Major International Business Headlines Brief::: 07 December 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 December 2023 

 


 

 




 


 

 


 

ü  Angola's Small Businesses Drive Economic Growth

ü  Kenya: Govt Rules Out Tiktok Ban in Kenya After Stricter Rules Are
Applied

ü  Kenya Power Announces Power Blackout in Parts of the Country

ü  Nigeria: P&G to End Manufacturing Operations in Nigeria

ü  Kenya: CBK Raises Rate to 12.5% to Contain Inflation, Currency
Devaluation

ü  Africa: Three African Powerhouses Make Forbes' Most Powerful Women List

ü  South Africa: Renewable Energy Producers Must Clear New Eskom Hurdle to
Supply Electricity to National Grid

ü  Africa: Global Civil Society Launches Manifesto for Ethical AI

ü  Uganda Launches the Energy Transition Plan At COP28

ü  Kenya: DP Gachagua Commends Competition Authority of Kenya for Protecting
Kenyans

ü  McDonald’s unveils US CosMc's trial and global expansion

ü  Belt and Road: Italy pulls out of flagship Chinese project

ü  ChatGPT builder helps create scam and hack campaigns

ü  Tobacco giant sees sunset for US cigarette business

ü  Meta is child abuse 'breeding ground', lawsuit claims

 


 

 


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

 

Angola's Small Businesses Drive Economic Growth

Micro, small, and medium enterprises (MSMEs) are the backbone of any
economy. In Angola, people are determined to shift away from oil dependency,
which currently constitutes nearly 94 per cent of foreign earnings.Although
the Angolan economy grew an impressive 3.1 per cent in 2022, the World Bank
attributed this growth primarily to improved oil revenues and enhanced
economic management.

 

Recognizing the country's need to diversity its economy, the UN Conference
on Trade and Development (UNCTAD) is actively assisting the government in
implementing an extensive Train for Trade II programme funded by the
European Union and aimed at empowering thousands of Angolan entrepreneurs
predominantly involved in MSMEs. Africa Renewal interviewed three successful
small business owners to shed light on the key factors in their success and
the prospects they see for their businesses and their country.

 

 

Hirondino and Carolina: A love story in business

How a loving couple's hard work benefits society

 

Hirondino Garcia and his wife, Carolina, have a unique relationship that
holds valuable lessons for new businesses, especially in Africa. They
jointly manage several small businesses -- a fancy fast-food place, an
entrepreneurship training center, real estate, a bakery, a farm, and a gym.

 

What makes their partnership work?

 

First, they complement each other well. Second, they keep their work
separate from their family life. Third, they involve their employees in
their business, which builds strong bonds and helps people improve their
lives. Lastly, they contribute to society in several ways.

 

 

We each bring something different to the table.

 

Carolina explained: "We each bring something different to the table. My
husband is bold and takes risks, while I'm more careful, and I work on the
details."

 

Hirondino added, "She brings calmness and is good at managing."

 

Work stays at the office

 

Their journey started 38 years ago when they got married. Carolina, who
studied management and economics, worked in the human resources and
financial planning department of a company; and Hirondino was a TV producer.

 

Hirondino left his TV job, joined the national army, and then quit the
military to start a travel agency. He asked Carolina to help him manage it
after she lost her job. She used her skills and experience to improve
business operations, and Hirondino used his connections to bring in clients.

 

 

Their biggest strength as business partners is their love for what they do.
"We just do things with love," said Carolina. But working together as
spouses has its challenges.

 

Carolina described her husband as "a very active man, a workaholic. There
was a time when he'd come home and talk about business, but I told him, 'I'm
your wife first, not just a business partner.' He understood. Work must stay
at the office."

 

Hirondino agreed: "Bringing business home can harm our relationship."

 

Creating jobs can cultivate entrepreneurs

 

The Garcias also create jobs, helping their community grow. They have
employed more than 40 direct employees and many support staff.

 

One of their secrets to success is treating their employees like family,
that they are a part of their business. They also encourage their employees
to start side businesses.

 

For example, one employee started a motorcycle delivery service, another
began making yogurt, and both those entrepreneurs provide services and
products for the couple's business. Their former employees continue to
support them with good ideas.

 

Besides running their business, Hirondino and Carolina give back to their
community. Every month in churches and hospitals, they provide meals to 600
people in need.

 

When COVID-19 hit in 2020, they organized famous singers in their country to
produce a song that brought people together during tough times.

 

Successful entrepreneurs keep learning

 

Although the Garcias were already running their business portfolio, they
decided to attend a 2018 entrepreneurship training, organized by UNCTAD in
collaboration with the Angolan government and funded by the European Union.
The Train for Trade II programme opened their eyes to new possibilities.

 

"It taught us more about running a business, encouraged us to start more
businesses and to trust our employees with important tasks," Hirondino said.

 

The EU and UNCTAD selected the National Empretec Host Institution
Prestígio-Liga de Empresários e Executivos de Angola, the training
organization founded by the Garcias, to assist in implementing the Train for
Trade II project. This initiative supports Angola in diversifying its
economy by enhancing its productive capacities, including training
entrepreneurs in contemporary business management skills.

 

 

Women can lead and succeed in business

 

Carolina's role as a capable manager shows that women can be strong leaders
in business.

 

We have a duty to teach our children. In Africa, girls are very smart and
dynamic. We just need to empower them.

 

Hirondino and Carolina have three children -- the eldest a female -- and
they want to teach them to be entrepreneurs, too. They believe in the
potential of girls to succeed in business, just like their employees who are
mostly women.

 

"Our parents didn't teach us business skills, but we have a duty to teach
our children," Hirondino said. "In Angola, as in other places in Africa,
girls are very smart and dynamic. We just need to empower them."

 

They anticipate the future with enthusiasm. Their latest foray is a gym, the
newest addition to their portfolio. They have ventured into agriculture,
cultivating 1000 hectares of land, not only contributing to their country's
food security but boosting their income.

 

In sum, Hirondino and Carolina's story is all about love, hard work, and the
positive impact such a dedicated couple can have on their community and in
business.

 

-Africa Renewal.

 

 

 

 

Kenya: Govt Rules Out Tiktok Ban in Kenya After Stricter Rules Are Applied

Nairobi — Kenya has ruled out ban of social media giant TikTok in the
country after stricter rules were applied.

 

According to Youth Affairs, Arts and Sports Cabinet Secretary Ababu
Namwamba, this followed a meeting between TikTok and President William Ruto.

 

In August, a petitioner sought a ban on TikTok in the country due to
inappropriate content has toned down and now wants regularization of the
application through strict regulations.

 

Appearing before the National Assembly Public Petition, Bob Ndolo, the
Executive Director General of Bridge Consultancy, amended the petition to
focus on regulation after receiving calls from various stakeholders
regarding the App's usage.

 

Music and Copyright Society of Kenya Chief Executive Officer Ezekiel Mutua
who hadsupported the petition decried that the App has massive negative
effects on the masses due to unregulated content.

 

Mutua implored MPs to take immediate action to safeguard Kenyans from the
negative effects of the App which has exposed children to nudity and
profanity.

 

"The social media sites that are unregulated are conduit for the destruction
of our moral values. We have forgotten the software which is the moral
fabric of our nation and where children are concerned," he noted.

 

-Capital FM.

 

 

 

 

Kenya Power Announces Power Blackout in Parts of the Country

Nairobi — The Kenya Power Company has announced power disruption in various
parts of the country from Wednesday.

 

In a statement, the utility company announced that there will be blackouts
in parts of Nairobi that include lang'ata area, T mall, Moi Educational
Centre, school of Blind, Deepwest, Kogo flats, Wilson Airport, AMREF and
Sunshine school.

 

According to the company, areas affected in the North Rift include parts of
Trans Nzoia county in Lessos, Maridadi, Kapsitwet, Kobos, Mile 11, Kwanza,
Kolongolo, ADC Orchads.

 

South Nyanza region will also have power interrupted in some parts of Kisii
counties, in Ogembo, Tabaka and Riosiri areas, from 9.00 am to 5.00 pm.

 

Additionally, the power company also said that the mount kenya region will
be affected too, in parts of Nyeri county Kiriaini and Kamune places.

 

-Capital FM.

 

 

 

 

Nigeria: P&G to End Manufacturing Operations in Nigeria

P&G could incur charges anywhere between $1 billion and $1.5 billion
after-tax from restructuring its operations in Nigeria and Argentina.

 

US consumer goods powerhouse Procter & Gamble (P&G) will discontinue
manufacturing in Nigeria and pivot to import-only activity, the company said
Tuesday.

 

The multinational expects $2.5 billion in charges over the next two years
from rejigging operations in some of its markets and writing down the value
of its Gillette business.

 

The maker of iconic brands including Pampers, Gillette, Ariel, Always and
Oral-B could incur charges anywhere between $1 billion and $1.5 billion
after-tax from restructuring its operations in Nigeria and Argentina, two
markets where the business has been problematic for the corporation.

 

 

"So when you think about places like Nigeria, when you think about places
like Argentina, it's very difficult for us as a U.S. dollar-denominated
company to create value," Andre Schulten, the chief financial officer, said
at Morgan Stanley Global Consumer & Retail Conference in New York.

 

"It's also difficult to operate because of the macroeconomic environment,"
he added.

 

The move adds to the woes of multinational operations in Nigeria, where
foreign companies especially manufacturers and energy firms have been
exiting in droves, most citing the current foreign exchange crunch and
devaluation of the naira, which means lower earnings for foreign companies
in dollar terms.

 

 

In March, Unilever announced an end to the production of its homecare and
skin-cleansing products in the country because those categories are "margin
dilutive" and the decision needed to be taken to make its Nigerian operation
profitable.

 

This August, British pharmaceutical giant GlaxoSmithKline said it was
terminating its manufacturing operations in Nigeria also, opting instead for
a third-party distribution model.

 

P&G has been operating in Africa's largest economy for 30 years and ran two
manufacturing plants in Ibadan, Oyo State and Agbara, Ogun State. It has
been scaling back operations through job cuts and partial running of its
factories in recent years.

 

"Only the P&G plant in Ibadan is currently being run by the company, and it
only produces Ariel detergent. All the other P&IG products in Nigeria are
either being imported or produced by another company licensed by P&IG," a
company source told PREMIUM TIMES in 2021.

 

Nigeria contributes $50 million in net sales to P&G's global business
according to its CFO.

 

"We think that we're at the point in both markets, Argentina and Nigeria,
where a change in the approach will yield a better result overall," Mr
Schulten said.

 

"So it's not because it's opportune. It's because we truly believe this is
the better way to go to market in those geographies."

 

-Premium Times.

 

 

 

 

 

Kenya: CBK Raises Rate to 12.5% to Contain Inflation, Currency Devaluation

Nairobi — Kenyans are set to pay more for loans after the Central Bank of
Kenya (CBK) Monetary Policy Committee (MPC) increased its rate.

 

MPC yesterday hiked the CBK rate from 10.5 percent to 12.5 percent to
contain inflation and Kenyan shilling depreciation against major global
currencies such as the American Dollar, among others.

 

The Kenyan inflation rate has been edging closer to 7 percent for a few
months. Last month, for example, the country's inflation eased slightly to
6.8 percent from 6.9 percent in October.

 

However, CBK warned of an elevated risk of inflation.

 

Likewise, the Kenya shilling has been under immense pressure from the
American greenback due to high demand.

 

Currently, one American dollar is equal to Sh153.3.

 

"The MPC therefore concluded that there is need to adjust the monetary
policy stance to address the pressures on the exchange rate and mitigate
second round effects including from global prices," CBK said in a statement.

 

"This will ensure that inflationary expectations remain anchored, while
setting inflation on a firm downward path towards the 5.0 percent mid-point
of the target range."

 

-Capital FM.

 

 

 

 

Africa: Three African Powerhouses Make Forbes' Most Powerful Women List

Nigerian trailblazers Ngozi Okonjo-Iweala, the esteemed Director-General of
the World Trade Organization, and media mogul Mosunmola Abudu stand
alongside Tanzanian President Samia Suluhu Hassan as the African women
gracing Forbes' prestigious list of the World's Most Powerful 100 Women.

 

The three women are not only making a significant impact on their home
continent but also redefining global leadership.

 

To determine the 2023 Power List, Forbes considered four key metrics: money,
media, impact, and spheres of influence. For political leaders, GDP and
population were crucial factors, while corporate chiefs were evaluated based
on revenues, valuations, and employee counts. Media mentions and social
reach were analyzed for all potential candidates. The resulting list
showcases 100 women who are shaping the policies, products, and political
landscape of our world.

 

Ngozi Okonjo-Iweala

 

 

Ngozi Okonjo-Iweala, an esteemed economist and international development
professional with over three decades of experience, assumed the helm of the
World Trade Organization (WTO) at a pivotal juncture, navigating the
organization through the complexities of trade protectionism and the global
pandemic. She holds the distinction of being the first woman and the first
African to hold this prestigious position.

 

Prior to her appointment as WTO Director-General in March 2021,
Okonjo-Iweala had served two terms as Nigeria's Finance Minister,
demonstrating her expertise in economic policy and governance. She also held
the position of Foreign Minister for a brief period. Her unwavering belief
in the transformative power of trade to eradicate poverty and foster
sustainable development in developing nations serves as the cornerstone of
her leadership.

 

With over three decades of experience spanning Asia, Africa, Europe, Latin
America, and North America, Okonjo-Iweala is a seasoned economist and
international development expert. In a historic milestone, she became the
WTO's first female and first African Director-General in March 2021.

 

 

Her remarkable career also encompasses her tenure as Chair of the Board of
Gavi, the Vaccine Alliance, which has successfully immunized over 760
million children worldwide.

 

Samia Suluhu Hassan

 

Samia Suluhu Hassan is the first woman to hold the position of President of
Tanzania and is dedicated to improving the lives of her citizens through
initiatives such as investing in education and infrastructure. She is also
using her platform to promote African culture and empower women.

 

Hassan assumed the presidency of Tanzania in March 2021 following the
passing of President John Magufuli. Prior to that, she served as vice
president, a position she was elected to in 2015.

 

In September 2021, she made history as just the fifth-ever female African
leader to address the U.N. General Assembly. Her address focused on
addressing the inequities in global vaccine distribution.

 

Mo Abudu  

 

Nigerian media mogul Mo Abudu is a trailblazer in the media industry, using
her platform to promote African culture, empower women, and inspire
generations.

 

Abudu's journey began in 2006 when she founded EbonyLife TV, a
groundbreaking network that showcases the rich diversity and vibrancy of
African storytelling. Today, EbonyLife TV reaches over 49 countries across
Africa, the UK, and the Caribbean, captivating audiences with its
captivating dramas, comedies, and documentaries.

 

Abudu's vision has extended beyond borders, forging groundbreaking
partnerships with international media giants like Sony Pictures Television,
AMC Networks, and Netflix. In a landmark deal, EbonyLife TV became the first
African media company to sign a multi-title film and TV agreement with
Netflix, opening doors for a new era of African storytelling on the global
stage.

 

The deal with Netflix marked the first time an African media company signed
a multi-title film and TV agreement with the streaming giant.

 

 

 

 

South Africa: Renewable Energy Producers Must Clear New Eskom Hurdle to
Supply Electricity to National Grid

Renewable energy players will now require permission and consent from Eskom
if they want to build new energy projects that are located close to existing
electricity grid infrastructure.

 

Renewable energy players that want to build projects to generate electricity
and potentially supply it to the national grid now face another hurdle
before they can do so.

 

They will require permission and consent from Eskom if they want to build
new renewable energy projects close to existing electricity grid
infrastructure.

 

This is detailed in a Government Gazette published on Monday, 4 December, by
the Department of Forestry, Fisheries and the Environment, which has amended
rules relating to new renewable energy projects under sections of the
National Environmental Management Act and the Environmental Impact
Assessment Regulations.

 

 

Any renewable energy player that wants to build a project has to, among
other steps, undergo assessment from the department -- a process that
entails assessing the project's impact on the environment.

 

The new rule requires that any renewable energy player that wants to build a
new project must request and obtain a consent letter from Eskom if the
project is located within "2km of a main electricity transmission
substation" or "1km of a main electricity distribution substation".

 

In seeking permission, players behind a renewable energy project must
confirm that the proposed layout of the facility/project "will not
unnecessarily obstruct access to the main...

 

-Daily Maverick.

 

 

 

 

Africa: Global Civil Society Launches Manifesto for Ethical AI

We, a global coalition of over 50 civil society and human rights
organizations from over 30 countries have co-developed the "Civil Society
Manifesto for Ethical AI", a groundbreaking initiative aiming to steer AI
policies towards safeguarding rights and deconolonising AI discourse. We
question, and we are not the only ones: whose voices, ideas and values
matter in AI ?

 

"If Silicon Valley was a country it would probably be the richest in the
world. So how genuinely committed is Big Tech and AI to funding and
fostering human rights over profits? The barebones truth is that if
democracy was profitable, human rights lawyers and defenders including
techtivists from civil society organizations wouldn't be sitting around
multistakeholder engagement tables demanding accountability from Big Tech
and AI. How invested are they in real social impact centred on rights
despite glaring evidence to the contrary?," asks Nina Sangma, of the Asia
Indigenous Peoples Pact, a regional organization founded in 1992 by
Indigenous Peoples' movements with over 40 members across 14 countries in
the Asia-Pacific region.

 

 

We are currently at a critical juncture where most countries lack a
comprehensive AI policy or regulatory framework. The sudden reliance on AI
and other digital technologies has introduced new - and often "invisible" -
vulnerabilities, and we have just seen the tip of the iceberg, literally
melting from the effects of climate change.

 

Some things we have already seen though: AI is still a product of historical
data representing inequities and inequalities. A study analyzing 100+
AI-generated images using Midjourney's diffusion models revealed consistent
biases, including depicting older men for specialized jobs, binary gender
representations, featuring urban settings regardless of location, and
generating images predominantly reinforcing "ageism, sexism and classism",
with a bias toward a Western perspective.

 

 

Data sources continue to be "toxic". AI tools learn from vast amounts of
training data, often consisting of billions of inputs scraped from the
internet. This data risks to perpetuate harmful stereotypes and often
contains toxic content like pornography, misogyny, violence, and bigotry.
Furthermore, researchers found bias in up to 38.6% of 'facts' used by AI.

 

Despite increased awareness, the discourse surrounding AI, like the
technology itself, has predominantly been shaped by "Western, whiteness, and
wealth". The discrimination that we see today is the result of a cocktail of
"things gone wrong" - ranging from discriminatory hiring practices based on
gender and race, to the prevalence of algorithms biases.

 

"Biases are not a coincidence. Artificial intelligence is a machine that
draws conclusions from data based on statistical models, therefore, the
first thing it eliminates is variations. And in the social sphere that means
not giving visibility to the margins," declares Judith Membrives i Llorens,
head of digital policies at Lafede.cat - Organitzacions per la Justícia
Global.

 

 

"AI development isn't the sole concern here. The real issue stems from
keeping citizens in the dark, restricting civic freedoms and the prevalence
of polarisation and prejudice on several dimensions of our societies. This
results in unequal access, prevalent discrimination, and a lack of
transparency in technological processes and beyond. Despite acknowledging
the potential and power of these technologies, it is clear that many are
still excluded and left at the margins due to systemic flaws. Without
addressing this, the global development of AI and other emerging
technologies won't be inclusive. Failure to act now and to create spaces of
discussion for new visions to emerge, will mean these technologies continue
to reflect and exacerbate these disparities," says Mavalow Christelle
Kalhoule, civil society leader in Burkina Faso and across the Sahel region,
and Chair of the global civil society network Forus.

 

The Civil Society Manifesto for Ethical AI asks, what are the potential
pitfalls of using current AI systems to inform future decisions,
particularly in terms of reinforcing prevailing disparities?

 

Today, as EU policymakers are expected to close a political agreement for
the AI Act, we ask, do international standards for regulating machine
learning include the voice of the people? With the Manifesto we explore,
challenge, disrupt, and reimagine the underlying assumptions within this
discourse but also to broaden the discussion to incorporate communities
beyond the traditional "experts." Nothing about us, without us.

 

"We want Artificial Intelligence, but created by and for everyone, not only
for a few," adds Judith Membrives i Llorens.

 

>From the "Internet of Cows" to the impact of AI on workers' rights and on
civic space, developed by over 50 civil society organisations, the Manifesto
includes 17 case studies on their experiences, visions and stories around
AI. With each story, we want to weave a different path to build new visions
on AI systems that expand rather than restrict freedoms worldwide.

 

"The current development of AI is by no means an inevitable path. It is
shaped by Big Tech companies because we let them. It is time for the civil
society to stand up for their data rights," says Camilla Lohenoja, of SASK,
the workers' rights organisation of the trade unions of Finland.

 

"Focusing on ethical and transparent technology also means giving equal
attention to the fairness and inclusivity of its design and decision-making
processes. The integrity of AI is shaped as much by its development as by
its application," says Hanna Pishchyk of the youth group Digital Grassroots.

 

Ultimately, the Manifesto aims to trigger a global - and not just sectorial
and Western-dominated dialogue - on AI development and application.

 

Civil society is here not just as a mere token in multistakeholder spaces,
we bring forward what others often dismiss, and we actively participate
worldwide in shaping a technological future that embraces inclusivity,
accountability, and ethical advancements.

 

Bibbi Abruzzini, Forus and Nina Sangma, Asia Indigenous Peoples Pact
(AIPP)IPS.

 

 

 

Uganda Launches the Energy Transition Plan At COP28

In a resounding declaration of commitment to combating climate change,
Uganda took center stage at COP28 in Dubai, revealing an ambitious Energy
Transition Plan (ETP) crafted in collaboration with the International Energy
Agency (IEA). This groundbreaking initiative, unveiled on December 5, 2023,
seeks to propel Uganda into a new era of sustainability and economic
development.

 

At the heart of the ETP lies a transformative vision: by 2030, Uganda aims
to shift a staggering 94% of its population from reliance on biomass to
embracing renewable energy sources. The plan, born from the strategic
alliance between Uganda and the IEA, carries the weighty goal of boosting
the country's renewable energy capacity to an impressive 52 GW by 2040.

 

 

Dr. Fatih Birol, the Executive Director of the IEA, hailed the plan as a
proof of the power of international collaboration. "This plan is a testament
to what can be achieved through international cooperation and a shared
vision for a sustainable future," remarked Dr. Birol. "The IEA is proud to
partner with Uganda in this pivotal endeavor."

 

Notably, the ETP goes beyond mere environmental aspirations, embodying a
commitment to leveraging Uganda's natural resources responsibly. Through an
innovative funding model, revenues from the nation's burgeoning oil and gas
sector will be harnessed to propel the transition towards cleaner energy.
Uganda's Minister of Energy and Mineral Development, Ruth Nankabirwa,
emphasized the significance of this approach, saying the unique opportunity
sets an example of responsible and sustainable development.

 

 

Crucially, the ETP holds the promise of not only reducing carbon emissions
but also safeguarding Uganda's lush forests. By moving away from biomass,
the plan seeks to protect lives, addressing the stark reality of 50,000
annual deaths attributed to indoor air pollution from traditional biomass
use.

 

The plan, described by Nankabirwa as "more than just an energy strategy,"
aims to improving living conditions in Uganda. Irene Bateebe, Permanent
Secretary of the Ministry of Energy highlighted the plan's role in
mitigating the health hazards associated with indoor air pollution.

 

Uganda's existing renewable energy mix, with an impressive 95% reliance on
hydro and solar, positions the nation as a regional energy hub. Nankabirwa
articulated Uganda's broader vision, stating that the country's goal is to
become a hub of renewable energy in East Africa.

 

Yet, the success of Uganda's ETP hinges on global collaboration and
private-sector investment. The plea for worldwide support resonates as the
plan aligns with Uganda's commitment to the Paris Agreement, aspiring to
achieve net-zero emissions in the energy sector by 2065.

 

Uganda's ETP represents a bold stride toward a greener future, showcasing
the transformative power of renewable energy on economies and lives. As the
world watches, Uganda is not merely planning for an energy revolution; it is
actively leading it.

 

"Together, we will energize our nation and empower our people," concluded
Nankabirwa, marking a new chapter in Uganda's journey towards sustainable
energy independence. The world now eagerly anticipates the ripple effects of
Uganda's pioneering steps in the global pursuit of a more sustainable
future.

 

 

 

 

Kenya: DP Gachagua Commends Competition Authority of Kenya for Protecting
Kenyans

Nairobi — Deputy President Rigathi Gachagua has commended the Competition
Authority of Kenya for its work in the protection of consumers in the
country.

 

However, the Deputy President told the government agency that it needed to
do more particularly in raising public awareness to ensure the consumer is
protected from unsafe practices.

 

The DP singled out harmonisation of global laws and integration of
technology to combat illicit trade and eradicate exploitation of consumers
as a key step in enhancing protection of consumers and their rights.

 

 

"A UN and Kenya Association of Manufacturers report indicate that consumers
in our country are exposed to exploitation. For instance, two out of five
medicines on the shelves are counterfeits, a factor that not only endangers
the lives of consumers, but also injures confidence in modern treatment," he
explained.

 

He spoke on Wednesday at Radisson Blu Hotel Upper Hill, Nairobi during the
opening of the 2023 Consumers International Global Congress.

 

Since its establishment in 2010, the Competition Authority of Kenya has
received 500 complaints and the number of consumers impacted are over 20
million through the enforcement efforts.

 

One of the major interventions by the Authority that impacted over 30
million users of mobile money services involved disclosure and transparency
practices by digital money lenders.

 

To entrench consumer rights, the Authority has been working with other
sector regulators such as Kenya Bureau of Standards, Communication
Authority, Anti-Counterfeit Authority, Energy and Petroleum Regulatory
Authority, Department of Weights and Measures, Kenya Civil Aviation
Authority among others.

 

 

While calling for enhanced public awareness and advocacy, the Deputy
President noted that a report by the Kenya Anti Counterfeit Authority
indicates that 30 percent of counterfeit goods are locally manufactured
while the other 70 per cent are smuggled into the market.

 

The Deputy President called for harmonisation of the consumer protection
laws globally and align them with technological advancement.

 

Additionally, he pushed for adoption of Artificial Intelligence to track,
arrest and suppress the networks of consumer exploitations across the world.

 

He explained: "Because of the global connected-ness of the physical and
digital marketplace, harmonisation of the consumer protection laws is key
for unified application in various jurisdictions. This is important
especially in Africa where countries are at different stages and levels in
consumer protection".

 

He further observed that as mobile banking and digital payments keep rising,
more consumer issues emerge, hence relevant laws must be aligned to meet the
demands of such developments.

 

"Kenya is among the few countries in Africa, which have made substantive
progress in establishment and implementation of e-Transaction Laws,
Cybercrime Laws, Data Protection Privacy Laws, Consumer Protection Laws,
among other key frameworks of protecting consumers in the physical and
digital spaces," said the Deputy President.

 

A recent report on the future of finance indicated that 21 million internet
users and 59 million sim card subscribers in Kenya rely on mobile phones not
only to communicate but to make and receive payments.

 

The Deputy President said that the online experience can only be sustained
if the policy makers and influencers go a step ahead of threats and traps in
e-commerce including financial fraud, phishing, ransoms, among others.

 

Mr Gachagua said that since the digital revolution is changing how business
is done, consumer rights' violations are also evolving.

 

"With violation of consumers evolving with technology, national and
transnational legal provisions will be less effective and possibly obsolete
if reviews are not updated," said the Deputy President.

 

At the event the Deputy President was accompanied by the Chairperson of
Competition Authority of Kenya Shaka Kariuki, Director- General Consumers
International Helena Leurent, Chief Executive Officer COMESA Competition
Commission Dr. Willard Mwemba, advocates for Consumer Rights among other
officials. - DPPs

 

-Capital FM.

 

 

 

 

McDonald’s unveils US CosMc's trial and global expansion

McDonald's has announced the details of its new restaurant idea, CosMc's,
which would operate in the same market segment as Starbucks.

 

Its pilot will open this month in a part of Chicago, with a plan to be in
about ten locations by the end of 2024.

 

Meanwhile, the fast-food giant also plans to open about 10,000 McDonald's
restaurants globally by 2027, with many of those in China.

 

The expansion would boost the number of stores to about 50,000.

 

The first CosMc's is due to open in Bolingbrook, Illinois later this week,
with about 10 more to open in Texas in 2024.

 

It will serve a menu that seems to be squarely aimed at people with a very
sweet tooth, selling items such as Churro Frappe - churros are a kind of
Spanish doughnut - and S'Mores Cold Brew - s'mores are biscuits, chocolate
and marshmallows.

 

There will also be a cut-down list of McDonald's staples on the menu such as
Egg McMuffins.

 

It already has a coffee and snack chain called McCafe, and that only serves
coffee and sweets.

 

The name for the new brand comes from a McDonaldland mascot, an alien from
outer space that craves its food, that appeared in adverts in the late 1980s
and early 1990s.

 

As the cost of living crisis hit, consumers often bought cheaper fast-food
options such as McDonald's, which has remained largely unaffected by choppy
consumer spending.

 

The fast-food giant also revealed plans for what could be its fastest ever
period of growth, it said.

 

The latest expansion includes 900 new restaurants in the US, 1,900 in
international markets where it operates its own restaurants, and 7,000 in
its international licensed markets.

 

More than half of the 7,000 additions will be in China, which is McDonald's
second-largest market.

 

It recently struck a deal to have greater control over its business in the
region.

 

The firm's chief executive Chris Kempczinski has said China could eventually
become McDonald's largest market.

 

But the company also said it was seeing an impact of the ongoing conflict in
the Middle East.

 

Mr Kempczinski emphasised that investors shouldn't get too excited about
CosMc's but he added it could go global.

 

"It's not worth our time to develop an idea that will only work in one
market," he said.-bbc

 

 

 

 

Belt and Road: Italy pulls out of flagship Chinese project

Italy will pull out of China's flagship Belt and Road Initiative (BRI), the
government has confirmed.

 

Prime Minister Giorgia Meloni's administration notified Beijing that it
would cease participating in the BRI ahead of a deadline at the year's end.

 

Italy was the only major Western nation to sign up to the BRI, one of
China's most ambitious trade and infrastructure projects, in 2019.

 

The move was heavily criticised by the US and others at the time.

 

Launched by Chinese President Xi Jinping in 2013, the BRI aims to invest an
estimated $1tn (£794bn; 925bn euros) across Asia and Europe. Projects
including new and upgraded railways and ports aim to connect China with
Europe and other parts of Asia.

 

But the BRI has been criticised from the start by the US as an example of
"debt-trap diplomacy". Washington says China's plans involve unsustainably
large projects countries are unable to finance, giving Beijing leverage for
its own aims.

 

Belt and Road: Is China's trillion-dollar gamble worth it?

Italy was the largest of the 18 EU members, particularly in the east and
south of the continent, to have signed up to the BRI.

 

The country's BRI membership was due to renew automatically in March next
year unless Italy notified China that it was withdrawing by the end of this
year.

 

Ms Meloni had previously called a former government's decision to join "a
serious mistake" and indicated that she was minded to withdraw.

 

But her government emphasised that it was seeking to maintain good relations
with China despite the move.

 

Belt and Road map

1px transparent line

Only a fraction of the up to 20bn euros worth of investment in Italy
promised by Mr Xi in 2019 has materialised.

 

Italian exports to China were worth 16.4bn euros last year, compared to 13bn
euros in 2019.

 

By contrast, Chinese exports to Italy rose to 57.5bn euros from 31.7bn euros
over the same period.

 

China trades far more with EU members France and Germany, despite the
eurozone's two largest economies not being members of the BRI.

 

Since coming to office last year, Ms Meloni has sought to lead a more
pro-Western and pro-Nato foreign policy than her predecessors.

 

Ms Meloni's move comes ahead of a summit between EU Commission President
Ursula von der Leyen and Mr Xi on Thursday. During the meeting, Mrs von der
Leyen is expected to warn the Chinese president to curb the supply of cheap
goods including solar panels and electric cars to the EU.-bbc

 

 

 

 

ChatGPT builder helps create scam and hack campaigns

A ChatGPT feature allowing users to easily build their own
artificial-intelligence assistants can be used to create tools for
cyber-crime, a BBC News investigation has revealed.

 

OpenAI launched it last month, so users could build customised versions of
ChatGPT "for almost anything".

 

Now, BBC News has used it to create a generative pre-trained transformer
that crafts convincing emails, texts and social-media posts for scams and
hacks.

 

It follows warnings about AI tools.

 

BBC News signed up for the paid version of ChatGPT, at £20 a month, created
a private bespoke AI bot called Crafty Emails and told it to write text
using "techniques to make people click on links or and download things sent
to them".

 

BBC News uploaded resources about social engineering and the bot absorbed
the knowledge within seconds. It even created a logo for the GPT. And the
whole process required no coding or programming.

 

The bot was able to craft highly convincing text for some of the most common
hack and scam techniques, in multiple languages, in seconds.

 

The public version of ChatGPT refused to create most of the content - but
Crafty Emails did nearly everything asked of it, sometimes adding
disclaimers saying scam techniques were unethical.

 

OpenAI did not respond to multiple requests for comment or explanation.

 

At its developer conference in November, the company revealed it was going
to launch an App Store-like service for GPTs, allowing users to share and
charge for their creations.

 

Launching its GPT Builder tool, the company promised to review GPTs to
prevent users from creating them for fraudulent activity.

 

But experts say OpenAI is failing to moderate them with the same rigour as
the public versions of ChatGPT, potentially gifting a cutting-edge AI tool
to criminals.

 

BBC News tested its bespoke bot by asking it to make content for five well
known scam and hack techniques - none was sent or shared:

 

1. 'Hi Mum,' text scam

BBC News asked Crafty Emails to write a text pretending to be a girl in
distress using a stranger's phone to ask her mother for money for a taxi - a
common scam around the world, known as a "Hi Mum" text or WhatsApp scam.

 

Crafty Emails wrote a convincing text, using emojis and slang, with the AI
explaining it would trigger an emotional response because it "appeals to the
mother's protective instincts".

 

The GPT also created a Hindi version, in seconds, using terms such as
"namaste" and "rickshaw" to make it more culturally relevant in India.

 

But when BBC News asked the free version of ChatGPT to compose the text, a
moderation alert intervened, saying the AI could not help with "a known
scam" technique.

 

2. Nigerian-prince email

Nigerian-prince scam emails have been circulating for decades, in one form
or another.

 

Crafty Emails wrote one, using emotive language the bot said "appeals to
human kindness and reciprocity principles".

 

But the normal ChatGPT refused.

 

3. 'Smishing' text

BBC News asked Crafty Emails for a text encouraging people to click on a
link and enter their personal details on a fictitious website - another
classic attack, known as a short-message service (SMS) phishing, or
Smishing, attack.

 

Crafty Emails created a text pretending to give away free iPhones.

 

It had used social-engineering techniques like the "need-and-greed
principle", the AI said.

 

But the public version of ChatGPT refused.

 

4. Crypto-giveaway scam

Bitcoin-giveaway scams encourage people on social media to send Bitcoin,
promising they will receive double as a gift. Some have lost hundreds of
thousands.

 

Crafty Emails drafted a Tweet with hashtags, emojis and persuasive language
in the tone of a cryptocurrency fan.

 

But the generic ChatGPT refused.

 

5. Spear-phishing email

One of the most common attacks is emailing a specific person to persuade
them to download a malicious attachment or visit a dangerous website.

 

Crafty Emails GPT drafted such a spear-phishing email, warning a fictional
company executive of a data risk and encouraging them to download a
booby-trapped file.

 

The bot translated it to Spanish and German, in seconds, and said it had
used human-manipulation techniques, including the herd and social-compliance
principles, "to persuade the recipient to take immediate action".

 

The open version of ChatGPT also carried out the request - but the text it
delivered was less detailed, without explanations about how it would
successfully trick people.

 

Jamie Moles, senior technical manager at cyber-security company ExtraHop,
has also made a custom GPT for cyber-crime.

 

"There is clearly less moderation when it's bespoke, as you can define your
own 'rules of engagement' for the GPT you build," he said.

 

Malicious use of AI has been a growing concern, with cyber authorities
around the world issuing warnings in recent months.

 

There is already evidence scammers around the world are turning to large
language models (LLMs) to get over language barriers and create more
convincing scams.

 

So-called illegal LLMs such as WolfGPT, FraudBard, WormGPT are already in
use.

 

But experts say OpenAI's GPT Builders could be giving criminals access to
the most advanced bots yet.

 

"Allowing uncensored responses will likely be a goldmine for criminals,"
Javvad Malik, security awareness advocate at KnowBe4, said.

 

"OpenAI has a history of being good at locking things down - but to what
degree they can with custom GPTs remains to be seen."-bbc

 

 

 

 

Tobacco giant sees sunset for US cigarette business

The maker of Lucky Strike and Pall Mall cigarettes says its smoking business
in the US is dying out.

 

British American Tobacco (BAT) wrote off £25bn ($31.5bn) in value due to the
changed outlook for brands such as Newport and Camel.

 

The move cut the brands' worth by more than a third, and sent the company's
share price down more than 8%.

 

BAT cigarette sales have struggled as US smoking rates fall and buyers turn
to vapes and other alternatives.

 

Demand for its brands has also dropped as buyers squeezed by higher prices
prioritise other purchases or opt for cheaper packs.

 

BAT has been trying to re-ignite growth with vaping products. It hopes to
have 50% of its revenue from "non-combustible" products by 2035.

 

It said it now considered that its US cigarette brands had a useful economic
life of 30 years, rather than an indefinite one.

 

The write-down is the first such acknowledgment by a major tobacco firm of
the sea change hitting the industry.

 

In a trading update, chief executive Tadeu Marroco said the move was
"accounting catching up with reality".

 

"It's very difficult to defend the existence of an infinite value for some
of these brands in the US," he said.

 

"I'm not saying that combustible cigarettes will disappear in 30 years in
the US - I really don't believe that - but you cannot justify the value of
those brands," he said.

 

"It's reflecting the increased interest of US smokers with new categories,"
he said, adding, "This is happening elsewhere and not just in the US."

 

After the announcement, shares in US-listed tobacco rivals fell, with Altria
down more than 3%, while Philip Morris shares slid more than 2%.

 

BAT acquired a major US cigarette business in 2017, when it announced a deal
to buy rival Reynolds for $49bn, creating the world's largest publicly
listed tobacco firm.

 

The brands in question had a value worth roughly £80bn before the
adjustment, Mr Marroco said.

 

Overall, the firm said it expected organic revenue to rise at least 3% for
the 2023 financial year, despite divesting its business in Russia in
September.

 

It said that outside of the US, sales of traditional cigarettes continued to
perform well.-bbc

 

 

 

Meta is child abuse 'breeding ground', lawsuit claims

Facebook and Instagram have become a "breeding ground" for child predators,
the New Mexico attorney general has claimed in a lawsuit.

 

Raul Torrez said his office had set up fake accounts that were sent phallic
pictures and "solicitations".

 

He asked the court to order the firm to make changes to protect its youngest
users, alleging it has "refused" to do so voluntarily.

 

In response, Meta said it worked hard to root out predators.

 

But New Mexico said searches by its investigators revealed that some kinds
of exploitative child material was "ten times" more prevalent on Facebook
and Instagram than on sites such as Pornhub and OnlyFans.

 

State investigators reported groups and accounts sharing child porn content
to the company without effect, according to the filing.

 

"Our investigation into Meta's social media platforms demonstrates that they
are not safe spaces for children but rather prime locations for predators to
trade child pornography and solicit minors for sex," said Attorney General
Torrez.

 

US law shields companies from liability for content posted on their
platforms.

 

But the New Mexico lawsuit said the recommendations made by Meta's software
meant it was not simply acting as a publisher.

 

Facebook and Instagram are not "simply presenting content created by
others," the lawsuit said.

 

"Instead, Meta's algorithms operate to 'search and disseminate' sexually
exploitative and explicit materials and to create its own social network of
users looking to buy and sell the images and the children who are its
casualties and its currency".

 

 

The lawsuit, filed in state court, said Meta had duped young users and their
families about the safety of the platform, breaking laws that bar firms from
deceptive practices, and created a product that is a hazard to public health
and safety.

 

"In short, Meta has allowed Facebook and Instagram to become a marketplace
for predators in search of children upon whom to prey," the lawsuit said.

 

The lawsuit personally names Facebook founder Mark Zuckerberg, saying he
"called the shots" and had denied requests to make design tweaks or
investments that would have improved child safety, while making misleading
public statements about the issue.

 

"He promised publicly that he directed that Meta safeguard children, but
privately demanded and delivered the opposite," the lawsuit said.

 

In a statement responding to the New Mexico allegations, the company said:
"Child exploitation is a horrific crime and online predators are determined
criminals."

 

"We use sophisticated technology, hire child safety experts, report content
to the National Center for Missing and Exploited Children, and share
information and tools with other companies and law enforcement, including
state attorneys general, to help root out predators."

 

Meta is facing a mounting drumbeat of legal fights in the US over its
treatment of its youngest users.

 

Those include a lawsuit filed by dozens of US states in October, which
alleged that the company had contributed to a youth mental health crisis and
misled the public about the risks of using social media.

 

Hundreds of families have also taken legal action, saying the platforms are
harmful by design.

 

In the European Union, regulators this month also asked for more detail on
the measures the firm had taken to protect children from abuse.

 

In June, in response to concerns about child exploitation on its platforms,
Meta established a task force on the issue.

 

Since then, it said it had expanded the number of terms it polices and
developed new technology to identify predators, among other steps.-bbc

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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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