Major International Business Headlines Brief::: 22 August 2023

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Major International Business Headlines Brief::: 22 August 2023 

 


 

 


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

 


 

 


 

ü  Tanzania: PM - Govt Determined to Revive Cashew Processing Factories

ü  Tanzania: Indonesia President Visit to Spur Trade

ü  Uganda: Experts Front Agriculture in the Ug Economic Forum to Drive
Economic Growth

ü  Nigeria: Federal Govt Promises to Lift 133 Million Nigerians Out of
Poverty

ü  South Africa: Trimming Reliance On the Dollar High On Brics Summit Agenda

ü  West Africa: Weah Justifies Exportation of Electricity to Ivory Coast

ü  Tanzania: Govt Sets Aside 1.2tri/ - to Rescue Ailing Firms

ü  South Africa: Young Farmers Crippled By Loadshedding

ü  Nigeria's Net Foreign Reserves Fell to $3.7bn At End of 2022 - JP Morgan

ü  Microsoft makes new deal to buy Call of Duty giant

ü  UK microchip giant Arm files to sell shares in US

ü  Former Bank of England boss to head Bloomberg board

ü  Big firm bosses' pay rose 16% as workers squeezed

ü  Lost luggage showing signs of recovery after hitting 10-year high

ü  Canada wildfires: Trudeau criticises Facebook over news ban amid crisis

 


 

 


 

 <https://www.cloverleaf.co.zw/> Tanzania: PM - Govt Determined to Revive
Cashew Processing Factories

TANZANIA : PRIME Minister Kassim Majaliwa has said that the government is
determined to revive cashew processing factories to boost the value of the
crop.

 

Speaking recently during his working visit to Mtwara Region, Mr Majaliwa
urged farmers to plan to sell processed cashewnuts to increase the value of
the crop.

 

He added: "Selling unprocessed cashews is depriving the nation and farmers
great income... we want all the benefits from the cashew crop to remain in
the country. The time for change has come, hence, let's use this opportunity
to build processing factories for cashewnut to enable farmers to process and
sell in foreign and domestic markets."

 

 

Elaborating, Mr Majaliwa noted that President Dr Samia Suluhu Hassan needs
Tanzania to sell cashewnuts that have been processed in the country, instead
of selling unprocessed ones.

 

"Therefore, cashew farmers should do commercial farming by stopping selling
raw cashews and instead sell ones that have added value," he said.

 

That comes with the background that one kilogramme of processed cashews
sells at 13,000/- while unprocessed same quantity goes at 2,000/-, prompting
the Premier to say: "If you process four (4) kilogrammes of raw cashews you
get only one (1) kilogramme of processed cashewnut. And exporting
unprocessed cashewnuts outside the country deprives farmers some income,
including from the cashew's leftovers that are further worked on to make
oil."

 

In a related development, Mr Majaliwa called upon cashewnut factories'
owners to give farmers an opportunity to process their personal products,
especially by charging them only processing fees.

 

"Factory owners should follow the example of the Organic Growth Limited
(OGL) cashew factory in Tandahimba District, which allows farmers to process
their crops in the factory," he pointed out.

 

Equally, he asked the cashew crop supervisors in the fields to ensure that
farmers get correct farming inputs on time according to their needs.

 

In response, the Director of Organic Growth Limited (OGL), Aldina Fakiri
said that his factory planned properly to ensure that a large percentage of
the processed crop is sold.

 

He said a big percentage of the income is lost in the course of selling
unprocessed cashews, citing an example where the crop's leftovers can still
be collected to produce oil.

 

Mr Fakiri said that the factory has the capacity to process 3,000 tonnes of
unprocessed cashews, which is equivalent to 720 tonnes of processed cashews
per year.

 

 

He added that the factory will provide an opportunity for farmers to process
their cashew nuts and charge them only the processing fee, adding: "We will
also cooperate with them in finding cashews markets".

 

In the ongoing work, the factory is expected to provide 200 employment
opportunities, where among them 50 will be permanent and 150 temporary
workers.

 

For their part, the cashew farmers thanked the government for its decision
to continue mobilising the construction of the crop factories in the
country.

 

The farmers said the presence of factories will enable them to process
cashew nuts and sell them with added value instead of selling them raw.

 

One of the farmers, Alife Kajonje said that cashew nut factories will be a
saviour for them and the nation as a whole, adding that they will increase
the value of the crop and increase employment opportunities.

 

-Daily News.

 

 

 

 

Tanzania: Indonesia President Visit to Spur Trade

TANZANIA : INDONESIA'S President Joko Widodo has arrived in Tanzania to
start his first-ever visit which is expected to open doors for both
countries in social-economic spheres.

 

The visit is set to increase investment cooperation, health cooperation,
development cooperation and exchange views on important regional and global
issues.

 

Moreover, trade, fishing, education, the blue economy, tourism and
immigration are all earmarked as priority sectors of mutual cooperation for
discussion.

 

This is President Widodo's first visit to Tanzania and the continent, whose
major aim is to boost relations with the country.

 

 

The last visit of an Indonesian President to Tanzania was 32 years ago on
December 1991.

 

In his twitter account, President Widodo stated: "This is my first visit to
the African region, which is intended to strengthen solidarity among the
countries of the global south."

 

Apart from Tanzania, he will also visit Kenya, Mozambique and South Africa.
Indonesia has a long historical relationship with the continent.

 

He said Indonesia and Africa have a long historical relationship which can
be seen in a number of major moments in history.

 

The country was the initiator and host of the Asian-African Conference in
1955. It also played an important role in giving birth to the Non-Aligned
Movement at that time.

 

At a press briefing in Dar es Salaam, yesterday, Minister for Foreign
Affairs and East African Cooperation Dr Stergomena Tax said Tanzania and
Indonesia have had close bilateral relationships in the agriculture sector
and this visit will cement partnership in the area of modern technology and
production of better seeds for the purpose of getting a guaranteed market
for farmers.

 

"This is a continuation as in 1996 Indonesia established Farmer's
Agriculture and Rural Training Centre (FARTC) in Mkindo, Morogoro, where
Indonesian agriculture experts provide training for Tanzanian farmers," said
Dr Tax.

 

According to her, the countries will today sign a Memorandum of
Understanding (MoU) on bilateral cooperation.

 

In 2004, the countries signed an MoU on the establishment of a joint
commission, known as the Indonesia-Tanzania Joint Agriculture Cooperation
Committee (JACC), which served as a vehicle to improve agricultural sector
cooperation, such as capacity building through training, joint research and
the expansion of market access to agricultural products.

 

 

She added that the two nations are both architecting the non-aligned
movement, so it will become easier to help each other in many projects.

 

This high-level visit sets to open up more room for Jakarta- Dar Es Salaam
cooperation in terms of enhancing investment in the hospitality industry,
agricultural sector co-operations, such as capacity building through
training, joint research and the expansion of market access to agricultural
products following their established Indonesia-Tanzania Joint Agriculture
Cooperation Committee (JACC), 2011.

 

The visit will further give light on the recent expression of interest by
Indonesian government to establish a Preferential Trade Agreement (PTA) with
Tanzania to increase the two countries' bilateral trade.

 

The PTA would set to reduce barriers to tariff trade so that it was expected
to encourage trade between the two countries official sources in Jakarta
reported recently.

 

Indonesia has 270 million people, hence standing as a big market for
Tanzania in case deliberate efforts to invest in the Southern East Asia
giant economy will be fairly made.

 

Indonesia stands as a market potential for a big portion of Tanzanian
agricultural products.

 

The main products that Tanzania exported to Indonesia in the past 3 years
were cloves, cocoa beans and raw tobacco.

 

The one-day Indonesian President Joko Widodo visit in the country is
envisaged to spur Tanzanian economic interest in the Southern East Asia
region following the ongoing Tanzania's industrialisation efforts towards
becoming a middle-income country in the near future.

 

According to the United Nations Comtrade database, last year Tanzania
exported to Indonesia goods worth 28.22 million US dollars.

 

The main exports were cloves (39.7m US Dollars), cocoa beans (7.89 million
US dollars), and raw tobacco (7.89 million US dollars).

 

In the same year, Indonesia exported goods to Tanzania worth 74.73 million
US dollars.

 

The main imports were palm oil (240 million US dollars), stearic acid (9.16
million US dollars) and other synthetic fabrics (8.03million US dollars).

 

-Daily News.

 

 

 

Uganda: Experts Front Agriculture in the Ug Economic Forum to Drive Economic
Growth

The second edition of the UG Economic Forum has been launched, with focus on
helping businesses grow in the post-Covid era and using agriculture as a key
driver of the economy.

 

According to Next Media Deputy Chief Executive Officer, Joe Kigozi, the
forum will focus on navigating and creating opportunities for investment.

 

At the peak of the Covid-19 pandemic, over 80 percent of businesses in
Uganda were locked up and as the economy slowly emerged from the two-year
economic downturn, majority were desperate for a financial shot in the arm
to help them recapitalize.

 

 

"As NBSTv our focus is on driving awareness and also we should use
agriculture as a key driver in the economy" Kigozi said.

 

Now, as experts gear up for the UG Economic Forum 2023 which is slated to
run from August 28 to September 1, they say sustainable commercial
agriculture and industrialisation will be key drivers to revive the economy.

 

The Assistant Commissioner, Public and Corporate Affairs at Uganda Revenue
Authority, Ibrahim Bbosa says the taxman intends to narrow the informal
sector gap so as to hit its whooping 30 trillion revenue target.

 

"We have a lot of people in the informal sector who don't pay taxes, we need
to bring those people on board so that can contribute to the economic growth
" Bbosa said

 

Meanwhile, the Director Investments at the Uganda Development Corporation,
Andrew Mugerwa, called for concerted efforts by members to make these
discussions practical if they are to contribute to revamping businesses that
experienced shocks during the pandemic.

 

"We need to work together and help recapitalize businesses that experienced
shocks and also provide a shot in the arm for them to get on their feet"
Mugerwa said.

 

The UG Economic Forum is an annual convening event organised by NBS TV, and
it brings together key stakeholders from government, business and civil
society to discuss the main challenges and opportunities facing the business
space within a given period.

 

 

 

 

Nigeria: Federal Govt Promises to Lift 133 Million Nigerians Out of Poverty

New minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu
has expressed the federal government's commitment to lift 133 million
Nigerians out of poverty.

 

Edu disclosed this when she assumed office on Monday in Abuja and held
maiden meetings with the chief executive officers of the agencies under the
ministry.

 

She assured Nigerians of her determination to ensure transparency and
accountability during her tenure as Minister.

 

She explained that the ministry will achieve the target through different
interventions and initiatives aimed at lifting millions of Nigerians out of
poverty.

 

 

"What is most important is that we will keep our focus on lifting 133
million Nigerians out of poverty.

 

"We can do it in phases, a step at a time, because with determination and
strong-will nothing is impossible.

 

"We will also achieve the feat with the strong political backing from His
Excellency, President Bola Tinubu and every member of the cabinet.

 

"We will play down on politics, we are here to face the real business of
governance," she said.

 

The minister, who described as unacceptable the alarming rate of poverty in
the country, said all hands must be on deck to address the situation.

 

"Different sources of data suggest that we have a population of 200 million
Nigerians, which I think we are more than that.

 

"Of this population, the sources indicated that 136 million are extremely
poor and that is unacceptable.

 

"We need to bring smiles back to the faces of Nigerians. We must reach out
to those who are underserved and renew their hope.

 

"While doing this, we must ensure that we will increase our efforts, be very
sincere, transparent and accountable," Edu added.

 

In his welcome address, the permanent secretary of the ministry, Dr Nasir
Sani-Gwarzo, expressed commitment and loyalty to the Minister in her quest
to deliver on the mandate of the ministry.

 

Gwarzo noted that the event coincided with the third year anniversary of the
ministry. (NAN)

 

Leadership.

 

 

 

 

South Africa: Trimming Reliance On the Dollar High On Brics Summit Agenda

About 40 countries have shown an interest in joining the bloc and leaders at
the meeting in SA will discuss criteria for new membership and the necessary
financial contributions.

 

When BRICS leaders meet in South Africa on Tuesday, 22 August, high on the
agenda will be finding ways to accelerate the use of their countries'
currencies for trade and finance to rely less on the US dollar.

 

South Africa's BRICS emissary, Professor Anil Sooklal, is emphatic that
there are no plans by the five member countries to embrace
"de-dollarisation", which would involve unseating the dollar as the world's
de facto global currency.

 

"Replacing the US dollar has never been on the table. We have been talking
about deepening trade and interaction among the BRICS local currencies. The
dollar will continue to be a major global currency -- and that's a reality,"
Sooklal told Daily Maverick.

 

South Africa will host officials from Brazil, Russia, India and China -- the
group of five nations known as BRICS -- for a summit from 22 to 24 August.
Present will be China's President Xi Jinping, Brazil's Luiz Inácio Lula da
Silva and Indian Prime Minister Narendra Modi.

 

Russian President Vladimir Putin, for whom an international arrest warrant
has been issued for alleged war crimes in Ukraine, will not attend.

 

The BRICS members want to find more ways to conduct trade and financial
transactions...

 

-Daily Maverick.

 

 

 

 

West Africa: Weah Justifies Exportation of Electricity to Ivory Coast

Monrovia — In the wake of huge criticisms from political opponents and
critics, President George Manneh Weah has justified and outlined reasons for
the move made by his government to engage into the trading and exportation
of electricity to neighboring Ivory Coast, despite limited supply to
thousands of households in Monrovia and other parts adjacent.

 

The Liberian leader is the Standard Bearer of the governing Coalition for
Democratic Change (CDC) who is seeking re-election in the ensuing October 10
general elections in Liberia.

 

Last week, Liberia's Finance and Development Planning Minister Samuel Tweah
disclosed that the Liberian government is exporting electricity to Ivory
Coast during the rainy season. However, his disclosure didn't go down well
with opposition politicians and some citizens.

 

 

They continue to question the rationale behind the move made by the
government in the midst of unstable and the lack of electricity supply to
thousands of households in Monrovia and its environs.

 

But speaking on his regular campaign trail in Brewerville City, district #
17, Montserrado County over the week end, President Weah disclosed that the
Liberian government and its Ivorian counterparts are starting afresh to
guarantee the provision of stable electricity to the country.

 

He disclosed that the deal has commenced for the supply and exportation of
electricity between the two nations due to a decision taken by his
government to settle the arrears previously owed the Ivorian government.

 

He said the trading of power supply between the two nations is a "simple
mathematics" that is not being clearly understood by the opposition.

 

President Weah pointed out that the trade of energy supply to Ivory Coast is
also intended to ensure that the neighboring country can aid Liberia when
the post-conflict nation is in need of assistance in the future.

 

By exporting electricity to Ivory Coast, President Weah pointed out that his
government is upholding protocols signed with the Mano River Union (MRU) and
the Economic Community of West African States (ECOWAS).

 

He, however, failed to state a specific protocol. "What Samuel Tweah
explained to you-I remember when I was going to Abidjan on their
Independence Day, they told me that the Liberian government was owing on the
CLSG. And I said to them I will go and discuss that. Luckily for me, I went
to Abidjan , and I said every money we owed, I will wipe it so we can start
new. This is why we are starting new and we have to respect the protocols.
This is not politics. This is something that they did not do in 12 years. We
are doing this so tomorrow when we have issues, our neighboring countries
can help us."

 

 

He promised to extend the supply of electricity to other communities in
district 17, Montserrado County beginning this week.

 

Speaking further, President Weah urged citizens to be mindful of the
opposition, particularly the former ruling Unity Party (UP) which is seeking
for the presidency after serving the nation and its people for 12 years.

 

He said Liberians should continue to build trust and confidence in his
administration because, their challenges are being addressed gradually..

 

"They want this position (presidency) they left; they want it back. So, they
will tell you all kinds of things. But what I can promise you is that, I
will work for you. You can trust me. I am doing everything to make sure we
have electricity in our communities or solar lights. For 12 years, they
didn't count from 1 or 17. They left it undone. We came and started from 1
to 17. We are doing everything bit by bit."

 

He said Liberians should not allow themselves to be carried away by people
who failed to develop themselves despite their prolong stay in public
service.

 

President Weah, however, vowed to leave behind a legacy by ensuring that all
roads are paved and more institutions are constructed in Liberia.

 

He stressed that the harmonization of civil servants and other salaries by
his government was intended to ensure that those working in offices are pay
better wages as compare to others.

 

He claimed that as a result of the harmonization scheme carried out,
"everybody working in the government is now happy."

 

President Weah maintained that opposition politicians are only perplexed to
replace him because he came from the "street and became President of the
Republic of Liberia,", and providing opportunities for ordinary Liberians to
serve in his government.

 

Also speaking, the National Campaign Manager of the CDC Lenn Eugene Nagbe
claimed that some opposition politicians are capitalizing on the suffering
of the electorates to spill out lies against the government by using the
electricity deal with Ivory Coast.

 

He attributed the delay in the completion of the World Bank sponsored
project for the supply of electricity from the St. Paul Bridge to Po River
to slow procurement processes.

 

Mr. Nagbe disclosed that as a result of the delays, President Weah has
already instructed authorities of the Liberia Electricity Corporation (LEC)
to immediately commence works leading to the supply of electricity in the
area.

 

He claimed that the government is not undertaking the project as a result of
the elections, but it is part of its responsibilities to Liberians.

 

 

"By next week, you will see the current project starting. They threw it at
us; we will throw it back to them."

 

On the issue of exporting electricity to Ivory Coast, Mr. Nagbe indicated
that uneducated members of the opposition are the ones misinforming
Liberians about the deal.

 

"They are saying the President sending current to Ivory Coast while there is
no current here-you know there are some people who went to school, they can
read and write, but they are literate uneducated. If you are educated, you
will try to explain to your people better."

 

According to him, Liberia has been fully involved with the CLSG project
because, its hydro cannot adequately supply electricity to more customers
and households during the dry season.

 

"These countries agreed and said let's join all our electricity resources
together and Liberia was behind it because, when we have dry season, the
hydro cannot perform up to its maximum. And so, when we have dry season and
Ivory Coast has more current, Ivory Coast can send some current to us and
when we get more current during the rainy season, we send to them. It got
nothing to do with district 17."

 

"When the power is plenty in Guinea, automatically, it passes through other
lines to come to Liberia. The CLSG is a powerpool meaning if you have plenty
current, the day my own goes off, you give me small or I give you small
too.While the World Bank program that supposed to connect 30,000 households
in this district from St. Paul Bridge to Po River is in process, the
Government of Liberia itself will finance the provision of electricity to
district 17."

 

Mr. Nagbe, however, vowed to return "fire for fire" when opposition
politicians, including the Standard Bearer of the Unity Party (UP)
Ambassador Joseph Nyuma Boakai throw jibes at President Weah during this
campaign period.

 

This, he said is intended to erect a checkpoint, and provide the facts to
some of the accusations that would be made by the opposition ahead of the
elections.

 

-FrontPageAfrica.

 

 

 

 

Tanzania: Govt Sets Aside 1.2tri/ - to Rescue Ailing Firms

ARUSHA : PLANS of rescuing ailing parastatals could well be on course after
the government set aside 1.2tri/- for the cause.

 

The Treasury Registrar Nehemia Mchechu on Sunday announced that the
government has set aside such an amount to rescue state corporations which
were struggling to remain afloat.

 

According to Mr Mchechu, the government, through the office of the Treasury
Registrar established the special fund of bailing out the ailing firms,
which is also in line with the government's quest of reforming them.

 

"Lack of capital among many parastatals is crippling their operations, hence
the need of setting aside the 1.2 tri/-," explained Mr Mchechu, in his
presentation on the sidelines of the ongoing Chief Executive Officers'
(CEOs) and Heads of Institutions Forum.

 

 

According to Mr Msechu, the move will see the ailing parastatals withstand
competition from the private sector.

 

This comes a day after President Samia Suluhu Hassan challenged CEOs and
Institutional Heads to run the state corporations and agencies as public
entreprises, from government entreprises.

 

The president insisted that the move will allow Tanzanians to buy shares
from the government agencies and institutions, in a bid of keeping them
afloat.

 

Speaking here on Saturday, Dr Samia expressed concern on the sorry state of
some of the state-run corporations, saying some where cash-strapped, with
some on the verge of being delisted.

 

"We wish to see these parastatals operating on profit and contribute
dividends to the government," the President said.

 

However, it will not be an easy walk in the park for the parastatals to
borrow from the TR's office, according to Mr Msechu.

 

"There are certain criteria that we will consider and will look into before
we approve any money requested by the firms," he stated.

 

In the same vein, the Treasury Registrar challenged CEOs heading the state
firms not to hesitate to walk into banks to borrow money, however saying
that only those with viable business plans, may get a slice of the 1.2tri/-.

 

Mr Msechu was quick to caution the CEOs and Institutional Heads that his
office will not only scrutinise their business plans, but also their
performances before they head to the banks.

 

Mr Msechu further revealed that the Office of the Treasury Registrar has
embarked on major reforms, which also include amendment of its Act and name
change.

 

"This entails at mindset change among our CEOs and Institutional Heads, that
business is no longer as usual," he added.

 

In June this year, Dr Samia issued a stern warning to underperforming
government parastatals, stating that they could face deregistration.

 

President Samia indicated that the government is currently assessing the
performance of state-run corporations.

 

This comes as the government has invested more than 70tri/- in its State
entities.

 

-Daily News.

 

 

 

South Africa: Young Farmers Crippled By Loadshedding

Load shedding is crippling rural black farmers as they struggle to pump
water for their crops.

 

The emerging farmers from Umfolozi near Richards Bay rely on electricity to
bring water from dams to their fields, but load shedding is playing havoc
with their crops production.

 

The outcry was voiced during the launch of the Tshalabathi youth programme
at Malamula by Umfolozi Mayor Xolani Bhengu.

 

"The biggest problem is load shedding. The farmers can't irrigate their
fields because to pump water you need electricity," said Bhengu.

 

"We have approached the King Cetshwayo Municipality to assist with boreholes
to overcome the crisis."

 

 

Ox-Mik Farming Organisation, which was formed by three young men, is facing
the same crisis.

 

Mnqobi Lulama said that they are trying hard to grow produce and sustain
their client base.

 

"We plant cabbage, maize, carrots, beans, spinach and potatoes. Our client
base is very strong because we provide to supermarkets and various
communities who buy our products" said Lulama.

 

"Due to the high demand, we have to make sure that we produce enough
vegetables to sell to our core customers who are communities and to
businesses."

 

Mnqobi and his colleagues Vela Zibane and Zenzo Nxumalo started their
farming project in 2019 and have never looked back. But load shedding has
caused the disruption of food security in many parts of South Africa as well
as the emerging farmers in the Umfolozi.

 

-Scrolla.

 

 

 

Nigeria's Net Foreign Reserves Fell to $3.7bn At End of 2022 - JP Morgan

JP Morgan, an American multinational financial services firm, has estimated
that Nigeria's net foreign exchange (FX) reserves fell to $3.7 billion as of
the end 2022.

 

This is contained in the firm's latest report titled 'Nigeria: Reform pause
rather than fatigue'.

 

Gross FX reserves represent the government's total holdings of foreign
currency reserves. Net FX reserves deduct foreign currency liabilities from
gross foreign currencies reserves.

 

According to Central Bank of Nigeria (CBN) data, the country's gross FX
reserves stood at $36.61 billion as of end of 2022.

 

 

In its report, JP Morgan said the $3.7 billion figure is significantly lower
than prior estimates, owing to larger-than-expected currency swaps and
borrowing against existing reserves.

 

"Based on partial information from the audited financial accounts, we
estimate that CBN's net FX reserves were around $3.7 billion at the end of
last year, from $14.0 billion at end-2021," the report stated.

 

The firm clarified that it arrived at $3.7 billion by making some
assumptions which if incorrect would change the estimated figure.

 

"In arriving at said estimate we make a few assumptions which if incorrect
would substantially change the picture," the report further read.

 

JP Morgan, however, said that although low net FX reserves mean continued FX
market pressures, CBN still has the ability to source FX at commercial and
semi-commercial rates.

 

"Given the highly profitable nature of the currency swap arrangements
between the CBN and domestic commercial banks, we expect these to continue
for some time, albeit in smaller sizes and arguably more punitive rates,'
the report added.

 

-Vanguard.

 

 

 

 

Microsoft makes new deal to buy Call of Duty giant

Microsoft has submitted a new deal to buy Activision Blizzard after its
original $69bn (£59bn) bid was rejected by the UK competition watchdog.

 

The Competition and Markets Authority (CMA) confirmed on Tuesday that
Microsoft's initial offer for the Call of Duty-maker had been blocked.

 

It will now review the new deal but said: "This is not a green light."

 

Under the new offer Microsoft won't buy the rights for Activision's existing
or new games stored in the cloud.

 

The pledge, which will last 15 years, will not cover Activision's PC and
console games in the European Economic Area.

 

Games stored in the so-called cloud allow players to buy content when they
like, similar to a streaming service such as Netflix.

 

Microsoft's deal to buy the Call of Duty maker, struck last year, was set to
be the biggest of its kind in gaming industry history.

 

But it has split regulators around the world, some of whom fear it could be
anti-competitive.

 

The US Federal Trade Commission continues to try to block the deal in
America despite having been overruled several times by the courts.

 

The European Union and China meanwhile have said the tie-up can go ahead.

 

But the UK announced plans to block the deal in April, warning it would harm
innovation and choice for gamers in the fast-growing cloud gaming business.

 

The move sparked an angry reaction from Activision, while Microsoft's UK
president Brad Smith said it was "bad for Britain" and marked Microsoft's
"darkest day" in its four decades of working in the country.

 

The UK's move means the multi-billion dollar deal cannot go ahead globally.

 

Under the revised over, Microsoft said that instead of controlling all of
Activision's games, which also include Candy Crush, the content would be
sold to rival video game publisher Ubisoft.

 

Ubisoft can then supply Activision's content "to all cloud gaming service
providers including to Microsoft itself".

 

Microsoft makes the Xbox gaming console and wants to buy Activision to add
more titles to its Game Pass streaming service. This allows gamers to
download content to their consoles and mobile phones.

 

Rivals such as Sony have also objected to the deal, concerned that Microsoft
could stop major games being available to its own PlayStation business.

 

Modern Warfare 2, the latest instalment in the Call of Duty series, made
$1bn in its release weekend, and more than half of all copies sold in the UK
were for PlayStation.

 

Sarah Cardell, chief executive of the CMA, said Microsoft's new and
restructured deal was "substantially different from what was put on the
table previously".

 

She said the CMA would now examine the offer.

 

"We will carefully and objectively assess the details of the restructured
deal and its impact on competition, including in light of third-party
comments," she said.

 

"Our goal has not changed - any future decision on this new deal will ensure
that the growing cloud gaming market continues to benefit from open and
effective competition driving innovation and choice."-bbc

 

 

 

 

UK microchip giant Arm files to sell shares in US

British microchip designing giant Arm has announced it has filed paperwork
to sell its shares in the US.

 

The Cambridge-based company, which designs chips for devices from
smartphones to game consoles, plans to list on New York's Nasdaq in
September.

 

Arm did not reveal the number of shares for sale or the price, but its
proposed initial public offering (IPO) could be the biggest listing since
late 2021.

 

In March, in a blow to the UK, the firm opted against listing shares in
London.

 

On Monday, Arm announced that it had now publicly filed a registration
statement relating to a proposed IPO. It said the number of shares to be
offered and the price range for them were yet to be determined.

 

But the company is reportedly looking for a valuation of between $60bn
(£47bn) to $70bn.

 

Arm was bought in 2016 by Japanese conglomerate Softbank in a deal worth
£23.4bn. Prior to the takeover, it was listed in both London and New York
for 18 years.

 

Its chip design instructions and technologies are used by manufacturers like
the Taiwan Semiconductor Manufacturing Company and technology giants Apple
and Samsung to make their own chips.

 

Listing a firm on a stock exchange takes it from being a private firm to a
public company, with investors able to buy and sell shares of a company's
stock on specific exchanges.

 

Reports previously suggested the firm had sought to raise between $8bn and
$10bn through the listing on the technology-heavy Nasdaq platform. Other
major technology companies including Google, Apple and Facebook trade on the
Nasdaq.

 

What is an IPO?

Private companies, as a way of raising cash, can start a process to list on
a stock exchange.

 

In an IPO companies offer shares to investors before listing.

 

The price of the shares is typically set by investment banks hired by the
company to run the process.

 

But once the shares start to be publicly traded, prices are set by supply
and demand. The value of the shares, multiplied by how many there are, gives
the market value of the company.

 

Arm was founded in 1990 and has been referred to as the "crown jewel" of the
UK's technology sector.

 

Reports in January said Prime Minister Rishi Sunak had restarted talks with
Arm's owner about listing on the London Stock Exchange.

 

But the firm said it did not plan to pursue a UK listing, saying the US was
"the best path forward".

 

The decision raised concerns that the UK market was not doing enough to
attract tech company stock offerings, with US exchanges seen to offer higher
profiles and valuations.

 

But Arm's chief executive Rene Haas has said the company will keep its
material intellectual property, headquarters and operations in the UK.

 

The latest filing shows further intent that Softbank is pushing ahead with
the multi-billion dollar sale despite difficult conditions in the global
financial markets.

 

The number of stock market listings has fallen sharply since Russia's
invasion of Ukraine. Shares in major technology companies have also fallen
in the wake of the Covid pandemic.

 

After an acute shortage of semiconductors during the pandemic, the
chip-making industry has faced reduced demand.

 

Arm's sales declined to $2.68bn in the year ended 31 March, hurt by a slump
in global smartphone shipments. Sales for the three months to 30 June fell
2.5% to $675m.-bbc

 

 

 

 

Former Bank of England boss to head Bloomberg board

Former Bank of England governor Mark Carney has been named chairman of a new
board of directors at US financial information and media firm Bloomberg.

 

Bloomberg's head of product Vlad Kliatchko was also appointed as chief
executive officer in the major shakeup of the company's management.

 

The BBC understands the firm's founder, 81-year-old Michael Bloomberg, made
the announcement in an email to staff.

 

Mr Carney has previously worked with Mr Bloomberg on climate-related
projects.

 

Mr Kliatchko's promotion comes as speculation has been growing about
succession plans at the company.

 

The reshuffle will see more new board members being appointed "in short
order", while existing members will be given honorary positions.

 

Mr Bloomberg's email - which was first reported by The Information website -
also made it clear that he would stay at the firm and was "not going
anywhere".

 

Mr Carney is expected to continue in his role as chairman of Canadian
investment firm Brookfield Asset Management.

 

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

 

Mr Carney, who currently serves as United Nations special envoy on climate
action and finance, became the governor of the Bank of England in July 2013
and stood down from the role in March 2020.

 

Before that he was the governor of his home country's central bank, the Bank
of Canada.

 

He also held positions in the Canadian government's finance department and
Wall Street investment bank Goldman Sachs.

 

Mr Bloomberg, who was the mayor of New York City from 2002 to 2013, founded
Bloomberg LP in 1981.

 

The multi-billionaire philanthropist returned to the company in 2014, taking
over leadership of the firm from then-chief executive Daniel Doctoroff.

 

Mr Bloomberg stood as a candidate for the 2020 Democratic nomination for US
president before dropping out of the race after three months.

 

He has an estimated net worth of more than $96bn (£75.2bn), according to
Forbes magazine.-bbc

 

 

 

 

Big firm bosses' pay rose 16% as workers squeezed

Bosses at Britain's biggest companies saw their pay rise by almost 16% on
average last year as most workers' wages were squeezed by rising prices.

 

The High Pay Centre said the median pay of a FTSE 100 chief executive was
£3.91m in 2022, up from £3.38m in 2021.

 

It added that the average earnings of a FTSE 100 boss was 118 times more
than a typical UK worker on £33,000 a year.

 

Critics called the earnings extreme, but some of the firms argued they were
in line with competitors.

 

According to the High Pay Centre - a think tank which tracks executives' pay
- the highest paid boss last year was Sir Pascal Soriot, the boss of the
drugs giant AstraZeneca, with £15.3m.

 

The British-Swedish company became a household name when it teamed up with
Oxford University scientists to develop a Covid-19 vaccine.

 

Charles Woodburn of security and aerospace firm BAE Systems was the second
highest earner with £10.7m, while Emma Walmsley, boss of GlaxoSmithKline,
was the highest female earner with £8.45m.

 

Ben van Beurden, the former boss of energy giant Shell with £9.7m, and BP's
Bernard Looney securing £10m featured in the top six biggest earners after
both firms reported record profits on soaring energy prices.

 

The think tank, which analysed the pay of chief executives of all companies
on the UK's blue chip company index through firms' annual reports for 2022,
reported median pay was more than £500,000 up on 2021, continuing its upward
trend since it dropped to £2.46m in 2020 during the height of the pandemic.

 

The High Pay Centre said the rise was in part due to the economic recovery
following lockdowns and through bosses having "strong incentive pay awards
tied to profitability and share prices".

 

However, earnings are still not as high as they were in 2017 when they hit
£3.97m.

 

The centre said the gap between company executives and other workers' pay
had widened further last year.

 

'Extreme'

The Trades Union Congress (TUC) said the report showed Britain was a "land
of grotesque extremes".

 

"We need an economy that delivers better living standards for all - not just
those at the top," said Paul Nowak, general secretary of the TUC.

 

But economic think tank the Adam Smith Institute said "knee-jerk attacks" on
chief executive pay were unhelpful, and said more attention needed to be
applied to the benefits for the wider economy.

 

In response to the report, AstraZeneca said 12% of Sir Pascal's pay was
fixed, while 88% of it was subject to share price and performance. The
firm's share price has soared 81% in the past five years.

 

The company also pointed out that on a global basis, its chief executive pay
was below big pharmaceutical competitors.

 

BP, Shell and other energy firms have faced criticism over the extent of
their profits at a time when high energy prices have been a big driver in
the cost of living rising.

 

Shell told the BBC the £9.7m figure was Mr van Beurden's "single figure
remuneration", which included a £1.42m salary, £2.59m bonus, Long Term
Incentive Payment worth £4.9m, plus pension and other taxable benefits.

 

A spokesperson said its "executive remuneration" was "benchmarked against a
broad range of European multinational companies", adding that data from the
past 10 years showed its senior leaders were "paid competitively".

 

Although a single figure is disclosed as the pay package of a chief
executive, it typically consists more than just a base salary, with bonuses,
incentives and pension pay also included.

 

Base salary represents only 21% of total FTSE 100 bosses' remuneration on
average, the High Pay Centre said - a direct contrast to most UK workers.

 

Gillian Wilmot, who runs remuneration committees at various listed and
private companies, told the BBC's Today programme that the companies
highlighted were at "the very top bar"

 

"It's a bit like comparing half a dozen premiership footballers with most
people in sport... it gives a very false view of business."

 

She also said that there was a "narrow talent pool" considered appointable
to these roles. "We need to broaden the talent pool. It's very undiverse,
very few women."

 

Outside of the biggest firms, workers' wages on average have failed keep up
with rising prices, especially for gas, electricity and food during last
year and this year so far.

 

Inflation, which is the rate consumer prices rise at, is currently at 6.8%
in the year to July. However, the figure was much higher throughout the
majority of 2022, peaking at 11.1% last October, meaning back then goods on
average were more than 10% more expensive compared to prices the year
before.

 

Latest figures from the Office for National Statistics (ONS) show regular
pay growth, which excludes bonuses, reached 7.8% over the three months to
June compared to a year earlier, but actually dropped by 0.6% once inflation
was taken into account.

 

The governor of the Bank of England Andrew Bailey told the BBC last year
that workers should not ask for big pay rises to try to stop prices rising
out of control, comments which resulted in backlash from unions and the
government's distancing itself from the stance.

 

Luke Hildyard, director at the High Pay Centre, said "at a time when so many
households are struggling with living costs, an economic model that
prioritises a half-a-million-pound pay rise for executives who are already
multi-millionaires is surely going wrong somewhere".

 

The think tank called for a requirement for companies to include a minimum
of two elected workforce representatives on the remuneration committees that
set pay.

 

'Less criticism, more thought'

Gary Smith, general secretary of the GMB union, said if the government
"genuinely think high wages are going to cause spiralling inflation, they
probably need to think about curbing pay at the top of the tree, rather than
everyone else".

 

"While workers in sectors across the board were forced onto picket lines to
make ends meet, these top brass were trousering fortunes," he added.

 

But Duncan Simpson, executive director at the Adam Smith Institute economic
think tank, argued that the pay of chief executives was "all too often"
criticised "without further thought".

 

"16% is a marked increase. But company leaders provide value to customers
with the products and services they sell, to pensioners with dividends from
profits they generate and to HMRC through tax receipts," he said.

 

"Knee-jerk attacks remain an unhelpful way to look at the private sector
which employs over 80% of workers in the UK and generates benefits across
society."

 

The BBC also contacted BAE systems, GlaxoSmithKline, and BP for comment in
relation to the pay packets of chief executives.

 

The Treasury declined to comment.--bbc

 

 

 

 

Lost luggage showing signs of recovery after hitting 10-year high

Baggage mishandling rates last year hit the highest in a decade globally as
the airline industry scrambled to recover after the pandemic, a report
shows.

 

Some 26 million pieces of luggage were lost, delayed or damaged in 2022 -
nearly eight bags in every 1,000.

 

But new data seen by the BBC indicates the situation is improving as
passenger numbers return to pre-pandemic levels.

 

This was down to more airport staff and automation technology, said Sita,
which handles IT systems for 90% of airlines.

 

But that is no consolation to Chloe, whose bag got lost when she flew from
the UK to Italy for a friend's wedding.

 

Instead of sightseeing, the 27-year-old from Croydon said she spent the
first hours of her holiday frantically running around the shops in search of
emergency toiletries and clothes.

 

"It was a lot of stress I didn't particularly want on my first holiday since
2014," she said. "It also tainted the experience of seeing my friend get
married... which is a once-in-a-lifetime opportunity."

 

Chloe flew from Gatwick to Pisa with EasyJet on 1 August but her suitcase
did not arrive on the baggage carousel. She filled in paperwork at the
airport but then had to jump on a train to Florence where her friend was
getting married.

 

Chloe said she was thankful she had packed her outfit for the wedding in her
hand luggage.

 

"But there was the rest of my holiday and events around the wedding like a
barbecue and a pool party where I didn't really feel comfortable having
photos taken with me in the same outfit all the time," she said.

 

IMAGE SOURCE,CHLOE

Image caption,

Chloe said losing her suitcase meant she was wearing the same clothes in
every holiday photo

EasyJet has apologised to Chloe and said it will keep looking for her bag
for 45 days before changing its status from delayed to lost.

 

"That means I'm in limbo because I can't put a claim in for compensation
from EasyJet or my travel insurance until they say it's lost," she said.

 

Chloe said the total value of her case and its contents was about £1,000.
"Some of it I've already had to buy again because there are things I need on
a day-to-day basis so I'm already out of pocket," she said.

 

"You do get £25 per person per day for up to three days from EasyJet for
toiletries and basic clothing. But that doesn't go very far."

 

The UK watchdog, the Civil Aviation Authority, said the maximum most
airlines pay out is about £1,000 but added: "It would be very rare for you
to receive this much."

 

It also warned that airlines judge the value of an item on its age when
lost, not how much it costs to buy new, so it might be better to claim via
travel insurance.

 

'Baggage mountains'

Airlines must track every piece of luggage at various points during its
journey using the barcode on the luggage tag, according to Sita.

 

Last year was the first summer that holidaymakers returned in droves after
Covid travel restrictions were eased.

 

But many airports and airlines that had made cuts during the pandemic
struggled to recruit staff including baggage handlers quickly enough.

 

The tech aiming to prevent lost airline luggage

How airlines will stop losing your bags in the future

The number of bags that were delayed, lost or damaged jumped to 7.6 pieces
of luggage per 1,000 passengers in 2022, Sita's latest baggage insights
report found.

 

This was the highest rate since 2012 when the overall figure was 26.3
million - nearly nine pieces mishandled per 1,000 passengers. The figure
before the pandemic in 2019 was nearly six pieces per 1,000 passengers.

 

The report found the increase in 2022 was down to issues during transfers
from flight to flight, which accounted for 42% of lost, damaged or delayed
baggage.

 

Nicole Hogg, Sita's head of baggage said: "Post-pandemic we've seen staff
shortages at the same time as a surge in passenger traffic.

 

"People are really anxious about travelling with baggage, we've seen that
with the baggage mountains. I think what we want to do is put confidence
back into passengers to travel with bags."

 

Sita has shared its provisional 2023 data with the BBC although it cannot
work out the rate until it has passenger data for the whole of this year.

 

The International Air Transport Association (Iata) said there were 4.5
billion air passengers in 2019 and estimates this year will see 4.4 billion.

 

In the first half of 2023, the number of mishandled pieces of luggage was
5.7 million, down from 5.8 million in the first half of 2019.

 

"The trend started to sharply improve from May to the end of July 2023, with
fewer bags being misplaced despite strong growth in passenger numbers going
into the summer," Sita said.

 

Ms Hogg said airlines were using automation to prevent baggage mishandling
and reunite people with lost luggage.

 

"The system is quite clever. There's an algorithm that basically works out
what's the next best available flight, and that bag is then sent directly on
that flight without any human intervention."

 

She said it was very rare that a bag that went missing was not found and
sent back to its owner.

 

"I think a bag that is lost or never reunited with the passenger is because
the tag had come off and there was no name or phone number on it. But it's
less than a 1% chance - bags that are mishandled are always more than likely
reunited with passengers," she said.

 

A statement from EasyJet said "incidents of lost luggage are extremely low"
and that it "hasone of the best performances in the industry".

 

For now Chloe can only wait in hope that she is either reunited with her bag
or able to claim enough to replace it. -bbc

 

 

 

 

Canada wildfires: Trudeau criticises Facebook over news ban amid crisis

Canadian Prime Minister Justin Trudeau has accused Facebook of putting
"profits ahead of people's safety" after it blocked news amid devastating
wildfires in the country.

 

Facebook banned news on its platform in response to Canadian law forcing it
to share profit with news outlets.

 

Wildfire evacuees have said the ban has impacted their ability to share
critical news with each other.

 

Meta, Facebook's parent company, calls the law "fundamentally flawed".

 

The prime minister, during a televised news conference on Monday, said the
actions of Meta were "inconceivable".

 

The company has blocked news on Facebook and Instagram in Canada since 1
August, after the country's parliament passed an online news bill that
requires platforms like Google and Meta to negotiate deals with news
publishers for content.

 

Meta has faced significant criticism from Canadian officials since then. On
Saturday, Canada's heritage minister, Pascale St-Onge, said in a post on
social media that the company is blocking "essential information" for users.

 

She added that this is being done despite the law - dubbed Bill C-18 or the
Online News Act- not going into effect yet. In an earlier post, she called
Meta's decision "reckless".

 

Meta has called the law "fundamentally flawed legislation that ignores the
realities of how our platforms work".

 

In a statement to the BBC, Meta said the law forces the company "to end
access to news content in order to comply with the legislation".

 

It added that it has activated a "Safety Check" feature on its platform for
people living in evacuated areas.

 

This allows users to mark themselves safe and access "reputable information,
including content from official government agencies", a spokesperson said.

 

Evacuees in the Northwest Territories, where a wildfire continues to rage 15
kilometres (9 miles) away from its largest city Yellowknife, said the news
ban has made it harder for them to spread life-saving information with their
network.

 

Delaney Poitras, who has had to evacuate twice in recent weeks from her home
in Fort Smith, told the CBC that she has not been able to share things like
news conferences from officials or news articles on evacuation updates.

 

She adds that Facebook plays a huge role in connecting people in her
community. "It's how we all keep in touch," she said.

 

Data suggests that about 77% of Canadians use Facebook, and one in four of
those users rely on it for news.-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 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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

 


 

 

 

 

 

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