Major International Business Headlines Brief::: 12 January 2023

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Major International Business Headlines Brief::: 12 January 2023 

 


 

 


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ü  FTX: Collapsed crypto giant recovers over $5bn of assets

ü  Sri Lanka's central bank urges China and India to reduce its debts

ü  FAA outage: Further delays to US flights expected after technical glitch

ü  World's richest man promotes daughter to head Dior

ü  Elon Musk's drop in fortunes breaks world record

ü  Goldman Sachs starts massive round of job cuts

ü  Uniqlo: Fashion giant to raise pay in Japan by up to 40%

ü  Global recession warning as World Bank cuts economic forecast

ü  UK Treasury considers plan for digital pound

ü  Amazon warehouse closures put 1,200 jobs at risk

ü  Nigeria: Exclusive - Embattled CBN Chief Emefiele Secretly Returns to
Nigeria

ü  Kenya: Treasury CS Warns Kenyans to Prepare for Tough Economic Times

ü  Uganda: KCCA Kicks Off Installation of Solar Lights in Owino Market

ü  Uganda: Bus Driver in Viral Video Texting While Driving Arrested As
Police Tightens Noose

ü  Tanzania: Minister Pledges Friendly Tax Policies

ü  Tanzania: Z'bar Registers 7.6tri/ - Projects

 


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FTX: Collapsed crypto giant recovers over $5bn of assets

Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of
assets, an attorney for the firm says.

 

However, a US bankruptcy court was told on Wednesday that the extent of
losses to customers is still not known.

 

Prosecutors have accused FTX's former chief executive Sam Bankman-Fried of
orchestrating an "epic" fraud that may have cost investors, customers and
lenders billions of dollars.

 

Mr Bankman-Fried has pleaded not guilty to charges that he cheated
investors.

 

"We have located over 5 billion dollars of cash, liquid cryptocurrency and
liquid investment securities," Andy Dietderich, an attorney for FTX, told US
Bankruptcy Judge John Dorsey in Delaware.

 

Mr Dietderich said that the recovered funds do not include assets seized by
the Securities Commission of the Bahamas, where FTX was based and where Mr
Bankman-Fried was living at the time of his arrest.

 

Most of FTX's customers and investors who are facing losses have not been
named in the hearings.

 

However, American football star Tom Brady, his former wife Giselle Bündchen
and New England Patriots owner Robert Kraft were mentioned in court filings.

 

In December the 30-year-old was arrested in the Bahamas and extradited to
the US. He has been accused of committing "one of the biggest financial
frauds in US history."

 

FTX, which a year ago was valued at $32bn, filed for bankruptcy protection
on 11 November. It has been estimated that $8bn of customer's funds was
missing.

 

US federal prosecutors have accused Mr Bankman-Fried of misappropriating FTX
customers' funds to pay debts at his cryptocurrency trading firm Alameda
Research and to make other investments.

 

In December prosecutors announced eight criminal charges, including wire
fraud, money laundering and campaign finance violations. Financial
regulators have also brought claims against Mr Bankman-Fried.

 

FTX co-founder Gary Wang and Caroline Ellison, the former head of Alameda,
have also been charged over their alleged roles in the company's collapse.
Authorities said they were both cooperating with the investigation.

 

In late December Mr Bankman-Fried was released from detention on $250m bail
on condition that he does not leave his parents' home in California.

 

In an interview with BBC News before his arrest, he said: "I didn't
knowingly commit fraud. I don't think I committed fraud. I didn't want any
of this to happen. I was certainly not nearly as competent as I thought I
was."-BBC

 

 

 

 

Sri Lanka's central bank urges China and India to reduce its debts

Sri Lanka's central bank has urged China and India to agree a write-down of
their loans as soon as possible.

 

The crisis-hit Indian Ocean state defaulted on its debt repayments and
negotiated a $2.9bn (£2.4bn) bailout.

 

But the International Monetary Fund will not release the cash until China
and India first agree to reduce Sri Lanka's billions of dollars of debt.

 

The governor of Sri Lanka's central bank told BBC Newsnight it was in the
interest of all parties to act quickly.

 

P. Nandalal Weerasinghe said: "The sooner they give us finance assurances
that would be better for both [sides], as a creditor, as a debtor."

 

"That will help us to start repaying their obligations," he added.

 

"We don't want to be in this kind of situation, not meeting the obligations,
for too long. That is not good for the country and for us. That's not good
for investor confidence in Sri Lanka."

 

Why is Sri Lanka in crisis?

Though inflation in the country has eased slightly since last year, food
prices in Sri Lanka last month were still 65% higher than a year earlier.

 

The World Food Programme estimates that 8 million Sri Lankans - more than a
third of the population - are "food insecure", with hunger especially
concentrated in rural areas.

 

The economic turmoil sparked mass protests last year, which resulted in the
former president fleeing the country in July.

 

The World Bank estimates that Sri Lanka's economy shrank by 9.2% in 2022 and
that it will contract by a further 4.2% this year.

 

Beijing's lending to Sri Lanka stands at around $7bn while India is owed
around $1bn.

 

The Sri Lankan government had initially hoped to agree a new payment plan
with China and India by the end of 2022.

 

Sri Lanka's protesters have gone silent - for now

Mr Weerasinghe said it was possible an agreement could come later in January
but added "this all depends on the other parties - our creditors really have
to make that decision".

 

He added that Sri Lanka had now provided them with all the information on
the country's borrowings they needed.

 

Independent analysts say China is concerned about what a substantial Sri
Lankan debt write down could mean for its extensive lending to other
developing countries through its Belt and Road programme.

 

Meanwhile, India is said to be wary of getting inferior terms on debt
restructuring to China, its regional rival.

 

The US ambassador to Sri Lanka, Julie Chung, said the greater onus to move
was on China, as the biggest bilateral lender.

 

"We hope that they do not delay because Sri Lanka does not have time to
delay. They need these assurances immediately," ambassador Chung told BBC
Newsnight.

 

"For the sake of the Sri Lankan people, we certainly hope China is not a
spoiler as they proceed to attain this IMF agreement."

 

But if India and China do ultimately agree to write down their loans to Sri
Lanka another potential problem looms in the form of private creditors, who
account for 40% of the country's external debt stock.

 

In the years after Argentina plunged into economic crisis and default in
2001, some American hedge funds, rather than accepting a restructuring of
the sovereign bonds they had bought on the open market, demanded full
repayment and took the country's government to court in the US to achieve
it.

 

A large group of international economists on 8 January called for Sri
Lanka's bonds, to be "cancelled", writing: "All of Sri Lanka's creditors
must ensure debt cancellation sufficient to provide a way out of the current
crisis."

 

Asked about Sri Lanka's private bondholders, Mr Weerasinghe said: "We engage
with private creditors in good faith negotiations. And what we are seeing is
that they are very positive and they are willing to engage with us."

 

The governor said he expected that once agreement from bilateral creditors
has been agreed the IMF funds could be distributed to Sri Lanka within "four
to six weeks".-BBC

 

 

 

FAA outage: Further delays to US flights expected after technical glitch

Normal air traffic operations are slowly resuming in the US after flights
were halted on Wednesday, the Federal Aviation Administration (FAA) said.

 

The disruption was due to a "damaged database file", the FAA said, adding
that "at this time, there is no evidence of a cyber attack".

 

Flights began taking off again around 09:00 ET (14:00 GMT), though airlines
have warned of further delays.

 

Airports nationwide were affected, from Denver to Atlanta to New York City.

 

As of Wednesday night east coast time, nearly 10,000 flights in and out of
the US had been delayed and more than 1,300 were cancelled.

 

The technical issues marked the first time in nearly two decades that
flights across the US were grounded.

 

Operations have since resumed - but delays are expected to continue through
at least Thursday and possibly longer, as airlines try to get planes in and
out of crowded gates. Limits on how long staff can work may also have an
impact.

 

Captain Chris Torres, vice-president of the Allied Pilots Association, told
Reuters delays could last into Friday: "This thing was lifted at 9am
Eastern. That doesn't mean the problem stops at 9am This is going to cause
ripple effects."

 

President Joe Biden had called for a "full investigation", the White House
press secretary said.

 

US Department of Transportation Secretary Pete Buttigieg said in an
interview with CNN that the FAA had grounded flights out of "an abundance of
caution" after it noticed irregularities with its Notice to Air Missions
System.

 

"My primary interest, now that we've gotten through the immediate
disruptions of the morning, is understanding exactly how this was possible
and what steps are needed to make sure it doesn't happen again," Mr
Buttigieg said.

 

The system provides real-time safety information to pilots "about closed
runways, equipment outages, and other potential hazards along a flight route
or at a location that could affect the flight", according to the FAA.

 

Officials said they are still working to determine the root cause of the
issue.

 

Major US airlines said they were closely monitoring the situation. American
Airlines, which carries the most passengers annually in North America, said
it was working with the FAA to minimise customer disruption.

 

What are airlines doing for stranded customers?

Why did FAA ground flights across the US?

United Airlines said it would waive change fees and any difference in fare
for customers rescheduling flights departing on or before 16 January 2023.

 

Delta said it was "safely focused on managing our operation during this
morning's FAA ground stop for all carriers", adding it would provide updates
as soon as possible.

 

For international passengers, Air Canada - the foreign carrier with the most
flights into the US - said the outage would impact on cross-border
operations on Wednesday, but it couldn't initially say to what degree. The
carrier said it would put in place a "goodwill policy" so affected
passengers can change their travel plans.

 

Meanwhile, airports in Paris - Paris Charles de Gaulle and Orly - said they
expected delays to US flights. Air France said it was monitoring the
situation.

 

For UK passengers, British Airways said its flights to and from the US would
operate as planned, and Virgin Atlantic said it was continuing to operate
its schedule of US flights departing from the UK. However, some US
departures, the airline said, might be affected by delays.

 

Germany's Lufthansa and Spain's Iberia said they were still operating
flights to and from the US as normal for now.

 

Chart showing grounded and delayed US flights

Passengers have posted on social media that they were experiencing delays.

 

"This wasn't the best day to fly. The FAA grounded flights this morning
causing our first flight to be delayed, then cancelled," wrote Brittney
Gobble on Facebook. She added that American Airlines said they were not able
to reschedule her flight until Thursday.

 

"Just another reminder of why I prefer to drive," Ms Gobble wrote.

 

Javan Gonzales, who lives in Wichita, Kansas, said his Wednesday evening
connecting flight to Portland via Denver had already been delayed three
times. "I'm trying not to let this disrupt my vacation," Mr Gonzalez told
the BBC.

 

Michael Remy arrived at an airport in Virginia at 06:00 ET planning to head
to North Carolina for vacation, but his flight was delayed right before
boarding.

 

"It is what is, so, you can only get so upset," he told the BBC. "I may have
seen it differently if I was headed to a wedding or a funeral, though."-BBC

 

 

 

World's richest man promotes daughter to head Dior

The world's richest man, Bernard Arnault, has appointe    d his daughter to
head up fashion house Dior.

 

Mr Arnault promoted Delphine Arnault, 47, as part of a reshuffle at LVMH,
Europe's most valuable company.

 

It owns a portfolio of high-end brands including Fendi and Louis Vuitton and
is worth about £336bn.

 

The outgoing head of Dior, Pietro Beccari, will move to replace long-time
Louis Vuitton chief executive Michael Burke.

 

Both Ms Arnault and Mr Beccari "are well respected", so these are "logical
promotions within the group," said Credit Suisse analyst Natasha Brilliant.

 

All five of Mr Arnault's children hold management positions at brands in the
group.

 

The changes, which come into effect in February, follow the recent
appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the
family's holding company.

 

Alexandre Arnault, 30, is in charge of products and communication at
Tiffany, while Frederic Arnault, 28, is chief executive of another group
brand, Tag Heuer.

 

The youngest child, Jean Arnault, 24, heads marketing and product
development for Louis Vuitton's watches division.

 

Mr Arnault's companies sell goods including luxury suitcases by Louis
Vuitton and Moet and Chandon champagne.

 

"Succession planning in strategic roles has been instrumental to the success
of LVMH's key brands over the past 20 years, hence today's moves are
significant," said Thomas Chauvet, an analyst at Citi.

 

Christian Dior's catwalk presentations in Paris are attended by global
celebrities including K-pop star Jisoo and singer Rihanna, drawing
enthusiastic crowds of fans.

 

Delphine Arnault will leave her position as LVMH's executive vice president
for Louis Vuitton, which she has held since 2013.

 

Louis Vuitton set new sales records under Ms Arnault's leadership, LVMH
said.

 

Similar succession plans have happened at other major fashion companies in
recent years.

 

High Street fashion giant Inditex, which owns brands including Zara and
Massimo Dutti, appointed the founder's daughter as its new chairwoman in
2021. Marta Ortega was 37 at the time.

 

The boss of fashion house Prada, Patrizio Bertelli, recently said he expects
to hand the reins of the company to his son Lorenzo within two years.

 

Bernard Arnault overtook Elon Musk in December 2022 to become the world's
richest man.-BBC

 

 

 

Elon Musk's drop in fortunes breaks world record

Elon Musk has broken the world record for the largest loss of personal
fortune in history.

 

>From November 2021 to December 2022 he lost around $165bn, Guinness World
Records said in a blog on its website.

 

The figures are based on data from publisher Forbes, but Guinness said other
sources suggested Mr Musk's losses could have been higher.

 

It follows a fall in value of shares in Mr Musk's electric car firm Tesla
after he bought Twitter last year.

 

His $44bn (£36bn) takeover of the social media company has sparked concerns
among investors that Mr Musk is no longer giving Tesla enough attention.

 

Mr Musk's losses since November 2021 surpass the previous record of $58.6bn
(£47bn), suffered by Japanese tech investor Masayoshi Son in 2000.

 

The estimated loss is based on the value of his shares, which could regain
their value, meaning Mr Musk's wealth would increase again.

 

In December, the Tesla boss lost his position as richest person in the world
to Bernard Arnault, the chief executive of French luxury goods company LVMH,
which owns fashion label Louis Vuitton.

 

The value of Tesla shares dropped around 65% in 2022, in part because of
Tesla's performance. The firm delivered just 1.3 million vehicles during the
year, falling short of Wall Street expectations.

 

However, Mr Musk's takeover of Twitter - where he has sparked controversy by
firing large numbers of staff and changing content moderation policies - is
behind most of the share slump.

 

Many Tesla investors believe he should be focusing on the electric vehicle
company as it faces falling demand amid recession fears, rising competition
and Covid-linked production challenges.

 

"Long-term fundamentals [at Tesla] are extremely strong. Short-term market
madness is unpredictable," Mr Musk tweeted after the stock markets closed
for the year in December 2022.

 

Mr Musk is now worth about $178bn (£152bn), according to Forbes, while
Bernard Arnault has an estimated value of $188bn (£155bn).-BBC

 

 

 

Goldman Sachs starts massive round of job cuts

Investment giant Goldman Sachs has begun a massive round of job cuts around
the world as it tightens its belt in the face of falling profits.

 

The cuts will affect up to 3,200 staff or roughly 6.5% of the bank's
workforce, including staff in the UK.

 

The cuts are among the biggest made by banks this year as economic
uncertainty puts lenders under pressure.

 

Goldman is also reviewing its expenses, including bonuses and the firm's
purchase of two private jets.

 

The company ordered the planes in 2019, a reversal of the company's previous
policy that raised eyebrows at the time.

 

"We're looking at expenses in every corner of the firm, so it's ridiculous
to focus on any single segment or item," a spokesman told the BBC.

 

Goldman, which employs roughly 49,000 people worldwide and about 6,000
people in the UK, has already cut hundreds of jobs this year.

 

The moves follow a hiring surge, which has boosted headcount by roughly
10,000 people since December 2019.

 

In any given year, Goldman Sachs will typically let go of 3-5% of its
workforce as part of what it calls its annual Strategic Resource Allocation.
So getting rid of over 6% is a bigger cull than usual but the SRA is also
conducted with market conditions in mind.

 

A lot of Goldman's revenue comes from advising on big mergers and
acquisitions, and global deal-making fell very sharply in the last half of
2022 as the cost of debt to finance transactions rose after a decade close
to zero as central banks lifted interest rates to fight inflation.

 

It is also very likely that many major economies will be slowing in 2023, so
it is not surprising to see the belt-tightening at banks like Goldman set a
couple of notches tighter.

 

Goldman insiders also point to staff-slashing at other companies after years
of hiring frenzy - like Salesforce and Facebook parent Meta. Staff costs are
high at Goldman (they pay their people very well!) but it also means it's
the first cut when surgery is needed to keep the business profitable.

 

But in recent months, chief executive David Solomon has repeatedly raised
concerns about the economic outlook, saying clients were being cautious and
the environment was driving him to look at reducing costs.

 

Overall revenues at the bank dropped 20% in the first nine months of the
year, compared to 2021 when business was booming. Profits fell even more
sharply.

 

Morgan Stanley and Citigroup are among the other major banks to have trimmed
staff in recent months as economic uncertainty rises and a market downturn
puts a dampener on mergers and stock listings.

 

Mr Solomon, who joined Goldman in 1999 and took over as chief executive in
2018, has been under pressure to boost the investment giant's profitability
and share price.

 

While arch-rival Morgan Stanley has gradually reduced its reliance on Wall
Street trading and deal-making, Goldman's efforts to branch out have
faltered.

 

In October the bank signalled it was stepping back from Marcus, the online
bank focused on consumers that it launched in 2016.-BBC

 

 

 

Uniqlo: Fashion giant to raise pay in Japan by up to 40%

The owner of Japanese fashion chain Uniqlo says it will raise the pay of
staff in its home country by up to 40%.

 

Fast Retailing says the new pay policy will apply to full-time employees at
its headquarters and company stores in Japan from the beginning of March.

 

Last week Japan's prime minister called on firms to put up wages to help
people struggling with rising prices.

 

It comes as salaries in the country remain flat even as inflation is going
up at its fastest rate in decades.

 

The company said it made the move "in order to remunerate each and every
employee appropriately for their ambition and talents, as well as increase
the company's growth potential and competitiveness in line with global
standards."

 

"In Japan especially, where remuneration levels have remained low, the
company is significantly increasing the remuneration table," it added.

 

Japan's inflation rate hits 41-year high

Cost of living: The shock of rising prices in Japan

Under the new policy the monthly salary of recent university graduates will
rise from ¥255,000 ($1,926, £1,585) to ¥300,000, an increase of almost 18%.

 

At the same time new store managers in their first or second year in the
role will see their pay go up by about 35%.

 

The company's hourly-paid employees received salary increases in September
last year.

 

Wednesday's announcement came just days after Prime Minister Kishida urged
companies to fast track wage hikes.

 

"There are alarm bells warning that stagflation emerges if wage growth lags
behind price hikes," he said in a New Year address to business leaders.

 

Stagflation is when an economy does not grow but prices continue to rise.

 

Official figures published in November showed that Japan's economy
unexpectedly shrank for the first time in a year as gross domestic product
fell by an annualised 1.2% in the three months to the end of September.

 

Meanwhile, Japan's core consumer prices rose by 3.7% in November, the
fastest pace since the Middle East oil crisis in 1981.

 

Recent research in Japan showed that more than three quarters of firms
surveyed raised wages last year but the the majority of the increases were
well below 10%.

 

Fast Retailing's chief executive Tadashi Yanai is often cited as a
trailblazer in Japanese business circles.

 

For example, in 2009 Mr Yanai told the BBC that he would diversify
production out of China and start making clothes in Cambodia to lower costs.

 

The decision, which was seen as a major gamble at the time, has since paid
off for the firm.

 

In recent months Mr Yanai has been critical of the Japanese government's
economic policies, especially when the yen weakened against other major
economies late last year.

 

He has also called for fundamental reforms to Japan's economy to help
protect ordinary people from the impact of rising prices.

 

Shares in Fast Retailing rose by 1.4% in Tokyo trading on Wednesday.-BBC

 

 

 

Global recession warning as World Bank cuts economic forecast

The global economy is "perilously close to falling into recession",
according to the latest forecast from the World Bank.

 

It expects the world economy to grow by just 1.7% this year - a sharp
decrease from the 3% it predicted in June.

 

The report blames a number of factors stemming from Russia's invasion of
Ukraine and the impact of the pandemic.

 

The effects of higher interest rates are picked out as the key challenge for
policy makers to overcome.

 

World Bank president David Malpass said the downturn would be "broad-based"
and growth in people's earnings in almost every part of the world was likely
to "be slower than it was during the decade before Covid-19".

 

The 1.7% growth figure would be the lowest since 1991, with the exceptions
of the recessions of 2009 and 2020, which were caused by the global
financial crisis and the Covid pandemic.

 

The World Bank said the US, the Eurozone and China - the three most
influential parts of the world for economic growth - were "all undergoing a
period of pronounced weakness", a downturn that was worsening the problems
faced by poorer countries.

 

Economic forecasts darken for most countries

After surging 5.3% in post-pandemic 2021, growth in the world's richest
economies is likely to slow sharply from 2.5% in 2022 to just 0.5% this
year.

 

"Over the past two decades, slowdowns of this scale have foreshadowed a
global recession," the bank warned, adding that it anticipated "a sharp,
long-lasting slowdown".

 

If a global recession were to occur, it would be the first time since the
1930s that there have been two global recessions within the same decade.

 

Tackling rising prices

Higher inflation is one of the main reasons that the global economy is
struggling. Global food and energy prices jumped last year as the war in
Ukraine led to reduced crop supplies and pushed the West to move away from
Russian fossil fuels.

 

Media caption,

Why are things so expensive? The BBC's Faisal Islam answers your inflation
questions in 90 seconds

 

The World Bank said it expected the global pace of price rises to slow from
7.6% in 2022 to 5.2% this year, as those pressures ease.

 

While some "prices spikes are possible". the bank said it expected energy
prices to fall in general. It pointed to an increase in global production
and lower demand in Europe, where an energy crisis has led businesses and
households to reduce their use of gas.

 

Crop prices are also forecast to fall by 5% this year although they will
still be significantly higher than they were a few years ago, having risen
by 13% in 2022.

 

Despite those developments, inflation is expected to remain well above the
2% rate typically considered healthy.

 

Central banks in dozens of countries, including the US and the UK, have been
raising interest rates in response to the problem, aiming to cool their
economies and ease the pressures pushing up prices.

 

chart showing global interest rates

But they are navigating a delicate path as they try to address the
cost-of-living crisis while not tipping their economies into recession.

 

The World Bank said higher borrowing costs have stifled business investments
and warned that more companies were struggling with their debts. Developing
economies are also being squeezed hard by US interest rates, which are
expected to rise further. Many of them borrow money in US dollars.

 

The Bank said that even with the global economy "under pressure" the right
government policies could offer hope. It recommended measures to boost
investments and create jobs, tackle climate change, address the debts of
poorer countries and facilitate international trade.-BBC

 

 

 

UK Treasury considers plan for digital pound

The government is considering introducing a "digital pound", the economic
secretary to the Treasury has told MPs.

 

The UK was committed to becoming a world crypto hub, Andrew Griffith said.

 

And the government was "a long way down the road... to establish a regime
for the wholesale use, for payment purposes, of stablecoins".

 

Stablecoins are designed to have a predictable value linked to traditional
currencies or assets such as gold.

 

The currency, for use by households and businesses, would sit alongside cash
and bank deposits, rather than replacing them.

 

'Game-changing technology'

A public consultation on the attributes of a digital pound would be launched
in coming weeks, Mr Griffith told the Treasury Select Committee.

 

"I want to see us establish a regime, and this is within the FSMB [Financial
Services and Markets Bill, currently being debated in Parliament], for the
wholesale use for payment purposes of stablecoins," he said.

 

Central banks around the world are developing or exploring digital
currencies.

 

China, for example, is a front-runner in this global race, and is in the
process of testing a digital yuan in major cities including Beijing,
Shanghai and Shenzhen.

 

The European Central Bank in July 2021 took a first step towards launching a
digital version of the euro, kicking off a 24-month investigation phase to
be followed by three years of implementation.

 

And Mr Griffith told the committee: "It is right to look to seek to embrace
potentially disruptive technologies, particularly when we have such a strong
fintech and financial sector."

 

He wanted to allow the opportunity for this "potentially disruptive
game-changing technology that can challenge but also turbocharge all of
those [financial] industries", he said.

 

Consumer protection

The "crypto winter", a rapid decline in the value of Bitcoin and other
assets has intensified concerns about whether any cryptocurrency can ever be
considered stable.

 

It also has the potential to raise many public-policy issues.

 

There will also be a public consultation on Britain's first general
regulatory approach to crypto assets, a sector where consumer protection has
come under scrutiny in recent weeks.

 

But the consultation will form part of a "research and exploration" phase
and will help both the Bank of England and the government develop the plans
over the following few years.

 

When it came to regulating crypto, Mr Griffith told the committee, being
right was more important than being first, given the UK's "strong financial
reputation".

 

"It will be a long lead-time activity," he said.

 

'Right balances'

The EU has set out the world's first comprehensive set of rules for
regulating crypto markets.

 

They are due to receive final approval in the coming weeks and come into
effect in 2024.

 

Mr Griffith said the UK rules could be broader, to include decentralised
finance, and everyone would benefit from greater transparency.

 

"We want the right regime, operated in the right way, that has the right
balances in it," he told the committee.

 

He also committed to hold "at least" six roundtables with those in the
crypto industry, to "expose us as regulators and decision makers".-BBC

 

 

 

Amazon warehouse closures put 1,200 jobs at risk

Online retail giant Amazon has said it plans to shut three warehouses in the
UK, putting 1,200 jobs at risk.

 

However, the company also said it planned to open two new centres creating
2,500 jobs over the next three years.

 

The three warehouses being closed are in Hemel Hempstead, Doncaster and
Gourock, in the west of Scotland.

 

The firm said staff at the sites being closed would be offered the chance to
move to other Amazon locations.

 

Last week, Amazon said it planned to cut more than 18,000 jobs globally, the
largest number in the firm's history, in an attempt to reduce costs.

 

An Amazon spokesperson told the BBC that the decision to close the UK
warehouses was made after a review of operations in the country and was
"completely unrelated" to the wider cuts, which primarily affect office
staff.

 

The firm said the new warehouses would be "state of the art" robotic
facilities located in Peddimore, West Midlands, and Stockton-on-Tees, County
Durham.

 

"We're always evaluating our network to make sure it fits our business needs
and to improve the experience for our employees and customers," the company
said.

 

Amazon also plans to close seven delivery stations in England, which employ
dozens of workers, and open two new ones in Havant and Aylesford.

 

These will replace existing stations in Portsmouth and Aylesford.

 

Stations, which prepare orders for delivery, will also close in Birmingham,
Hemel Hempstead, Huntingdon, Horley, and Newcastle.

 

The online giant, which launched in the UK in 1998, expanded rapidly during
the pandemic.

 

It currently employs about 70,000 people in the UK, including 400 workers at
the Doncaster centre, 500 at Hemel Hempstead and 300 at Gourock.

 

The firm operates two other warehouses in Doncaster as well as one in
Dunstable, about 20 minutes drive from Hemel Hempstead, which Amazon said
may be able to absorb staff affected by the closures.

 

'Kick in the teeth'

But Steve Garelick, GMB union officer for Hemel Hempstead, called the moves
a "real kick in the teeth for Amazon staff who worked themselves into the
ground during the festive rush".

 

It may be difficult for workers to take roles further away from their homes,
he added.

 

"Hard-up Amazon workers can't suddenly be expected to up sticks and move to
a different fulfilment centre which may be many miles away," he said.

 

Katy Clark, Labour MSP for West of Scotland, called the decision to shut the
Gourock warehouse after 19 years in the area "appalling".

 

She added: "This is devastating for the local community and the 300 workers
who may find themselves out of a job.

 

"These workers have been heroic supporting households and providing vital
supplies throughout the pandemic and holiday periods.

 

"The Scottish Government needs to intervene as a matter of urgency to
support these workers back into employment."

 

Amazon has faced growing pressure over workers' rights since the pandemic.

 

Hundreds of workers at a warehouse in Coventry voted last month to stage
what is believed to be the first strike action at the company in the UK. The
walkout, part of a row over pay, is set to happen on 25 January.-BBC

 

 

 

Nigeria: Exclusive - Embattled CBN Chief Emefiele Secretly Returns to
Nigeria

PREMIUM TIMES also learnt that Mr Emefiele is planning to leave the country
again, very soon.

 

Nigeria's embattled Central Bank Governor, Godwin Emefiele, quietly returned
to the country on Wednesday, sources in the apex bank and the presidency
have told PREMIUM TIMES.

 

Mr Emefiele has been out of the country for several weeks amidst fears he
would be arrested by operatives of the State Security Service (SSS) who are
investigating several allegations against him, including corruption and
terrorism financing.

 

A presidency source, however, told PREMIUM TIMES that the CBN governor got
President Muhammadu Buhari's permission for two weeks of leave which expired
Tuesday.

 

"His holidays finished yesterday so he has to report to work today," our
source said. PREMIUM TIMES also learnt that Mr Emefiele is planning to leave
the country again very soon, afraid the secret police could eventually
arrest him amidst the continuous power play at the highest levels of the
Nigerian government.

 

"He is trying to leave within the next few days on the pretence of attending
the annual World Economic Forum," our source said.

 

Senior Special Assistant to the president on Media and Publicity, Garba
Shehu, and the spokesperson of the Central Bank of Nigeria, Osita Nwanisobi,
did not respond to calls and text messages put across to them regarding the
matter as of press time Thursday morning.

 

SSS seeks arrest

 

PREMIUM TIMES reported how, in December, the SSS secretly sought a court
order to arrest Mr Emefiele. The Federal High Court, Abuja, however,
rejected the SSS request.

 

In the application, the SSS wanted the court to order the arrest of the CBN
governor over alleged "acts of financing terrorism, fraudulent activities
and economic crimes of national security dimension."

 

The SSS filed the application marked FHC/ABJ/CS/2255/2022 at the court on 7
December 2022. Mr Emefiele was the sole defendant in the suit which was
filed 'ex parte', meaning Mr Emefiele was not notified of the suit.

 

But the judge, John Tsoho, in a 9 December ruling, rejected the application
on the grounds that the secret police failed to provide sufficient evidence
to warrant the issuance of an arrest warrant against Mr Emefiele.

 

This newspaper reported how the judge said the depositions in the affidavit
filed by the SSS in support of its application "purport that preliminary
investigation has revealed various acts of terrorism financing, fraudulent
activities perpetrated by the respondent and his involvement in economic
crimes of national security dimension."

 

In rejecting the application, the judge said: "These are no doubt grave
allegations, but which the applicant has not presented any concrete evidence
to support."

 

Mr Tsoho also accused the SSS of deceit, saying the secret police failed to
indicate that 'Godwin Emefiele', against whom the order was sought, was the
same as the CBN governor.

 

"The respondent in this application is named as 'Godwin Emefiele' without
disclosure of his status or position anywhere; not even in the affidavit,"
the judge said.

 

Mr Tsoho ruled that considering the sensitive position held by Mr Emefiele,
the permission of Mr Buhari ought to have been sought before the bank chief
is arrested.

 

"It is left to speculation if the 'Godwin Emefiele' is the same person as
the serving Governor of the Central Bank of Nigeria. If it is, then he is
unarguably a high-ranking public official in Nigeria and indeed occupies a
sensitive position as one of the key drivers of the nation's economy.

 

"Therefore, an application of this kind should have evidence of the approval
of the respondent's boss, that such measures are authorised to be taken."

 

Emefiele gets lifeline

 

Meanwhile, about two weeks after Mr Tsoho gave his order, Mr Emefiele got
another reprieve from a separate court.

 

The Federal Capital Territory High Court granted a request by a civil
society organisation to prevent the arrest of the bank chief.

 

A judge, Muslim Hassan, of the FCT court ruled that based on Mr Tsoho's
earlier ruling, "any continuous harassment, intimidation, threats,
restriction of movement, abuse of right of office, surreptitious moves to
arrest, and humiliation" of Mr Emefiele, over "trumped up allegations of
terrorism financing and fraudulent practices" was illegal and
unconstitutional.

 

The judge also restrained the SSS "from instigating the arrest or arresting,
interrogating and detaining" Mr Emefiele in respect of any matter or policy
decision on the Nigerian economy "or for any connected purposes except by an
order of a Superior Court."

 

Emefiele's controversies/ policies

 

Mr Emefiele has been in the news for the wrong reasons in recent times.

 

Amidst Nigeria's worsening economic situation, partly due to wrong CBN
policies, including violations of its own laws, Mr Emefiele decided to go
into active politics while holding on to his office.

 

He not only joined the ruling All Progressives Congress (APC) but sought to
be the president of Nigeria on the party's platform. Mr Emefiele thus became
Nigeria's first CBN governor to be openly partisan and seek elective office.

 

Although he got the APC nomination form, he had to pull out of the
presidential race, after allegedly spending billions of naira including on
publicity, due to public outrage and allegedly failing to secure President
Buhari's support for his ambition.

 

Mr Emefiele has also faced criticisms for the CBN's recent policy of
redesigning the country's highest currencies: N200, N500 and N1000. The apex
bank also set a 31 January limit for the validity of the old notes.

 

However, a few weeks before the expiration of the deadline, Nigerians have
continued to lament the implementation of the policy as the new notes are
scarce while banks continue to issue the old notes.

 

Mr Emefiele's controversial absence from the nation has been a source of
worry for stakeholders in the banking sector ahead of the CBN's first
Monetary Policy Committee (MPC) meeting of the year scheduled for 23
January. The CBN boss chairs the MPC meetings in which key monetary policy
decisions are taken as part of the apex bank's efforts to control inflation,
regulate banking operations, and stabilise the larger economy.

 

-Premium Times.

 

 

 

Kenya: Treasury CS Warns Kenyans to Prepare for Tough Economic Times

Nairobi — National Treasury Cabinet Secretary Njuguna Ndung'u has advised
Kenyans to brace themselves for tough economic times, saying that the
nation's financial crisis is reaching unfathomable heights.

 

This comes as the country's cost of living soars hitting with inflation
hitting 9.1 per cent in December as the effects of the Russia-Ukraine war
continue to batter the economy.

 

Speaking during the opening of the public sector hearings for the FY 2023/24
and the medium-term budget, Ndung'u demanded that the ministries should
implement austerity measures, including the suspension of any new
construction initiatives, to be able to weather through the crisis.

 

"From all the things we have analyzed, 2023 is not looking good, there are
clear signals that it is going to be tough year, and that the global economy
is one example in terms of where we are going," he said.

 

Ndung'u continued by saying that the over Sh900 billion rising wage bill
continues to be a big obstacle for the budget-making office of Parliament
and the National Treasury, and he called for action to reduce the cost at
both the national and county levels.

 

On his part, National Assembly Budget and Appropriations Committee Chairman
Ndindi Nyoro called on the Treasury to develop a balanced budget in the FY
2023/24 and do away with supplementary budgets which he said are developed
because of errors in the budget that can be avoided.

 

"The amount that goes to the salaries that pay the majority of us working
for the 49 billion Kenyans is approximately Sh900 billion, the recurrent
maintenance while still earning salary is around Sh600 billion, we must work
on our physicals in terms of reducing our deficit and work on our revenues
so that we have a more balanced budget," said Nyoro.

 

Further, the Treasury CS decried the mismanagement of public funds by
numerous government agencies and urged for harsh austerity measures.

 

Additionally, the Treasury has mandated that all ministries must finish
their current projects before beginning any new ones.

 

"We do not want you to start new projects before you complete existing ones
and even where there is an opportunity to restart the idle ones, let us
focus on those because that amounts to waste of resources if we have idle
projects not completed," said Treasury PS Chris Kiptoo.

 

The Treasury intends to suspend expenditures in some recurrent areas such as
domestic and foreign travels, communication, printing, training,
hospitality, fuel, purchase of furniture, purchase of motor vehicles,
refurbishments and routine maintenance in a bid to achieve fiscal
consolidation.

 

-Capital FM.

 

 

 

Uganda: KCCA Kicks Off Installation of Solar Lights in Owino Market

The Kampala Capital City Authority (KCCA) has kicked off installation of
solar lights at St Balikuddembe Market in a bid to provide a safe, clean and
accessible market with appropriate infrastructure.

 

The rehabilitation of this market, commonly known as Owino, is expected to
boost economic and retailing activities for local businesses.

 

Owino is the biggest market in Uganda and among the 16 public markets that
KCCA took over last year following a Presidential directive.

 

On Wednesday, the KCCA Executive Director Dorothy Kisaka visited the market
to inspect the ongoing works.

 

Solar lights installed in Owino market

 

Kisaka, who was welcomed to the market by excited traders, commended the
development partners who have provided support to install paving as well as
solar lights in the market.

 

"I want to thank the government who got us friends to support us to pave our
market. We all want smart markets where we can trade safely," Kisaka said.

 

She revealed that this support to Owino market has been provided by the
United Nations Development Program (UNDP).

 

The paving works have started from the produce trading section and will be
scaled to other parts of the market.

 

"We are doing all these in line with the presidential directive which gave
us the mandate to take over the management of the market," Kisaka said.

 

Following the presidential directive in November 2021, KCCA took charge of
administration of the market, security, sanitation and hygiene and revenue
collection.

 

Since then, KCCA has deployed its staff such as Market Masters,
Administrators and Enforcement personnel to provide security.

 

Owino being a big market, Kisaka promised to deploy more personnel to ease
the work and service delivery.

 

Deo Walusimbi, the chairperson Owino Market Produce trading section,
commended KCCA for installing the pavers and lights in the market.

 

"This will improve the hygiene and sanitation of the market. We have been
operating in a muddy place but now our market will be clean and smart,"
Walusimbi said.

 

Traders and press at Owino market

 

He called for more development partners to support them to improve on the
smartness of the market.

 

Jovia Naluga the Owino Market Master said since KCCA took charge of the
market, sanity has been restored and vendors are happy that the directives
of the president are being implemented.

 

"These lights will help us in security and extend the working hours of the
market. We are appreciative of the development partners," Naluga said.

 

She revealed that the vendors are happy that the market is being
rehabilitated and have been allowed to operate from outside as they finish
the work.

 

Since we got this market as KCCA the vendors are happy that the directives
of the president are implemented.

 

 

 

Uganda: Bus Driver in Viral Video Texting While Driving Arrested As Police
Tightens Noose

Traffic police in Kampala have arrested a bus driver filmed while using his
phone to send several text messages while driving .

 

Traffic police in Kampala have arrested a bus driver filmed while using his
phone to send several text messages while driving.

 

In a video that went viral on social media, after being filmed by a
concerned passenger, the driver is seen sending messages in what appears to
be WhatsApp while driving.

 

On several occasions, the driver was seen turning eyes onto the phone and
using one hand to drive the bus in a video that caused alarm among several
members of the public.

 

On Wednesday, traffic police announced the arrest of the driver identified
as Philip Tenywa , a driver of YY bus company and on the fateful day, he was
driving bus registration number, UBF 006L from Kampala to Lira.

 

"Upon receiving the video, we called the company and the General Manager
took action to bring us the driver who is with us now at the Traffic
Directorate headquarters in Nateete. We are going to take action on him for
using a phone while driving," the Traffic police spokesperson, ASP Faridah
Nampiima said .

 

She noted that using the phone is not only an offence but can also lead to
accidents since it distracts the driver's mind from the road to the phone.

 

"We should not risk people's lives while on the road. We urge passengers in
public service vehicles to always speak out if they see any form of such
behaviour by drivers and if they don't change, call our toll free lines or
record such videos and send them to us."

 

The YY Bus company General Manager, Emmanuel Wabwire said they acted after
receiving complaints from police and the Ministry of Works about one of
their drivers who was using the phone while on the road.

 

"We summoned all the drivers around the terminal and shared with them the
video. We later arrested our driver Tenywa. We apologise to Ugandans for the
incident but commit to make sure our drivers are disciplined while on the
road,"Wabwire said.

 

He said the driver will later receive a two week suspension after being
penalized by police over the offence.

 

According to the Traffic Police spokesperson, texting while driving could
land a driver into a shs100,000 fine.

 

"Those found using a hand held telephone while driving are liable to pay a
shs100,000 fine. Even the Bluetooth and headsets are all part of the
telephone and if found using them, you will be liable to pay the
fine,"Nampiima said last year.

 

"If you need to communicate on WhatsApp, Twitter , facebook or any social
media platform, do it while you have parked the vehicle. If you are found
with that phone using it to do anything like WhatsApp, you are to pay the
fine. If you use the phone to respond to a WhatsApp message and you are
caught, the offence stands since you have used a hand held mobile for
communication."

 

Police tighten noose

 

In a similar accident, police have arrested yet another driver for using the
phone while driving.

 

Fikiri Brown Joseph, a driver with Global bus company, was arrested at
around 8pm driving while on the phone in an incident captured at Kyengera
along the Kampala-Masaka highway.

 

He slept at Kyengera Police station after being arrested on Wednesday.

 

The incidents come on the backdrop of several bus accidents that have
claimed the lives of many passengers and other roads users.

 

A night accident along the Gulu highway last week claimed the lives of 19
people when a Robyln bus rammed into a stationary trailer that was
offloading cassava near Corner Kamdini.

 

Another accident this week saw a speeding bus lose control and overturn in
Nakasongola along the Kampala-Gulu highway injuring 16 passengers.

 

Police recently announced the reinstatement of identification badges for all
passenger bus drivers .

 

To this, all the identification details for drivers including the name,
driving permit number, class and photo are to be sent to traffic police but
also the same including photo are to be pinned in every bus for passengers
to view.

 

The police have also asked all bus companies to present their route charts
to ensure they are followed by bus drivers.

 

 

 

 

Tanzania: Minister Pledges Friendly Tax Policies

FINANCE and Planning Minister Mwigulu Nchemba has reiterated the commitment
by the government to put in place conducive tax administration policies to
enhance compliance in payment of taxes and eventually boost revenues to the
Treasury coffers.

 

Dr Nchemba made the assurance in Dar es Salaam, yesterday when officiating
at the national tax dialogue which was held at the Julius Nyerere
International Convention Centre (JNICC) under a theme, "Policy reforms for
people's development."

 

"There is a very close link between favourable tax policies on one hand and
growth of businesses and development of the country on the other," he told
the delegates at the meeting, which drew participants from across the
business community in the country.

 

He added; "President Samia Suluhu Hassan has on several occasions directed
us to continue improving our tax policies by incorporating views from
stakeholders through these tax dialogues."

 

The Minister stressed on the need to harness collections of revenues and at
the same time nurture businesses to grow so as to enable the government to
collect more taxes.

 

He as well pointed to the importance of widening the tax base to reduce the
burden, which is borne by existing few registered taxpayers.

 

Dr Nchemba elaborated that through a number of reforms undertaken by the
sixth phase government, revenue collections by the Tanzania Revenue
Authority (TRA) have increased from an average of 1.2tri/- per month to
2.77tri/- collected in December, last year.

 

The collection exceeded the 2.60tri/- target set by the tax collector, and
is equivalent to 10.3 per cent growth compared to 2.51tri/- in the
corresponding period last year.

 

"The increased tax collection is a result of improved tax administration
policies being undertaken by the government," he observed.

 

The Minister told participants at the dialogue that there is a close
connection between revenue collections and national development.

 

"If all Tanzanians were aware of this fact, then everyone would have
complied and paid requisite taxes. However, there are some businesspersons
who intentionally sway their customers against paying taxes by selling their
products at lower prices without issuing receipts," he noted with concerns.

 

On the other hand, Dr Nchemba highlighted the importance of a thriving
private sector in the economy towards creation of jobs and increased
revenues to the government.

 

"Over one million fresh graduates enter the labour market each year, all
these graduates cannot be absorbed by the government. There is thus a need
for a strong private sector to create jobs for these new graduates," he
noted.

 

Earlier, Deputy Permanent Secretary in the Ministry of Finance and Planning
(Economic Management and Policies), Mr Lawrence Mafuru, noted that even with
economic hardships experienced in other parts of the world, Tanzania has
areas where it can take advantage of in boosting its economy.

 

Mr Mafuru noted that given its strategic geographical location, Tanzania can
benefit from transport and logistics sectors to improve trade with its
neighbours.

 

"The other sector where Tanzania has an advantage of increasing revenues is
tourism sector, it should be noted that before the Covid-19 pandemic the
sector earned the country 2 US billion dollars in forex," he observed.

 

The Deputy PS said the government focuses on strategic sectors which will
attract Foreign Direct Investments (FDIs) such as natural gas, coal and
gold.

 

A representative of TRA, Mr Emmanuel Herzon, said reforms in tax
administration policies have increased the number of registered taxpayers
from 2.2 million during 2015/2016 to 4.4 million taxpayers during fiscal
year 2021/2022.

 

At the same occasion, the Executive Director of Research on Poverty
Alleviation (REPOA), Dr Donald Mmari, said tax policies should be used as an
instrument to support economic growth.

 

Dr Mmari further suggested that the tax policies should protect local
industries against unfair competition from imports which are highly
subsidized in their countries of origin.

 

Commenting, Tanzania Association of Accountants president, Godvictor Lyimo
said the first tax dialogue on policy reforms with the theme "Policy Reforms
for people's Development was necessary and timely, adding: "It has been a
great success and attracted a significant number of people bringing in new
thinking in shaping the country's policy framework.

 

"Business leaders have aired their views on how best the Ministry of Finance
should shape the policies to maximise tax collections at the same time
attracting Foreign Direct Investments.

 

With the demonstrated success, the Minister in the President's Office -
Ministry of Finance Zanzibar, Dr Saada Mkuya has committed to have a similar
dialogue at Zanzibar on the 21st of January 2023 to leverage in the private
sector inputs prior to the budget process.

 

"Kudos to our President Dr Samia Suluhu Hassan for championing collaboration
between Government and Private Sector in enhancing voluntary tax compliance
which has seen the TRA setting a new record high of tax collections since
independence in December 2022.

 

We should expect more positive reforms that will propel the country's
economy on the positive trend amid the challenging global economy which is
currently realizing recession.

 

- Daily News.

 

 

 

Tanzania: Z'bar Registers 7.6tri/ - Projects

ZANZIBAR has recorded tremendous achievements in economic growth including
registering investment projects worth 3.26 billion US dollars (around
7.6trl) for a year.

 

This was unveiled on Wednesday by Zanzibar President Dr Hussein Mwinyi in
his speech marking the 59 anniversary of the Revolution of Zanzibar that
occurred on January 12, 1964.

 

He said the projects that were registered by the Zanzibar Investment
Promotion Authority (ZIPA) are as a result of the government's efforts in
attracting investments for the purpose of improving the economy and creating
employment.

 

"These projects are expected to create over 13,000 job opportunities. ZIPA
has also managed to register investment projects in 16 small islands worth
377.5 million US dollars (around 879.5bn/-)," he said.

 

The government has also recorded major success in revenue collection whereas
in the financial year 2021/2022, the internal collection was at 908.61bn/-
compared to 712.42bn/- in the year 2020/2021. This is an increase of
196.19bn/- which is equivalent to 28 per cent.

 

The increase in revenue collection is attributed to various initiatives and
efforts made by the government through Zanzibar Revenue Board (ZRB) and
Tanzania Revenue Authority (TRA).

 

"The two institutions have played a crucial role in sensitising members of
the public on the importance of paying taxes, tax administration as well as
monitoring of government collections," he said.

 

Elaborating, he was optimistic that the revenue collection will keep
increasing in the coming days.

 

Dr Mwinyi went on to commend Zanzibaris for supporting the government in
maintaining peace, unity and tranquility, saying this was the main reason
behind achievements that have been achieved so far.

 

"Other achievements of 59 years of revolution is that Zanzibar has continued
to maintain peace, unity and tranquility that together have helped us in
attaining the level of development we are into, currently," he said.

 

According to him, without peace, unity and tranquility, it wouldn't be easy
for the government to implement development projects that have been
executed.

 

Execution of the development projects is in line with implementation of the
CCM election manifesto, Zanzibar development vision of 2050 and the Third,
Five-Year Zanzibar National Development Plan (ZADEP).

 

He asked Zanzibar's to continue working hard and ensure effective
contributions to the national development as the government is taking all
the efforts to ensure all members of the public are benefiting from the
available resources and the fruits of the revolution.

 

He noted that the prevailing peace in Zanzibar has enabled the government to
implement development programmes and projects that in turn played a role in
economic growth.

 

"The economy grew due to increased investments, transportation of cloves and
seaweed, constriction of various infrastructural projects as well as
improvement in provision of social services including health and education,"
he explained.

 

The rate of economic growth by 2021 was at an average of 5.1 per cent which
is higher compared to 1.3 per cent of the year 2020.

 

Moreover, in the year 2022, the government continued to contain inflation to
a single digit that is now read at 5.08 per cent.

 

The government has continued to take various measures aimed at controlling
inflation for members of the public to keep getting services at affordable
cost.

 

"Here, the government has been issuing subsidies and an indicative process
for some crucial services, by December last year, the government had issued
a total of 21.525bn/- subsidy for fuel prices," noted Dr Mwinyi.

 

This was caused by a hike in fuel prices as a result of the war between
Russia and Ukraine that in turn also increased the cost of transportations.

 

He explained further that the government has also embarked on special
programs aimed at empowering members of the public through provision of non
interest loans.

 

"By the end of December last year, through the use of Covid-19 relief fund,
the government of Zanzibar had issued a total of 16.8bn/- to 2,625
beneficiaries in Unguja and Pemba Islands," he said.

 

Adding; "The issued loans have benefited various small scale entrepreneurs
and business persons in various fields such as bodaboda, agriculture and
livestock keeping carpenters, steel welders, food venders and hand
crafters".

 

-Daily News.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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
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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
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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.

 


 

 


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