers Union (Satawu) have downed tools at major ports across the country.
The crippling strike could result in further industrial action as the
employer and workers are no closer to agreeing on a wage settlement. The
unions have rejected a revised 4% wage increase offer which Transnet says is
reasonable. Untu and Satawu are demanding a double-digit wage increase of
12% and 13.5% respectively.

 

Meanwhile, mining and agricultural business bodies are warning of billions
in losses if the strike continues to disrupt the movement of cargo and
exports, on which thousands of people rely on for their livelihoods.

 

Transnet insists that its revised offer is fair and deserves serious
consideration, given its operational and financial performance. Transnet
says its wage bill already accounts for 66% of the company's monthly
operating costs. The latest offer would add R950-million to the current
salary bill.

 

Untu and Satawu representatives met for talks under the guidance of the
Commission of Conciliation Mediation and Arbitration (CCMA) on Monday
October 10, 2022. Talks will resume tomorrow, October 12, 2022.

 

 


 


 


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
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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
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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