Major International Business Headlines Brief::: 22 February 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

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

 


 

 


Major International Business Headlines Brief::: 22 February 2023 

 


 

 


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

 


 

 


 

ü  Seattle becomes first US city to ban caste discrimination

ü  Mormon Church fined over claim it hid $32bn of investments

ü  Starbucks launches olive oil coffee drinks in Italy

ü  British Steel to cut jobs amid fears for industry

ü  Microsoft defends $69bn Activision deal

ü  US Supreme Court wary of removing tech firms' legal shield

ü  Banking giant HSBC sees quarterly profit almost double

ü  Twitter to charge users for text-message authentication

ü  Firms stick to four-day week after trial ends

ü  What is going on with getting a new Brexit deal for Northern Ireland?

ü  Royal Mail resumes overseas mail at post offices after cyber-attack

ü  Kenya: Hustler Fund Disbursement Hits Sh9 Billion in Two Months

ü  Rwanda: Strange Disease Kills Over 200 Pigs in Musanze

ü  Malawi January 2023 Inflation Rate Up to 26 Percent

ü  Nigeria's Inflation Index Outdated - IMF

ü  Uganda: TotalEnergies Passes Key Safety Milestone On Uganda's Tilenga Oil
Project

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Seattle becomes first US city to ban caste discrimination

Seattle has become the first US city to ban discrimination based on caste
after a vote by the city council.

 

Councilwoman Kshama Sawant, who wrote the legislation, said the fight
against caste bias "is deeply connected to the fight against all forms of
oppression".

 

Advocates of the ban say that it is needed to prevent caste bias from
becoming more prevalent in the US.

 

The caste system in India dates back over 3,000 years and divides Hindu
society into rigid hierarchical groups.

 

The ordinance passed by Seattle on Tuesday follows similar bans on caste
bias that have been introduced on the campuses of US universities in recent
years.

 

"Caste discrimination doesn't only take place in other countries," said Ms
Sawant, who is the only Indian American on the Seattle city council.

 

"It is faced by South Asian American and other immigrant working people in
their workplaces, including in the tech sector, in Seattle and in cities
around the country."

 

Ms Sawant, a socialist, has previously spoken of being raised in an
upper-caste Hindu Brahmin household in India and witnessing such
discrimination.

 

What is India's caste system?

Why the West is reckoning with caste bias now

The measure has been opposed by some Hindu American groups, who argue a ban
is not necessary as US law already prohibits such discrimination.

 

In an open letter, the Washington DC-based Hindu American Federation said
that while the ordinance's goals were praiseworthy, it "unfairly singles out
and targets an entire community on the basis of their national origin and
ancestry for disparate treatment".

 

They added that Indian Americans made up less than 2% of Washington state's
population, and argued there was little evidence of any widespread
discrimination based on caste.

 

Caste discrimination has been banned in India since 1948, however,
discrimination continues, especially against the Dalits, who were once
called "untouchables".

 

According to the Migration Policy Institute think tank, the US is the second
most popular destination for Indians living abroad.-bbc

 

 

 

Mormon Church fined over claim it hid $32bn of investments

The Mormon Church, officially known as the Church of Jesus Christ of
Latter-day Saints (LDS), and its investment firm will pay out $5m (£4.1m)
over claims they hid a huge cache of shares.

 

The LDS and its investment firm, Ensign Peak Advisers, used "shell"
companies to hide a $32bn stock portfolio, the US Securities and Exchange
Commission (SEC) said.

 

Ensign Peak will pay a $4m penalty and the Church will pay $1m.

 

Neither has admitted any wrongdoing.

 

"We allege that the LDS church's investment manager, with the church's
knowledge, went to great lengths to avoid disclosing the church's
investments, depriving the commission and the investing public of accurate
market information," Gurbir Grewal, director of the SEC's division of
enforcement, said in a statement.

 

The financial markets watchdog said the Church and Ensign Peak had used
shell companies to conceal growing investments in shares, which had reached
more than $30bn in 2018, over fears that it could lead to negative
publicity.

 

The SEC's announcement provided a rare insight into how Ensign Peak
allegedly sought to hide a significant part of the Mormon Church's
investments.

 

The Salt Lake City-based adviser, which was founded by the LDS in 1997,
created 13 shell companies with locations throughout the US, the regulator
said.

 

Between 1997 and 2019, the shell companies, rather than Ensign Peak, filed
quarterly investment disclosures with the SEC, it added.

 

A shell company is an entity that does not have any active business
operations. These types of companies can be used to disguise business
ownership from regulators or the public.

 

The Church has more than 16 million members in more than 30,000
congregations across 160 countries.

 

Ensign Peak is thought to manage a total of at least $100bn on behalf of the
Mormon Church.-bbc

 

 

 

Starbucks launches olive oil coffee drinks in Italy

The world's largest coffee chain Starbucks says it is launching a line of
olive oil-infused drinks in Italy.

 

Chief executive Howard Schultz says olive oil's "unexpected, velvety,
buttery flavour... enhanced the coffee and lingers beautifully on the
palate."

 

Starbucks is among the major US businesses that have faced obstacles as they
tried to expand into the Italian food and drinks market.

 

Italy's coffee scene is famous for its independent and often family-run
cafes.

 

Starbucks currently has around 20 stores in the country.

 

"Now, there's going to be people who say, olive oil in coffee? But the proof
is in the cup," Mr Schultz said on the company's website.

 

"In over 40 years, I can't remember a moment in time where I've been more
excited, more enthused," he added.

 

The firm plans to bring the selection of hot and iced drinks to stores in
Southern California in the US this spring. The UK, Middle East and Japan are
set to follow later this year.

 

Barista training project aims to boost confidence

New home-grown chain replaces Starbucks in Russia

The Oleato range, which will be launched on Wednesday in Italy, features an
iced shaken espresso and a latte with olive oil "steamed with oat milk".

 

There will also be a cold brew coffee in which "a silky infusion of Partanna
extra virgin oil with vanilla sweet cream foam... slowly cascades through
the beverage".

 

Olive oil is a key part of the Mediterranean diet, associated with countries
including Italy, Greece and Spain.

 

Its health benefits can partly be attributed to its monounsaturated fatty
acids, which contain vitamins and minerals, and polyphenols, that are
micronutrients derived from plants.

 

The term "drink olive oil" trended on video-sharing platform TikTok last
year, with supporters saying it had anti-inflammatory properties.

 

Some Italians called for a boycott of Starbucks when it announced plans to
open its first store in the country in 2018.

 

At that time, Mr Schultz said: "We are not coming to teach Italians how to
make coffee. We're coming here with humility and respect, to show what we've
learned."

 

Last year, news that Domino's Pizza was leaving Italy was celebrated by some
social media users.

 

The fast food giant had struggled to win over customers in the birthplace of
pizza since launching there in 2015.

 

It faced increasingly stiff competition during the pandemic as local
restaurants signed up to food delivery platforms like Deliveroo and Just
Eat.-bbc

 

 

 

British Steel to cut jobs amid fears for industry

British Steel is expected to announce on Wednesday the closure of its coking
ovens in Scunthorpe with the loss of 300 jobs.

 

The timescale for the closure is unclear, as is how many compulsory
redundancies it will involve.

 

Coking ovens are used to turn coal into coke which burns at the higher
temperature needed for the two blast furnaces that remain in operation.

 

The closure means British Steel will import coke.

 

The closure of the coking ovens is seen as a worrying indicator about the
health of the UK steel industry.

 

Union officials told the BBC that the industry "is on a knife edge".

 

Government sources described the decision as "disappointing" given that
negotiations are still ongoing between British Steel's Chinese owners
Jingye, Tata, and the Treasury about a support package worth £300m to each
company.

 

A British Steel spokesman said: "Unfortunately, like many other businesses
we are reluctantly having to consider cost cutting in light of the global
recession and increased costs."

 

Jingye has invested £330m in three years, and is committed long-term, but
British Steel is "facing significant challenges because of the economic
slowdown, rising inflation and exceptionally high energy prices", the
spokesperson said.

 

UK steelmaking is "uncompetitive" internationally, the spokesperson added.

 

Union sources said they understand the government offers have been rejected
to date on the basis they come with too many strings attached, including job
guarantees for 10 years.

 

The offers are also too small to help with the estimated £2bn cost of
transitioning from blast furnaces to more energy efficient electric arc
furnaces, they said.

 

Electric arc furnaces do not burn hot enough to make virgin steel, and are
fed with recycled steel. Currently it is cheaper to send scrap steel to
Turkey and Indonesia then recycle it here.

 

Business Secretary Kemi Badenoch recently said it is "not a given" that the
UK needs a steel industry while conceding the importance of the industry "in
the communities in which they operate".

 

Talks on how many voluntary and compulsory redundancies there will be will
begin next week, and there are reports that the closure could happen by the
end of the year.

 

There are also fears for further job losses across the plant.

 

At the beginning of February, British Steel was considering 800 job cuts at
its Scunthorpe plant.

 

At the time a Jingye representative described government support discussions
as "unsatisfactory".

 

The proposed support package did not address energy, labour, and carbon
costs, and low domestic demand, the representative said.-bbc

 

 

 

 

 

Microsoft defends $69bn Activision deal

Microsoft has defended its proposal to buy Activision Blizzard - the maker
of Call of Duty and Candy Crush - at an EU competitions hearing.

 

Microsoft says it believes the $68.7bn (£56.8bn) deal will bring more choice
to more gamers.

 

But rival Sony, which also attended the hearing, says the merger would give
Microsoft too much control over some of the world's most popular games.

 

Sony owns PlayStation - a major rival to Microsoft's Xbox console.

 

Microsoft president Brad Smith described the EU hearing on Tuesday as "an
important day".

 

He also rejected concerns voiced by Sony that Activision Blizzard games -
specifically Call of Duty - might become restricted to Xbox users if the
merger goes ahead.

 

"This has never been about spending $69bn so we could acquire titles like
Call of Duty and make them less available," he said after the hearing.

 

"That's not a great way to turn a $69bn asset into something that will
become more valuable over time."

 

In a statement, Activision Blizzard said: "We are confident regulators will
find that our proposed merger will enhance competition and create greater
opportunities for workers and better games for our players."

 

Chip designer Nvidia and Google were also understood to be present, although
the hearing was not open to the press or public.

 

Nvidia and Microsoft have announced a partnership which would enable both
Xbox PC games and Activision Blizzard titles to become available via
Nvidia's cloud-streaming platform GeForce Now.

 

The tech firm has to convince regulators around the world that the deal -
the largest in gaming history - would not harm its competitors. Today was
Microsoft's final chance to put forward its case in Europe before the
commission makes its decision.

 

Sony rejects compromise

Some countries - including Chile, Brazil and Saudi Arabia - have already
approved it.

 

The UK's competition watchdog recently said it was opposed to the deal,
although it has yet to announce its final ruling, and the European
Commission ordered an investigation.

 

One suggestion made by the UK Competition and Markets Authority was that
Call of Duty could be sold off separately.

 

Microsoft has pledged to make all current Activision Blizzard games
available on Nintendo, Sony and Steam platforms for at least the next 10
years, but Sony has so far rejected this deal.

 

Games companies previously acquired by the firm include Minecraft maker
Mojang and Fallout creator Bethesda. It has already announced that
Bethesda's new game Starfield will start off as an Xbox exclusive when it
launches.-bbc

 

 

 

 

US Supreme Court wary of removing tech firms' legal shield

US Supreme Court justices sounded wary on Tuesday of tinkering with a legal
shield for social media firms in a case that could reshape the internet.

 

It pits the family of Nohemi Gonzalez, 23, who was shot by Islamic State
gunmen in Paris in 2015, against YouTube owner Google.

 

They accuse the internet giant of aiding and abetting the terrorist group by
recommending its videos to users.

 

Google argued it is not liable, citing a decades-old law.

 

The statute - Section 230 of the Communications Decency Act - protects
internet companies from being held responsible over content posted by third
parties on their platforms.

 

The 1996 law also allows companies to remove content deemed to be in
violation of the platform's rules.

 

On Tuesday, the Supreme Court justices heard nearly three hours of arguments
from lawyers representing US officials, Google and Ms Gonzalez's family.

 

The case marks the first time the Supreme Court has been asked to define the
scope of Section 230 and determine whether platforms like YouTube, Facebook
and Twitter are protected when their algorithms direct users to certain
information.

 

During the hearing, justices noted that the current landscape of the
internet had vastly changed since the law was first enacted 27 years ago.

 

Justices also expressed concern whether a ruling in favour of Ms Gonzalez's
family could open the door to a deluge of litigation against tech companies.

 

"You are creating a world of lawsuits," Justice Elena Kagan, a liberal,
said. "Really anytime you have content, you also have these presentational
and prioritisation choices that can be subject to suit."

 

Two other justices, Samuel Alito, a conservative, and Ketanji Brown Jackson,
a liberal, acknowledged they were confused by arguments made by a counsel
for the Gonzalez family.

 

Justice Brett Kavanaugh, a conservative, expressed concern that any ruling
to limit the legal shield for internet firms "would really crash the digital
economy".

 

Ms Gonzalez's family first sued Google in 2016, arguing the tech giant had
violated federal anti-terrorism laws by recommending videos posted by the
Islamic State to its users.

 

Two lower courts have found in favour of Google, ruling the tech giant was
protected under Section 230.

 

The Supreme Court is expected to release a decision on the case by end of
June.

 

On Wednesday, the justices will hear a similar case on the question of
whether Twitter aided terrorism by allowing the Islamic State to use its
platform.-bbc

 

 

 

 

Banking giant HSBC sees quarterly profit almost double

Banking giant HSBC says its quarterly profit has almost doubled, boosted by
rising interest rates around the world.

 

The London-based firm reported profit before tax of $5.2bn (£4.3bn) for the
last three months of 2022, up more than 90% from the same time a year
earlier.

 

However, pre-tax profit for the year as a whole fell by $1.4bn to $17.5bn,
as it absorbs the cost of selling its French retail banking operations.

 

HSBC is also in the process of selling its business in Canada.

 

The bank said it planned to use the money raised from that sale to make
payouts to shareholders once the deal is completed.

 

"2022 was another good year for HSBC," chief executive Noel Quinn said. "We
are on track to deliver higher returns in 2023," he added.

 

In June 2021, the firm agreed to sell its French retail bank, ending its
long struggle to offload the business as it focuses on Asia.

 

HSBC now expects to take a $2.4bn hit to its profits related to that
disposal.

 

In November, HSBC said it had agreed to sell its banking operations in
Canada to the Royal Bank of Canada.

 

The deal, which was valued at 13.5 billion Canadian dollars ($10bn; £8.3bn),
is expected to be completed this year.

 

HSBC has been selling businesses as it faces pressure from its biggest
shareholder, the Chinese insurance giant Ping An.

 

Since last year Ping An has been publicly calling for HSBC to split off its
business in Asia to increase profits.

 

HSBC has also been shedding jobs in recent years to help cut costs.

 

In November, HSBC said it planned to close 114 more branches in the UK, as
customers using them had fallen significantly since the pandemic.

 

The bank said it would try to find other jobs for the staff affected but
warned that around 100 people would be laid off.

 

This followed announcements of other branch closures in 2021 and 2022.

 

On Tuesday, Mr Quinn also hinted at more job cuts ahead: "There will be no
easing off at all on costs," he said.

 

"We are now considering up to $300m of additional costs for severance in
2023," he added.

 

Central banks around the world have raised interests rates in recent months
as they try to curb rising prices.

 

In December, the Bank of England put up UK rates to their highest level for
14 years.

 

The US Federal Reserve and the European Central Bank have also sharply
increased the cost of borrowing.

 

This month, MPs in the UK questioned whether the country's biggest banks
were passing on higher interest rates to savers.

 

In response the UK chief executives of HSBC, Lloyds, NatWest and Barclays
said the debate incorrectly centred on the interest rates offered on
easy-access savings accounts, which typically have a return of less than
1%.-bbc

 

 

 

 

Twitter to charge users for text-message authentication

Twitter is removing text-message two-factor authentication (2FA) for
non-subscribers.

 

By double-checking the identity of the person logging in, 2FA lets users to
add an extra layer of security to their online accounts, beyond passwords.

 

Common methods include texting users a code or using an authenticator app.

 

But on Saturday, the Twitter Support account tweeted only Twitter Blue
subscribers would be able to use text-message authentication from 20 March.

 

Some text-message 2FA users also received an in-app alert telling them to
remove the method before the deadline to avoid losing access to their
account.

 

Twitter owner and chief executive Elon Musk tweeted its authenticator app,
which would remain free, was more secure.

 

Twitter had been "scammed" by phone companies and was paying more than $60m
(£49m) a year for "fake 2FA SMS messages", he told a critic of the move.

 

Twitter blogged "bad actors" had abused the method.

 

"We encourage non-Twitter Blue subscribers to consider using an
authentication app or security-key method instead," it said.

 

"These methods require you to have physical possession of the authentication
method and are a great way to ensure your account is secure."

 

But security expert Rachel Tobac tweeted the move was "nerve-wracking",
citing a Twitter report published in July 2022 showing only 2.6% of active
Twitter accounts had 2FA turned on between July 2021 to December 2021 but of
those:

 

"All of us in security want folks to use a great form of [multi-factor
authentication] to protect their account," Ms Tobac tweeted, "but
auto-unenrolling users who already signed up for SMS 2FA, because they
didn't pay, just opens them up to risk."

 

Experts have warned SMS 2FA can be less secure than authenticator apps.

 

But it remained popular because it was easy to use, Prof Alan Woodward, of
the University of Surrey, said.

 

"I'd rather people used something rather than nothing, which might well be
what the less tech savvy are tempted to do," he told BBC News.

 

"I sympathise that Elon Musk is trying to drive cost out of the business but
choosing to effectively discourage 2FA for many users seems a dreadfully
short-sighted false economy."-bbc

 

 

 

 

Firms stick to four-day week after trial ends

Faye Johnson-Smith thought it was too good to be true when her boss said she
could have every Wednesday off without a cut in salary.

 

Her firm was taking part in a six-month trial, testing the costs and
benefits of a four-day week on full pay.

 

Like most of the workers involved, Faye was much happier working shorter
hours.

 

But at the end of the trial almost all the 61 employers, which included a
brewery and a fish and chip shop, were also keen to keep the new work
pattern.

 

The scheme, organised by 4 Day Week Global, took place between June and
December 2022, and involved organisations across the UK, including some
non-profit organisations, as well as private firms in recruitment, software,
and manufacturing.

 

A report assessing its impact has found it had "extensive benefits"
particularly for employees' well-being.

 

Its authors argue it could herald a shift in attitudes, so that before long
we could all see a mid-week break or a three-day weekend as normal.

 

The workers getting 100% pay for 80% of the hours

Faye works as a supervisor for Citizens Advice in Gateshead where around 200
staff took part in the scheme.

 

She says having the day off gives her time to "recover and recuperate".

 

As a result, she arrives back at work "ready to hit the ground running" and,
she reckons, achieves as much, if not more, in her four days than she used
to in five.

 

Her colleague, Bethany Lawson, says she finds her team easier to manage now
most of them are on a four-day week, leaving her more time to get on, and
she also finds she can push herself a little bit further after a day to
"reset".

 

But for a four-day week on full pay to work across the economy, employers
will need to see productivity gains.

 

Workers will need to create the services and products in four days that they
were creating in five to make enough money to pay a full week's wages.

 

That kind of productivity growth has proved an intractable challenge for the
UK economy. It has fallen behind many other rich nations in the amount of
value created per worker in recent years, with competing explanations as to
why and how that might be fixed.

 

The report's authors argue that although the trial was amongst organisations
that volunteered to join, and were therefore more likely to make it work,
the results make a strong case for a shorter working week.

 

"We don't have a firm handle on exactly what happened to productivity," says
Juliet Schor from Boston College, which, alongside the universities of
Oxford and Cambridge, was one of the academic institutions behind the trial.
"But we do know that on a variety of other metrics, whether we're talking
about revenue, [workforce] attrition, self-reports of productivity, employee
well-being and costs, we had really good results."

 

While most of the companies taking part said they were happy with
productivity and performance outcomes, only 23 provided financial data
covering revenues, and that showed revenue had broadly stayed the same over
the six months of the trial.

 

But of the 61 companies that took part, 56 said they would continue with the
four-day week, at least for now, of whom 18 said the policy was a permanent
change.

 

Tyler Grange, an environmental consultancy that has six offices across
England, is one of those fully embracing the new pattern.

 

Simon Ursell, its managing director, admits the first month of the trial was
"a bit white knuckle".

 

He didn't want to simply compress into four days the work that was being
done in five because that would put staff under too much pressure, he says.

 

Instead the plan was to remove unnecessary meetings, travel and admin. But
in the end it was the staff themselves who found the efficiencies required.

 

"Fundamentally, if you give people this incredible incentive of a whole day
of their time a week, they are going to work really hard to make it work,"
he says.

 

Now, he says, his staff are doing 2% more in four days than they used to do
in five. The team is happier. Absenteeism has shrunk by two-thirds and
applications to work at Tyler Grange are flooding in.

 

Those results reflect the overall findings of the report: that staff were
much less inclined to call in sick, and more inclined to stay with their
employer, reducing recruitment costs and making it more worthwhile training
staff.

 

The results are not as clear cut for every organisation, however.

 

Citizens Advice in Gateshead, where Faye works, is not yet ready to commit
to a permanent four-day week.

 

Chief executive Alison Dunn says the charity found many benefits to the
shorter working week, including less burnout amongst its staff, who are
under a lot of pressure in the current cost-of-living crisis.

 

"It has absolutely worked in the majority of the business," she says.

 

"But there are some areas of the business where the jury is still out as to
how effective it will be."

 

It has proved harder to make efficiencies at the contact centre, which was
already heavily monitored with tough targets to meet. There, Citizens Advice
has had to shoulder the cost of hiring extra staff to allow for the four-day
week pattern.

 

Ms Dunn hopes the extra investment will eventually be offset by a reduction
in costs around recruitment, retention and sickness but it's still "a work
in progress", she says, with a review due in April.-bbc

 

 

 

 

What is going on with getting a new Brexit deal for Northern Ireland?

The short answer is - a lot.

 

But there is no deal announcement coming, at least not yet.

 

Don't expect a deal to be announced on Tuesday.

 

And Wednesday is looking unlikely as well.

 

So where are we?

 

There had been talk that an announcement could come on Tuesday.

 

The basis of a deal, it's understood, had been on the prime minister's desk
for over a week.

 

Here's a sense of what we had gleaned is in it.

 

Preparations were being put together, including the arguments the government
would make to its backbenchers and to businesses.

 

It is expected the President of the European Commission, Ursula Von Der
Leyen, may come to London for the big moment.

 

But hang on a minute.

 

Or maybe a bit longer.

 

Sorting out this appendix to the Brexit deal, which has proved rather
painful for many, isn't there yet.

 

Some officials on both sides of the Channel tell us there is a particular
focus now on how EU law is applied to Northern Ireland.

 

What checks and balances might there be here?

 

Because, remember, this isn't just about a new arrangement between the
government and the EU.

 

There is another crucial question.

 

What does the Conservative Party and the Democratic Unionist Party make of
it?

 

Northern Ireland's DUP, who have long campaigned against the Protocol,
pulled out of power-sharing government at Stormont over it just over a year
ago.

 

And they are giving every indication that they are sceptical about what
Westminster and Brussels might be working up.

 

A big part of that is that they haven't yet seen the detail.

 

And they know their leverage comes from taking their time.

 

Both the DUP and some Conservative MPs think Rishi Sunak made a mistake to
hurtle over to Belfast at the end of last week, unannounced, to try, as some
saw it, to "bounce" the Democratic Unionists into agreement.

 

"He jumped the gun," said one Tory MP, privately.

 

"There isn't a deal to be done. It is back to the drawing board," said
another Conservative backbencher, who doesn't like the sound of what they
are hearing.

 

And this matters because the real prize here, eventually, is to tempt the
DUP to return to power-sharing government in Northern Ireland.

 

Few expect that to happen any time soon, even if they were to cautiously
welcome, or at least not flatly reject, any new deal done between the UK and
the EU.

 

"They're not going to say 'job's a good'un' and dash back in, we know that,"
acknowledged one senior government figure.

 

But, if it happened in time, after details had been absorbed and laws
changed, it would be a significant political achievement for the prime
minister.

 

A majority of members of the Stormont assembly are in favour of the protocol
in some form remaining in place. Sinn Féin, the Alliance Party and the SDLP
have said improvements to the protocol are needed to ease its
implementation.

 

But how damaging would failure be for Mr Sunak?

 

Even if his deal didn't satisfy the DUP, Mr Sunak could at least say he held
out for a more robust arrangement, has improved things for people in
Northern Ireland and re-set the relationship between the UK and EU.

 

This latter point, in itself, could prove useful ahead of a summit in Paris
next month with French President Emmanuel Macron, where the topic of small
boat crossings is likely to feature prominently and where the UK could do
with a better relationship with France.

 

But equally - as Paul Goodman writes here on ConservativeHome - prompting a
row with the DUP, and a sizeable chunk of his own party, is a big risk to
take, when the possible prize might amount to a failure to achieve the main
objective - restoring devolution to Northern Ireland.

 

So what is the EU saying?

 

Diplomats in Brussels say they aren't panicking yet about whether the delay
is a sign that Mr Sunak has a sudden case of the jitters.

 

There is sympathy that the PM has some tough politics to overcome.

 

There are also suspicions in Brussels that the last-minute haggling may be
for show given the deal is, according to numerous sources, all but done.

 

"There has to be the perception that the UK's doing something to assuage the
DUP's doubts," said one EU diplomat.

 

Some still hope it can be sorted this week.

 

With Tuesday and Wednesday looking unlikely and Friday being the first
anniversary of Russia's full-scale invasion of Ukraine, that leaves
Thursday.

 

That also happens to be a day when the Labour leader, Sir Keir Starmer, has
a big speech which may make that day tempting for ministers.

 

But others repeat they think this week is far too soon.

 

There is a reason Rishi Sunak is the fourth prime minister to wrestle with
Brexit, Northern Ireland and the border.

 

No-one ever said sorting this out would be easy.-bbc

 

 

 

Royal Mail resumes overseas mail at post offices after cyber-attack

International mail services have finally been reinstated at UK post offices,
more than a month after Royal Mail was hit by a cyber attack.

 

The breach on 10 January caused a backlog that led to long delays for
consumers and businesses.

 

Most services had been restored online but remained unavailable at 11,500
Post Office branches.

 

Royal Mail said it was now processing "close to normal daily volumes" of
international mail with "some delays".

 

"International export services have now been reinstated to all destinations
for purchase online and through our shipping solutions," it added.

 

After the ransomware attack last month, Royal Mail customers were told to
stop sending parcels and mail overseas altogether.

 

Customers - many of them small businesses - complained of long delays that
made sending goods abroad impossible.

 

A ransomware group named Lockbit linked to Russia claimed responsibility for
the cyber attack.

 

Royal Mail gradually reinstated services online, with the option of dropping
items off at a Post Office branch or having them collected at home.

 

But Neill O'Sullivan, managing director of parcels and mail at the Post
Office, said postmasters had been left unable "support businesses and
consumers" wanting to send parcels and mail abroad.

 

"For many small businesses, Post Offices are an integral part of their
business set-up and this has been a challenging time for them," he said.

 

"These past weeks have [also] been difficult for postmasters who through no
fault of their own have missed out on remuneration for providing
international mail services," he added.

 

The Post Office said it was paying postmasters extra for handling
international mail to remedy the situation.

 

The problems have coincided with ongoing strikes by Royal Mail postal
workers which have hit domestic deliveries.

 

On strike days, the postal firm has been unable to deliver first and
second-class letters. However, it has said it will deliver as many parcels
and Special Delivery letters as possible.-bbc

 

 

 

Kenya: Hustler Fund Disbursement Hits Sh9 Billion in Two Months

The Hustler Fund kitty has so far disbursed Sh19 billion, and the number of
Kenyans who have opted for the fund stands at 18 million in the two months
since it was launched.

 

Simon Chelugui, Cabinet Secretary for Cooperatives and Micro, Small, and
Medium Enterprises, stated that Hustler Fund lenders have already paid back
Sh10 billion.

 

Chelugui stated during the Annual General Meeting of the Kenya National
Police DT Sacco that Kenyans have saved Sh 977 million over the last two
months through the fund kitty.

 

"As of 9 o'clock today this morning, we have disbursed 19, 605,419,802, and
payment received is 10,605,775,060 shillings," he said.

 

 

"The number of Kenyans who have opted in for the Kitty are 18, 903,017 and
the savings made through this initiative by Kenyans in their accounts so far
is 977Million shillings."

 

Chelugui said that to compete with commercial banks that have long viewed
small merchants as dangerous borrowers, the loan limit would be raised to
Sh2.5 million for the second phase of the fund's launch in March.

 

The second phase will see savings and credit cooperative societies start to
access 'Hustler' loans.

 

President William Ruto's new economic order, which intends to address
unemployment and the lack of possibilities for low-income workers through
accessible credit, includes the financial inclusion fund as a significant
component.

 

Besides credit, the fund also has a built-in savings component targeting
Kenyans outside formal employment, supported by partial contributions from
the state, where taxpayers will match Sh1 for every Sh2 contributed, capped
at Sh3,000 annually.

 

To be eligible for the fund, one must be a Kenyan citizen aged 18 or older
with a valid identification card and a registered mobile number with mobile
network providers like Safaricom, Airtel, and Telkom.

 

One will also be required to have a mobile money account that is either
Mpesa, Airtel Money, or Tkash, and the sim card must have been in use for
more than 90 days.

 

The Hustlers Fund identifier is the ID number; hence, one customer cannot
use more than one number to borrow.

 

Additionally, savings are secure even if a mobile device is lost because the
Hustler Fund account is PIN-protected. Once the SIM card is replaced, access
to the account will be restored.

 

The first phase of the Hustler Fund was launched on November 30 last year to
ease access to credit, albeit in small amounts ranging from as low as Sh500
to a high of Sh50,000.

 

-Capital FM.

 

 

 

Rwanda: Strange Disease Kills Over 200 Pigs in Musanze

A disease yet to be identified has killed over 200 pigs in Musanze District
leading to a pause in movement and consumption in some areas.

 

According to the district authorities, the case was traced in the Muko
sector, Songa cell, where the allegedly unknown disease killed 38 old pigs,
216 piglets on February 17 owned by a local farmer, Alex Uwamahoro.

 

There are concerns about the number going up, local residents say. However,
there is no additional information regarding how many more pigs are
infected, or developing symptoms at the moment.

 

Speaking to The New Times, the director of Agriculture and Animal Resources
in Musanze District, Jean Ngendahayo, said samples have been taken for
further assessment of the strange disease.

 

 

"There have been no such cases registered over the past years where pigs
died unpredictably," he noted.

 

The district's statement released on February 20, as a way of responding to
the incident, called for the temporary closure of butcheries and other
places pigs are slaughtered and consumed, a ban on the movement of pigs and
dumping of pigs that died suspiciously in deep holes, appropriate hygiene
practices, and avoid exchanging male pigs for breeding in Muko, Kimonyi,
Muhoza, Rwaza, and Busogo sectors.

 

"There is an unidentified disease affecting and killing pigs not later than
four days after developing symptoms of high fever, lack of appetite, red
lesions on the skin, respiratory distress, and fatigue," the statement reads
in part.

 

Jean-Paul Kwizera and Emmy Mbarushimana are residents of Muhoza sector and
lovers of pork, locally known as 'akabenzi'.

 

Kwizera says he is worried about high prices due to high demand but
appreciates the decision taken by the sectors as one measure to curb the
spread of the disease in the interest of the general public.

 

"We commend the district and concerned institutions for responding to the
problem very quickly. 'Akabenzi' is highly edible," old Mbarushimana added.

 

There are 23,000 pig farmers, with a total pig population of about 10,000
across Musanze District.

 

-New Times.

 

 

 

 

Malawi January 2023 Inflation Rate Up to 26 Percent

January inflation rose by 0.5% points to 25.9 % according to latest National
Statistical Office (NSO) figures.

 

According to NSO, the year on year inflation rate for January 2023 stands at
25.9 %, an increase from the 25.4 % in December.

 

Food and Non-Food Inflation rates are at 30.5% and 20.4 %, respectively.

 

The rate which had been rising for twelve consecutive months until early in
fourth quarter slowed in the past two months in response to declining global
inflation.

 

However, the Catholic University based economist Hopkins Kawaye forecasted
this spiral -attributing it to domestic lean period induced high prices.

 

-Nyasa Times.

 

 

 

Nigeria's Inflation Index Outdated - IMF

The International Monetary Fund, IMF, has said the index weights and basket
deployed by the National Bureau of Statistics, NBS, for the monthly consumer
price index were extremely outdated.

 

It noted that what NBS presents does not provide a true representative of
expenditure patterns.

 

In its latest report, titled "Nigeria: 2022 Article IV Consultation-Press
Release; Staff Report; and Statement by the Executive Director for Nigeria,"
the IMF stressed the need for the NBS to use new weights from the 2018
National Household Livings Standards, rather than the 2003/04 National
Consumer Expenditure Survey.

 

 

It warned that outdated weights could lead to bias in the index presented by
the NBS.

 

The IMF also said there was an ongoing effort for an updated producer price
index but noted that the funding for it was uncertain, adding that the
second African Regional Technical Assistance Centre in West Africa intended
to support Nigeria in the CPI update and improvement.

 

The report read: "The official monthly consumer price index, CPI, a
composite of urban and rural price data, is available on a timely basis.
However, the index weights and baskets are based on expenditures derived
from the 2003/04 National Consumer Expenditure Survey.

 

"The weights are severely outdated and are not representative of current
expenditure patterns. Outdated weights can introduce a bias into the index.

 

"The update of the CPI--using new weights from the 2018 National Household
Livings Standards Survey--is still ongoing.

 

"The compilation of an updated producer price index is ongoing but funding
for the survey is uncertain. AFW2 plans to provide additional technical
assistance to support the CPI update and improvements to Nigeria's price
statistics."

 

In its most recent 'Consumer Price Index' for January 2023, the NBS said in
January 2023, the headline inflation rate rose to 21.82 per cent, compared
to December 2022 headline inflation rate which was 21.34 per cent.

 

January 2023's inflation rate of 21.82 per cent is at 6.22 percentage point
increase from January 2022's rate of 15.60 per cent.

 

The NBS stated that January's inflation was driven by increases in the
prices of food items such as bread and cereal, potatoes, yam and tuber,
vegetables, and meat, and rent.

 

-Vanguard.

 

 

 

Uganda: TotalEnergies Passes Key Safety Milestone On Uganda's Tilenga Oil
Project

French oil company, TotalEnergies EP Uganda has successfully achieved
10-millionman hours without Lost Time Injuries (LTI) on the Tilenga Project.

 

This crucial health and safety industry milestone was achieved on January
13, 2023.

 

Measurement of LTI is a lagging indicator which is aimed at measuring a
company's incidents in the form of past accident statistics.

 

It measures all on-the-job injuries that require a person to stay away from
work for more than 24 hours, or which result in death or permanent
disability.

 

 

The General Manager for TotalEnergies EP Uganda, Philippe Groueix described
it as a big achievement.

 

"Safety is a core value at TotalEnergies EP Uganda and our achievement of
10-million-man hours without injuries is testament to the fact that all our
employees and contractors take this value seriously," Grouix said.

 

"It is important to recognize the key role played by the dedicated health,
safety and environment teams as well as the site supervision teams who work
in close collaboration with our contractors to ensure that safety remains a
priority for all. Given the significant increase of our activities on site,
it is critical to reinforce our collective commitment to safeguarding the
lives of everybody working on the project."

 

He said safety is of utmost importance in any oil and gas activity, and that
TotalEnergies EP Uganda is committed to ensuring that all safety measures
are in place to protect its employees, facilities, the environment, and the
communities in which it operates.

 

Currently, the Tilenga project employs more than 5,000 people working with
TotalEnergies EP Uganda and its contractors both on site and in Kampala.

 

The French company says it has invested heavily in state-of-the-art
technology and equipment, local and international experts for the
development of the projects and has put in place strict safety protocols to
minimize risks on its sites.

 

Tilenga is located in the Buliisa and Nwoya districts in the Lake Albert,

 

The Tilenga project is operated by TotalEnergies and it includes the
development of six fields and the drilling of around 400 wells from 31
locations.

 

The project includes the development of a Central Processing Facility (CPF)
with capacity to process 190,000 barrels of oil and 700,000 barrels of total
liquid per day as well as drilling of over 426 wells (200 water injector
wells, 196 oil producer wells, 2 polymer pilot wells and 28 reference wells)
which are planned to be drilled on 31 well-pads.

 

The Tilenga project also involves development of over 160 kilometres of
flow-lines which will transport crude oil and water from the wells to the
Central Processing Facility.

 

The project also includes the development of a 95 km 24 inch feeder pipeline
which will transport the processed crude oil from the Central Processing
Facility in Buliisa to the export hub and Refinery in Kabaale in Hoima
district.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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

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

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

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

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

Robert Mugabe National Youth Day

 

February 21

 


Cafca 

AGM

virtual 

February 23  - (12pm)

 


Ariston 

AGM

Centenary Room, Royal Harare Golf Club

February 24 - 3:30pm

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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 sources 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 sourced from third parties.

 


 

 


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

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 44852 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65572 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.jpg
Type: image/jpeg
Size: 29258 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230222/bd460828/attachment-0005.jpg>