Major International Business Headlines Brief::: 08 August 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

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

 


 

 


Major International Business Headlines Brief::: 08 August 2023 

 


 

 


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

 


 

 


 

ü  South Africa: City of Cape Town Granted Urgent Interdict Against Taxi
Council

ü  South Africa: 'Erroneous' EU Citrus Grading Puts 70,000 Jobs, U.S.$800
Million Revenue at Risk

ü  Kenya: Economy is Stable, President Ruto Assures

ü  Nigeria: Tinubu Appointments and the Fate of Nigeria

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

ü  South Africa: Spur Sees Profits Soar Despite Multimillion-Rand Tax Bill

ü  South Africa: Load Shedding to Alternate Between Stage 1, 2 and 4

ü  South Africa: Counting the Costs - - Economic Fears Set in After Five
Days of Western Cape Taxi Strike

ü  Kenya: Petition Challenging Finance Act 2023 to Be Heard September 13, 14

ü  Zoom orders workers back to the office

ü  Cost of living: Beyond Meat hit as inflation squeezes shoppers

ü  Simon & Schuster: Publisher to be sold for $1.6bn

ü  China drops Australia barley tariffs after three years

 


 

 


 

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

South Africa: City of Cape Town Granted Urgent Interdict Against Taxi
Council

"Stop this madness as soon as possible," says Judge

 

The Western Cape High Court on Monday night granted another interdict
against the South African National Taxi Council (SANTACO) and its affiliates
as a violent taxi strike continues in Cape Town.

 

The order by Judge Patrick Gamble prohibits any person or vehicle from
unreasonably blocking Cape Town's roads with the intention of harming or
delaying passengers using other modes of transport. Members of the taxi
industry are also prohibited from coming within 100 metres of a transport
depot.

 

"This is a matter that cries out for urgent intervention," said Judge
Gamble. "There are poor people out there who are deprived of an income ... I
can only ask the parties to make the most earnest endeavor to find one
another and stop this madness as soon as possible."

 

Judge Gamble's order followed a six-hour-long hearing on Monday evening
during which the City of Cape Town and Golden Arrow Bus Services made
submissions against SANTACO and 166 taxi associations affiliated with it.

 

 

Read the order

 

Advocate Anton Katz, acting for the City, said that negotiations between
City officials and SANTACO had broken down because some of the
representatives had arrived with AK47's and assault rifles. Judge Gamble
said there was no evidence to this effect before him.

 

In a statement on Monday, Mayor Geordin Hill-Lewis said the City would not
negotiate with "a (literal) gun to our heads".

 

"There can be no further discussions with local SANTACO leadership until
their violence stops ... the rule of law is not up for negotiation."

 

Golden Arrow Bus Services had secured an urgent interim interdict against
the respondents on Sunday, but returned to court on Monday arguing that
SANTACO is in contempt of court.

 

This after more of the company's buses were attacked on Monday - in spite of
SANTACO agreeing to the interim interdict and saying it would take steps to
put a stop to the unlawful behaviour, issue a statement condemning the
violence and lawlessness, and call on its members to stop such behaviour.

 

Lawyers for Golden Arrow's urgent application said SANTACO must provide
proof they had complied with Sunday's order, in particular that it had put
out the statement and had taken reasonable steps to stop the unlawful
actions of its members.

 

The company also sought that SANTACO reports, under oath, the identities of
members or individual taxi operators who were arrested or involved in
respect of the "unlawful" blockade of the N2 on Monday morning, to the
registrar of the court.

 

They wanted the court to issue another order, giving SANTACO until 23 August
to give reasons why they should not be held in contempt of court and be
imprisoned for 30 days.

 

 

Judge Gamble is expected to make a ruling on Golden Arrow Bus Services'
application on Tuesday.

 

Attacks on Golden Arrow buses

 

In Sunday's urgent application, Golden Arrow general manager Derick Meyer
said when the taxi strike began on 3 August, more than 10% of its fleet, or
116 buses, had been attacked in 48 hours.

 

He said taxi owners had created a volatile and dangerous situation. In terms
of SANTACO's own Constitution, this was not forbidden.

 

"The recent widely reported animosity between the City and the taxi
operators arose because of the introduction of the City's traffic bylaws,
which allow for the impounding of vehicles for certain transgressions," he
said in his affidavit.

 

Last week, traffic officers impounded 15 minibus taxis leading to a clash
between operators and traffic officers. "It appears as though the subsequent
strike is solely aimed at placing pressure on the Western Cape Government to
cease" impounding taxis, said Meyer.

 

On 3 August, within two hours of the majority of taxi associations voting to
strike immediately, the first Golden Arrow bus was set alight, with
passengers still on board.

 

During a taxi blockade off the N2, "a number of armed persons entered a
Golden Arrow bus and forced passengers off".

 

By midday on 4 August, 72 buses had been damaged, six of them gutted.

 

An employee had been shot and passengers had been attacked and injured,
Meyer said.

 

He said several areas were now no-go zones and the company could not even
use its own shuttle bus to fetch and carry staff.

 

In terms of the interim interdict, which was agreed to by the respondents,
they were restrained from intimidating or threatening bus operations, its
employees and passengers, and from damaging any buses.

 

But early on Monday, according to Golden Arrow spokesperson Bronwen
Dyke-Beyer, two more buses had been set alight at a taxi blockade in
Borcherds Quarry Road and, later that morning, a bus was set alight in Govan
Mbeki Road and another in Sheffield Road.

 

This prompted the bus company to return to court. In a further affidavit on
Monday, Meyer said SANTACO had not published the statement, as required by
the court order on Sunday.

 

"It has not taken steps to control the conduct of its affiliates, their
operators or individual taxi drivers .... the violence has continued
unabated and has indeed escalated ... a further 25 of Golden Arrow's buses
have been damaged, three of which have been totally gutted.

 

 

"Tragically, an 'amaphela' or independent taxi driver, not associated with
the respondents, was reportedly killed this morning," Meyer said.

 

He said on Sunday afternoon, a company driver was attacked with a hammer by
a number of unidentified assailants.

 

In the early hours of Monday morning, about 20 to 40 minibus taxi drivers
had blocked the N2 - in breach of Sunday's court order.

 

SANTACO claimed they had sent a statement informing its members of the court
order on Sunday, shortly after the order was granted.

 

Advocate Ismail Jamie, for Golden Arrow, insisted that SANTACO had not
complied with the order, evidenced by the "madness that ensued". But Judge
Gamble said there was no positive evidence of this.

 

Jamie then referred to pictures of blockages created by the taxis on Monday
morning, as proof of contempt. He conceded that the court could not
attribute that to a "specific breach" of the order by the cited taxi
associations, but argued that because the strike was called by SANTACO "as a
matter of logic they bear responsibility".

 

Advocate Morne Basson, for SANTACO, said that SANTACO was a taxi owners'
association. Taxi drivers were not necessarily the owners and thus were not
SANTACO's responsibility. Basson questioned how SANTACO could be expected,
as an administrative organisation, to know exactly who was involved with
acts of criminality.

 

He said a statement sent out by SANTACO on Monday, calling for calm,
amounted to "sufficient and reasonable steps" to comply with Sunday's court
order and that any contempt application had to be brought against individual
people and not an organisation.

 

Basson said those who were engaged in violence were "rogue", that it was up
to the police to investigate, and that the judge should not take cognisance
of "fake news".

 

In response to a question by the judge, as to how he should deal with the
acts of violence on Monday, Basson said: "To be honest I don't know how you
should deal with that. We have informed our members not to engage in any
such activity. We sent the circular around yesterday of the statement
attached to the court order... people have been arrested ... the wheels of
justice have started to turn."

 

-GroundUp.

 

 

 

 

South Africa: 'Erroneous' EU Citrus Grading Puts 70,000 Jobs, U.S.$800
Million Revenue at Risk

Harare — Citrus growers in South Africa are pleading with President Cyril
Ramaphosa to challenge the European Union (EU) over its strict black spot
laws after the EU said it stopped some imported South African fruit with the
disease, News24 reports.

 

Deon Joubert, Citrus Growers' Association of Southern Africa (CGA) special
envoy for market access and EU matters, warned that over 70,000 jobs and R15
billion in foreign revenues would be at stake if imports from South Africa
were stopped as a result of the EU's limitations on the citrus black spot
(CBS) fungal disease.

 

According to Joubert, there is a history of the EU making "erroneous"
classifications, pointing to Belgium and Portugal where "CBS tests have
proven to be unreliable and have resulted in false positives".

 

"Declaring a WTO dispute is truly a matter of urgency"

 

He said that there could be long-term impact.

 

The CGA said that the EU's ban on the import of fruit with CBS is "nothing
more than a protectionist impulse" because South Africa is the
second-largest citrus exporter in the world after Spain.

 

 

At the moment the only other market in the world with similar position on
CBS is the EU.

 

"Time is running out for our growers, who are already feeling the extreme
market pressures. The CGA calls on the South African government to work with
the industry to put a stop to these CBS regulations and fight for South
African jobs and revenue. Declaring a WTO dispute is truly a matter of
urgency," Joubert said.

 

Meanwhile, the burden of loadshedding is also putting a strain on the citrus
business, with cold storage owners facing significant costs from running
their generators.

 

This is not the first time the EU's legislation affected citrus trade. In
August 2022, the EU introduced legislation that required all produce from
South Africa to undergo extreme cold treatment of between 0°C to -1°C for at
least 16 days before export, to stave off false codling moth (FCM)
contamination. The new rules forced the industry to ban the export of some
types of citrus, like blood oranges, Turkey, Salustiana, Benny, and
Midknights, which cannot withstand those cold temperatures.

 

 

 

 

Kenya: Economy is Stable, President Ruto Assures

Nairobi — President William Ruto has said the Kenya's economy is stable and
on track to grow.

 

He said the Government is keen on building a solid economy through
locally-generated resources.

 

He noted that the Government has significantly weaned itself of external
debts and is now more reliant on domestic revenues.

 

"I am a student of Kenya's third President Mwai Kibaki whose clarion call
was that a country is built with taxes, not debts," he explained.

 

President Ruto said the country is doing so well that it is repaying its
foreign debts ahead of time.

 

 

He cited the $2 billion Eurobond loan that is due June 2024.

 

"Surprisingly, rating agencies are now complaining that Kenya will pay the
debt before time."

 

The President made the remarks on Sunday during an interdenominational
service held at Sagana State Lodge in Nyeri County.

 

Present were Deputy President Rigathi Gachagua, Prime Cabinet Secretary
Musalia Mudavadi, Speakers Amason Kingi (Senate) and Moses Wetang'ula
(National Assembly), Governors and Members of Parliament.

 

Cabinet Secretaries Njuguna Ndung'u, Kithure Kindiki, Moses Kuria, Alice
Wahome, Simon Chelugui, and Moses Kuria were also present.

 

The President said the Government was committed to ending political violence
and the destruction of property.

 

He said using violence to advance political agenda undermines democracy and
works against the rule of law.

 

The President assured farmers that the Government will continue supporting
them to enhance their incomes.

 

"We will eliminate brokers in our agricultural chain to ensure farmers get
decent returns," he added.

 

President Ruto assured Kenyans that the Government will fulfill its
development agenda.

 

"We will not fail you."

 

Gachagua said Kenyans were confident in President Ruto's administration.

 

"You have earned our trust because the things you promised us have been
delivered," he said.

 

Mudavadi asked those in the Opposition to stop living in denial and accept
that Kenya has democratically elected leaders.

 

On his part, Kingi asked the President to continue focusing his energy on
the implementation of the government's development agenda.

 

"You were elected because you had a Plan. The noise is meant to derail you
from your agenda," he said.

 

The Senate Speaker said the cost of living will not be resolved through
talks or protests but through enhanced farming.

 

Wetangula said the Government's subsidised fertiliser programme will reduce
the cost of living in the long-run.

 

Kiambu Governor Kimani Wamatangi said the people of Mt Kenya are content
with the implementation of the Government's development agenda.

 

He was supported by Embu Governor Cecily Mbarire, who lauded President Ruto
for talking about issues development with the seriousness that they deserve.

 

Mbarire assured Kenyans that the bipartisan talks where she is a member will
not be about the Handshake.

 

Later, the President held a meeting with leaders from Mt Kenya, Cabinet
Secretaries and Senior Government officials on the region's development
agenda. - Presidential Communication Service

 

-Capital FM.

 

 

 

 

Nigeria: Tinubu Appointments and the Fate of Nigeria

Washington, DC — Early appointments have given some hope to Nigerians. A
major one – the Governor of the Central Bank of Nigeria (CBN) – is pending.

 

Africa's most populous country faces the greatest threat to its future in
over half a century, when the southeastern region, known as Biafra,
attempted to succeed from Nigeria a few years after its independence from
British rule.

 

Two and a half years of war in the late 1960s is reported to have killed a
million people – some estimates of deaths are three times that, many from
starvation – and battlefield casualties were accompanied by massacres around
the country. The conflict divided European colonial powers as well, with the
United Kingdom supporting the federal government, while the French favored
oil-rich Biafra.

 

Today an estimated 25 million Nigerians face starvation, due to erratic
rains and flooding, lack of jobs, and armed conflict that has displaced
millions, especially in the northeast region. Farmers and herders alike have
been driven from their traditional lands. Kidnapping for ransom has spread
nationwide.

 

 

All those factors fueled a youth wave of social media savvy voters, pressing
for politicians they believed would "serve the people" better than previous
administrations. One of the beneficiaries was third-party presidential
candidate Peter Obi, whose decade-old Labour Party won an unprecedented 42
National Assembly seats.

 

Despite legal challenges to the national and state-level elections in March,
Bola Tinubu was sworn in as Nigeria's president on 29 May. Although his
administration faces enormous challenges, Nigeria's resource wealth and
innovative citizenry present opportunities.

 

The country has Africa's second largest oil reserves, after Libya, and more
exploration has begun. Abundant sunshine could provide off-grid solar power
to millions in rural areas, and longer-term investment in renewables could
make Nigeria an electricity exporter. Yet Nigerians have the world's worst
access to energy, according to international organizations. Untapped
strategic minerals could generate further riches, but most Nigerians remain
desperately poor.

 

Appointees can bring hope. Their performance can sustain it.

 

What will it take to bring hope to a public disillusioned by years of
patronage among politicians, as conditions worsened for the majority of
people?

 

On his first day in office, the 71-year-old president said: "We shall invest
more in our security personnel, and this means more than an increase in
number. We shall provide, better training, equipment, pay, and firepower."

 

Shortly afterwards, he declared a state of emergency to address a ravaged
economy and the poverty and insecurity afflicting 200 million Nigerians.
Special advisor Dele Alake promised that the government would take immediate
steps to address food insecurity and the faster price rises that followed
the president's removal of an unsustainable fuel subsidy.

 

 

While some Nigerians have been disappointed at the heavy presence of
controversial "old career politicians" on the list of ministers, even some
sceptics have been encouraged by Tinubu's earliest appointments, in
particular in the security arena. Nuhu Ribadu is the President's National
Security Adviser. He began his career as a police officer in some of the
most violent areas of Lagos, Nigeria's commercial capital and largest city,
Eventually he became head of the Economic and Financial Crimes Commission,
overseeing over a thousand employees, including young anti-corruption
activists, until forced into temporary exile by multiple assassination
attempts.

 

Ribadu spent some of his time abroad as a senior fellow at Oxford
University. After his return, he conducted a government-commissioned
investigation about the squandering of US$38 billion in Nigeria's oil
industry, but no action followed. Now, he pledges, he will use his senior
position to subdue insecurity.

 

This month's cabinet nominees have attracted attention as well. Questioning
of the nominees by the Senate is underway and could take weeks or months,
but the group is serving as presidential advisors in the meantime. Only
after the Senate confirms the appointments will their portfolios be
announced, but several are obvious.

 

If 'health is wealth', Nigeria is one of the world's poorest countries. It
has more deaths of children five and under "than any other country in the
world, including more populous India and China and countries experiencing
widespread long-term conflict, such as Somalia".

 

Nigeria's maternal death rate is second only to India's, despite the
existence of an inexpensive drug, tranexamic acid, to stop the bleeding
during childbirth that is a major contributor to those deaths.

 

A physician turns down top international job to return to Nigeria.

 

Dr. Muhammad Ali Pate is expected to be the new Minister of Health. In
addition to his medical training in internal medicine and infectious
diseases, he holds a Masters of Business Administration from Duke University
and a Masters in Health System Management from the London School of Hygiene
& Tropical Medicine.

 

Pate was Minister of State (junior minister) in the health ministry from
2011 to 2013, after he headed the National Primary Health Care Development
Agency. In one of his most notable achievements, he conducted Nigeria's
successful campaign to eradicate polio against breathtaking odds, including
the murder of vaccinators in northern Nigeria, where the crippling disease
was endemic.

 

Taking a community-based approach of convening meetings that included
religious leaders, he persuaded wary citizens that vaccinations were not a
plot to reduce births among the predominantly Muslim northern population.
Although as in other countries around the world that still use live vaccines
as the fastest way to control the disease, there is an occasional case
spread largely through water contaminated by poor sanitation – a but all
those cases have been contained rapidly.

 

Leaving Nigeria after concluding that his position lacked the authority to
continue essential health progress, Pate taught at Duke University's Center
for Global Health and at Harvard's T.H. Chan School of Public Health. He
headed Big Win Philanthropy, whose founder Jamie Cooper took a collaborative
approach to giving, and he has advised such donors as the Bill & Melinda
Gates Foundation on funding that empowers the recipients to make decisions
for themselves.

 

 

He also was Global Director, Health, Nutrition and Population Global
Practice of the World Bank and the Director of Global Financing Facility for
Women, Children and Adolescents and co-chair of the Lancet Commission on
Covid-19.

 

Pate's willingness to return to Nigeria was a surprise that prompted some
dismay outside Nigeria. He had accepted the job to head Gavi – the Vaccine
Alliance – an international organization that cooperates with the World
Health Organization and arranges distribution of life-saving vaccines,
including for Covid, in countries that were discriminated against in
transfers of available supplies, which was most of Africa.

 

Advocates for women and for Africa-wide health progress mourned what they
saw as a loss to nations of the global south. It was a difficult decision to
withdraw, Ali Pate told the Gavi board, but he believed he had a special
responsibility to Nigeria at this critical time.

 

Global financial markets are expected to be comfortable with the likelihood
of Adebayo Olawale Edun, the former chair of a Lagos-based investment bank,
as Minister of Finance. When President Tinubu was governor of Lagos, Edun
was commissioner of finance, where he doubled the state's internal revenue.

 

Like Pate, Edun has an international profile, holding degrees from two
British universities. While earning his Master's degree in development
economics at the University of Sussex, he did research at its Institute of
Development Studies. Tapped for the World Bank/International Monetary Fund's
young professionals programme, he worked on financial aid packages for
several countries.

 

Another Nigerian whose possible return to national service has been
speculated is Professor Kingsley Moghalu. A respected scholar who has taught
international business and economic policy at Tufts University's Fletcher
School of Law and Diplomacy, he began his career as a lawyer and journalist
in Nigeria but was quickly courted to work in international organizations.
After serving in high-level United Nations positions including as head of
global partnerships and resource mobilization at the $14 billion United
Nations Global Fund to Fight Aids, TB and Malaria based in Geneva, he moved
into the private sector, founding Sogato Strategies S.A. in Geneva and
Washington DC and advising some of the world's biggest multinationals,
global banks, and institutional investors on macroeconomic trends and risk
management to enhance investments in Sub-Saharan Africa.

 

He was headhunted by then Governor Sanusi Lamido Sanusi and President Umaru
Yar'Adua to become Deputy Governor of the Central Bank of Nigeria in 2009
after the global financial crisis, giving him expertise in Nigeria's
monetary policy. Moghalu played a key role as Sanusi's deputy responsible
for implementing the country's banking-sector reforms as well as payment
system reforms that triggered an explosion of the fintech industry. After
that service, he was appointed a professor at the Fletcher School at Tufts
University, recruited by its dean at the time, the retired four-star Admiral
and former Supreme Allied Commander of NATO, James Stavridis, and to panels
and positions such as United Nations Development Program Special Envoy on
Post-Covid Development Finance for Africa. As a close protégé of the late UN
Secretary General Kofi Annan from Ghana, Moghalu was widely regarded as a
potential Secretary General himself.

 

But Nigerian commentators have argued that he should be appointed CBN
Governor – a move that would likely be popular among foreign investors and
at home with Nigerians jaded by economic theft by officials. In June, former
Governor Godwin Emefiele was suspended and hours later was arrested by the
secret police. The presidency cited an "ongoing investigation of his office
and the planned reforms in the banking sector".

 

An appointment of Moghalu, known for a modest lifestyle and for integrity,
also would be welcomed in Europe, North America and such international
organizations as the World Bank, who fear the consequences of economic
implosion in Nigeria.

 

The Tinubu administration needs all the help it can get from people who
Nigerians already respect for their honesty and expertise.

 

Last year the British medical journal The Lancet's Nigeria Commission,
warned that Tinubu has no time to waste to put right the failed policies
that have led to poor health, a climate crisis, and the despair that feeds
conflict.

 

"With Nigeria's large and growing population, ongoing governance and
security challenges, and potential leadership role in Africa and globally,"
it said, "the decisions made today will determine whether Africa's most
populous country will become a success story or a cautionary tale."

 

 

 

 

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.

 

 

 

 

South Africa: Spur Sees Profits Soar Despite Multimillion-Rand Tax Bill

The group said it had achieved a strong trading performance for the 2023
financial year, with franchised restaurant sales increasing by 23% on the
previous financial year.

 

Spur's speciality brands and international business are ticking over nicely,
helping drive the group's half-year profits in a tough economic environment.

 

In a trading update on Monday, the Spur Corporation said sales for the year
ended June 2023 had surged by almost a quarter.

 

The group's speciality brands, Hussar Grill, Casa Bella and Nikos, are up
42.2% year-on-year, while international brands were up 27.6%. International
restaurant turnovers also increased by 17.8% on a constant exchange rate
basis.

 

The group, due to release its annual results on 22 August, said it is
expecting to report earnings per share - which indicates the profitability
of a company - of between 256.91 and 264.12 and headline EPS, based entirely
on operational, trading and capital investment activities, of 256.70 to
263.91. Both are expected to have increased by between 78% to 83%.

 

Shareholders were reminded that the profit for the previous financial year
included a one-off income tax charge of R22.034-million related to its
dispute with the South African Revenue Service.

 

The group said it had achieved a strong trading performance for the 2023
financial year, with franchised restaurant sales increasing by 23% on the
prior financial year, with H1 sales growing by 31.5%...

 

-Daily Maverick.

 

 

 

 

South Africa: Load Shedding to Alternate Between Stage 1, 2 and 4

Eskom is expected to implement alternating stages of load shedding
throughout this week.

 

On Monday and Tuesday, Stage 1 load shedding will be implemented between 5am
to 4pm followed by Stage 4 between 4pm to 5am.

 

No load shedding is expected between 5am to 4pm on Wednesday. However, this
will be followed by Stage 2 between 4pm and midnight.

 

"Over the past 24 hours, a generating unit at Camden and Duvha power
stations was returned to service. In the same period, a generating unit at
Medupi Power Station was taken offline for repairs.

 

"The delay in returning to service two generating units each at Kendal and
Tutuka power stations is contributing to the current capacity constraints.
Eskom teams are working tirelessly to return these generating units to
service," the state power utility said.

 

By Sunday, unplanned breakdowns rendered some 15 050MW of generating
capacity unavailable with a further 4434MW taken offline for maintenance.

 

The power utility called on South Africans to do their part to save
electricity.

 

"We appeal to the members of the public to continue reducing demand by
switching off non-essential appliances. We would like to thank those who do
heed the call to use electricity sparingly and efficiently, including
switching off geysers and pool pumps from 5pm to 9pm, as this lowers demand
and helps in alleviating the pressure on the power system and contributes to
lower stages of load shedding," Eskom said.

 

-SAnews.gov.za.

 

 

 

 

South Africa: Counting the Costs - - Economic Fears Set in After Five Days
of Western Cape Taxi Strike

Western Cape business owners are feeling the pinch as the taxi drivers'
strike in the province continued for the fifth consecutive day on Monday.
There are also concerns about the impact of the strike on the livelihoods of
the most vulnerable.

 

In Cape Town's northern suburbs, in a mini-supermarket, sat Ishmael, who did
not provide his last name. He runs the store on Parow's Voortrekker Road, a
key transport node. On Monday, when Daily Maverick visited his store, there
were only three people inside.

 

"It has affected my profit so badly," he said about the strike.

 

"There is no one coming at all right now because of the ongoing taxi strike.
My income has suffered greatly as a result of this strike. This is
unacceptable because we are all just trying to survive."

 

Another Cape Town entrepreneur, Phumlani Mantanga, started his business in a
bid to pay off his student debt, but now his clients are asking for refunds
as he cannot deliver items such as bags, shoes and sunglasses.

 

Mantanga, who is based in Nyanga, the scene of some of Monday's violence,
said his stock was kept at a warehouse and drivers were not comfortable
delivering goods in violence hotspots.

 

"It's affecting me a lot as this is how I make a living. I'm unable to get
my stock delivered because the drivers are scared of where I stay, and I
cannot deliver the items to their owners. Some are...

 

-Daily Maverick.

 

 

 

 

Kenya: Petition Challenging Finance Act 2023 to Be Heard September 13, 14

Nairobi — The High Court has now set the hearing of 14 petitions challenging
the Finance Act 2023 for September 13 and 14.

 

Justices David Majanja, Christine Meoli and Lawrence Mugambi set in motion
the hearing of the petitions during a mention on Monday.

 

Earlier, the bench struck out an application in which Busia Senator Okiya
Omtatah is seeking to cross examine Senate Speaker Amason Kingi over his
affidavit on the Finance Bill 2023.

 

Omtatah stated that that the timelines in the affidavit conflict with what
really happened as regards the consideration of the Finance Bill, 2023.

 

The senator added that a letter by the speaker does not negate the
constitutional requirement for concurrence by the two Houses of Parliament
on Bills, including whether they affect counties and their governments.

 

He wanted the court to determine whether, Kingi's letter raises a question
as to whether it is secretive and solely at the discretion of the two
Speakers and at what point it is considered that the two Houses have
concurred.

 

-Capital FM.

 

 

 

 

Zoom orders workers back to the office

Zoom, the video communications company whose name became synonymous with
remote work during the pandemic, has ordered staff back to the office.

 

The firm said it believed a "structured hybrid approach" was most effective
and people living within 50 miles (80km) of an office should work in person
at least twice a week.

 

It is the latest push by a major firm to row back flexible working policies.

 

Amazon and Disney are among the firms that have reduced remote work days.

 

Surveys suggest that workers are still holding onto the ability to work from
home to some degree.

 

About 12% of workers in the US, where Zoom is headquartered, were fully
remote in July, while another 29% had hybrid policies, according to a survey
by researchers at Stanford University and others that has been conducted
monthly since the pandemic.

 

That is similar to patterns recorded by the Office for National Statistics
in the UK earlier this year.

 

Earlier research by the Stanford team has found remote work is more common
in English-speaking countries, and far less common in Asia and Europe.

 

Why hybrid return-to-office mandates aren't as flexible as they seem

Zoom cuts 15% of staff in post-pandemic 'reset'

Before the pandemic, the share of days worked from home in the US was only
about 5%. Globally, workers consistently desire more flexible working
arrangements than employers see as optimal.

 

Zoom at one point said staff would be able to work remotely indefinitely.

 

The tech firm said the new policy would be rolled out in August and
September, on a staggered timeline that varied by country.

 

It said it would continue to "hire the best talent, regardless of location".
At the end of January, the company employed about 8,400 people, more than
half of whom were based in the US.

 

About 200 people currently work for Zoom in the UK, where it just opened a
new London office.

 

Zoom said that the new policy, which was first reported by Business Insider,
would put the company in a "better position to use our own technologies,
continue to innovate, and support our global customers".

 

"We'll continue to leverage the entire Zoom platform to keep our employees
and dispersed teams connected and working efficiently," Zoom said.

 

Only about 1% of the company's workers had "regular office presences" in
September 2022, while 75% lived remotely and the remainder had hybrid
arrangements, the Wall Street Journal reported at the time.

 

But Zoom is under mounting pressure as the expansion of remote work prompts
rivals, such as Microsoft, to upgrade their video offerings.

 

Growth has slowed sharply since the pandemic. Earlier this year, it
announced it was cutting 15% of its staff and top executives would take
major pay cuts.

 

Its shares are worth about $68 apiece today, down from more than $500 at the
peak in October 2020.-bbc

 

 

 

 

Cost of living: Beyond Meat hit as inflation squeezes shoppers

Vegan food firm Beyond Meat has seen its sales plunge by almost a third as
the rising cost of living squeezes shoppers.

 

The plant-based meat substitute maker says net revenues fell by 30.5% for
the three months to the end of June, compared to a year earlier.

 

Shares of the company fell by almost 12% in extended trading in New York.

 

Last year, it announced plans to cut almost a fifth of its workforce to save
around $39m (£30.6m) of costs.

 

On Monday, the company said it had been affected by "softer demand in the
plant-based meat category, high inflation, rising interest rates, and
ongoing concerns about the likelihood of a recession".

 

It added that it now expected annual revenue of between $360m to $380m, down
from earlier estimates of as much as $415m.

 

Demand has also been hit by an increased scrutiny of the health benefits of
vegan products, Beyond Meat's chief executive Ethan Brown said.

 

"This change in perception is not without encouragement from interest groups
who have succeeded in seeding doubt and fear around the ingredients and
process used to create our and other plant-based meats," Mr Brown added
during an earnings call.

 

For the same three-month period Beyond Meat's net loss narrowed to $53.5m,
down from $97.1m a year earlier.

 

In October, the company said it would cut around 200 jobs to save an
estimated $39m in costs over 12 months.

 

Beyond Meat - which makes plant-based burgers, sausages and nuggets - made
its stock market debut on New York's Nasdaq exchange in May 2019.

 

Its shares ended their first day of trading up by more than 160%, making it
one of the most successful initial public offerings (IPOs) in recent years.

 

However, the company now faces competition from the likes of food giants
Kellogg and Tyson Foods.

 

Beyond Meat's shares are currently valued at around $15 each, well below its
$25 IPO price.-bbc

 

 

 

 

Simon & Schuster: Publisher to be sold for $1.6bn

Publishing giant Simon & Schuster is to be sold to a private equity giant
for $1.6bn (£1.27bn) in cash.

 

The deal with investor KKR marks the likely end of a years-long saga for
owner Paramount Global, which had been looking for a buyer for the book
company since 2020.

 

Competition concerns had scuppered a previous deal, which valued the firm at
more than $2bn.

 

KKR said the publisher would continue to operate independently.

 

Simon & Schuster, founded in the US in 1924, employs more than 1,600 people
globally.

 

Its first book was filled with crossword puzzles. Titles released since
include Dale Carnegie's How to Win Friends and Influence People; Joseph
Heller's military satire Catch-22 and best-selling mysteries by Stephen
King.

 

KKR, which counts digital books platform Overdrive among its earlier
investments, said it saw an opportunity to expand the company's distribution
"across mediums and markets".

 

It said it would also create a plan to provide employees shares of the firm,
to help create an "ownership culture".

 

Simon & Schuster is the fourth largest of the US's "big five" publishing
companies, which also include HarperCollins, Hachette Book Group USA,
Penguin Random House and Macmillan Publishers.

 

A tentative deal to sell the company to Penguin Random House for $2.2bn was
blocked due to regulatory concerns late last year.

 

A US judge ruled in favour of the US government, which had attempted to
block the takeover, arguing that the tie-up would reduce pay and
opportunities for writers.

 

Author Stephen King was among the big names to testify against the sale on
behalf of the US government, which has taken a harder line on competition
under US President Joe Biden.

 

But on Monday, the boss of Paramount Global, Bob Bakish, said in a statement
that the money raised by Simon & Schuster's sale would give the
entertainment firm greater "financial flexibility".

 

It will also boost the cash available for content on its streaming service
Paramount+ as competition from the likes of Disney and Netflix shows no sign
of slowing.

 

On Monday, Paramount reported sales of $7.62bn in the three months to 30
June - down compared to $7.8bn in the same period a year before.

 

It reported an overall loss after ad sales at its TV networks fell by 10%
and the firm couldn't follow up with a film that was as big as Top Gun:
Maverick last year.-bbc

 

 

 

 

China drops Australia barley tariffs after three years

China says it will drop its tariffs on Australian barley imports that had
been in place for three years and affected billions of dollars of trade.

 

Australia's Prime Minister Anthony Albanese welcomed the move.

 

Canberra also said it will suspend its case at the World Trade Organization
(WTO) over Beijing's duties on barley.

 

In another sign of the thawing relationship between the two nations,
Australia this week invited China's new foreign minister to visit the
country.

 

China's Ministry of Commerce said the tariffs will be dropped starting on
Saturday.

 

"In view of the changes in China's barley market, it is no longer necessary
to continue to impose anti-dumping duties and countervailing duties on
imported barley from Australia," China's commerce ministry said.

 

Before the tariffs were imposed the Australian government had estimated that
barley exports to China averaged around A$1.2 billion ($790m; £620m) a year.

 

In 2020, Beijing imposed tariffs on key Australian exports such as barley,
beef and wine, as well as unofficial restrictions on lobster and meat
exports from certain abattoirs.

 

Canberra is now urging Beijing to drop tariffs on Australian wine, which is
the subject of a separate WTO complaint.

 

Australia's wine industry was hit hard when China imposed heavy tariffs on
its exports in 2020, effectively cutting off what was once its most
lucrative market.

 

The relationship between Australia and China deteriorated markedly in 2020
when then-Prime Minister Scott Morrison called for an international
investigation into the origins of Covid-19.

 

Since the election of the centre-left Labor government in May 2022,
communications between the two countries have resumed and their relationship
has improved.-bbc

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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

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

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Heroes’ Day

 

Aug 14

 


 

Defence Forces Day

 

Aug 15

 


Padenga

EGM

Royal Harare Golf Club

August 16 – (10am)

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 263171 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 165326 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65579 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image009.jpg
Type: image/jpeg
Size: 32603 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image010.jpg
Type: image/jpeg
Size: 55343 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image011.jpg
Type: image/jpeg
Size: 29353 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230808/ea5cc565/attachment-0007.jpg>