Major International Business Headlines Brief::: 24 February 2023

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Major International Business Headlines Brief::: 24 February 2023 

 


 

 


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

 


 

 


 

ü  Sam Bankman-Fried hit with four new criminal charges

ü  US puts forward Ajay Banga to lead World Bank

ü  Ozy Media founder Carlos Watson arrested for fraud scheme

ü  European Commission bans TikTok on staff devices

ü  Toyota and Honda announce biggest pay rises in decades

ü  Qantas: Australian airline's profits soar back after record Covid losses

ü  Steel industry fears more job cuts without help

ü  Warning over future of British Steel as it cuts jobs

ü  Netflix cuts prices for subscribers in more than 30 countries

ü  Vegetable shortages could last for up to a month

ü  South Africa: Eskom's De Ruyter Leaves, Who's Next to Take Reins?

ü  Africa: South Africa's Bailout of Eskom Won't End Power Cuts - Splitting
Up the Utility Can, As Other Countries Have Shown

ü  Rwanda Deploys Drones to Deliver Diabetes Meds At Patients' Doorsteps

ü  Mauritius: Networking Conference Focuses On Technology As an Enabler of
Sustainability

ü  Kenya: Raila's Continental Role Discontinued After Nepad Transition to AU
Development Agency

 


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Sam Bankman-Fried hit with four new criminal charges

The former boss of collapsed crypto exchange FTX has been hit with four new
criminal charges accusing him of conspiring to make illegal political
donations and to commit bank fraud.

 

Sam Bankman-Fried has already pleaded not guilty to defrauding customers and
investors.

 

FTX filed for bankruptcy last year, leaving many users unable to withdraw
their funds.

 

Mr Bankman-Fried now faces a total of 12 criminal charges.

 

A spokesman for Mr Bankman-Fried declined to comment.

 

Regarding the latest charges, prosecutors accused Mr Bankman-Fried of
conspiring with two other former FTX executives to donate tens of millions
of dollars to influence US politicians to pass laws favourable to the
company.

 

The donations were allegedly made through "straw" donors or with corporate
funds, allowing Mr Bankman-Fried to evade contribution limits, prosecutors
said.

 

They claimed Mr Bankman-Fried told one executive to donate to left-leaning
candidates and the other to Republicans, with many donations funded by his
Alameda Research hedge fund and including FTX customer funds.

 

Mr Bankman-Fried has already pleaded not guilty to claims that he used
customer deposits at FTX to fund Alameda Research, buy property and make
political donations.

 

He was released after his arrest on a $250m (£208m) bail package in
December.

 

But he faces more than 100 years in prison if convicted.

 

Judge Lewis Kaplan set a trial date of 2 October.-BBC

 

 

 

US puts forward Ajay Banga to lead World Bank

US President Joe Biden has named Indian-American businessman Ajay Banga as
the US pick to lead the World Bank.

 

The move comes as the US increases pressure on the bank to put more emphasis
on tackling climate change.

 

Mr Banga led credit card giant Mastercard for more than a decade and now
works in private equity.

 

US officials said he had the experience to help the bank work with the
private sector towards its goals.

 

It is up to the bank's board to officially appoint its next head.

 

'Force multiplier'

On Wednesday, the bank said it planned to interview a shortlist of up to
three candidates and aimed to name a new leader by early May. It said female
nominees were strongly encouraged.

 

It is not clear if other countries will put forward other suggestions.

 

The US, the World Bank's biggest shareholder, has traditionally been in
charge of selecting the person to lead the institution, which lends billions
of dollars to countries each year.

 

Treasury Secretary Janet Yellen said she wanted to see the World Bank serve
as a "force multiplier for good by setting the right agenda".

 

She said Mr Banga was "uniquely" equipped to take on that charge, pointing
to his track record of forging partnerships between governments, companies
and non-profits.

 

Now a US citizen, Mr Banga started his career in his native India, where his
father was an officer in the army.

 

He worked at Nestle and Citigroup before joining Mastercard.

 

Mr Banga retired from the firm in 2021 and now serves as a vice chairman at
General Atlantic, a private equity firm, where he sits on the advisory board
of its $3.5bn climate fund.

 

He has also worked with the White House as co-chair of the Partnership for
Central America, an initiative aimed at increasing private sector investment
in the area, to try to stem the flow of migrants to the US.

 

Mr Banga's decades in business might help inspire confidence in the bank in
Congress, including from Republicans, who often criticise international
organisations, said Amanda Glassman, executive vice president at the Center
for Global Development.

 

But she said it remained to be seen whether he was the right pick, noting
that he had less experience with the government and development work that is
core to the bank's job.

 

"We're looking forward to hearing his vision of what the bank should be,"
she said.

 

Whoever becomes the bank's next leader will face the challenge of trying to
balance the immediate financial needs of low-income countries, many of them
facing debt crises, while shifting to tackle issues such as climate change,
global conflict and pandemic risks - all without any clear additional money
on the table.

 

"There is a lot riding on this next phase of the World Bank's strategy," Ms
Glassman said. "It's a moment when the World Bank can either step up to be
really relevant or be marginalised and not important."

 

While there is general consensus that the bank needs to evolve, "there is
less agreement on how, and there's a worry about the balancing act that
needs to be done," she added.

 

David Malpass: World Bank leader who was called climate denier quits

If confirmed, Mr Banga would replace David Malpass, who was nominated by
former US President Donald Trump and said this month he would step down from
the post by June, nearly a year before his five-year term was set to end.

 

He had been criticised by environmental advocates for being slow to direct
the bank's resources to address climate change.

 

Last year, he was publicly rebuked by the White House after he said he did
not know if fossil fuels were driving climate change, remarks for which he
later apologised.-BBC

 

 

 

Ozy Media founder Carlos Watson arrested for fraud scheme

The founder of the scandal-plagued US start-up Ozy Media has been arrested
on federal fraud charges.

 

Carlos Watson's arrest came days after a former company executive, Samir
Rao, pleaded guilty to fraud charges.

 

Ozy Media shut down in 2021 after a New York Times investigation found Mr
Rao had attempted to deceive investors by impersonating a YouTube executive.

 

Federal prosecutors allege Mr Watson "directed a scheme to defraud
investors" of millions of dollars.

 

The US Department of Justice and the Securities and Exchange Commission have
also launched probes into the company.

 

A former Goldman Sachs banker and MSNBC host, Mr Watson founded Ozy Media in
California in 2013. The company produced left-leaning podcasts, television
series and events, and profiles of rising stars and emerging trends.

 

It was valued at $159m (£132m) in 2020.

 

According to federal court documents filed this week, however, Mr Watson
knew Ozy Media was "drowning in debt", but lied to investors about the
company's revenue and falsely claimed celebrities and high-profile companies
had made investments.

 

Sharon Osborne, the wife of rock star Ozzy Osbourne, has accused Mr Watson
of falsely claiming the couple had invested in the business, telling CNBC in
2021, "this guy is the biggest shyster I have ever seen in my life".

 

Mr Watson was taken into custody on Thursday and is expected to be arraigned
in federal court in Brooklyn, New York, on charges of conspiring to commit
securities fraud and conspiring to commit wire fraud, the Wall Street
Journal first reported.

 

A lawyer for Mr Watson told NBC News that he was "deeply disappointed by the
events of today".

 

"We were engaged in a good faith and constructive dialogue with the
government," said lawyer Lanny Breuer.

 

"Given the department's claims of promoting such dialogue, I do not
understand the dramatic decision to arrest Carlos today."

 

Ozy Media's downfall began after New York Times reporting revealed Rao had
impersonated a YouTube executive during a call with Goldman Sachs, touting
YouTube's successful relationship with Ozy as the bank was considering
making an investment.

 

Mr Watson blamed the deception on what he described as Rao's mental health
issues. He added that no harm was caused because Goldman Sachs did not
ultimately decide to invest.

 

In this week's court filings, prosecutors allege Mr Watson was present
during the call and was "texting Rao directions of what to say", despite
previously denying to the media that he was there.

 

Mr Watson and Rao impersonated media company executives "on multiple
occasions" to cover up fraudulent statements when faced with questions from
investors, prosecutors claim.

 

Mr Rao pleaded guilty on Tuesday to securities fraud conspiracy, wire fraud
conspiracy and identity theft and admitted to a judge that he made
misleading statements to investors and inflated the company's finances.

 

The company's former chief of staff, Suzee Han, has also pleaded guilty to
securities fraud conspiracy and wire fraud conspiracy, according to federal
court documents.-BBC

 

 

 

European Commission bans TikTok on staff devices

Staff working at the European Commission have been ordered to remove the
TikTok app from their phones and corporate devices.

 

The commission said it was implementing the measure to "protect data and
increase cybersecurity".

 

TikTok, owned by Chinese company ByteDance, has faced allegations that it
harvests users' data and hands it to the Chinese government.

 

TikTok insists it operates no differently from other social media.

 

EU spokeswoman Sonya Gospodinova said the corporate management board of the
European Commission, the EU's executive arm, had made the decision for
security reasons.

 

"The measure aims to protect the Commission against cybersecurity threats
and actions which may be exploited for cyberattacks against the corporate
environment of the commission," she said.

 

The ban also means that European Commission staff cannot use TikTok on
personal devices that have official apps installed.

 

The commission says it has around 32,000 permanent and contract employees.

 

They must remove the app as soon as possible and no later than 15 March.

 

For those who do not comply by the set deadline, the corporate apps - such
as the commission email and Skype for Business - will no longer be
available.

 

TikTok said the commission's decision was based on mistaken ideas about its
platform.

 

"We are disappointed with this decision, which we believe to be misguided
and based on fundamental misconceptions," a spokesperson said.

 

Last year, TikTok admitted some staff in China can access the data of
European users.

 

TikTok's parent company ByteDance has faced increasing Western scrutiny in
recent months over fears about how much access Beijing has to user data.

 

The US government banned TikTok last year on federal government-issued
devices due to national security concerns.

 

The US fears the Chinese government may leverage TikTok to access those
devices and US user data.

 

Last month, the Dutch government reportedly advised public officials to
steer clear of the app over similar concerns.

 

In the UK, the chair of the Foreign Affairs Select Committee, MP Alicia
Kearns, recently urged users to delete the app in an interview with Sky
News.

 

TikTok has grown rapidly and was the first non Meta app to reach three
billion downloads worldwide, according to analytics firm Sensor Tower Data.

 

The social media service's chief executive Shou Zi Chew was in Brussels in
January for talks with EU officials during which they warned TikTok to
ensure the safety of European users' data, adding that it had a long way to
go to regain their trust.

 

He insisted the company was working on a "robust" system for processing
Europeans' data in Europe, an EU spokesman said at the time.

 

TikTok has also promised to hold US users' data in the United States to
allay Washington's concerns.

 

An EU source told the BBC the Council of the European Union is also in the
process of implementing measures similar to those taken by the Commission.

 

But the European Parliament said although it is taking note of the
Commission's statement, TikTok is not part of the standard configuration for
corporate devices.

 

"The Parliament is constantly monitoring cybersecurity threats and actions
which may be exploited for cyber-attacks against its corporate environment,"
the source said.

 

Czech MEP Markéta Gregorová said she was "very glad" that the Commission had
made this decision and criticised the "hostility" of the Chinese government.

 

"I also hope that this will open a general discussion about cybersecurity
within our institutions and how much the individual levels differ across
Commission, Parliament and Council," she said.-BBC

 

 

 

 

Toyota and Honda announce biggest pay rises in decades

Japanese motor industry giants Toyota and Honda say they have agreed to give
their workers in the country the biggest pay rises in decades.

 

They are the latest firms in the world's third largest economy to increase
wages as prices jump.

 

Official figures published last month showed Japan's rate of inflation was
at its highest level in over 40 years.

 

That has put pressure on businesses and authorities to help people as their
spending power shrinks.

 

Each year Japanese firms typically hold pay talks with unions for weeks
before announcing their decisions around the middle of March.

 

The car makers have not said why this year's announcements were made earlier
than usual.

 

Can the next Bank of Japan boss fix its economy?

Toyota in £11.3m deal to develop hydrogen trucks

On Wednesday, Toyota said it will meet union demands for pay and bonuses,
with wages increasing by the most in 20 years.

 

Toyota's incoming president Koji Sato said that he hoped the move would have
a positive impact across Japan's motor industry and "lead to frank
discussions between labour and management at each company."

 

The company declined to provide further details when approached by the BBC.

 

Meanwhile, rival car maker Honda told the BBC that it had "fully answered"
union requests for wage increases and bonuses.

 

The company said it will raise salaries by 5%, marking the biggest increase
since 1990 and above Japan's rate of inflation.

 

A Honda spokesperson said the extra money will largely be distributed to
younger employees as starting salaries are boosted.

 

"Despite the severe business environment, management has a strong desire to
create an environment in which all employees can... push forward with their
work with a sense of urgency," the spokesperson added.

 

Earlier this year, Japan's prime minister Fumio Kishida called on firms to
raise wages to help people struggling with rising prices.

 

In January, the owner of fashion chain Uniqlo, Fast Retailing, said it would
raise the pay of staff in its home country by up to 40%.

 

The company said the new pay policy would apply to full-time employees at
its headquarters and company stores in Japan from the beginning of March.

 

For decades both prices and wage growth in Japan had been stagnant.

 

In recent months inflation around the world jumped as countries eased
pandemic restrictions and the war in Ukraine pushed up energy prices.

 

In December, Japan's core consumer prices rose by 4% from a year earlier,
double the central bank's target level and the highest rate in 41 years.-BBC

 

 

 

Qantas: Australian airline's profits soar back after record Covid losses

Qantas has announced half-year profits of more than A$1.4bn in a dramatic
turnaround of the airline's fortunes since last year.

 

It comes after the company lost more than A$7bn during the pandemic, when
Australia imposed strict travel rules.

 

Its troubles continued last year with a slew of criticism over cancelled
flights, lost luggage and delays.

 

The airline said strong demand for flights, higher airfares and cost-cutting
were behind its rebound.

 

Chief executive Alan Joyce said revenue had tripled for the six months to
the end of December to almost A$10bn as pandemic travel restrictions were
eased.

 

The A$1.4bn (£793m; $954m) profit compares with a loss of A$456m for the
same period in the previous year.

 

"This is a huge turnaround considering the massive losses we were facing
just 12 months ago," Mr Joyce said.

 

The pandemic hit many airlines hard as countries closed their borders, with
Australia imposing some of the most stringent travel restrictions in the
world.

 

Borders remained shut to most non-Australians for over 18 months and
thousands of Australians were stranded overseas due to strict quotas on
arrivals.

 

In an effort to limit losses, in August 2020 Qantas announced it would
outsource some 2,000 ground staff roles and cut thousands of jobs.

 

But that sparked a costly court case and staffing shortages.

 

The shortages triggered chaos at Australian airports as restrictions eased
last year, with passengers enduring long delays and queues for check-in,
while senior executives were roped in to help fill gaps.

 

As anger grew, in August it was reported that Mr Joyce's A$19m waterfront
home had been pelted with eggs and toilet paper.

 

Adding to its issues, the airline in January rejected suggestions of
widespread issues with its aircraft after a series of mid-flight technical
faults.

 

Despite these incidents, Qantas regained its title of world's safest airline
in AirlineRatings.com's rankings.

 

Mr Joyce on Thursday said the airline was "reinvesting" for its customers,
and that, as supply chain and resourcing issues eased, travellers would
start to see "downward pressure" on fares.

 

However, Qantas also cautioned that fares would remain "significantly" above
2019 levels.-BBC

 

 

 

Steel industry fears more job cuts without help

The steel industry has raised concerns that more jobs could be cut before
any government support for electricity bills kicks in.

 

Gareth Stace, director general of industry body UK Steel, said British
Steel's decision to axe 260 jobs could be the start of a trend in the
sector.

 

The government has set out plans to reduce electricity costs for
energy-intensive industries from next year.

 

Electricity costs have soared for firms which make steel, paper and
chemicals.

 

The government has proposed changes it said would bring the energy costs of
the UK's energy-intensive industries in line with those charged in other
major economies.

 

Some 300 firms - which employ 400,000 workers - that make steel, paper,
chemicals and other metals stand to benefit from the changes, which would
see them exempt form certain costs and taxes.

 

Business and Trade Secretary Kemi Badenoch said the support would mean those
industries "remain competitive on the world stage".

 

Making steel requires a lot of energy, and with prices soaring in recent
months, the costs of making it have gone up.

 

Steel manufacturers in Britain, however, are paying about 60% more for
electricity than their counterparts in other countries such as Germany,
according to UK Steel, due to added levies and carbon costs.

 

Warning over future of British Steel as it cuts jobs

Mr Stace welcomed the government's proposals and said they would go a "long
way to bridging the gap" between what UK steelmakers pay compared to
competitors in the EU.

 

But he said the time taken to implement them was "particularly concerning",
with the plans set to be consulted on in the spring.

 

"We might see our electricity prices going down in just over a year's time -
well, just over a year's time is a long time in steel," he told the BBC's
Today programme.

 

He feared that without a "competitive business environment" for the UK steel
sector, investment would dwindle and more announcements similar to British
Steel's could follow.

 

On Wednesday, British Steel said it would shut its coking ovens in
Scunthorpe and cut up to 260 jobs. The Chinese-owned firm cited
"unprecedented" rises in energy costs as a reason.

 

Unions said the move was a concerning indicator about the future of the UK
steel industry.

 

The new proposals come after the government extended an Energy Intensive
Industries Compensation Scheme for a further three years. The scheme
provides businesses with relief for certain costs on electricity bills.-bbc

 

 

 

 

Warning over future of British Steel as it cuts jobs

Unions have warned on the future of UK steelmaking after British Steel
announced it will shut its coking ovens in Scunthorpe and cut up to 260
jobs.

 

The Chinese-owned firm blamed an "unprecedented" rise in energy costs and
demands to be greener.

 

The biggest steelworkers' union said the cuts could have a "catastrophic
impact" on steel production in the UK.

 

Coking ovens turn coal into coke which burns at the higher temperature
needed for furnaces used in steel production.

 

The closure of the ovens at its Scunthorpe headquarters, which means British
Steel will import coke, has been seen as a concerning indicator about the
health and future of the UK steel industry.

 

The government said the decision by British Steel was "very disappointing"
while negotiations were ongoing with the sector over funding support.

 

British Steel currently employs around 4,200 workers in the UK and is owned
by Chinese company Jingye.

 

Making steel requires a lot of energy, and with prices soaring in recent
months, the costs of making the metal have also gone up.

 

The company said its energy bills and carbon-offsetting costs increased by
£190m last year and "decisive action" was needed.

 

It added that its coke ovens were "reaching the end of their operational
life" and that closing them would "bring environmental benefits including
reductions in emissions to air and water".

 

'Come clean'

Alun Davies, national officer of the Community Trade Union, which represents
the majority of steelworkers, said the union would "not accept redundancies"
and added "nothing is off the table when it comes to protecting our members'
jobs".

 

"British Steel's plan to close the coke ovens could have a catastrophic
impact on jobs and steel production at Scunthorpe and the UK as a whole," he
added.

 

Mr Davies claimed closing the ovens would see the company "depending on
unreliable imported coke" wand would "risk our sovereign capability to
produce steel in the UK".

 

The Unite union, which also represents steelworkers, accused Jingye of
reneging on investment promises and said the UK government had "no serious
plan for the industry".

 

General secretary Sharon Graham added that she was yet to see "any financial
justification for the closure of the coking ovens".

 

But British Steel chief executive Xifeng Han said steelmaking in the UK was
"uncompetitive" when compared to other international markets.

 

"Our energy costs, carbon costs and labour costs are some of the highest
across the world, which are factors that we cannot influence directly," he
said.

 

Mr Han said the plan was to "streamline" the business while keeping "the
period of uncertainty for our colleagues as short as we can".

 

He said the company was undergoing its biggest transformation in its
130-year history, "to make sure we can deliver the steel Britain requires".

 

The government has been holding negotiations with British Steel's owners
over a £300m support package, along with others in the industry.

 

The government said it would continue to work with British Steel to find a
"solution for the business and the wider sector, which plays a vital role in
the UK economy".

 

Jingye has invested £330m in British Steel since it bought the business in
2020. Mr Han said the owners were "committed" to the company for the long
term, but warned the transition to greener forms of energy to make steel was
a "major challenge".

 

Government offers to the firm have so far been rejected on the basis they
come with too many strings attached, including job guarantees for 10 years,
union sources have previously told the BBC.

 

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.

 

Jonathan Reynolds, Labour's Shadow Business Secretary, said workers needed
"a government on their side securing the bright future our steel sector
could have".-BBC

 

 

 

Netflix cuts prices for subscribers in more than 30 countries

Streaming giant Netflix has cut prices in more than 30 countries as it
attempts to attract more subscribers.

 

Prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan
Africa and the Middle East.

 

It comes as the rising cost of living sees households tightening their belts
and Netflix faces increased competition from rival services.

 

"Members have never had more choices when it comes to entertainment," a
company spokesperson told the BBC.

 

Countries in which subscription charges have been lowered include Malaysia,
Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya and Iran.

 

The cuts apply to certain price plans, with subscription charges falling by
half in some cases.

 

Netflix did not name the UK or the US as countries where it had cut its
prices.

 

"We're always exploring ways to improve our members' experience. We can
confirm that we are updating the pricing of our plans in certain countries,"
a Netflix spokesperson said.

 

The firm's shares closed 3.4% lower in New York on Thursday after the Wall
Street Journal first reported the story.

 

Netflix, which operates in more than 190 countries, has faced increased
competition from streaming rivals including Amazon, HBO and Disney.

 

Last year, the firm cut hundreds of jobs and launched a less expensive
streaming option with adverts as it fought to grow its share of the
increasingly competitive streaming market.

 

In January, Netflix co-chief executive Greg Peters outlined how he planned
to attract more subscribers.

 

"We want to make that spectrum even wider as we seek to serve more members
around the world and trying to deliver appropriate value at those different
price points," Mr Peters said.

 

The company is also cracking down on people sharing their subscriptions.

 

Netflix introduced limits on password sharing in more countries earlier this
month. These require customers to pay an extra fee if they want friends and
family who don't live with them to share their subscription.

 

Last summer, Netflix revealed that it had lost almost a million subscribers
between April and the end of June as more people decided to quit the
service.

 

However, in January the company said subscriber numbers had jumped at the
end of 2022.-BBC

 

 

 

Vegetable shortages could last for up to a month

Shortages of some fruit and vegetables could last for up to a month, the
environment secretary has said.

 

Therese Coffey's comment came after Asda, Morrisons, Aldi and Tesco placed
limits on items such as tomatoes, peppers and cucumbers.

 

Speaking in the Commons, Ms Coffey told MPs she anticipated "the situation
will last about another two to four weeks".

 

Ministers were talking to retailers about how to avoid such problems in the
future, she added.

 

Shops and suppliers say the shortages have been caused largely by bad
weather in southern Europe and Africa.

 

Responding to an urgent question in the House of Commons, Ms Coffey said:
"We anticipate the situation will last about another two to four weeks.

 

"It is important that we try and make sure that we get alternative sourcing
options."

 

Why is there a shortage of tomatoes in the UK?

She said the Department for Environment, Food and Rural Affairs (Defra) had
already been in discussion with retailers.

 

"It is why there will be further discussions led by ministers as well, so
that we can try and get over this and try and avoid similar situations in
the future."

 

Shadow environment secretary Jim McMahon said: "There is genuine public
concern about the availability of food and as the secretary responsible for
our food security - and let's bear in mind food security is national
security - this is absolutely mission critical."

 

Ms Coffey added: "I wish to reiterate UK food security does remain
resilient."

 

'Eating turnips'

In the House of Commons session Conservative politician Selaine Saxby said
supermarkets were still importing too many products.

 

She said people "should be eating more seasonally and supporting our own
British farms" which would mean "many of these problems would be avoided".

 

Ms Coffey said it was "important to make sure that we cherish the
specialisms that we have in this country - a lot of people would be eating
turnips right now rather than thinking necessarily about aspects of lettuce
and tomatoes and similar".

 

But, she added: "I'm conscious that consumers want year round choice and
that is what our supermarkets, food producers and growers around the world
try to satisfy."

 

Empty Tesco shelves

At present, Tesco customers can buy up to three tomatoes, three peppers and
three cucumbers in one visit.

 

Asda has the same restrictions on those products, but has gone further, also
putting limits on lettuce, salad bags, broccoli, cauliflower and
raspberries. They are also restricted to three purchases of each on one
visit.

 

Aldi has imposed a limit of three per customer on sales of peppers,
cucumbers and tomatoes.

 

In Morrisons, shoppers are restricted to two tomatoes, two cucumbers, two
lettuces and two peppers.

 

Of the remaining supermarkets, the Co-op told the BBC on Thursday there were
"no plans to introduce limits on fruit and veg".

 

Similarly M&S said it had "no plans to introduce limits".

 

Sainsbury's said it currently had "no purchase limits in place". Likewise
Lidl and Waitrose have not brought in any limits.

 

Brexit effect?

Extreme weather in a number of growing regions in southern Europe and North
Africa has been cited as the key reason for the shortages.

 

In addition, producers in the UK and Northern Europe have been badly hit by
high energy costs - because crops are grown in heated greenhouses over the
winter. Fertiliser costs have also risen.

 

However, importers, wholesalers and retailers have played down the idea that
Brexit is a factor.

 

That is partly because the full impact of the Brexit changes have yet to be
felt when it comes to fresh produce entering the country from the EU.
Customs declarations are required, but border controls are not due to be
implemented until 1 January 2024.

 

Also a significant proportion of the UK's fresh produce comes from Morocco,
which is outside the EU. It is subject to border checks, and that has not
changed.

 

But the view from elsewhere in Europe is more nuanced.

 

Ksenija Simovic is a senior policy adviser at Copa-Cogeca, a group which
represents farmers and farming co-operatives in the EU.

 

She says: "It doesn't help that the UK is out of the EU and Single Market,
but I don't think this is the primary reason the UK is having shortages."

 

In her view, businesses within Europe do benefit both from being closer to
where products are grown, and from simpler, better-coordinated supply
chains.

 

Ultimately, she thinks, if there is a shortage of supply then the produce
that is available is simply more likely to remain within the Single Market.

 

In addition, according to some industry experts, the shortages are more
evident in the UK than in the EU because European retailers use more
flexible contracts, and so can pay more if they need to .

 

Ms Coffey said: "Our [UK] supermarkets often have a fixed price contract,
whereas in other countries there can often be a trend to have a variable
price contract."

 

'Eking out food'

Earlier in the Commons, during an exchange about food banks, Labour MP
Rachael Maskell said high demand meant food banks in York were "running out,
eking out food supplies".

 

She asked what the government was doing to "ensure that no-one goes
without"?

 

Ms Coffey said: "We do know that one of the best ways to boost their incomes
is not only to get into work if they're not in work already, but potentially
to work some more hours, to get upskilled, to get a higher income."-BBC

 

 

 

 

South Africa: Eskom's De Ruyter Leaves, Who's Next to Take Reins?

Cape Town — Eskom CEO Andre De Ruyter was planning on leaving embattled
power utility in March 2023 but hurried his exit after an explosive
interview in which he spoke on the situation at Eskom.

 

In the interview with eNCA, De Ruyter didn't pull any punches as he spoke of
alleged corruption, theft, mismanagement, and the several cover-ups of crime
at the power utility, which he said resulted in the misery of power cuts
(load shedding) that has intensified in frequency over the past few months.
Many businesses, particularly small businesses, are heavily impacted, many
closed or retrenched staff, and navigating around power cuts for ordinary
South Africans is a daily challenge.

 

De Ruyter took the reins at the parastatal at a time when load shedding was
worsening. The company was mismanaged for years and De Ruyter said he tried
peeling away the layers of corruption at Eskom - from coal purchasing
tenders that were irregularly awarded, to crumbling infrastructure. De
Ruyter said that Eskom loses R1 billion per month to corruption. De Ruyter
also spoke of the theft of diesel, needed to keep power stations running and
sabotage at power stations - by Eskom employees that resulted in the South
African National Defence Force being called in to protect vulnerable power
stations. Although arrests were made in certain instances, many other cases
have not been dealt with. De Ruyter also spoke of threats made on his life,
including a cyanide poisoning.

 

 

The power utility has debt amounting to R423 billion and Finance Minister
Enoch Godongwana said government will provide a bailout to halve that debt.
South Africans have, over the years, been slapped with a further hike in
electricity tariffs.

 

But what seemed to be the straw that broke the proverbial camel's back was
when Energy Minister Gwede Mantashe accused De Ruyter of wanting to unseat
the government by implementing power cuts.

 

 

Reactions From Political Parties

 

Minister of Transport Fikile Mbalula called for De Ruyter to provide
evidence for his claims of ANC involvement in corruption at Eskom,
Eyewitness News reports. "If he's got anything that says ANC is corrupt, he
must then produce evidence."

 

Finance Minister Enoch Godongwana has also said that De Ruyter was
"economical with the truth". He said: "When the issues of corruption was
raised with the government, an investigation was done, and it was found that
yes indeed there is some syndicates in particular in Mpumalanga, which also
included the police," Eyewitness News reports.

 

"What government did was to set up a task team, they've just moved into
Megawatt [Park]. They've arrested a number of people because of that. I find
it difficult to take that statement."

 

Western Cape Premier Alan Winde of the Democratic Alliance expressed his
shock at De Ruyter's immediate termination as group CEO - a move brought by
De Ruyter's "courage" in speaking out about corruption at Eskom, he said.

 

 

 

Africa: South Africa's Bailout of Eskom Won't End Power Cuts - Splitting Up
the Utility Can, As Other Countries Have Shown

The announcement by the South African finance minister, Enoch Godongwana, of
debt relief for the country's troubled power utility, Eskom, is a step
forward. It will fix one problem: Eskom has too much debt. But the plan
won't end power cuts which have worsened in recent years.

 

The international experience is that one way to end electricity shortages is
to allow competitively-priced privately-funded generation at scale. This
requires a reorganisation of South Africa's electricity market along the
lines announced by the Department of Public Enterprises nearly four years
ago. The crux of the plan was to split Eskom into three separate units -
generation, transmission and distribution, with transmission remaining
state-owned.

 

 

With the announced conditions, which include the requirement that Eskom
prioritise capital expenditure in transmission and distribution during the
debt-relief period, the finance minister has missed an opportunity to
finally achieve this.

 

What we can learn from other countries

 

Other countries that have had power cuts offer South Africa lessons. China,
for example, faced rolling blackouts between 2003 and 2006 because of an
unexpected growth spurt. In 2015, Greece was in the middle of a financial
crisis and its people could not afford the electricity supply, some of which
came through a complex deal with Russia. And in Colombia, a drought in 1992
caused the main source of electricity supply - which came from a
hydroelectric plant - to literally dry up.

 

All these countries experienced power cuts. But South Africa is the only
country to have had power shortages for 15 years. This is because the others
moved quickly to rejig their electricity supply systems.

 

 

All three countries followed a similar route, as have many others. They
untangled their single electricity companies, focusing on keeping parts of
it under state control and opening up the rest to a mix of state and private
companies.

 

Complex to manage

 

The electricity supply system has three parts. First is generation -
generating electricity at a power plant. Second is transmission - moving it
from the power plant to the municipality, usually on a high voltage line.
Finally, distribution is about getting it the last few metres to a house or
factory.

 

High-voltage transmission is what economists call a "natural monopoly". It
is more efficient if there is a single electricity grid for an area, rather
than multiple grids. This part is best managed by a central body - in many
countries a state-owned company. Because the transmission business can
recover costs, it can use that income to increase transmission capacity,
something that is urgently needed.

 

 

But China, Colombia and Greece all recognised that generation no longer
needs to be a monopoly. Actually a monopoly in generation is bad for all the
same reasons that all monopolies are bad. They typically charge more and
produce less. You need a complicated regulatory system to get their prices
right. Smaller generation companies are easier to manage.

 

Distribution is best left to a company as close to the end user as possible
- in almost all countries, that is the municipality. In South Africa, it is
a mix. For example, City Power distributes electricity to customers in older
parts of Johannesburg. But Eskom distributes electricity direct in outlying
parts of the metros.

 

This means that Eskom has to do everything: generate electricity, transmit
it on large power lines to the cities and then distribute it to individual
customers. It is a "vertical monopoly". This makes it a fiendishly complex
company to manage. Very few countries have such an arrangement - most prefer
to allow specialist businesses in each part of the system.

 

Lessons for South Africa

 

Here's what happened when generation was untangled from the rest of the
state-owned monopoly in China. Between 2003 and 2006, new generation
companies added over 237,500 MW to the Chinese grid. That's the equivalent
of delivering nearly 10 Eskoms in three years.

 

In 2019, the Department of Public Enterprises published a detailed and clear
roadmap to follow this route, separating Eskom into generation, transmission
and distribution. Internally, Eskom is already structured that way. On 17
December 2021, the legally binding merger agreement was executed to transfer
transmission to the National Transmission Company South Africa SOC Limited.

 

But the very last step has not been taken, despite being government policy
since 1998. Every time the proposed separation comes closer to happening,
there has been fierce resistance from both unions and Eskom management. In
2018, it was because of loadshedding. During the years when there was no
loadshedding and plants were being run too hard, it was because it was not
urgent. And since the current electricity crisis, it is because there is
loadshedding and Eskom is not financially viable. But it is precisely
because Eskom is in financial distress that the separation needs to be
accelerated.

 

In 2023, two things make it possible to do the separation very quickly.

 

The first is a new CEO. If the government is serious about the separation,
as it has regularly said it is, it doesn't make sense to appoint a single
new CEO. Separate CEOs should be appointed for the National Transmission
Company and for the other businesses. An independent board of directors for
the transmission company should also be appointed.

 

The second is a technical issue related to Eskom's debt. At the moment,
Eskom as a whole is liable for the Eskom debt. The debt holders need to
consent to any change in the legal structure.

 

The national treasury has announced that approximately R254 billion (about
US$14 billion) of Eskom debt will be transferred to the national balance
sheet in tranches over the next three years. Debt holders can be asked to
approve the transfer of debt and the final piece of the restructuring at the
same time. The legal and technical work has all been done - the National
Transmission Company exists, and it just needs life and capital. It would
have been far better to use the R254 billion (about US$14 billion) to help
capitalise this critical new company.

 

Most debt holders will jump at the chance - certainty on the long promised
new structure as it will go a long way to fix energy problems in the
country. Also, it will improve the chances that debt holders will get their
interest payments on the debt that isn't transferred.

 

Unfortunately, the conditions that the national treasury has announced do
not include the final unbundling. There is still an opportunity - the
government's conditions still have to be finalised. Eskom's unbundling is
one of the priorities of Operation Vulindlela, a joint initiative of the
presidency and national treasury aimed at accelerating structural reforms
and measures that can support economic recovery.

 

Hopefully the government will learn from the international experience and
use the R254 billion (about US$14 billion) to fundamentally fix the problem
of a vertically integrated, inefficient and ineffective monopoly. And with
that, end power cuts.

 

 

 

 

Rwanda Deploys Drones to Deliver Diabetes Meds At Patients' Doorsteps

The Ministry of Health in Partnership with Zipline and Partners in Health
are conducting trials of how insulin medications for diabetes patients can
be delivered at doorsteps using drones.

 

The trials were conducted in remote areas of Kayonza and Kirehe Districts
according to officials.

 

Previously, drone-based technology has been delivering blood to health
facilities in remote areas. This inspired to advance the technology to
deliver insulin to homes of diabetes patients in remote areas.

 

How will it be done?

 

Patients with type 1 diabetes are trained on self-monitoring of their blood
glucose and have clinic appointments. With this new process a patient will
get informed ahead of time through a nurse's phone call that will require
previous glucose readings from a patient, and ask him or her about any
changes in health before recommending medications.

 

The nurse will then prescribe treatments or adjust if necessary, then send
details of the prescription to Zipline for dispatch.

 

 

Zipline will then process the request from a storage depot at their sites
and reach out to the patient before dispatching a drone carrying medication.
Among deliveries that the patients will receive include insulins, syringes,
lancents, glucometers, logbooks and strips.

 

The drop will then use coordinates to locate the patients' homes. Then fly
there with a box containing medication on board and drop it at the patients'
home.

 

After receiving the ordered box dropped by a Zipline drone at the site,
notification messages will be shared with zipline, the health care provider
and the patient for confirmation.

 

Project Rational

 

Currently, some type 1 diabetes patients have been chosen in Kayonza to
pilot in the project that will benefit 27 patients including 15 in Kayonza
and 12 in Kirehe Districts.

 

Among them include Phoebe Mukapapa a resident of Kabare sector in Kayonza
District. Mukapapa has been relying on insulin medication for 9 years, she
told The New Times that the project has helped her cut transport costs and
accessibility barriers.

 

"I use Rwf 6000 from Kabare to Rwinkwavu hospital to get medication. It has
been challenging to reach the hospital. It also required me to first request
for a transfer from a health centre before going to the hospital," said
Mukapapa.

 

Kayonza District vice Mayor in charge of Social Affairs, Jean Damascene
Harelimana, said that the project will help patients increase their
productivity improve their livelihoods

 

According to Dr Vincent Cubaka, a Medical practitioner and Researcher at
Partners In Health, "We are exploring feasibility and acceptability of
doorstep delivering of insulin and other drugs to patients especially those
living with diabetes in remote areas that are very difficult to access
health care facilities."

 

He added: "We are testing if this is an acceptable idea for them, and their
health care providers, but also looking at the logistics of where a patient
is living, with this study we will be able to make recommendations of what
can be done next".

 

Early phases of the project testing demonstrated that adapting drone-based
delivery of insulin medications to type 1 diabetes who rely on medication
every day of their lives has yielded positive results and in the next 6
months there will be deliveries of insulin medication to diabetes patients
at their doorsteps.

 

-New Times.

 

 

 

 

Mauritius: Networking Conference Focuses On Technology As an Enabler of
Sustainability

A networking conference under the theme 'Building an ESG-centric ecosystem
using technology', was held, today at the Ravenala Attitude Hotel in
Balaclava, at the initiative of the Mauritius Institute of Directors (MIoD)
in collaboration with Axiz Group.

 

Its main objectives were to bring together experts to discuss how technology
can be an enabler of sustainability; provide broader perspectives on the way
business is carried out in Africa; and raise awareness on how innovation and
digitalisation can facilitate the Environment, Social and Governance (ESG)
issues while building resilience.

 

The Minister of Financial Services and Good Governance, Mr Mahen Kumar
Seeruttun, the Chief Executive Officer (CEO) of the MIoD, Mrs Sheila
Ujoodha, the CEO of Axiz Group, Mr Craig Brunsden, and other personalities
were present.

 

 

In his speech, Minister Seeruttun highlighted that the conference is the
perfect forum to discuss how businesses can tap the potential of technology
in building resilience and achieving the Sustainable Development Goals. It
is clear for Government that digitalisation is a driver of opportunities for
prosperity and a sustainable future, he underscored.

 

Minister Seeruttun observed that Mauritius, as a Small Island Developing
State, faces threats such as global warming, environmental pollution, food
security, and waste disposal. He thus emphasised the importance of preparing
the country for a sustainable future which, according to him, is akin to
safeguarding the very existence of the island. Government, he indicated, is
relying strongly on science, innovation and technology to give additional
thrust to sustainability efforts.

 

Furthermore, the Minister remarked that ESG is a priority area for
businesses so as to enable them to produce faster, smarter and better
business outcomes. He urged businesses to make the most of digital
technologies as a driver of sustainability objectives, and reiterated
Government's support to the business community in ensuring a sustainable
future for Mauritius through technological advancement.

 

For her part, Mrs Ujoodha dwelt on the role of the MIoD, which is to prepare
for the future of corporate governance and to be a platform for learning and
development. "Today, we are engaging in a major reflection on technology as
a transformative tool to integrate ESG into our best practices and this
conference is an ideal opportunity to spark ideas and raise awareness in the
business community about new paradigms" she said.

 

As for Mr Brunsden, he indicated that ESG is becoming more prominent. The
adoption of ESG practices by using technology can create positive social,
environmental and economic impacts while generating financial returns in
African countries, he added.

 

-Mauritius.

 

 

 

Kenya: Raila's Continental Role Discontinued After Nepad Transition to AU
Development Agency

Nairobi — The African Union Commission has discontinued Raila Odinga's
continental role as the High Representative for Infrastructure Development
following the coming into force of the African Union Development Agency
(AUDA).

 

AUDA marks a transition from the New Partnership for Africa's Development
program -- NEPAD.

 

AU Commission Chairperson Moussa Faki gave AUDA the full mandate to
implement the continental agenda on infrastructure.

 

"The transformation of the NEPAD Agency to African Union Development Agency:
NEPAD has now been completed, with full mandate to implement the Continental
agenda on infrastructure," Faki wrote in a letter dated February 19.

 

 

He expressed gratitude to Odinga for his contribution to the continental
infrastructure agenda.

 

"Your role in this journey, Excellency, has been invaluable," Faki sated.

 

"Allow me to express my profound gratitude for accepting to serve in this
role during the transition period, which has now come to a happy
conclusion," he stated in a letter copied to Kenya's Embassay in Ethiopia
which doubles up as the Permanent Mission to the AU.

 

Odinga took up the High Representative role in October 2018 months after
ending an anti-government civil disobedience campaign.

 

Post-handshake appointment

 

His March 9, 2018 truce with then President Uhuru Kenyatta which came to be
known as the handshake which unsettled then Deputy President William Ruto
who was pushed to the margins of power becoming an outsider in government.

 

 

Kenyatta went on to declare Odinga as his choice in the 2022 presidential
election but Ruto emerged as the winner.

 

Odinga has since dismissed Ruto's presidency despite an unsuccessful
petition at the Supreme Court dismissed unanimously by the court's seven
judges.

 

On Wednesday, days after his AU assignment came to an end, he gave a 14-day
ultimatum for Ruto to respond to a raft of demands threatening mass action
of government fails to do so.

 

Responding to Odinga ultimatum, Ruto vowed to crash impunity saying the rule
of law will prevail.

 

IEBC Selection Panel

 

Key among Odinga's demands is the suspension on the recruitment of a
selection panel to pick new electoral commission members. Ruto has already
set the process in motion.

 

The recruitment of the panel followed the declaration of seven vacancies in
the Independent Electoral and Boundaries Commission.

 

The slots became vacant after the tenure of three commissioners -- Wafula
Chebukati (Chairperson), Boya Molu and Yakub Guliye -- came to and end.

 

Three others -- Juliana Cherera (Vice Chairperson), Francis Wanderi and
Justus Nyang'aya -- resigned after Ruto appointed a tribunal to probe their
conduct.

 

Cherera, Wanderi and Nyang'aya were part of a dissenting faction which
included Irene Masit that disowned the outcome of the presidential election.

 

Witnessed who appeared before the tribunal led by Justice Aggrey Muchelule
accused the Cherera faction of seeking to moderate election results to
overturn Ruto's victory.

 

Masit, the only commissioner who faced the tribunal, denied the allegations
during a monthlong hearing concluded on Monday.

 

- Capital FM.

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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

 


 

 

 

 

 

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