Major International Business Headlines Brief::: 07 August 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 07 August 2023 

 


 

 


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ü  South Africa: Taxi Strike Pushes Small Businesses to the Brink

ü  Tanzania: PM Calls Lenders to Design Appropriate Farmers Products

ü  There Must Be Financial Media Consolidation

ü  Tanzania: New Curriculum to Spearhead Coffee Production

ü  South Africa: Minister Reflects On Energy Action Plan Implementation

ü  South Africa: Banking Scam - International Crime Syndicate Targets South
Africans Using Smartphones

ü  Ghana: 'Game-Changer' Obuasi Mine in Ghana Now the Jewel in Anglogold's
Crown, Says CEO

ü  Mozambique: Road Brings Mozambique and Tanzania Closer

ü  Tanzania: Use Nanenane Expo to Unleash Potential, Farmers Told

ü  Nigeria: No Work No Pay - Doctors to Embark On Nationwide Protest

ü  Africa: APRM Africa Throws Weight Behind Local Rating Agencies

ü  Kenya Still At Risk of Cyber Attacks

ü  Zuckerberg 'not holding breath' over Musk cage fight

ü  HSBC executive sorry for saying UK 'weak' over China

ü  Virgin Atlantic pilots consider strike over fatigue

ü  US jobs market holds steady despite rate rises

ü  Starbucks Vietnam: Why the US chain cannot crack a coffee-loving nation

ü  Elon Musk says X will fund legal bills if users treated unfairly by
bosses

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Taxi Strike Pushes Small
Businesses to the Brink

Amaqubelo Bakery is one of hundreds of businesses at risk of going under in
Cape Town, as the violent city's taxi strike rages on.

 

The ongoing strike in Cape Town is a devastating blow for businesses that
are struggling to survive after suffering significant financial losses.

 

Local business owner Thembile Ngqwala from Amaqobelo Bakery said they are
feeling the impact firsthand as they grapple with the consequences of
disrupted transport services.

 

"I had scones and muffins ready for my clients, but they couldn't reach me
as cars were being stoned and torched, making it impossible for me to
deliver the orders. I was left with R5,000 worth of unsold stock," said
Ngqwala.

 

"I tried to sell everything at half price to avoid throwing it away. In the
end, I even had to give some items away for free."

 

Ngqwala has a team of 11 employees who depend on him to pay their salaries
at the end of the month. "I have to think of my staff; giving everything
away costs me a lot," he said.

 

 

"We also sell at the taxi rank, but we couldn't do that because the taxis
are not operating.".

 

Unfortunately, like Amaqobelo Bakery, other businesses also couldn't rely on
their usual sales at the taxi rank. Loyiso Basso, the owner of KwaMgoli fast
food and restaurant in Khayelitsha, voiced his frustration.

 

"More than 20 customers from outside our area placed orders but they
couldn't come in. It's disheartening that we are suffering, and there seems
to be no assistance available for the losses we are enduring. We are left to
fend for ourselves," he said.

 

"We understand the frustrations of the taxi owners, but we appeal to them to
reach an agreement so that things can get back to normal. With the country's
high unemployment rate already a big problem, we cannot afford to lose jobs
due to difficulties with transport." The impact of the taxi strike also
affects street vendors.

 

A woman who relies on her daily earnings to feed her family said she was
scared. "I hate being a burden on people, but if the taxi strike continues,
I will have no choice but to ask my neighbours for food," she said.

 

As Cape Town's business community continues to suffer, all eyes are on the
authorities and the striking parties to find a resolution.

 

 

-Scrolla.

 

 

 

Tanzania: PM Calls Lenders to Design Appropriate Farmers Products

PRIME Minister Kassim Majaliwa has called on financial institutions to
continue designing products and services aimed at solving challenges facing
farmers to boost the sector's contribution to the economy.

 

The Prime Minister made the call and commendations over the weekend when he
visited the NBC booth at the Nanenane Agriculture Exhibition held at the
John Mwakangale grounds in Mbeya.

 

According to him, the provision of low-interest loans for farming equipment
will help stimulate agricultural revolution by increasing production and
incomes for farmers.

 

"The government has always been urging and requesting various financial
institutions to increase their efforts in innovating their services in order
to come up with solutions for various economic groups according to their
specific needs.

 

 

This is why I congratulate NBC, where through the NBC Shambani product, they
are able to support farmers get loans for important agricultural
equipment...well done NBC," he praised.

 

NBC Bank Head of Small and Medium Enterprises (SMEs), product and
Agriculture, Raymond Urassa, said that through a partnership with Agricom,
an agricultural input company, the bank has already provided loans for
agricultural equipment worth 2.3bn/- to various farmers in the country.

 

"Our efforts are just a continuation of many of our efforts that we focus on
in the agricultural sector to support government's efforts in promoting
agriculture in the country," said Urassa.

 

Furthermore, to prove their commitment, the bank handed over a loan
comprising a tractor and a plow worth 62.1 million to a rice farmer Evarist
Msasi from Mbarali District in Mbeya during a brief handover ceremony at the
event grounds.

 

 

Speaking during the ceremony, Urassa stated that since the partnership with
Agricom, NBC has empowered farmers with loans for 20 tractors, 15 combine
harvesters, and 10 power tillers.

 

"NBC will continue to support the government's commitment to achieving the
growth of the agricultural sector from 5 per cent to 10 per cent by 2030,"
Mr Urassa said, inviting farmers to take advantage of the opportunity to
receive agricultural equipment loans and open their NBC Shambani accounts.

 

Speaking at the event, the Managing Director of the Tanzania Sisal Board
(TSB), Saddy Kambona, who was the guest of honour, congratulated NBC and
Agricom for supporting the government's efforts to uplift the agriculture
sector in the country.

 

He stated that the government's goal is to ensure that farmers move away
from traditional agriculture, which is not profitable for individual income
and used the opportunity to urge farmers to invest more in better farming
tools.

 

On his part, the Executive Director of Agricom, Alex Duffar, expressed his
gratitude to NBC for being a good partner, noting that, in a short period of
time, the company has managed to increase its sales by ten times compared to
last year thanks to the bank's partnership.

 

-Daily News.

 

 

 

 

There Must Be Financial Media Consolidation

Dakar — Financial consolidation is a must for a good performance of media
groups. This is the point of view of Amadou Kanouté, the executive director
of the Pan-African Institute for consumers' citizenship and development
(Cicodev).

 

According to Amadou Kanouté, Cicodev executive director, the development of
the media cannot be achieved unless there is financial consolidation which
would come, for example, from governments or other forms of supports to the
media.

 

He was speaking on the occasion of the public debate on the theme "Media and
Citizenship" held at the big amphitheatre of the Faculty of Medicine of
Cheikh Anta Diop University (UCAD); this, as a prelude to the opening of the
fifth edition of the African Media Leaders Forum (AMLF).

 

"We can't, in a media group, recruit journalists not paid as they should
normally be. In this case, they may be committed but it's not obvious they
do their job very well," he said. Focusing on the example of Senegal, Mr
Kanouté says it is necessary, in the media code and the discussion about the
role played by the media in a State in terms of democracy consolidation,
there is financial sustainability at the same time."

 

However, he also denounced the lack of very clear vision as far as
Senegalese media are concerned.

 

"After independences, the role played by the media was to consolidate
national unity but today, we enter an era when it is said that the media
contributes to the development of the civil society and an active
citizenship, as well as the promotion of democracy. I think those functions
require serious discussion between all stakeholders in view of determining
the true role that should be played by the media," he said.

 

 

 

 

Tanzania: New Curriculum to Spearhead Coffee Production

Kilimanjaro — COFFEE production in Tanzania has received a fresh impetus
following introduction and launching of a coffee production curriculum for
training agricultural extension officers.

 

Dubbed 'the Tanzania National Coffee Sustainability', the curriculum is to
strengthen delivery of the extension services to smallholder farmers.

 

Speaking here on the weekend, Café Africa Operations Manager Mr Samora
Mnyaonga said the curriculum will be used to train extension officers who
will be responsible for providing education on coffee production to farmers.

 

 

He said the curriculum was prepared by Café Africa in collaboration with
other coffee stakeholders including the Tanzania Coffee Board (TCB) and the
Tanzania Coffee Association (TCA). The curriculum was launched by the
Minister for Agriculture Mr Hussein Bashe during a stakeholders meeting held
in Dodoma, recently.

 

"The curriculum will target public and private sector extension officers
involved mostly in coffee production sector in all districts and regions in
the country," he said.

 

According to Mr Mnyaonga, curriculum is expected to strengthen the delivery
of extension services to coffee farmers by supporting the national
institutions in setting and maintaining minimum standards for delivering
extension services to coffee farmers resulting in higher productivity,
increased coffee quality and better livelihood for farmers.

 

He further disclosed that the curriculum features views of coffee
stakeholders regarding changes and needs in the production and trade of
coffee in the country and the world in general. He noted that it includes
existence and balance of understanding among farmers as far as coffee
production in the country is concerned.

 

TCB Director General Primus Kimaryo described the curriculum as a guide that
will enable the country to produce coffee in abundance.

 

"The introduction of the curriculum is important, especially when putting
into consideration the country's projection of producing 300,000 tons of
coffee by the year 2025," he said.

 

Rolling out of the curriculum is an ongoing process that is supported by the
Global Coffee Platform, which works in partnership with the Tanzanian
stakeholders to support a more sustainable coffee sector.

 

-Daily News.

 

 

 

 

South Africa: Minister Reflects On Energy Action Plan Implementation

Minister in the Presidency responsible for Electricity, Dr Kgosientsho
Ramokgopa, says at least half of the actions set out in the Energy Action
Plan (EAP) are either completed or on track.

 

He was briefing the media on the progress made on the one year
implementation of the Energy Action Plan on Sunday.

 

The EAP was introduced by President Cyril Ramaphosa in July last year and
thrashes out work that must be done by both Eskom and government to ensure
that load shedding is reduced and eventually eradicated and to ensure energy
security for the country in the future.

 

"About 56% of the work we are doing is either completed or on track. About
eight of these actions that the President has set out in the Energy Action
Plan we have completed. Twenty of these actions are on track so essentially
what that means is that we are in keeping with the timelines that we had set
for ourselves.

 

"Twelve of these actions are delayed but progressing well. Of course that is
a dent because what we want to is to be either ahead of time or on time.
Eight of those are off-track and intervention is on the way...so we are
missing our own targets that we set ourselves," he said.

 

 

All of the actions that government is undertaking are underpinned by five
interventions, namely:

 

Fix Eskom and improve the availability of existing supply

Enable and accelerate private investment in generation capacity

Accelerate procurement of new capacity from renewables, gas and battery
storage

Unleash businesses and households to invest in rooftop solar

Fundamentally transform the electricity sector to achieve long-term energy
security

According to Ramokgopa, actions that government has taken include:

 

Sourcing additional capacity neighbouring countries. Some 100MW has already
been sourced from Mozambique with an additional 600MW on the way.

Addressing outages breakdowns at Eskom power stations. The amount of
breakdowns has decreased from some 17000MW in May to some 15000MW average in
the last week.

Delays in returning broken down units to service have come down from 2000MW
to 1300MW during the past week.

Private investment in capacity generation has increased following the
removal of the threshold.

Government is procuring renewable energy through the Independent Power
Producers. Currently there is a 66GW of projects in the pipeline.

The Minister said although these interventions are contributing greatly to
the reduction of load shedding, South Africans must also contribute by
taking actions to reduce demand on the grid.

 

South Africans can contribute by switching off non-essential appliances,
switching off geysers and pool pumps during peak periods and also switching
off plugs and lights when not in use.

 

"Demand management is the fastest and most efficient way to reduce demand
particularly during peak hours. There are a few things that we can do and
the aggregate of those things is going to lessen the intensity of the
demand. It's quicker because we don't have to spend money, we don't have to
have new generation capacity [and] we don't have to improve the energy
availability factor.

 

"It has to do with our own behaviours and how we treat consumption in our
own homes. It does not mean we need to deteriorate our quality of life. We
can achieve both. Just by switching off lights [you are not using], you are
switching on the South African economy.

 

"By reducing the amount of electricity that we use through simple actions,
we can reduce load shedding while saving on energy bills," he said.

 

-SAnews.gov.za.

 

 

 

 

South Africa: Banking Scam - International Crime Syndicate Targets South
Africans Using Smartphones

According to Statista, between 20 million and 22 million South Africans were
using smartphones by January this year. As the use of smartphones with
near-field communication has increased, so too have related fraudulent
incidents.

 

The banking ombud, Reana Steyn, has sounded an alert after her office
recently received about 124 near-field communication (NFC) fraud-related
complaints. She said that the losses suffered are in the millions, with
customers' accounts fraudulently drained through tap-and-go purchases made
with smart devices in mostly foreign jurisdictions such as Dubai, France and
Spain while the legitimate cardholders were in South Africa.

 

"This is a clear indication that an international crime syndicate is
operating within this space and has South African consumers in its sights,"
Steyn warns.

 

She says one of the major banks in South Africa has confirmed with her
office that it received more than 6,000 NFC fraud-related complaints in the
18 months between January last year and the beginning of June this year. The
bank's stats show that in the first six months of last year, about 553
customers fell victim to this fraud with their losses amounting to about
R430,000. This year the number of victims jumped to more than 5,450 with
combined monetary losses exceeding R6.5-million.

 

"These are highly concerning numbers and the devastation of the losses
caused has the potential of causing bank customers serious financial
hardships which in some instances may be impossible to...

 

-Daily Maverick.

 

 

 

 

Ghana: 'Game-Changer' Obuasi Mine in Ghana Now the Jewel in Anglogold's
Crown, Says CEO

One theme that has been emerging in AngloGold Ashanti's results is the
improbable recovery of its Obuasi mine in Ghana, which a few years ago was
overrun by an army of illegal mine workers. It remains an inspiring story in
west Africa, a challenging region fraught with social and political risk.

 

Obuasi remains the comeback kid in AngloGold's portfolio. It's simply, and
improbably given its troubled recent history, shooting the lights out.

 

"Obuasi will give us upwards of 400,000 ounces a year over more than two
decades and costs at or near the lowest quartile. It's a game-changer for an
asset that was on the brink of closure a few years ago," CEO Alberto
Calderon said on a conference call with journalists after AngloGold unveiled
its interim results on Friday.

 

 

Gold production at the mine rose 29% for the six months ended 30 June 2023
to 117,000 ounces compared with 91,000 ounces in the corresponding period
last year. Significantly, total cash costs also fell 7.5% to $1,020 an ounce
from $1,102.

 

"Gold production was higher year on year mainly due to a continued ramp-up
of the mine with a 23% year-on-year increase in underground tonnes processed
complemented by a 7% year-on-year increase in underground grades mined.
Total cash costs per ounce were lower year on year mainly due to higher gold
production and favourable ore stockpile inventory movements," said
AngloGold.

 

To put this in context, AngloGold's production overall spiked nicely in the
second quarter (Q2) of the year compared with Q1...

 

-Daily Maverick.

 

 

 

 

Mozambique: Road Brings Mozambique and Tanzania Closer

Maputo — Mozambican President Filipe Nyusi on Friday inaugurated a road in
Mueda district, in the northern province of Cabo Delgado, which provides
easier access to the border with Tanzania.

 

The 70 kilometre paved road runs from Moma to Negomano. It ends at the Unity
Bridge over the Rovuma river, which forms the boundary between Mozambique
and Tanzania.

 

The first stone for the new road was laid in October 2018. It was budgeted
at two billion meticais (about 31.3 million dollars, at the current exchange
rate), and financed by the African Development Bank (ADB).

 

 

Nyusi told the ceremony that the road will facilitate trade and the movement
of people between the two countries. It would reduce journey time and the
cost of maintaining vehicles.

 

"This road will facilitate national, international and cross-border trade,
contributing to an increase in incomes, and a growth of the economy', he
claimed.

 

Paving the Roma-Negomano road, Nyusi continued, is part of the government's
vision of connecting the entire country by road, "from the Rovuma to the
Maputo' (the rivers marking Mozambique's northern and southern limits), from
the village of Negomano to the resort of Ponta de Ouro (on the frontier with
the South African province of Kwazulu-Natal).

 

"The Roma-Negomano road is a palpable asset for implementing the goals of
the African Continental Free Trade Area', the President added.

 

He believed the road will stimulate tourism, since it is near the eastern
end of the Niassa National Reserve, the country's largest conservation area.
It could also develop agricultural value chains and promote the
industrialization of the continent.

 

"The road crosses the buffer zone of the Niassa National Reserve', said
Nyusi, "and so we are asking motorists to respect the speed limits to avoid
traffic accidents and running over wild animals that are part of the
biodiversity we want to protect'.

 

He added that the road expresses the dream of the founding Presidents of
Mozambique and Tanzania, Samora Machel and Julius Nyerere, who had always
worked to bring the two peoples closer together.

 

 

 

Tanzania: Use Nanenane Expo to Unleash Potential, Farmers Told

Arusha — ZANZIBAR House of Representatives Speaker Zuberi Ali Maulid has
urged farmers to use the Nanenane agricultural exhibitions to unleash their
potential.

 

Mr Maulid made the call midweek, when he toured the Nanenane grounds, Njiro
area, Arusha.

 

Mr Maulid emphasised that the Nanenane Exhibition offered a valuable
learning opportunity to improve agricultural productivity.

 

He highlighted that an impressive 98 percent of the population in the
northern region are engaged in farming and livestock rearing noting that the
exhibition would also serve as a platform for knowledge and experience
sharing.

 

 

"Do not take these exhibitions lightly, instead, use them as opportunities
to learn from others," he urged.

 

Mr Maulid further acknowledged government's efforts of enhancing
agricultural conditions and infrastructure in the region, particularly
through the provision of subsidized fertilizers to boost productivity.

 

He equally rallied Arusha residents to support the government in
implementing numerous development projects.

 

According to the speaker, the Nanenane exhibitions serve as a platform to
showcase opportunities in the agriculture, livestock, and fishing sectors.

 

"It aims to improve the knowledge of farmers, enabling them to enhance
productivity significantly," he observed.

 

Nanenane fairs are a national event celebrated to recognize farmers'
contribution to the Tanzanian economy.

 

They provide an opportunity for farmers and other stakeholders to exchange
knowledge and business and are observed on August 8, every year.

 

The first week of August is all about agriculture in Tanzania. From August 1
onwards, agricultural fairs are organised all over the country, culminating
in the national holiday Nanenane on August 8. At national level, this year's
event will be marked at John Mwakangale grounds in Mbeya region.

 

-Daily News.

 

 

 

 

Nigeria: No Work No Pay - Doctors to Embark On Nationwide Protest

This is despite a directive by the federal government to the management of
federal tertiary hospitals to commence the enforcement of the "no work, no
pay" policy against the striking resident doctors.

 

The Nigerian Association of Resident Doctors (NARD) has announced plans to
commence a daily peaceful protest in the coming week if the federal
government fails to meet its demand.

 

This is despite a directive by the Nigerian government to the management of
federal tertiary hospitals to commence the enforcement of the "no work, no
pay" policy against the striking doctors.

 

This policy means that the doctors who continue to stay away from their duty
posts will not receive their regular salaries while the strike lasts.

 

In a letter dated 1 August, the government instructed the hospitals to
implement the 'no work, no pay' policy and also keep an attendance register
for resident doctors who are willing to continue working despite the strike.

 

 

"I am directed to inform you that the Federal Ministry of Health has
instituted the policy of "No work, No Pay" against the striking resident
doctors in line with circular Ref. No.58598/8.1/II/182 dated June 22, 2016,"
the letter reads in part.

 

"I am further directed to request you to maintain an attendance register for
all residents willing to work and furnish the ministry of such names on a
monthly basis."

 

The striking doctors, however, said they are unmoved by the government's
decision and promised to escalate the strike next week.

 

Peaceful protest

 

The association, in a circular titled; "Notice of Nationwide Mass Protests
and Picketing by NARD," said the protest will commence Wednesday, 9 August.

 

NARD said it will be picketing the Federal Ministry of Health, the Office of
the Head of Civil Service of the Federation, and the federal and state
tertiary health institutions in the country.

 

 

It said the protest had become necessary to press home its demands which it
noted have been largely neglected by the health ministry and the federal
government.

 

"We wish to bring to your notice, the decision of the National Executive
Council of NARD to embark on daily peaceful protests and picketing of the
Federal Ministry of Health, Office of the Head of Civil Service of the
Federation, as well as all federal and state tertiary health institutions
nationwide, with effect from Wednesday, 9 August by 10 am," it said.

 

"This has become necessary to press home our demands which have been largely
neglected by our parent ministry and the federal government."

 

It said rather than make genuine and concerted efforts to resolve the
challenges that led to the industrial action, the government has chosen to
"demonise" the doctors.

 

"We, therefore, resolved that it is time the whole world hears our side of
the story - the decay and corruption in the health sector, as well as the
neglect the public health institutions have suffered all these years that
led to repeated industrial actions."

 

Doctor's strike

 

The resident doctors embarked on an indefinite industrial action on 26 July
following what they described as the failure of the Nigerian government to
meet their demands.

 

The doctors are demanding, among other issues, the immediate payment of the
2023 Medical Residency Training Fund (MRTF), tangible steps on the "upward
review" of the Consolidated Medical Salary Structure (CONMESS), and payment
of all salary arrears owed its members since 2015.

 

The doctors also want the immediate massive recruitment of clinical staff in
the hospitals and abolishment of the bureaucratic limitations to the
immediate replacement of doctors and nurses who leave the system.

 

They also want the immediate review of hazard allowance by all the state
governments as well as private tertiary health institutions where any form
of residency training is done.

 

PREMIUM TIMES reported how the strike is disrupting health services in
health facilities in Lagos and Abuja, Nigeria's capital city.

 

The resident doctors comprise the bulk of medical personnel in Nigeria's
tertiary hospitals; hence health activities are mostly crippled when they
are on strike.

 

-Premium Times.

 

 

 

 

Africa: APRM Africa Throws Weight Behind Local Rating Agencies

TANZANIA, Dar es Salaam AFRICA Peer Review Mechanism (APRM) is strengthening
a network of regulators as the continent seeks to take action on negative
ratings by overseas firms which are adversely affecting Africa's economies.

 

Speaking at a workshop which brought together representatives from financial
sector, good governance and accountability stakeholders in Dar es Salaam,
APRM Credit Rating Advisor Dr Misheck Mutize queried why findings of
sovereign credit rating actions by the three overseas firms in the
post-Covid-19 are not reflective of the current global post recovery phase.

 

In his presentation, Dr Misheck also asked why ratings in Africa are not
reflective of its high economic growth during Pre-Covid-19 and why agencies
were quick to downgrade Africa before the fundamentals set in during
Covid-19 pandemic.

 

He said since APRM started venturing into credit rating, thanks to a mandate
bestowed upon the organisation by the African Union (AU) audience, periodic
knowledge outputs have exponentially grown over the past two years and are
now generating debates and conversations on the inaccuracies of rating
agencies.

 

 

According to him, a number of governments, international organisations,
including the rating agencies, concur with observations on the regular
factual inaccuracies and omission in the overseas firms' ratings.

 

"We have a number of member states we are working with to build capacity, in
preparation for future rating reviews and we are seeing an improvement in
both the engagements and outcomes," he stated.

 

Another APRM's positive impact on the area, according to the expert, is that
more member states are moving to enact legislation on credit rating
services.

 

On his part, an economist from the Ministry of Finance Abeid Mzee said
Tanzania and other African countries have been affected by reports from the
foreign credit rating agencies which are rigid to update their stories
whenever the growth changes positively.

 

 

"We, the government experts, know very well about our economy, we know where
we come from and the growth trend. So, when we say our economy goes this
direction, we reach at that conclusion after taking on board various
issues," Mzee said.

 

The economist said that a lot of credit rating reports by the international
firms have brought confusions various rated countries in and outside Africa
due to the fact that their economies got downgraded, a problem that hiked
the cost of borrowing.

 

He said the main challenge of having local rating agencies is that major
investors are coming from Western countries who tend to trust ratings
conducted by firms originating from their own countries.

 

Mzee went on to say reports from local rating agencies might be credible but
lenders coming outside Africa might not trust them. He concurred with the
APRM advisor that Africa needs to boost its markets so that their countries
can be able to raise finances from within.

 

"So, if you have a lot of investors from within African continent and then
you have an African rating agency, its rating reports will automatically get
users since they will be trusted," he added.

 

-Daily News.

 

 

 

 

Kenya Still At Risk of Cyber Attacks

Kisumu — The country remains a high risk for cyber security attacks as the
government puts in measures aimed at reducing the danger posed.

 

Rosalind Muriithi, Director Internal Audit, Communications Authority of
Kenya (CA) says over the years, the country has witnessed interesting trends
in cyber threats.

 

Muriithi said the government is accelerating its efforts to disrupt cyber
threats, fix newly discovered vulnerabilities and counter emerging threats
and protect Kenyans.

 

"Government's top priority is to safeguard our digital economy from cyber
security challenges like data breaches, hacking attempts, identity theft,
and malware attacks," she said.

 

She announced that in 2018, cyber-attacks directed to Kenya stood at 7.7
million.

 

The attacks, she disclosed have sky-rocked in this year to a high of 444
million, ranking Kenya among the top three most targeted countries in the
region, alongside South Africa and Nigeria.

 

 

Speaking in Kisumu during a closure of CA Cyber security Boot camp and
Hackathon series 2023 program attended by university students in Western
Kenya, Muriithi announced that CA is geared towards offering support to help
build a skilled workforce that is capable of effectively protecting and
defending digital systems and networks in the country.

 

She noted that in the month of October, the country will join a global
movement to raise awareness on cyber security.

 

"During this period, we will empower consumers with knowledge, skills and
values to safeguard themselves online," she said.

 

Muriithi further avers that capacity building is key to secure Kenyan cyber
space, noting that the target is front line cyber security personnel and
Kenyans at large.

 

The boot camp initiative is a joint Partnership with Huawei and the Kenya
Cyber security and Forensics Association (KCSFA) which seeks to address the
growing need for cyber security professionals in the emerging digital
landscape.

 

 

Njoroge Kinyanjui, head of Kenya Cyber Security & Forensics Association
noted that the country has been at the forefront of adopting emerging
technologies.

 

Kinyanjui noted that the country is a leading nation globally on matters of
technology, innovations and internet penetration.

 

"For this reason our country finds itself at a unique situation that demands
more localized solutions to the equally unique challenges that we face," he
said.

 

The hackathon series is part of the ongoing initiative by the CA and Huawei
to develop local cyber security capacity towards safeguarding the Kenyan
digital economy as it grows.

 

By design the Hackathons are both training grounds and skills harnessing
platforms for future cyber security experts targeting University and college
students.

 

"We hope that the initiative will inspire these young innovators to select a
discipline related to cyber security as they as they progress with career in
technology and keep our country safe in the cyberspace," said Venessa
Kawira, Huawei Kenya IT Talent Academy Manager

 

"As Kenya endures its digital transformation, it is evident that
collaborative efforts from both the public and private sectors are critical
in securing a digital nation and protect individuals and businesses from
cyber threats," she added

 

Over 200 young techies from different learning institutions across Nyanza
region have benefitted from the Communications Authority of Kenya (CA) Cyber
security Boot camp and Hackathon series 2023 program.

 

Kisumu Deputy Governor Dr Mathews Owili who attended the function announced
that the county government of Kisumu will partner with CA and the academia
to power the country's digital transformation.

 

-Capital FM.

 

 

 

 

Zuckerberg 'not holding breath' over Musk cage fight

Meta boss Mark Zuckerberg has said he is "not holding his breath" over a
proposed cage fight with rival Elon Musk.

 

In a post on the new social media app Threads, Mr Zuckerberg said he had
proposed 26 August for the showdown.

 

Following a post on X in which Mr Musk claimed he was training "throughout
the day", Mr Zuckerberg wrote: "I'm ready today... but he hasn't confirmed."

 

The two became direct competitors in July with the launch of Threads.

 

Asked by a Threads user whether the fight had been mutually agreed upon, Mr
Zuckerberg responded that is was more like "funding secured," in an apparent
reference to posts made by Mr Musk in 2018 when he said the same about plans
to take electric car company Tesla into private hands.

 

That deal never happened and led to Mr Musk paying a $20m (£15.7m) fine to
the US financial markets watchdog, stepping back from being Tesla's chairman
and limits put on what he can tweet about Tesla.

 

Mr Musk cast further doubt about the potential bout, saying that the "Exact
date is still in flux", as he may need surgery on his neck and upper back.

 

The social media moguls have been egging each other on in recent months,
with Mr Musk claiming on Sunday that their fight would be broadcast live on
his social media platform X, formerly known as Twitter.

 

He said that any proceeds from a match would go to veterans charities.

 

When asked what the point of the bout was by one X user, Mr Musk responded:
"It's a civilized form of war. Men love war."

 

Mr Zuckerberg also shot back at the suggestion that the fight would be
streamed on X, posting: "Shouldn't we use a more reliable platform that can
actually raise money for charity?"

 

The stakes are seemingly high after Meta, which also owns Instagram and
Facebook, launched Threads in early July, drawing in more than 100 million
sign-ups within days.

 

However, Mr Zuckerberg later said the platform had lost more than half of
its users by the end of last month.

 

Rival social media platform X has faced criticism on several occasions since
Mr Musk took over the firm and made a number of changes, such as forcing
users to log in to view posts. He also carried out mass firings at the
company.

 

Excitement over Threads fades but users return to app

Musk says X will pay legal bills if users treated unfairly

Mr Musk posted a message on the social media platform in June claiming he
was "up for a cage fight" - a fight which typically involves few rules.

 

Mr Zuckerberg then posted a screenshot Mr Musk's tweet with the caption
"send me location", while Musk responded with: "Vegas Octagon."

 

The Octagon is the competition mat and fenced-in area used for Ultimate
Fighting Championship (UFC) bouts. The UFC is based in Las Vegas, Nevada.

 

Mr Musk, 52, also wrote: "I have this great move that I call 'The Walrus',
where I just lie on top of my opponent & do nothing."

 

He later tweeted videos of walruses, perhaps suggesting his challenge to the
Facebook founder may not have been entirely be serious.

 

Mr Zuckerberg is a martial arts enthusiast and said on Sunday: "I love this
sport and will continue competing with people who train no matter what
happens here."

 

bbc

 

 

 

 

HSBC executive sorry for saying UK 'weak' over China

HSBC's head of public affairs has apologised after accusing the British
government of being "weak" for complying with US demands to cut back
business dealings with China.

 

A spokesperson for the bank said Sir Sherard Cowper-Coles made the comments
"at a private roundtable discussion and shared his personal views."

 

US-China ties have become increasingly tense in recent years.

 

The UK-based firm makes much of its profit in Asia, including China.

 

"I was speaking at a private event under Chatham House Rules and my personal
comments do not reflect the views of HSBC or the China British Business
Council. I apologise for any offence caused," Sir Sherard, who is also
chairman of the China-Britain Business Council lobby group said in a
statement provided to the BBC by HSBC.

 

Under the Chatham House Rule, attendees of meetings are free to use
information gained from discussions, but are not allowed to reveal who made
any comments.

 

The rule, which originated almost a century ago, is a system for holding
debates about controversial topics and is named after the London
headquarters of the Royal Institute of International Affairs.

 

Sir Sherard told the closed-door meeting that Britain often bowed to calls
by the US and should look after the UK's own interests, rather than blindly
following Washington's lead, Bloomberg News first reported, citing several
people familiar with the matter.

 

According to Bloomberg, Sir Sherard told the meeting that one example of the
UK caving into US demands was when Britain banned Chinese telecoms giant
Huawei from taking part in building the country's 5G mobile phone networks
in 2020.

 

More than 80% of HSBC's profits are generated from outside the UK, with over
half of that coming from mainland China and Hong Kong.

 

It means that the global banking giant has to walk a fine diplomatic line
between authorities in Washington and Beijing.

 

The UK and other Western governments have found themselves caught between
the constant tit-for-tat between the world's two biggest economies as they
hit each other with trade restrictions.

 

In October, Washington announced restrictions on Beijing's access to
advanced computer chip technology.

 

China responded this month with restrictions on exports of gallium and
germanium - two materials key to the semiconductor industry.-bbc

 

 

 

 

Virgin Atlantic pilots consider strike over fatigue

Pilots at Virgin Atlantic have indicated they would consider going on strike
following "serious concerns" about fatigue and their wellbeing.

 

Union Balpa said that in a recent vote, 96% of Virgin Atlantic pilots
supported a ballot on industrial action.

 

At issue are scheduling and rostering arrangements that were put in place
during Covid which will come to an end in December.

 

Virgin said it was willing to enter into talks in the coming weeks.

 

The airline said the existing pay and lifestyle agreement was "agreed,
developed and supported by Balpa pilot representatives within Virgin
Atlantic, and our pilot community".

 

A spokesperson for Virgin Atlantic said: "We continue to honour all
agreements and have offered to enter formal pay and lifestyle negotiations
with Balpa's pilot union representatives in the coming weeks, well in
advance of the agreement expiring in December."

 

Airlines were one of the worst hit industries during the pandemic after
international travel came to a standstill to stop the spread of Covid.

 

Virgin Atlantic employs 835 pilots and it is believed the majority are
members of the Balpa pilots' union.

 

A spokesperson for Balpa said: "Our members have registered a trade dispute
with Virgin Atlantic arising out of serious concerns relating to pilot
fatigue and wellbeing around scheduling and rostering arrangements,
implemented during the Covid-19 pandemic."

 

It said that 81% of its Virgin Atlantic union members voted in the ballot
which its said gave Balpa "an overwhelming mandate to pursue this dispute".

 

The maximum flying time for a commercial pilot is 900 hours per calendar
year, according to the Civil Aviation Authority.

 

It is understood that the rostered average for Virgin Atlantic pilots is
around 750 hours.

 

Virgin Atlantic is part of Virgin Group, which was founded by Sir Richard
Branson.

 

The billionaire recently told the BBC that he feared losing his entire
business empire, which also include gyms and hotels, during the pandemic. He
said the shutdowns cost him £1.5bn personally.

 

Sir Richard had asked the UK government for help in 2020 but was rejected.
In the end, Virgin Group injected £200m into the airline and secured other
investment to keep the business afloat.

 

At the time, it cut 3,500 staff, leaving it with 6,500 employees.

 

On Sunday, a spokesperson for Virgin Atlantic said that the airline
"underwent a radical transformation as a result of the impact of Covid-19,
which was possible due to the collective effort of our amazing people".

 

They said: "This was fundamental to our survival and our steadfast
commitment to returning to sustainable profitability. We're grateful to them
all, including our pilots who play a pivotal role in the success of our
operation."

 

Balpa said its members "feel very strongly" about pilot fatigue and
wellbeing.

 

The union said it prefers to address matters through "negotiation and
industrial compromise and will only countenance industrial action as a last
resort".

 

It added: "We remain ready to commence negotiations to find an acceptable
way forward and urge Virgin Atlantic to listen to its staff and put forward
an acceptable offer that our members could support."--bbc

 

 

 

 

US jobs market holds steady despite rate rises

Employment in the US held steady last month, bolstering hopes that the
economy will avoid a painful downturn.

 

Employers added 187,000 jobs, similar to June, while the jobless rate dipped
to 3.5%, from 3.6% in the prior month, the Labor Department said.

 

The report was the latest sign of economic resilience in the US, despite a
sharp rise in borrowing costs.

 

Hiring has slowed since last year and was weaker than forecast in July, but
has held up better than many expected.

 

Economists have been anticipating a slowdown in the world's largest economy
since last year, when the Federal Reserve began raising borrowing costs
aggressively, responding to prices that were rising at the fastest pace in
four decades.

 

Since the Fed started raising interest rates, inflation, the rate at which
prices rise, has dropped sharply, clocking in at 3% in June.

 

But Fed chairman Jerome Powell has said that policymakers want to see other
signs that the economy is cooling, in order to feel confident that their
efforts are working.

 

Analysts said the latest figures were unlikely to settle that matter,
pointing to an unemployment rate that remained near historic lows and wage
gains that were stronger than expected, despite the slowdown in hiring.

 

The average hourly pay in July was 4.4% higher than a year ago, the Labor
Department said.

 

Spring surge in US economy beats expectations

US raises interest rates to highest in 22 years

"Last month's results offered evidence that employment growth had begun to
slow, and today's numbers indicate that a downward trend may be in motion,"
said Richard Flynn, managing director at Charles Schwab UK.

 

"While this should be encouraging for policymakers as they continue to
battle sticky inflation, the Fed would likely prefer to see wage gains
closer to 3%."

 

The 187,000 jobs added in July was fewer than the roughly 200,000 analysts
had expected.

 

Manufacturing, transportation, tech and media firms shed jobs. Most other
sectors expanded, with health care firms driving the gains.

 

The Labor Department also said hiring was weaker than previously estimated
in June and May.

 

But analysts said jobs growth has remained strong enough to absorb growth in
the working age population.

 

That has raised hopes that the economy will slow gradually, but avoid a
harsh contraction that would throw millions of people out of work.

 

Julia Pollak, economist at the jobs site Zip Recruiter, said Friday
delivered a "goldilocks" report, while Mark Zandi, chief economist at
Moody's Analytics, said it "couldn't have been much better".-bbc

 

 

 

Starbucks Vietnam: Why the US chain cannot crack a coffee-loving nation

Tu Anh Le loves going to the Starbucks at the buzzing heart of Vietnam's Ho
Chi Minh City.

 

The 26-year-old and her friends dress up for the occasion and take selfies
at the cafe.

 

"Pictures at Starbucks make my Instagram look nicer," says Tu Anh Le, who
thinks the cafe is "luxurious", like a five-star hotel. "I get a lot of
likes and nice comments saying I look trendy."

 

That appears to be the biggest draw for her because although she is a fan of
Starbucks, she doesn't like coffee: "It makes my teeth yellow. I prefer
smoothies or bubble milk tea."

 

Ten years after the American chain arrived in Vietnam, the verdict is quite
clear: Vietnamese people love coffee, but they don't really seem to like
Starbucks. And the ones who do, like Tu Anh Le, are not really going for the
coffee.

 

Starbucks accounted for just 2% of Vietnam's $1.2bn (£934m) coffee-drinking
market in 2022, according to Euromonitor International. And its footprint in
the country isn't expanding rapidly. It has 92 stores, which works out to
less than one for every million people. By comparison, Thailand and
Indonesia have about seven and two respectively.

 

"Starbucks' presence remains limited due to [the] consumer preference for
local coffee flavours," says Nathanael Lim, an analyst at Euromonitor
International.

 

While Starbucks told the BBC it was committed to long-term investment in
Vietnam, it did not say if it was profitable in the country.

 

But it has still fared better than other international competitors. Another
US chain, The Coffee Bean & Tea Leaf, only has 15 stores here after 15
years. The Chinese-owned Mellower Coffee recently announced it was closing
its doors after four years, while Australia's Gloria Jean's left Vietnam in
2017.

 

They all probably faced the same challenges as Starbucks. Vietnam, after
all, is no stranger to coffee: It's the world's second largest exporter of
the brew.

 

 

For one thing, the menu is pricey for a competitive market like Vietnam - a
busy street hosts at least 10 coffee shops, from roadside stalls to hip
cafes. And drinking coffee is far from a luxury in a country where street
coffee vendors pushing trolleys often serve the drink on cheap, tiny plastic
tables. Some even offer customers newspapers as mats so that they can enjoy
their coffee sitting on the ground.

 

And two, the Java chip frappucinos and pumpkin spiced lattes that have won
elsewhere just don't seem to cut it here.

 

"The Starbucks menu is not diverse," says Trang Do, a game artist living in
the coastal city of Da Nang. She drinks at least three cups of coffee a day,
but rarely drops into the local Starbucks.

 

She tried it when it first opened - but she found the cappuccino "bland and
not very coffee-flavoured".

 

For her, traditional Vietnamese coffee wins hands-down. "It is stronger and
more fragrant. The way Vietnamese coffee is made with the filter helps to
extract more coffee. When the coffee is brewed
 and the hot water is added
to let it drip slowly
 [it] is the best."

 

To make Vietnamese coffee, a tin filter called a "phin" is placed over a
glass, and hot water is then poured on the coffee grounds. It takes about 10
minutes for the decoction to percolate into the glass below. The drink can
be served hot or cold, and with or without condensed milk, a staple in
Vietnamese coffee.

 

French colonisers introduced coffee to Vietnam in the 19th Century. But the
first coffee plant was of the Arabica species and did not adapt well to the
country's hot and humid climate and soil.

 

Then, years later, the French brought Robusta plants which thrived. And that
is the coffee popular in Vietnam today - Robusta has more caffeine, and a
stronger flavour that is also more bitter.

 

Starbucks, however, uses 100% Arabica beans. The company told the BBC this
was done to achieve "a flavour that can be subtle but also complex".

 

But 97% of the coffee Vietnam consumes every year - about 200,000 tonnes, or
2kg per person - is of the Robusta variety.

 

It might explain why even coffee drinkers who do go to Starbucks don't seem
to love what's available. Marketer Tri Dang likes taking customers to
Starbucks, especially older ones because of the cafe's "youthful" vibe.

 

But he says he rarely drinks coffee at Starbucks because it has "a lighter
smell, not bitter and does not suit my coffee taste".

 

And the menu has none of the local favourites. While the most popular
accompaniment is condensed milk, there are more adventurous options too.
There is egg coffee, born in Hanoi in the 1940s. Amid an acute milk
shortage, an inventive bartender at the Sofitel Legend Metropole Hotel,
Nguyen Van Giang, whisked in egg as a substitute.

 

Today, some local Vietnamese brands mix traditional Robusta coffee with egg
yolk, yogurt and even fruit to woo new customers. A popular local chain Cong
Coffee says its most loved brew is an indulgent cuppa coconut coffee, which
blends coconut cream, condensed milk and ice.

 

Coffee is a source of "national pride" for Vietnam, says Tram Nguyen, a
graphic designer based in Dalat.

 

"It is something very special and I always mention it whenever I talk about
Vietnam. I am very proud of Vietnamese coffee. I always have a big love for
milk coffee, whether iced or hot."

 

She loves coffee so much that she likes to try out a new coffee spot almost
every day.

 

"I only went to Starbucks once, because I wanted to try the luxurious
coffee, but I felt that the money I spent wasn't worth what I got back, so I
didn't come back."

 

Cost is a big reason why Vietnamese people hesitate to go to Starbucks, even
to enjoy the novelty of it. A medium-sized drink at Starbucks with none of
the add-ons costs about 90,000 Vietnamese Dong (£2.9; $3.8;). That's
prohibitive in a country where the average monthly wage is only around $345.

 

Even Highlands, one of Vietnam's first coffee shop chains, and its most
successful, debuted as a luxury chain, but eventually rebranded and cut
prices. It now has more than 600 stores across the country.

 

And yet Starbucks merchandise is attracting collectors who are willing to
splurge. Tri Dang boasts a collection of more than 40 Starbucks tumblers and
cups, which are now worth a few thousand dollars.

 

But that doesn't change the fact that unlike a decade ago, for young
Vietnamese who want a cup of coffee, there are now plenty of options to
choose from.

 

"Starbucks coffee is nothing special to me, it's too fancy and I don't like
the taste," Tram Nguyen says. "I can enjoy a quality coffee at a Vietnamese
coffee shop at half the price."-bbc

 

 

 

 

Elon Musk says X will fund legal bills if users treated unfairly by bosses

Elon Musk has said X, formerly known as Twitter, will pay the legal bills of
anyone who is treated unfairly by their employer for their activity on his
social media platform.

 

On Sunday, Mr Musk told users that financial assistance from his platform
would have "no limits".

 

He asked users to "let us know" if they had experienced unfair treatment for
posting or liking something.

 

Formerly known as Twitter, the social media platform was renamed last month.

 

Mr Musk is a self-described "free speech absolutist" and has been vocal in
his criticisms of the platform's policies on moderating content prior to his
takeover.

 

When he announced that he was taking over Twitter in April last year, Mr
Musk said "free speech is the bedrock of a functioning democracy, and
Twitter is the digital town square where matters vital to the future of
humanity are debated".

 

Is Musk right to ditch the Twitter bird logo?

Musk faces bill for unauthorised flashing X sign

More recently, the firm that owns Twitter announced that it was suing an
anti-hate organisation whose research criticised the platform.

 

The Center for Countering Digital Hate (CCDH) had done research that showed
hate and disinformation was "spreading like wildfire on the platform under
Musk's ownership".

 

X Corp accused CCDH of "unlawful acts" to "improperly gain access" to its
data.-bbc

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


ZHL

AGM

206 Samora Machel Avenue

July 28 2023 | 10am

 


Delta

AGM

Virtual | Head Office, Northridge Close, Borrowdale

July 28 2023 | 12:30pm

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <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 s 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 d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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