Major International Business Headlines Brief::: 21 December 2023

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Major International Business Headlines Brief:::  21 December 2023 

 


 

 




 


 

 


 

ü  Nigeria: Medical Doctors Threaten Strike Over Salary Review

ü  Angolan Billionaire's Assets Frozen in London Over Corruption Claims

ü  Seychelles' Government and Businesses to Further Tackle Climate Change in
Future Planning

ü  South Africa: Youth Could Be 'Game Changers' in 2024, Survey Warns 

ü  Kenya Railways Suspends Intra-City Commuter Train Services

ü  Nigeria's Plantain Wine - a Traditional Drink With Huge Economic
Potential

ü  Kenya: Tatu City Hires 100 Kenyans in 2023 as Growth Surges

ü  Kenya Airways Leases Aircraft Amid Air Travel Demand

ü  Nigeria: Oyetola Sets Up Committee to Clear Apapa, Tin-Can Gridlock,
Review E-Call-Up

ü  Tanzania: Greater Economic Strides - WB Calls for Urgent Reforms

ü  Nigeria: Christmas... Labour Dismisses Govt's 50% Cut in Transport Fare

ü  Social media platform X suffers global outages

ü  Warner Bros Discovery and Paramount in merger talks

ü  Temu shoppers risk buying items made by forced labour, MP warns

ü  UK to sign financial deal with Switzerland

ü  Ikea warns of product delays after Red Sea attacks

 


 

 


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Nigeria: Medical Doctors Threaten Strike Over Salary Review

Medical doctors and other health workers have downed tools many times in the
past over the failure of the government to review and implement the salary
structure.

 

Nigerian doctors have threatened to withdraw their services across health
institutions in the country if the federal government fails to implement the
upward review of the Consolidated Medical Salary Structure (CONMESS).

 

CONMESS is the salary structure for medical and dental officers in the
federal public service.

 

Medical doctors and other health workers have downed tools many times in the
past over the failure of the government to review and implement the salary
structure.

 

Industrial action

 

The doctors, under the umbrella of the Nigerian Medical Association (NMA),
said the government must implement the salary review before 31 January, or
risk industrial action in the health sector.

 

 

The President of NMA, Uche Ojinmah, issued the ultimatum at a press briefing
after the association's NEC meeting in Abuja on Sunday.

 

Mr Ojinmah said the association cannot guarantee industrial harmony after
the ultimatum if the government fails to meet its demands.

 

He also appealed to the government to implement the newly approved
accruement allowance with arrears from June 2022.

 

According to him, the association does not have a direction about when all
the allowances would be implemented despite its approval on 1 June, 2023.

 

Delayed implementation

 

Mr Ojinmah said the implementation of the upward review of CONMESS was meant
to take effect from January 2023 but the government has delayed it for
almost a year.

 

He said, although the association is grateful that the government had taken
a step regarding one of its agreements, it awaits full implementation of the
agreements.

 

"For now, while we are grateful, they have started doing the right thing, we
look forward to them doing it completely, agreement should be agreement as
we had with the last administration," he said.

 

    Premium Times.

 

 

 

 

Angolan Billionaire's Assets Frozen in London Over Corruption Claims

Angolan billionaire and former president's daughter Isabel dos Santos lost a
London court battle to prevent the freezing of £580 million ($734 million)
of her assets, claiming a political vendetta behind the accusations, reports
BBC.

 

Unitel, an Angolan telecom giant, accuses Dos Santos of using her position
at the company to secure $400 million in loans for another company, Unitel
International Holdings, with terms allegedly benefiting her personally.

 

Dos Santos vehemently denies the accusations, calling it a "political
feuding" fueled by Angola's current president. She claims the freezing order
stems from her efforts to "root out corruption" during her time running the
country's state oil company. Critics have long accused her of exploiting
resources for personal gain, charges she has strongly refuted.

 

Despite frozen assets in other countries, the court deemed an additional
freeze necessary, requiring further asset disclosure from Dos Santos by
January.

 

 

 

 

Seychelles' Government and Businesses to Further Tackle Climate Change in
Future Planning

Government agencies, ministries and businesses in Seychelles will now
include aspects of climate change in their planning and strategic policies,
a top official said on Tuesday.

 

The Minister for Agriculture, Climate Change and Environment, Flavien
Joubert, told SNA that this follows Seychelles' participation in the 28th
Conference of Parties (COP28), held in Dubai from December 1 to 12.

 

Joubert said that although there is still a need "to show the urgency of the
situation where climate change is concerned, while the language used at the
closing of the conference does not really show it, we were satisfied with
this year's conference."

 

 

Countries attending the COP28 have also pledged to try harder where
emissions are concerned.

 

"What we plan to continue doing as a country is to remain in the various
groupings that we are a member and continue to push the climate change
agenda - the only way to make progress where the area is concerned," he
said.

 

The minister said that in the COP28 "we managed to take a delegation of 80
representatives, so that they experience what happens in such a conference."

 

Joubert added that "stakeholders in Seychelles were able to network with
others in their fields and discuss better ways in which they can contribute
to the climate change agenda."

 

One of the areas he highlighted was the fact that many of the buildings in
Seychelles used a lot of energy.

 

 

He said that the participation of the Minister for Lands and Housing, Billy
Rangasamy, and his team allowed them to talk to others to see how Seychelles
can reduce the amount of energy being used, like in air-conditioning.

 

The Seychelles delegation was also able to network with others on how to
move towards the use of sustainable energy vehicles.

 

"We are pushing for people to use electric cars more instead of those that
use petrol," he said.

 

Seychelles has already embarked on a two-year electric mobility project
since November 2022 with the help of the Global Environment Facility (GEF)
and the United Nations Environment Programme (UNEP).

 

In the first part of the project, the Seychelles Public Transport
Corporation (SPTC) will introduce full electric buses to their fleet.
Currently, SPTC has 200 buses, which complete over 1,400 journey per day and
use approximately 220,000 litres of fuel per month.

 

Joubert highlighted that expanded that there has been significant
improvement in that area as well in Seychelles, an archipelago in the Indian
Ocean.

 

The island nation is also a member of many small island developing states
(SIDS) groupings to create a bigger voice for their plights when attending
such meetings.

 

This year, Seychelles spoke about the coastal erosion that it is dealing
with, which has happened as a result of climate change.

 

    Seychelles News Agency.

 

 

 

 

South Africa: Youth Could Be 'Game Changers' in 2024, Survey Warns 

Despite low registration rates, South Africa's youth could be the "wildcard"
in next year's elections, a recent survey reveals, reports News24. According
to the South African Voter Sentiment Report, less than 20% of
18-19-year-olds and only 40% of the 20-29 age group are registered, leaving
nearly seven million potential voters under 30 untapped. This group's
diverse perspectives and concerns make them a potential swing vote, with the
power to sway the outcome. The Electoral Commission and others are working
to boost youth registration, and despite low numbers, 70% of South Africans
intend to vote in 2024.

 

Impala Platinum Mine Protest Unresolved as Over 2,000 Remain Underground

 

Over 2,000 Impala Platinum Mine workers remain underground in an ongoing
protest sparked by a recent ownership change and concerns about employee
benefits, reports TimesLIVE. While some have returned to the surface, the
majority remain, fueled by demands for immediate pension payouts, tax-free
bonuses, and a revised profit-sharing scheme. Implats is providing support
for affected families and offering assistance to any wishing to leave the
protest, but the company's willingness to negotiate hasn't yet yielded a
resolution.

 

 

Man Loses R115,000 Dream Vacation After Travel Agency Allegedly Steals Money

 

Gerhard van den Berg's dream 40th birthday Maldives vacation turned into a
nightmare when Fourways travel agency Priority Escapes allegedly stole his
R115,000 payment, reports News24. He meticulously planned and paid for the
trip in stages, only to receive a "cease of trading" email just days before
departure. He's not alone, as dozens of others banded together, determined
to recover their money from the agency's director, Francois Swart. Police
issued an arrest warrant for Swart, who claims innocence and blames
AfriForum for the pressure. The National Consumer Commission also found
Priority Escapes in violation of the Consumer Protection Act. This case
highlights the dangers of travel scams and underscores the importance of
thorough research and consumer protection measures.

 

 

Western Cape Minister Condemns Farm Attack Resulting in Farmer's Death

 

Western Cape Agriculture Minister Ivan Meyer strongly condemns the murder of
72-year-old farmer Willem van der Westhuizen and the assault on his wife,
Christine, on their Van Ryhynsdorp farm, reports SABC News. Five masked men
entered their home, resulting in Willem's death and Christine's serious
injuries. She escaped the next day seeking help. No arrests have been made.
Meyer denounces these violent attacks on farmers and workers, highlighting
how such criminality undermines economic growth and job creation in the
agriculture sector.

 

Gauteng Braces for Wet Christmas as Thunderstorms Linger

 

Could Gauteng have a wet Christmas? Weather forecasters seem to believe so,
reports The Citizen. Thunderstorms and downpours are expected to dampen
festive cheer in the country's interior until next week, with Gauteng facing
an 80-60% chance of rain on the 25th. Recent storms caused structural damage
to healthcare facilities in Tshwane, with some flooding and roofs damaged.
The Department of Health is assessing the extent of damage, but
refurbishment timelines are uncertain due to the ongoing heavy rain
forecasts. Tshwane Emergency Services advises vigilance due to rising risks
of flooding as the ground becomes saturated.

 

 

 

 

Kenya Railways Suspends Intra-City Commuter Train Services

Nairobi — The Kenya Railways has suspended Nairobi city commuter rail
services to align to diminished passenger traffic on intra-city routes
during the festive season.

 

In a statement on Wednesday, the Kenya Railways suspends intra-city commuter
train services

 

"We wish to inform customers that the Nairobi Commuter Rail Services to
Ruiru, Embakasi Village, Limuru, Lukenya and Syokimau will be suspended from
21st December 2023 till 2nd January 2024," read the notice.

 

Kenya Railways said it will continue operating the city link train for
Madaraka Express Passenger Service, which runs between Nairobi Central
Railway Station and Nairobi Terminus, throughout the holiday season.

 

The Nanyuki Safari Train, Kisumu Safari Train and Suswa Leisure Train will
also remain in operation.

 

    Capital FM.

 

 

 

 

Nigeria's Plantain Wine - a Traditional Drink With Huge Economic Potential

Agadagidi, a wine made from plantain, is a popular drink at festive
occasions in Nigeria. But it's not always of a high quality.

 

It is usually produced in the southern part of the country in limited
quantities because it is difficult to store. Akwa-Ibom, Cross River, Imo,
Enugu, Rivers, Edo, Delta, Lagos, Ogun, Osun and Oyo states are known for
plantain cultivation.

 

Our study examined ways to improve the production of agadagidi and
ultimately create more jobs.

 

Agadagidi is traditionally produced from overripe plantain by fermenting the
juice, known as must, for three days and filtering it thereafter. The juice
has a cloudy appearance, is effervescent and has a sweet-sour taste.

 

 

Given that plantain is readily available in the country, and imported wines
are expensive, we conducted research to establish if it was possible to make
better quality agadagidi.

 

In Nigeria the agricultural sector employs about 70% of the labour force and
contributes about 30% of the national GDP. Smallholder farmers account for
almost 90% of the total food production.

 

But losses due to poor post-harvest practices can reach up to 50% for some
fresh food produce. Half of the food that is produced for humans never gets
consumed. The country grapples with food insecurity partly due to
bottlenecks such as high food losses along its food supply chains. Farmers
also lose out on income.

 

Plantain production increased from 994,000 tonnes in 1972 to 3.12 million
tonnes in 2021. The average production increase is 2.75% which could be a
boon to the economy if well managed.

 

 

Our study was carried out to optimise the production process to make it safe
and of consistent quality. This would be beneficial in a number of ways: it
would reduce reliance on imported wine, reduce waste and encourage the
production of indigenous wineries, thereby creating jobs and boosting
Nigeria's economy.

 

How we conducted our research

 

One batch of agadagidi was produced using the traditional method. We also
produced agadagidi using controlled fermentation and divided the liquid
separated into six batches testing various scenarios using sodium
metabisulphite and wine yeast. Some of the samples were pasteurised and some
not.

 

All samples were fermented for three days and dispensed into sterile
bottles.

 

Microbial count, pH and acidity were determined at a weekly intervals for a
period of three weeks.

 

Microorganisms were identified to determine the safety of the products and
the consumer acceptability test was also assessed.

 

Our findings

 

All the unpasteurised samples treated with sodium metabisulphite with or
without the addition of wine yeast were acceptable in terms of microbial
count, physicochemical properties and consumer acceptability.

 

Our method could be replicated on a large scale using the same materials we
did. It's also made easier with the abundant plantain in Nigeria. The
country can generate more jobs for its teeming young population. Nigeria's
unemployment rate is expected to rise to 40.6% in 2023 as compared to 2022's
37.7%, and as high as 43.9% in 2024.

 

Our findings show that plantain waste can be reduced and used in production
of wine. The quantity of imported wine consumed in Nigeria increased from
26.7 to 33.1 million litres from 2015 to 2021. In 2021, Nigeria spent US$116
million on wine imports, becoming the 36th largest importer of wine in the
world.

 

Optimisation of locally produced wine will reduce reliance on imported wine
and boost the country's economy, especially in these days of scarce foreign
exchange.

 

Malomo Adekunbi Adetola, Lecturer in Food Science and Technology, Obafemi
Awolowo University

 

 

 

 

 

Kenya: Tatu City Hires 100 Kenyans in 2023 as Growth Surges

Nairobi — Tatu City has strengthened its workforce with over 100 key
appointments in 2023 as businesses and homeowners from Kenya and around the
world flock to join its growing ecosystem.

 

Tatu City is now home to over 78 businesses providing employment
opportunities to 15,000 workers, with thousands more jobs to follow in 2024.

 

Over 4,500 pupils and students attend Tatu City's schools, which include
Crawford International School and Nova Pioneer Primary and Secondary.

 

"Tatu City has reached an important inflection point. Our SEZ status,
combined with first-class infrastructure, and our safe, secure and
predictable environment, is attracting investors from all over the world,
creating additional demand for our residential offerings, schools and retail
amenities," said Preston Mendenhall, Country Head, Kenya, at Rendeavour, the
owner and developer of Tatu City.

 

 

"To support this rapid growth, we are hiring both locally and
internationally with over 100 new roles in key areas such as Urban Planning
& Design, Construction, Sales & Marketing, and Security."

 

Tatu City, which is a 5,000-acre mixed-use Special Economic Zone (SEZ), has
rapidly expanded its client base, which includes CCI International, a global
leader in contact centre services, which recently moved the first 800
workers into its new 5,000-seat call centre at the Eneo building in Tatu
Central.

 

Likewise, medical device manufacturer Zhende is setting up the largest
medical production facility in East Africa, employing 7,000 Kenyans, with
Kenya Wine Agencies Ltd (KWAL), a subsidiary of Dutch brewer Heineken,
having built an ultra-modern drinks manufacturing facility.

 

 

"As a leading player in Business Process Outsourcing (BPO) services, we have
high standards and specific requirements for where we establish our
operations," said Rishi Jatania, Managing Director, CCI Kenya.

 

"Tatu City provides an attractive and low-risk environment underpinned with
first-class infrastructure which is good for both our business and our
people. It was a logical choice for the next phase of our Africa expansion."

 

Tatu City's infrastructure build-out includes over 50 km of tarmac roads, a
high-redundancy power network, three water sources, an on-site water
treatment plant, and over 15 km of fibre optic cables.

 

In addition, to service the growing residential communities at Kijani Ridge
and Unity Homes with over 3,000 residents today, Tatu City has invested in
recreational spaces and parks, requiring additional staff for landscaping
and security sourced from neighboring communities.

 

In line with its commitment to fostering sustainable economic growth and
positively impacting the local community, it is investing in a
NITA-certified Tatu City Training Academy.

 

The academy provides free training to local youth, empowering them with
industry-relevant skills and bridging the gap between education and
employment.

 

Since its inception, the Academy has positively impacted the lives of over
500 young people, with more than 80 percent securing employment within Tatu
City.

 

    Capital FM.

 

 

 

Kenya Airways Leases Aircraft Amid Air Travel Demand

Nairobi — Kenya Airways (KQ) has signed a short-term lease agreement with Hi
Fly, one of the world's lease charter specialists, to meet demand for air
travel during the December festivities.

 

The deal will see the immediate introduction of an A330 Airbus into the KQ
fleet to support operational efficiency as well as enhance capacity in the
market.

 

The wide-bodied aircraft has a capacity for 299 passengers, split into 24 in
the business cabin and 275 in the economy class. It also has a wide belly
capacity for more cargo space.

 

KQ Managing Director and CEO Allan Kilavuka said that the airline needed to
take practical steps in the short term to address the pertinent challenges
in the market.

 

"With the current capacity constraints on the back of the growing demand for
airline travel, we need to balance our customers immediate needs by bringing
more capacity into the market," said Kilavuka.

 

Its arrival will also support the anticipated increased number of travelers
following the recent announcement by President William Ruto on ending visa
requirements for all visitors to Kenya starting in January 2024, making
Kenya a visa-free country.

 

   Capital FM.

 

 

 

 

Nigeria: Oyetola Sets Up Committee to Clear Apapa, Tin-Can Gridlock, Review
E-Call-Up

As part of efforts to reduce the Apapa gridlock and strengthen the e-call-up
system, the Minister of Marine and Blue Economy minister, Adegboyega
Oyetola, has set up a committee to clear the gridlock on major access roads
to Apapa and Tin-Can Island ports in Lagos.

 

The committee is also saddled with the responsibility of reviewing the
e-call-up system and coming up with measures to ensure the current abuse of
the system becomes a thing of the past.

 

Daily Trust had reported that the Nigerian Ports Authority (NPA) had
recovered several fake vehicle plate numbers used by truck drivers to gain
access into the port in Apapa and undermine the e-call-up system.

 

This was disclosed in a statement issued by the minister's spokesman, Ismail
Omipidan, on Wednesday morning, in Abuja.

 

The committee is to review the Standard Operating Procedures for Truck
Traffic Management along the Lagos port corridor.

 

Omipidan who noted that the committee was expected to meet with other
critical stakeholders in Lagos on Thursday for the review quoted the
minister as saying, "Every possible abuse of the system by humans should be
x-rayed and solutions provided to ensure that it is abuse-free."

 

    Daily Trust.

 

 

 

 

Tanzania: Greater Economic Strides - WB Calls for Urgent Reforms

TANZANIA: TANZANIA needs to shift to a more private sector-driven growth
model in the coming years to attain greater economic strides in the future,
says a new World Bank report.

 

The report shows that Tanzania has exhibited robust economic growth over the
past two decades. However, for this trajectory to remain viable, and for the
country to reach its full development potential, it will need to shift to
the private sector-driven growth model in the coming years.

 

The report states that the country has surpassed many developing countries,
even weathering the Covid-19 pandemic fallouts remarkably well.

 

 

"Tanzania's growth has been impressive, but it needs to be faster, better
and more inclusive," said Nathan Belete, WB Country Director.

 

"This requires complementing the public investment push with strong reforms
that help local businesses compete and grow, along with robust social
programs that help people get ahead and stay resilient, and boost export
orientation," he added.

 

According to the newly-launched Country Economic Memorandum for Tanzania
titled 'Privatising Growth' the country's growth over the past twenty years
has been characterised by a noticeable shift towards increased reliance on
public infrastructure investments to fuel growth, slowing structural
transformation and a diminishing role of exports.

 

The report shows that Tanzania's structural transformation has slowed in
recent years and the economy has not been able to create enough jobs in
higher-productivity sectors, making it harder for people to escape poverty.

 

 

While Tanzanian exports experienced substantial growth until 2012, they have
since shrunk as a share of GDP and their composition has shifted from
agricultural products towards extractives, primarily gold. This change has
made the country more reliant on a smaller number of products, which makes
it more vulnerable to changes in the global market.

 

"Considering the slow structural transformation and persistent poverty, in
the absence of a stronger domestic market, one that facilitates a more
qualified participation (for example, with better skills and jobs) of a
greater number of Tanzanians, a shrinking export orientation will likely
constrain Tanzania's development trajectory," said Harun Onder, World Bank
Senior Economist and co-author of the Memorandum.

 

"While public investments have played a crucial role in narrowing Tanzania's
infrastructure gap, in the absence of a more private sector-driven and
inclusive growth, fiscal exposure emanating from these investments can be
costly."

 

To achieve a more balanced and inclusive growth pattern, the report authors
recommend the privatisation of growth through five priority policy actions:

 

Accelerating the implementation of business climate and investment promotion
reforms. Removing current obstacles, without erecting new ones, is critical
for more sustainable and private sector-driven growth in the country.

 

Boosting inclusion and resilience by aligning social policies with the
domestic market orientation of the current "growth model". This calls for
scaling up social protection with a more institutionalised approach and
promoting adequate access to healthcare.

 

Improving productivity and resilience in agriculture by addressing the
drivers of low productivity--limited access to technology, finance, and
skills. The rapid scaling of adaptation efforts is also key.

 

Leveraging the upside potential of Tanzania's tourism by addressing several
long-standing regulatory and infrastructure bottlenecks to attract and
mobilise private investors.

 

Harnessing regional integration to unlock Tanzania's export potential that
is hindered by low productivity and high trade costs including logistical
and procedural challenges.

 

    Daily News.

 

 

 

 

Nigeria: Christmas... Labour Dismisses Govt's 50% Cut in Transport Fare

The Nigeria Labour Congress (NLC) has dismissed President Bola Ahmed
Tinubu's cut in transport fare by 50 percent for inter-state travellers and
free train ride during the Yuletide celebrations.

 

In a reaction to the two offers last night, the NLC doubted the
implementability of the pronouncement.

 

NLC head, information and public affairs, Comrade Benson Upah, told
LEADERSHIP that the federal government was only "killing a cow with mouth,"
a term which indicates that it is a declaration that will not work.

 

In his bid to ease travelling costs for Nigerians, Tinubu had approved a 50
percent discount on road transport fares and free train rides from December
21 to January 4, 2024.

 

 

The minister of solid minerals, Dele Alake, disclosed this to State House
correspondents yesterday at the Presidential Villa, Abuja.

 

But in a swift reaction, Upah, using a Nigerian adage said, "Government is
killing a cow with mouth and we Nigerians are eating it with our ears."

 

Also, the acting national secretary of the National Union of Road Transport
Workers (NURTW), Sulaiman Abdulkadir Musa, said the union is still skeptical
about the mode of the policy implementation.

 

He said the federal government was yet to come up with a definite
implementation module on who is supposed to benefit from the rebate.

 

He said, "The federal government engaged the transport union on the
development but one issue there is with the capacity of some leadership of
the union to be able to implement the policy.

 

 

"As far as I'm concerned, the mode of implementation is what is not yet
properly defined because what happened between the minister of trade and
investment is the issue of generating cost from an intended traveller at the
point of loading. We are still having problems with that and we don't know
if the government is sending their representatives at loading points to be
able to implement that.

 

"And I don't think most of the union's leadership has been able to
communicate this to the various state and local branches, because they need
to be briefed, they need to be adequately sensitised about the mode of the
implementation."

 

Some Nigerians have also expressed their disbelief to the workability of the
transport fare discount

 

Speaking to LEADERSHIP, a resident of Karshi town in Federal Capital
Territory (FCT), Abubakar Adamu, urged the federal government to address the
root cause of high transport fare rather than adopting a fire brigade
approach to solving the problem.

 

 

Adamu said that the federal government should quickly fix all the refineries
and get them back to work to enable a crash in the price of fuel which has
caused domino effects on all prices.

 

He said, "I want the government to first of all address the root cause of
these challenges but not the surface level. They should fix all our
refineries to ensure that they work. I don't think paying 50 percent of the
transport fare for travellers is even enough because it's not going to
last".

 

Minister Alake had said the presidential intervention was aimed at allowing
Nigerians travel to visit loved ones during the holiday season without the
burden of high transport costs.

 

"President Tinubu wants Nigerians to be able to travel within Nigeria to
wherever they want to go to meet their loved ones without the extra-burden
of paying exorbitantly for inter-state public transportation," he said.

 

Starting from today, he said, Nigerians can board inter-state buses and
minibuses for half the normal fare.

 

He further said train transport will also be free for travellers departing
Abuja, Lagos, Kano and other major transportation hubs.

 

According to him, the discounts will be available until January 4.

 

He explained that the Ministry of Transportation will collaborate with
transport unions and the Railway Corporation to implement the initiative
nationwide.

 

According to him, the government is working hard to ensure Nigerians have a
memorable and happy holiday season.

 

He urged the public to celebrate responsibly and wished everyone a Merry
Christmas and happy New Year on behalf of President Tinubu.

 

Passengers Without Tickets Won't Board Free Train - NRC

 

Meanwhile, the Nigerian Railway Corporation (NRC) has said intending
passengers who wish to follow the free train service as announced by the
president will register online and obtain the tickets for free as those
without tickets will not be allowed to board.

 

Reacting to the president's offer, the NRC, in a statement signed by its
management, said: "Passengers are advised to obtain their free tickets via
the online e-ticketing platforms only. Tickets will not be issued at any of
the corporation's train stations.

 

"Please note that no commuter will be allowed to board the train without a
ticket. We enjoin commuters to be orderly, obey security personnel and the
laid down boarding instructions of the NRC and those of its officials while
at the station and on-board the trains."

 

    Leadership.

 

 

 

 

Social media platform X suffers global outages

Social media platform X, formerly known as Twitter, suffered global outages
for just over an hour on Thursday.

 

According to Downdetector.com, which tracks outages by collating status
reports, more than 47,000 US users faced access issues with X and X Pro.

 

Some users in the UK and Asia were also unable to view posts on the site
with a message that said "Welcome to X!"

 

X, which is owned by Elon Musk, has been asked for comment. Mr Musk bought
Twitter for $44bn (£35bn) last year.

 

The hashtag #TwitterDown started trending within minutes of reports of the
outages emerging.

 

But the outage was short-lived, with users able to access the platform again
after just over an hour.

 

Since Mr Musk bought the platform, it has been suffering from a loss of
advertising revenue.

 

He has also been accused of allowing antisemitic posts next to advertising.

 

The company has since sued a left-leaning pressure group, Media Matters for
America, which made the accusation.

 

Last month, Elon Musk slammed advertisers that left X, saying they would
kill the social media platform.

 

The company has also been accused of spreading disinformation with the
European Union formally announcing that it suspects X of breaching its rules
in areas including countering illegal content and disinformation.-bbc

 

 

 

 

Warner Bros Discovery and Paramount in merger talks

Warner Bros Discovery and Paramount Global are in early talks to merge,
according to multiple media reports.

 

The deal would see the owner of HBO channels and CNN team up with the studio
behind the Mission Impossible films and CBS News. 

 

The deal would bring together two of Hollywood's "Big Five" studios, with
Warner and Paramount's combined market value standing at $38bn (£30bn).

 

Talks are believed to be at an early stage and a deal may not happen.

 

Warner chief David Zaslav and Paramount boss Bob Bakish discussed a possible
deal over lunch in New York this week, according to news site Axios.

 

Streaming of shows and films has meant that traditional media companies have
had to invest quickly to compete with the likes of Netflix, Amazon Video and
Apple TV.

 

Warner and Paramount have had to commit to some deep cost-cutting, as they
try to minimise losses running into the billions of dollars from their video
streaming services.

 

As a result their stock prices continue to trade well below their highs in
the early days of streaming.

 

According to Axios, the chief executives discussed how each company's main
streaming service, Paramount Plus and Max (formerly HBO Max), could merge to
better take on rivals Netflix and Disney Plus.

 

Paramount is under a lot of pressure to find a buyer or strategic partner
because of its levels of debt accrued in recent years whilst bulking up its
streaming service.

 

Analysts said Warner Bros, the company behind this year's blockbuster
Barbie, has a slightly better cash position, partly due to some shrewd
mergers.

 

Last year, AT&T's WarnerMedia unit and Discovery merged to become Warner
Bros Discovery, with a portfolio that included Discovery Channel, Warner
Bros. Entertainment, CNN, HBO, Cartoon Network and franchises such as Batman
and Harry Potter.

 

Paramount owns CBS, the BBC's US partner.

 

Media reports suggest that more consolidation is coming in the industry.

 

The dominance of Netflix and other big technology companies in the media
space is undeniable - not just in terms of their financial performances but
also through their extensive portfolios of shows and subscriber numbers.

 

Netflix's crackdown on account-sharing in these months led to new accounts
created, mostly in the US, Canada and the Europe, bringing its total number
of subscribers to 247.2 million globally.

 

In comparison, Paramount Plus total subscribers stand at 63.4 million and
Warner Bros Discovery 95 million as of November 2023.

 

Paramount and Warner Bros declined to comment.-bbc

 

 

 

 

 

Temu shoppers risk buying items made by forced labour, MP warns

Christmas shoppers ordering cheap gifts from Temu risk buying items made
using forced labour, an MP has warned.

 

The Chinese app, popular for its huge range of clothing, toys and gadgets at
ultra low prices, was downloaded 19 million times in the UK in 2023.

 

But Alicia Kearns, head of the foreign affairs select committee, told the
BBC she'd "long been concerned about the rise of Temu and the risks it
poses".

 

Temu said it "strictly prohibits" the use of forced, penal, or child labour.

 

The warning comes after a US government investigation found an "extremely
high risk" that products sold on Temu could have been made with forced
labour.

 

The Senate Committee reported the only measure Temu took to ensure this did
not happen was to insist that suppliers agree to terms and conditions that
prohibit the use of forced labour.

 

'Shop like a billionaire'

Temu is backed by Chinese e-commerce giant Pinduoduo and launched in the US
in 2022.

 

Since its UK launch earlier in 2023, Temu has regularly topped app download
charts. The app has nine million monthly users according to figures given to
the BBC by data analyst Sensor Tower.

 

The online marketplace with the slogan "shop like a billionaire" allows
consumers to buy directly from Chinese manufacturers at low prices.

 

It told the BBC by offering more affordable options for everyday items, it
had helped "numerous families mitigate the impact of rising living costs".

 

Single mum Rina agrees. She started using Temu after watching unboxing
videos of people opening packages online.

 

The 32-year-old, who lives in Bedfordshire with her four-year-old son, says
shopping on the Chinese marketplace has helped her save money to pay her
rent and bills.

 

"Sometimes I feel guilty, you know, but I need to prioritise myself first...
I don't like when my son would ask me for something. I want to have some
money to buy it," Rina explains.

 

She says this Christmas she has spent £100 on gifts, compared with the years
before Temu when she spent between £200 and £300.

 

"As a single mum, I need to be looking for a bargain. It's scary at first,
but it's just so cheap. So I just disregard the bad things".

 

Rina vlogs her shopping on Youtube, and says she was approached by Temu and
offered £100 to do an unboxing video.

 

'Inundated with adverts'

The company has spent millions on marketing, including brand partnerships
with online influencers, social media adverts and even a 30-second advert at
this year's Super Bowl - the price of a prime tv slot like this has been
known to be as high as $5m (£3.8m).

 

Temu's online search presence is huge - with items from the site
consistently appearing in the top results when shoppers use a search engine
to look for an item.

 

Alicia Kearns MP has been one of those "inundated" with Temu adverts,
telling the BBC "it's been difficult to get away from them".

 

She is calling for greater scrutiny of the online marketplace to make sure
"consumers are not inadvertently contributing to the Uyghur genocide".

 

China has been accused of detaining more than one million Uyghurs in
Xinjiang against their will over the past few years.

 

The region produces about a fifth of the world's cotton and human rights
groups have voiced concerns that much of that cotton export is picked by
forced labour. China denies all allegations of human rights abuses in
Xinjiang.

 

But speaking about a lack of transparency around its supply chains, Ms
Kearns warned the reality of cheaper prices could come from a "reliance on
slave labour".

 

"When you look into where Temu gets its goods from, where in China it is
producing them, you can see that these are areas where we know that there is
the use of force Uyghur slave labour," said Ms Kearns.

 

"My request to Temu would be show us your supply chain. Show us that you are
not using Uyghur slave labour," she urged.

 

'Slave labour'

Ms Kearns' comments have been echoed by leading anti-slavery charities in
the UK.

 

Chloe Cranston from Anti-Slavery called on Temu to provide "full
transparency on its supply chain," while the Chief Executive of Unseen,
Andrew Wallis OBE, said "It is imperative consumers, but also governments,
know the circumstances and the situations in which goods are manufactured
and brought to market.

 

"The question consumers need to ask themselves is, these are goods that are
in essence made by slaves? Is that the kind of gift you want to give at
Christmas?"

 

Temu told the BBC anyone doing business with it must "comply with all
regulatory standards and compliance requirements".

 

"Employment by all our merchants and suppliers must be voluntary. We
explicitly reserve the right to terminate any business relationship if a
third party violates our platform's Code of Conduct or the law," the
spokesperson added.-bbc

 

 

 

 

UK to sign financial deal with Switzerland

Chancellor Jeremy Hunt will be in Switzerland on Thursday to sign a deal
that makes it easier for UK and Swiss financial firms to deal with each
other.

 

Trade in financial services between the UK and Switzerland is worth more
£3bn.

 

The government is hoping that the Berne Financial Services Agreement will
help that figure grow.

 

The deal means that Switzerland and the UK will recognise and accept each
other's regulations.

 

It goes further than the relationship that both the UK and the Swiss have
with the European Union.

 

Mr Hunt insisted that the agreement was only made possible by the UK being
outside the EU.

 

Negotiations have been under way since June 2020 when Prime Minister Rishi
Sunak was chancellor.

 

The bosses of British finance firms have welcomed the fact that the deal is
"dynamic", which means that the relationship will evolve as regulation in
both markets changes over time.

 

Switzerland is home to over $2 trillion in wealth controlled by some of the
world's richest people. It is also a major centre for insurance and
re-insurance - which is how insurance companies insure themselves against
abnormally large or catastrophic losses.

 

This is also a key strength of London which is home to Lloyd's, which is the
world's largest insurance market.

 

The BBC understands that getting agreement from the insurance industries in
both countries was the trickiest part of the deal.

 

It is the UK's third largest non-EU trading partner after the US and China.

 

Finance chiefs in the UK hope that the Swiss deal will form a model for
agreements with other major financial centres - with Singapore mentioned by
several people contacted by the BBC.

 

London's position as the pre-eminent European financial centre has been
dented in recent years as trading in shares of European companies has moved
to European exchanges including Paris and Amsterdam.

 

It has also seen a number of high profile UK based companies, including ARM
Holdings, move their primary stock market listing to New York.

 

Meanwhile, Switzerland has seen the collapse of Credit Suisse, one of its
biggest and oldest banks.

 

The signing will provide some cheer for both sides when Mr Hunt and his
counterpart Karin Keller Sutter meet on Thursday.

 

Separate to this financial services agreement, the UK is also currently
negotiating a deeper and wider free trade agreement with Switzerland.

 

In the wake of the UK's exit from the European Union, the government has
been trying to overhaul financial regulation to improve London's
attractiveness in comparison with other European rivals.

 

Just over a year ago, Mr Hunt announced the so-called Edinburgh Reforms - 31
measures that included plans on scrapping a cap on bankers' bonuses and
allowing insurance companies to invest in long-term assets such as housing
and windfarms.

 

However, the chair of the Treasury Select Committee, Harriet Baldwin, has
described the measures as "a damp squib".-bbc

 

 

 

 

Ikea warns of product delays after Red Sea attacks

Furniture giant Ikea has said supplies of its products could be delayed
following rebel attacks on ships using the key Red Sea trade route.

 

Several firms have paused shipments through the route after vessels were
attacked by Houthi rebels in Yemen.

 

It has forced a number of companies to re-route cargo around Africa's Cape
of Good Hope, adding days to journeys.

 

But one major shipping firm claimed the disruption will not lead to empty
shelves in shops.

 

Houthi militants in Yemen have stepped up attacks on vessels since the start
of the Israel-Hamas war in October.

 

Iran-backed rebels have used drones and rockets to target foreign-owned
ships transporting goods through the Bab al-Mandab Strait and the Suez
Canal.

 

A spokesperson for Ikea said: "The situation in the Suez Canal will result
in delays and may cause availability constraints for certain Ikea products."

 

They added that the firm was looking for other options to ensure its
products will be available to customers.

 

The alternative shipping route, around the Cape of Good Hope, adds about
3,500 nautical miles to the journey and takes about 10 extra days.

 

Supply chain research company Project 44 has said items could start to be
missing from shelves by February.

 

Andrew Opie, the British Retail Consortium's director of food and
sustainability, told the BBC the current crisis would not have any effect on
the holiday season as those products are already in the UK, but warned: "In
the longer term, some goods may take longer to be shipped, as they are
routed via longer routes."

 

As well as delays to products, longer journeys will increase shipping costs
which could have an impact on prices that customers pay.

 

Shipping analysts Xeneta estimate every journey between Asia and Northern
Europe could cost an extra $1m (£790,000).

 

"This is a cost that will ultimately be passed on to consumers who are
buying the goods," said Peter Sand, chief analyst at Xeneta.

 

Nils Haupt, head of corporate communications at shipping firm Hapag Lloyd,
told the BBC's Today programme that bookings for new freight trips are set
to cost more.

 

However, he added that transport costs were a relatively small part of the
overall costs of most products, so he did not expect consumers to see a
"huge increase" in prices.

 

Mr Haupt also said that the disruption was not as bad as that seen during
the Covid pandemic. "Yes, it is challenging, but it will not mean that we
will have empty shelves in the shops," he said.

 

Oil giant BP said on Monday that it would temporarily pause all shipments of
crude through the Red Sea. Rival Shell is not commenting on the situation.

 

The decision by BP and other tanker firms to seek alternative routes led to
fears that oil prices would rise, creating a knock-on impact on energy
prices for consumers.

 

However, so far, changes to the oil price have been modest. The price of
Brent crude is currently around $79.50 a barrel having started the week at
about $77.

 

Chart showing various shipping routes

Other companies are keeping a close eye on the region.

 

Electrolux has set up a taskforce with their carriers to look at a number of
measures including "re-routing, identifying extra time-sensitive deliveries
and finding alternative routes, if needed". It said it expected any knock-on
effect on deliveries to be limited.

 

Dairy giant Danone told the BBC that it was working with suppliers and
partners to monitor the situation closely.

 

Jorden Freight, based at Felixstowe, handles "pretty much everything",
according to its global freight manager Luisa Fletcher.

 

The freight forwarding firm works with large and small retailers to bring in
goods such as food, furniture and building materials.

 

Ms Fletcher said the Red Sea route is "absolutely essential" and if ships
continue to avoid it then the impact on supplies could be seen by the end of
January.

 

Prices could also rise, with shipping firms adding emergency risk surcharges
for those still using the Red Sea and emergency diversion surcharges for
those using other routes.

 

The attacks have led the US to launch an international naval operation to
protect ships in the Red Sea route, and countries including the UK, Canada,
France, Bahrain, Norway and Spain have joined.

 

Shipping firms have welcomed the plans but can not yet determine when it
will be safe to resume using the Red Sea, which could mean the disruption
continues for some time.

 

Mr Haupt said Hapag Lloyd would only use the Suez Canal and Red Sea "when
it's absolutely safe and secure for our crews, for our vessels, and the
cargo and board of our vessels".-bbc

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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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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