Major International Business Headlines Brief::: 27 February 2023

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Major International Business Headlines Brief::: 27 February 2023 

 


 

 


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

 


 

 


 

ü  Bao Fan: Missing Chinese billionaire assisting authorities, firm says

ü  Britishvolt bought by Australian firm Recharge Industries

ü  Labour says UK risks falling behind Poland

ü  Over 2 million Cosori Air Fryers recalled due to fire and burn concerns

ü  Signal would 'walk' from UK if Online Safety Bill undermined encryption

ü  UK phone repair apprenticeship needed, says firm

ü  Cost of living: Ofgem price cap leads to debate over energy bill support

ü  2 Sisters: Anglesey chicken factory closure confirmed - Welsh government

ü  Newcastle City Council assessing options after Tolent collapse

ü  South Africa: Durban's R579-Million Street Light Contract Under Scrutiny

ü  Nigeria: Egg Price Crash - We're Worst Hit - Plateau Farmers

ü  Tanzania: Kikula Stresses Adherence to Mining Laws

ü  Egypt: Minister - Environment &; Climate Investment Unit to Be Launched
Soon

ü  Ethiopia: Ugandan MPs Describes Ethiopia's Legal Framework, Policy On
Technology As Clear and Focused

ü  Malawi: Chakwera Underscores Importance of Morally Upright Labour Force

ü  Rwanda: African Airport Industry Experts Meet in Rwanda

 


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Bao Fan: Missing Chinese billionaire assisting authorities, firm says

Billionaire technology dealmaker Bao Fan is cooperating with Chinese
authorities conducting an investigation, his bank says.

 

China Renaissance Holdings reported 11 days ago that Mr Bao had gone
missing.

 

Mr Bao is the chief executive and founder of China Renaissance Holdings and
a leading deal broker in China whose clients include top technology
companies Didi and Meituan.

 

The firm's shares slumped after Mr Bao went missing but rose on Monday.

 

"The Board has become aware that Mr Bao is currently cooperating in an
investigation being carried out by certain authorities in the People's
Republic of China," the bank said in a filing to the Hong Kong Stock
Exchange.

 

"The Company will duly cooperate and assist with any lawful request from the
relevant PRC authorities, if and when made," it added.

 

The announcement was the first time that China Renaissance has given a
reason for the disappearance of its founder. However, it did not provide any
details about the investigation or Mr Bao's whereabouts.

 

Authorities took Mr Bao away earlier this month to assist in an
investigation into a former colleague, Cong Lin, the company's former
president, according to the Reuters news agency.

 

Mr Bao's disappearance comes against the backdrop of a crackdown on leading
technology companies by Chinese authorities.

 

In late 2020, Alibaba founder Jack Ma also disappeared from public view for
three months, after making comments critical of market regulators. He had
been due to publicly list his digital payments firm Ant Financial - which
would have most likely made him the richest man in China.

 

Mr Bao's disappearance also comes after a series of cases of high-profile
Chinese executives going missing as part of Chinese President Xi Jinping's
anti-corruption campaign.

 

In 2015 alone, at least five executives became unreachable, including Fosun
Group Chairman Guo Guangchang. The company later said he was assisting with
investigations over a personal matter.

 

Chinese-Canadian businessman Xiao Jianhua was also taken in 2017. He had
been one of China's richest people and last year was jailed for corruption.

 

Mr Bao is seen as a titan in China's tech industry, having executed many of
the trades that have shaped its online consumer economy. He founded China
Renaissance in 2005 after a banking career at Morgan Stanley and Credit
Suisse.

 

In a 2018 article, Mr Bao wrote that his company had "cross[ed] paths" with
70% of the internet companies known by the Chinese public.-BBC

 

 

 

 

Britishvolt bought by Australian firm Recharge Industries

Australian firm Recharge Industries has bought the defunct battery maker
Britishvolt out of administration.

 

Britishvolt had plans to build a £4bn battery plant near the Port of Blyth
in Northumberland but collapsed last month after running out of money.

 

Its downfall was blamed on a lack of battery experience, proven technology,
customers and revenue.

 

Recharge Industries has in many ways a similar profile - it is a start up
with little manufacturing experience.

 

The Australian company is ultimately owned and run by a New York-based
investment fund called Scale Facilitation.

 

"What we are bringing is validated technology," the fund's Australian chief
executive David Collard told the BBC.

 

"The US defence industry has validated it and it is already supplied to the
UK navy through a subcontractor."

 

Big ambitions

The new owners will keep the Britishvolt brand name but have very different
plans for the future.

 

The company intends to start by focusing on batteries for energy storage and
hopes to have those products available by the end of 2025.

 

It then intends to produce batteries for high-performance sports cars.

 

UK car production collapses to lowest for 66 years

Electric car battery firm goes into administration

The prospect of a much-needed plant that can produce batteries for
high-volume carmakers in the UK looks many years off.

 

But does Mr Collard understand why many in government and the automotive
industry are nervous that it won't deliver what UK industry needs without
involvement from major manufacturers like Ford, GM, JLR and BMW?

 

"They all started somewhere before they became big. We've got accelerated
growth and have been successful all along the way," he said.

 

Recharge Industries certainly has big ambitions. It is planning to build a
similar plant in Mr Collard's hometown of Geelong, near Melbourne. He has
spent time fostering relations with government and opposition leaders there.

 

He conceded he hadn't made the same level of connections in the UK yet, but
had engaged with the owners of the Northumberland site.

 

"I spent a lot of time with Northumberland County Council. They genuinely
want a gigafactory and the best thing for their people," he said.

 

Mr Collard conceded he might not be the right person to deliver that.

 

"I'm not saying I'm the best person in the world to run this project, but at
the end of the day the administrators had a legal obligation to get the best
return for creditors. But I do think they care, as individuals, what the
future holds."

 

The deal comes just days after the Levelling-Up Secretary Michael Gove spoke
to the Northern Echo during a visit to Blyth and announced £20.7m in funding
for the coastal town.

 

"The government is ready to stand behind the right company with the right
investment because we do believe that a gigafactory here in Blyth would be
an appropriate way of building on the skills that local people have, and
indeed the edge that this town has already displayed when it comes to
renewables and the future of energy," Mr Collard said.

 

'Shovel ready'

Britishvolt's collapse, with the loss of more than 200 jobs, had been seen
as a blow to the government's "levelling up" agenda instigated by former
Prime Minister Boris Johnson.

 

The government had offered £100m to the former Britishvolt owners if they
hit certain construction milestones.

 

Mr Collard said he would happily accept government funding but wanted broad
political support. "Anyone will take free money but at the end of the day
what we want is bi-partisan support and we have that in Australia and the
US."

 

He described the site as "shovel ready" but said it would be six to 12
months before the first shovel would be used on site.

 

Ultimately, he hopes the site will create up to 8,000 jobs on site and in
the supply chain.

 

That would be a great outcome for the region and the UK economy but this
project does not seem to be the answer yet to the UK's pressing car battery
needs.

 

The UK currently has only one Chinese-owned battery plant, which is next to
the Nissan factory in Sunderland.

 

There are 35 plants planned or already under construction in the European
Union.-BBC

 

 

 

Labour says UK risks falling behind Poland

Sir Keir Starmer has set out his plans for the economy, warning that without
new policies the UK risks falling behind eastern European nations.

 

The Labour leader will host a round table in the city of London on Monday,
with prominent business guests.

 

He will flesh out more details of his "mission" for the UK to achieve the
fastest sustainable growth in the G7.

 

Tesco chairman John Allan, and former Bank of England governor Mark Carney
are due to attend.

 

Sir Keir is drawing together previously announced policies as well as
setting out further details of Labour's economic strategy - including
promises to provide clear rules for government taxation and spending, and
announcing a new enhanced role for the Office for Budget Responsibility
(OBR).

 

Labour said the Tories had put the country on a "path of decline" and if
recent growth trends continued, people in the UK would be worse off than
Poland's population by 2030.

 

It said UK GDP per capita grew at an average annual rate of 0.5% in real
terms between 2010 and 2021, while Poland's grew 3.6%, (based on World Bank
data).

 

If those trends continued, by 2030 people in the UK would each be £500
($600) poorer than Poland's population, Labour said, and by 2040 would have
fallen behind Hungary and Romania.

 

Labour announced last week that if elected, it would pursue five "missions":
the first is for the UK to achieve the "highest sustained growth" in the G7.

 

The other missions - broad themes on what Labour wants to achieve in power -
include turning the UK into a "clean energy superpower", improving the NHS,
reforming the justice system and raising education standards.

 

The party has promised to provide more specific policy proposals later in
the year. But Monday's event is to flesh out its general strategy for
boosting economic growth and to sound out business.

 

 

"We've got to find the courage to take on vested interests," Sir Keir is
scheduled to say later.

 

"So, if you think it's not government's role to shape markets, that we're
only here to serve them; or that a labour market which locks in low pay and
productivity is something beyond reform; or that the planning system should
favour the already wealthy, not the new houses, wind farms and laboratories
we need to create more wealth
 then that's not going to work for us," he
will say.

 

In the first indication of how the mission on the economy would be measured,
Labour said it would look at growth in output per person and compare that to
other countries.

 

It also plans to look at living standards via the measure of disposable
income for the median UK household, with the ambition to make progress
towards eliminating the gap between the median British family and those in
France and Germany by the end of the parliament.

 

However Sir Keir will also suggest he should be judged on whether people
"feel better off" at the end of a Labour term in government.

 

 

Today's announcement reveals a little bit more about the opposition's
economic priorities. It will measure its G7 chart-topping growth mission on
a per capita basis.

 

Labour explicitly says a "bad Brexit deal" is exacerbating the nation's
economic challenges, calling for a "reset" to relations with Europe.

 

It canvases for ideas on both a closer relationship with Europe and the UK
response to the US and Europe pouring investment into green and high tech
businesses.

 

Perhaps the most intriguing part of the "mission" document however is the
claim that by 2030, on current trends Poland could surpass the UK on the per
capita size of the economy.

 

It follows Starmer's claim last week that international investors told him
they didn't want to invest in the UK, because of political chaos.

 

While there is more analysis than action in the document, it is telling that
the launch event will be attended by some leading business bosses and former
Bank of England chief Mark Carney.

 

Exactly where Labour lands on ties with Europe and on investment into green
industries is already a material factor for important international
investors.

 

2px presentational grey line

Paul Drechsler, former president of the business organisation the CBI, said
Labour's strategy reflected the views of many of the country's business
leaders, and he welcomed its commitment to "greater certainty and
stability".

 

Labour has been wooing the business community, suggesting it would provide
long-term, stable government in contrast to last autumn's rapid change of
Conservative prime ministers, and the disruption on the financial markets.

 

However, Sir Keir has previously said he supports the increase in
corporation tax - from 19% to 25% - that is coming in April, arguing that
businesses are more concerned about stability than taxes.

 

He has also previously promised sweeping constitutional reform, which he
said would unleash potential in the nations and regions of the UK, and has
said he would "make Brexit work".

 

Tesco's Mr Allan said: "Speaking personally, I believe many businesses will
welcome Labour's commitment to achieving sustained economic growth.

 

"Growth can best be achieved by a partnership between government and
business. Now we need to work together to create a detailed plan so that if
Labour form the next government, they can hit the ground running on day
one."

 

Lord Sainsbury, former chairman of the supermarket chain, has made a £2m
donation to the Labour Party. He was a regular Labour donor when the party
was last in power and served as science minister under Tony Blair but
stopped donating in 2016.-BBC

 

 

 

Over 2 million Cosori Air Fryers recalled due to fire and burn concerns

Around two million Cosori Air Fryers have been recalled in the US due to
reports of fires and burns, the US Consumer Product Safety Commission (CPSC)
said this week.

 

The issue is due to a wire connection in the air fryers, which can overheat,
posing a fire hazard, CPSC said.

 

About 250,000 air fryers in Canada and 21,000 in Mexico were also recalled.

 

Cosori has received 205 reports of the air fryers catching fire, burning,
melting, overheating and smoking.

 

That includes 10 incidents of minor, superficial burn injuries and 23
reports of minor property damage, CPSC said.

 

"After a thorough investigation, we determined that in extremely rare
circumstances, the closed-end crimp connectors within the recalled air
fryers - which are responsible for establishing electrical connections
between certain wires - can overheat, posing fire and burn hazards," the
company said in a statement.

 

The popular kitchen appliance company - which is owned by Vesync, based in
Shenzen, China - said all of its products were "rigorously and routinely
tested for consumer safety and are in full compliance with established
industry standards".

 

"Cosori is committed to the safety of those who use and love our products,
and we sincerely apologize for any inconvenience," the company said in the
statement.

 

Cosori asked customers to immediately stop using the air fryer and go to
recall.cosori.com to request for a replacement of their choice. Customers
must send a photo of the recalled product but do not need a receipt to be
eligible.

 

The air fryers, which cost between $70 (£58) and $130 (£108), were sold at
popular brick-and-mortar stores and online sites including Best Buy, Target,
Amazon and Walmart from June 2018 through December 2022, CPSC said.

 

Several models in 3.7-quart (3.5 litre) and 5.8-quart (5.48 litre) sizes
were affected.-BBC

 

 

 

Signal would 'walk' from UK if Online Safety Bill undermined encryption

The encrypted-messaging app Signal has said it would stop providing services
in the UK if a new law undermined encryption.

 

If forced to weaken the privacy of its messaging system under the Online
Safety Bill, the organisation "would absolutely, 100% walk" Signal president
Meredith Whittaker told the BBC.

 

The government said its proposal was not "a ban on end-to-end encryption".

 

The bill, introduced by Boris Johnson, is currently going through
Parliament.

 

Critics say companies could be required by Ofcom to scan messages on
encrypted apps for child sexual abuse material or terrorism content under
the new law.

 

This has worried firms whose business is enabling private, secure
communication.

 

Element, a UK company whose customers include the Ministry of Defence, told
the BBC the plan would cost it clients.

 

Previously, WhatsApp has told the BBC it would refuse to lower security for
any government.

 

'Magical thinking'

The government, and prominent child protection charities have long argued
that encryption hinders efforts to combat online child abuse - which they
say is a growing problem.

 

"It is important that technology companies make every effort to ensure that
their platforms do not become a breeding ground for paedophiles," the Home
Office said in a statement.

 

It added "The Online Safety Bill does not represent a ban on end-to-end
encryption but makes clear that technological changes should not be
implemented in a way that diminishes public safety - especially the safety
of children online.

 

"It is not a choice between privacy or child safety - we can and we must
have both."

 

Child protection charity the NSPCC said in reaction to Signal's
announcement: "Tech companies should be required to disrupt the abuse that
is occurring at record levels on their platforms, including in private
messaging and end-to-end encrypted environments."

 

But the digital rights campaigners the Open Rights Group said it highlighted
how the bill threatened to "undermine our right to communicate securely and
privately".

 

But Ms Whittaker told the BBC it was "magical thinking" to believe we can
have privacy "but only for the good guys".

 

She added: "Encryption is either protecting everyone or it is broken for
everyone."

 

She said the Online Safety Bill "embodied" a variant of this magical
thinking.

 

Signal has had over 100 million app downloads on the Google store alone.

 

It uses end-to-end encryption, a system where messages are scrambled so that
even the company operating the service cannot read them.

 

Operated by a Californian based not-for-profit organisation, the app's users
include journalists, activists and politicians.

 

WhatsApp also uses end-to-end encryption, as does Apple's iMessage system
and optionally Facebook and Telegram.

 

Apple had proposed a system where messages sent from phones and other
devices would be scanned for child abuse images before being encrypted but
abandoned the plans following a backlash.

 

Called client-side scanning, some have said this is the approach that tech
firms may end up having to use - but critics argue it effectively undermines
the point of encryption.

 

It would in effect turn everyone's phone into a "mass surveillance device
that phones home to tech corporations and governments and private entities",
Ms Whittaker said.

 

'Privacy promises'

Ms Whittaker said "back doors" to enable the scanning of private messages
would be exploited by "malignant state actors" and "create a way for
criminals to access these systems".

 

Asked if the Online Safety Bill could jeopardise their ability to offer a
service in the UK, she told the BBC: "It could, and we would absolutely 100%
walk rather than ever undermine the trust that people place in us to provide
a truly private means of communication.

 

"We have never weakened our privacy promises, and we never would."

 

Matthew Hodgson chief executive of Element, a British secure communications
company, said the threat of mandated scanning alone would cost him clients.

 

He argued that customers would assume any secure communication product that
came out of the UK would "necessarily have to have backdoors in order to
allow for illegal content to be scanned".

 

It could also result in "a very surreal situation" where a government bill
might undermine security guarantees given to customers at the MoD and other
sensitive areas of government, he added.

 

He also said the firm might have to cease offering some services.

 

Child safety

Ms Whittaker said: "There's no-one who doesn't want to protect children,"
adding: "Some of the stories that are invoked are harrowing."

 

When asked how she would respond to arguments that encryption protects
abusers, Ms Whittaker said she believed that most abuse took place in the
family and in the community - where she argued the focus of efforts to stop
it should be.

 

She pointed to a paper by Professor Ross Anderson, which argued for better
funding of services working in child protection and warned that "the idea
that complex social problems are amenable to cheap technical solutions is
the siren song of the software salesman".-BBC

 

 

 

 

UK phone repair apprenticeship needed, says firm

A firm that fixes smartphones is calling for an official device repair
apprenticeship to be introduced.

 

In 2022 there were almost 72 million mobile phone connections in use in the
UK.

 

But repair firm TMT First, which introduced its own apprenticeship after
struggling to find staff, points out there is no industry training standard.

 

By contrast, there are 33 million cars on the road - and mechanics learning
on nationally recognised apprenticeships

 

"There's lots of young techy people out there who perhaps have even tinkered
around with phones at home themselves, and are really interested in how they
can do this better, and maybe create a career out of it," Adam Whitehouse
from TMT First said.

 

"If you think about the technology and all the devices in our homes today,
those things need repairing. And when people are taught the correct way of
doing that, these devices will last for longer."

 

He founded TMT First, based in Newcastle-under-Lyme, Staffordshire, in 2006.
He says 58 members of staff have come through his firm's training courses so
far and the company now offers its own apprenticeship.

 

One of them, Daliana Bianca, said people stop her in the street when she is
out at lunchtime wearing the company logo on her clothes to ask for repair
help.

 

But there are no search results under "phone repair" on the website for the
Institute for Apprenticeships and Technical Education, a government agency.

 

The institute's deputy director, Nikki Christie, told the BBC there had not
been sufficient industry interest.

 

"We would welcome renewed interest in the development of an apprenticeship
for this occupation, as it has the potential to be a great entry point into
digital careers," she said.

 

Mr Whitehouse said his was one of a group of organisations that had
submitted a proposal before the pandemic, but several of them were no longer
in business.

 

The Department for Education said the government planned to make £2.7bn
available by 2025 for businesses across all sectors to set up their own
relevant schemes.

 

Mr Whitehouse's company, housed in a former British Gas call centre,
receives around 10,000 smartphones every month from Samsung, with whom it
has a contract, as well as other sources.

 

His premises consist of warehouse-sized rooms filled with large boxes full
of broken devices and row after row of neat drawers containing spare parts
of various sizes.

 

Phones that cannot be fixed get shredded, so that the precious metals
inside, including gold, can be retrieved and reused. TMT First has also
pioneered a new way of fixing some handsets which reduces e-waste by saving
the battery and outside frame.

 

An experienced technician can carry out 15 to 20 repairs per shift,
depending on what the damage is. Smashed screens are still the most common
issue.

 

"We see devices come in that look like they've been run over by a car," said
Mr Whitehouse.

 

"And when we go back and say 'how did this happen?', there are times when
they actually have been run over by a car."

 

Fixing is fiddly

Then it was my turn to have a go at the company's apprenticeship entrance
test. I had to dismantle and then reassemble a smartphone after watching
Tudor Ion, head of repairs, do it in front of me.

 

It takes a trained technician a few minutes - it took me 45.

 

It is not difficult but it is fiddly. There are 15 tiny screws underneath
the casing, and a further three, equally tiny but a slightly different size,
that attach the motherboard to the frame.

 

Everything has to be carefully disconnected and removed in the correct order
without causing further damage. I also had to wear accessories to prevent
electrostatic discharge - because a small amount of accidental static, like
the shock you sometimes get from walking on carpet, can destroy the delicate
electronics inside the device.

 

"You need some practical skills. But I think attitude is the most important
because we can teach you how to repair devices. But you need to have the
correct attitude," said Mr Ion.

 

I think by this he means you have to not be tempted to throw the phone out
of the window after doing battle with the world's smallest screws - but
perhaps that's just me.

 

The rise of the right to repair movement in the US and Europe has seen
campaigners pushing the tech sector to help people to fix their devices
themselves.

 

Apple now does home loans of technical equipment and publishes long
instruction manuals for those wishing to do it. But you end up with an
invalid warranty if your repair fails.

 

There are many accounts online of people who found it more difficult than
they expected - including me. But is it still a threat to businesses like
TMT First?

 

"There are plenty of people that can repair cars. There's plenty of people
that might want to tinker with their cars on the weekend. But there's also
people who just want their car fixed," said Mr Whitehouse.

 

"There's definitely a place for [DIY repair]... but I don't think most
people want to fix things themselves."-BBC

 

 

 

 

Cost of living: Ofgem price cap leads to debate over energy bill support

Debate over government support with household energy bills will intensify
when the industry regulator outlines details of its price cap later.

 

Ofgem's announcement will not affect what customers pay for each unit of gas
and electricity because that is limited by a government guarantee.

 

But it is likely to show the cost to government of support is lower than was
initially expected.

 

Campaigners say ministers should stop a rise in energy bills in April.

 

Chancellor Jeremy Hunt previously told the BBC that although the policy
remained under review, he did not think the government had the "headroom to
make a major new initiative to help people".

 

How much you will pay

Under the government's Energy Price Guarantee (EPG), a household using a
typical amount of gas and electricity in England, Wales and Scotland is
currently paying £2,500 a year for energy. Without government support, that
annual bill would have been £4,279 since January.

 

The chancellor has already announced that the EPG will become less generous
in April, which means the typical household will be paying £3,000 a year.

 

Ofgem will announce later on Monday what that bill would otherwise have been
from April to July, without the guarantee. Analysts at consultancy firm
Cornwall Insight predict that to be £3,295, because of falling wholesale
prices.

 

The government compensates energy suppliers with the difference between the
guarantee and Ofgem's cap.

 

 

'National act of harm'

The EPG began in October last year, and is scheduled to continue to April
2024. Falling wholesale prices mean the potential cost to the government
could be billions of pounds less than initially thought, but still totalling
just under £30bn.

 

Such figures were, and could still be, highly volatile. The government says
the "savings" would be money not borrowed, rather than a pot of money
available to spend elsewhere. However, the figures have prompted dozens of
charities and campaigners to call on the government to reverse the plan for
a typical annual bill to rise from £2,500 to £3,000 in April.

 

The consumer finance expert Martin Lewis described the bill rise as a
"national act of harm". Labour and the Trades Union Congress (TUC) have made
the same call.

 

"The government must cancel its imminent hike in household energy bills at
next month's Budget. Families across Britain are being pushed to the brink
by sky-high bills," said TUC general secretary Paul Nowak.

 

The Liberal Democrats have gone further and want energy bills to be cut.

 

Suppliers must write to customers a month ahead of the price rise, so
letters would be sent out later this week - which is two weeks before the
Budget.

 

People struggling could get lower energy bills

The government guarantee, like any energy price cap, does not limit the
total bill. It limits the cost per unit of energy.

 

This is reflected by showing an annual bill for a household that uses a
typical amount of gas and electricity - which in April is set to be £3,000.
However, a billpayer living in a small, well-insulated flat will use less
energy so pay less. Someone in a large, draughty house will pay more.

 

Energy bills graphic

The government discounted everyone's bills by an additional £400 this winter
- with six monthly discounts on bills of about £67 - but this support comes
to an end in April. Lump sum payments have also been available in Northern
Ireland, which has a more complex market, including many households using
heating oil.

 

Cost-of-living payments, which can be worth hundreds of pounds, will
continue to be paid to households across the UK on low incomes and benefits,
as well as pensioners and those with disabilities.

 

Despite the support, charity National Energy Action estimates that 1.5
million more households will go into fuel poverty (typically spending more
than 10% of their income on energy) as a result of bill increases in April.

 

Standing charges

Ofgem's announcement later will also update households on how much they will
pay in standing charges. These are the fixed daily rates paid for having a
gas and electricity connection to your home.

 

Changes to electricity transmission rules, agreed previously, may lead to
these charges rising. At present, these stand outside of the government's
guarantee, so may lead to a further - but relatively small - increase in
people's bills. These vary by region, so the cost will also depend on where
you live.

 

Separately, people who pay for their energy by cash or cheque on receipt of
a bill currently typically pay about £250 a year more than those who pay
monthly by direct debit. Historically, Ofgem has said costs for these
customers were higher for suppliers as they were more likely to miss
payments.

 

Customers on top-up prepayment meters also have a bill that is £55 a year
higher than a typical direct debit customer, owing to higher fixed costs.

 

Ofgem is expected to update the figures later on the difference in bills
between the various types of payment.

 

Future bills

Forecasts suggest household bills would fall below the government guarantee
by July and be governed again by Ofgem's cap, due to falling wholesale
prices.

 

This would also lower the amount that the government receives in windfall
taxes.

 

For households, it could also prompt a return of competition among suppliers
for fixed deals.

 

However, Ofgem's boss Jonathan Brearley warned that customers should take
care and "do your homework" over how prices might change in the future
before making a decision.-BBC

 

 

 

2 Sisters: Anglesey chicken factory closure confirmed - Welsh government

The closure of a chicken factory that employs 730 people is going ahead, the
Welsh government has said.

 

In January poultry giant 2 Sisters announced plans to shut its premises at
Llangefni, Anglesey.

 

The Welsh government has now said the company has put forward "no viable
plans", and is "moving ahead with plans to cease production".

 

2 Sisters said it was "exploring every avenue" to help and support its
workforce.

 

After announcing the closure in January, the firm said it would speak with
employees to explore the options before making final decisions.

 

Inquiry into chicken factory closure announced

Drakeford fears thousands of job losses from cuts

The firm has previously said the factory is old, one of its smallest sites,
and that products could be made more efficiently elsewhere.

 

A 2 Sisters review of the site, which it bought in 2013, described it as
"not sustainable" and lacking space to be efficient, despite £5m being
invested there.

 

'Heartbreaking'

The Welsh government said a task force was meeting once a week to
co-ordinate "as much assistance as possible to support the workers impacted
as a result of the closure".

 

Rhun ap Iorwerth, Plaid Cymru Member of the Senedd (MS) for Anglesey, said
the news was "heartbreaking" for workers and their families.

 

"I can assure you that there is a determination to do everything possible to
help [the workers], to find employment of course, but also to cope with this
blow in a time of hardship and during a cost of living crisis," he added.

 

A Welsh government spokesperson said: "It was disappointing to hear from the
company that the first stage consultation had not brought forward any viable
plans for 2 Sisters Ltd to maintain their site in Llangefni, and the company
is now moving ahead with plans to cease production.

 

"The Welsh government will continue to work with the UK government, Anglesey
council, trades unions and other stakeholders to support the individuals and
the local community."

 

A spokesperson for 2 Sisters said: "We continue our positive engagement with
the Llangefni taskforce group and our central focus at this stage is to
partner with all agencies to support colleagues and explore every avenue in
helping them now and after the consultation period."-BBC

 

 

 

 

Newcastle City Council assessing options after Tolent collapse

Newcastle City Council says it will "assess its options" over prominent
building projects left in limbo by the collapse of construction firm Tolent.

 

The Gateshead-based company went into administration earlier this month with
more than 300 jobs lost.

 

Its projects in Newcastle included the revamp of Central Station and the
nearby Pattern Shop, as well as new housing in West Denton.

 

The council said it would "endeavour to keep disruption to a minimum".

 

Tolent, based at Team Valley with offices in Shotton Colliery, County
Durham, Stockton and Leeds, had been working on developments including the
£85.5m Milburngate in Durham, which administrators called "significantly
loss-making".

 

'Saddened' by collapse

The next phase of the Central Station project in Newcastle is set to include
two new entrances and the building of a new concourse, while the Pattern
Shop, once part of Robert Stephenson's steam locomotive works, is to become
an office space.

 

A council spokesperson told the Local Democracy Reporting Scheme: "Tolent is
a respected long-standing local construction company that has provided
employment opportunities for people in the region since its creation in the
1980s.

 

"We are very saddened to hear that it has gone into administration and
appreciate this will be a very worrying time for staff who have lost their
jobs.

 

"As a client of Tolent with a number of contracts we are working closely
with their administrators to find a way forward which is in the best
interests of the city. The council will assess its options and endeavour to
keep any disruption to a minimum."

 

It was announced earlier this week Sunderland-based Brims Construction was
stepping in to save about half of the lost Tolent jobs by taking on its
Teesside operations, while regeneration specialist RE:GEN Group has
appointed 33 staff made redundant by the firm.-BBC

 

 

 

 

South Africa: Durban's R579-Million Street Light Contract Under Scrutiny

 

The eThekwini Metropolitan Municipality has launched a forensic
investigation to determine how an R91-million contract to fix and maintain
street lights ended up costing the council R579 million, reports News24. A
spreadsheet, authored by a senior official in eThekwini's supply chain
department, listing the companies paid and the amounts paid to each, shows
that between November 2019 and December 2020, officials paid R579 million to
18 companies contracted to fix and maintain streetlights across the city. In
a short statement, eThekwini's spokesperson Lindiwe Khuzwayo told News24
that the matter was under investigation. "As a matter of practice, we do not
comment on investigations that are under way until they have been
concluded."

 

Ramaphosa on Deadline To Sign Electoral Amendment Bill

 

President Cyril Ramaphosa has only a day left to meet the February 28
deadline that the Constitutional Court has imposed on him to sign the
Electoral Amendment Bill, reports SABC News. The Bill will allow independent
candidates to contest elections at both provincial and national levels.
Executive Chairperson of the Institute of Election Management Services in
Africa Terry Tselane said: "The Constitutional Court had given Parliament 24
months to review the electoral legislation in order to ensure that other
citizens are able to participate as independents rather than through
membership of the political party."

 

 

 

Nigeria: Egg Price Crash - We're Worst Hit - Plateau Farmers

Poultry farmers in Plateau State have raised the alarm over the level of
havoc the naira redesign policy of the Central Bank of Nigeria (CBN) has
caused their sector, saying the sector is fast crashing and urgent measures
must be taken to revive it.

 

Speaking with Daily Trust on Sunday in Jos, the Plateau State capital, the
chairman of the Poultry Farmers Association, Johnson Bagudu, said they were
already at crossroads since the cash scarcity that accompanied the naira
redesign policy intensified.

 

He said that since the crisis began, prices of their eggs drastically
crashed and their farmers have been making huge losses, in the sense that a
crate of egg that was hitherto sold at N2,100 is now N1,000.

 

Bagudu said the most unfortunate aspect of the situation is that the prices
of materials purchased by poultry owners for production remained the same
but prices of the eggs they produce for sale dropped, regardless of their
cost of production.

 

 

He said it seemed the naira redesign policy and its attendant hardship were
only targeted at Plateau poultry owners because in other states, the
business is flourishing and being supported. He wondered why the case of
Plateau State, which has one of the most quality eggs across the country, is
totally different.

 

"Many of my members have called me; and we have met with several middlemen
on how to solve the problem. Those we have met include middlemen referred to
as Yankaji, who are mostly our partners.

 

"But one of the major problems we face is that some poultry farmers who are
not members of the association liaise with some eggs up-takers/purchasers to
reach any agreement about price because they (farmers) want to sell their
products even at a loss to at least get half of their money to inject in
their turnover.

 

"These up-takers who go to these poultry owners that are not members of our
association know that should they come through us they won't easily have
their way, no matter what, as the association's regulations and policy will
still be adhered to, and that can still help in one way or another,

 

"Those who buy from us at 50 per cent loss on our part still end up selling
with significant profit. Even if they purchase from us at N1,000, they still
sell at N1,900. And they purchase from us on credit and remit money to our
members whenever they sell," he said.

 

Bagudu added that all the payments were done through transfer and not cash.
He, however, expressed optimism that after the elections things would get
better.

 

He called on the Plateau State Government to come to their aid through
interventions as other state governments do to their poultry farmers.

 

He said the government could, for instance, purchase eggs from them and
inculcate into the school feeding programme or use it as part of their
humanitarian services/palliatives and distribute to the needy.

 

  Daily Trust.

 

 

 

Tanzania: Kikula Stresses Adherence to Mining Laws

MINERS and mineral dealers in the country have been urged to abide by laws,
safety, environmental conservation and proper use of explosives in mining
activities.

 

The Mining Commission Chairman, Professor Idris Kikula made the remarks
recently insisting that every miner has the responsibility of protecting the
environment as per laws.

 

He spoke during an opening of a training on Safety, Health, Environmental
Conservation and Proper use of Explosives by small scale miners held in Mara
region.

 

The training brought together directors, managers and workers from the
Mining Commission, Resident Mining Officer for Mara Region, miners and
processors' leaders, traders and mine owners in Mara region.

 

Prof Kikula said that the two -day training aimed at ensuring that mining
activities including extraction, processing and trade are done by abiding by
laws and regulations.

 

He said the training has also considered the process of issuing licences for
extraction, processing and trade especially in managing mineral markets and
centres in the country.

 

"Through this training I believe that you have a huge responsibility of
strengthening your working system by considering safety in your mine sites
to ensure that the nation does not lose its work force for sustainable
mining," he said.

 

Daily News.

 

 

 

Egypt: Minister - Environment & Climate Investment Unit to Be Launched Soon

The Ministry of Environment is expected to launch its environment and
climate investment unit in the near future to be tasked with resolving
problems facing climate projects, Environment Minister Yassmine Fouad said.

 

Speaking to MENA on Saturday 25/02/2023, Fouad added the unit is going to be
publicized over the few coming days to engage the private sector in
environment investments, such as waste management and nature reserve
projects, and promote sustainable tourism in Egypt.

 

The unit will also try to facilitate environmental impact projects in novel
areas, promote the market for carbon credits, and benefit from carbon credit
exports and sales, the minister noted.

 

She said the unit will be established as part of the State's efforts to
promote private investments, in pursuance of prime ministerial directives on
that score.

 

Fouad also highlighted the significant attention and high priority President
Abdel Fattah El Sisi now gives to environmental investments as a promising
area that holds economic, social, and environmental benefits, such as green
job opportunities, and supports national environment protection-based
development plans.

 

-Egypt Online.

 

 

 

Ethiopia: Ugandan MPs Describes Ethiopia's Legal Framework, Policy On
Technology As Clear and Focused

Addis Ababa — The policy and the legal framework of Ethiopia on science and
technology are very clear and focused, a Ugandan parliamentary delegation
told ENA.

 

The parliamentarians, who had been on a five-day visit to Ethiopia, noted
that the legal framework and policy of the country has helped to move it
milestones in science, technology and innovation.

 

This practice on how Ethiopia maintained its technological impetus needs to
be replicated in other countries of the East African region and beyond, they
added.

 

The MP delegation head, Florence Akiiki said the Government of Ethiopia and
its leadership has realized that technology and innovation will be the
driving force of the country.

 

 

She added that Ethiopia's multi-satellite tracking and data receiving ground
station show that the country has come a long way in the African continent.

 

Recall that Ethiopia launched its multi-satellite tracking and data
receiving ground station at the Entoto Observatory in 2021.

 

The station is receiving data from five different Earth Observation (EO)
satellites useful for various thematic applications.

 

"One of the data structures that really impressed us is the space satellite.
Its work is in progress. And you could see that the government is injecting
a lot of resources. This is an expensive venture, showing you that the
government is determined to ensure information in terms of space science.
Ethiopia is not only looking at itself alone, but it is looking at Africa in
general."

 

According to her, Ethiopia has actually put technology on the higher agenda
and built incredible infrastructures in the area.

 

"So we want the scientists of Uganda to partner with scientists from
Ethiopia and share experiences. .....This visit is going to benefit Uganda
and we are going to share with the relevant authorities. Here in Ethiopia,
you have that umbrella of everything, including space, science, and
bio-technology, among others."

 

Bernard Odoi Mutusa, another member of the delegation, said Ethiopia is
progressing very well in science and technology.

 

"Ethiopia is now creating a niche in ICT. If you look at the development of
satellite, you realize they are creating a niche. Not every country will
have the capacity and ability for both human resource and technological
advancement to build this massive satellite for their consumption," he
stated.

 

Mutusa believes that other east African nations may not have to establish
satellite stations but work hand-in-hand with Ethiopia which has already
gone ahead in the technology.

 

This gives leverage to Ethiopia and other countries to specialize in other
aspects, he added.

 

On her part, Betty Aol said "I have seen that Ethiopia is already well
established. If you see the Ministry of Innovation and Technology, it has a
well established ministry."

 

The MP added that as Ethiopia is moving to an era of science and technology,
Uganda is eager to collaborate with Ethiopia in the Horn of Africa.

 

-ENA.

 

 

 

Malawi: Chakwera Underscores Importance of Morally Upright Labour Force

President Lazarus Chakwera says a morally-upright labour force is key in
achieving the country's aspirations.

 

Chakwera said this on Friday when he presided over the University of
Livingstonia's 16th Congregation in Mzuzu.

 

In his speech at the ceremony, Chakwera hailed the University's adoption of
the national drive for development, as well as its complementing
shorter-term blueprints.

 

He pledged his administration's support for graduates from both public and
private universities through various government initiatives.

 

He congratulated all Unilia graduates, urging them to use their education to
contribute to the nation's development.

 

The University of Livingstonia has been operational for two decades and has
aligned its programs with the Malawi2063.

 

Its commitment to national development has been recognized by the President,
who believes that educating a morally-upright labour force is crucial in
realizing Malawi's aspirations.

 

-Nyasa Times.

 

 

 

Rwanda: African Airport Industry Experts Meet in Rwanda

The 69th edition of the Airports Council International (ACI) Africa Board
Meeting, Regional Committees, Conference, and Exhibition, started in Kigali
on Saturday, February 25, to discuss the future of the continent's airport
industry.

 

Leaders and experts in the African airport industry have attended the
conference, which runs until March 3 with the theme "Shaping up a
Sustainable African Airport Industry: Time for Action."

 

According to the organisers, the conference comes at a time Africa has a
unique opportunity to craft a new vision for an efficient, resilient, and
sustainable air transport industry that meets growing expectations in
airport safety, security, service level, technology, and environment, while
remaining economically and financially sound.

 

 

With over 250 airport leaders, professionals and stakeholders expected to be
in attendance, the organisers said, this conference promises to provide the
participants with unparalleled opportunities for networking, knowledge
sharing, and business growth.

 

The post-pandemic era has called for all stakeholders of the African airport
ecosystem to step up from commitment to implementation.

 

The ACI Africa Secretary General, Ali Tounsi, has thanked the event's host,
Rwanda Airports Company (RAC), and local and international sponsors, and
exhibitors, who will showcase the latest range of products, services, and
technologies aimed at strengthening the airport business in Africa.

 

Tounsi said: "ACI Africa has crafted a fitting program that addresses the
industry's most pressing needs and invited some of the best subject matter
experts to share their vision of the new norms for a sustainable future of
the African airport industry."

 

The Rwanda Airports Company Managing Director, Charles Habonimana, said: "We
are pleased to welcome African airport executives to Rwanda for the ACI
Africa Meeting and Exhibition.

 

"As we continue to recover from the setbacks caused by COVID-19, this feels
like a perfect time to discuss matters close to our calling and shape a
better future for the airport industry in Africa," Habonimana said.

 

Leading companies such as Dufry, Aviation Travel and Logistics, SITA,
Bugesera Airport Company, and Flemingo International are among the sponsors
of the conference which has drawn the participation of over 35 exhibitors.

 

On February 25, the conference participants had the opportunity to
participate in Umuganda, Rwanda's national-wide community work, in Rwamagana
District, offering a unique opportunity for delegates to give back to the
community while immersing themselves in Rwandan culture.

 

More than 200 delegates of the ACI Africa Meeting took part in the community
work that was held at Mwulire Genocide Memorial in Mwulire Sector.

 

Rwanda Airports Company donated Rwf21 million to support the construction of
a house for vulnerable Genocide survivor and the renovation of the Genocide
memorial.

 

-New Times.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

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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